First Executive Corp.: The Los Angeles-based life...

First Executive Corp.: The Los Angeles-based life insurance holding company said third-quarter earnings fell 54% to $24 million, while revenue dropped 27% to $76.5 million. The results include a net loss on investments of $122.3 million. The firm said it was pleased to report a profit for the quarter, particularly in light of turbulent financial markets. It added that the value of its total assets is about 15% below the value carried on its books and said it added about $75 million to bolster its securities reserves.