Admiral ups profits 25pc March 2, 2011 PROFITS at motor and home insurer Admiral jumped almost a quarter in 2010 but investors shied away yesterday over fears its growth may not be sustainable. UK growth drove Admiral’s pre-tax profit up to £266m from £216m in 2009 in a seventh straight year of growth, while turnover rose 47 per cent to £1.58bn from [...]
Amlin in £75m share buyback despite hit from catastrophes March 2, 2011 COMMERCIAL insurer Amlin saw earthquake losses cut its 2010 profit by almost half but cheered the market with a dividend hike and £75m share buyback yesterday. The Lloyd’s (re)insurer took more than £220m in catastrophe losses including £203.6m from earthquakes in New Zealand and Chile last year, pushing pre-tax profit to £259.2m from £509.1m in [...]
NATURAL DISASTERS COST SWISS RE $1BN March 2, 2011 REINSURANCE giant Swiss Re faces an estimated $800m (£491m) in claims from the earthquake that devastated Christchurch, New Zealand, last week, it said yesterday. When combined with the floods that hit Australia in January the loss is expected to reach $1.025bn – greater than its allocated budget for catastrophes in 2011. Swiss Re is likely [...]
US government shutdown delayed March 2, 2011 The US Congress has passed a bill extending funding for the federal government by two weeks, staving off a possible government shutdown. It comes as politicians continue to tussle over Republican plans to cut federal domestic spending by a quarter. The bill contains $4bn (£2.5bn) in agreed cuts, well short of the $60bn targeted by [...]
EU bank stress tests set to begin March 2, 2011 European Union banking regulators agreed to begin so-called stress tests on the region’s banks yesterday but said that details of how the tests will work are still being discussed. The results of the tests will be published in June, the European Banking Authority, the new pan-EU banking regulator, said in a statement after a board [...]
Gartmore’s Meyer walks away with a £5m payout March 2, 2011 SHAREHOLDER groups yesterday criticised Gartmore’s decision to pay its departing chief executive over £5m despite the firm’s share price more than halving during his tenure. Jeffery Meyer will receive a £3.75m payoff as well as a £2.033m salary package including a £1.2m bonus. Gartmore’s shareholder value has dropped dramatically under his leadership, from a 220p-per-share [...]
Personal lender records gains March 2, 2011 International Personal Finance, the emerging markets lender, expects to make further progress this year after growth in its main markets propelled a sharp rise in 2010 profits. International Personal Finance’s pre-tax profit for the year to December rose 49.3 per cent to £92.1m, compared with a market forecast of £93.5m. The firm operates in eastern [...]
Irish Life posts operating loss March 2, 2011 IRISH Life and Permanent Group Holdings reported an operating loss of €197m (£167m) for 2010, in line with the previous year. The bancassurer said profits in its life business rose 57 per cent to €160m while its business banking losses jumped 36 per cent to €364m on the back of larger impairment provisions. Irish Life [...]
London’s success means the government is ignoring it March 2, 2011 IS London too successful for its own good?” What a thought! Like the Mayor, I have always believed it possible to have your cake and eat it. A report out last week from Citigroup proclaimed an ever more successful future for London – predicting that its economy would grow more than any other city in [...]
GNOMEO & JULIET BACK AT THE TOP March 2, 2011 DISNEY’S Gnomeo & Juliet has reclaimed its position at the top of the UK box office chart after taking £2.5m between Friday and Sunday (25 February to 28 February). The Shakespeare-inspired, garden gnome-infused animation pushed last week’s number one, Paul, down into second place. Simon Pegg and Nick Frost’s alien comedy took £2.1m over the [...]
