LV= has reportedly held talks to secure a merger with another provider amid a backdrop of tougher capital requirements. Sky News reports LV= has held talks in recent months with Royal London about a potential deal, though merger talks are said to have broken down following a disagreement over the structure of a deal. LV= has […]
RESULTS: Pru reports record operating profit driven by 7th yr double-digit growth in Asia
Prudential shares rose over two per cent in early trading after the FTSE 100 insurer posted record annual operating profits, driven by a seventh year of double-digit growth in Asia. The figures Operating profit on longer-term investments rose by seven per cent to £4.3bn with underlying free surplus generated increasing 18 per cent to £3.6bn. In the life division, new business profit rose by 24 […]
RESULTS: Just Retirement reports 1st annual results since Partnership merger
Just Retirement Partnership (JRP) has seen a drop in retirement income sales but for the group’s first year since the merger, operating profit was up 58%. For the first annual results since the Just Retirement – Partnership merger, the group has seen a 13% fall in retirement income sales. For 2016, the group, which has […]
Meet the entrepreneur shaking up insurance
The financial crisis left the City’s reputation in absolute tatters. But it also provided a big opportunity for a new generation of entrepreneurs. Many of those who lost their jobs in (or chose to leave) the Square Mile dusted themselves off and started their own companies, often using technology to ‘disrupt’ their former employers. This […]
HSBC appoints 1st ever external chairman, chief of AIA & ex-man from Pru, Mark Tucker
Mark Tucker, chief executive and president of AIA and former boss of Prudential, has been confirmed as chairman of HSBC, marking the first time the bank has appointed an external chairman. Tucker will receive an annual fee of £1.5m and a one-time relocation benefit of £300,000 for moving from Hong Kong to London. He will take […]
RESULTS: Esure in ‘full growth mode’ as it avoids discount rate hit
Esure zoomed to the top of the FTSE 250 in late-morning trading after the insurer said it was in “full growth mode”, and added it had avoided taking a hit from changes to discount rate rules. The figures In results posted this morning, Esure said underlying post-tax profits rose 18 per cent to 80.5m in the year to the end of […]
AIG chief exits over lack of shareholder support
AIG’s global chief Peter Hancock has announced he will step down after just over two years in the role, with a ally of US President Donald Trump praising the move. The insurance giant announced the president and chief executive would be leaving as part of a wider “transition plan”. Hancock will remain in place until AIG has […]
RESULTS: Old Mutual announces flat year-on-year results with operating profit of £1.7bn
SUMMARY FINANCIAL RESULTS Adjusted Net Asset Value (NAV) at 228.6p per share (2015: 178.9p per share), due to favourable currency movements and an increase in the market value of Nedbank; Pre-tax adjusted operating profit (AOP) of £1.7 billion, broadly flat year-on-year in constant and reported currency; AOP earnings per share (EPS) of 19.4p broadly flat (2015: […]
RESULTS: Aviva operating profits were up 12% to £3bn
Aviva said that it is so pleased with the progress it has made strengthening its capital position that it is planning to return cash to shareholders this year. The insurer, which bought rival Friends Life in 2015 partly as a way to improve its balance sheet, did not elaborate on how it would return the […]
L&G almost tripled new retirement business with overall profit up 17% to £1.6bn last year
L&G boss Nigel Wilson said the company is playing its part to regenerate the UK’s cities Legal & General has reported a hike in profit and earnings during 2016, The figures Profit before tax was up 17 per cent to £1.6bn, from £1.4bn in 2015. Earnings per share rose 19 per cent to 22.2p from 18.58p. The group’s full year dividend came […]