Flood losses have caused a decline in profits at Aviva, Britain's largest insurer, which operates under the Norwich Union brand in the UK, The Guardian reports.
The company's shares fell 7.5p to 698p in early trading.
Operating profits dropped 8% to £1.54bn in the six months to June 30.
Hit by the June floods and January's storm, profits at the general insurance and health business were down 34% to £560m, with exceptional weather losses totalling £235m.
SCHRODERS, THE FUND manager, today reported a 40 per cent jump in first-half profits, underpinned by rising demand for higher-margin products, according to The Times.
The company said group pre-tax profits rose to £185.6 million in the six months to June 30, from £132.3 million in the same period of last year, on significant demand for emerging market equity debt, European equities, global equities, property securities and multi-manager funds in the half-year.
Performance was bolstered by a "particularly strong" result in Asia, with net sales of £1.7 billion. By comparison the UK business made £1.3 billion of net sales.
BLACKSTONE ON WEDNESDAY closed the world’s biggest private equity fund at $21.7bn, setting a high-water mark for fundraising in the buy-out industry even as turmoil in global credit markets has raised questions about its future, The Financial Times reports.
The US buy-out specialist amassed the bulk of the fund last year and this year, before funding for leveraged buy-outs began to dry up.
Blackstone said it was already committed to spending two-thirds of the money on deals, including the $26bn purchase of Hilton Hotels and the $18bn acquisition of Free-scale Semiconductors.
To comment on this story, contact:
0207 034 2681
Square Mile’s series of informal interviews
Fallout from Haywood suspension
Latest news and analysis
Drip-feed. Blend. De-risk