In Short: French insurer Assurances Generales de France posted a 63 per cent drop in profits for 2002 yesterday after setting aside provisions for securities losses in slumping markets. It also halved its dividend.
In yet another sign of the hard times for insurance companies, AGF's net profit fell to €268 million , including securities loss provisions of €980 million, from €732 million in 2001.
Tumbling stock markets have forced insurers around the world to write down the value of equity investments. ING, Europe's biggest insurer, posted a €9.6 billion net loss for 2002 yesterday after a €13.1 billion goodwill impairment charge. - (Reuters)
NIB parent plans to create UK giant
National Australia Bank, which owns National Irish Bank and Northern Bank, has said it plans to take on Britain's fiercely competitive retail banks and create a UK national giant.
Its incoming European chief executive, Mr John Stewart, has signalled that he will grow its UK operations into a national franchise.
"I'm not the kind of guy you should hire to mind the shop. This is a real building job. I want to create a national franchise and I'll do that whatever happens - through organic growth and by acquisition if the right deal comes along."
Mr Stewart will join NAB in August from Barclays. - (Reuters)
AIB chairman in new RTE series
AIB chairman Mr Lochlann Quinn will be the first guest in the new series of Radio 1's Moneymakers which airs on Monday March 24th at 8pm.
Other guests in the series will include Riverdance creator Ms Moya Doherty and Mr Patrick Campbell, founder of Campbell Bewley's. The show is presented and produced by Mr Shane Kenny.
Pfizer/Pharmacia merger on track
Drugmakers Pfizer and Pharmacia yesterday said they had reached an agreement with US antitrust regulators clearing the way for Pfizer's proposed $52.4 billion (€49.3 billion) acquisition of its smaller rival.
Pfizer and Pharmacia were asked by US and European regulators to sell the rights to certain products due to antitrust concerns.
The companies said yesterday they had signed agreements with buyers for all of the assets to be divested. They did not disclose the names of the buyers. - (Reuters)
Offshore private banking grows
Offshore private bank accounts, traditionally seen as a bolt-hole from the taxman, are growing despite the bear markets and pressures on banking secrecy, US credit rating agency Moody's said yesterday.
In a rare upbeat report on Europe's private banking industry that has seen big job cuts and consolidation in the downturn, Moody's said the business grew by 15 per cent during 1999-2001 with client assets under management reaching $8.4 trillion (€7.9 trillion).
That's just under a third of the global private banking assets, estimated at some $27 trillion. - (Reuters)
