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The government today welcomed the drop in the December unemployment and youth unemployment figures but warned that the jobless total was still expected to rise again before the summer.

ONS Statistics show a 7,000 drop in the ILO measure of unemployment, a 15,000 drop in the claimant count and a 7,600 drop in the youth claimant count in December. The employment level fell by less than in previous quarters and the number of vacancies increased. A significant increase in the number of full time students has increased the inactivity figures.

These figures mean that unemployment is 450,000 lower than predicted at the time of the Budget, reflecting the £5bn extra investment in expanding education and training, supporting jobs and helping the unemployed back to work. Even more support for young people is being introduced later this month.

Secretary of State for Work and Pensions Yvette Cooper, said: “The jobs market is still tough for a lot of people, but the drop in unemployment and youth unemployment is very welcome. It means 450,000 fewer people are out of work than everyone expected last spring. The extra investment in jobs, education and training is making a real difference, helping people through the recession and preventing the kind of unemployment we saw in the eighties and nineties.

“However we know that things will still be difficult and unemployment is still likely to rise over the next few months. That is why we are determined to keep increasing the help and support to get people into jobs and training.”

Minster for Employment Jim Knight, said: “These figures show the largest number of people coming off unemployment benefit for 15 years which is a sign that our £5bn investment to get people back to work is having an impact. The fact that tens of thousands more young people are taking up the Government’s guarantee of a place in education or training means that they are getting the valuable skills they need to get into work.

“New figures published today show that more than 25,000 people have benefited from the new Six Month Offer, while the sixth round of winning Future Jobs Fund bidders will create almost 6,000 more jobs for young people. This brings the total number of successful bids to create jobs through the Fund so far to almost 104,000. This is in addition to more than 400,000 people who have been helped into jobs through the Job Centres’ Local Employment Partnerships.”

Today’s employment figures published by the Office for National Statistics show:

  • ILO unemployment fell by 7,000 on the quarter to 2.46 million (7.8%).
  • The number of people claiming JSA fell by 15,200 on the month to 1.606 million (5pc compared to around 10pc in the 80s and 90s).
  • The number of young people classed as ILO unemployed fell by 16,000 on the quarter to 927,000; these figures include 269,000 who are actually students in full time education but are looking for work, including part time work.
  • Excluding full time students, the number of young people ILO unemployed is 658,000, and dropped by 26,000 on the quarter.
  • The number of young people claiming JSA fell by 7,600 on the month.
  • Number of vacancies has increased by 16,000 to 448,000.
  • The number of people in work has decreased by 14,000 on the quarter to 28,921m
  • The number of people classed as economically inactive rose by 79,000, but this includes an 81,000 rise in the number of students.
  • If you take out students economic inactivity fell by 2,000 on the quarter.
  • The overall number of people classed as economically inactive includes a record number of over 2 million students.
  • In stark contrast to previous periods of economic downturn when the numbers on inactive benefits rose dramatically, in this recession the numbers on Incapacity Benefit/Employment and Support Allowance have remained broadly similar while the number of lone parents receiving income support has continued to fall.
  • Government is today announcing successful bids for a further 6,000 youth jobs, as part of the future jobs fund to be delivered over the next 18 months
  • From next week all young people out of work and claiming JSA for six months or more will be guaranteed a job, work focussed training or work experience

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Motorists convicted of speeding could see the cost of their motor insurance premiums almost double according to research by moneysupermarket.com, which also reveals the UK’s worst speeding culprits*.

The price comparison site analysed almost three million motor insurance quotes over a year from motorists with driving convictions. It reveals boy racers in East Dunbartonshire, Scotland, are the worst offenders – with over half (54 per cent) of all the speeding convictions in the G62 postcode area belonging to the male drivers aged 17-21.

Also racing ahead of the pack are thirty-something men in Swindon (SN5) and Sheffield (S1), with 52 and 30 per cent respectively of the speeding convictions in those areas being held by the 31-40 year old age group.

Steve Sweeney, head of motor insurance at moneysupermarket.com said: “Unfortunately the classic stereotype of a boy racer lives on. It is telling there are no female drivers anywhere near the top of the table in our analysis of speeding convictions, and unfortunately this is reflected in the price of premiums for men when compared to women. Speeding does increase accident rates so it’s hardly surprising insurers view a conviction dimly.

“The cost of car insurance can be high enough for young men, but added to that, speeding convictions can mean points on your licence and can potentially double your insurance premium, as well as landing you with a fine of up to £1,000.

“There is an even greater need to compare prices if you have a speeding conviction. Although about a third of providers will not increase the premium for one blemish on your record, serial speeders will find fewer providers willing to insure them and at increased prices.”

Example of insurance premium changes for speeding

Provider

Clean Licence

3 points on licence

6 points on licence

9 points on licence

Swiftcover

£491.93

£491.93

£756.95

£866.98
esure

£541.60

£607.85

£671.58

£806.93
Sainsbury’s Bank

£554.92

£635.39

£688.11

£843.49
Sheilas’ Wheels

£567.93

£650.29

£690.29

£863.26
Hastings Direct

£572.91

£730.28

£1,062.18

£1,410.57

Average

£545.86

£623.15

£773.82

£958.25

Source: Moneysupermarket

Senario: 30 year old male teacher in Manchester driving a 2006 Ford Focus, 10,000 miles a year with 5 years NCD. Parked on driveway.

Top tips for reducing the cost of car insurance:

  • Shop around – This is one of the easiest ways to save money. Don’t assume that your current provider is giving you the best renewal quote; look at other insurers using the moneysupermarket.com car insurance comparison tool and see if you can save.
  • Buy online – Many car insurers offer discounts to customers that buy online.
  • Reduce your mileage – When applying for insurance, you estimate the number of miles you’ll do each year. If you aren’t travelling much then you’ll usually pay less. That means that if you car share with a colleague or decide to take the train a couple of times a week, you can bring down the price.
  • Keep it safe – Insurers look at the risk every driver presents, so you’ll get a better deal if you can reduce that risk. By keeping the car off the road at night in a garage or on a drive you make it safer, meaning your premiums will come down.
  • Car security – Make sure you have an alarm and immobiliser.
  • Drive a car with a smaller engine – If you’re struggling to pay your insurance then give some thought to the car you’re driving. The bigger and faster the vehicle, the more it will cost to insure.
  • Up the excess – Agreeing to pay a higher excess, such as £500 instead of £100, can reduce your premiums. Don’t forget that this is what you will need to pay in the event of a claim, so be sure you can afford it.
  • Add an older driver – If you have a partner or parent who is more experienced behind the wheel, adding them to the policy can sometimes reduce what you pay. Whatever you do, don’t make them the named driver, though. This is called fronting and could invalidate your insurance.
  • Ensure it’s adequate – As you look for the lowest price, don’t be tempted to scrap things you really need. It might cost more to have a courtesy car or legal fees paid, but if you need it then include it. Skipping extras that you can’t do without will be a false economy if you do need to claim.

Note:

Areas with the highest bias to a gender and age category for speeding convictions.

% of convictions

Age and gender

Postcode

Postcode area
54.43% 17 – 21 male G62 Milngavie, East Dunbartonshire (Scotland)
52.28% 31 – 40 male SN5 Swindon
30.36% 31 – 40 Male S1 Sheffield
22.84% 22 – 25 Male PH7 Crieff, Perth (Scotland)
22.60% 17 – 21Male CW4 Holmes Chapel, Crewe
22.55% 31 – 40 Male M1 Manchester (City Centre)
22.34% 51 + Male B95 Henley-in-Arden, Stratford-on-Avon (Birmingham)
22.05% 26 – 30 Male M4 Manchester (Ancoats, Northern Quarter)
21.58% 41 – 50 Male SW3 Kensington and Chelsea, London
21.51% 31 – 40 male PA7 Bishopton, Paisely (Scotland)

Quotes based on a total sample size of 2.74 million, taken between 01 November 2008 and 01 November 2009.

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    The National Fraud Authority (NFA) has released the UK’s first comprehensive fraud estimate which estimates that fraud costs the UK over £30 billion a year or £621 per adult.

    The public sector accounts for 58 per cent of the total figure, the private sector 31 per cent and fraud against individuals 12 per cent.

    • The public sector amount represents a relatively small percentage when taken in context of the sector’s overall turnover. For example, within this figure tax fraud, the highest single area of fraud loss, estimated at £15.2 billion, is approximately 3% of total tax liabilities. At the DWP, fraud loss is estimated at £1.1 billion, which is 0.8 per cent of total benefit expenditure.
    • In the private sector, the report shows that the financial services industry recorded the highest loss to fraudsters, estimated to be £3.8 billion, with £1 billion in mortgage fraud and over £2 billion lost in insurance fraud, with fraud in plastic cards, online banking and cheques comprising most of the remainder. The consumer goods and manufacturing industry are estimated to have lost £1.3 billion and £1 billion respectively. The technology, media and telecommunications industry had losses of £948 million. Credit and debit card fraud is estimated to be 0.1 per cent of total transactions.

    Consumers are also becoming more willing to report fraud, and in mass-marketing frauds, such as share sale fraud and lottery and loan scams, losses amounted to £3.5 billion.

    CEO of the NFA Dr Bernard Herdan said: “The NFA’s unique position has allowed us to work with the counter-fraud community to build the UK’s most reliable and comprehensive fraud loss estimate ever. Although the figure appears on the face of it far greater than the previous estimate, we know this is because we have included many additional figures that other studies have not.

    “With this vital information we can develop clearer priorities to prevent, detect and deter fraudsters. We will use the data to help identify those areas of fraud that cause the most harm to the UK economy. Reducing the cost of fraud is important but even more significantly I want to stop more people from becoming victims. I have seen firsthand the devastating effects fraud can have. It destroys lives and livelihoods.”

    Download the full report

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    French insurance group AXA reported on Thursday a fourfold profit leap least year to 3.6 billion euros, beating analysts’ forecasts, and saying it would focus on raising profitability this year.

    The main difference from the results for 2008, when most financial groups were hit by the global financial crisis, was a turnaround totalling 2.6 billion euros in non-operational book-keeping items related to a recovery in the value of assets.

    Net profit for last year totalled 3.6 billion euros (4.9 billion dollars) compared with estimates by analysts of 3.3 billion euros.

    AXA is a leading global insurance group, and its chief executive Henri de Castries said that the objective this year was to “optimise margins in all areas of activity.”

    In 2009 however, operating profit fell by 6.0 percent to 3.8 billion euros, mainly because of a 30-percent fall in profit from damage insurance and a 41.0-percent fall in profits for asset management because the average level of assets under management had fallen.

    Sales fell by 3.0 percent to 90.1 billion euros. The ratio of payments to premiums fell because of an increase in claims, as was the case for damage claims. The ratio was 99.0 percent from 95.5 percent in 2008.

    The group recommended a 38.0-percent increase in the dividend to 0.55 euros.

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      One of the world’s biggest reinsurers, Swiss Re, on Thursday reported a 506-million-Swiss-franc annual net profit in 2009, edging away from a record loss suffered a year earlier in the financial crisis.

      The net profit, equivalent to 472 million dollars or 345 million euros, was well within the range of analysts’ expectations.

      “Today, I am proud to say: we have come a long way,” said chief executive Stefan Lippe in a statement.

      Lippe said the company had restored its capital base, which was severely eroded during the crisis, and strengthened its balance sheet.

      Nonetheless, Swiss Re’s annual accounts suffered as it shed the risky investment policy that left a pillar of the global reinsurance industry trembling more than a year ago.

      Annual net profit was hit by impairments of some 2.0 billion francs mainly on securitised products and by mark-to-market losses of 1.9 billion francs on corporate bond hedges, Swiss Re said.

      The group shifted from corporate credit hedging to government securities and high grade corporate bonds and “terminated substantially all of its exposures” to Credit Default Swaps (CDS), one of the financial instruments that was blamed for precipitating the banking collapse in 2008.

      However, Swiss Re said it expected a “further significant reduction in the remaining legacy exposures in 2010.”

      Last year’s turnaround was most marked in the fourth quarter of 2009, with a 403-million-franc net profit compared to a 1.7-billion-franc loss in the equivalent period a year earlier.

      The group said its core reinsurance business had continued to prosper through the year, notably with a 39 percent increase in operating income from property and casualty reinsurance, which reached 3.8 billion francs.

      “The strong fundamentals of our business underpin my confidence in the future,” said Lippe.

      Analysts at Zuercher Kantonalbank (ZKB) welcomed a “solid” set of results while Bank Wegelin said the turnaround since Swiss Re “foundered during the crisis appears to be successful.”

      The group’s share price rose by 2.5 percent in early trading on the Swiss exchange (0907 GMT).

      In 2008, Swiss Re posted its biggest ever loss of 864 million francs, largely due to investment losses.

      That prompted the departure of chief executive officer Jacques Aigrain, after he was widely blamed for having led the reinsurer into the risky world of investment banking, as the compnay turned to Wall Street sage Warren Buffett for fresh funds.

      The only two other annual losses in the company’s history were posted following the 9-11 terrorist attacks in New York.

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      People across the UK have been offered some advice on how to get the best life insurance deals to meet their needs.

      Kevin Tooze, managing director of Equity Partners, said that it is important people are open and honest with their insurer to ensure they are being given the right level of cover.

      Furthermore, he claimed lifestyle factors can have significant impact on premium costs, with habits like smoking and drinking pushing up costs, as too can taking part in dangerous activities like hang gliding or rock climbing.

      Mr Tooze advised: “Try to make it the shortest term you possibly can. Obviously, it’s got to cover your needs – if it’s [to cover] a mortgage, around 20 to 25 years – but the shorter you can make it, the less you will pay.”

      Elsewhere, Martin Dockrell, director of research and policy at Action on Smoking and Health, recently said plans by health secretary Andy Burnham to reduce the availability and appeal of smoking could go a long way towards helping to reduce the number of adults who smoke in the UK.

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      Dutch bank and insurance group ING announced cuts of up to 71 percent in executives’ bonuses and 56 percent in their total pay, after waiving a dividend for last year in a results statement on Wednesday.

      Amid the continuing global furore over perceived excessive bonuses which some say encourage market undue risk taking, ING said it had decided to slash the chief executive officer’s bonus by up to 71 percent and that of board members by up to 68 percent.

      The CEO’s total pay would be cut by as much as 56 percent and that of board members by about half.

      “The world is changing, we felt that we had to follow,” CEO Jan Hommen told a press conference broadcast via the internet.

      Bonuses would be linked to the company’s financial performance on a “no profit, no bonus” basis, and could later be retrieved for “inaccurate data or harmful behaviour”.

      The bonus can longer be more than the fixed salary, which could be exceeded by as much as 350 percent under the existing policy. Severance pay could also not exceed a year’s pay.

      The move was in line with an announcement by the Netherlands Bankers’ Association (NVB) last September that the executive bonuses and salaries of all banking executives in the Netherlands will be capped from January 1.

      This followed threats by Finance Minister Wouter Bos that he would curb bonuses one way or another if the banks did not do so themselves.

      Hommen said the new remuneration policy, which was “well below” the median pay rates of of ING’s international competitiors, would be presented to an annual general meeting in April for approval by shareholders.

      ING earlier announced an unexpectedly big fourth-quarter net loss of 712 million euros (980 million dollars), and a worse annual result than in 2008 as it repays state aid.

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      Norwegian insurance group Storebrand said Wednesday it would not pay dividends to its shareholders despite returning to profit last year following massive losses in 2008.

      The company made a net profit of 928 million kroner (116 million euros, 159 million dollars) in 2009 following a loss of 2.23 billion kroner in 2008.

      “In a year characterised by major market fluctuations, Storebrand delivered a good result for its customers and owners,” chief executive Idar Kreutzer was quoted as saying in the earnings report.

      Storebrand said it would not be paying dividends so as to strengthen its financial stability and reduce debts. “The work on streamlining operations and reducing costs will continue,” the report added.

      Storebrand shares were up 1.73 percent on the Oslo stock exchange following the announcement, while the market’s main index was up just 0.26 percent.

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      Farmers from across the South West are expected to descend on the Royal Cornwall Showground next week for a specially organised business seminar on farm diversification and how to plan for future success.

      These are the key themes for the agricultural event on Thursday 25 February (11am-2pm) being jointly hosted by the region’s only general insurance company Cornish Mutual, leading regional legal firm Stephens Scown and respected Chartered Accountants and Business Advisers Winter Rule.

      The Pavilion Centre will be the venue for the seminar which is aimed at those involved in or considering diversifying their farm. As well as formal presentations from the three companies, an open-floor question and answer session will be chaired by Cornish Mutual’s Managing Director Alan Goddard. Guest panellists will include Catherine Mead, Director of Lynher Dairies Cheese Company in Ponsanooth near Truro and Mike Rowe from Moorhayes Consultants Limited.

      Alan Goddard says: “This is a really valuable opportunity for farmers and those working in the agricultural industry in the region to get the right advice and information, direct from the experts, about legal or financial issues they may be dealing with when diversifying or planning to diversify. By the three companies coming together, it should provide a really good one-stop-shop and a more rounded approach in helping them to plan for the future.”

      Stephens Scown has a dedicated rural team with offices in Exeter, Truro and St Austell. It is headed up by partner Richard Baker who will be talking about farmers maximising their potential and avoiding the pitfalls

      Richard says: “Working in the agricultural sector in the South West can throw up all sorts of complex issues – it can be quite a minefield, particularly when it comes to having the legal expertise needed. There are many requirements for help and advice in the rural market, which is unique in many ways. I’m sure that landowners and farmers will benefit greatly from attending this event.”

      Farmers will diversify for a number of reasons which might include having dormant assets (buildings, land or amenities), lack of stability in income or through it being an economic necessity.

      Robert Cowie FCA, partner at Winter Rule in Truro will be looking at preserving inheritance tax and capital gains tax. Robert says: “It’s really important that should a farmer diversify and move away from their core business of agriculture, they ensure that things are set up in a way so that crucially important inheritance tax and capital gains tax reliefs aren’t lost.”

      He adds: “Diversification is being considered by most farmers these days as another strand for providing additional income, whether it’s setting up a farm shop, holiday lets or making commercial use of their buildings – farmers often sit on valuable assets and these assets can be used to increase their income capacity.”

      The event at the Royal Cornwall Showground will be followed by a buffet lunch and networking session, so that delegates are able to ask the experts more personal and pressing questions and chat informally.

      Around two thirds of Cornwall’s farmers are insured by Cornish Mutual and the firm also has Members across Devon, Somerset and Dorset. Cornish Mutual’s Business Development Manager Mitch Portman and local Inspector Jim Martin will be explaining why it is important to keep in touch with your insurance company throughout the process of diversification to make sure that insurance cover is right for changing business needs.

      Alan Goddard, Managing Director of Cornish Mutual, adds: “One of our key concerns and something we’ll be stressing at the event is that farmers must keep their insurance company informed about what changes they’re making to their business. Many hundreds of farmers decide to diversify every year, but don’t fully consider the implications this might have on their cover.”

      He says: “Quite often this includes changes to buildings, contents or machinery and there could be issues around public liability or employers’ liability that might leave them exposed – they might find they’re not properly covered, particularly when it comes to making a claim.”

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      Also known as permanent health insurance (PHI). It replaces part of your income if you are unable to work for a long time because of illness or disability.

      It continues to pay out until you return to work, die, or the policy term expires, whichever happens first.

      These products usually offer a choice of waiting periods before they will start to pay out (usually 4, 13, 26 or 52 weeks).

      The longer the waiting period you agree to, the lower your premiums will be, so it is important you find out what income you would get from your employer and other insurance products during the waiting period.

      Check – this cover might not be available to you if you have existing health problems or a dangerous job.

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        Fast and frightening, yes. Responsible for the death of a luger, no.

        Olympic officials decided late Friday night against any major changes in the track or any delays in competition and even doubled up on the schedule in the wake of the horrifying accident that claimed the life of a 21-year-old luger from the republic of Georgia.

        They said they would raise the wall where the slider flew off the track and make an unspecified “change in the ice profile” — but only as a preventative measure “to avoid that such an extremely exceptional accident could occur again.”

        On Saturday, officials delayed the reopening of the track. The sixth men’s training session was supposed to resume at 8 a.m. but has been pushed back. And the men will start their runs from the women’s start, which is further down the track. By adjusting the start, men’s sliders will not be able to reach their top speeds, which have been recorded at over 95 mph this week.

        Nodar Kumaritashvili, a 21-year-old slider from the republic of Georgia, died Friday after he crashed in the final curve. He was traveling at nearly 90 mph when he slammed into an unpadded steel support pole.

        Officials also have modified the final curve where he crashed and erected a wooden wall over the steel beams. Within sight of the finish line, Nodar Kumaritashvili crashed coming out of the 16th turn and slammed into an unpadded steel pole while traveling nearly 90 mph. Despite frantic attempts by paramedics to save his life, he died at a trauma center.

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          New claims for jobless insurance benefits in the United States tumbled in the past week, official data showed Thursday, highlighting ongoing improvement in the critical labor market.

          The seasonally adjusted initial claims in the week ending February 6 were down to 440,000, a decrease of 43,000 from the previous week’s revised figure of 483,000, a Labor Department report said.

          The latest claims reading was much better than the forecast of most economists of around 465,000, as the world’s largest economy emerges from its worst recession in decades with unemployment posing a key challenge.

          Claims had been elevated over the last several weeks, and this latest level is more in line with the general downward trend that has persisted for the past year, analysts said.

          “This is the first pleasant surprise in the claims numbers for some time,” said Ian Shepherdson, chief US economist for High Frequency Economics.

          “After several weeks of uncertainty, data are pointing to gradual labor market firming,” agreed Andrew Gledhill, an economist in the Moody’s Economy.com.

          Initial claims were kept artificially low in late December and early January because of holidays, and then high in late January as the Labor Department caught up with processing new claims, he said.

          “This latest reading is more in line with a slow improvement. It is not indicative of a sturdy labor market recovery, as layoffs remain elevated.”

          For stability, layoffs will need to slow further, which would be initial claims around 400,000, Gledhill said.

          The Labor Department said that the four-week moving average for the jobless insurance claims, a less volatile indicator than the week-to-week figures, was 468,500, a decrease of 1,000 from the previous week’s revised average of 469,500.

          The latest data also showed that the total number of Americans receiving unemployment benefits fell to the lowest level in more than a year.

          The number of seasonally adjusted insured unemployment during the week ending January 30 was 4.538 million, a decrease of 79,000 from the preceding week’s revised level of 4.617 million.

          A new White House economic forecast showed Thursday the US economy is set to start producing job growth this year at a rate of 95,000 per month, but that the unemployment rate will remain high.

          President Barack Obama’s annual economic report to Congress said the economy is on the verge of pulling out of a period of steep job losses stemming from the worst recession in decades.

          But the report also said that the unemployment rate may not come down much from the current level of 9.7 percent, and may even rise because of labor market growth and the return of more discouraged workers to the labor force.

          Shepherdson said it was possible that at least some of the drop in claims for jobless insurance benefit reflected the current severe cold weather, which could depress claims again next week.

          “In short, the underlying trend is hidden by the noise, and it likely won’t become clear for another few weeks,” he said.

          In addition, while businesses are comfortable enough to slow layoffs, hiring has not yet resumed with any vigor, noted Gledhill of Moody’s Economy.com.

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          Aon Consulting, the global human capital consulting organization of Aon Corporation, today announced that industry veteran Henry Wong has joined the firm as managing director, Regional Benefits Management, Asia Pacific.

          In his new role, Wong will lead all operational aspects of regional benefits appointments, assume direct client responsibilities and partner with the rest of the leadership team to enhance client relationship management. He will also be a member of the Asia Pacific regional leadership team.

          “I am pleased to announce the addition of Henry Wong to our leadership team,” said Edouard Merette, Chief Executive Officer of Aon Consulting in Asia Pacific. “Henry’s wealth of experience and track record in the industry is certainly an advantage for us. Henry represents one of the many senior executives in the human capital industry who have joined Aon Consulting Asia Pacific in the past 12 months, which is aligned with our goal of providing our clients distinctive value through our people.”

          Wong has 30 years of experience in consulting and leadership positions. He is well versed in actuarial, retirement benefits and employee benefits consulting in Canada, Hong Kong and Greater China. Prior to joining Aon, Wong was with Mercer where he was most recently leader for the Greater China Health & Benefits business as well as leader for Mercer’s Hong Kong and Taiwan operations.

          Wong graduated with Distinction from the University of Regina, Saskatchewan in Canada. He is an Associate of the Society of Actuaries in the U.S, and a qualified insurance and MPF intermediary in Hong Kong.

          Based in Hong Kong, Wong joined Aon Consulting Feb. 1.

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          • Sales (measured in APE*) in the fourth quarter amounted to £368 million compared to £305 million for the same quarter of 2008 (an increase of 21%). Sales for the year were £873 million compared to £1,005 million for the previous year (a decrease of 13%)
          • Lombard sales reflected the seasonal profile of previous years at £199 million for the fourth quarter, bringing the total for 2009 to £273 million. 2008 sales for Lombard were £246 million
          • New protection business partnerships with Tesco Bank and Virgin Money are now on stream following successful implementation
          • 33% growth in funds under management on the New Generation Pensions (NGP) platform to £9.7 billion at 31 December 2009, compared to £7.3 billion at the end of 2008
          • Estimated IGD surplus maintained at £0.9 billion at 31 December 2009

          Trevor Matthews, chief executive officer of the Friends Provident Group, said: “We continued our turnaround at Friends Provident in the fourth quarter. Thanks to Lombard’s excellent finish to the year, in particular in the Italian and Belgian markets, and a third consecutive quarter of growth in both Friends Provident International and in the UK, we delivered record fourth quarter sales results. This was a strong performance against the backdrop of a year of economic troubles and volatile financial markets. We have made steady progress with initiatives including the implementation of our new distribution arrangement with Tesco Bank and we are on track to deliver our corporate platform in 2010. We have good prospects overseas and we believe despite the tough conditions in the UK the work we have done to reshape our business and preserve our financial strength gives us a solid base on which to build in 2010.”

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          Aon Benfield, the world’s premier reinsurance intermediary and capital advisor, has joined forces with a group of leading reinsurers to promote the use of ACORD standards across the global marketplace.

          Reinsurers including Partner Re, XL Re and Swiss Re, which are currently transacting with Aon Benfield in ACORD format in the US, have joined the company in urging the industry to fully embrace the protocol – which has significantly increased transactional efficiency among its current adopters.

          In addition to accuracy of data and speed of processing, the use of ACORD (Association for Cooperative Operations Research and Development) can lead to significant internal and external cost savings. This was highlighted in the August 2008 merger of Aon Re Global and Benfield Group Limited.

          Mitch Balter, Head of Operations for Aon Benfield Americas, said: “Our primary goal in the merger was to create a new company that would offer the very best in client service. We wanted to deliver quality information to our clients and reinsurers as quickly and accurately as possible, and the use of ACORD standards has helped Aon Benfield to achieve that.”

          Since January 2009, Aon Benfield globally has transmitted more than 1.3 million ACORD messages across North America, London and Europe, in the areas of Claims, Technical Accounts, Settlement and Placing.

          Ian Summers, Managing Director of eBusiness and Market Reform at Aon Benfield, and a member of the North American ACORD Advisory Committee, said: “In London, we saw a 50% improvement in settlement times from reinsurers to clients once we moved to ACORD’s ClaimMovements module. Meanwhile, in the paper world, there used to be an average of 30% rework required in reconciling statements to invoices due to errors. Once the TechAccounts module was introduced, the rework percentage dropped to about 1%, which is an incredible improvement.”

          Tom Neff, Director of eCommerce at Aon Benfield, added:  “ACORD standards are the key. Whereas proprietary standards work once, ACORD standards keep working because they are the ‘industry’ standards. Once you map your internal data to the ACORD standards, you don’t need to do it again for each new partner.”

          Dave Hughes, Senior Vice President of Claims at XL Re America, said: “Electronic data exchange has had a very positive impact on our Claims and Accounting processes.”

          Urs Foley, Chief Information Officer of XL Re Global, added: “ACORD messaging has enabled us to meet our vision of setting higher business standards by facilitating that information flows accurately, speedily and consistently from our broker’s source systems, through our global administration system, all the way to our General Ledger in an efficient, effective and controlled environment.”

          According to Aon Benfield, ACORD standards can help companies to improve efficiencies, automate processes, and enable future business growth with minimum costs, which is particularly important in the current weakened economic environment.

          Shawn Sylvester, Senior Vice President Claims Operations at Swiss Re, said: “This implementation is a continued step in our movement to stream line our processes and improve customer service. The ACORD standards provided us with the ability to improve the timeliness and quality of technical accounting and claims data submission to Swiss Re and the submission of electronic data from Aon Benfield provides us an additional control on the quality and timeliness of submission and settlement of accounts.”

          John DiBuduo, Chief Information Officer at PartnerRe, added his support: “The evolving use of the ACORD standards between Partner Re and its business partners has had a direct impact on our operating efficiency – improving the support and services we provide to our clients.  Where we have successfully implemented the ACORD E-Claims standard, we have reduced our dependency on data entry and have eliminated the creation of paper files.”

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          The ABI is reminding financial advisers to check arrangements for clients that may be affected by the change to the National Minimum Pension Age. The minimum age changes from 50 to 55 on April 6 2010, with HMRC rules requiring pension benefits are set up by this date.

          The change will affect people planning to access pension benefits who are between ages 50 and 55. Those who wish to access pension benefits must ensure their policies are set up in time, which means advisers need to act now to ensure applications are received by providers well in advance of the deadline.

          The ABI has worked with pension and annuity providers to help coordinate the changeover and set a provisional cut-off date for applications. Advisers are urged to ensure applications for annuities or immediate vesting personal pensions (IVPPs) are received by the receiving provider as soon as possible or by 5pm on Monday 1 March 2010 at the latest. Applications received after this date will be processed on a best endeavours basis, but may not be processed in time.

          Maggie Craig, the ABI’s Acting Director General and Director of Life and Savings, said:

          “This is a very important change and it is vital that potential retirees have been notified. Details of the age change have been available for some time now. Advisers should be working towards concluding their client consultations and advice processes, to make sure applications for early retirement decisions are received as soon as possible, and by 1 March 2010 at the latest.

          “Although provider transfer processes have been significantly improved recently, no chances should be taken. Advisers should act now and ensure applications are received as soon as possible.”

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          • Increase of 19% in new life, savings and pensions business to €4,944 million at 31 December 2009 (2008: €4,155 million) in a market that grew by 13%:
            • Exceptional growth of AFER, up 30% to €2,804 million (2008: €2,164 million)
            • Increase of 15% in Antarius (Aviva / Crédit du Nord joint venture) to €1,136 million (2008: €986 million)
          • New life, savings and pensions business in terms of PVNBP* up 14% to €5,527 million at 31 December 2009 (2008: €4,849 million)

          “Thanks to a combination of strong dynamism, a rich multi-distribution model and good-quality products, in 2009, Aviva France enjoyed double-figure growth in turnover and gained market share. Sales through our partnership with AFER, the largest savings association in France, showed exceptional growth of 30%, which has increased even more over the last few weeks.

          “Our joint venture with Crédit du Nord, Antarius, has continued to achieve strong growth thanks to the dynamism of the Crédit du Nord teams and the attractiveness of our offer. Our other distribution partners and networks (general agents, brokers, employees, UFF) have ended the year with a brisk pace of production,” explained Jean-Pierre Menanteau, CEO of Aviva France.

          * PVNBP (Present Value of New Business Premiums): the current value according to the EEV (European embedded value) principles applied by the CFO Forum.

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          Aviva is adding medical questions and introducing automatic underwriting to online annuity quotes. The new online quote merges standard and enhanced annuities and makes it quicker for advisers to get the best possible income for customers.

          Adding medical conditions to online quotes is the latest improvement introduced by Aviva to annuity underwriting. In 2008, Aviva improved its annuities by introducing smoker, post code and relationship status to determine annuity income.

          Aviva has added medical questions to pension maturity packs which are sent to customers about to retire. This enables Aviva to identify customers who would get an improved income in retirement because of medical conditions.

          Clive Bolton, at retirement director at Aviva, said: “Offering annuities that meet the needs of customers and advisers is a priority for Aviva. We have carefully looked at our underwriting over the last 18 months and made significant improvements.

          “We know customers are often confused by terms such as standard and enhanced annuities and we have really looked at how to make it easier for them. They shouldn’t have to ask for an enhanced annuity and the best possible rate; providers have a responsibility to give it automatically to them.”

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          President Barack Obama on Sunday unveiled a dramatic gambit on his stalled health care plan to millions of Americans tuning in for the Super Bowl, summoning Republicans to a televised White House summit.

          The February 25 talks, announced by Obama in an interview with CBS, will mark the president’s most personal bid yet to salvage his health reform drive, as he fights to regain momentum after a rocky first year in power.

          “After the recess, I want to come back and have a large meeting, Republicans and Democrats, to go through systematically all the best ideas that are out there and move it forward,” Obama said in the interview.

          A White House official said that the meeting would be broadcast live, after Obama’s critics accused him of going back on a campaign promise to throw open health care negotiations to television cameras.

          His attempt to cut health care costs, improve access to treatment and rein in abuses by insurance giants is on life support amid a shifting balance of political power ahead of congressional elections in November.

          Failure to pass a bill would cast doubt on prospects for Obama’s already pared-down reform agenda, and inflict a damaging blow to his political authority.

          His offer to include Republicans may signal however that any eventual compromise agreement would fall far short of the sweeping health reform law envisaged by many of his most fervent liberal supporters.

          The president rolled out his new strategy in an interview on the pre-game show for the National Football League Super Bowl championship game — guaranteeing himself a captive audience watching on television.

          Super Bowls garner television audiences in the tens of millions, and although Obama’s appearance came two hours before kick-off when audiences were yet to peak, it came as many viewers were tuning in.

          Saturday, Obama vowed he would overcome a “blizzard” of political opposition and salvage his health reform effort.

          Republicans have accused Obama and congressional Democrats of using their majorities to shut them out of the health care reform effort.

          John Boehner, the top Republican in the House of Representatives, welcomed the president’s announcement and laid out an initial bargaining position.

          “Obviously, I am pleased that the White House seems interested in a real, bipartisan conversation on health care,” he said in a statement.

          Boehner called on Obama to abandon his bid to pass comprehensive reforms of America’s mostly private health care system, and to start a “step-by-step”

          process to lower health care costs and expand access to treatment.

          Senate Democratic majority leader Harry Reid said that Democrats had tried to work with Republicans from day one on health care — implying that the opposition party had always intended to sabotage the effort.

          “Senate Democrats will not relent on our commitment to protecting consumers from insurance company abuses, reducing health care costs … and cutting the deficit.”

          House Democratic majority leader Steny Hoyer said he was ready to work with Republicans “who are sincere about providing constructive solutions to common challenges and willing to reach bipartisan compromise.”

          The House of Representatives and the Senate have passed rival versions of health care legislation but have been unable to reconcile the two bills.

          After winning a Massachusetts seat last month, Republicans snatched away the Democratic 60-vote super majority in the Senate and gained the power to block the final bill with filibuster obstruction tactics.

          Democrats from conservative states meanwhile appear deeply uncertain about casting difficult votes to pass the now unpopular measure ahead of tough mid-term congressional polls in November.

          Obama said Saturday he would not give up on his effort to pass health care.

          “Just in case there’s any confusion out there, let me be clear. I am not going to walk away from health insurance reform,” he said, in one of his feistiest speeches since his 2008 election campaign.

          “I’m not going to walk away from the American people. I’m not going to walk away on this challenge. I’m not going to walk away on any challenge.’

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            Aon Corp said fourth-quarter earnings rose before special items, beating expectations, as savings from restructuring improved margins and currency gains boosted revenue.

            • Total revenue increased 9% to $2.1 billion with a decline in organic revenue of 2%
            • EPS from continuing operations was $0.49 and adjusted EPS from continuing operations, excluding certain items, increased 20% to $0.96
            • Brokerage revenue increased 8% to $1.7 billion with a decline in organic revenue of 1%
            • Brokerage pretax margin was 11.5% and the adjusted pretax margin, excluding certain items, increased 160 basis points to 21.4%
            • Consulting revenue increased 2% to $350 million with a decline in organic revenue of 4%
            • Consulting pretax margin was 17.4% and the adjusted pretax margin, excluding certain items, increased 240 basis points to 21.4%
            • Repurchased 8.6 million shares of common stock for $340 million
            • Increased estimated annualized savings for the 2007 restructuring program by $69 million to $536 million, and costs necessary to achieve savings by $50 million to $750 million
            • Completed acquisitions of Allied North America and FCC Global Insurance Services in construction and Carpenter Moore Insurance Services in professional liability
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