Motor finance compensation scheme hanging by a thread amid legal row Banking The City watchdog has told lenders to prepare for the “alternative scenario of no scheme” in the long-running motor finance scandal as another legal showdown brews. The Financial Conduct Authority (FCA) has received four legal challenges including from lenders Volkswagen Financial Services, Mercedes-Benz Financial Services and Crédit Agricole Auto Finance. On the consumer side, the [...]
Admiral: Shares surge after FTSE 100 giant’s profit jumps insurance Shares in insurance giant Admiral surged 5.5 per cent in early deals this morning after the group reported a significant jump in earnings for the first half of its financial year, thanks to its UK insurance arm and income from Admiral Money. The group reported a 69 per cent jump in profit before tax from [...]
FCA urges UK insurers to improve motor insurance claim handling insurance UK insurers have been urged to improve their claim handling skills after the UK’s financial watchdog found “concerning evidence” of poor practice in the motor insurance market. The Financial Conduct Authority (FCA) said hikes in motor insurance premiums were down to how claims are handled by insurers, adding that “insufficient management information” was resulting in [...]
Compare The Market: Higher premiums help profit pass £200m April 1, 2025 Compare The Market increased its revenue by almost £100m thanks to higher insurance premiums leading to more customers switching providers. The Peterborough-headquartered company has reported a revenue of £563.7m for the year to 30 June, 2024. The figure comes after the comparison site posted sales of £467.5m in its prior financial year. New accounts for [...]
RSA: More Than sale helps insurance giant to huge profit March 12, 2025 Insurance giant RSA has surged back into the black after selling the More Than brand as its revenue jumped by more than £350m. The London-headquartered group, which dates back over 300 years, has reported a pre-tax profit of £195m for 2024. The new figure comes after RSA posted a pre-tax loss of £19m in 2023. [...]
Direct Line boss gets huge pay day ahead of Aviva’s £3.7bn takeover March 11, 2025 The chief executive of Direct Line Group has received a huge pay day ahead of its £3.7bn takeover by Aviva. Adam Winslow took home a pay packet of more than £7.8m for the insurance giant’s latest financial year, according to its annual report. The CEO’s pay was significantly boosted by a £5.8m payment from Direct [...]
Vitality: Health and life insurer slips into the red despite £100m sales boost February 19, 2025 Health and life insurer Vitality slipped into the red despite its revenue surging by almost £100m during its latest financial year, it has been revealed. The London-headquartered group has posted a loss before income tax of £168,000 for the 12 months to 30 June, 2024, after having achieved a profit of £37.9m in the prior [...]
Sabre Insurance: Motor insurance claims inflation continues to hit growth October 22, 2024 Motor insurer Sabre Insurance said it expects annual gross written premium growth to moderate slightly as claims inflation remains elevated.
Ageas: Belgian insurer mulls UK takeover after failed Direct Line bid October 6, 2024 Belgian insurance giant Ageas is open to making further takeover bids for British companies after a failed attempt to snap up Direct Line earlier this year.
Admiral shares fly to the top of the FTSE 100 as firm hikes dividend amid profit surge August 15, 2024 Admiral Group has reported its half-year turnover leaped 43 per cent to £3.2bn, due to a strong performance in insuring UK motors