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Britannic is optimistic on resuming bonuses

Britannic has offered a ray of light to with-profits policyholders, signalling it is on track to start paying bonuses again.

The group&#39s interim results show a profit of £44m compared with £52m last year. Britannic Assurance made a pro-fit of £44m, down from £58m.

Britannic says its equity-backing ratio is stable at 30 per cent, with its free-asset ratio at 10 per cent, up from 6.5 per cent. It says that after reviewing all with-profits business lines, it believes that some of them will warrant an annual bonus at the end of the year, based on their current performance. Britannic suspended bonuses in January this year after falling equity markets.

Chief executive Paul Thompson says: “During the balance of the year, we plan to finalise the revised support arrangements for Alba Life, complete our risk-based cap-ital assessments and renegotiate our banking arrangements. We are confident of achieving these steps, which should then allow us to resume annual bonus and dividend payments.”


GMAC joins Inter-Alliance panel

GMAC-RFC has joined Inter-Alliance&#39s lending panel. Inter-Alliance&#39s mortgage club now has over 45 lenders available to its members. Inter-Alliance mortgage development director says: “We are looking ahead to the changing market next year and ensuring that Inter-Alliance, with its huge national distribution, becomes a major attraction as mortgage advisers seek a company to work closely […]

Luckraft won&#39t play FTSE with the index

Framlington star fund manager George Luckraft believes that stockmarkets will grow by between 3 to 4 per cent over the coming months but will continue to favour stockpickers.Luckraft, manager of the equity income and high-income funds, expects most firms to perform moderately well but suggests the lack of company pricing power will continue for the […]

Think before you sign on dotted line

Some sterling advice for IFAs has come from the FSA. The regulator has expressed concerns about advisers rushing into joining networks.Always glad to endorse the FSA when it gets it right, Money Marketing could not agree more. In fact, we will take it further and warn advisers to be very careful what they join, whether […]

A consumer&#39s view

Exhorting homeowners not to rely too much on property to provide financial security in retirement is a bit like spitting in the wind.With shares still 40 per cent below their all-time high of December 1999 and bonds likely to fall as soon as interest rates tick up, what is there left for savers to rely […]


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