Company results
Aviva reverses loss with £2.15bn profit but UK profit falls
Aviva delivered a post-tax profit of £2.15bn for 2013, reversing the loss of £2.93bn recorded in 2012.
Aviva Asia CEO hails strong growth
Aviva Asia delivered an increase of 52% in operating profit to £97m ($152m) over the course of 2013.
L&G under no pressure to raise property rates, claims GI boss
L&G general insurance director Mark Holweger claims his firm’s positive 2013 results has reduced the likelihood of increasing property rates over the coming year.
Novae optimistic on organic growth through 2014 says Fosh
Novae group chief executive Matthew Fosh has said the insurer and reinsurer is cautiously positive on prospects of further economic growth this year, in spite of “minefields”.
Admiral remaining vigilant after Aviva data breach
Admiral has said it is actively working with claims teams to mitigate the risk of a potential data breach after Aviva sacked two employees for giving customer data to claims farming companies.
L&G GI business trims 2013 COR to 84% but flood losses loom
Legal & General’s general insurance business recorded an improved combined operating ratio for 2013 of 84% (2012: 95%), while premiums were up 7% to £375m.
Bluefin forecasting slim MGA profits for 2014
Bluefin is not expecting its expanded managing general agent business to generate profits as activity ramps up through 2014.
Bluefin improves Ebitda as expenses drop
Bluefin has improved its profitability for 2013 after cutting £2.7m from expenses while revenues have remained flat.
Admiral records 7% profit growth as reserve releases soar
Admiral Group today posted a 2013 pre-tax profit of £370m, a 7% increase on its 2012 result, in a year group chief executive Henry Engelhardt called a “baked potato”.
2013 results: insurers’ CORs boosted by benign weather but RSA takes £244m hit
Insurers’ full‑year results were bolstered by largely benign weather conditions last year as many firms sacrificed market share in motor and home segments to retain profitability.
Novae's underwriting profit climbs 50%; pays special dividend
Novae Group's underwriting profit was £48.9m last year, an increase of 50% over 2012 when it recorded £32.6m. As a result the Lloyd's insurer is paying a special dividend of 20p a share.
Mutual insurer FM global reports 32% income rise
Business property insurer FM Global recorded a 32% increase in its net income to $1.02bn (£611m) for 2013 alongside a 2.7% increase in gross written premium to $5.6bn.
JLT’s Burke taking break to reflect on 'work-life balance'
Jardine Lloyd Thompson group chief executive Dominic Burke’s two month hiatus from the role will give him a chance to concentrate on work-life balance before returning to the company for an agreed “indefinite period”, according to bosses at the broker.
JLT reports 11% revenue increase as Burke announces break
Jardine Lloyd Thompson Group increased revenue by 11% to £979.2m in 2013 including 8.5% organic growth and 4% growth from acquisitions.
UK storm and flood losses manageable for insurers says Fitch
The losses relating to the 2013/2014 winter floods and storms will be manageable for UK non-life insurers, according to a report by Fitch Ratings
Allianz UK profits climb 5.6% for 2013
Allianz has revealed UK operating profits climbing 5.6% to £170.5m in its full year 2013 results.
Amlin posts 23% profit rise for 2013
Lloyd’s carrier Amlin reported an increase in profit before tax of 23.3% to £325.7m for the full 2013 year.
R&Q warns profits to be hit by 'slow premium growth'
In a trading update issued ahead of its 2013 results, Randall and Quilter has warned that its live syndicate 1991 has shown slower than expected premium growth, with this likely to impact the group’s full year.
Allianz Global Corporate & Specialty's profits rise 16%
Operating profit at Allianz Global Corporate & Specialty in 2013 climbed 16% to €483m compared to €416m the previous year.
Xchanging boss rolls out investment ahead of 2015 growth plans
Xchanging chief executive Ken Lever has described 2014 as a “year of investment” and has pledged £40m across the group with a prominent focus on insurance and technology.
Allianz group profits hit £8.3bn in 2013 as UK income dips
Allianz Group chalked up 7.8% growth in operating profit of €10.1bn (£8.3bn) in a year in which revenues grew by 4.1% to €110.8bn.
Xchanging 'transformation' progress sparks 10% profit rise
Xchanging increased its operating profit by 10.1% to £55.5m last year alongside a 56% net cash increase to £120.1m.
UK and Ireland at the core of Hester's 'self help' action plan
RSA group chief executive Stephen Hester has vowed to “grasp the nettles of both underperformance and undercapitalisation” by launching a strategic action plan in a bid to transform the insurer’s fortunes following “poor” 2013 results.
RSA's Asia division under review
RSA's Asia division is potentially up for sale after new group CEO Stephen Hester excluded the region from its core business strategy going forward.