Archive for August, 2008
Big Profits For Fortis Insurance UK
Fortis Insurance UK reported a whopping £43.3 million pre-tax profit in spite of difficult market conditions. They did reveal a very small decrease (2%) in overall Gross Written Premiums to £375.3 million however this was mainly due to a “disciplined pricing strategy”.
First half expansion included Fortis launching life business, legal expense cover for customers as [...]
Kwik Fit Insurance Win Top Award
Kwik Fit car insurance company wins award and recognition for “excellence, business improvement, dynamism and flexibility in the UK insurance sector”, according to a pr release by the insurer.
The Training Award is a landmark for the company helping to establish Kwik Fit as an industry leader and respectable provider in the competitive car insurance industry. [...]
Britons Choosing The Frugal Route
Credit-crunched Britons are pulling purse strings and changing the way they spend. Halifax Home Insurance conducted a survey revealing that over two thirds questioned are making a conscious effort to save money as they head toward an uncertain economic horizon.
Is this all that bad? Prior to the current credit crisis borrowing money was almost as [...]
Royal Bank of Scotland Loses Big
RBS, one of the UK’s largest banks and owner of Ulster Bank and First Active reported a loss of nearly £700 million in the first half of this year, compared to £5.1 billion in profits the same time last year.
The massive shortfall is the largest since the bank went public 40 years ago and the [...]
Credit Cruch Continues Squeeze On Tenants
According to insurer AXA, a new report reveals an increase in private tenants missing rental payments could hurt landlords ability to pay their own creditors. The research was provided by YouGov on Axa’s behalf and reveals the potential problems buy to let landlords could be facing as the credit crunch continues its squeeze.
Many landlords are [...]
Insurance Companies Fear Teenage Drivers
Many parents are scared to death of sitting in the passenger seat while their bright-eyed teen sets forth on the swervy path to learning to drive. The sad reality is that in the UK drivers under 25 years old account for a quarter of the drivers killed on the road.
Norwich Union found that young driver [...]
Barclays Life Insurance Portfolio Sold To Swiss RE
In an effort to add buoyancy to their balance sheet, Barclays Bank sells their life insurance portfolio to Swiss RE, the world’s biggest reinsurer for a cool £753 million. Although Swiss RE has suffered from recent writedowns, they have decided to go ahead with the purchase.
In this day of asset shuffling, Barclays should see a [...]
Insurance Profit Slowdown Hitting Europe
Market volatility and economic uncertainty continue to play havoc as large European insurers reveal first-half losses. Allianz of Germany forfeited their earnings target as quarterly profits dropped by almost one-third to 1.5 billion euros. Losses at Allianz’s banking divsion, Dresdner, were said to be the primary cause.
French insurers AXA claimed a first-half profit loss of [...]
First Half Profits For Standard Life Look Good
Insurance pension group Standard Life reports a 51% profit growth during the first half of the year. Sales are reported to have come from international pension sales including a deal to protect itself against the risk of people living longer, says the Telegraph.
The deal was between Standard Life and Canada Life which lead to a [...]
Car Insurance Premiums To Hit Consumers As Credit Crunch Continues
For the first time in 7 years motorists could be facing record car insurance premiums reports the Daily Mail. As if costs weren’t high enough!
According to Admiral Car Insurance, one of the UK’s top insurers with over 1.5 million customers, warnings of the possibility that premiums will rise faster than claims is very real as [...]
