BEST OF THE BROKERS August 16, 2011 AVIVA Citi rates the insurance group “hold” with a target price of 415p, lowered from 440p. The broker has updated its forecast due to the effects of dilution from asset sales, which could impede medium term earnings growth. Aviva’s results showed strong progress in life earnings, while non-life earnings were affected by lower investment results [...]
Melrose told to put or shut up August 11, 2011 INDUSTRIAL takeover group Melrose reacted angrily after its takeover target Charter International referred it to the Takeover Panel yesterday. The Panel set a “put up or shut up” deadline of 6 September for Melrose to either make a formal offer or walk away, giving it less than four weeks to conclude its deal. Engineering group [...]
Riot and looting damage will cost UK well over £100m, insurers say August 9, 2011 RIOTS across London and other UK cities over the past four days caused “well over £100m” of damage to property and businesses, the insurance industry said yesterday. As residents and business owners across the capital and cities such as Birmingham, Leeds and Nottingham counted the cost of days of wrecking and looting, insurers raised their [...]
Insurers say London riot losses “well over £100m” August 9, 2011 Damage from riots in London has cost the capital “well over £100m” in insured losses, an insurance industry group has said. The Association of British Insurers has raised its estimate of the damage from three nights of violence and looting across swathes of London from “at least tens of millions” to more than£100m after it [...]
SPORT | IN BRIEF August 4, 2011 Williams set for Palace date ATHLETICS: British sprinting sensation Jodie Williams, 17, will make her Diamond League debut in the Aviva Grand Prix over 200m at Crystal Palace this evening, where she faces the world’s fastest woman, Shalonda Solomon. British fans turn out in force GENERAL: Sports fans turned out in record numbers this year as [...]
Haste goes out on a high as business he rebuilt turns in solid performance August 4, 2011 RSA’s outgoing chief executive Andy Haste will be well remembered as the man who turned the British insurance company’s fortunes around. After taking on the floundering insurer in 2003, when its market value stood at £1bn, his eight years at the helm have proved ultimately successful. Faced with huge losses, Haste was quick to make [...]
Aviva’s strategy pays off as profits rise 5pc and cash generation hits £800m August 4, 2011 AVIVA’s decision to focus its business on just 12 core markets was vindicated yesterday as it reported better-than-expected first half profits. The general and life insurer said it made £1.33bn IFRS operating profit over the past six months, four per cent higher than the consensus estimate for £1.28bn, while its net asset value per share [...]
Pru: Time to forget AIA August 4, 2011 At the end of a torrid week in which the UK’s insurers and banks have all reported financial figures, today is the turn of the Prudential, the insurer that has been given the hardest of times over recent months for its botched attempt last year to take-over AIA. The Prudential and its super clever chief [...]
FTSE fightback foiled by bank weakness August 4, 2011 The banking sector put the brakes on potential gains on the FTSE 100 in early trading after poor results from Lloyds. The index was expected to be given new impetus today as hopes of a new package to breathe life into the US economy encouraged investors elsewhere. Former Federal Reserve vice chairman Donald Kohn said [...]
CITY MOVES | WHO’S SWITCHING JOBS July 31, 2011 Age UK Enterprises The commercial services arm of Charity Age UK has hired Ashley Smalley as strategy director, working alongside Gordon Morris, managing director of AGE UK Enterprises. Smalley will be responsible for meeting the division’s growth targets for profit and customer numbers. His previous roles include head of strategy at Aviva Europe, head of [...]