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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Partnership | PA. | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 125.75 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 125.75 |
| Top Posts |
|---|
Posted at 05/3/2015 10:43 by scrapheap Can't read the article but Investors Chronicle is tipping this as a 'buy' |
Posted at 16/1/2015 08:44 by scrapheap Given Mr Groves comments on the sub-optimal capital structure, it's all the more clumsy to now not be proceeding.the implication is the investors wanted too high a coupon for the risk they felt they'd be taking. at best this is a PR own-goal.... at worst, this could unsettle confidence in the business. Hey ho.... soon be April and unlike Mr Rodger, I disagree with his judgement. Value protection on annuities is likely to increase and more business will be written than in the current 'hiatus' year. This growth should help PA and JRG as year on year numbers start working in their favour. The risk of these reforms however may be some advisers putting people in to drawdown as you can charge ongoing fees for those which you don't on annuities.... throw in the investment charts over the last 5 years looking so 'rosy' and there's a risk of mis-selling in my opinion. |
Posted at 14/1/2015 20:40 by rathkum By Dave Baxter | Published 10:38Partnership boss defends debt consideration More on Insurance Partnership Assurance Group’s chief executive has dismissed the idea that his company is considering debt because the approaching pension reforms have battered its share price. Having specialised in annuities, Partnership is among the companies that could be hardest hit by the pension rules coming into force in April. On 19 March 2014, the day George Osborne unveiled his pension reforms, Partnership shares fell more than 50 per cent, opening at £3.19 but closing at £1.43. But Mr Groves said Partnership was probably the only listed life insurance company with no debt, and that it was not the “optimal structure” to be entirely funded by equity. His comments followed the announcement that Partnership had hired Bank of America Merrill Lynch and Royal Bank of Scotland to arrange a series of fixed-income investor meetings to assess a sterling-denominated subordinated debt transaction issued by Partnership. On 7 January 2015, the day of the announcement, Partnership shares opened at £133.75 but closed at £132.50. Mr Groves said the company was looking to raise capital for ongoing projects, including expansion in the US. Adviser view Colin Rodger, managing director of Glasgow-based Alexander Sloan Financial Planning, said: “There has been quite a downturn in the annuity business, and I do not really see that changing in the forseeable future.” |
Posted at 26/11/2014 16:05 by scrapheap Investor day has gone ok then... presentation is on their website, 76 pages long but worth a read |
Posted at 29/5/2014 13:51 by hjs An interesting article in yesterdays evening standard. Worth a read for PA. investors. |
Posted at 27/4/2014 21:07 by techno20 Me too - made a few hundred pounds, but didn't deliver the bounce I'd expected. Very disappointed by the failure of the directors to buy. Unlike Just.Think the next set of new business figs will be sobering to say the least. Suspect this will pay off in the long term, but investors will need to be patient IMV. Techno. |
Posted at 28/3/2014 07:16 by sh0wme Ive just seen a reply from Chris Rhodes, investor relations.posted below.Thanks for the email we did discuss the merits of putting the announcement out as an RNS given the unusual circumstances we find ourselves in, but felt the deal was very much ordinary course of business, was in line with the comments we made at the full year results announcement (that the DB pipeline remained strong), and the RNS we did put out post the Budget, where we commented that we did not believe the DB bulk market would be affected. There was felt to be no regulatory requirement to RNS the deal, and the danger then of RNS'ing this one deal was that it would precedent the need to issue a statement for every deal we do again, we feel this is ordinary course. I think in other announcements to market we have been very clear in explaining the opportunities open to us, including DB, but you are right in saying that the company does have several routes to market, and the budget announcements potentially open up several more. In terms of announcing a change to strategy, it is not clear to us as yet that the budget changes necessarily need to change our strategy it is very early days, but as and when we have some greater clarity on the likely impacts of the budget announcements we will update the market. Regards Chris |
Posted at 26/3/2014 15:05 by soul limbo Annuity market to shrink by £9bn, says L&G boss26 March 2014 Last updated at 13:26 The annuities market will shrink to a quarter of its current size owing to the shake-up of the pensions system, the boss of one of the UK's largest insurance companies has said. Nigel Wilson, chief executive of Legal and General, said that the market could shrink from nearly £12bn now to about £2.8bn after 2015. The new system will abolish the requirement for some people to buy an annuity - a retirement income for life. Pension pots can be taken in cash. Under the Budget proposals, from next year millions of people reaching retirement age will be able to spend their pension pot in any way they want, including cashing in their pension savings in one taxed lump sum. Mr Wilson said that Legal and General expected retirees to take more of their savings in cash and rely more on their property as a source of retirement income, rather than buying an annuity. "We certainly expect to see more cash being taken out, either singly for small pots or across several years, and we expect to see more use of the housing asset as pots get depleted more quickly," he told an investor conference. His comments come shortly after a warning from another insurance company about the extent of pension savings. Nigel Barlow, director of product development at Partnership Assurance Group, told BBC 5 live that the average pension pot was £30,000 from which retirees would not get much income, irrespective of annuity rates. "Annuities have had a bad name in certain areas. What has happened is people have not been encouraged to look for the best deal," he said. The full changes to pension pot rules will be implemented in 2015, under government plans. However, temporary rules easing some of the current restrictions come into force on Thursday. Insurers have expressed concern that all the details that could impact on customers' retirement choices had yet to be ironed out. |
Posted at 25/3/2014 09:32 by dasv hmmm - re: 212 how were analysts supposed to predict the about-face in legislation and it's associated impact on annuity sales?Having said that, this article claims that legislative risk is underplayed by companies and analysts who are fixated on political risk. One would expect boards from both companies to have a plan for the removal of this legislation (compulsory annuities). Particularly as in many other developed countries annuity purchases are not compulsory. Indeed the diversified insurers announced that they had planned for this outcome. In the coming months we shall see if PA and JRG have prepared for this adequately or not. " Risk factors" in companies' share-listing documents are a bit like "may contain nuts" labels on food products worthless to allergy-prone investors until their shares go into anaphylactic shock, at which point the company can say: "You can't say we didn't warn you". But even so, it is significant that the political risk sections in the 2013 prospectuses of Partnership Assurance and Just Retirement the two British annuity companies worst hit by last week's Budget shockwave consisted of virtually identical cut-and-paste legalese. The assumption was that the main threats to their business would be regulatory and incremental, not legislative and far-reaching." |
Posted at 20/3/2014 08:14 by woodcutter Ochsi figure for PA. there's a real likelyhood of a merger it seems the most probablle way out. If you consider the way the anuity model worked before the changes, taking the prospective pensioners capital and providing him with an annuity comparable with the investment returns on the capital whilst the capital itself is used to pay shareholder dividends and run a fat overhead there's been little incentive to run an efficient operation. I've a close friend who's a director at one of the larger life assurance companies and only in recent years have they been trying to drive down their overhead costs, primarily because the investment returns have been so low. Now prospective pensioners can take their 25% tax free lump sum and follow that up by taking the remainder of their pension capital in chunks just below the lower tax threshold and invest the money themselves. PA. will need to provide products and investment advice to attract the investment from pensioners and at the same time assure shareholders that they have a business model capable of doing that. In those circumstances they'll have to become much more efficient. That will take time to develop and they'll be competing in a market place where there are already a plethora of players, BRW, STJ and the major life assurance companies like LGEN, AV. Incidentally that's probably and LGEN etc share prices were not as badly hit yesterday and they'll recover fairly quickly because they have a business model that supports investment and why BRW and STJ share prices rose. Despite yesterdays RNS, and they'd have to say that, the existing annuity format is dead. It will be interesting to see the level of withdrawals over the next twleve months. This could have a massive impact on their ability to achieve returns of sufficient size to service their current annuity policies and longer term that is a very real problem and a major concern for shareholders. A merger of sorts seems the most likely option. Buying in at these levels may look sensible on an NAV level but it's very very high risk imv. I'd expect some kind of dead cat bounce today but longer term they need to reassure investors they have the ability to create a business model that's sustainable. aimho. WC |
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