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.
LONDON, Feb 26 (Reuters) – Insurance company RSA
swung into profit in 2014 under the stewardship of former Royal
Bank of Scotland boss Stephen Hester but announced further
cost-cutting and the departure of its chief financial officer.
The firm, best known for its More Than home and motor
insurance brand, has been trying to turn itself around after
posting losses in 2013 following a series of weather-related
claims and an accounting scandal at its Irish unit.
LONDON, Feb 25 (Reuters) – A strong performance in European
equity strategies helped to push asset manager Henderson’s
underlying profit up 13 percent in 2014, the company
said on Wednesday, and assets under management hit record highs.
But weaker net inflows in the fourth quarter led some
analysts to question whether the performance was sustainable.
LONDON, Feb 24 (Reuters) – Strong sales of insurance for
company pension schemes have helped Britain’s Just Retirement
to cope with reforms that have led to a drop in
individual pension annuities, it said on Tuesday, sending its
shares surging 18 percent.
Britain’s pension sector was thrown into turmoil last year
when the government said it would, from April this year, end the
requirement for retirees to use their pension savings to buy an
LONDON, Feb 19 (Reuters) – Swiss Re, the world’s
second largest reinsurer, sweetened the hit from
forecast-lagging fourth-quarter results on Thursday by
announcing a special dividend and share buyback.
The Zurich-based firm said quarterly net profit was $245
million, against the $361 million seen in a poll of analysts by
LONDON, Feb 18 (Reuters) – A shake-up of British pensions,
which gives savers more freedom over what they do with pension
pots, is expected to hit life insurers’ profits when the
companies start reporting 2014 results in the next few weeks.
The UK government last year surprised the industry with
plans to allow pensioners to spend their pension savings as they
choose, rather than having to buy an annuity, which gives an
income for life and is a big source of income for many insurers.
LONDON, Feb 15 (Reuters) – At a time the financial sector is
racing to embrace digital technology to boost sales and drive
profits, the traditionally staid insurance industry is in danger
of falling behind.
Some insurers are using developments such as telematics, or
social media sources, to increase the amount of information they
have about customers to reduce claims and theoretically make
insurance cheaper for all.
LONDON, Feb 12 (Reuters) – Looming British pension reforms
that give more freedom in planning for the costs of retirement
have been ill-planned and run the risk of consumers making poor
financial choices, a major pensions supplier warned on Thursday.
Royal London, Britain’s largest mutually owned
life, pensions and investment company, was speaking weeks before
reforms take effect which mean pensioners will no longer be
forced to use their pension pots to buy an annuity, which gives
an income for life.
LONDON (Reuters) – Insurer Standard Life (SL.L: Quote, Profile, Research) has entered the UK financial advice business by buying British firm Pearson Jones from Skipton Building Society (SKI_p.L: Quote, Profile, Research), responding to pension reforms that will boost demand.
Britain’s fourth-biggest insurer, with a market capitalization of just under 10 billion pounds, said on Friday Pearson Jones had 1.1 billion pounds ($1.69 billion) in assets under advice. It did not disclose the purchase price.
LONDON, Jan 27 (Reuters) – Insurer Legal & General
said on Tuesday it would allocate 1.5 billion pounds ($2.3
billion) to a new British fund for infrastructure projects and
seek external financing to expand its size to 15 billion pounds.
Chief Executive Nigel Wilson wants L&G, which manages over
$1 trillion in British pension fund assets, to invest in Britain
together with overseas sovereign wealth funds.