Amlin has posted a pre-tax loss of £193.8 million for 2011, compared with a profit of £259.2 million a year earlier. Net catastrophe losses for 2011 amounted £500.8 million, having accelerated beyond the expected figure of £170 million. The re / insurer also saw a negative return on equity of 8.6% (2010: positive 13.9%) and [...]
The Association of British Insurers (ABI) has warned that new EU solvency rules must not be allowed to deter the industry’s long-term growth, and its investment in the UK economy. In a speech yesterday to the Economist Insurance Summit, ABI director general, Otto Thoresen, highlighted challenges posed by draft Solvency II rules to the UK [...]
Munich Re has acquired coverage for US hurricane and European windstorm risks with a total volume of $75 million from Queen Street V Re Limited. The Burmuda registered specialist insurer has in turn placed a catastrophe bond for this amount in the capital markets, maturing on 9th April 2015, and with risk modelling developed by [...]
Allianz has reported its financial results for 2011, including IFRS pre-tax operating profits of £168.7m, up by 6.4% compared to £158.5m last year. Gross written premiums rose by 10.1% from £1,633.7m to £1832.2m, and the Retail Division reported top line 22.1% growth. Retail gross written premiums rose, year-on-year, from £701.1m to £856m, and the Commercial [...]
Hiscox has reported its financial results for the year ended 31 December 2011, including pre-tax profits of £17.3m. This is sharply down on the £211.4m it made during 2010, but does include £270m of natural catastrophe losses. Profits after tax fell from £178.8m to £21.3m, with earnings per share down from 47.2p to 5.5p. Gross [...]
Lancashire Holdings Limited has reported its financial results for the quarter and year ended 31 December 2011. The quarterly net operating profit slumped from $123.4m to $38.1m, with net profit after tax similarly down from $131.8m to $39m. This is also down on Q3 2011, when the firm made net profits of $75.7m. Gross written [...]
American International Group, Inc (AIG) has reported its results for the quarter and year ended 31 December 2011, including quarterly net income of $19.8bn, compared to $11.2bn in the corresponding period last year and a Q3 2011 net loss of $4.1bn. Annual net income more than doubled from $7.8bn in 2010 to $17.8bn in 2011, [...]
Swiss Re has reported its financial results for 2011, including net income of US$2.6bn, equating to earnings per share of US$7.68. This is approximately thrice the result the firm achieved in 2010, when it made net income of US$863m, or US$2.52 per share. Return on equity rose from 3.6% to 9.6%, and the firm has [...]
RSA has reported its financial results for 2011, including pre-tax profits of £613m, a 29% rise. Profits after tax rose by 20%, up from £355m in 2010 to £427m in 2011. Annual operating profits rose by 38% to £884m, and the firm also saw net written premiums up by 9% to £8.1bn. RSA also reported [...]
Sir Adrian Montague has issued a call for evidence for a review aimed at encouraging greater investment by institutional investors in privately rented properties. The review, which forms part of the Government’s housing strategy, will examine ways of boosting investment in the UK’s private rental market, supporting the rapid growth of the sector. Launching the [...]
Ageas UK has reported its financial result for the year ended 31 December 2011, including pre-tax profits of £105m. This compares with a pre-tax loss of £24.8m the firm incurred during the previous year, a loss the firm attributed to one-off events and bad weather. Non-life gross written premiums surged by 70.1% to £1,721.3m, with [...]
Deutsche Bank says it has completed a €12 billion longevity swap with AEGON in a transaction that is the first of its kind because it is targeted directly to the capital markets. The deal therefore represent a step forward in helping pension funds and insurance companies provide solutions for an ageing population. By distributing the [...]
The Navigators Group, Inc. has reported its financial results for the quarter and year ended 31 December 2011. Quarterly net income was $10.1m, equating to $0.70 per diluted share, down from $17.3m ($1.07 per diluted share) in the corresponding period last year and $13.9m ($0.92 per diluted share) in Q3 2011. Operating earnings for the [...]
Legal & General’s With Profits fund returned 1.7% (before tax) in 2011 and the group has confirmed that it can maintain annual bonus rates at last year’s levels for conventional endowment mortgage customers, and for the majority of its bond and unitised pensions customers. Total bonuses of £459 million have been added to With Profits [...]
Global insurance broker Willis Group Holdings plc has reported its results for 2011 and Q4 of that year, including quarterly net income of $39m, equating to $0.22 per diluted share. This compares to $98m, $0.57 per diluted share, in the corresponding period last year, and $60m, $0.34 per diluted share, in Q3 2011. Total quarterly [...]
Allianz has completed a €1.5 billion fundraising with the issue of a senior bond. Listed on the Luxembourg Stock Exchange, the senior bond has a maturity of ten years and a fixed coupon of 3.5%. Guaranteed by Allianz SE, it was issued yesterday by the group’s Dutch financing subsidiary, Allianz Finance II B.V, and sold [...]
Marsh & McLennan Companies, Inc. (MMC) has reported its financial results for the three months and year ended 31 December 2011. Net income in Q4 was $256m, a significant rise on the $203m of the corresponding period last year and the $130m of Q3 2011. Quarterly earnings per share rose, year-on-year, from $0.37 to $0.46. [...]
Aspen Insurance Holdings Limited has reported its financial results for 2011 and for the fourth quarter of the year. Aspen reported quarterly net income of $13.5m, equating to $0.11 per diluted share. This marks a decline from the $1.12 per diluted share the firm managed in the corresponding period last year and was just under [...]
CNA Financial Corporation has reported its financial results for the quarter and year ended 31 December 2011. In the fourth quarter the firm reported net operating income of $191m, equating to $0.71 per common share, down significantly on the corresponding period last year when the firm made $326m ($1.18 per common share). Quarterly net income [...]
XL Group plc has reported its financial results for the full-year and fourth quarter of 2011. The firm incurred a quarterly net loss of $515.5m, and an operating net loss of $79.6m. This compares to net income of $188.1m and an operating profit of $242.4m in the corresponding period last year and net income of [...]
