Aggregators have admitted that their financial performance has become increasingly dependent upon the success of advertising campaigns.
Aon has announced that income from its risk and insurance brokerage in the UK fell 8% to $148m for the third quarter of 2010 [Q3 2009: $167m].
Property & casualty revenues in the first nine months of 2010 were up 0.7% to €21.4bn across the group at Axa. The UK & Ireland saw a 1.4% increase compared to the same period of 2009 to €3.2bn.
Willis has reported a drop in net income to $64m for Q3 2010 (Q3 2009: $78m) and net income for the nine months ending 30 September 2010 of $357m, which is the same figure as last year.
Software provider Transactor has confirmed plans to grow from 55 to 200 brokers by 2016 as it announced an increase in turnover of 22% to £4.5m for the year ending March 2010.
The BGL Group’s financial results for the year July 2009 to June 2010 have revealed an increase in pre tax profit to £62m (H1 2009: £54m) but profit growth dipped to 16% (H1 2009: 24%).
After the "costliest" half year since it began interim reporting, Lloyd’s has reported that its profit before tax has more than halved to £628m (June 2009 £1.32bn) while the combined ratio has risen to 98.7% (June 2009 91.6%).
Brightside Group has reported a 24% rise in revenue to £26.6m for H1 2010 (H1 2009: 21.4m).
Software company Acturis has risen 10 places to 65 on the Sunday Times Microsoft Tech Track 100 league table.
So the private motor sector has finally been revealed as the insanely priced kamikaze market that many in the industry always thought it was.
The consolidation of the retail broking sector started in 1998 with the creation of Towergate but gathered pace in early 2000 through to 2008. In that period, some £3.6bn of commercial business was acquired, which equates to 25% of the total commercial…
RSA has expressed a renewed appetite for personal lines business after admitting it had previously been "deliberately underweight" in this area.
Allianz chief executive, Andrew Torrance, has called on the market to push up rates, as he promised further double digit increases in private motor in 2011.
The chief executive of Royal Bank of Scotland Insurance said its results were heavily impacted by the need to boost its reserves for bodily injury claims after reporting a £253m operating loss for H1 2010 (H1 2009: £217m profit).
Combined revenues of Groupama Insurances' UK broking businesses have remained relatively flat at £33.3m during H1 2010 (H1 2009: £34.1m).
Aviva's UK general insurance chief executive, David McMillan, said the dip in the insurers' general insurance and health operating profits was due to its decision to release fewer reserves this year.
Insurer claims that increases in bodily injury costs are to blame for poor performance in the private motor market may be misleading, according to industry experts.
CBG Group has reported an 11.6% fall in revenue to £4.09m for H1 2010 (H1 2009: £4.63m) following the disposal of “non-core elements” of its personal lines business in February this year.
Cobra Holdings has reported a pre-tax profit of £392,000 for the year ended 31 March 2010, compared to a loss of £23,000 the previous year.
LV has increased motor rates by 25% but its general insurance managing director John O'Roarke said that it has still been possible to write profitable business.
LV’s results for the six months ending 30 June 2010 have revealed a 56% increase to £300.6m (H1 2009: £193.1m) in broker business.
Commercial lines underwriting specialist Arista Insurance has recorded a 21% increase in income in the first half of 2010, compared with the same period last year.
Ecclesiastical has announced a loss of £9.9m in the first half of 2010. The figure is in stark contrast to the same period in 2009 when the insurer made a profit of £25.7m.
Price comparison website Confused has announced a 10% fall in revenue and 20% decline in profit during the first six months of the year.