Company results
Canopius tumbles to first ever loss
Lloyd's insurer Canopius has announced its first ever loss – of £64m before tax (2010: profit of £40m) with catastrophes adding 24 points to its combined ratio bringing it to 111%.
Groupama CEO blames Greek debt crisis for £1.5bn net losses
Groupama chief executive Thierry Martel has blamed "adverse market conditions" on huge capital losses, attributing the group's net result of a loss of almost €1.8bn (£1.5bn) to the Greek debt crisis.
Hannover Re latest group to reveal nat cat hit with 2011 results
Hannover Re this morning reported that its gross written premium in total business increased by 5.8% to Eur 12.1bn (2010: Eur 11.4bn).
L&G records general insurance COR of 88% as new business jumps 38%
Legal & General reported this morning that its general insurance business recorded £304m of gross written premium in 2011.
Asia helps Bupa shore up drop in European revenue
Healthcare group Bupa has announced revenues of £8bn for the year ended 31 December 2011, with strong performances in Asia.
Munich Re CEO von Bomhard forecasts €2.5bn profit for 2012 after good start
Munich Re has made a good start to 2012 and is aiming for a profit of around €2.5bn, according to CEO Nikolaus von Bomhard.
Bupa profits rise outside the UK
Private medical insurer Bupa has announced revenues up 6% to £8bn and an underlying surplus up 20% to £559m.
Munich Re promises 2012 turnaround
Munich Re has claimed it has made a good start to 2012 and is aiming for a profit of around €2.5bn after announcing 2011 profit was slashed to €712m (2010: €2,430) in what it called "an extremely difficult environment".
Insurance Insight – top 10 stories
The 10 most read stories from www.insuranceinsight.eu over the past seven days.
Swiss Helvetia profit down 15.4% due to non-life business
Swiss insurer Helvetia has posted a profit of CHF289m (€239m) and generated sales of more than CHF7bn for the first time.
Mapfre expects 6% revenue increase in 2012, as 2011 rises 3.2%
In 2011, Mapfre achieved a net result of €963m, a 3.2% rise on the 2010 full year results.
Gable reports UK ATE growth
Lichenstein-based AIM-registered insurer Gable Holdings has reported accelerated growth across its European territories with UK growth in after-the-event insurance and the launch of a commercial combined product.
Aviva eyes commercial improvements by dropping underperforming lines of business
David McMillan, Aviva UK general insurance chief executive, remains confident his firm can recover from a "challenging" year in terms of commercial business, following the decision to drop a number of underperforming lines of motor business.
Scor 'resilient' in the face of nat cats
French reinsurer Scor absorbed natural catastrophe losses of €138m from the Thai floods to record net income of €330m for 2011.
Aviva bemoans 'challenging' UK commercial sector as CEO Moss heralds 2011 progress
Aviva's UK general insurance continuing operations saw a decrease in operating profit and underwriting result in 2011 to £540m (2010: £567m) and £129m (2010: £184m) respectively. This was mostly as a result of the reduced contribution from Aviva Re.
Quinn acquisition positions Liberty for a 'prosperous' 2012
Liberty Mutual has reported net income of $284m and $365m for the three and 12 months ended 31 December 2011, decreases of $292m and $1.313bn from the same periods in 2010.
Liberty CEO talks up China, India and Quinn after 87% drop in pre-tax income
Liberty Mutual has reported net income of $284m and $365m for the three and twelve months ended 31 December 2011, decreases of $292m and $1.313bn from the same periods in 2010.
Admiral COO describes 2011 as a year of two halves as profit hits £299m
Admiral has reported group profit before tax up 13% at £299m in 2011 (2010: £266m) on a turnover up 38% at £2.19bn (2010: £1.58bn).
Bahrain's financial sector sees 3% growth
The number of financial institutions registered in Bahrain rose again last year, reaching 415 by the end of January 2012, up from 403 a year earlier.
Omega more than doubles losses
Struggling takeover target Omega's 2011 combined ratio hit 134%, and 2010 pre-tax losses more than doubled to $94.7m (2010: $42.9m).
Beazley's 623 reports 21% 2009 return
Beazley's managing agency Beazley Furlonge said its Names syndicate 623 returned 21% on capacity for 2009, but that 2010 would be nil return and 2011 just 2.5% because of catastrophes.
Amlin chairman retires after £194m loss
Amlin has posted a pre-tax loss of £193.8m (2010: profit of £259.2m) and announced that Roger Taylor is to retire as chairman following the 2012 AGM. Richard Davey will succeed him.
Zurich operating profit down 12%, but net income up 10%
Zurich Financial Services Group reported net income after tax of $3.8bn for the full year 2011, up 10% from $3.8bn in the prior year period.
JLT to reveal international underwriting ‘success’ in 2013
Footman James CEO will join Thistle in July to spearhead global roll-out of application.