China’s zero-Covid policy hits Prudential’s business August 10, 2022 London insurance company Prudential today said it had suffered steep losses from its Hong Kong business due to China’s zero-Covid policy. The Asian focused insurer said profits from underwriting new policies fell 31 per cent in Hong Kong and four per cent in Mainland China. Covid restrictions in Prudential’s other cornerstone markets – Indonesia, Malaysia, [...]
Admiral profit and share earnings halve as ‘unique’ pandemic conditions fade August 10, 2022 Insurance giant Admiral has had its pre-tax profits and share earnings halve over the past year, nearing pre-pandemic levels as the “unique” Covid-19 market conditions fade. The group’s profit before tax sunk 48 per cent to £251.3m in the six months to 30 June, in comparison with the same period in 2021. However, the figure [...]
Johnson ‘certain’ next PM will give autumn cost of living help August 9, 2022 Boris Johnson has said he is “certain” the next Prime Minister will provide cost of living help this autumn and claimed the UK has “the fiscal firepower and the headroom to continue to look after people”. Johnson today said during a ceremony in the Downing Street garden that extra help is “absolutely vital” now that [...]
Sunak says Truss is ‘divorced from reality’ over cost of living crisis August 9, 2022 Rishi Sunak has launched a stunning attack on Liz Truss today, with his campaign team labelling the Tory leadership frontrunner as “divorced from reality”. A Sunak campaign spokesperson said Truss has refused “five times” to say if she will promise to hand out emergency payments to combat spiralling energy bills and that her plan to [...]
Legal & General weathers economic storm, handing out £2.5bn in dividends since 2020 August 9, 2022 Legal & General, one of the UK’s oldest financial services firms, has weathered the country’s worsening economic climate, having declared £2.5bn of dividends since 2020. The London-headquartered company, which offers pensions, life insurance and investment services, has navigated financial and economic crises in the UK for more than 180 years. Legal & General, which also [...]
Working in partnership to help children learn about money and finances August 8, 2022 Managing money is a key skill that is essential for adult life. Financial education therefore has the potential to equip young people with the confidence and skills they need to build their futures, open the door to a world of opportunities and transform their lives. However, the level of financial capability in the UK is [...]
WH Smith de-risks pensions scheme via Standard Life insurance policy August 8, 2022 WH Smith on Monday said it had taken out a bulk annuity insurance policy with Standard Life, through which the Phoenix Group subsidiary will cover the costs of the retailer’s £1bn pension scheme. The high-street bookseller’s insurance policy will see Standard Life pay the pensions of the almost 13,000 members of WH Smith’s defined [...]
City of London workers lead wage growth as pay inequality worsens in UK August 8, 2022 Only the UK’s highest earners have been given inflation-busting pay rises so far this year, as the country’s lowest earners see pay growth ‘flatline’, according to the latest research. The highest earners, typically concentrated in the City of London among finance, professional and technical sectors, have seen annual pay growth of 10 per cent, while [...]
Sunak says Truss’ cost of living plan ‘won’t touch the sides’ August 8, 2022 Rishi Sunak has launched a fresh attack on leadership rival Liz Truss, saying today that her plan to make tax cuts next month won’t “touch the sides” for families facing a worsening cost of living crisis. Sunak said “bolder action” was required to “protect people from the worst of the winter” amid fresh predictions energy [...]
Aviva looks to settle investor nerves after share price slide August 8, 2022 Aviva shareholders are braced to see whether the insurance giant can regain some momentum this week after its share price has stalled in recent months to trade no higher than 30 years ago.