View more on these topics

Former AMP companies bounce back in the second half of 2003

HHG, owner of Henderson, Pearl, NPI and Towry Law, saw a recovery in the second half of last year.

Henderson&#39s business was up by 46 per cent in the second half compared with the first half while HHG&#39s other main business, Life Services, recovered from a £40m loss in the first half to £121m profit in the second half.

However, HHG made an overall loss of £864m for last year due to restructuring and write-offs, following a £343m loss in 2002.

Assets under management for Henderson – which, along with the other businesses, was cast off by former owner AMP last December – rose to £70.6bn from £68.7bn.

HHG has placed 246 million new ordinary shares at 48p, raising £118m. The proceeds will be used to buy the 24 per cent of Henderson&#39s holding company HHG Invest that it does not already own from subsidiary Pearl Assurance.

The money is intended to shore up Pearl&#39s finances ahead of the forthcoming FSA capital requirement regulations, under which the Henderson stake would not have counted towards the life company&#39s solvency position.

Free-asset ratios at the end of last year were: Pearl 2.1 per cent, National Provident Life 1.4 per cent and London Life 1.7 per cent.

HHG chief executive Roger Yates says: “The strategic and capital management decisions taken in the first half of 2003 were reinforced by the actions taken in the second half to build a strong balance sheet and create substantial efficiency improvements. Investment markets still present challenges but HHG has an effective platform for sustained growth and profitability.”


New code for home reversion

Safe Home Income Plans is working with Sofa and Aifa to develop a guide to help intermediaries offer advice on home-reversion schemes if the sector is not regulated. Ship is concerned that home reversion will not come under the rule of the FSA before mortgage regulation starts in October. It is working on a new […]

Portman warning equity release is the last resort

Portman Building Society director Matthew Wyles says equity release should be seen as an option of last resort for consumers, arguing that advisers should first consider all other avenues for elderly clients looking to raise capital. Wyles says he believes there are a number of opt-ions that should be ruled out before equity release is […]

Ex-B&W chief executive John Burke dies

Former Bristol & West chief executive and vice chairman John Burke, OBE, died suddenly last week aged 62. Burke joined B&W in 1964 as a branch assistant in Plymouth and swiftly rose up the ranks, becoming chief executive in 1993. He enjoyed considerable success &#45 introducing B&W&#39s strategy to focus on mortgages, savings and investments […]

The strategy stays the same, says new Newton higher-income fund chief

Newton&#39s new higher-income fund manager says it will be investment business as usual for the £1.4bn portfolio following the departure of Clive Beagles to JO Hambro Capital Management. Tineke Frikkee, Beagles&#39 former deputy, says she has no plans to alter the fund, insisting that every stock is there because she has sanctioned its inclusion. She […]

What's going on in the 'offshore' world?

Graeme Robb, Senior Technical Manager at Prudential, explores the current state of the nation for offshore issues and highlights areas which may be particularly relevant to advisers. In the context of insurance companies, ‘offshore’ can be a relatively straightforward matter. Like their onshore equivalent, offshore bonds are ‘non-qualifying’ for tax purposes, meaning that all gains […]


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