Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: THURSDAY, August 17, 1995 TAG: 9508170046
SECTION: BUSINESS PAGE: B8 EDITION: METRO
SOURCE: ASSOCIATED PRESS AND STAFF REPORTS
DATELINE: NEW YORK LENGTH: Medium
The merger, described as the largest ever among mutual life insurers, doesn't involve exchanging stock or cash. As mutual insurers, the companies' assets are owned by policyholders rather than shareholders.
The merger with much-smaller New England Mutual would allow MetLife, the nation's second-largest life insurer, to become a more formidable rival to No. 1 Prudential Insurance Co. of America. The merged company would hold more than $9 billion in total capital and about $152.6 billion in assets.
The combination accelerates an new trend in an industry that has seen few large mergers but is bracing for tougher competition in the financial-services sector.
It would wed New England Mutual's affluent clientele with MetLife's financial strength. In one potential benefit, New England Mutual sales agents could try to sell customers a broader product line that includes MetLife insurance products.
|- Associated Press
Great year ahead
for Virginia apples
Virginia apple producers this year may see their best harvest since 1991, according to the Virginia Agricultural Statistics Service.
Apple production is forecast at 400 million pounds, which would be more than one-third larger than last year's freeze-damaged crop. Mild spring weather promoted a heavy bloom.
In the first forecast of the 1995 growing season, the government estimates the state's corn-for-grain yield at 110 bushels per acre, up 12 bushels from last year.
Corn production in Virginia is expected to total 33 million bushels, down 4 percent from last year.
Soybean yields are expected to average 31 bushels per acre, down two bushels from last year's record. Soybean production is predicted at 15.2 million bushels, down 11 percent.
The state's yield for flue-cured tobacco is forecast at 2,200 pounds per acre, down 220 pounds from last year. Flue-cured tobacco production statewide is forecast at 77 million pounds, 6 percent below last year.
The burley tobacco yield is forecast at 1,850 pounds per acre, compared with 1,936 pounds last year. Burley production is forecast at 19.8 million pounds, 7 percent below a year earlier.
Crop diseases are expected to affect the quality and yield of this year's tobacco crop.
All yield and production estimates were made effective Aug. 1. Weather conditions since then could have an impact on their accuracy.
|- Staff report
ITT making new
Night Mariner line
ITT Night Vision of Roanoke said it has begun producing a new version of its Night Mariner product line intended for boaters.
The new line features more efficient night viewing technology.
The company's Generation 3 night vision technology is now available in its Night Mariner 160 monocular and 260 binocular. The Generation 3 technology gives better performance under extreme low-light conditions than the Generation 2 technology offered.
ITT began offering the latest technology in its Night Enforcer product, designed for law officers, earlier this year.
ITT Night Vision is a unit of ITT's Electro-optical Products business, located on Plantation Road in Roanoke County.
|- Staff report
Retirement fund
reports big year
RICHMOND - The Virginia Retirement System reported performance by its investment fund for fiscal 1995 as the best since 1986. The fund grew by $2.8 billion in market value for the year, with a total return on investments of 17.1 percent.
The VRS bond portfolio returned 13.5 percent for the fiscal year. Board Chairman James C. Wheat III said declining interest rates improved bond performance.
The VRS saved 16.6 percent of its board-approved administrative budget and voted to return $1.08 million to employers' retirement reserves, Wheat said.
The VRS is the ninth largest public and 32nd largest public or private pension fund in the U.S.
|- Associated Press
by CNB