Company results
Markel blames Covid-19 as it swings to $1.4bn Q1 loss
Markel has posted a $1.4bn (£1.13bn) loss for the first quarter of 2020 blaming “significant volatility in the equity markets” due to the coronavirus pandemic.
Beazley and Chubb reveal Q1 coronavirus hits
Beazley has reported a $170m (£137.7m) impact from Covid-19 related claims while Chubb took $13m of pre-tax $13m losses in the first quarter of the year.
Investment returns push Covéa into profit after underwriting loss
Covéa delivered an underwriting loss of £22.3m in 2019 compared to a profit of £1.8m the year before, with the insurer hit by high levels of motor claims inflation and flat market premiums along with a lower level of reserve releases.
Hastings pushes ahead with dividend payment plan
Hastings Group has confirmed it will propose a final dividend of 5.5p per share at its AGM on 21 May despite calls from regulators for the industry to suspend payments during the coronavirus pandemic.
Bank of England’s warning: Which insurers have put pay to dividends?
A flurry of insurers have pushed pause on dividend payouts following Bank of England and European Union warnings on being prudent in the face of the coronavirus crisis.
Sabre delays special dividend as profits shrink in 2019
Sabre has delayed its special dividend to shareholders, citing the need to wait for greater clarity around the impact of coronavirus pandemic.
Saga leans on insurance arm as coronavirus halts travel operations
Saga’s in-house underwriter saw profits slide in 2019/20 as its travel operations face continued coronavirus disruption.
Lloyd's details coronavirus impact as it posts 2019 profits
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.
Ardonagh posts Ebitda surge as it sees £74m loss for 2019
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.
Insurance prelim results delayed in line with FCA market request
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.
Covid-19: FCA asks listed firms to delay publishing prelim results
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 COR slips to 94.9% in 2019
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 reports ‘disappointing’ results for 2019 as it appoints CFO
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…
Coronavirus disruption not covered by BI policies, says Aviva
Aviva's business interruption policies will not cover disruption caused by the coronavirus outbreak, the insurer’s general insurance CEO Colm Holmes has confirmed.
Aviva has axed 1200 of 1800 jobs set to be cut
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.
‘Light at the end of the tunnel’ on claims inflation says Admiral CEO Stevens
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.
L&G pegs sale of loss making GI business to Allianz at £255m
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 profits slump under weight of restructuring and Ogden rate
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.
Fewer than 10% of Hiscox events customers have pandemic cover
Hiscox yesterday played down worries over coronavirus as it revealed it had seen some small claims.
Hiscox profits dive 61% in 2019
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 posts record profit under Aquiline ownership of £13.9m
ERS has recorded profit of £13.9m for 2019, its best performance since being bought by Aquiline in 2013.
Hastings sees profit slide 42%
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.
Egan hails UK underwriting profit at RSA
UK & International CEO at RSA, Scott Egan, has hailed the provider’s underwriting profit for 2019, its first since 2016.
Hastings looks to suppliers and fraud detection to staunch claims inflation
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.