View more on these topics

Winterthur future in doubt over Credit Suisse review

Winterthur&#39s UK operations could be under threat after its parent Credit Suisse group instigated a review of its worldwide businesses after posting losses of £1.5bn last year.

Announcing its results last week, Credit Suisse group chief executive Oswald Grubel said: “We are pursuing initiatives to reduce costs and withdraw from markets and businesses with unsatisfactory results to position us for a return to profitability in 2003.”

This has thrown doubt on the future of UK-based Winterthur Life which focuses on niche pensions such as selfinvested personal pensions and income drawdown. Credit Suisse has until recently promoted itself heavily in this country but says it is unable to release Winterthur&#39s figures until March 16.

Credit Suisse owns life companies in Switzerland, Spain, Belgium, Germany and Italy.

Spokeswoman Selma Odok would not comment specifically on the UK but says: “Winterthur evaluates its country portfolio on a regular basis. Winterthur Group&#39s strategy is to focus on markets in which it is profitable or in which it can achieve a positive business result in the foreseeable future. As a rule, though, we do not comment on strategic decisions in advance.”

Recommended

Barclays Bank – Managed Fund of Funds Isa

Wednesday, March 5 2003 Type: Oeic mini or maxi Isa Aim: Growth and income by investing in equities and bonds Minimum investment: Lump sum £500, monthly £25 Maximum investment: £7,000 Catmarked: No Investment choice: JPMorgan Fleming Luxembourg, Baring global bond, Threadneedle UK corporate bond, Investec sterling bond A, iShare iFTSE 100, Merrill Lynch UK dynamic, […]

Euro concerns emerging

Fears are growing that the European Union consumer credit directive will damage the UK&#39s lucrative flexible mortgage market.The State of the IFA Nation poll found 57 per cent of IFAs believe the directive poses a serious threat to the flexible mortgage market in the UK and 67 per cent of this group believe a European […]

&#39Only a handful of annuity firms chasing business&#39

There is only a small group of annuity providers chasing new business and they are breaking away from the crowd of traditional players which are limiting their annuity exposure, according to research by Hargreaves Lansdown.Canada Life, GE Life, Britannic Retirement Solutions and Prudential have all changed their annuity rates on average at least every month […]

&#39Buy-to-let investors should survive slump&#39

Buy-to-let investors should be able to survive a property slump although they may struggle to match the profits achieved in the recent boom years, says analyst Mintel.Its survey of 1,969 adults carried out last month reveals that 46 per cent believe property is a safer investment than stocks and shares.Fifth-one per cent of men think […]

Neptune’s Burnett looks beyond Greece

Watch Rob Burnett, manager of the Neptune European Opportunities Fund, discuss the Greek bailout deal and its potential implications for European equities. In the video Rob discusses: Why, with the Greek crisis receding, markets can now focus on Europe’s strong fundamentals The resilience of European markets and why the recovery is on a solid footing […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    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

    Email: customerservices@moneymarketing.com