Insurers Norwich Union and Friends Provident checked in with the market this week, both detailing buoyant growth in annual premium income. However, the results proved secondary to continued speculation as to when both would be gobbled up by larger competitors. Norwich has grown weary of fending off the carpet-baggers who take out policies in the expectation of a freebie cash windfall. The group won £407 million in new annual premiums, a growth of 14 per cent, helped by the appreciation of sterling. Norwich Union Ireland grew annual premium income by 24 per cent to £24 million. Single permiun business rocketed 282 per cent to £73 million. The pensions business was also buoyant, growing a whopping 233 per cent to £43 million. The shares, more subdued since the feeding frenzy of the June flotation, remain well supported on bid hopes.
Friends' is also considered a takeover candidate by opportunists keen to get in on the ground floor. The company naturally terms such conjecture "mischevious gossip". Time will tell.
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