UK: Cornhill Life leaves non-investment mortgages
Article Abstract:
Cornhill Life of Guildford, UK, a subsidiary of Allianz of Germany, insurance giant, has decided to cease involvement in the non-investment mortgage business, whose long-term profitability is considered inadequate. The company, which ranks second in the UK in the direct life market, will cut around 30 jobs at its headquarters, and will not operate via independent financial advisers or brokers from 31 December 2001. In 2000, premiums from new life business were GBu 46.6mn, making just a minor contribution to turnover.
Publication Name: Financial Adviser
Subject: Business, international
ISSN: 0953-5276
Year: 2001
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UK: Government warned off housing market
Article Abstract:
The Council of Mortgage Lenders (CML) has warned the UK government against managing the housing market to help stabilise the rest of the economy. The council says that measures such as taxation reform should not be allowed to influence the wider economy, although it agrees the government can play a part in helping borrowers who are in financial difficulty. The CML's director general Michael Coogan believes that house prices will rise more slowly in 2002, with less dramatic swings expected.
Publication Name: Financial Adviser
Subject: Business, international
ISSN: 0953-5276
Year: 2001
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