LONDON (Alliance News) - Charles Taylor PLC, which provides professional services to the insurance market, Wednesday said it expects revenue and adjusted earnings to be ahead of previous management expectations, primarily due to a better-than-expected performance by its adjusting services division in December last year.
The company, which has a defined benefit pension scheme, also said its retirement benefit obligations are expected to increase year on year due to a "notable fall" in the corporate bond yields used to calculate pension scheme liabilities.
"The final results remain subject to audit and any adjustments that may arise during that process," Charles Taylor said.
Charles Taylor's adjusting services business, which focuses on adjusting larger and more complex commercial losses, had in November been seen as a weight on group's overall performance due to a low level of large insured claims and the strength of sterling as it generates significant amounts of its revenue outside the UK.
Although the adjusting services' performance has improved, the claims environment around the world was benign throughout 2014, meaning the division's operating profit is still expected to be down year on year, according to Charles Taylor.
Elsewhere, in its professional services operations, Charles Taylor said it expects management services to deliver a "strong performance" and insurance support services to make a "meaningful contribution" to the 2014 results.
Its owned insurance companies business is expected to perform "satisfactorily" for the year.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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