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.
'Unlucky birthdays' revealed by elephant.co.uk
People born on certain days of the year are more likely to have a driving conviction, a car insurance provider has said.After reviewing two million customer insurance claims, elephant.co.uk identified the top three dangerous dates as September 16th, February 29th and December 24th, in that order.By contrast, May 31st was revealed to be the day on which, proportionally, the safest drivers were born...Read More
Is British Airways giving too much away?
Despite the fact that British Airways shareholders will hold 55% of the enlarged British Airways/Iberia partnership, it has been revealed that the company will be domiciled in Spain for tax reasons and all shareholder and board meetings will be held in Spain. This is a blow for British Airways and the 188,000 small investors who hold shares in the company as they will have to pay for their own tra...Read More
Insurance fraud peaks at 2300 claims a week
The Association of British Insurers has issued a damning report on the UK insurance arena with confirmation that over 2300 fraudulent insurance claims are being discovered each and every week. It is estimated that these claims account for over £800 million a year which is then passed on to UK consumers who are left yet again to foot the bill. So why are insurance fraud claims rising? While the...Read More
Could Gordon Brown call a snap election?
While yesterday's announcement that the UK has officially moved out of recession was welcomed across the board, the disappointing growth of 0.1% was far less than analysts expectations of 0.4%. There is also a possibility that the figure could be downgraded in the short term as this initial figure is only the first estimate from the Office for National Statistics. There is growing speculation that...Read More
MPC set to end 2009 with caution
The Bank of England's Monetary Policy Committee (MPC) is expected to end 2009 on a cautious note with no change in interest rates and no change in the amount of funding available to the quantitative easing program. Despite the fact a number of prominent economists have suggested that the UK economy is "moving in the right direction" there are still concerns regarding the short to medium term perfo...Read More