Millions of investors in with-profits endowments, pensions and bonds who thought the market's rebound might enhance their returns had their hopes dashed last week, according to The Times.
Legal & General announced a £720m loss in the first half of the year compared with a £73m profit over the same period last year, and Standard Life reported a 35% drop in its half-year profit to £348m. Aviva had stronger than expected first-half results, posting a £747m profit, but cut dividends by 31% as its investment earnings fell. The results make it unlikely that investors will see the benefit of the stock market rally over the past six months as insurers have to balance the needs of policyholders with shareholders, who would prefer them to conserve their cash. Many insurers are c...
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