Car crash: Hastings share price sinks as rate change hurts profit August 8, 2019 Insurer Hastings saw shares fall seven per cent this morning as profits were slashed nearly in half over the first six months of the year. Last month, the government changed the Ogden discount rate, which determines how much insurers have to pay out to people who have been injured in accidents, to a level which [...]
Aviva confirms strategic review of Asia units as UK life insurance profits fall August 8, 2019 Aviva confirmed it is reviewing its Asian insurance arms with the potential for a sale as it revealed what its chief executive called a “mixed” bag of half-year results today. The figures The insurer saw operating profit climb one per cent year on year to £1.45bn in the first six months of 2019, beating forecasts [...]
City Moves for 8 August – Who’s switching jobs at 11:FS, AlbionVC and Databricks? August 8, 2019 Today’s City Moves includes 11:FS, AlbionVC and Databricks. 11:FS 11:FS, the challenger firm defining and building digitally native financial services through technology, product and design expertise, has announced that Shaun Meadows has joined the firm as chairman. In the newly created role, Shaun will work with the 11:FS board to review company objectives, examine performance [...]
Travellers brace for chaos as Ryanair pilots vote to strike August 7, 2019 Airline woes are set to be compounded later this month as Ryanair pilots become the latest to go out on strike over pensions and a host of other issues. Pilots’ union Balpa said this evening it was taking its pilots out on strike on 22 August and 2-3 September. Read more: Heathrow and Unite locked [...]
High-yielding Aviva rewards investor patience August 7, 2019 Aviva is rewarding investors who stayed the course while the insurer streamlined its operations. Having previously gone through a streamlining operation which left Aviva (LSE:AV.) fitter, the focus is now turning to a strategy review to ensure the company maintains its relevance. Perhaps not surprisingly, this has resulted in mixed fortunes as the business transforms. There has been [...]
Pensions consolidator Phoenix posts jump in profit August 7, 2019 Insurance firm Phoenix has posted a surge in profit for the first half of the year after buying out more British pension schemes. The FTSE 100 company reported a pre-tax profit of £217m in the six months to the end of June, compared to a £42m loss last year. Read more: Insurer Phoenix on the [...]
Legal & General boosts profit and revenue in first half of 2019 August 7, 2019 Legal & General boosted profit and revenue in the first half of 2019, as it said the UK represents an “enormous opportunity” for its growing pensions market. The figures The insurer saw profit before tax rise 12 per cent year on year to hit £1bn in the six months to June. Earnings per share grew in [...]
The last resort: With travel operators running into trouble, here’s how to protect your holiday August 7, 2019 When you’ve spent hundreds or even thousands of pounds to escape to somewhere sunny for the summer holidays, you may have to stifle a scream when you find out that your travel operator has gone bust days before you were set to fly. This scenario will sound all too familiar to many families, after news [...]
UK M&A deal values more than halve as global tensions take their toll August 6, 2019 The value of merger and acquisition (M&A) deals in Europe slumped during the first six months of 2019, as geopolitical concerns took their toll on the continent’s financial services industry. In the UK investors completed 97 deals totalling £6.3bn over the first half of 2019, plunging by more than half from £13.5bn when 103 deals [...]
City Moves for 5 August – Who’s switching jobs at Willis Towers Watson, Morningstar and Posterscope? August 5, 2019 Today’s City Moves includes Willis Towers Watson, Morningstar and Posterscope. Willis Towers Watson Global advisory, broking and solutions company Willis Towers Watson (WTW) has announced the appointment Matthew Gooden to the role of director and head of sales across its professional indemnity (PI) team. Matthew will be tasked with driving new business leads for the [...]