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.
Mixed signals in the UK property sector
While there has been significant discussion regarding the performance of the UK property sector we appear to be seeing the start of a recovery in the UK mortgage sector. New mortgage approvals rose by 4% in March which when taken with the increase in February starts to build a little momentum for the mortgage industry and the wider property sector.
While nobody is suggesting that th...
Children should learn more about finances – say teachers
09/06/2014 A survey has revealed that nine in 10 school teachers believe the government is not doing enough to teach children about money, despite the introduction of a new scheme aimed at doing this. A recent scheme will mean that as of September 2014, children aged 11 and over will learn in secondary school about money and how to manage their personal finances. However, the study by the...Read More
One in five university graduates are asset millionaires
16/05/2014 One in five people who have graduated from University have a net wealth of at least £1 million – taking into account property, pensions, savings and physical objects. In stark contrast, the ONS report shows that only 3% of people without a university degree have a net wealth worth of more than £1 million. Whilst the number of asset millionaires has risen by 50% over the las...Read More
Credit card companies slow to react to base rate fall
While the mortgage companies continue to grab the headlines and the criticism for their slow reaction times in relation to base rate cuts many are now highlighting a problem in the credit card market and the fact that providers are unwilling in many cases to pass on immediate savings. However, UK credit card providers are suggesting that the increased level of unemployment in the UK and potential...Read More
House prices down 2.5% in March
The average property declined in value by 2.5 per cent during March, according to the latest house price report from Halifax. This is the highest rate of decline noted by the lender's survey since September 1992 when prices slumped by three per cent. The decline in March follows a fall of 0.4 per cent in February and means that prices have slipped one per cent during the first quarter. Meanwhile,...Read More