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Life can be tough.
(From Insurance Day)
Byline: Jon Guy
IT HAS not been the best of times for the life sector and the past week has seen institutional investors openly questioning if they are willing to continue to remain faithful to the companies. All eyes were on Prudential this week and its results. Predictions it was to cut its dividend had been circulating for some time but when chief executive Jonathan Bloomer announced it was set to cut dividends for the first time since World War I the reaction was one of dismay. If the Man from the Pru was set to cut his dividends, what hope for the rest of the beleaguered life market? A 27% slump in operating profits to GBP397m ($638m) for the first half of the year on the back of a modest 1% increase in group sales left the company below the expectations of the market, which had put the interim figure at anything between GBP406m and GBP446m. Mr Bloomer said every company it saw as a peer has either cut its dividend, raised capital or both. The decision to cut the interim dividend by 40% was tempered in the eyes of the analysts by the company having taken significant steps to solve its issues with the Asian market, its capital requirements and surprisingly its dividend policy.
The life sector did have one pleasant surprise for the market this ...
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