View more on these topics

Britannic ends talks as it fails to find buyer

Britannic Group has blamed market conditions after it failed to find a buyer despite posting satisfactory new business figures for the first half of the year.

IFA sales through its asset management arm almost doubled and annuity sales through its Retirement Solutions subsidiary nearly tripled.

Total retail life, pension and investment business for the first six months slid slightly to £39.7m equivalent premium income from £42.1m the previous year.

Britannic Assurance was the poorest performer in the group, reflecting its restructuring following the disbandment of its unprofitable direct salesforce. Business halved to £12.9m from £23.5m for the same period in 2001.

Sales at mortgage arm Britannic Money were down by 11 per cent to £357m from £399m last year. But it says sales were deliberately held lower than in 2001 to focus on quality and maintaining a prudent loan-to-value ratio of 60 per cent.

But BRS saw a dramatic increase in business to £157.8m from £55.1m in the first half of last year. BAM also did well, with funds sold through IFAs rising to £64.2m from £38.9m.

Britannic Group chairman Harold Cottam says: “These are satisfactory new business results in the light of tough marketplace conditions and Britannic&#39s continued focus on margin as well as volume.

“As part of our strategic work, we have explored a number of opportunities over the last four months and have concluded that in current market circumstances it is unlikely that full value can be achieved through an offer for the group as a whole.

“Consequently, discussions with potential parties have been discontinued.”


&#39Little impact&#39 from housing boost

Deputy Prime Minister John Prescott&#39s plans to spend £1.1bn on new housing in the South-east to reduce shortages and ease affordability for key workers will have a minimal impact on house prices in the short term, according to IFAs.Up to 200,000 new homes will be built in the South-east using some of the £4.7bn earmarked […]

Enterprise Investment Schemes – Spivs

Tuesday, 23 July 2002 Aim: Growth by investing in a film called Spivs Minimum investment: Lump sum £2,000 Opening/closing dates: June 5, 2002/August 31, 2002 Charges: Implicit Commission: Initial 3% Tel: 020 8758 8430

Ill at ease

A friend is receiving statutory sick pay from his employer. My employer would commence SSP arrangements after 40 working days&#39 absence. Having considered this carefully, I would prefer, both as an individual and as one of the management team at my employer, for more generous arrangements to be in place. What options are available to […]

Northern Rock cuts flexible and capped rates

Northern Rock is reducing rates on its flexible and fixed capped mortgage range for new applicants with effect from Friday July 26. Reductions range from 0.10 per cent to 0.40 per cent and at the same time as a customer applies for a new fixed or flexible capped product, Northern Rock will consider an unsecured […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm