UK Insurance News

UK motor insurers are on target to make their first profit in fourteen years, next year 2009.
A report by analyst, Datamoniter, suggests that the market will continue to make a loss this year, as claims outweigh premiums. This trend is set to change in 2009, with the market showing a profit of £30million.
The meteoric rise [...]

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In support of its ‘big push’ on pensions, L&G’s spring offensive includes picking off
SIPP specialist Suffolk Life for £62m.
The 52% share of the business netted Suffolk shareholders £15.75 cash per share.
Chief Executive, Tim Breedon, outlined the strategic benefits, “Combining Suffolk Life’s product expertise and service delivery with L&G’s extensive distribution reach will transform Suffolk Life’s [...]

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L&G reports profits down 26% to £912m last year, having assumed another longevity charge of £269m.
So it’s definitely not a case of ‘Live long and Prosper’ when measured on an EEV [European Embedded Value] basis, and worse still if International Financial Reporting Standards are used – indicating a drop of 56% to £718m.
Group Chief Executive, [...]

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Research carried out by enterprise risk management consultants EMB, has shown that Flooding is the biggest ‘act of nature’ risk, to the UK insurance industry.
Increased rainfall and poor drainage are seen as the main problems causing an upturn in insurance claims, in recent times. It wasn’t so long ago that the risk of flooding was [...]

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In spite of the markets and in spite of the break-up stalking-horse getting a new set of shiny shoes courtesy of some interested Chinese blacksmiths, Pru shares hit 664p on Friday after showing Group operating profits up to £2.5bn, an increase of 25%. As at midday Monday the share price had rolled back to 603p.
Dividends [...]

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