Insurer Hastings share price plunges after it warns of competitive market October 25, 2018 Investors slammed insurer Hastings this morning after it warned that a competitive market meant that it was likely to perform at the lower end of its announced range. Its share price crashed more than 16 per cent this morning. Having started the day on 216p it hit a low of 183p before recovering slightly to [...]
Quilter blames market conditions for fall in cash inflows in third quarter October 24, 2018 Wealth manager Quilter has blamed market conditions for a fall in net client cash flow (NCCF) to £1.1bn in the third quarter. Cash inflows (excluding Quilter Life Assurance) dipped from £1.9bn compared to the same quarter last year, a drop of 42 per cent. Read more: Quilter posts strong debut profits after growth in new [...]
Lloyds and Schroders sign £80bn joint venture deal October 23, 2018 Lloyds Banking Group and Schroders struck one of the City’s largest ever wealth management alliances this afternoon, joining forces in a multi-billion pound deal aimed at financial planning for wealthy customers. As part of the joint venture, Schroders will take on an £80bn investment contract from Scottish Widows, which is owned by Lloyds. Schroders, which [...]
London Stock Exchange dividends jump amid banking and mining growth October 22, 2018 Shareholders were graced with a bumper third quarter of dividends this year, as a weakened pound and a strong showing from financial and mining firms bolstered payouts. UK dividends climbed 4.1 per cent in the last three months, hitting an all-time third-quarter high of £32.3bn. Underlying payouts, which exclude special dividends, reached £31.6bn, a rise [...]
Natural disasters like Hurricane Florence and Genoa’s bridge collapse cost Swiss Re $1.1bn October 18, 2018 A string of recent natural disasters will set global reinsurer Swiss Re back roughly $1.1bn (£840m) in its third quarter, it revealed today. The largest costs were inflicted in September by Typhoon Jebi, the most powerful typhoon to hit Japan for 25 years. Claims from that disaster alone are expected to reach $500m. Hurricane Florence, [...]
Nearly half of major insurance claims disputed by insurers October 18, 2018 Almost half of large commercial insurance claims are disputed by insurers and on average take three years to resolve, according to new research. Insurance governance company Mactavish said that the increasing complexity of insurance meant that many companies do not understand the risks they face and may not have appropriate cover in the event they [...]
There’s nothing to fear from the latest easing back of Dodd-Frank’s reach October 17, 2018 Shortly after his inauguration as President, Donald Trump pledged to do “a big number” on Dodd-Frank regulations, labelling the post-crisis measures “a disaster” and promising to “kill” parts of the legislation. While the rhetoric was typically Trumpian, the reality has proven to be somewhat more modest. Nonetheless, a change in the White House's direction of [...]
Prudential Finance removed from US ‘too big to fail’ list October 17, 2018 US insurance giant Prudential Finance was removed from the list of organisations judged “too big to fail” today by US regulators. Prudential was the last of the insurance firms on the list of major financial institutions which was drawn up post-financial crisis. Read more: RIP Dodd Frank: Trump's adviser signals the end of the banking [...]
Moneysupermarket boosts revenue despite falling insurance premiums October 12, 2018 Price comparison website Moneysupermarket has reported an increase in revenue in its latest trading update, despite falling insurance premiums. Insurance revenues grew by two per cent to 48.7m, while revenues in its money division jumped seven per cent to 21.8 per cent in the three months to the end of September. Read more: Insurance giant makes a [...]
Aviva chief executive Mark Wilson steps down after almost six years in charge October 9, 2018 Aviva chief executive Mark Wilson stepped down today, with the insurer looking for new leadership for what it called its next stage of development. Wilson, who was brought in to enact a business turnaround in 2013, claimed he succeeded in this goal, with its latest financial results showing it should deliver earnings per share growth [...]