Company results
RSA's Asia division under review
RSA's Asia division is potentially up for sale after new group CEO Stephen Hester excluded the region from its core business strategy going forward.
RSA reports £244m loss as Hester says UK 'needs to improve'
RSA Group this morning reported a pre-tax loss of £244m in 2013 (2012: £448m profit).
RSA launches £775m rights issue
RSA is aiming to raise £775m in a rights issue, dispose of several geographic divisions and will not pay a dividend for 2013 after a pre-tax loss of £244m.
DLG boss Geddes admits 2014 COR expectation is weather dependent
Direct Line Group chief executive Paul Geddes has conceded hopes of achieving a combined operating ratio of between 95% and 97% for 2014 will hinge on the weather improving for the remainder of the year.
DLG profits raised 14% by boosted reserve releases
Direct Line Group has reported profits boosted by 14% for 2013, resulting from substantial increases in reserve releases.
Blanc pays tribute to Oval staff as earnings rise
Oval chief executive Peter Blanc has thanked staff for their dedication while the broker continues sale talks.
Beazley issues positive 2012 forecast on Lloyd's syndicates
Beazley has issued a promising forecast on what it expects its return on equity to be for two of its Lloyd’s syndicates in the 2012 underwriting year.
QBE Europe insurance profits crash 41% for 2013
QBE Europe has seen its pre-tax insurance profits almost half for the last calendar year, dropping 41% from $327m to 2012.
Masojada urges changes to 'flawed' Flood Re scheme
Hiscox chief executive Bronek Masojada has heaped further criticism on the government’s “flawed” Flood Re scheme following the firm's full year 2013 results.
Hiscox 2013 profits jump £27m
Hiscox has reported a £27m improvement in its profits for the full year of 2013, in spite of drooping results in London and minimal improvement in the wider UK market.
Axa UK on track for 96% COR by 2015, claims CEO Evans
Axa UK and Ireland group chief executive Paul Evans is confident the business will achieve a combined operating ratio of 96% by 2015 after pointing to an improving motor COR of 99.1% as an indication transformation plans are paying off.
Axa’s global P&C revenues up 2%
Axa has seen group-wide revenues for its property and casualty business increase 2% in figures for 2013.
Skuld records 13% premium growth following P&I renewals
Skuld has achieved 13% premium growth following protection and indemnity renewals completed yesterday.
Business transformation bearing fruit as Axa UK GI COR dips below 100%
Axa UK and Ireland’s general insurance business recorded a combined operating ratio of 98.9% in 2013, despite reserve strengthening contributing 0.8 percentage points and a reduction in revenues to £3.7bn (2012: £3.8bn).
Swiss Re's 2013 profits reach $4.4bn
Reinsurance giant Swiss Re increased profits and premiums last year.
Watson cautious on potential rate rise as Ageas suffers £20m flood loss
Ageas UK chief executive Andy Watson has poured cold water on expectations household rates will undergo an imminent rise in light of ongoing flooding, which has so far cost Ageas £20m.
Ageas profits creep up 3% in a year of rates pressure
Ageas delivered a marginal increase in net profits of £85.2m in 2013 (2012: £82.9m) alongside a combined operating ratio of 98.4% (2012: 99.8%) in a year of underwriting discipline amid pressure on rates.
Suncorp's profits fall 4.5% as claims rise
Australian insurer and banking group Suncorp saw a dip in its half year profits to A$548m (£296m) from A$574m in the corresponding period the previous year.
Brit achieves record COR following benign cat year
Brit Insurance chalked up a record combined operating ratio of 85.2% in its second full year since turning its focus to global specialty underwriting at Lloyd’s.
AIG axing 3% of global workforce
US insurance giant AIG is planning to cut about 3% of its global workforce, primarily in its property casualty unit, according to reports, in spite of full year profits of almost triple last year’s equivalent figures.
Lewis attributes Zurich's soaring profit to improved underwriting
Improved underwriting was the key factor in Zurich’s UK general insurance business recording its significant 53% profit jump, according to chief executive Steve Lewis.
'Value over volume' focus takes its toll on GWP at Lloyds Bank
Lloyds Banking Group’s general insurance business saw its combined operating ratio increase by five percentage points to 77% last year, while gross written premiums reduced by 8% to £1.3bn (2012: £1.4bn).
Zurich UKGI arm records 53% profit increase for 2013
Zurich’s UK general insurance arm recorded a 53% increase in its business operating profit for 2013 to £144m from £94m in 2012.
Lancashire CEO praises ‘strong close’ to 2013 despite profit decline
Lancashire has recorded a 6.2% decrease in gross written premium for the year ended 31 December 2013 writing $679.7m (£408m) compared with $724.3m the year before.