Operating losses and rising pay at Insight Investment

A record year for the wealth manager's operating subsidiary. Turnover surged 83% to £781.6m, as operating profit rose more than fivefold to £111.4m. That kind of expansion requires resourcing, and the period saw average headcount rise by over 700 to bring total staffing to 2,769.

The supermarket's insurance arm recorded higher turnover alongside a contracted margin. Turnover ticked up 13% to £739.5m, while pre-tax profit slid 21% to £32.5m. The final pre-tax figure was supported by a £40.3m finance income credit that partially offset the decline in operating performance.

Top-line growth of 9% to £396m was accompanied by a 30% slide in pre-tax profit to £48.3m for the Aegon UK subsidiary. As is standard for a life insurer of this scale, the trading figures are dwarfed by the balance sheet, which generated £1.02bn in finance income to support the overall statutory position.

A classic structural margin squeeze at BNY Mellon's asset management arm. Turnover dipped 5% to £314.9m while administrative expenses climbed 8%, moving the firm into a £15.4m operating loss. During the same period, the highest-paid director's remuneration package rose by 47% to reach £4.5m.

The cross-channel power cable recorded a highly profitable year. Revenues climbed 26% to €164.9m as administrative costs simultaneously fell 23%, creating a jaws effect that saw pre-tax profit rise 61% to €121.4m. The period also saw an increase in distributions, with the dividend payout doubling to €125.1m.