Company results
Quindell may pursue ex-boss Terry over accounting anomalies
Quindell may pursue Rob Terry to try and claw back some of the money paid to the former CEO and chairman following the discovery that the 2013 figures were subject to serious accounting errors.
Quindell to be investigated by Serious Fraud Office
The Serious Fraud Office has notified Quindell that it has opened an investigation relating to past business and accounting practices at the outsourcer.
Capital return to shareholders on the Quindell agenda
Quindell non-executive chairman Richard Rose has outlined the firm’s approach towards a capital return that will see shareholders receive at least £1 per share in a cash handout funded by the sale of its professional services division.
CEO appointment imminent at Quindell as financial restatements are revealed
Quindell is on the verge of appointing a new group CEO with a mandate to lead a review of its businesses after financial restatements by the outsourcer turned the 2013 after tax profit of £83m into a £68m loss.
L&G brings COR down to 82% as disciplined pricing sees GWP fall
Legal & General delivered a 36% increase in operating profit to £38m within its general insurance business at the halfway point of 2015 (H1 2014: £28m).
Ageas UK's Watson signals commercial appetite after improved profitability
Ageas UK is to focus on writing schemes business, digital trading and motor in its commercial book after an action plan has led to sustained profitability in the division, CEO Andy Watson has said.
Ageas UK grows profits as Watson hails upward motor pricing trend
Ageas UK has reported an increased net profit for the six months ended 30 June 2015 to £29.5m (H1 2014: £25.3m) and an improved combined operating ratio of 98.3% (H1 2014: 100.7%).
Axa boss Evans hails motor rate strengthening but urges 'drastic action' on CMCs
Axa UK and Ireland CEO Paul Evans has hailed the insurer’s performance in the first half, saying the growth achieved in tough market conditions is likely to outstrip many of the firm’s competitors.
Geddes trumpets DLG reserve releasing in ‘strong' H1 results
Direct Line Group CEO Paul Geddes says the insurer should "claim some credit" for its reserve releasing in the first half of 2015, which demonstrated a shift from its usually conservative reserving stance.
Amanda Blanc to lead combined UK GI operation from next year
Axa UK commercial lines and personal lines intermediary CEO Amanda Blanc is to take control of Axa’s entire general insurance operation in the UK as of 1 January next year.
Benign weather helps Axa UK shave 1.2pp off its first half COR
Axa’s UK business was aided by benign weather conditions in delivering an improvement of 1.2 percentage points in its combined operating ratio for the first half of the year, which stood at 97% (H1 2014: 98.2%).
DLG operating profits increase £100m as COR drops to 89.4%
Direct Line Group has reported a £100m increase in operating profit for the six months ended 30 June 2015 and a 6.7 percentage point increase in its combined operating ratio.
RSA to record boom in profits by 2017, according to analyst estimates
Profits at RSA are predicted to skyrocket in 2017 after a year of marginal decline, according analysts’ consensus estimates.
Aon broking arms sees profits crash by a third to £178m in Q2 2015
Aon Risk Solutions has seen its profits drop by a third in the second quarter of 2015 to $279m (£178m)(Q2 2014: $417m) according to its latest results published today.
Brit's first half profits crash 93% amid investment portfolio restructuring
First half after tax profits at Brit fell from $94.5m (£60.7m) in 2014 to $6.4m this year.
Generali reports record net profit despite mixed P&C performance
Italy’s Generali Group saw net profit grow 21.6% to €1.3bn (£0.91bn) in the first half of 2015, aided by strong growth in its life insurance business.
Money Supermarket clocks 8% rise in insurance revenues
Revenues in Money Supermarket's insurance division grew 8% to £73.6m in the six months to 30 June 2015, while the group's post-tax profit jumped 44% to £30.2m.
Swiss Re delivers 11% boost to income despite 'economic uncertainty'
Swiss Re CEO Michel Liès has hailed his firm’s “solid set of figures” for the opening six months of 2015, amid “uncertainty about overall economic growth” around the world.
Gallagher's broking unit posts 16% increase in pre-tax profits for first half
Arthur J Gallagher’s brokerage unit posted pre-tax profits of $217.6m (£139.2m) in the first six months of 2015, up 16% on the $186.5m posted in the same period in 2014.
Lancashire pledges to work hard as COR and GWP deteriorate
Lancashire Holdings has reported a combined ratio of 78.2% in the second quarter of 2015 and a year-to-date COR of 75.1%, with both results representing deterioration on the insurer's 2014 performance.
Willis's after tax profit falls 4.4% in first half
Global broker Willis had net income of $280m for the six months to 30 June 2015 compared to $293m in the same period last year.
Marsh sees EMEA revenue dip in first half of 2015
Marsh & McLennan Companies, parent company of broking firm Marsh, has posted a slight decrease in revenue for the first six months of 2015.
Income down almost 200% in Q2 at Aspen amid selective strategy
Aspen Insurance saw gross written premium fall by 7.3% to $722.8m (£464m) from $779.3m in the second quarter of 2015 as the firm reduced its exposure to certain energy-related Lloyd’s lines of business.
JLT's profit margin hit by US build-out
JLT's first half profit margin declined from 19.7% last year to 17.3% as it made a net trading loss of £12.6m on its US specialty business. The broker said this was in line with expectations.