Its share price might be on a downward slope, but here are six reasons this Old Mutual spinoff might just work March 11, 2016 Shares in FTSE 100 insurance group Old Mutual have fallen after it unveiled plans this morning to split into four separate companies – suggesting investors are less than impressed at its plans Fear not, though. There could be good reason to be optimistic about this conscious uncoupling, if past precedent is anything to go by. “The [...]
Old Mutual share price rises as it unveils plans to split into four March 11, 2016 And lo, it came to pass: FTSE 100 insurance group Old Mutual has unveiled plans to consciously uncouple into four separate companies, after speculation over the move sent shares soaring on Monday. In a results statement today, the company said a strategic review by chief executive Bruce Hemphill had concluded it will split into four businesses: Old Mutual Emerging [...]
Competition and Markets Authority’s investigation into the big six: It’s time to welcome a new era in the energy industry March 11, 2016 An eighteen month investigation into the energy market is nearing a close, and the Competition and Markets Authority (CMA) has recommended some practical solutions. This is much needed, given that 20 years after privatisation, 70 per cent of big six customers are still on the most expensive tariff and have been for far too long. We've consistently said [...]
Just retirement share price rises as it swings to profit ahead of merger with Partnership Assurance March 11, 2016 Shares in Just Retirement rose 2.99 per cent to 138p per share in early morning trade after the insurer swung to profit in the second half of 2015. The figures: Just Retirement posted a pre-tax profit of £26.1m in the six months ended 31 December, up from a loss of £9.2m during the first half of [...]
City Moves for 11 March 2016 | Who’s switching jobs March 11, 2016 BLM Risk and insurance law business BLM has announced the appointment of abuse claims expert Sharon Moohan. Sharon joins BLM’s abuse claims team having overseen €953m (£743m) of redress payments in her role as sole solicitor for the Irish Residential Institutions Redress Board. The board was set up in 2002 to make fair and reasonable [...]
Aviva share price rises as it unveils 20 per cent profit boost and hikes dividend after Friends Life buyout March 10, 2016 What floods? Insurer Aviva said it was hiking its dividend after it completed its acquisition of Friends Life ahead of schedule. The figures Operating profits rose 20 per cent to £2.7bn in 2015, Aviva said this morning – seven per cent ahead of analyst expectations of £2.5bn. That allowed it to hike dividend by 15 per cent to 20.8p. Nice. The company said the [...]
Blockchain, the technology behind digital currency bitcoin, makes a splash in insurance to offer a solution to homeowners renting out part of their property March 10, 2016 SafeShare is making digital waves by launching the first blockchain-based insurance solution for the sharing economy on the market. The insurance startup, in partnership with Vrumi, is offering the product, which was created with Z/Yen Group and using open source timestamp service MetroGnomo, to homeowners. Sharing economy firm Vrumi allows homeowners with extra rooms to [...]
Charles Taylor share price up as professionals services and insurance company reveals profit growth for year ended December 2015 March 10, 2016 Share price in Charles Taylor was trading up today after the professional services company revealed that profits had climbed in its year ended December 2015. The firm, which provides a number of specialist insurance services, announced that profits before tax had grown to £12.8m, up 31.6 per cent from £9.7m the year before, while revenue had also increased to £143.4m, [...]
Budget 2016: Merging national insurance and income tax – George Osborne could be seen as a great reforming chancellor – but he might scupper his chances of becoming Prime Minister too March 10, 2016 The Office of Tax Simplification has recommended merging national insurance and income tax. This proposal, first mooted as long ago as 1943, has been kicked around by various chancellors. Nigel Lawson gave it serious consideration in the 1980s, Alistair Darling thought about it for a while and George Osborne launched a consultation in 2012. Will [...]
John Lewis Partnership bonus 2016: Four charts showing just how generous it is and why staff are still celebrating despite it being cut to its lowest in years March 10, 2016 The bonus of staff working at high street favourite John Lewis and Waitrose is less than last year, but you'll still find them cheering that cut. They'll be taking home 10 per cent of their annual salary, amounting to a bonus pot totaling £145m, but that's less than last year and the third consecutive year it's been cut – so why the happy faces? [...]