Insurers' first-half results mixed
The recession continues to take its toll across the wider economy though our big five insurers' profits have not followed a uniformly downward trend, writes Andrew Tjaardstra.
The five leading UK insurers, although all suffering, showed the resilience of their business models despite one of the worst years for the UK economy in decades and all insurer chief executive officers insisting that premiums need to rise. Some are clearly in much stronger positions than others in the downturn.
Zurich saw its premiums dip in the UK by 16% to £900m while Aviva's fell 21% to £2.050bn. Aviva's chief executive officer, Igal Mayer, said that much of the reduction was deliberate
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