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.
More than 1m pensioners in poverty in the UK
17/10/2014 1.6 million pensioners are living in poverty, a new report from the charity Age UK has shown. Age UK have reported low fixed incomes, food and electricity prices rising and older people missing out on benefits they are entitled to has lead to the massive number. Nearly one million of UK pensioners are living severely below the poverty line. The report has shown that pensioners...Read More
Lloyds bank loses £54 million tax court case
The pressure on Lloyds bank finances continues with news that the company has lost a £54 million court case regarding a tax bill connected to its HBOS subsidiary some years ago. The issue goes back to 2003 and the company's exposure to failed US giant AIG which prompted the creation of an overseas holding company into which derivative instruments were liquidated after HBOS agreed to pay £2.2 mil...Read More
Is Property Group Mapeley Bucking The Trend?
News that Mapeley Group has managed to buck the trend of the property market has made many investors sit up and take notice but is it really that straight forward?
Firstly it is only right to point out that Mapeley works with government departments and blue chip clients, acquiring their properties and managing assets which have the more dependable tenants on board, an outsourcing gr...
£400 a month for MPs to feed themselves!
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Only a third of motorists play the switching game
Brits are not switching as much in the car insurance sector as they are when it comes to their electricity and gas suppliers, research by TescoCompare.com reveals.Only a third (32 per cent) of car owners have switched their car insurance within the last year and as many as one in ten motorists have never switched or have been with the same insurer for over ten years.Despite the annual renewals on...Read More