United Utilities profits dip as lockdowns hit water usage May 27, 2021 United Utilities saw its annual pre-tax profit dip by 21 per cent to £383m as it navigated its way through the pandemic. The company, one of the largest publicly traded water firms in the world, said that profits were hit by lower water consumption and higher infrastructure spending. The drop in profit was in line [...]
Aviva reports highest quarterly insurance sales in a decade May 27, 2021 Aviva has delivered its highest insurance sales in the first quarter for a decade, while savings and retirement flows soared to a new quarterly record. The insurance giant said its core general insurance gross written premiums grew four per cent to £2bn while its core operating ratio fell to 90.6 per cent. Its SME sales [...]
Aviva Investors to shutter property fund over liquidity concerns May 19, 2021 Aviva Investors will shutter its suspended UK property fund this summer over concerns about liquidity and the value of the portfolio. The asset manager suspended the fund in March last year after the outbreak of Covid-19 sparked uncertainty over its valuation. In a statement today Aviva said it had become “increasingly challenging to generate positive [...]
Crest Nicholson sells stake in Surrey film studio for £45m May 14, 2021 UK property developer Crest Nicholson has sold its 50 per cent stake in a film studio joint venture for £45m. Crest Nicholson, which usually focuses on house building, said it has entered into an agreement with JV partner Aviva to sell its share of Longcross Studio in Surrey. The transaction, which is expected to complete [...]
Hiscox tops list of insurers facing business interruption claims May 12, 2021 Hiscox faces paying the out on the largest number of business interruption claims, according to data compiled by the Financial Conduct Authority (FCA). Hiscox has accepted 6,692 business interruption claims for Covid-19 losses and faces making a decision on whether another 3,122 pending claims are valid, data published by the FCA today shows. The insurance [...]
Bitter clash at Astrazeneca as 40 per cent of shareholders reject CEO pay package May 11, 2021 A share bonus hike for Astrazeneca’s chief executive was only narrowly approved in a vote where nearly 40 per cent of the pharma’s shareholders rejected the proposed pay package. The pharmaceutical giant did pass the proposal, however, which could take Pascal Soriot’s total pay, including a £1.3m salary, above the £15.4m he received last year. [...]
Astrazeneca shareholders in row over chief executive’s £2.3m bonus hike May 9, 2021 Astrazeneca shareholders have been plunged into a bitter row over plans to hike chief executive Pascal Soriot’s pay by £2.3m. The French pharma boss has been praised for rolling out the company’s Covid-19 vaccine at cost price, as well as driving up its share price since he took over in 2012. But major shareholders have [...]
Activist investor sells stake in Barclays May 7, 2021 Activist investor Edward Bramson has sold his firm’s 6 per cent stake in Barclays, ending a three-year campaign against the bank. Since 2018, Bramson’s fund, Sherborne Investors, pressured Barclays CEO Jes Staley to scale back investment banking, and demanded his removal over his links to US financier and registered sex offender Jeffrey Epstein, but Bramson struggled [...]
London remains one of the world’s leading green finance centres April 29, 2021 London has held on to one of the top spots for green finance quality in Z/Yen’s latest index, but Western Europe’s overall dominance is starting to slip. In its Global Green Finance Index (GGFI), the City of London think tank ranked 78 financial centres across the world for their public, private and nonprofit investment in [...]
City fund managers discuss post-pandemic opportunities, with NatWest, Lloyds and BP topping the list April 28, 2021 As the economy slowly recovers from what has been a dramatic year, and investors gradually dare to think again about growth and investment, City A.M. checked in with a number of prominent Square Mile-based fund mangers to find out where they spot opportunities as London’s investment community starts to shake off the pandemic. Banking, energy [...]