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Prudential Surprises With Strong First Half Results |
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TEP - 12 August 2010 Prudential has posted a 41% jump in operating profit to £968m in the first half, well ahead of expectations. Despite incurring a £377m pre-tax hit as a result of the aborted AIA takeover, the group was also able to increase its interim dividend by 5% to 6.61p per share In the UK, Pru's IFRS operating profit was in line with last year at £330m. Profits from the with-profits business were £7m higher at £154m. Prudential CEO Tidjane Thiam also stressed the UK was a "valuable part of the group's heritage and history" although he acknowledged it had lower potential for growth than other markets such as Asia.After the failed AIA deal, he said the group would now be focused on organic growth across its markets although the insurer's strategy is always under review. Other options, such as a break-up of parts of the group, would always be looked at in terms of the risk/reward compared to the benchmark of Prudential's current strong performance. |
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Life Assurance Company Reports |
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TEP – 10 August 2010 UK second-biggest insurer Aviva has beaten analysts expectations reporting that first-half profit rose 21 percent as the life assurer indicated a consumer return to long-term savings products.
Operating profit rose to £1.27bn beating expectation of £1.17bn as net income rose to £1.08bn from £675mn a year earlier. Chief Executive Officer Andrew Moss added that Aviva “remains alert to the macroeconomic environment and risks in financial markets.”
Aviva indicated that it is increasing sales of life and pension products in Europe and following its main competitors Legal & General Group and Standard Life, selling products with fewer guarantees in an effort to reduce the amount of reserve capital.
Aviva also confirmed that it is renewing its strategic partnership with Royal Bank of Scotland RBS in a new distribution agreement with Aviva where RBS’s distribution network will sell Aviva protection and selective pension products.
RSA Insurance Group have also reported today a ‘resilient’ interim performance against a difficult first half for the insurance industry as profit before tax came in virtually unchanged at £302m from £301m last year. |
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Prudential Confirms Termination Of AIA Deal |
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TEP – 3 June 2010 U.K. insurer Prudential plc confirmed Wednesday that it has terminated its deal to buy AIG wholly-owned Asian insurance unit AIA. Prudential plc will pay AIG a termination fee of GBP 152.57 million. The company added that AIG and the company have agreed to release and waive any claims they may have against each other. Under the deal between AIG and Prudential, the total consideration included $25 billion in cash, $8.5 billion in face value of equity and equity-linked securities, and $2.0 billion in face value of preferred stock of Prudential, subject to closing adjustments. Prudential’s plan was to raise the cash component of the deal through a $20 billion rights issue and $5 billion in senior debt. Later, Prudential tried to reduce the purchase price to $30.38 billion, as its shareholders believed the deal was too expensive |
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Phoenix Group Looks Set to Rise to £800m Flotation |
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TEP – 31 May 2010 PHOENIX Group, the closed life assurance business formerly known as Pearl, looks set for an £800 million flotation later this month if an expected agreement with entrepreneur Hugh Osmond is hammered out this week. If it goes ahead, the Phoenix float would be one of the biggest UK stock market listings this year and a crucial test of whether investor appetite is returning after a volatile few months. |
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Prudential Research Shows Advisers Turn to With-Profits Investments |
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TEP - 27 May 2010 New research* from Prudential shows that up to a third of advisers expect to recommend with-profits products to clients this year. 30 per cent of financial advisers expect to advise clients to invest in with-profits products during 2010. Prudential, whose with-profits fund returned 18.9 per cent in 2009 and paid out £2 billion to policyholders, believes with-profits are increasing in popularity as advisers look for investment products which aim to deliver long-term and steady returns. Andy Brown, Director of Investment Funds at Prudential, said: "With-profits sales have strengthened in the past 18 months as investors have looked for more cautious alternatives to pure equity investment and the growing interest looks set to continue into 2010 despite the strong recovery in the stock market. |
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