Competition Cuts Profit Margins for Uk Insurers Pessimistic Forecast From Aviva Sends Shares Lower
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Summary
AVIVA, the owner of Norwich Union, the biggest UK insurer, reported a 21per cent rise in first-half profit yesterday but sent shares across the sector into the red as it admitted that tough competition in the UK life and pensions market was squeezing margins.
A decline in sales in the UK, its single largest market, from [pounds]4.3bn to [pounds]4.2bn was not unexpected given market restructuring, but more worryingly NU profits fell by 5per cent.See the full content of this document
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Competition Cuts Profit Margins for Uk Insurers Pessimistic Forecast From Aviva Sends Shares Lower
Shares in Aviva, where Richard Harvey is chief executive, slipped 13p to 644p while Prudential, which has promised 10per c...
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