I realize that it’s no news to many of you that the mainstream media leaves a lot to be desired when it comes to, say, accuracy. However, after having noticed a particularly egregious example of conflicting/misleading headlines last week, I’ve been more painfully aware of the wire services’ lack of education as year-end results roll out from the insurance industry.
For example, consider this headline and story from this morning’s releases:
OneBeacon Profit Falls on Lower Premiums
OneBeacon 4th-Quarter Earnings Fall 13 Percent on Lower Premiums and a Special Dividend
OneBeacon Insurance Group Ltd. said Monday its fourth-quarter earnings fell 13 percent due to a decline in earned premiums and a charge tied to a special dividend.
So…we have a company that is passing along a surprise windfall to shareholders…and gets penalized for it in the press.
If you’re attempting to headline results, shouldn’t the quick assessments be made before any distribution of profits to the shareholders?
There are times like this that it’s tempting to wish that requiring business reporters to have a minimum education in basic finance would be permitted under the First Amendment.
