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Half-year profit rises for Coventry BS

Coventry Building Society&#39s interim results for the half year to June 30 show pre-tax profits jumped to £20.4 million from £19.1m over the same period last year.

It has achieved gross mortgage lending of £981m up from £861m, but its net lending dropped to £471m from £486m which it blames on redemption due to remortgaging across the market as a whole.

The Society says its results show its multi-channel distribution strategy, by phone, internet and through its branch network and intermediaries is working.


Legislation fears after Revenue loses IHT trust case

Life offices are concerned that despite a legal victory against the Inland Revenue, new legislation could spell the end for products which take advantage of IHT loopholes. They warn that even if the Revenue is unsuccessful in overturning a ruling in the Eversden case, legislation is expected to be introduced by the next Budget to […]

Protection business is booming for L&G

Sales of protection products at Legal & General have rocketed by 88 per cent from last year. It says equivalent premium sales leapt to £70m for the first six months of this year from £37.2m in 2001. L&G attributes the rise to historically low life insurance premium rates and efficient online trading. It says sales […]

Only three UK sectors positive in July says Lipper

Only three of the 31 Ima UK unit trust and Oeic sectors produced positive returns in July according to the latest Lipper monthly fund market report.None of the equity sectors produced a positive return in the month, the three that were the Index Bear funds at 3.1 per cent, UK Gilts 0.23 per cent and […]

Probe shows wide divide between MVRs on WP pensions

Life offices are hitting investors with widely differing market value reductions on with-profits pensions, with some running at 28 per cent while others have none at all, according to research by Money Marketing Online. The research found that Scottish Equitable tops the table for biggest MVRs, with up to 28 per cent, followed by Scottish […]


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