View more on these topics

Templeton investors give Oeics go-ahead

Parts of Eagle Star could be sold of as part of a major strategic review by BAT.

But BAT chief executive Martin Broughton plays down suggestions that BAT will sell off Eagle Star entirely.

BAT is to merge its financial services arm BAFS with Zurich Group later this year.

BAT has already been forced to revise the deal, reducing its stake in the combined group to 43 per cent from 45 per cent to reflect poor performance in BAT&#39s share price.

Analysts have long regarded Eagle Star as the weakest part of BAFS, mainly because of its general insurance liabilities, and have raised questions about its future as part of the new group.

BAT group director of corporate affairs Michael Prideaux says: "The review is to do with improving Eagle Star&#39s profitability and focusing on claims management."

He does not rule out sell-offs but says no decision has yet been made.

BAT Industries&#39 profits fell last year to £1.75bn from £2.495bn in 1996.

BAFS profits were up by 7 per cent to £1.05bn despite a provision of £85m to cope with Allied Dunbar&#39s pension review cases.

Zurich press officer Helen Baldwin says the company will not comment on the review. She says: "The merger does not go through until the end of the year. We cannot comment on BAT operations."


Regions in bid to stop Portfolio

The IFA Association&#39s London and Southern region committees are seeking to stall IFA Portfolio&#39s pseudo network Anglo Caledonian. The regional committees say members have not been given sufficient information to make a proper judgement about the network&#39s formation and want members to vote no at Portfolio&#39s AGM on Friday. The committees are also proposing two […]

Direct Line anger at IIB ad protest

Direct Line has slammed the Institute of Insurance Brokers for inaccuracy and “misquotation” after the trade body complained to a TV watchdog about one of Direct Line&#39s ads. The IIB complained to the Independent Television Commission about the current Direct Line TV ad on car insurance. The IIB claims that the ad says: “If you […]

Police probe Lincoln tied-agent salesmen

Lincoln is paying about £500,000 in compensation to clients of a tied agent. The case is now the subject of a Metropolitan Police investigation. The move is part of a year-long inquiry by Lincoln into its tied agent City Financial Partners, which has led to a police investigation into three salesmen. Lincoln is paying compensation […]

Tilney changes name to focus on investment

Tilney & Co is changing its name to reflect its change of focus from stockbroking to fund management. The firm, which has £4.7bn in funds under management, will now be called Tilney Investment Management. The fund manager is also introducing a new blue and grey logo featuring the new company name. Chief executive John Mitchell […]


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 thought leadership.

    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