Aviva boss talks down scale of recovery at UK insurance giant August 8, 2013 AVIVA’S share price hit a two year high yesterday – but the company’s new chief executive insists he has merely made “satisfactory progress” on his turnaround plan. First half pre-tax operating profits at the FTSE 100 insurer were up five per cent to over £1bn, with the stock closing up 7.6 per cent. Mark Wilson, who took control [...]
Standard Life hits record sales due to asset management arm August 8, 2013 SCOTTISH insurer Standard Life yesterday reported record new business sales, largely thanks to a strong performance by its fund management division. Pre-tax operating profits rose six per cent to £304m for the first half of 2013, with a substantial jump in the number of customers joining the company through corporate pension schemes. “Standard Life Investments [...]
London Report: China trade data surprise breaks FTSE’s losing run August 8, 2013 THE FTSE 100 benchmark equity index broke a four-day losing streak yesterday as forecast-beating trade data from China, the world’s biggest metals consumer, lifted mining stocks. China’s exports and imports both rose more than expected in July, in a tentative sign of economic recovery. The basic materials sector added 12 points to Britain’s FTSE 100, [...]
Standard Life reports slip in first half pre-tax profits and earnings per share August 8, 2013 Standard Life is the second major insurer to report a boost in operating profits this morning, with group pre-tax operating profits up six per cent to £304m (release). However, pre-tax profits slipped 6.6 per cent to £281m. Basic earnings per share was also down to 3.5p from 5.5p. Operating profits were boosted by a 28 [...]
Aviva announces turnaround as operating profits hit £1bn August 8, 2013 Aviva has embraced its turnaround as first half operating profits tops a billion pounds thanks to sales increases in key markets despite weakness in Italy and Spain (release). Pre-tax operating profits rose to £1.008bn from £959m in the first half of 2013 compared to the same period in 2012. Basic earnings per share was 22.8p [...]
London Report: Carney’s first inflation report in the spotlight August 4, 2013 NEW Bank of England governor Mark Carney will take centre stage this week as he announces the latest Quarterly Inflation Report, plus plans to adopt forward guidance on interest rates for the first time. Forward guidance would give the bank’s Monetary Policy Committee (MPC) a third method of influencing the economy, alongside interest rates and [...]
New regulation threatens the success of Britain’s thriving insurance sector August 4, 2013 SINCE the financial crisis, policymakers have focused on regulating banks. But while banking plays a central role in the financial sector, insurance plays another. The UK insurance industry is the largest in Europe. It manages investments amounting to 26 per cent of annual GDP, and accounts for £10.4bn in tax revenue, employing 290,000 people in [...]
Best of the Brokers for 1 August 2013 July 31, 2013 AVIVA Broker Canaccord Genuity has maintained its “hold” rating on the insurance stock but upgraded the target price to 385p. It said Aviva, which reports results next week, would deliver better profits in 2014 and 2015 due to increased investment yields. WILLIAM HILL Analysts at Numis have an “add” rating on the stock with a [...]
Win Boris’s signed cycle shirt July 30, 2013 THERE are only four days to go until Mayor of London Boris Johnson captains his very own Team Boris in the Ride London 100 race – a 100 mile cycle challenge around London and Surrey. Cycling on the Mayor’s team are City pedallers from the likes of Cazenove Capital, Barclays, Aviva, and Azure Wealth. And [...]
JLT eyes targets in the Middle East July 30, 2013 INSURANCE broker Jardine Lloyd Thompson (JLT) is looking at potential acquisitions to grow its business in developing markets, one of its top executives said yesterday. “We are actively looking to build our geographical reach,” Mark Drummond Brady told City A.M., highlighting the Middle East, Indian subcontinent and sub-Saharan Africa as growth areas. “We have a pipeline of [...]