Insurance buy-ins and buy-outs slow in first half of 2016 August 11, 2016 The amount of pension scheme buy-ins or buy-outs fell by 39 per cent in the first half of 2016. A total £2.7bn of schemes were transferred to insurance companies during the first six months of the year – this compares to £4.4bn in 2015 – according to research by actuarial consultants LCP. Buy-ins and buy-outs are strategies [...]
Alibaba’s shares are on a tear after a huge revenue jump August 11, 2016 Alibaba certainly isn't feeling the effects of the Chinese slowdown just yet. Shares in Alibaba – the world's largest retailer – have climbed by almost six per cent in the US pre-market after it posted revenue far ahead of expectations. Alibaba's shares were already up around seven per cent so far this year. A rise in revenue was bolstered [...]
Falling ill on holiday could cost you as much as a house, the Association of British Insurers warns August 11, 2016 The high cost of overseas medical bills means falling ill abroad could cost double the amount of an average UK house. Insurers are now processing claims from more than 3,000 British travellers per week who require emergency medical care while abroad, according to the Association of British Insurers (ABI). While the average travel insurance claim [...]
Rise of the machines: Hastings results receive boost from telematics August 11, 2016 Hastings Group Holdings revealed its profits had grown strongly during the first half of 2016 today, no doubt helped by growth in both the home and telematics markets. The figures The insurer revealed operating profit had increased to £70.8m for the six months to June, up 20 per cent from £59.2m the year before. Meanwhile, gross written premiums rose [...]
City Moves for 11 August 2016 | Who’s switching jobs August 11, 2016 The Crown Estate UK real estate business, The Crown Estate, has appointed Robin Budenberg as chairman. Robin is a prominent figure from the UK finance sector and his appointment follows the retirement of Sir Stuart Hampson. He is currently London chairman of Centerview Partners and a non-executive director for Charity Bank and the Big Society Trust. Robin is the [...]
Cashing in: RMT boss Mick Cash’s “telephone-number” salary sparks outrage as Britain’s commuters face three-pronged strike attack August 11, 2016 The union boss at the centre of a three-pronged attack on Britain’s commuters and holidaymakers earned £137,344 last year, outraging MPs and grassroots campaigners. RMT general secretary Mick Cash received a near seven per cent increase in salary and pension in 2015, at £8,900, for leading Britain’s 15th largest trade union. By comparison, Len McCluskey, [...]
Woof: US pet food firm Blue Buffalo shares up on tasty results August 10, 2016 Pet food company Blue Buffalo’s shares were up in after-hours trading after it reported a sales and earnings growth in the second quarter. Earnings before interest, taxation, depreciation and amortisation (Ebitda) came in at $68m, up 40.7 per cent. Read more: Pet insurance claims have gone barking mad Earnings per share (EPS), meanwhile, were up [...]
Prudential boss Mike Wells thinks people are still a bit confused about Asia August 10, 2016 The man at the driving seat of one of the most notable insurance giants has today said he believes many are still struggling to get their head around the Asian market. In a conference call to discuss his company's half-year results, Prudential chief executive Mike Wells pointed out there were still many misconceptions about the geographic region, [...]
Asia brings good fortune to Prudential, as operating profits boosted August 10, 2016 Prudential's Asian focus has helped drive new business for the financial services giant during the first half of 2016. The figures The company reported operating profits of £2.1bn, up six per cent on a constant currency basis or nine per cent on a reported basis from £1.9bn the year before. Meanwhile, operating profit from Asia [...]
Bank of England suffers bond setback as QE kicks off again August 9, 2016 The Bank of England’s attempt to buy long dated gilts as part of its quantitative easing (QE) programme hit a rough spot today, with the central bank failing to attract enough offers from investors. The Bank's reverse gilt auction was only 96 per cent covered – it had planned to purchase £1.17bn of government bonds with maturities longer than [...]