The focus of the annual results season switches to the insurance sector this week with updates due from Aviva and Legal & General.

But the banking sector will also remain in the spotlight, with Lloyds Banking Group releasing its annual report on Thursday amid pressure on the group to claw back handouts following fines and more mis-selling charges.

The taxpayer-backed lender returned to a bottom-line profit for the first time in three years with statutory profits of £415million in 2013 and said it was ready to be returned to the private sector.

But Lloyds came under fire after chief executive Antonio Horta-Osorio refused to forgo a potential £1.7million shares bonus and handed out £395m to staff despite revealing another £1.8bn in payment protection insurance provisions and receiving a record £28m fine for paying staff “champagne bonuses” that drove mis-selling.

Lloyds said on reporting annual results in mid-February that its remuneration committee was due to discuss the claw back of past payouts to individuals relating to the Financial Conduct Authority penalty.

Its annual report will be scoured for any sign that this has been agreed, while the group will also be looked to for confirmation on whether it plans to ask shareholders to approve the maximum level of bonuses, set at double annual salary, under the new EU rules to cap payouts, which came into force on January 1 and apply from this year onwards.

The bank will also reveal how many of its staff earned £1m or more in 2013. It handed 25 of its staff £1m or more in pay and bonuses in 2012, including rewards for five employees who picked up in excess of £2m. However, as it is predominantly a retail bank, the number is set to be far less than at rivals such as Barclays, Royal Bank of Scotland and HSBC.

The annual report also comes amid speculation that the Treasury is planning to delay any sale of government shares in Lloyds to retail investors until the autumn.

It had been thought that the report would pave the way for a retail offer in the spring, but UK Financial Investments, the body charged with managing government stakes in banks, is said to have advised pressing ahead with another sale to institutional investors first. UKFI is believed to fear that volatile stock market conditions could leave it vulnerable, given the length of time it takes to arrange a big retail offer.

The Treasury has already sold off a 6% stake to institutional investors, raising £3.2billion last September, bringing its stake down to 33%. With shares holding above 73.6p, the average price paid by the Government when the bank was rescued, the Treasury is understood to be considering selling shares worth another £3bn or more to institutional investors imminently.

Insurance giants Aviva and Legal & General will reveal the financial cost of the storms and flood damage that have wrought havoc across much of southern England when they post full-year figures, with the extreme weather thought to have cost insurers as much as £1bn, according to estimates by Deloitte.

More Than parent RSA Insurance and Direct Line Group have already revealed hefty expected bills. Direct Line said it was expecting a hit of up to £110m so far from the storms and floods since the start of the year while RSA said flooding in the UK and Ireland and ice storms in Canada were likely to result in a claims hit of between £75m and £100m.

The recent extreme weather followed soon after last year’s St Jude’s storms, which Aviva said would cost it around £10m. The weather claims come at a tough time for Aviva, which is already battling to turn its fortunes around. It revealed a 14% drop in UK new business in the third quarter, to £91m, due to reductions in the general insurance business across the market and increased competition on pensions.

Boss Mark Wilson hailed a 14% increase in new business in the first nine months of the year for the overall group, citing growth in Turkey, Poland and Asia, but he stressed that this growth was set to moderate in the fourth quarter due to strong comparatives from a year earlier, admitting there was still “much to do” in the recovery plan.

Analysts at Panmure Gordon are expecting Thurday’s results to show operating profits falling 2% to just under £2bn for the year, hit by weather claims both in the UK and Canada, which also suffered flood damage in 2013.

But they are pencilling in a 13% increase in earnings at Legal & General, which posts figures on Wednesday, to £1.2bn thanks to a buoyant year for new business, expected to have risen by nearly a fifth.

Faced with a multi-million pound bill for the recent floods, the group has been a vocal critic of the lack of government spending on flood defences and a policy of building in vulnerable areas.

Outsourcing giant Serco will reveal the full effects of last year’s scandal over the criminal tagging contract when it reports annual results on Tuesday.

The group has been rocked by the affair after it erupted last July alleging that Serco and rival G4S overcharged for tagging offenders, some of whom were found to be dead, back in prison or overseas.

Last month, Serco agreed to repay the Government £68.5 million for over-charging on criminal tagging contracts, as well as repay £2m of past profits from a prisoner escorting contract.

It is also co-operating with investigations by the Serious Fraud Office and the City of London Police, which is looking into actions of staff working on the court escorting service.

Serco, which runs a vast range of services from prisons to rail services, has lost a third of its stock market value in the last six months alone after a series of profit warnings following the scandal. It has already braced the market to expect last year’s profits close to 2012’s £307m, which was lower than the £325m expected in the market.

And at the end of January it also sounded the alarm over 2014 earnings, saying the time needed to rebuild its bid pipeline and overhaul its business will leave this year’s profits between 10% and 20% short of current City expectations of around £277m, indicating between £222m and £249m.

This was despite it being cleared by the Cabinet Office to resume bidding for public sector contracts. It had been temporarily barred from bidding for lucrative Government contracts, but Serco said in January it received a “positive assessment” of its corporate renewal plan from the Cabinet Office. meaning it can now be considered on an equal basis to other suppliers for current bids, rebids and extensions.

Former chief executive Christopher Hyman resigned last October following the contract revelations but Serco pleased shareholders on Friday by announcing that Aggreko’s respected boss Rupert Soames will take the role in June.

In the meantime, acting chief executive Ed Casey has been leading an overhaul, including an updated code of conduct backed up by training and performance management.