Article Abstract:
Union des Assurances de Paris (UAP) is a major French financial services company which focuses on insurance. There are large subsidiaries in the UK and Germany. UAP has sold minority holdings in some subsidiaries in order to reduce its debt level. The company has started to recover from problems arising from its involvement in real estate. UAP reported a loss for 1995 due to write-offs relating to real estate. Insurance operating earnings are improving and UAP aims to reduce its costs.
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Article Abstract:
Investment trusts which give exposure to Lloyd's of London have performed well and they do not involve risks that Lloyd's Names were exposed to. There are 12 investment trusts and the biggest risk faced by investors is the loss of the sum they have invested. Returns from insurance tend to be volatile and this is especially applicable to Lloyd's. Returns are also likely to be profitable over the longer term. Such investments are not appropriate for investors who are wary of risks.
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Article Abstract:
UAP has succeeded in shedding almost half of its real estate portfolio. The company reported losses relating to real estate of 2 billion French francs for 1995. UAP is selling 47% of the portfolio to a fund which is led by Goldman Sachs. The company is paying 300 million French francs to remove problem loans but this action is seen as a positive attempt to tackle the company's problems. UAP's share price has performed poorly following the company's privatization.
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