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

India’s RBL Bank boosts focus on retail, from loans to deposits – CEO

India's RBL Bank boosts focus on retail, from loans to deposits - CEO

MUMBAI, Nov 15 (Reuters) – RBL Bank of India (RATB.NS) wants to increase its retail exposure to prevent its books from being overexposed to big companies and to drive growth alongside its core credit card and microfinance businesses, said the private lender’s chief executive. The chief executive told Reuters on Tuesday. RBL introduced new loan … Read more

Bank of Ireland raises fixed interest rate on home loans by 0.25%

Bank of Ireland raises fixed interest rate on home loans by 0.25%

DUBLIN, Nov 10 (Reuters) – Bank of Ireland (BIRG.I) Following main rival AIB (AIBG.I) Mortgage rates rose after the European Central Bank began raising interest rates, with the cost of new fixed-rate mortgages increasing by just 0.25% on Thursday. AIBs (AIBG.I)became the first Irish bank to raise fixed interest rates since the ECB began pushing … Read more

Exclusive Australian banks ease mortgage standards as property market cools

Exclusive Australian banks ease mortgage standards as property market cools

SYDNEY (Reuters) – Two of Australia’s biggest banks have quietly eased some of their mortgage lending standards amid a slump in the property market, despite calls for caution by authorities in recent months. Banks are now becoming less conservative when calculating expected rental income when evaluating loan applications, four sources said. This change will increase … 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

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

Tesla changes China’s insurance incentive scheme to encourage purchases

Tesla changes China's insurance incentive scheme to encourage purchases

Shanghai/Beijing, November 8 (Reuters) – Tesla Inc. (TSLA.O) said it had raised insurance incentives for car orders in China before Nov. 30, but lowered them for orders next month. The US automaker previously offered an insurance incentive of 7,000 yuan ($970) for orders placed between October 1 and December 30. However, Tesla announced on Tuesday … Read more