The insurance broker said pretax profit for the half ended June 30 fell to 1.45 million ($2.3 million) from 3.8 million a year earlier. The prospect of continued pressure on margins led the insurance broker to slash its first-half dividend in half to 0.75 pence, it said.

IRR HARDFORD GROUP BU ITT Hartford Group Inc. said Ramani Ayer will become its chairman, chief executive and president next year, when Donald Frahm retires.

Ayer, who has run ITT Hartford's worldwide property and casualty unit since 1991, will become the ninth chairman for the 186-year-old insurer on February 1. Ayer, 49, will continue to run the company's larger unit, a job that has traditionally served as a training ground for future chairmen.

SUN LIFE & PROVINCIAL HOLDINGS BUC Sun Life & Provincial Holdings Plc posted first-half pretax operating profit of 103 million ($160 million) with strong performances from its two biggest divisions.

The life and general insurer, which began trading on the London Stock Exchange in July, didn't provide comparative figures for 1995. It said first-half earnings per share were 11.13 pence.

BRITANNIC ASSURANCE BUC Britannic Assurance Plc, a UK insurer, said first-half pretax operating profit was little changed from a year earlier as a loss in its general insurance business undermined profit growth from life insurance.

The insurer said pretax operating profit, which excludes the effects of movements in the value of Britannic's investment portfolio, slipped 0.3 percent to 25.8 million ($40 million) from 25.9 million a year earlier.

Life profit rose five percent to 23.3 million pounds while profit from general insurance, which has declined as competition held down premium rates, flipped to a loss of 200,000 pounds from a profit of 1.7 million pounds a year earlier.

MARSH & MCLENNAN BUC Insurance broker Marsh & McLennan Cos. said yesterday its board approved a 12.5-percent increase in the company's quarterly dividend to 90 cents from 80 cents.

The New York-based company, which also has captive insurance company management and broking operations in Bermuda, said the move reflected its continued strong financial performance and future growth prospects. For the first six months of the year, profit at Marsh & McClennan was up 14 percent at $258.3 million, or $3.54 a share, while revenue rose 11.5 percent to $2.12 billion.

The new dividend will be distributed November 14 to shareholders of record as of October 11.