Company results
Axa moves to loans to diversify investment portfolio
Insurance group Axa will offer loans to mid-cap companies in France as the firm looks to diversify its investment portfolio.
Churchill profit jumps 246% to £77.6m
Direct Line Group-owned Churchill Insurance posted £77.6m profit in 2011, a vast improvement on the 2010 £53.3m loss, while personal motor premiums fell by £1bn.
NIG reports 103% combined ratio and £494m income in 2011
Annual results for NIG for 2011 have revealed that net earned premium revenue fell by £235.8m to £413.1m compared with 2010.
Prior investment leads to Q1 gains at BMS
BMS chief executive Carl Beardmore has attributed "successful investment" over the past two years to recent growth at the firm, underlined by a 28% rise in Q1 revenue on 2011.
MENA insurers show resilience
Insurers and reinsurers in the Middle East and North Africa region have shown resilience in the past year and continue to maintain secure ratings.
Coface expects lower profit margins due to Europe debt crisis
Credit insurer Coface SA has said it may post lower profit margins from underwriting as Europe's debt problems fuel higher claims.
Revenue rises 50% for newly listed Allanfield
Real estate broker Allanfield has reported a 50.7% rise in revenue to £2.28m (2010: £1.51m) in its first set of results since listing on the Alternative Investment Market in August.
Gable reports 37% profit growth amid unstable market conditions
Gable has reported a 37% rise in pre-tax profit to £3.7m in the year ending 31 December 2011.
Europe sees total GWP fall in 2011, but non-life premiums continue to rise
Total written premiums for Europe's insurers fell by 1.5% at a constant exchange rate during 2011, statistics published by Insurance Europe today showed.
Admiral investors advised to “sell” as analysts question future growth
Admiral stock has been branded too expensive despite the motor insurer being highly profitable in an “inherently unprofitable” industry.
Giles hails "peer-beating" 15% rise in 2011 operating earnings as IPO is rejected
Giles CEO Brendan McManus has categorically ruled out an initial public offering as the consolidator today reported a 15% increase in EBITDA to £24m (2010: £21m) on turnover of £81m (2010: £70m) for the full year to 31 August 2011.
Arista boosts profit to £1.3m in 2011
Commercial lines managing general agent Arista Insurance posted an EBITDA profit of £1.334m during 2011, up from £683,000 in 2010.
Uniqa reports profits up 20% for Q1 2012
The Uniqa Group has reported profit up 20.2% in the quarter one of 2012 to €54.4m (Q1 2011: €45.2m).
Motor insurers urged to aim for profit
Motor insurers need to do more to improve profitability and return their collective underwriting loss back to the black.
Combined profit of 'going concern' Provident and sister MMA reaches £4.5m
MMA and Provident's final sets of individual annual results published before their anticipated merger reveals a combined pre-tax profit of £4.53m for the year ending 31 December 2011.
Tokio Marine Europe up nearly a quarter
Tokio Marine Europe has reported a turnover increase for 2011 of nearly 24% to £14.5m (2010: £11.7m), with operating profit leaping to £694 177 (2010: £118 622).
Hampden Underwriting posts a loss but vows to raise cash
Hampden Underwriting has posted a net loss of £387 000 (2010: £132 000) in its full year results citing last year’s catastrophes as the cause but the chairman has pledged to raise capital.
Vienna Group posts 6% increase in pre-tax profits for Q1
Vienna Insurance group built on strong full year 2011 results with a 6% increase in pre-tax profits to €151.4m in the first quarter of 2012.
Innovation Group profits from insurance
Insurer software and services provider The Innovation Group has announced half year revenue up 10% to £94.8m (2011: £85.8m) and adjusted profit before tax up 16% to £7.3m (2011: £6.3m).
Towergate says Cobra withdrawal shows it is financially disciplined and 'boring'
Towergate boss Mark Hodges has said the broker's withdrawal from the race to buy rival Cobra is a sign of Towergate's financial discipline.
Broking holds back Towergate in Q1
Towergate Insurance's Q1 figures show that its broking business suffered as overall group income was up 2% to £105.5m (2011: £103.3m) and group operating earnings were up 9% to £34.3m (2011: £31.4m).
Helvetia grows occupational benefits premium in 2011
Helvetia Switzerland increased premium income in its occupational benefits business by 18.7% to CHF2.48bn in 2011.
Commercial lines hurt Allianz's Q1 COR
Allianz has reported UK Q1 gross written premiums up 6.8% over same period in 2011 and a marginally worse combined operating ratio of 97.1% giving the firm its 37th consecutive quarter with a sub-100% COR.
Aviva posts COR of 96% in Q1
Aviva posted reduced operating profits for the first quarter of 2012, in a performance that executive deputy chairman John McFarlane described as "in line with targets".