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.
Norwich Union disappears and Aviva takes over
While effectively the name of Norwich Union began to disappear many years ago, today marks a definitive point in the history of this well-known insurance company, which will disappear altogether. Having operated as a subsidiary of Aviva, the former CGNU insurance conglomerate, Norwich Union will be no more after today as the rebranding exercise reaches the end of the road.
Welsh MPs under pressure regarding expenses
The Daily Telegraph has today issued allegations regarding 50 Welsh MPs and their expenses. The paper claims that government whip Mark Tami and many more MPs have claimed council tax expenses even though it is alleged they have not actually paid the council tax in full. This is yet another nail in the coffin of the UK expenses system which is certain to be severely revamped in the weeks, months an...Read More
Report into Lehman Bros collapse criticises management
In what many believe was a defining moment of the credit crunch and worldwide recession the collapse of Lehman Bros has been reinvestigated by a number of authorities around the world. A report issued today suggests that the management and senior executives of Lehman Bros together with auditor Ernst & Young were partly to blame for the disappearance of one of the most iconic financial institutions...Read More
Can We Trust MPs To Look After Our Finances?
Over the last few months there has been a ground swell of support amongst MPs to increase their salaries to take into account a whole host of expenses which they look set to lose in the short term. There has even been talk of MPs being paid a bonus for attending the House of Commons, something which is totally unheard of in the private sector. So can we trust MPs to look after the public purse w...Read More
Will new mortgage rules ruin the party?
None other than the head of the Council of Mortgage Lenders (CML) in the UK has been in the press this morning attacking plans by the Bank of England and regulators to introduce restrictive guidelines for future mortgage arrangements. These tough guidelines are in effect new instructions from the regulator to the mortgage industry and will mean that more and more people will be unlikely to gain an...Read More