Company results
Reserve releases aid insurers in posting first profit since 2006
The UK property and casualty sector is set to post a profit for the first time since 2006, with the average combined operating ratio expected to be around 96.5% for 2013, according to Moody’s.
Co-op Insurance plummets to ‘disappointing’ £7m loss
The Co-operative Insurance has swung to a £7m loss for the first half of 2014, performance described as “disappointing” by chief executive Mark Summerfield.
NCI Vehicle Rescue notches record pre-tax profits
Motor and pet specialist NCI Vehicle Rescue recorded its best ever pre -tax profits for the year ending 31 March 2014.
CGSC rolls out cost cutting plans following year of stunted growth
Cooper Gay Swett & Crawford is working on plans to streamline costs in a bid to address “profit reducing inefficiencies” related to 18 months of organic and acquisitive growth.
Charles Taylor CEO 'quietly confident' despite benign claims environment
Charles Taylor chief executive David Marock said the firm remained “quietly confident” for the full year despite shrinking adjusting revenue as a result of lower than average insured losses in the first half.
Charles Taylor posts 1.2% increase in H1 revenue despite drop in adjusting income
Professional services firm Charles Taylor posted revenue of £56.8m for the first six months of 2014, up 1.2% on the total reached in the first half of 2014.
Hastings CEO Hoffman forecasts rising motor rates
Motor rates are likely increase over the next twelve months, barring any exceptional events, according to Hastings chief executive Gary Hoffman.
Austbrokers racks up 10.5% rise in 2014 after-tax profits
Sydney-based insurance company Austbrokers has chalked up ninth successive year of double-digit earnings growth with a net profit after tax of A$35.5m (£20m) for 2014 (2013: A$32.1m).
Hastings sees 90% increase in Q2 pre-tax profit
UK motor specialist Hastings posted profit before tax of £17.1m for the second quarter of 2014, a 90% increase on the same period in 2013.
R&Q faces large legal expenses from syndicate 102 dispute
The ongoing cost of a "significant" legal dispute on old syndicate 102 and several accounting technicalities were to blame for Randall & Quilter positing a loss in the first half of 2014, according to chairman and chief executive Ken Randall.
R&Q posts pre-tax loss of £600 000 for H1
Insurance investor and underwriting manager Randall & Quilter posted a pre-tax loss of £600 000 for the first six months of 2014 (H1 2013: £3m profit) following an increase in legal expense reserves.
Allianz hampered by strong euro in Asia-Pacific
Allianz profits and revenues were flat in the first half in Asia-Pacific as the strong euro impacted the German insurer.
Iprism scythes away debts despite drooping profits
Iprism Underwriting Agency has revealed a sharply improved debt position in accounts filed with Companies House, in spite of falling post-tax profits.
Organic growth at Quindell sparks 119% rise in H1 revenue
Outsourcing firm Quindell has attributed “strong organic and synergistic growth” for a 119% increase in revenue to £357.3m for the opening six months of the year (H1 2013: £163.3m).
Ecclesiastical turns underwriting profit for first time in five years
Ecclesiastical recorded a reduced a pre-tax profit of £18.4m for the first half of the year (H1 2013: £24.4m) despite achieving an underwriting profit for the first time since 2009.
Analysts criticise insurers’ use of reserve releases for distorting H1 results picture
Admiral boss Engelhardt calls focus on reserves in financial reporting ‘bizarre’
QBE Europe sees GWP drop 13%
QBE Europe's first half gross written premiums fell 13% to $2.69bn (£1.62bn) from $3.1bn in the same period of 2013.
A-Plan full year profits up 10% amid rising policy numbers
High-street broker A-Plan has attributed growth in policy numbers last year for a 10% increase in profit before tax to £22m for the year ending 28 February 2014.
Amlin profits slide in H1 as large catastrophe losses grow
Lloyd’s insurer Amlin chalked up a reduced profit before tax of £148.5m in the first half of 2014 (H1 2013: £161.4m) as an uptick in large catastrophe losses took its toll.
Brit IPO cost in line with expectations, claims Cloutier
Brit group chief executive Mark Cloutier has conceded he was not happy with the £14m cost of launching the firm's initial public offering, despite the figure being in line with expectations.
Engelhardt hits out at ‘bizarre’ reserve release focus
Admiral group chief executive Henry Engelhardt has labelled concerns on the role of reserve releases in the insurer’s UK motor profitability as “bizarre”.
Brit profits hit by IPO costs
The costs of floating on the London Stock Exchange have seen Brit’s profits tumble 18% in the first half of 2014.
Allianz H1 profits down £20m on weather losses
Allianz has notched dipping pre-tax profits for the first half of 2014 as it seeks to recover from severe weather losses in Q1.
Markel underwriting results hit by 'unfavourable' asbestos and environmental developments
Markel has reported H1 performance hit by $27.2m (£16.2m) of adverse development on asbestos and environmental exposures