Profits slip for Friends Provident
Life assurance firm Friends Provident has announced a three per cent drop in pre-tax profits which could impact upon its 2008 target.The firm saw profits slump from £524 million in 2005 to last year's £509 million, despite new business profit growth in the UK reaching close to 70 per cent.However due to the "challenging protection market" the London-based insurer operates in, the firm warned that it may struggle to meet the targets it set in October last year.Six months ago, the company announced a "demanding" 2008 target of £180-£200 million in new business profits, a goal it may not meet."Although we remain committed to achieving this target, the product mix and, in particular, the level of protection sales, which has been subdued in recent months, will be critical," said Philip Moore, the group chief executive."It is early days, and we are making progress towards our goal, but the prospects for a more challenging protection market, and the impact on our 2008 target, will not be fully understood until later in 2007."The announcement of last year's profit slide caused the firm's shares to dip by seven per cent on Tuesday morning.
UK house prices have fallen by £45,000 since the peak
While many in the property sector are looking towards a short to medium-term recovery, or a stabilisation of the UK property market, it would appear that the situation is still very confusing. A report from the Land Registry indicates a slowing the rate of decline in UK property prices while the Halifax property survey shows a fall of 1.7% in April. When you consider that all in all, the cost of t...Read More
Is It Right To Go After The Oil Companies?
As the likes of BP and Shell continue to announce record profits of billions of pounds there has been a resurgence in calls for windfall taxes for the oil companies. But is it right to hit a sector which is doing well at the moment, but has not always delivered to shareholders, or is it just masking problems with the tax regime in the UK?
It is easy to hit the oil companies when th...
Don't soup up your sierra, kids
Younger drivers are always going to pay higher car insurance costs than older, more experienced drivers, but the British Insurers Brokers' Association (BIBA) says that souping up your car will just pump up your premium further.BIBA says it is advisable to buy a smaller, cheaper car, which is less likely to do major damage to other vehicles on the road should an accident occur, but although the tem...Read More
House prices hit new peak in six regions
17/09/2014 House prices are now higher than before the financial crisis in six regions of the UK, according to the Office for National Statistics (ONS). These six regions include, London, the South East of England, the East of England, the East Midlands, the West Midlands and the South West of England. UK property prices as a whole are up an average of 11.7% for the year when measured up...Read More
Sorry Seems To Be The Hardest Word For RBS
Sir Fred Goodwin was forced into a grovelling apology to shareholders after Royal Bank of Scotland, the banking giant that he controls, announced pre-tax losses of nearly £700 million - the second worst ever by a British bank. So what has gone wrong and what can Sir Fred do about it?
A quick straw poll around the City seems to indicate that the majority of analysts believe that Si...