The insurance industry must get better at explaining the products it offers, Lloyd’s CEO John Neal said, as the market’s aggregated results for 2019 showed it returning to profit on the back of large investment earnings.
The Ardonagh Group reported a loss after tax of £74m and an increase in Ebitda to £115.3m for the year ended 31 December 2019, up from £29.7m in 2018.
The AA and Sabre Insurance Group have both delayed the publication of their preliminary financial results after a request from the Financial Conduct Authority to all UK listed companies last week.
The Financial Conduct Authority has written to stock exchange traded companies that it knows are intending to publish preliminary financial statements in the next few days asking them to delay for at least two weeks due to the coronavirus crisis.
LV General Insurance Group has posted a 13% fall in operating profit to £93m for the year ended 31 December 2019 as Ogden took another bite out of the insurer’s performance.
Aspen Insurance has reported an operating loss after tax of $48.4m (£39.7m), which it says is driven by costs relating to the acquisition of the company by Apollo Global Management, restructuring costs, reserve strengthening, unrealised investment losses…
Aviva's business interruption policies will not cover disruption caused by the coronavirus outbreak, the insurer’s general insurance CEO Colm Holmes has confirmed.
Operating profits for Aviva’s UK general insurance business fell 35% to £250m in 2019, though the result excludes the £45m cost of strengthening reserves following July’s Ogden rate revision, as it revealed it has cut 1200 jobs across the company so far.
Admiral saw profits rise in 2019 as its UK insurance results were buoyed by positive development in prior year claims costs, reserve releases and commission.
Legal & General has booked an estimated consideration of £255m for the sale of its general insurance business to Allianz as the division reported an operating loss of £35m for 2019.
Direct Line’s profits slumped by 12.2% in 2019 as the group incurred the first of a multi-year package of restructuring costs and strengthened reserves in response to the revised Ogden rate.
Hiscox yesterday played down worries over coronavirus as it revealed it had seen some small claims.
Hiscox Group has reported a slump in pre-tax profits to $53.1m (£41.6m) in 2019 as catastrophe costs of $165m took their toll despite a significant rise in investment income.
ERS has recorded profit of £13.9m for 2019, its best performance since being bought by Aquiline in 2013.
Hastings’ share price took a tumble as it revealed operating profit fell 42% in a year that the insurer was hit by the Ogden rate and claims inflation.
UK & International CEO at RSA, Scott Egan, has hailed the provider’s underwriting profit for 2019, its first since 2016.
Hastings is hoping that investment in its anti-fraud capabilities and supplier partnerships secured in the tail-end of last year will mitigate the impact of claims inflation on its bottom line.
RSA has delivered an underwriting profit of £3m in the UK for 2019, reversing the underwriting loss of £93m the year before.
There was “a very large number of factors” behind the significant drop in operating profit at Allianz UK in 2019, according to CEO Jon Dye.
Allianz UK has reported profit of £138.1m for 2019 supported by investment gains as operating profit fell.
Ageas UK saw its profitability slump by 21% last year, reporting full-year profits of £60.3m compared to £76.7m in 2018.
Zurich’s UK general insurance arm saw profit almost double and its combined operating ratio improve in its 2019 financial year.
Admiral is expecting to see profit before tax of £510m to £540m for 2019, with its staff to each receive a £500 bonus.
Beazley hopes to slash its expense ratio in half as a result of the proposed widespread reform of the Lloyd’s market and internal investment in automating simpler classes of business.