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.
Tourist films plane's descent just metres above packed Caribbean beach
Bali nine: Welcome to 'Execution Island' – the Indonesian holiday resort where foreigners are sent to die
How Homer Simpson discovered the Higgs boson over a decade before scientists
The 'sex selfie stick' lets you FaceTime the inside of a vagina
Harrison Ford plane crash: Star Wars actor 'seriously injured' after his vintage light aircraft crash lands in golf course in Los Angeles
Durham Free School: 'Creationism taught at' free school facing closure
Nearly 100,000 of Britain's poorest children go hungry after parents' benefits are cut
End of the licence fee: BBC to back radical overhaul of how it is funded
Nigel Farage promises Ukip will not 'stigmatise' would-be migrants – and says he wants 'everyone to speak the same language'
Ex-head of MI6: 'We shouldn't kid ourselves that Russia is on a path to democracy'
Most people think legal tax avoidance is just as wrong as illegal tax evasion, poll suggests
iJobs Money & Business
£8 per hour: Recruitment Genius: This Pension Specialist was established early...
£30 - 35k + Bonus & Benefits: Guru Careers: We are seeking an Executive Assist...
£25000 - £30000 per annum + benefits: Ashdown Group: A global leader operating...
Voluntary post, reasonable expenses reimbursed: Reach Volunteering: Would you ...