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Fortis CEO Barry Smith elected CII president

Fortis UK chief executive Barry Smith has today taken over as Chartered Insurance Institute president from Friends Provident chief Trevor Matthews at the AGM in London.

Allianz Insurance general manager of commercial Chris Hanks was elected deputy president.

At the AGM Smith launched a revised CII code of ethics which states that members must act with high ethical standards and integrity and in the best interests of each client.

He says: “The CII has been vigorous in its promotion of professionalism in its broadest sense, both in terms of the FSA’s retail distribution review on the financial side, and the professionalism task force on the general insurance side. Building trust through partnership with consumers, advisers and partners will be key themes in the coming twelve months and I look forward to supporting these initiatives.”

Also at the AGM CII group chief executive Alexander Scott hailed 2008 as a year of progress.

He said: “Overall revenues increased by 7 per cent to £30.3m in 2008, compared to 2007’s £28.4m. Operating surplus was £0.8m compared to £0.6m in 2007 and the net surplus, after investment returns and taxation, was £1.9m, up from £1m in 2007.”

The CII says it has decided to freeze membership subscriptions at 2008 levels until at least the end of 2010, in consideration of the economic downturn.


Pru adds to Prufund range

Prudential has added the Prufund cautious and Prufund protected cautious finds to its unit-linked fund range for its flexible investment plan.


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