Fitch ratings says in a whole new report that the uk life insurance sector has reported a robust set of h113 results despite the sluggish economy. fitch’s rating outlook for our sector remains stable, indicating that the majority of uk life insurer ratings are possible as being affirmed over future 12-24 months.
“Underlying profits and money generation are continuing to develop, ” says david prowse, senior director in fitch’s insurance team. “this is no accident and it's not merely a side-effect of recovering monetary markets. it happens to actually be the direct results of stronger management discipline in 3 important areas where a few insurers had previously lost focus cost management, product combine and pricing. ”
Whereas ceos continued to emphasise money generation clearly as the priority with their h113 results presentations, many conjointly highlighted growth opportunities in emerging markets. permanently, growth can possibly be ratings-positive if it will increase and diversifies earnings ; within the short term, it can possibly be ratings-negative if it puts far too much strain on capital and money.
The annuity market is shifting apace towards medically underwritten annuities ( enhanced annuities ) as customers become aware that they could shop around for an increased annuity primarily based upon their lifestyle or sure medical conditions. the likes of aviva and legal & general are currently competing strongly with specialist providers like simply retirement and partnership. legal & general’s enhanced annuity sales more often doubled in h113.
Fitch is holding a teleconference to discuss the uk life sector, on wednesday 21 august at 14 :30 uk time. fitch’s analysts can highlight the most points of fitch’s publication and provides a few extra insights directly into uk life market. there will surely be time for participants to inquire about queries.
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