Poor underwriting hits Swiss Re’s second quarter August 5, 2010 Swiss RE, the world’s second-biggest reinsurer, yesterday revealed a poor underwriting performance in the second quarter, sending its shares lower even though investment gains helped lift profits beyond expectations. The company’s property and casualty reinsurance combined ratio – a measure of underwriting profitability – missed forecasts at 102 per cent. A number below 100 per [...]
Aviva sees its profit leap as slashes costs August 5, 2010 AVIVA increased its market capitalisation by almost three quarters of a billion pounds yesterday, after its London-listed shares soared on better-than-expected half-year profits. Aviva shares, which have underperformed the sector over the course of the year so far, added 7.18 per cent over the day to close at 394.3p, valuing the group at £11.06bn. The [...]
RSA shares jump after dividend is hiked August 5, 2010 RSA INSURANCE Group yesterday raised its mid-year dividend, predicting further sales growth in the coming months and shrugging off flat first half profit dented by the cost of Chile’s earthquake and bad weather in Europe. “In terms of top line, we expect the UK to remain in positive territory for the remainder of 2010; international [...]
Push to energy lifts Lancashire August 5, 2010 Lloyd’s of London insurer Lancashire Holdings yesterday beat forecasts with its first-half pre-tax profit as it escaped a big hit from the Gulf of Mexico oil spill and Chile’s earthquake, while rates for energy-sector insurance rose. Lancashire reported a first-half pre-tax profit of $94.6m (£59.6m), compared with $148.2m in the same period last year after [...]
ANALYST VIEWS: WHAT DO YOU THINK OF AVIVA’S RESULTS? August 5, 2010 BARRIE CORNES | PANMURE GORDON These were great figures pretty much across the board. The life operation was the star performer, driven in part by improving new business margins – specifically in the UK, where the 3.4 per cent margin was very impressive and benefited from a favourable product mix, with a shift to annuities [...]
CBOE sees its profits tumble August 5, 2010 CBOE Holdings, which runs the Chicago Board Options Exchange, reported lower-than-expected earnings yesterday, with second-quarter net income falling 11 per cent to $24.9m (£15.7m). But the firm called the results – its first since its $339m initial public offering in June – “solid,” and pledged to keep control over expenses in future quarters. However the [...]
British Land: Clarification August 5, 2010 In yesterday’s paper we ran a story headlined “British Land aims for long term growth”, in which we reported that chief executive Chris Grigg had confirmed the firm was in talks with Prudential Partners about the Cheesegrater development. This was incorrect; Grigg had actually said “potential partners” in a conference call with analysts. Apologies for [...]
MCLAREN TO OPEN KNIGHTSBRIDGE STORE August 5, 2010 MCLAREN Automotive is teaming up with Jardine Motors to open a high-profile showroom in Knightsbridge by early 2011. The new space at One Hyde Park, which will become the car group’s European flagship store, will showcase McLaren’s new sports car, MP4-12C when it is launched next spring.
Record profit for Rio Tinto August 5, 2010 RIO TINTO beat forecasts by posting a record 125 per cent annual jump in first-half profit yesterday, and committed to stepping up spending on growth projects. The world’s second biggest iron ore miner announced pre-tax profit of $5.8bn (£3.6bn), ahead of consensus predictions of $5.5bn, while cash flow from operations rose 78 per cent year-on-year [...]
Not so Jubilant as oil group postpones London flotation August 5, 2010 JUBILANT Energy, an Indian-based oil and gas exploration company, is putting back its planned flotation on the London Stock Exchange, according to City sources. City stockbroker Evolution Securities, assisted by Renaissance Capital, has been testing out the appetite for a money-raising in London and has decided to come back to the market at a later [...]