Insurance profits rise 6.5%

Article Abstract:

UK insurers recorded a GB 3.14bn profit from businesses worldwide in 1997, 6.5% up on the year earlier, revealed the Association of British Insurers (ABI). Underwriting losses worldwide declined from GB 1.88bn to GB 1.63bn with European Union underwriting losses totalling GB 1.4bn, compared with the year earlier's GB 895mn. There was a 12.4% rise in long-term premium incomes covering pension and life business, to GB 74.8bn. ABI Director General, Mark Boleat, noted that an improvement is needed in the UK and Europe but there is no room for rate increases given the competitive nature of the market at present.

Comment:

UK: Locally based insurers records GBP3.14 bil profit from businesses worldwide in 1997 for 6.5% increase

Insurance, Insurance Carriers and Related Activities

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Strong annual growth for UK managed funds

Article Abstract:

Between 1993 and 1997 the proportion of funds controlled by UK investment managers that are connected to segregated pensions rose to 21%, which the percentage accounted for by foreign clients dipping from 22% to 28%. This is according to a report by Datamonitor, which also said that long term insurance and overseas clients remaining the two largest areas of fund management, each accounting for about GB 22mn worth of funds. Over the same 4 year period the growth rate in managed funds averaged 10%, while investment in unit trusts grew by 13% on average.

Comment:

UK: Between 1993 & 1997, growth rate in managed funds averages 10%, while investment in unit trusts grows by 13% on average

Open-End Investment Funds, Investment Funds & Trusts

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