Axa warns of interest rate impact as sales show sluggish growth October 28, 2010 AXA, the French insurance giant, released a trading update showing sluggish growth yesterday, with total nine-month sales climbing just 3.5 per cent to €70.5bn (£62bn). Life and savings insurance, its biggest revenue source, saw nine-month sales grow three per cent to €43.9bn. The update was not a full earnings report and did not detail profits, [...]
ICBC earnings grow as bank buys insurer October 28, 2010 Industrial and Commercial Bank of China (ICBC), the world’s most valuable lender, joined rivals in posting robust earnings on strong loans growth, giving a boost to its planned multi-billion dollar fundraising. The Beijing-based lender also said it will pay $180m (£112.8m) to buy control of French insurer AXA’s Chinese joint venture, expanding into the country’s [...]
Axa sales rise – but warns over interest rates October 28, 2010 Europe’s second-biggest insurer AXA posted a 3.5 per cent rise in nine-month sales, driven by emerging markets, but warned a decline in interest rates would hurt year-end profitability. European insurers such as AXA and bigger rival Allianz are under threat from falling government bond yields, which have the potential to squeeze earnings below guaranteed returns, [...]
CITY MOVES | WHO’S SWITCHING JOBS October 25, 2010 Lazard The financial advisory and asset management firm has hired Fotis Hasiotis as co-head of the European financial sponsors group, based in London. Hasiotis joins from Bank of America Merrill Lynch, where he was head of EMEA financial sponsors. He originally joined Merrill’s New York team in 2004 from CIBC World Markets, later moving to [...]
KKR tables bid for Australian fund manager October 18, 2010 US Private equity firm Kohlberg Kravis Roberts (KKR) has offered up to $1.73bn (£1bn) for Australian fund manager Perpetual, reigniting merger interest in Australia’s $1 trillion wealth management sector. Australia’s wealth management industry is the world’s fourth largest and is expected to grow at 12 per cent a year, but mergers have dried up over [...]
CITY MOVES | WHO’S SWITCHING JOBS October 18, 2010 Matrix The financial services group has appointed Simon Elvidge as its new group head of compliance and assurance. Elvidge has over 20 years of experience in the sector and joins from Numis Securities, where he was head of compliance. Prior to that, he spent time working at HSBC, Société Générale and at Newedge Group, the [...]
Resolution to buy Bupa unit for £102m October 15, 2010 INSURANCE buyout vehicle Resolution will buy Bupa Health Assurance for around £102m as Resolution continues to snap up assets in the sector and broaden its product range. The acquisition of Bupa Health Assurance follows hot on the heels of Resolution’s takeovers of AXA’s UK life insurance arm earlier this year and last year’s purchase of [...]
WHAT THE OTHER PAPERS SAY THIS MORNING October 12, 2010 FINANCIAL TIMES NIGERIA APPROVES $2.5BN BID FOR NITEL Nigeria has approved a controversial $2.5bn offer for the country’s main fixed-line telecoms group, but has demanded that the winning consortium come up with a $750m downpayment to secure the sale. The approval follows years of ill-fated efforts to sell off Nitel, which has withered since liberalisation [...]
BEST OF THE BROKERS October 12, 2010 EASYJET EasyJet’s new brand licence is positive for shareholders, believes Citigroup, which gives the stock a “buy” rating. The broker says the agreement ends the legal dispute between easyJet and easyGroup, addresses the governance issues and the ancillary activities are no longer confined to 25 per cent of revenue, all positive for investors. AXA Nomura [...]
WHAT THE OTHER PAPERS SAY THIS MORNING October 7, 2010 FINANCIAL TIMES UK AND FRANCE IN TALKS ON TRIDENT MAINTENANCE An agreement being negotiated by the UK and France would see British nuclear warheads serviced by French scientists and break with half a century in which neither country has collaborated on its independent deterrent. Ahead of a summit in three weeks, the governments are close [...]