Company results
TT Club GWP slides, COR rises to 94.4% in ‘normal year’
TT Club reported a drop in gross written premium and a weaker combined operating ratio for 2015, following an up-tick in large claims from events such as the Tianjin explosion.
Watchstone CEO asks the insurance industry for ‘level playing field’
Watchstone CEO Indro Mukerjee has urged the insurance industry to give the group formerly known as Quindell a ‘chance’ and let it move away from its history.
2015 results show Watchstone Group on path to recovery
Watchstone Group saw a £16.1m loss of pre-tax earnings in 2015 – a year that marked widespread restructuring, asset sales and the appointment of a new CEO.
Towergate committed to ‘long game’ despite 50% drop in Q1 profits
Towergate said recent investments will not be reflected until the end of the year as it posted an almost 50% drop in profit in its Q1 results.
Vienna Insurance Group reports 97.8% COR but profits down
A low interest rate environment put pressure on the financials at Vienna Insurance Group, with profit before tax in Q1 2016 down 22.5% to €101.5m (£77.6m 3M 2015: €130.9m).
Motor helps Ageas UK’s COR to stay below 100
Ageas UK has reported a 99% total combined ratio (Q1 2015: 99.7%), driven by improved motor COR of 98.7% (Q1 2015: 106.4%), but other non-life ratios were weaker compared to this time last year.
Allianz’s commercial COR stronger than personal as restructuring continues
Allianz has reported an 89.9% combined ratio in commercial for Q1 2016 but despite improvements, its personal lines COR remains over 100 at 101.2% (FY 2015: 106%).
Biba and results in the news; focus on computers and sports
The main insurance news and the Post exclusives this week, in case you missed it.
Generali sees adverse market conditions impact results but COR improves
Market conditions hit Generali’s bottom line via its investments for the first quarter, with net profit down 13.8% (or €588m), but combined operating ratio improved to 92% from the previous quarter.
Lark acquires Euromarine Insurance Services
Lark Group has strengthened its position in the marine sector with the acquisition of Euromarine Insurance Services, a specialist marine insurance intermediary and underwriting agent.
Marine insurer Skuld reports 95% COR but flat bottom line for 2015
Oslo-based Skuld has seen an improvement in its combined operating ratio to 95% (2014: 99%) but reported a flat bottom line result of $13m for 2015 (2014: $13.5m or £9.3m).
Hiscox expects ‘manageable loss’ from Alberta wildfires
Hiscox expects a manageable loss as a result of claims arising from the Alberta wildfires, according to the insurer's interim management statement for the three months ending 31 March 2016.
Zurich UK GI 'back in the black’ despite GWP fall
Zurich’s UK General Insurance division reported an 11% fall in gross written premium in the first quarter.
Zurich returns to profit in Q1
Swiss-headquartered Zurich's after tax global profits fell 28% from $1.22bn (£845m) in the first quarter of 2015 to $875m (£607m) in Q1 2016.
Allianz's UK Q1 premiums fall as operating profits climb 43%
Allianz UK saw operating profits climb 43% in the first quarter of 2016 to £47.4m from £33.2m in the same quarter last year.
Allianz sees global profits and revenue fall in Q1
Global insurer Allianz's revenues and profits fell by 6.4% and 3.5% respectively in the first quarter of 2016.
Munich Re sees profit tumble in first quarter
Munich Re has seen its quarterly profits fall by 45%, causing the group to revise downward its annual profit forecast.
Hiscox sees 10% growth in GWP
Hiscox has seen gross written premiums increase by 10% in the first quarter globally, and by 5.8% in the UK.
Hastings attributes growth to ‘agility’ on price comparison sites
A growth of 29% in gross written premiums by Hastings in the first quarter was due to the company’s “elastic” pricing structure via comparison sites, the company’s chief financial officer said.
Esure sees Q1 GWP growth of 15.5%
Esure has seen its gross written premiums rise by 15.5% to £151m in the first quarter.
RSA's premiums stable in Q1 as Hester controls costs
RSA's net written premiums climbed 2% in the UK & Ireland to £635m in the first quarter of 2016.
Allianz Group reports 21% growth in first quarter earnings
Allianz Group has seen its earnings increase to €2.2bn (£1.7bn) from €1.8bn in the same period last year.
AIG sells $1.25bn stake in PICC and falls to Q1 net loss
US giant AIG has sold another $1.25bn (£850m) worth of shares in Chinese property and casualty insurer PICC Property and Casualty.
Q1 results roundup
All the results from the biggest insurers in one place. Hastings files today.