Today’s market overview
London shares started the day flat as investors absorbed Donald Trump’s latest machinations but have begun to pick up as the morning as worn on. Click here for The Trader Nicole Elliott’s latest views on the markets.
IC TIP UPDATES:
Aviva ( AV .) has withdrawn €475m (£403m) of capital from Spain by selling its 50 per cent shareholding in life assurance and pensions joint venture Unicorp Vida. The deal is part of the group’s strategy to allocate capital to markets it hopes can deliver higher returns and a wider review of its Spanish operations. Buy .
Lloyd’s insurer Novae ( NVA ) saw gross written premiums ahead by 13.8 per cent on a constant currency basis in the first three months of 2017, although rates on renewals were down 2 per cent. The insurer has withdrawn from certain classes of business deemed to be unprofitable, and is now focussed Lloyd’s business. However, the group admitted that with softer margins firmly entrenched, it is unlikely to achieve a combined ratio (of premium income to claims of above 100 per cent. Furthermore, low interest rates mean that the £1.47bn of assets is earning an investment return of […]