Allianz latest to feel effect of disasters May 12, 2011 NATURAL disasters in Japan and New Zealand caused a 43 per cent profit slump at Europe’s biggest insurer Allianz in the first-quarter of 2011, it said yesterday. The German insurance giant saw net profit slump to €915m (£800m) from €1.6bn in the first-quarter of 2010 and pre-tax profit fell 25 per cent to €1.5bn, as [...]
RSA limits losses and boosts income May 12, 2011 HOME insurer Royal and Sun Alliance (RSA) reassured investors yesterday with solid quarterly numbers that moved on from heavy winter losses in the UK and Europe. RSA’s net written premiums rose eight per cent to £2.1bn in the three months to March from 2010 as rates rose and it felt the benefit of takeovers in [...]
Amlin remains bullish despite catastrophes as rates increase May 12, 2011 JAPANESE earthquake and tsunami losses are likely to be at the high end of Amlin’s estimates, the catastrophe insurer said yesterday. The Lloyd’s insurer has reserved £260m against losses from the New Zealand and Japanese earthquakes alone and said Japan losses “will be towards the top end of our previously published range”. Gross premium income [...]
Old Mutual sees fund outflows May 12, 2011 OLD Mutual shares fell 3.3 per cent yesterday after it reported £2.6bn net client fund outflows in the first-quarter as US investors exited its products. The Anglo-South African insurer said assets under management rose one per cent to £303bn compared with the same quarter in 2010. Life sales of £369m were below analyst expectations of [...]
UK hits £1bn in downloads May 12, 2011 UK Digital music sales finally broke through the £1bn mark yesterday, giving the industry a glimpse of light at the end of the tunnel. The milestone was reached after a surge in sales last year, with nearly a third of the total amount spent on music in 2010, according to figures released by industry body [...]
Trinity Mirror sees ad decline May 12, 2011 TRINITY MIRROR limped through a difficult start to a year, with advertising sales in the first four months falling 10 per cent. The newspaper publisher said the fall was partly down to the government cutting its advertising spend. Ad revenue comprises more than half of the company’s total sales, with a little over 10 per [...]
William Hill hit by revolt May 12, 2011 A third of shareholders voting at bookmaker William Hill’s annual meeting either opposed last year’s pay awards or withheld their votes. About 12 per cent failed to back the reappointment and remuneration of the firm’s auditors. Chief executive Ralph Topping received £1.65m in pay, benefits and bonuses last year, an increase of 56 per cent [...]
Aegis sees organic growth May 12, 2011 Marketing group Aegis yesterday posted organic revenue growth of 9.1 per cent for the first-quarter, helped by strong performances in Asia Pacific and North America, and said the recovery in ad spending would continue. Aegis confirmed its 2011 target of growing organic revenue by at least the 5.8 per cent seen in 2010.
Informa confident for full year May 12, 2011 Business media group Informa is confident of meeting full-year expectations after first-quarter revenues grew 4.6 per cent organically and profit margins improved. The company said events sales had grown 6.7 per cent, helped by popular Middle East trade shows, and that its training businesses, apart from those serving the US government, had recovered.
Nvidia trumps analyst forecasts May 12, 2011 Nvidia Corp yesterday forecast quarterly revenue above expectations, lifted by sales of its mobile chips as it fights off growing competition in the personal computer graphics chip market. The firm reported net earnings of $135.2m, or 22 cents a share, for the quarter ending 1 May, compared with a net profit of $137.6m, or 23 [...]
