Zurich Insurance boosts ambition with new financial targets

Zurich Insurance boosts ambition with new financial targets

ZURICH/LONDON, Nov 16 (Reuters) – Zurich Insurance Group (ZURN.S) has set a new 2023-2025 target of increasing business operating profit after tax return on equity (BOPAT ROE) to more than 20% by 2025, with 8% compounded organic growth per share per year. aims to produce announced on wednesday. Europe’s fifth largest insurer also targets cumulative … Read more

Spain to agree bank mortgage relief measures by weekend

Spain to agree bank mortgage relief measures by weekend

MADRID (Reuters) – The Spanish government expects to reach an agreement with banks by the end of this week on mortgage relief measures to help vulnerable households and middle-class customers cope with the rising cost of borrowing such loans. Yes, the economy minister said. Governments and lenders are preparing a broader array of measures to … Read more

Crédit Agricole’s third quarter profit beat expectations for corporate lending growth

Crédit Agricole's third quarter profit beat expectations for corporate lending growth

Paris, November 10 (Reuters) – Credit Agricole SA (CAGR.PA) Joining French and European peers, it was driven primarily by corporate and consumer lending, offsetting the exit of asset manager Amundi and lower trading income. Net income was €1.35 billion ($1.35 billion), down 3.6% from the prior-year quarter, but supported by one-off items such as the … Read more

Zurich Insurance claims $550 million in damages from Hurricane Ian

Zurich Insurance claims $550 million in damages from Hurricane Ian

Zurich, November 10 (Reuters) – Zurich Insurance Group (ZURN.S) expects a net pre-tax hit of $550 million from Hurricane Ian. Europe’s fifth-largest insurer said its new annual premium equivalent (APE) in life insurance fell 6% but rose 2% on an equal basis after adjusting for currency movements, acquisitions and disposals. Zurich’s Swiss Solvency Test (SST) … Read more

China amends rules governing insurance relief fund

China amends rules governing insurance relief fund

BEIJING (Reuters) – China’s financial regulator said on Wednesday it had amended rules governing a state-run bailout fund that bails out troubled insurers. The regulations aim to promote the healthy development of the insurance industry, prevent and resolve financial risks, and maintain financial stability, the China Banking and Insurance Regulatory Commission said in a statement … Read more

Brazil’s Bradesco’s quarterly profit falls 23%, lending outlook worsens

Brazil's Bradesco's quarterly profit falls 23%, lending outlook worsens

Sao Paulo, Nov. 8 (Reuters) – Brazilian lender Banco Bradesco SA (BBDC4.SA) on Tuesday reported a 22.8% decline in recurring net income in the third quarter and raised its forecast for retained funds it may need to cover its bad debts. Bradesco’s net recurring profit totaled R$5.22 billion ($1.01 billion), below Refinitiv’s consensus forecast of … Read more

UK homebuilder Persimmon flags slowing demand amid surge in mortgage rates

HDFC, India's largest mortgage lender, reports an 18% increase in profit in the second quarter.

November 8 (Reuters) – Persimmon (PSN.L)It is the second largest homebuilder in the UK. The UK housing market has shown signs of slowing in recent months as rapid inflation hit consumer budgets and the Bank of England raised interest rates. Moreover, the government’s mini-budget in September led to a surge in mortgage rates. “Rising interest … Read more

India’s Paytm post sees quarterly earnings increase as loan growth surges

India's Paytm post sees quarterly earnings increase as loan growth surges

BANGALORE, Nov 7 (Reuters) – Indian digital payments company Paytm (PAYT.NS) reported a 76% increase in second-quarter revenue, helped in part by surging loan growth, with the company reiterating that it will be profitable by September 2023. . Paytm’s parent company One 97 Communications Ltd said revenue for the quarter from July to September increased … Read more

India’s SBI sees loan growth remains strong after record gains

India's SBI sees loan growth remains strong after record gains

MUMBAI, Nov. 5 (Reuters) – State Bank of India (SBI) (SBI.NS)The country’s largest lender expects credit growth to remain in the double digits, while stepping up its efforts to attract more deposits, with growth in line with the sector. The bank reported a 74% surge in quarterly net income on Saturday. This was driven by … Read more

HDFC, India’s largest mortgage lender, reports an 18% increase in profit in the second quarter.

HDFC, India's largest mortgage lender, reports an 18% increase in profit in the second quarter.

BANGALORE, Nov 3 (Reuters) – Housing Development Finance Corporation (HDFC.NS) (HDFC), India’s largest mortgage lender, reported a 17.8 per cent rise in second-quarter profit on Thursday, boosted by strong demand for mortgages. HDFC said its profit for the three months ended September 30 increased to INR 44.54 billion ($537.2 million) from INR 37.81 billion a … Read more