Should the rich be taxed more? March 8, 2019 | City Talk Compared with other developed countries, the UK has a very high level of income inequality, something which many of us feel uncomfortable about. According to the Equality Trust, UK households in the bottom 10 per cent of the population have, on average, a disposable (or net) income of £9,644, with the top 10 per cent [...]
Aviva share price falls as it warns of ‘muted’ 2019 March 7, 2019 Aviva's shares were down five per cent this morning after it warned of a "muted" outlook for 2019 despite reporting rising profits for 2018 today. New boss Maurice Tulloch, appointed earlier this week, said the results showed the insurer’s “strong foundations”. The figures Profit before tax rose to £2.13bn in 2018 from £2bn in 2017 while group operating profit [...]
Retirement villages extend life expectancy for women March 7, 2019 | City Talk Retirement villages can boost the longevity of women by as much as five years compared to the general population, according to a new Cass Business School report. Analysing 100 years’ worth of residents’ records from the Whiteley Homes Trust, a retirement village in Surrey which opened in 1917 to provide housing and support for people [...]
Legal and General shares fall in wake of record £10bn annuities sales March 6, 2019 Legal and General shares fell four per cent this morning as the insurance group reported record sales of annuities in its full-year results. But investors' confidence was knocked after analysts questioned whether the company could continue raising its dividend at the same time. The figures Profit after tax was down three per cent year-on-year for the [...]
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 [...]