UK numbers up despite challenges March 10, 2015 INSURANCE group Prudential posted pre-tax profit of £2.6bn for 2014, up 71 per cent on last year’s £1.5bn, despite significant changes in the UK market. New business sales were up by 12 per cent, from £4.2bn to £4.7bn, while in the UK sales grew by 18 per cent, from £725m to £857m. The company increased its [...]
Credit Suisse faces shake up under new boss Tidjane Thiam March 10, 2015 Credit Suisse is braced for major changes to its investment banking units, as shareholders welcomed the appointment of Prudential boss Tidjane Thiam as chief executive. The incoming boss gave few clues as to his plans at a press conference yesterday, but is expected to cut back investment banking and focus on the traditional core of [...]
Verisk Analytics to enter energy market with Wood Mackenzie takeover March 10, 2015 Data firms Verisk Analytics and Wood Mackenzie are to come together in a £1.85bn deal announced yesterday. Verisk, which specialises in analysis of the insurance market, will purchase Wood Mackenzie from private equity house Hellman & Friedman and other shareholders, using a combination of around $2bn (£1.33bn) in debt and up to $800m in equity. [...]
Esure shares slide as payouts and competition hurt profits March 10, 2015 SHARES in motor insurer Esure crashed by nine per cent yesterday after the company reported a slump in profits. Full-year profits for 2014 fell 12.8 per cent to £103.8m, as increased competition and higher claims ate into its sales. The company was also forced to reduce its final dividend to 11.7p from 13.3p. Gross written [...]
FTSE 100 index in biggest drop of the year – London Report March 10, 2015 Britain’s top share index yesterday suffered its biggest decline so far this year, hit by drops in insurer Prudential and energy stocks such as BG. Prudential fell 3.1 per cent as the loss of its chief executive, Tidjane Thiam, to Credit Suisse took the shine off a 14 per cent rise in 2014 operating profits. [...]
Betway March 10, 2015 WE’RE absolutely thrilled with the quality of the Betway Champion Chase in our first year as sponsors. It really is the race of the Cheltenham Festival. Having the last two winners, Sire De Grugy and Sprinter Sacre, back for more is a fantastic treat for racing fans. When you add in the likes of Dodging [...]
Prudential share price slides despite profit rise as Tidjane Thiam prepares move to Credit Suisse March 10, 2015 The numbers Prudential has reported a profit before tax of £2.6bn for 2014 – 60 per cent up from the previous year. Operating profit rose 14 per cent to £3.1bn. The company's full year dividend climbed by 10 per cent to 36p per share. The Pru's capital surplus is estimated to stand at £4.7bn. Why it's [...]
Prudential boss Tidjane Thiam jumps into Credit Suisse role March 9, 2015 Prudential boss Tidjane Thiam is set to leave the FTSE 100 giant later this year to head Swiss banking titan Credit Suisse, it emerged last night. The surprise exit, which would bring the curtain down on a six-year tenure at the helm of the Pru, is expected to be announced as soon as this morning, [...]
City Moves for 10 March 2015 | Who’s switching jobs March 9, 2015 New Bridge Street The executive remuneration specialist has appointed Drew Matthews as partner. He joins from Tesco, where he was group reward director for the past three years. Matthews has also held consultancy roles at PwC, Deloitte, and Stern Stewart. Eaton Vance Management International David Morley has been appointed business development director, UK institutional at [...]
Exclusive: Prudential to hire ex FCA regulator Clive Adamson March 9, 2015 Clive Adamson, who quit the Financial Conduct Authority (FCA) as director of supervision ahead of a critical report into its conduct before Christmas, is joining the Prudential, two sources have told City A.M. Adamson is understood to be joining Prudential’s UK business, possibly in a non-executive capacity. Although Adamson’s departure from the FCA was widely [...]