LONDON, Aug 5 (Reuters) – British insurer Legal & General
posted a forecast-beating 18 percent rise in first-half
operating profit on Wednesday, helped by strong performance in
the bulk annuity corporate pensions market, sending its shares
up over 3 percent.
Life insurers have looked to the bulk annuity market for new
business as personal annuity sales dwindle following British
reforms to tax rules for pension savers which give retirees more
freedom over what to do with their pension pots.
LONDON, Aug 3 (Reuters) – A revenue boost to British life
insurers from companies looking to pass on their pension scheme
risk is looking uncertain, as low interest rates make scheme
deficits wider and deals harder to reach.
Insurers are putting their faith in so-called bulk-annuity
deals to fill a hole left by changes to the pensions industry
earlier this year, which have at least halved demand from
individuals for annuities providing an income for life.
ZURICH/LONDON (Reuters) – Cash-rich Zurich Insurance (ZURN.VX: Quote, Profile, Research, Stock Buzz) is weighing a bid for British rival RSA (RSA.L: Quote, Profile, Research, Stock Buzz) which could top $8 billion, as insurers look to diversify amid tighter regulations and toughening market conditions.
Zurich’s statement on Tuesday that it was considering a bid drove the largest one-day gain for 23 years in the British insurer’s shares, which closed up 18 percent at 490 pence.
LONDON/SYDNEY, July 26 (Reuters) – Western and Middle East
insurance specialists see Iran as an appealing $8 billion market
in the wake of its nuclear deal with world powers, though
uncertainty over when sanctions on Tehran will be lifted means
they are treating the country with caution.
Eight out of 11 insurance and reinsurance specialists who
responded to questions emailed by Reuters this week said Iran
was an attractive or very attractive market, especially in the
marine and energy sectors. Responses were on an anonymous basis
due to the sensitivity of the issue.
LONDON, July 23 (Reuters) – Aberdeen Asset Management
will retain its emerging markets focus after investors
withdrew almost 10 billion pounds ($15.6 billion) over the past
three months, Chief Executive Martin Gilbert said on Thursday.
Aberdeen’s shares dropped more than 6 percent and were the
worst performer on the FTSE 100 index after the money
manager suffered a ninth consecutive quarter of fund outflows.
LONDON, July 8 (Reuters) – Partners in private equity and
other alternative investment funds based in Britain face giving
up a bigger slice of their performance fee to the government in
tax after changes announced on Wednesday.
Finance minister George Osborne said they would have to pay
full capital gains tax on carried interest as part of a series
of measures to tackle tax avoidance.
MONACO, July 1 (Reuters) – BTG Pactual Global Asset
Management’s chief executive said on Wednesday the firm had cut
its exposure to Greece in the past few months but remained
positioned in Greek assets and was confident of a positive
outcome to the Greek crisis.
Greek markets and banks are shut and global markets have
yo-yoed since Greece last weekend unexpectedly called a
referendum on its bail-out package. It failed to repay a loan to
the International Monetary Fund on Tuesday.
MONACO (Reuters) – The recent sell-off in European debt due to the Greek crisis offers buying opportunities in Italian and Spanish bonds and European corporate debt, Franklin Templeton’s head of European fixed income said on Tuesday.
The head of the European Commission made a last-minute offer on Tuesday to try to persuade Greek Prime Minister Alexis Tsipras to accept a bailout deal he has rejected before a referendum on Sunday, which EU partners say will be a choice of whether to stay in the euro.
MONACO, June 30 (Reuters) – Fund managers have already
shifted Greece into emerging market portfolios, offloaded shares
in all but the most robust of Greek companies and shed billions
of euros of bond investments by moving “underweight” against
But those at the FundForum conference in Monaco say there is
little else to do except sit and wait for the outcome of
Greece’s referendum on its bail-out, which could trigger its
exit from the euro zone.
LONDON, June 18 (Reuters) – World Cup insurers are likely to refuse to pay out on many cancellation contracts if Russia and Qatar lose the rights to hold the tournaments because of fraud, industry experts said.
Russia and Qatar could be stripped of their World Cup hosting rights if evidence emerges of bribery in the bidding process, the head of the audit and compliance committee of soccer’s governing body FIFA has said.