Brit gains post-results boost
P&C (re)insurance stocks bounced back across the board last week as our Insider 30 index increased by 1.79 percent.
Lloyd's carrier Brit saw one of the largest gains in the sector as its stock rose by 5.92 percent over the week. Investors responded favourably to the company's first set of half-year results post-IPO, which included a 71 percent hike in pre-tax profits and the promise of a 6.25p per share dividend.
Shares in fellow Lloyd's carrier Beazley increased by 3.97 percent last week. However, on a year-to-date basis, the (re)insurer's stock remains in the red at down 9.42 percent.
Meanwhile, shareholders hit out at Admiral following its half-year results amid growing concerns over the UK motor insurer's reliance on reserve releases to prop up profits, as well as its recent foray into the debt market to raise additional capital. As a result, the company's share price fell by 7.04 percent over the course of last week.