Direct Line said last week it expect the change to the discount rate would hit profits by up to £230m Direct Line’s profits took a £217m hit as a result of the government’s decision to slash the discount rate last week. Reporting its annual returns – which boss Paul Geddes referred to as a “successful […]

Car maker Tesla becomes appointed representative of Direct Line Direct Line Group is working with smart car maker Tesla in a deal that will see the company insure Tesla drivers. The company revealed in its 2016 results this morning that Tesla became an introducer appointed representative of Direct Line Group in 2017, which allows the […]

Chinese insurance watchdogs are planning a regulatory shake-up that will reboot larger firms’ ability to expand overseas. Discussions are being held over changing the China Insurance Regulatory Commission (CIRC) from a single body to a tailored framework that takes into account a number of facets of insurers including size, solvency ratios and risk tolerance, sources […]

Standard Life and Aberdeen Asset Management have agreed terms of a recommended all-share merger. The firms announced the plans to the Stock Exchange this morning, confirming reports of a deal over the weekend. Shares in Standard Life jumped nine per cent at the open, while Aberdeen’s stock was up six per cent. Aberdeen shareholders will receive 0.757 new shares in […]

Tilney is in talks with six other financial adviser firms, following its recent takeover of Towry and Ingenious Asset Management. The 360-strong financial adviser business, known as Tilney Bestinvest until earlier this year, bought Towry in April last year, at a cost of £600m, backed by finance from Tilney’s majority, private equity, shareholder, Permira. The company also bought Ingenious […]

UK insurer Admiral has appointed Annette Court as its new chair. She will replace Alastair Lyons when he retires in April. Ms Court, who used to be chief executive of Direct Line, has been on the board of Admiral as a non-executive director since 2012. She is also on the board of insurance broker Jardine […]

British insurer Hastings Group Holdings Plc reported a 5 percent jump in full-year operating profit on Thursday, driven by as it increased customers and market share. Hastings reiterated, however, that its results included a one-off pre-tax charge of 20 million pounds ($24.55 million) after Britain’s justice ministry this week changed the rate for calculating lump sum payments […]

Insurer Legal & General has hired Paul Miller, currently head of Europe, Middle East and Africa insurance in the investment banking division at Goldman Sachs, as group strategy and merger and acquisitions director. Miller will report directly to Nigel Wilson, L&G chief executive, the company said in a statement on Thursday. He will start in the newly-created […]

Read the full results here: https://www.bupa.com/~/media/files/site-specific-files/our%20performance/pdfs/financial%20results%202016/bupa-results-and-annoucement-statement%202016.pdf

Philip Hammond held an emergency meeting with the heads of Britain’s biggest insurers yesterday in an attempt to stop what they described as a “crazy” decision to raise personal injury payouts, lifting the cost of car insurance for young drivers by more than £100. In a statement last night, the chancellor agreed to launch an […]