Siam Commercial New York Life (SCNYL) is expediting the recruitment of 1,000 new agents per month during the last four months of the year is an effort to boost the first year premium growth.
The company's agent distribution channel delivers a 4.23-per-cent growth now and the aggressive agent recruitment is aimed at raising the figure to 32 per cent by the end of this year, Donald Carden, president and chief executive officer of SCNYL, said yesterday.
The move is to balance bancassurance and non-bancassurance business.
The agency channel over the past seven months generated first-year premium of Bt508 million, or a 4.23 per cent year-on-year growth. The channel enjoyed a 30-per-cent growth in 2007 and 40 per cent in 2008.
"The active rate among new agents is high at 55 per cent, therefore if we can recruit new agents, we will be able to hit the business growth target.
"Meanwhile, we will also try to increase the active rate among 6,000 old agents to 45 per cent by providing them training courses," said Carden.
Currently, the active agent rate of old agents is at 33 per cent, said Roongroj Kitiyanupap, executive vice president at SCNYL.
"The agent distribution channel can generate 12 per cent of total income to the company. During the last four months of this year, we expect new agents will generate premium to the company of Bt150 million.
"Next year the company expects to increase business growth target to 35 per cent from this channel," said Roongroj
Between January and July thsi year, the life insurer's first-year premium jumped 25.72 per cent year-on-year to Bt5 billion. Of these, Bt4.2 billion or 32.43 per cent year-on-year growth was derived from bancassurance, which had the highest growth among other channels.
The company has total premiums at Bt11.1 billion, up 27.53 per cent from the same period last year and well above the industry's total premium growth rate at 15 per cent.
Market share of the company in terms of total premium then increases from 6.8 per cent at the end of 2008 to 8 per cent as of June 2009. The first year premium market share rose from 8.8 per cent to 9.4 per cent.
Monday, August 31, 2009
Thursday, August 27, 2009
DISCOUNTS, NEW DEALS ON OFFER
Thailand's firstever insurance fair, Insurance Week, will offer discounts of up to 30 per cent on premiums, General Insurance Association president Jiraphant Asvatanakul said yesterday. At the fair - to be held from this coming Wednesday to Sunday at Impact Arena Muang Thong Thani - the association will promote products by designing them simply with convenient sales channels in an attempt to convince people to be more concerned about life protection.
It would like to see people hold only one card, recording all kinds of policies taken out by the insured. If this were legally possible, both consumers and insurance companies would share the benefits, he said.
Sara Lamsam, president of the Thai Life Assurance Association and Muang Thai Life Assurance's president, said lifeassurers would offer many specially priced products covering every category of customer.
Micro protection, an insurance policy for low-income earners is one of the products available at the fair.
Also on show will be a savings lifeassurance product with a premium of Bt300 a month, and a singlepremium product with protectionperiod options of three, five and 10 years with a return of 2 to 4 per cent, excluding tax benefits.
Products linked with investment - universal life or unitlinked - will be on offer at special rates, while there will also be a personal accident policy offered at a premium of Bt0.70 per day for an insured sum of Bt100,000.
Regarding Muang Thai Life Assurance's products, Sara said the company would launch a new healthrider product at the fair, providing insurance cover for four serious diseases.
If a policyholder falls ill from one of the specified diseases, they will receive Bt1 million. Moreover, they will be protected for another 10 years without paying any further premiums. If they later fall ill from another of the four listed diseases, the company will pay an additional Bt1 million.
However, disease and premium details are not yet available, as the product will be officially launched at the fair.
Chantra Purnariksha, secretarygeneral of the Office of Insurance Commission, said that besides cheap insurance products, visitors to Insurance Week would be able to gain extensive knowledge, as well as benefiting from activities involving the awarding of items such as free rice and sugar packs, plus a lucky draw for gold.
Job opportunities within the sector will be another feature, she said.
For example, the UKlang garage insurance association is hoping to recruit 5,000 technicians at the fair.
It would like to see people hold only one card, recording all kinds of policies taken out by the insured. If this were legally possible, both consumers and insurance companies would share the benefits, he said.
Sara Lamsam, president of the Thai Life Assurance Association and Muang Thai Life Assurance's president, said lifeassurers would offer many specially priced products covering every category of customer.
Micro protection, an insurance policy for low-income earners is one of the products available at the fair.
Also on show will be a savings lifeassurance product with a premium of Bt300 a month, and a singlepremium product with protectionperiod options of three, five and 10 years with a return of 2 to 4 per cent, excluding tax benefits.
Products linked with investment - universal life or unitlinked - will be on offer at special rates, while there will also be a personal accident policy offered at a premium of Bt0.70 per day for an insured sum of Bt100,000.
Regarding Muang Thai Life Assurance's products, Sara said the company would launch a new healthrider product at the fair, providing insurance cover for four serious diseases.
If a policyholder falls ill from one of the specified diseases, they will receive Bt1 million. Moreover, they will be protected for another 10 years without paying any further premiums. If they later fall ill from another of the four listed diseases, the company will pay an additional Bt1 million.
However, disease and premium details are not yet available, as the product will be officially launched at the fair.
Chantra Purnariksha, secretarygeneral of the Office of Insurance Commission, said that besides cheap insurance products, visitors to Insurance Week would be able to gain extensive knowledge, as well as benefiting from activities involving the awarding of items such as free rice and sugar packs, plus a lucky draw for gold.
Job opportunities within the sector will be another feature, she said.
For example, the UKlang garage insurance association is hoping to recruit 5,000 technicians at the fair.
BT 2.8 BN EXPECTED FROM BANGKOK LIFE IPO
Company poised to have biggest initial public offering over the past 12 months
Bangkok Life Assurance wwll sell 200 million initial public offering shares next month for Bt 12.50 to Bt14 apiece.
The proceeds could amount to Bt2.8 billion, making it the biggest IPO in more than 12 months.
President Chan Vathanakul yesterday said from discussions with the underwriter and agents, the time was ripe for the IPO.
"It's agreed by the public and private sectors that the economic crisis has bottomed out and there are signs of sustainable recovery. The stock exchange's condition reflcted the recovery and investor confidence. Coupled with the company's continued growth, we're confident investors will warmly welcome the IPO," he said in a statement.
Several institutional investors have also shown interest in the company, Chan said.
Next week, the company is scheduled to present its information to individual investors, who are also expected to show a positive reaction.
The company will then be listed on the Stock Exchange of Thailand.
BLA earned Bt790 million in the first half of the year, up 57.61 per cent year on year. Its first-half premiums also climbed 43.43 per cent to Bt9.4 billion.
Its investments gained 26.12 per cent to Bt1.49 billion.
Its total assets, mostly bonds and long-term debentures, expanded to Bt58 billion as of June, from Bt51 billion at the end of last year.
The company plans t use the IPO proceeds in strengthening its capital base, preparing for future expansion and raising public confidence.
It has a policy of paying at least 25 per cent of net profits as dividennds.
Chan expects continued growth in the life-insurance industry, in which 25 combined premiums last year increased 10 per cent to Bt222 billion.
Last year, BLA's share of first-year premiums was 8 per cent, up from 6.37 per cent in 2007.
It is now the Kingdom's sixth-largest life insurer.
BLA's marketing plan remains focused on increasing the number of sales agents, agent development and the launch of products to fit its targeted customers.
Its products are sold mainly through its 12,214 agents and Bangkok Bank.
Last year, 61.85 per cent of comnined premiums were sent through the agent network, 33.15 per cent through other channels.
"The company's goal is to become one of the Thai life-insurance and financial institutions with a strong financial status and growth not below the industrial average," Chan said. "We promise to be a company with good governance and become part of the drive to raise long-term savings for national development."
Insurer's IPO shares: Bangkok life Assurance is selling 200 mmillion initial public offering shares next month, with an IPO price in the range of Bt12.5-Bt14 apiece.
Bangkok Life Assurance wwll sell 200 million initial public offering shares next month for Bt 12.50 to Bt14 apiece.
The proceeds could amount to Bt2.8 billion, making it the biggest IPO in more than 12 months.
President Chan Vathanakul yesterday said from discussions with the underwriter and agents, the time was ripe for the IPO.
"It's agreed by the public and private sectors that the economic crisis has bottomed out and there are signs of sustainable recovery. The stock exchange's condition reflcted the recovery and investor confidence. Coupled with the company's continued growth, we're confident investors will warmly welcome the IPO," he said in a statement.
Several institutional investors have also shown interest in the company, Chan said.
Next week, the company is scheduled to present its information to individual investors, who are also expected to show a positive reaction.
The company will then be listed on the Stock Exchange of Thailand.
BLA earned Bt790 million in the first half of the year, up 57.61 per cent year on year. Its first-half premiums also climbed 43.43 per cent to Bt9.4 billion.
Its investments gained 26.12 per cent to Bt1.49 billion.
Its total assets, mostly bonds and long-term debentures, expanded to Bt58 billion as of June, from Bt51 billion at the end of last year.
The company plans t use the IPO proceeds in strengthening its capital base, preparing for future expansion and raising public confidence.
It has a policy of paying at least 25 per cent of net profits as dividennds.
Chan expects continued growth in the life-insurance industry, in which 25 combined premiums last year increased 10 per cent to Bt222 billion.
Last year, BLA's share of first-year premiums was 8 per cent, up from 6.37 per cent in 2007.
It is now the Kingdom's sixth-largest life insurer.
BLA's marketing plan remains focused on increasing the number of sales agents, agent development and the launch of products to fit its targeted customers.
Its products are sold mainly through its 12,214 agents and Bangkok Bank.
Last year, 61.85 per cent of comnined premiums were sent through the agent network, 33.15 per cent through other channels.
"The company's goal is to become one of the Thai life-insurance and financial institutions with a strong financial status and growth not below the industrial average," Chan said. "We promise to be a company with good governance and become part of the drive to raise long-term savings for national development."
Insurer's IPO shares: Bangkok life Assurance is selling 200 mmillion initial public offering shares next month, with an IPO price in the range of Bt12.5-Bt14 apiece.
AIG chief to take home $7m
Howmuch will it cost the American International Group to keep its chief executive to help stabilise the troubled insurer? At least $7 million a year.
AIG disclosed on Monday in a regulatory filing that it would pay Robert Benmosche,65, the former head of MetLife,$3 million a year in cash and $4 million in stock.
"Benmosche will also be eligible for up to $3.5 million in stock as part of an incentive plan," AIG said in a regulatory filing.
The pay package has received preliminary approval by Kenneth Feinberg,the administration official in charge of overseeing compensation for top executives at seven large firms bailed out by the federal government, according to the regulatory filing.
Benmosche will receive significantly more than the dollar a year earned by his predecessor, Edward M. Liddy, a former head of Allstate who came out of retirement to try to turn AIG around after it received $182 billion in govern-ment aid. The government now owns nearly 80% of the company.(Liddy, however, received about $460,000 to compensate for air travel, housing and other expenses.)
Liddy, who unlike Benmosche also held the title of chairman, described his job at AIG as public service, one where he was charged with reshaping the company after its near-collapse last autumn.Under him, the company began exploring deals to sell assets in hopes of repaying some of the hundreds of billions of dollars it received from the government.
This month, AIG reported its first quarterly profit since 2007, though Liddy warned that the insurance businesses "remain challenged."
But Liddy was criticised by Congress for paying retention bonuses to people in its financial products unit, the division that sold the credit-default swaps that nearly brought AIG to financial ruin. He was not in charge when those contracts were struck. He has said that AIG would need to pay his successor significantly more in order to retain a well-qualified individual.
The last AIG chief executive to work a full year, Martin Sullivan, was paid $14.3 million in 2007.(Robert Willumstad,who succeeded Sullivan in 2008, worked for only three months before he was ousted as part of the first government bailout.)
AIG said in its letter formally offering Benmosche the job that his compensation would be subject to "clawbacks"by Feinberg's office, meaning that at least some of the money could be recovered if the bonuses were paid based on financially misleading data.
Benmosche will also not receive a severance package if he is dismissed from the company, according to the regulatory filing.
Because Benmosche still retains some holdings in MetLife - about 500,000 shares and 2.1 million options - he will be excluded from any deals between his old employer and AIG, the company said in its filing.
Instead, a special committee of directors will oversee the handling of any such sale. Any transaction involving MetLife would not be factored into consideration for bonuses to Benmosche.
AIG disclosed on Monday in a regulatory filing that it would pay Robert Benmosche,65, the former head of MetLife,$3 million a year in cash and $4 million in stock.
"Benmosche will also be eligible for up to $3.5 million in stock as part of an incentive plan," AIG said in a regulatory filing.
The pay package has received preliminary approval by Kenneth Feinberg,the administration official in charge of overseeing compensation for top executives at seven large firms bailed out by the federal government, according to the regulatory filing.
Benmosche will receive significantly more than the dollar a year earned by his predecessor, Edward M. Liddy, a former head of Allstate who came out of retirement to try to turn AIG around after it received $182 billion in govern-ment aid. The government now owns nearly 80% of the company.(Liddy, however, received about $460,000 to compensate for air travel, housing and other expenses.)
Liddy, who unlike Benmosche also held the title of chairman, described his job at AIG as public service, one where he was charged with reshaping the company after its near-collapse last autumn.Under him, the company began exploring deals to sell assets in hopes of repaying some of the hundreds of billions of dollars it received from the government.
This month, AIG reported its first quarterly profit since 2007, though Liddy warned that the insurance businesses "remain challenged."
But Liddy was criticised by Congress for paying retention bonuses to people in its financial products unit, the division that sold the credit-default swaps that nearly brought AIG to financial ruin. He was not in charge when those contracts were struck. He has said that AIG would need to pay his successor significantly more in order to retain a well-qualified individual.
The last AIG chief executive to work a full year, Martin Sullivan, was paid $14.3 million in 2007.(Robert Willumstad,who succeeded Sullivan in 2008, worked for only three months before he was ousted as part of the first government bailout.)
AIG said in its letter formally offering Benmosche the job that his compensation would be subject to "clawbacks"by Feinberg's office, meaning that at least some of the money could be recovered if the bonuses were paid based on financially misleading data.
Benmosche will also not receive a severance package if he is dismissed from the company, according to the regulatory filing.
Because Benmosche still retains some holdings in MetLife - about 500,000 shares and 2.1 million options - he will be excluded from any deals between his old employer and AIG, the company said in its filing.
Instead, a special committee of directors will oversee the handling of any such sale. Any transaction involving MetLife would not be factored into consideration for bonuses to Benmosche.
HIGH PREMIUM GROWTH FOR LIFE INSURERS IN FIRST-HALF
Despite the weakening economy, the life-insurance business spurted 15.5 per cent over the first six months, fuelling anticipation that total premium growth for the whole year would surpass the taret of 10.6 per cent.
Total life-insurance premiums in the first half reached Bt119.95 billion.
Of the total, new business premiums soared 21.9 per cent to Bt39.48 billion while renewal preiums jumped 12.5 per cent to Bt80.47 billion.
Busara Ungphakorn, director of the Thai Life Assurance Association, said yesterday that total premiums are bucking the downward trend of GDP.
Of total new business premiums, first-year premiums climbed 24 per cent to Bt27.36 billion and single premiums increased 17.5 per cent to Bt12.12 billion.
The top five life insurers by premiums are:
- American International Assurance with Bt40.47 billion, representing 33.7 per cent of the market
- Thai Life Insurance with Bt16.42 billion (13.7 per cent)
- Muang Thai Life Assurance with Bt10.76 billion (9 per cent)
- Bangkok Life Assurance with Bt9.58 billion (7.99 per cent)
- Siam Commercial New York Life Assurance with Bt9.55 billion (7.97 per cent).
Busara believes that insurers succeeded in boosting premiums by focusing on bancassurance and telemarketing.
In the future, bancassurance, or selling policies via banks, might play a bigger role than selling via insurance agents as new business premiums from the bancassurance channel were surging, she said.
In the first half, bancassurance's market share expanded to 47.3 per cent, compared to 43.5 per cent for the traditional sales channel.
"Of the total, new business premiums soared 21.9 per cent to Bt39.48 billion."
Total life-insurance premiums in the first half reached Bt119.95 billion.
Of the total, new business premiums soared 21.9 per cent to Bt39.48 billion while renewal preiums jumped 12.5 per cent to Bt80.47 billion.
Busara Ungphakorn, director of the Thai Life Assurance Association, said yesterday that total premiums are bucking the downward trend of GDP.
Of total new business premiums, first-year premiums climbed 24 per cent to Bt27.36 billion and single premiums increased 17.5 per cent to Bt12.12 billion.
The top five life insurers by premiums are:
- American International Assurance with Bt40.47 billion, representing 33.7 per cent of the market
- Thai Life Insurance with Bt16.42 billion (13.7 per cent)
- Muang Thai Life Assurance with Bt10.76 billion (9 per cent)
- Bangkok Life Assurance with Bt9.58 billion (7.99 per cent)
- Siam Commercial New York Life Assurance with Bt9.55 billion (7.97 per cent).
Busara believes that insurers succeeded in boosting premiums by focusing on bancassurance and telemarketing.
In the future, bancassurance, or selling policies via banks, might play a bigger role than selling via insurance agents as new business premiums from the bancassurance channel were surging, she said.
In the first half, bancassurance's market share expanded to 47.3 per cent, compared to 43.5 per cent for the traditional sales channel.
"Of the total, new business premiums soared 21.9 per cent to Bt39.48 billion."
Real estate drags down ING results
ING Groep NV, the Dutch bank and insurer, yesterday reported a net profit of 71 million ($100 million) for the second quarter, down 96% from 1.92 billion in the same period a year earlier, before the financial crisis struck.
In its earnings report, the company focused on the ways in which its recent performance is better than the 793 million loss it reported in the first quarter.It cited better margins at its banking operations and the partial recovery of financial markets.
"ING posted solid commercial performance in the quarter, as a more favourable interest rate environment and improved margins on savings and lending led to a 19.4% increase in interest income at the banking operations," said chief executive Jan Hommen in a statement."In insurance, the recovery of equity markets in the second quarter helped boost fees on assets under management."
However, ING increased its provision against bad loans by 852 million and suffered for being conservative - or wrong - in its positioning during the sharp rebound of recent months.
For instance in the US it had a 176 million gain at its insurance operations as the stock market recovery allowed it to value life insurance contracts more favourable on its balance sheets.
However, that was more than offset by346 million in losses because it had bet heavily against a rise in the S&P 500 by shorting index futures.
The company reported a pretax loss of204 million at its banking operations on an "underlying" basis - a nonstandard measure that strips out the impact of divestments.
On the same basis, its insurance arm reported pretax profit of 278 million.The company reported a litany of write-downs and devaluations.
In addition to the loan provisions,the company said it had written down real estate assets by 694 million, and suffered 323 million in impairments on investments in subprime mortgagerelated securities.
In January, the Dutch state assumed 80% of the risk for ING's portfolio of
27.7 billion in such derivatives - meaning the losses borne by taxpayers in the Netherlands are four times as large as ING's.
ING said its Tier 1 ratio - a key measure of solvency for banks - slipped to 9.4% from 9.7% in March.
According to its balance sheet, total equity was 33.4 billion,10 billion of which is due to a direct investment lifeline it received from the Dutch government last year. ING said it hoped to repay that money, but didn't set a deadline.
Additionally, it said it was now entering talks with the Dutch government and the EU Commission on restructing - a requirement for all European banks that received bailout money during the financial crisis of last autumn.
In its earnings report, the company focused on the ways in which its recent performance is better than the 793 million loss it reported in the first quarter.It cited better margins at its banking operations and the partial recovery of financial markets.
"ING posted solid commercial performance in the quarter, as a more favourable interest rate environment and improved margins on savings and lending led to a 19.4% increase in interest income at the banking operations," said chief executive Jan Hommen in a statement."In insurance, the recovery of equity markets in the second quarter helped boost fees on assets under management."
However, ING increased its provision against bad loans by 852 million and suffered for being conservative - or wrong - in its positioning during the sharp rebound of recent months.
For instance in the US it had a 176 million gain at its insurance operations as the stock market recovery allowed it to value life insurance contracts more favourable on its balance sheets.
However, that was more than offset by346 million in losses because it had bet heavily against a rise in the S&P 500 by shorting index futures.
The company reported a pretax loss of204 million at its banking operations on an "underlying" basis - a nonstandard measure that strips out the impact of divestments.
On the same basis, its insurance arm reported pretax profit of 278 million.The company reported a litany of write-downs and devaluations.
In addition to the loan provisions,the company said it had written down real estate assets by 694 million, and suffered 323 million in impairments on investments in subprime mortgagerelated securities.
In January, the Dutch state assumed 80% of the risk for ING's portfolio of
27.7 billion in such derivatives - meaning the losses borne by taxpayers in the Netherlands are four times as large as ING's.
ING said its Tier 1 ratio - a key measure of solvency for banks - slipped to 9.4% from 9.7% in March.
According to its balance sheet, total equity was 33.4 billion,10 billion of which is due to a direct investment lifeline it received from the Dutch government last year. ING said it hoped to repay that money, but didn't set a deadline.
Additionally, it said it was now entering talks with the Dutch government and the EU Commission on restructing - a requirement for all European banks that received bailout money during the financial crisis of last autumn.
Britain"s Resolution finally wins Friends
Britain's Resolution, an acquisitions vehicle founded by entrepreneur Clive Cowdery, clinched its first deal yesterday with the ฃ1.86 billion ($3.1 billion) takeover of insurer Friends Provident.
Resolution, created last year to buy life insurers and asset managers, said Friends Provident's management had agreed to back an improved bid giving shareholders 0.9 Resolution share per Friends share, a month after rejecting an initial offer.
Cowdery told reporters Resolution was looking for at least two further acquisitions which would be merged and relisted on the stock market after two to three years of restructuring.
Resolution's bid valued Friends Britain's sixth-biggest life insurer and an acquisition target since it demutualised and listed in 2001- at 79.4 pence per share, a 6% premium to Monday's closing price but little more than a third the 225 pence price it first listed at eight years ago.
Cowdery said he was eyeing life insurers rather than asset manager for future deals, and had a preference for whole businesses rather than books of policies.
Future acquisitions could include "local subsidiaries of foreign insurers and local subsidiaries of banks or large British insurers that may not wish to continue to focus on the UK market," Cowdery said on a conference call.
Manoj Ladwa, a senior trader at ETX Capital, said potential targets included Scottish Widows, the life insurance business of Lloyds Banking Group, as well as the British life operations of companies such as British insurer Prudential, Aegon of the Netherlands, French Axa, and Swiss Zurich Financial Services.
The takeover will boost the turnaround efforts of the reinvigorated former mutual and marks a critical first deal for Cowdery's Resolution.
"We believe the (Resolution) story will become much more interesting as they announce subsequent deals and we are able to gauge what sort of value can be created from cost and outsourcing synergies, asset management synergies and disposals," analysts at Oriel Securities said.
Resolution and Friends started talks in July but broke them off the same month. A source close to the matter said pressure from shareholders pushed Friends into allowing due diligence only two days later.
The deal came as Friends posted a 38% drop in first-half underlying profit to ฃ131 million, missing a consensus forecast of ฃ148 million based on seven analyst estimates.
The group said the outlook for 2009 remained challenging but that it had a strong Insurance Groups Directive (IGD)surplus, estimated at 0.9 billion as of 31 July.
Resolution, created last year to buy life insurers and asset managers, said Friends Provident's management had agreed to back an improved bid giving shareholders 0.9 Resolution share per Friends share, a month after rejecting an initial offer.
Cowdery told reporters Resolution was looking for at least two further acquisitions which would be merged and relisted on the stock market after two to three years of restructuring.
Resolution's bid valued Friends Britain's sixth-biggest life insurer and an acquisition target since it demutualised and listed in 2001- at 79.4 pence per share, a 6% premium to Monday's closing price but little more than a third the 225 pence price it first listed at eight years ago.
Cowdery said he was eyeing life insurers rather than asset manager for future deals, and had a preference for whole businesses rather than books of policies.
Future acquisitions could include "local subsidiaries of foreign insurers and local subsidiaries of banks or large British insurers that may not wish to continue to focus on the UK market," Cowdery said on a conference call.
Manoj Ladwa, a senior trader at ETX Capital, said potential targets included Scottish Widows, the life insurance business of Lloyds Banking Group, as well as the British life operations of companies such as British insurer Prudential, Aegon of the Netherlands, French Axa, and Swiss Zurich Financial Services.
The takeover will boost the turnaround efforts of the reinvigorated former mutual and marks a critical first deal for Cowdery's Resolution.
"We believe the (Resolution) story will become much more interesting as they announce subsequent deals and we are able to gauge what sort of value can be created from cost and outsourcing synergies, asset management synergies and disposals," analysts at Oriel Securities said.
Resolution and Friends started talks in July but broke them off the same month. A source close to the matter said pressure from shareholders pushed Friends into allowing due diligence only two days later.
The deal came as Friends posted a 38% drop in first-half underlying profit to ฃ131 million, missing a consensus forecast of ฃ148 million based on seven analyst estimates.
The group said the outlook for 2009 remained challenging but that it had a strong Insurance Groups Directive (IGD)surplus, estimated at 0.9 billion as of 31 July.
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