UK - Britannic Asset Management’s 2002 results are likely to be below expectations and its assets are to be written down by around 50 million pounds (76.8 million euros).
Britannic Asset Management, owned by UK life assurer Britannic Group, is the 46th-largest manager of European pension fund assets, with 9.4 billion dollars of such assets under administration.
Britannic said its asset management arm’s 2002 results “are expected to be slightly below expectations”.
“Given the fall in stock markets it is likely that the carrying value of Britannic Asset Management will be written down by some £50m,” it added.
The company will not pay a dividend. Last year it posted an overall profit of 101 million pounds and made an 18 million pound profit in asset management.
“Britannic Retirement Solutions has achieved increased volumes and reduced unit costs but its results are likely to be slightly below expectations in a highly competitive annuity market,” the company said. Britannic cut 200 jobs in September to cut costs.
No comments yet