UK - Britannic Group has warned it may defer annual bonuses to with-profit policyholders in a bid to maintain its financial strength.
And the financial services firm has said that it is unlikely to pay a final dividend for 2002 due to the fact that operating profits will be far below expectations.
New business figures for 2002 will be released on January 15 and are expected to show annual premium equivalent (APE) volumes for life, pensions and retail investment sales of around £80m – roughly equivalent to the 2001 figure.
In 2001 Britannic Group reduced the equity exposure in Britannic Assurance’s with-profit fund from 72% to 42% and cut costs by over £130m.
The results for the group’s fund management arm – Britannic Asset Management – are also expected to be slightly below expectations and following the fall in stock markets it is likely that its value will be written down by £50m.
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