FM Global announces 2009 profits
by Richard Kilner
Story link: FM Global announces 2009 profits
Worldwide business property insurer FM Global has announced its 2009 financial results, including a robust underwriting performance and above average investment portfolio return.
Gross premium in force rose by 5.6% to $4.7bn, with net income recorded at $840m.
A combination of good underwriting and investment performance saw policyholder surplus increase to $6.3bn, a rise of 35%.
FM Global [...]
Wesleyan announces strong 2009 results
by Richard Kilner
Story link: Wesleyan announces strong 2009 results
Wesleyan Assurance Society, the financial services specialist for professionals, has announced that it enjoyed a good year in 2009 and released its financial performance figures for that year.
The firm saw new business sales rise by 11%, with ISA and unit trust sales up 59% and income protection product sales rising by 36%.
Wesleyan also increased the [...]
Cornish Mutual announce £2.5m pre-tax profits
by Richard Kilner
Story link: Cornish Mutual announce £2.5m pre-tax profits
Cornish Mutual, the only general insurance firm based in the South West, has described 2009 as a challenging but profitable year.
The firm, which is holding its AGM in a week’s time, saw written premiums rise by 2.4% to £15.2m with a technical surplus of £303,918, despite the ongoing difficulties in the economy and prolonged severe [...]
Omega sees profits rise 67%
by Richard Kilner
Story link: Omega sees profits rise 67%
International insurance and reinsurance group Omega Insurance Holdings has reported its annual results for 2009.
The firm recorded pre-tax profits at $47.1m, a rise of 67% on 2008’s $28.2m.
Net profits almost doubled year-on-year, with $43.6m being made in 2009 compared to $22.2m previously.
Omega will be pleased to have bounced back from 2008, when profits fell by [...]
Glacier Group announces rising profits in 2009
by Richard Kilner
Story link: Glacier Group announces rising profits in 2009
European insurer and reinsurer Glacier Group has released its financial performance figures for 2009.
Net income for the year was more than double that of 2008, rising by $34m to $60m, with return on equity rising from 5% to 12%.
Total gross written premiums declined by $100m to $469m, a fall that occurred due to Glacier’s decision [...]
Prudential eager for Hong Kong listing
by Gill Montia
Story link: Prudential eager for Hong Kong listing
Prudential is accelerating its plans to list on the Hong Kong Stock Exchange.
The insurer has recently agreed terms with American International Group (AIG) to acquire AIA, the Asian business of the embattled US insurance giant, for $35 billion in cash and shares.
Once the sale was agreed, AIG decided not to pursue an initial public [...]
Novae announces 2009 profits
by Richard Kilner
Story link: Novae announces 2009 profits
Novae Group plc has released its preliminary financial results for 2009.
The firm recorded underlying pre-tax profits (excluding foreign exchange loss on non-monetary items) of £17.7m, down substantially on the £27.3m of 2008.
Including notional foreign exchange loss the pre-tax profits were further reduced to £4.2m.
Post-tax profits were recorded at £26.4m, down from £37.1m in the previous [...]
LV= announces with-profits performance
by Richard Kilner
Story link: LV= announces with-profits performance
LV= has announced its annual with-profits performance and payouts figures.
The firm’s with-profits fund made an annual investment return of 15.4% in 2009.
LV= has seen its mortgage endowments doing well, with a £13,000 surplus achieved for a 20 year policy covering a £50,000 mortgage.
In addition, the firm’s mortgage endowment guarantees that policies paid to full term [...]
Hiscox achieves record annual profits
by Richard Kilner
Story link: Hiscox achieves record annual profits
International specialist insurer Hiscox has reported its financial performance figures for 2009.
Hiscox enjoyed pre-tax profits of £320.6m, more than threefold the £105.2m made in the previous year.
The insurer also saw post-tax profits rise, from £70.8m to £280.5m, an increase of almost 300%, with earnings per share fourfold larger at 75.2p.
Gross written premiums jumped from £1.1bn [...]
Amlin achieve surge in annual profits
by Richard Kilner
Story link: Amlin achieve surge in annual profits
Amlin plc has released its preliminary financial results for 2009.
The firm saw pre-tax profits of £509.1m, more than fourfold the £121.6m achieved in 2008.
The full-year results show that the momentum of the first six months (which saw pre-tax profits up 29% to £177.1m) accelerated during the latter half of the year.
In addition, return on equity [...]
Brit Insurance announces 2009 results
by Richard Kilner
Story link: Brit Insurance announces 2009 results
Brit Insurance has revealed its preliminary financial performance figures for 2009.
The firm made pre-tax profits of £171.3m (excluding the effect of foreign exchange on non-monetary items), more than threefold the 2008 pre-tax profit of £39.6m.
Earnings per share rose by 32% from 86p to 113.2p.
Gross written premium was also up, rising 21% to £1,696.4m (a rise [...]
AIG reveals Q4 and annual results
by Richard Kilner
Story link: AIG reveals Q4 and annual results
American International Group, Inc. (AIG) has announced its financial results for the fourth quarter and full-year 2009.
In Q4 the firm incurred a net loss of $8.9bn, equating to $65.51 per diluted common share, which is vastly improved on the $61.7bn loss of Q4 2008 ($458.99 per diluted common share).
It does, however, mark a return to [...]
FSA calls brokers to account over capital resources
by Gill Montia
Story link: FSA calls brokers to account over capital resources
The Financial Services Authority (FSA) has written to insurance intermediaries outlining concerns that “many firms” do not have adequate financial resources.
The regulator says its supervisory work “regularly shows” that brokers are not paying sufficient attention to threats to their financial viability.
For example, one firm failed to make adequate provision for its obligations to fund additional [...]
RSA sees decline in annual profits
by Richard Kilner
Story link: RSA sees decline in annual profits
RSA has released its financial performance figures for 2009, describing the year as one that saw the firm enjoy a strong performance.
Net written premiums rose by 4% to £6.7bn, and RSA achieved an operating result of £777m.
Pre-tax profits were recorded at £554m, a decline of 27% from 2008’s pre-tax profits of £759m.
Profits after tax [...]
Torus raises $185m to support expansion
by Gill Montia
Story link: Torus raises $185m to support expansion
Torus has secured a $185 million injection of cash that will be used to support continued expansion.
Subject to regulatory approval, the move will increase the speciality insurer’s equity capital to over $1 billion.
US-based Corsair Capital is providing $150 million of the cash, which will be topped up from private equity funds managed by Torus’ majority [...]
Endurance achieves record net income in 2009
by Richard Kilner
Story link: Endurance achieves record net income in 2009
Endurance Specialty Holdings Ltd has announced its financial results for Q4 and 2009.
In Q4 the firm made net income of $154.8m, equating to $2.56 per diluted share, a substantial rise on the Q4 2008 net income of $16.9m, or $0.22 per diluted share.
For 2009 as a whole Endurance achieved a record net income of $536.1m, [...]
AXA Group reports decline in UK earnings
by Richard Kilner
Story link: AXA Group reports decline in UK earnings
AXA Group has reported a decline in underlying global earnings of 6%, with €3,854m having been made in 2009.
Adjusted earnings are also down, by 18%, to €3,468m, but net income has increased hugely, rising by 283% to €3,606m.
In the UK & Ireland underlying earnings slumped by 18% from £288m to £235m, with a combination of [...]
PartnerRe sees annual profits soar
by Richard Kilner
Story link: PartnerRe sees annual profits soar
PartnerRe Ltd. has reported its financial results for Q4 and 2009.
For the quarter, the firm achieved net profits of $354.4m, equating to $4.25 per share, on a fully diluted basis.
This is almost fourfold the $95.3m net income achieved in Q4 2008, although it does mark a decline from Q3 2009, when net income hit $567m.
Operating [...]
Catlin achieves record profits
by Richard Kilner
Story link: Catlin achieves record profits
International specialty property/casualty insurer and reinsurer Catlin Group Limited has announced its results for 2009.
The firm saw a spectacular bounce back to the black, having incurred a loss of US$13m in 2008, Catlin achieved recorded pre-tax profits of US$603m in 2009.
This follows on from the firm’s Q3 2009 results, when it achieved record income on [...]
MMC announces quarterly and annual results
by Richard Kilner
Story link: MMC announces quarterly and annual results
Marsh & McLennan Companies, Inc. (MMC) has announced its financial results for the quarter and year ended 31 December 2009.
In Q4 consolidated revenue rose 3% compared to the same quarter in 2008, reaching $2.7bn, but fell 2% on an underlying basis.
For the year consolidated revenue declined 9% from $11.5bn in 2008 to $10.5bn, a fall [...]
