Company results
News analysis - Haste departure: Less Haste, more concern?
After nearly a decade as CEO of RSA, Andy Haste has announced he is to step down. Amy Ellis gets the market’s reaction and ponders his next move.
View from the top: The going gets tough
Tough is probably a rather English understatement to describe the state of the world — and the world of reinsurance and insurance — today.
Weather related catastrophes hit Markel's COR
Markel International has reported gross written premiums of $227.7m for the quarter ended 30 June 2011, compared to $187.2m for the second quarter of 2010.
RBSI “committed” to double digit COR
Speaking to Post following the announcement of its half year results for 2011, which saw the insurer net an operating profit of £139m, Paul Geddes chief executive said its claims process would contribute to this.
Generali reports strong growth in Q2 but net profits down 7.7%
Generali has reported operating result of €2.4bn for the first six months of 2011 reflecting a stronger pace of growth in the second quarter, with robust progress in Italy, France and Eastern Europe.
Groupama boss encouraged by interim results
Groupama CEO François-Xavier Boisseau has described the first six months of the year as "very encouraging” for the company’s UK businesses, following interim results in which a combined UK operations profits increase of 34% was recorded.
Dexia Bank Q2 results impacted by Greece but insurance performs well
In Q2 2011, Belgium Dexia Group reported a net income group share of €-4.03bn, reflecting the May decision to accelerate its financial restructuring as well as an impairment on Greek government bonds in line with Dexia’s participation to the IIF Greece…
Allianz Group’s net profit falls by 7%
Allianz Group has generated a quarterly net income of €1.1bn (2010 - €1.2bn), despite a net burden of €326m due to current impairments for Greek sovereign bonds and “significantly adverse” currency movements.
AIG CEO hails return of AIG as "an investment-grade company"
The CEO and president of AIG has heralded its Q2 financials as a sign that it is again "an investment-grade company independent of government support".
Allianz UK arm sees benefit of 4.6% rate increases with H1 GWP uplift
Allianz’s combined written ratio has depreciated slightly to 96.2% (2010 - 95.3%) for its half year results for 2011.
RBS Insurance Q2 COR improves to 99% and profit doubles to £139m
Royal Bank of Scotland Insurance this morning reported that its operating profit has doubled to £139m from the previous quarter and improved even more from the corresponding period last year (Q2 2010: £203m loss).
Groupama UK arm reports decline in fleet driven by taxi book
Groupama today revealed that premium income for its UK arm rose by +0.9% to €276m (£240m) at 30 June 2011.
Lloyds Bank reports GI profits up 10%
The insurance division of Lloyds bank has reported a half year profit before tax of £543m – up 16% compared with £469m in the first half of 2010.
Munich Re's losses slow in second quarter
Munich Re posted a consolidated loss of €210m for the first half of 2011, compared with a profit of €1194m in the same period last year.
Swiss Re reports second quarter P&C COR of 78.4%
Swiss Re has reported a net income of $960m (£587m) in the second quarter of 2011, compared to $812m in the same period of 2010.
Munich Re's losses slow in second quarter
Munich Re posted a consolidated loss of €210m for the first half of 2011, compared with a profit of €1194m in the same period last year.
Swiss Re reports second quarter P&C COR of 78.4%
Swiss Re has reported a net income of $960m (£587m) in the second quarter of 2011, compared to $812m in the same period of 2010.
Aviva hails UK GI performance as overall operating profit rises 5%
Continued strong motor rate increases in the first half of 2011 have helped Aviva post a combined operating ratio of 96% for its UK general insurance business (H1 2010: 98%), with personal motor pushing through 21% alongside a net written premium rise of…
Novae hurt by catastrophe losses
Novae said half-year catastrophe losses added 20% to its combined ratio, taking it to 111% and causing a pre-tax loss of £30.1m (H1 2010: profit £13.8m).
Axa 100% COR prompts attack on legal fees
Axa UK has claimed its direct personal lines business revenues rose 22% in the first half of 2011, taking total UK & Ireland property & casualty revenues to £2bn, up 4%.
RSA UK personal lines result helps offset £19m commercial loss
RSA has reported a rise in UK premiums of 7% to £1570m for the first six months of 2011.
Catlin warns of catastrophe losses
Catlin has said $534m in losses from catastrophes added 32% to its combined operating ratio, taking it to 117% for the first half of 2011.
Willis blames restructuring for profits fall
Willis has reported its net income for the six months to June 30, 2011 was $119m down from $293m in the same period a year ago, which the broker is mainly attributing to restructuring costs of $115m.
Thistle aims high despite 2011 losses
JLT chief executive Dominic Burke claims full year trading profits at its underwriting agency Thistle Insurance will eclipse last year's £4.8m, despite making a £246 000 loss so far in 2011.