London Report: Insurance firms start a deluge of UK earnings
A BUMPER week for UK earnings kicks off today with results from Hiscox, one of the big home insurers reporting full-year figures.
Figures from Hiscox, RSA and Direct Line could give more detailed estimates of losses for UK industry and themselves after recent flooding and storms. Aviva and L&G are also set to give end of year figures next week, providing a fuller industry picture.
Brewin Dolphin’s Nik Stanojevic said: “Assuming a total industry loss of £1bn, for Direct Line and RSA we would expect an impact on book value of 4.7 per cent and 2.7 per cent respectively. Aviva’s book value could be hit by 1.2 per cent and Legal & General’s by 0.6 per cent. The impact on Hiscox is likely to be negligible as it sells on its exposure by buying reinsurance.”
The corporate calendar starts today with news from AB Foods, Bovis Homes, Bunzl, Dialight, Hiscox, HSBC Holdings and XP Power.
Tomorrow Capital & Counties Properties, CRH, Croda, Elementis, Genus, GKN, Ladbrokes, NMC Healthcare, Persimmon, Provident Financial and St James’s Place will all give full-year earnings while interim reports are due from Ashmore, Dechra Pharmaceuticals, International Ferro Metals and Wilmington.
On Wednesday Clinigen, CSR, Direct Line, Greggs, Hays, Henderson, International Personal Finance, ITV, Petrofac, Segro, Taylor Wimpey, The Restaurant Group, Travis Perkins and Weir are all set to report.
Earnings figures are due to be released on Thursday by Barratt Developments, Bodycote, British American Tobacco, Capita, Countrywide, Derwent London, Domino’s Pizza, Hardy Oil & Gas, H&T Group, Howden Joinery, Jupiter Fund Management, Kazakhmys, Kier, Man Group, Merlin Entertainments, National Express, Premier Oil, Promethean World, Redrow, Reed Elsevier, Royal Bank of Scotland, RPS, RSA Insurance, Spectris, Spirent Communications, WPP and Xchanging.
Friday’s figures are scheduled to come from Berendsen, Interserve, Intu Properties, Laird, Pearson, Rentokil Initial, Rightmove, Synthomer, UBM and William Hill.
In economic news, the highlight on Wednesday will be revised GDP figures. Philip Rush of Nomura said: “We expect the ONS’s second estimate of Q4 GDP growth to leave the headline rate unrevised at 0.7 per cent quarter on quarter.”