UK - Insurance and fund management group HHG's losses more than doubled last year to £864m due to its separation from its former parent company, AMP.
The firm, which owns Hen-derson Global Investors, said its losses – up from £392m in 2002 – were due to writedowns, debt repayments, and impairment of both goodwill and the present value of its business.Operating profits at Hender-son were also down 41% to £32m, compared to the £54m it made in 2002.
The market recovery ensured that Henderson’s operating profits were 46% higher in the second half of 2003 than its first half results, where it posted a £23m loss.
The fund manager’s assets under management also benefited, and at the end of the year it had £70.6bn, compared to £68.7bn at the end of 2002.
HHG’s life division, which includes Pearl, London Life and NPI, also benefited from a round of cost-cutting, which saw its head count fall from 4900 to 1800.
The unit posted an £81m operating profit for 2003, which the firm said was a “strong result” considering that it posted a £40m loss for the first half of the year.
The Pensions Regulator (TPR) has granted 11 master trusts extensions to apply for authorisation, as it confirms it has received 22 applications ahead of the 31 March deadline.
Aegon Master Trust, Fidelity Master Trust and Ensign have sent off their authorisation applications to The Pensions Regulator (TPR).
Self-administered pension funds spent £15bn on payments to pensioners in Q4 2018, but received just £12bn in contributions (net of refunds), Office for National Statistics (ONS) data reveals.
Aberdeen Standard Investments (ASI) and Gresham House are to team up to form a joint venture.