Stabilo1
13 Aug 2015
Investors Chronicle 13th Aug The annuity providers hardest hit by chancellor George Osborne's pension changes - Just Retirement (JRG) and Partnership Assurance (PA) - have proposed a merger after deciding their future is brighter together. As we have written before, the 2014 changes announced in the Budget exploded like a bomb placed in the lobby of the UK's annuity providers, and soon prompted Aviva (AV) and Friends Life to shelter together for cover. Aviva's takeover of its smaller rival was announced in December, just a few months after Friends had revealed the early damage from a drop-off in individual annuity sales.Under the terms of the all-share merger to form JRP Group, Partnership shareholders will receive 0.834 Just Retirement shares for each Partnership share that they hold. They will end up owning 40 per cent of the combined group, while current Just Retirement shareholders will end up with 60 per cent. The deal values Partnership at £669m, or 166p a share, and provides the beleaguered annuity specialist with a much-needed fillip on the issue of its half-year results. The boards of both companies have unanimously recommended that shareholders approve the deal.
churjones
04 Mar 2015
Re: Interim results - pretty good imo Concur with all you related, JRG is the new kid on the block for me, the annuity is not dead the problem lies in the charges and the quality of investment which need to change, the government has given all the insurers and providers a sharp kick up the slats to improve on all fronts, this company will be one to maximise on the shortcomings of the industry, all in all they need it. DYOR regards
Guitarsolo
24 Feb 2015
Interim results - pretty good imo Looks to me like a pretty decent set of interim results. Shame I didn't buy more when I took the plunge a month ago. Despite the Budget changes, the annuity is certainly not dead, especially in uncertain times. Here's a cut and paste of the results from HSBC Invest Direct:· Return to strong annuity sales of £661.2m, down just 4 per cent on pre-Budget comparison period, with strong defined benefit ("DB"
sales largely offsetting anticipated weak individual volumes. In particular DB strength meant 2nd quarter total annuity sales were up 39 per cent on the prior period.· Lifetime mortgages ("LTM" of £159m were advanced in the half year, back in line with our c.25 per cent of annuities longer term target.· IFRS underlying operating profit before tax amounted to £42.6m, down 10 per cent due to lower new business volumes and margins.· Group embedded value increased to £1.03bn (205p per share), up 7 per cent on 30 June 2014. · Economic capital ratio of 171 per cent.· Interim dividend of 1.1p per share.
sennsmankini
22 Nov 2014
💤👍👃💋 ,
