Impressive results that should give the share price a much-needed lift March 3, 2011 AVIVA’s results and strategy update should cheer investors for several reasons. The winter weather that has hindered other insurers’ results didn’t even dent its £2.4bn pre-tax profit. Its strength in life insurance and commitment to cost-cutting are welcome, particularly against a backdrop of new regulation such as the ban on using gender in insurance calculations [...]
Aviva profit jumps by a quarter March 3, 2011 Aviva reported a forecast-beating 26 per cent increase in 2010 profit, helped by cost cuts and stronger sales of high-margin life policies. Aviva, Britain’s second-biggest insurer by market value, said it made a 2010 operating profit of £2.55bn, up from £2.02bn pounds the previous year. Analysts had expected a profit of 2.44bn, according to the [...]
HEADACHE FOR AVIVA INVESTORS OVER THEIR LIBYAN LANDLORD March 2, 2011 INTERESTING times at 14 Cornhill, the commercial property with a prime location opposite the Bank of England. Its owner has become embroiled in a little local difficulty involving global asset freezing. The Libyan Investment Authority (LIA), the sovereign wealth fund that administers the troubled country’s oil billions, has owned 14 Cornhill since December 2009, when [...]
THE WEEK AHEAD February 27, 2011 COMPANY NEWS ● HSBC Holdings releases its annual results on Monday. It is expected that the results will show the bank to be back to pre-crash levels, with a dividend forecast of just over 3 per cent. ● Carrefour will report full-year results Thursday. The focus of the market is likely to be on management [...]
CITY MOVES | WHO’S SWITCHING JOBS February 23, 2011 Smith & Williamson The law firm has appointed a new head of its City-based restructuring and recovery team. Anthony Spicer will take up the role in the firm’s Moorgate office. He is a chartered accountant and licensed insolvency practitioner. He has specialised in turnaround and resturucturing since 1989, on both the lending and company side, [...]
BEST OF THE BROKERS February 21, 2011 AVIVA JP Morgan Cazenove (JPM) rates the insurer “overweight” with a 524p target price. The broker expects continued momentum when the firm reports its full-year earnings on 3 March and hopes Aviva will focus on highlighting its upside risks to investors. JPM expects a 23 per cent earnings rise in 2010, with a six per [...]
CITY MOVES | WHO’S SWITCHING JOBS February 16, 2011 PensionsFirst The pensions risk management firm has hired three new assistant vice presidents: Matthew Furniss (pictured) and Robert Heathcoat, who both join from Punter Southall, and Chris Hoddman, who joins from the Pension Protection Fund. Furniss will work in the client solutions group, helping clients to manage their pension risk. Hoffman and Heathcoat will be [...]
Ireland take credit but not the victory February 13, 2011 IRELAND (22) vs FRANCE (25) IRELAND head coach Declan Kidney admitted his side only had themselves to blame after France escaped from the first RBS 6 Nations match to be played at the Aviva Stadium with a scarcely deserved victory. Fergus McFadden, scrum-half Tomas O’Leary and Jamie Heaslip all crossed as the hosts, playing by [...]
S&P ups outlook on Aviva February 9, 2011 INSURANCE group Aviva’s credit rating outlook was upgraded yesterday by Standard & Poor’s after it confirmed plans to cut its debt and reduce pension deficits, and on the strengthening of its balance sheet. Aviva’s outlook was raised from negative to stable by the rating agency, which also affirmed the group’s core operating entities at AA-. [...]
FTSE slips as metal price drop weighs on mining firm shares February 9, 2011 BRITAIN’S top share index closed down yesterday, hurt by heavyweight stocks trading ex-dividend and miners following metals prices lower. The FTSE 100 closed down 39.04 points, or 0.6 per cent, at 6,052.29, having closed up 0.7 per cent on Tuesday at its best level since May 2008. “You have to consider (the FTSE 100) lost [...]