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Mar 11, 2015

UK pensions freedom could lead to more scams-watchdog

EDINBURGH, March 11 (Reuters) – Britain’s pensions market is
entering unchartered territory where people can blow their
savings in Las Vegas or fall prey to scams unless they get
proper advice on alternative ways to use their pension pots, a
top regulator said on Wednesday.

Martin Wheatley, chief executive of the Financial Conduct
Authority (FCA), told a conference that the industry would be
entering “the great unknown” when reforms are introduced next
month.

Mar 10, 2015

Prudential CEO to join Credit Suisse, profits rise 14 pct

LONDON, March 10 (Reuters) – Insurer Prudential said
on Tuesday its chief executive Tidjane Thiam is leaving to take
the reins at Credit Suisse, as it reported a 14 percent rise in
operating profits in 2014, sending its shares lower.

Prudential released its results nearly two hours ahead of
schedule, after the Financial Times reported late on Monday that
Thiam would replace Brady Dougan at the Swiss bank.

Mar 10, 2015

Prudential profits rise 14 percent

LONDON (Reuters) – Insurer Prudential (PRU.L: Quote, Profile, Research) said on Tuesday its chief executive Tidjane Thiam is leaving to take the reins at Credit Suisse, as it reported a 14 percent rise in operating profits in 2014, sending its shares lower.

Prudential released its results nearly two hours ahead of schedule, after the Financial Times reported late on Monday that Thiam would replace Brady Dougan at the Swiss bank.

Mar 10, 2015

Credit Suisse to replace CEO Dougan with Prudential’s Thiam -FT

ZURICH/LONDON, March 9 (Reuters) – Brady Dougan is set to
quit as chief executive of Credit Suisse, a person
familiar with the matter told Reuters. He will be replaced by
Tidjane Thiam, who heads insurance group Prudential, the
Financial Times reported.

Thiam is expected to be announced as a replacement for
Dougan by the London-based insurer, which reports its annual
results at 0700 GMT on Tuesday, the FT said.

Mar 5, 2015

Aviva, Friends Life top forecasts ahead of 5.6 billion pound merger

LONDON (Reuters) – Insurers Aviva Plc (AV.L: Quote, Profile, Research) and Friends Life Group Plc (FLG.L: Quote, Profile, Research) reported forecast-beating yearly profits on Thursday, lifting their shares to multi-year highs ahead of a 5.6 billion pound agreed merger due to complete next month.

Aviva is acquiring Friends Life as changes in the UK pensions market put pressure on life insurance companies, leading to a drop in their sales of income-bearing annuities.

Mar 5, 2015

Aviva, Friends Life top forecasts ahead of $8.5 bln merger

LONDON, March 5 (Reuters) – Insurers Aviva Plc and
Friends Life Group Plc reported forecast-beating yearly
profits on Thursday, lifting their shares to multi-year highs
ahead of a 5.6 billion pound ($8.5 billion) agreed merger due to
complete next month.

Aviva is acquiring Friends Life as changes in the UK
pensions market put pressure on life insurance companies,
leading to a drop in their sales of income-bearing annuities.

Mar 4, 2015

Legal & General eyes company deals as individual annuities wither

LONDON, March 4 (Reuters) – Legal & General Plc on
Wednesday became the latest insurer to report a drop in demand
for personal annuities and growing reliance on sales to
companies, as full-year profits just lagged forecasts to send
its shares lower.

The UK life insurance industry has been shaken by pension
reforms to be implemented next month, which allow retirees to
use their pension pots as they choose rather than being
compelled to buy an annuity giving an income for life.

Mar 3, 2015

Partnership Assurance profit halves as individual annuity sales fall

LONDON, March 3 (Reuters) – Annuity provider Partnership
Assurance said on Tuesday that total operating profit
dropped 51 percent to 64 million pounds ($98.48 million) in
2014, dented by a fall in the sales of individual annuities.

Specialist annuity providers have been hit by UK government
changes, to take effect from next month, which mean pensioners
no longer need to use their pension pots to buy individual
annuities, which give a regular income for life.

Feb 27, 2015

Standard Life fund arm still unhappy with governance at Sports Direct, Afren

LONDON, Feb 27 (Reuters) – Standard Life Investments (SLI),
the fund arm of insurer Standard Life, said on Friday it
remained unhappy with governance at British companies Sports
Direct, Afren and Micro Focus International
.

The asset manager, which has 246 billion pounds ($380
billion) in funds under management, voted against management
recommendations in 907 resolutions in 2014, it said in its
annual governance and stewardship review.

Feb 27, 2015

Old Mutual seeks growth from existing businesses as profits jump

LONDON (Reuters) – Financial services company Old Mutual (OML.L: Quote, Profile, Research, Stock Buzz) is to focus this year on getting value from its existing businesses after reporting a 16 percent rise in 2014 operating profit that sent its shares to a record high.

The Anglo-South African group, which has a majority stake in South African bank Nedbank (NEDJ.J: Quote, Profile, Research, Stock Buzz), went on a hiring spree last year but is in no rush to do more.

    • About Carolyn

      "I have worked at Reuters for more than 20 years but I switched in Sept 2014 to a new beat - insurance and fund management. I write about things like insurance deals, fund trends, geopolitical risks insured by Lloyd's and I'm grappling with understanding company accounts. In my vanishingly small spare time, I hope to contribute more to Reuters entertainment file."
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