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.
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