United Friendly boosts payout after 16% advance
Wednesday 07 April 1993
Although earnings per share rose more modestly, by 13.9 per cent to 23p, United Friendly has lifted its dividend by nearly 18 per cent. A final payout of 9.6p makes a total of 14.5p.
Life insurance profits increased from pounds 10.7m to pounds 11.2m, while the company reduced its general insurance loss from pounds 4m to pounds 1.9m. Life profits were held back by development costs of the new unit-linked business, which is expected to make a profit this year.
In line with most of its rivals United Friendly has cut the bonuses it pays on with-profits life policies. Total bonus allocations of pounds 112.6m were pounds 28.2m lower than in 1991.
Changes in bonus policy in recent years have brought 'policy benefits more closely in line with underlying asset values'. United Friendly said it had broadly completed the necessary changes.
The company said it intended to publish financial information on the basis of so-called accruals accounting - an approach which is intended to give a better indication of the true profitability of life insurance companies, and which gives more weight to new business sales than statutory accounts. United Friendly said it would produce accruals information after it had identified its shareholders' interest in its life funds, another initiative announced recently.
Life premium income exceeded pounds 200m for the first time last year, with regular premiums rising modestly from pounds 117.1m to pounds 123.5m and single premiums up pounds 28.5m to pounds 77.2m.
- 1 Unseen Charlie and the Chocolate Factory chapter deemed 'too subversive' released
- 3 Joan Rivers: 'Palestinians deserve to be dead'
- 4 A teacher speaks out: 'I'm effectively being forced out of a career that I wanted to love'
- 5 Mexican woman becomes world’s 'oldest person' at 127
Israel-Gaza crisis: YouTube footage shows scale of destruction after 50 days of shelling
iPhone 6 'hidden code' could indicate sharper screens or bigger phones
Keira Knightley topless: Conservative actress does own take on #Freethenipple campaign for Interview Magazine
Joan Rivers: 'Palestinians deserve to be dead'
Ebola virus: It's ripped through towns – now the deadliest ever outbreak of the virus is heading for Africa's teeming cities
Robin Williams Emmys tribute led by Billy Crystal criticised for including 'racist' joke about Muslim woman
Rotherham child sex abuse scandal: Labour Home Office to be probed over what Tony Blair's government knew - and when
The Rotherham child abuse scandal is a tale of apologists, misogyny and double standards
What do immigrants really think of Britain? Polish immigrant's Reddit post goes viral
Do you realise just how foolish the UK looks?
With Douglas Carswell joining Ukip, my party has taken another giant step forward
iJobs Money & Business
£40000 - £45000 per annum: Ashdown Group: An established professional services...
£18000 - £23000 per annum + Commission: SThree: Real Staffing are currently lo...
£28 - 32k + Uncapped Commission: Guru Careers: A Business Development Manager ...
£40000 - £70000 per annum + Bonus+Benefits+Package: Harrington Starr: C# .NET ...