News - Britannic Group MD steps down
Posted on October 30, 2007 in the Business insurance category
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The managing director of troubled insurance group Britannic is to step down after just nine months in the job.
Bryan Portman will hand over the reins next month to finance director Paul Thompson, who becomes chief executive.
Mr Portman is the second big departure in 18 months at the group. The firm’s previous chief executive Danny O’Neil left after only seven weeks in the job, saying he wanted to spend more time with his family.
In January, Britannic’s share price halved in value after it said it was scrapping its dividend and policyholder bonuses for 2002.
Recovery
Britannic, like many other firms in the insurance sector, has been badly hit by the fall in global equity markets during recent years.
The market slump has hit the value of the firm’s investment assets and cut returns to policy holders.
In March this year, Britannic announced a 41% fall in profits for 2002.
But the drop was better than some analysts had been expecting, and since January’s collapse the firm’s share price has recovered some ground as the stock market recovered and the company tried to improve its financial position
The company is closing the bulk of its life operation - its with-profits fund - to new business and is also cutting 150 jobs.
Read http://news.bbc.co.uk/1/hi/business/2999560.stm
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