Insurer advances

Click to follow
Transatlantic Holdings, Liberty Life's London-based insurance and property group, reported a 34 per cent advance in yearly taxable profits to £90m (£67m), writes Martin Flanagan. It has hoisted the total dividend to 13.2p (12p) via a 7.2p final.

The group, now in its 15th year, saw net borrowings fall from £446m to £376m in 1994; the debt-to-shareholders' funds ratio reduced from 42 to 28 per cent.

Chairman Donald Gordon said one of the big events of the year for Transatlantic was the demerger of Capital Shopping Centres via a stock exchange flotation. The new property company, which specialises in regional shopping centres and has assets of nearly £1bn, has interests in seven such centres previously held by Transatlantic's Capital & Counties subsidiary.