Financial institutions beware – big tech is moving into banking March 6, 2019 Despite Brexit uncertainties and stock market collapses, British banks concluded their 2018 earnings season with improved performance. Profitability increased thanks to cost drives, while balance sheets strengthened through derisking assets. Banks’ ability to grow revenue, however, remains a perennial challenge. The quest to growth may be harder in the digital age. In a recent report [...]
Insurer Phoenix on the hunt for deals after strong results March 5, 2019 The boss of newly promoted FTSE 100 insurance company Phoenix said today he was keen to do further transactions following the £3bn purchase of Standard Life Assurance last year. Phoenix chief executive Clive Bannister said: “We are open for business and very keen to do our next transaction but they do tend to be quite [...]
Aon confirms interest in multi-billion tie-up with Willis Towers Watson March 5, 2019 Aon confirmed today it is weighing up a bid for Willis Towers Watson in what could be the insurance sector’s largest-ever merger. Willis Towers Watson’s shares had jumped to an all-time high after Bloomberg reported Aon was mulling a move for the Nasdaq-listed business. Aon later confirmed that it was in the early stages of [...]
Shares in Go Compare jump as insurance entrepreneur Sir Peter Wood ups stake March 5, 2019 Shares in Go Compare jumped more than six per cent this morning on the news that British entrepreneur Sir Peter Wood had increased his holding in the price comparison website. Go Compare chairman Wood, who founded Direct Line, Esure and Sheilas’ Wheels, increased his shareholding in the company from 25.6 per cent to 29.9 per cent, [...]
Insurer Hastings adds more customers as it grows profits and revenue February 28, 2019 Hastings’ share price ticked upwards today as it profit and revenue climbed in 2018 even as customer growth slowed. The figures Profit after tax rose three per cent year on year to £130.6m as revenue rose five per cent to £756.4m, compared to 2017’s £715.6m. Gross written premiums also climbed three per cent to £958.3m. [...]
In for a Penny: Direct Line promotes finance chief to top job February 26, 2019 Insurer Direct Line said today it had appointed its chief financial officer Penny James to succeed Paul Geddes as chief executive with effect from 9 May. James was appointed to Direct Line’s board in November 2017 and became finance boss in March. Previous roles include director of group finance at Prudential, group chief finance officer [...]
Jupiter finance chief Charlotte Jones moves to insurer RSA February 26, 2019 Jupiter Fund Management chief financial officer Charlotte Jones has been poached by FTSE 100 insurance group RSA. The fund management firm said Jones’ departure to join RSA in the same role after three years was “disappointing”. Read more: Ex-Janus Henderson boss to replace Jupiter Fund Management chief executive Jones, who already sits on the RSA [...]
Bronek Masojada: The Hiscox CEO who’s got the City covered February 25, 2019 Hiscox chief executive Bronek Masojada is no stranger to the City of London Corporation. Nearly 10 years ago, his insurance house sued the body over the demolition of a building near its office, which would later be cleared to make way for the “Helter Skelter” skyscraper at 22 Bishopsgate. Now, after pursuing the organisation from [...]
Swiss Re boosts profit 27 per cent in 2018 despite tough year for natural disasters February 21, 2019 Swiss Re boosted net profit 27.2 per cent in 2018, despite sustaining hits from natural and man-made disasters. The reinsurer reported net profit of $421m (£366m) compared with $331m a year previously, despite 2018 being the fourth-costliest year on record for the insurance industry. However, its profit is 37 per cent behind consensus, according to figures [...]
A terrible year for deaths in 2018 could boost insurers’ balance sheets February 21, 2019 A grim year for deaths in 2018 could see insurers flush with cash as they release reserves earmarked for paying incomes to pensioners. According to analysts at Royal Bank of Canada (RBC) Capital Markets 2018, was “the worst year for deaths this millennium” with a prediction that the soon-to-be-published mortality tables used by UK insurers [...]