Financial / Results – Page 166
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NewsAIG first-half profit down 59% but second quarter improves
Profit rose to $1.9bn in second quarter
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NewsDirect Line extends RBS home deal but travel faces review
Home deal will now run until October 2020
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NewsERS focusing on smaller brokers to improve underwriting
Dealing with smaller brokers can help commission and loss ratios, finance chief says
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NewsSurprise Brexit gains help boost ERS first-half profit
Lloyd’s motor insurer reports £7.3m profit
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NewsAon broking profit rises 16% in first half
Aon’s broking division made an operating profit of $802m (£608m) in the first half of 2016, up 16% on the £691m it made in the same period last year. Revenue at the division, Risk Solutions, was flat at $3.7bn, but the profit was boosted by a ...
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NewsBrit profit almost triples as investment revamp pays off
Brit’s first-half profit nearly tripled as last year’s decision to invest more in government bonds paid off. The Lloyd’s insurer and reinsurer made an operating profit of $198.5m (£151m) in the first half of 2016, up 180% on the $70.9m it made in the same period ...
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NewsBiba renews call for telematics IPT break as rates jump
Call comes after Q2 spike in motor premiums
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Online onlySwiss Re slumps to underwriting loss as cat claims bite
New chief executive explains why world’s largest reinsurer had challenges in second quarter results
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NewsMarsh parent’s broking profit rises 7% in first half
The broking division of Marsh & McLennan Companies (MMC) made an operating profit of $1.03bn (£781m) in the first half of 2016, up 7% on the $960m it made in the same period last year. The division, which comprises insurance broker Marsh and reinsurance broker Guy ...
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NewsStorms drive up Lloyds Bank general insurance COR by 16 points
Lloyds Banking Group’s general insurance business experienced a 16 percentage point deterioration to 89% in its combined operating ratio (COR) in the first half of 2016 (2015: 73%), partly driven by adverse weather in the first half of 2016. The bank said it helped more than ...
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NewsEnterprise parent’s bond ratings suspended
Rating agency Creditreform Rating has temporarily suspended its ratings of Enterprise Holdings’ two bonds following the collapse of subsidiary insurer Enterprise Insurance Company. Enterprise Holdings has two bonds listed on the Frankfurt stock exchange. One, which expires next year, was rated BBB by Creditreform, while the ...
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NewsLancashire profit drops 36% as earned premiums fall
Specialist London-based insurer Lancashire Holdings made a profit before tax of $56.6m (£43.1m) in the first half of 2016, down 36% on the $88.6m profit it made in the same period last year. The main cause of the profit reduction was a 16% drop in net ...
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NewsAviva, Zurich, RSA - why we should watch these insurers at H1 results
Insurance Times editorial gives a video preview of what to look out for as the half-year results season begins
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NewsParent of stricken insurer Enterprise unveils MGA plans
The parent company of failed Gibraltar insurer Enterprise is planning to expand its managing general agency (MGA) in a bid to replace some of the revenue it will lose. Enterprise Holdings, which owns 100% of the recently collapsed Enterprise Insurance Company (EIC), also owns an established ...
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NewsJLT reveals deeper-than-expected job cuts at UK EB unit
JLT announced today that it has cut more than 300 jobs at its UK and Ireland employee benefits (EB) unit during its restructuring. When it revealed the restructuring in March, the broking group said that the restructuring would result in a cut of around 10% of ...
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NewsJLT reports 46% profit drop and 1% organic growth for first half
Broking group Jardine Lloyd Thompson (JLT) made a profit before tax of £55.2m in the first half of 2016, down 46% on the £101.5m it reported in the same period last year. The main cause of the drop was one-off costs of £34m. These included £10.2m ...
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NewsBrexit: Hiscox mulls setting up EU-based insurance company
Hiscox has said it is considering setting up a new EU-based insurance company as trading arrangements become clearer following the UK decision to leave the EU. Following the release of the half year results this morning the Lloyd’s insurer said it was preparing for a range ...
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NewsHiscox UK and Europe profits up 42.4%, appetite for larger risks grows
Lloyd’s insurer Hiscox’s UK and Europe division made a profit before tax of £65.2m in the first half of 2016, up 42.4% on the £45.8m in the same period last year. The division’s combine ratio improved by 6.9 percentage points to 79.9% (2015: 86.8%). Gross premium ...
