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Legal & General puts up impressive show, tops forecasts
Britain's third largest insurer Legal & General Group Plc, posted an increase of 29 per cent in its sales in the last quarter of 2005, topping market expectations, as it benefitted from new businesses and launched more profitable products.
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Fri, 27 Jan 2006 14:00 GMT |
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Lloyd's abandons online trading platform Kinnect
Lloyd's of London has abandoned its much-touted electronic trading platform, Kinnect, installed at a cost of around 70 million dollars. Kinnect was intended to help modernise the world's largest insurance market through secure data transfer between underwriters and brokers.
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Wed, 25 Jan 2006 09:15 GMT |
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Virgin Group introduces cancer insurance product
Richard Branson's Virgin Group is launching a new cancer insurance product through its Virgin Money Life targeting a population that is paranoid about cancer and its fatal implications. The product, called the Big V, the company claimed, is 45 per cent cheaper than the standard critical illnesses insurance cover.
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Tue, 10 Jan 2006 08:05 GMT |
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Brian Stewart planning to quit Standard Life to focus on S&N
Sir Brian Stewart, chairman of Standard Life, is planning to step down within a year of the insurance and financial services major floats on the stock exchange so that he can focus on Scottish & Newcastle Plc., according to newspaper reports. Standard Life is set for 5-billion-pound flotation in July this year.
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Mon, 09 Jan 2006 10:05 GMT |
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No fraud probe against Equitable Life
The Serious Fraud Office is not investigating mutual insurer Equitable Life Assurance Society, which was on the verge of collapse five years ago. The SFO office said it considered all the available evidence and could not find anything that would justify a full investigation.
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Tue, 20 Dec 2005 20:05 GMT |
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OFT will probe into operation of payment protection insurance
The Office of Fair Trading said it will conduct an inquiry into Britain's payment protection insurance (PPI) market following a super complaint from charity Citizens Advice citing prevalence of mis-selling and lack of competition in the sector.
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Fri, 09 Dec 2005 08:40 GMT |
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Old Mutual lowers Skandia acceptance level
South African insurer Old Mutual Plc. has reduced the level of holding for securing control of Skandia AB to 50 per cent from the earlier 90 per cent. It said the offer will cease on 16 December if the target is not reached.
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Thu, 01 Dec 2005 16:15 GMT |
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HSBC offers Shariah-compliant home insurance policy
HSBC Bank has become the first bank in the U.K. to offer a Shariah law-compliant building and contents insurance. The new HSBC Home Takaful insurance policy, the bank claimed, is based on the concept of mutual cooperation in the sharing of risk, altering some features of the conventional product to make sure the policy conforms to the Shariah law.
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Thu, 17 Nov 2005 10:25 GMT |
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