Barclays August 5, 2010 WHAT a let-down. Barclays’ first-half numbers were like a huge picnic hamper that turns out to hold a couple of stale scotch eggs. Investors quickly saw through the headline pre-tax profit of £3.9bn, which was 13 per cent ahead of consensus. The number was flattered by a strong decline in writedowns to £3bn, a large [...]
Profits surge at Schroders as assets rise August 5, 2010 UK FUND manager Schroders beat analysts’ forecasts for first-half earnings yesterday, as new asset management products helped it brave weakening markets in the second quarter. The company reported a sharp rise in pre-tax profit to £188.2m over the period, comfortably beating consensus analyst forecasts for between £150m and £168m. Falling equity markets had slowed new [...]
Zurich Financial suffers as weather disasters weigh August 5, 2010 SWISS insurer Zurich Financial Services reported a 51 per cent drop in second-quarter net profits to $707m (£445m) yesterday as earnings were hit by payouts for weather-related losses and the earthquake in Chile. This compares with a profit of $1.43bn during the same period last year by the firm led by Martin Senn. The Zurich-based [...]
Generali bullish for full-year as sales boosted August 5, 2010 ASSICURAZIONI Generali, Europe’s third-largest insurer, posted a 73 per cent rise in net profit yesterday, boosted by life insurance, and forecast a rise in full-year results. Italy’s largest insurer’s net profit was €873m (£723.5m), in line with consensus analyst forecasts of €869m. “A growth in operating margins and in net results, compared with 2009, is [...]
Poor underwriting hits Swiss Re’s second quarter August 5, 2010 Swiss RE, the world’s second-biggest reinsurer, yesterday revealed a poor underwriting performance in the second quarter, sending its shares lower even though investment gains helped lift profits beyond expectations. The company’s property and casualty reinsurance combined ratio – a measure of underwriting profitability – missed forecasts at 102 per cent. A number below 100 per [...]
Aviva sees its profit leap as slashes costs August 5, 2010 AVIVA increased its market capitalisation by almost three quarters of a billion pounds yesterday, after its London-listed shares soared on better-than-expected half-year profits. Aviva shares, which have underperformed the sector over the course of the year so far, added 7.18 per cent over the day to close at 394.3p, valuing the group at £11.06bn. The [...]
RSA shares jump after dividend is hiked August 5, 2010 RSA INSURANCE Group yesterday raised its mid-year dividend, predicting further sales growth in the coming months and shrugging off flat first half profit dented by the cost of Chile’s earthquake and bad weather in Europe. “In terms of top line, we expect the UK to remain in positive territory for the remainder of 2010; international [...]
Push to energy lifts Lancashire August 5, 2010 Lloyd’s of London insurer Lancashire Holdings yesterday beat forecasts with its first-half pre-tax profit as it escaped a big hit from the Gulf of Mexico oil spill and Chile’s earthquake, while rates for energy-sector insurance rose. Lancashire reported a first-half pre-tax profit of $94.6m (£59.6m), compared with $148.2m in the same period last year after [...]
ANALYST VIEWS: WHAT DO YOU THINK OF AVIVA’S RESULTS? August 5, 2010 BARRIE CORNES | PANMURE GORDON These were great figures pretty much across the board. The life operation was the star performer, driven in part by improving new business margins – specifically in the UK, where the 3.4 per cent margin was very impressive and benefited from a favourable product mix, with a shift to annuities [...]
CBOE sees its profits tumble August 5, 2010 CBOE Holdings, which runs the Chicago Board Options Exchange, reported lower-than-expected earnings yesterday, with second-quarter net income falling 11 per cent to $24.9m (£15.7m). But the firm called the results – its first since its $339m initial public offering in June – “solid,” and pledged to keep control over expenses in future quarters. However the [...]
