Company results
RKH eyes further M&A activity following 13-years of growth
RK Harrison has recorded a 21% increase in turnover to £92.9m for the year ended 30 June 2012, in which the firm maintained a profit margin of 25%.
Top five European news stories
The top five European stories from www.insurancensight.com over the past seven days.
Ex-Aviva boss Moss handed £300k bonus settlement
Former Aviva chief executive Andrew Moss was awarded £300 000 by the insurer this year to settle suggestions that he might have been entitled to a bonus.
Abbey Protection posts 3% profit growth
Abbey Protection has reported pre-tax profits of £10.3m for 2012 – a 3% increase on the £10.1m gained in 2011.
BGL promotes Winslow and Donaldson
Peter Winslow has been promoted to executive chairman of BGL Group and will be succeeded as chief executive by chief operating officer Matthew Donaldson, effective from 1 July.
CCR net profit surges despite €55m Thai flood loss
State owned French reinsurer CCR posted net profit of €242.3m for 2012, up from €119.4m 2011.
Halting Aviva shrinkage has reached 'critical stage', claims analyst
Aviva has been described as having the worst record for earnings and dividend growth among major UK insurers, according to Investec analysis which states that halting shrinkage has reached a “critical stage”.
Hastings boss Hoffman cools talk of IPO following year of 'strong growth'
Hastings chief executive Gary Hoffman has moved to dampen speculation that his firm is manoeuvring itself to launch an initial public offering in the months ahead, but has refused to rule out a float in the long-term.
Hastings GWP up 19% as firm boosts 2012 customer numbers
Hastings saw a 19% increase in gross written premiums placed by the group in 2012 - up to £423m from £355m the previous year.
NFU Mutual profit recovers despite £68m in weather claims
NFU Mutual has reported a sharp rise in profit in 2012 to £330m compared to a 2011 loss of £47m despite a 55% fall in underwriting profit to £47m (2011:£105m) after amassing weather-related claims of £68m.
DLG's Paul Geddes received £760 000 bonus in 2012
Paul Geddes, Direct Line Group chief executive, received a £760 000 bonus in remuneration for his performance during 2012.
Talanx targets net income of over €650m in 2013
German insurance giant Talanx saw earnings before interest and taxes reach €1.8bn in 2012, up 42% on the previous year.
The Co-operative reveals plan to do away with GI business
The Co-operative Group has today signalled its intention to sell its general insurance business.
Liability losses hit Ecclesiastical’s combined ratio
Ecclesiastical’s group combined operating ratio has deteriorated for a second year by three percentage points to 108.5% in 2012 (2011:105.5%, 2010:102%). This was against an underwriting loss of £24.6m (2011: £18.7m), which the insurer said it was due to…
Broker networks called into question after Aviva ends Willis relationship
Willis Networks’ remaining insurer partners have pledged support for the business despite broker concerns that insurers will exit network relationships as part of their pursuit of profitable commercial lines business, after it was confirmed it will sever…
Ecclesiastical calls for double-digit rate rises
Ecclesiastical’s UK managing director Steve Wood has admitted parts of its liability book could see rate increases in excess of 50% in 2013.
Ecclesiastical COR deteriorates while profits grow
Ecclesiastical’s combined operating ratio deteriorated by three percentage points year-on-year to 108.5% in 2012 against an underwriting loss of £24.6m (2011: £18.7m) and challenges arising from non-core business lines.
Lark posts strong 2012 results following Groupama MBO
The Lark Group increased turnover by 10.2%, reaching £23.7m in its first set of financial results following the completion of the management buy-out from Groupama.
Ping An posts 3% rise in net profit
Ping An Insurance (Group) Co. of China posted a 3% rise in its 2012 net profit, the slowest growth in three years, according to the Wall Street Journal.
Aviva denies corporate restructure will lead to separation of its UK GI business
Aviva has dismissed suggestions that separating its UK general insurance business from its international operations clears the way for the business to be spun off in the future.
Editor's comment: Messages from the market
Standing at the back of the annual results queue must be gratifying for a firm on its uppers. But not so much when, like Aviva, you have a £3.05bn post-tax loss to reveal and no one coming next to soften the blow.
PZU sees net profit rise 40%
PZU posted a 40% rise in net profit to 3.26bn zlotys for 2012, slightly below the 3.46bn forecast by analysts, Reuters reported this morning.
Top five European news stories
The top five European stories from www.insuranceinsight.com over the past seven days.
Canopius swings to 2012 profit despite “double” Sandy hit
Canopius has recorded pre-tax profits of £50m for 2012, in spite of having to deal with the losses of both its own business, and newly-owned subsidiary Omega.