Drop in property sales hits insurer

BRITISH insurer and real-estate company Countrywide Assured Group plc said first-half profit fell 39% as house sales dropped. The company said it sees earnings improving and its shares rose as much as 8.6%.

Operating profit dropped to £22.1 million ($35.6 million), or 4.78p a share, from £36.4 million, or 7.23p, in the year-earlier half, the England-based company said in a statement.

The number of house sales the company completed fell 16% in the half.