Company results
Hiscox sees Dual deal drive growth in the UK
Hiscox has reported an overall 8% drop in GWP to £453.5m (2010: £504.1 m) in its 2011 Q1 results but more positive news came out of its UK operation.
Admiral on track to meet profit estimates
Admiral Group’s group turnover for Q1 2011 has increased by 56% to £539m but Confused.com’s turnover remained flat with the insurer citing continued pressure on margins.
Axa's UK commercial motor revenues jump by 21%
Axa’s results for Q1 2011 have shown a 2% drop in total revenues to €28bn (£25.2bn) from the same period last year.
Willis' net income for Q1 2011 drops by £103m
Willis Group Holdings first quarter results for 2011 have revealed a reported net income of $34m (£20.6m), or $0.20 per diluted share, compared with $204m, or $1.20 per diluted share, in the same period a year ago.
Towergate reports £14m loss
Towergate has announced it halved its group losses in 2010 to £14.2m from £28m in 2009 and reduced net debt over the course of the year by £16.2m to £463.8m.
Schemes: Ecclesiastical and CBG see specialism as their future
Poor results have led both an insurer and broker to seek solace in the schemes market.
Personal lines exits highlight need to avoid reliance on single insurer
Reduced insurer appetite in the personal lines market should serve as a timely reminder to brokers to avoid the pitfalls of placing all their eggs in one basket.
LV reports switch from loss to profit in 2010
LV has revealed a reversal of 2009’s £172.2m after tax loss to a profit of £21.3m in 2010 as it published its full year group results.
Profits and revenue rise at Brightside
Bristol-based broker Brightside Group has reported a 48.1% in revenue to £66.2m (2009: £44.7m) along with a rise in profits after tax from continuing operations to £6.49m (2009: £4.66m) in its year end results for 2010.
CBG remains confident despite fall in profit and revenue
CBG’s results for 2010 have revealed a drop in pre-tax profits to £842,000 (2009: £1.03m) with revenue also falling by just over £1.2m to £7.7m (2009: £8.96m).
Ecclesiastical chief hails "positive" results despite profit plunge
Ecclesiastical has maintained its traditional yo-yo financial results pattern as it reports a near £30m drop in profits on last year to £50.4m and an underwriting loss of £5.9m for 2010.
Ageas loses £16.6m in general insurance
Ageas UK has announced a loss in its general insurance book despite growth in both personal and commercial lines.
Aviva's UK GI business sees boost in premium and profit
After four quarters of consecutive growth, UK GI net written premiums increased 5% to £4bn (2009: £3.86bn) and operating profit for UK GI and health also rose 8% to £579m (2009: £535m).
News analysis - numbers: rival brands NIG's new pricing policy 'suicidal'
"We are certainly looking to grow our book of business and that means making it clear that we have an appetite"
Profile - Henry Engelhardt: Admiral of the fleet
Henry Engelhardt was at the bow when the Admiral ship first set sail and he led the company onto the stock exchange when it floated in 2004. Emmanuel Kenning talks to the CEO about claims, pricing and the source of great market envy - the provider's COR.
JLT reports £20m leap in profits
JLT has reported a healthy 2010 with profits after tax coming in at £90.7m, an increase of nearly £20m on last year.
Allianz sees profits slide but maintains healthy underwriting result
Allianz has reported a £45m drop in operating profit to £158.5m (£203.7m: 2009) and a 3% deterioration in combined ratio despite a near £76m uplift in gross written premiums (GWP) for 2010.
LV experiences rapid growth and profit hike but takes £30m hit in December
LV experienced accelerated growth in 2010, increasing premiums by 45% to £1.18bn, but recorded an underwriting loss of £43m.
Profits fall and combined ratio deteriorates at RSA
RSA has reported a 15% fall in profits after tax to £355m (2009: £419m) while net written premiums increased 11% to £7.5bn (2009: £6.7bn) in the year ended 31 December 2010.
NIG's rates guarantee is suicidal according to Groupama CEO
Groupama Insurances CEO, François-Xavier Boisseau, has fired a broadside at NIG and its controversial ‘guarantee to beat’ rate offer to brokers, describing the move as suicidal.
Plum attributes growth to broker demand for non-standard cover
Plum Underwriting has reported a 54% increase in sales for the year ending June 2010 and revealed that it has more than doubled its agency base.
Groupama reports return to form with profit leap
Groupama Insurances has reported a dramatic leap in profitability although the insurer’s broking arm experienced a slight dip in revenues.
Axa and Bluefin both report drop in revenue
Axa’s full year earnings for 2010 have plunged by £100m to £131m (2009: £235m) with Bluefin Insurance services also reporting a 3% drop in revenue to £112m.
Willis revenue rises as commissions increase 3%
Willis has announced a 2% rise in revenues to $3.34bn (£2.08bn) for the year ended 31 December 2010 (2009: $3.26bn).