Wary sales force collects fewer premiums for L&M
Tuesday 12 April 1994
Sales of so-called industrial business - where premiums are collected from the home - fell by a quarter last year to pounds 6.4m of new annual premiums.
Tom Pyne, chief executive, said the 1,200 members of L&M's home service sales force had lost confidence in their ability to recommend industrial business policies because they were 'aware of the regulators' attitude towards good advice'.
Regulators are nervous that these policies, mostly used by poorer customers, offer poor value when compared with modern policies, where contractual payments are made through a bank.
Total new annual business in 1993, down pounds 10m at pounds 32m, also reflected the legacy of problems with L&M's 200 firms of tied agents.
Despite lower sales, L&M's pre- tax profits jumped by 42.5 per cent to pounds 33.4m last year thanks to a pounds 9m improvement from its non-insurance businesses. Estate agency losses were reduced by pounds 2.1m.
A final dividend of 10.56p increases the total payout by 10 per cent to 15.68p a share.
- 1 Howard Jacobson: Let's see the 'criticism' of Israel for what it really is
- 3 Belgium fan Axelle Despiegelaere lands L'Oreal campaign after World Cup viral photo
- 4 Britney Spears sings 'Alien' without Auto-Tune in embarrassing leaked audio clip
- 5 PornHub begs users to stop uploading video clips of Brazil getting beaten 7-1
Instagram of US airport security chiefs: Lipstick knives and IED training kits among items seized
Game of Thrones author George RR Martin says 'f*** you' to fans who fear he will die before finishing Westeros saga
Mick Jagger denies being World Cup curse and reason for Brazil’s embarrassing defeat
Israel-Gaza crisis: ‘We just want it to end… We don’t deserve to live like this’
Israel-Gaza crisis: Eight killed in Gaza Strip cafe while watching World Cup semi-final
Sustained immigration has not harmed Britons' employment, say government advisers
Australia facing international condemnation after turning around Sri Lankans at sea
7/7 memorial defaced on anniversary of 2005 attacks with ‘Blair lied thousands died’ graffiti
Even when it brutalises one of its own teenage citizens, America is helpless against Israel
Socialist Worker called to apologise over ‘vile’ article saying Eton schoolboy Horatio Chapple's death is ‘reason to save the polar bears’
There’s a nasty smell in the political air – and it’s coming from the Tories
iJobs Money & Business
£12 - £15 per hour: Cameron Kennedy Recruitment: Excellent opportunity to join...
£400 per hour: Orgtel: Technical Business Analyst - Banking - Bristol - £400pd...
£38000 - £42000 per annum + competitive: Real Staffing: Required skills:Previo...
£60000 - £75000 per annum: Harrington Starr: Business Analyst Consultant (Fina...