profits

LV= will launch a business protection product, the insurer has announced as it revealed profits rose across its life business in the first half of 2015.

Reinsurers are facing pressure from competition and are likely to find it difficult to maintain strong profitability in the next two years, Standard & Poor's has warned.

The global reinsurance industry is likely to see more mergers and the next 12 to 24 months are unlikely to see a return to the profitability of the last five years, a report from Standard & Poors' has warned.

IRESS has seen it operating revenue in the UK increase by 4.1%, to £28.9m, while profits excluding Enterprise Lending were down 1.7% to £6.5m.

Openwork has more tripled its operating profits to £5.5m in 2014, up from £1.7m in 2013.

Business volumes grew between March and May 2015, while overall profitability of business rose sharply for life insurers, a Confederation of British Industry(CBI)/PwC survey has found.

Mutual Wesleyan's total operating profit for 2014 was up 32% at £40.3m the mutual has reported.

LV= has seen its group operating profit for 2014 decrease to £86m, down from £105m in 2013.

LifeSearch has announced it is working towards partnership status in the next five years with profits shared among staff.

Insurer Aviva recorded a loss after tax of more than £680m in the first half of the year, after writing down some £870m of goodwill at its US business.