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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Resolution | LSE:RSL | London | Ordinary Share | GG00B62W2327 | ORD NPV |
| Price Change | % Change | Share Price | Shares Traded | Last Trade
|
|
|---|---|---|---|---|---|
| 0.00 | 0.00% | 302.90 | 0.00 | 01:00:00 |
| Bid Price | Offer Price | High Price | Low Price | Open Price | |
|---|---|---|---|---|---|
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| - |
| Last Trade Time | Trade Type | Trade Size | Trade Price | Currency |
|---|---|---|---|---|
| - | O | 0 | 302.90 | GBX |
Resolution (RSL) Share Charts1 Year Resolution Chart |
|
1 Month Resolution Chart |
Intraday Resolution Chart |
| Date | Time | Title | Posts |
|---|---|---|---|
| 09/5/2014 | 08:21 | resolution | 1,274 |
| 07/12/2008 | 18:12 | Resolution with Charts & News | - |
| Trade Time | Trade Price | Trade Size | Trade Value | Trade Type |
|---|
| Top Posts |
|---|
Posted at 09/5/2014 07:07 by skinny Released under the new ticker (FLG)Continued strong UK performance; cash emergence reconfirmed Q1 2014 trading update · UK division VNB maintained at £35 million, with strong APE growth of 42% to £201 million: o Good performance in Corporate Benefits business with positive net inflows of £0.2 billion and VNB growth of 33% to £4 million. Good auto-enrolment experience, with 187 schemes enrolling in the quarter contributing to 70,000 net increase in scheme members, regular premiums received up 6% to £468 million; o Strong performance in Protection with a 33% growth in both VNB and APE to £16 million and £24 million respectively; o Retirement Income volumes maintained at £15 million reflecting continued strong customer engagement and limited immediate Budget1 impact. VNB of £15 million (31 March 2013: £20 million) reflects expected margin pressure. · Heritage is making good progress in preparations for the £12 billion asset transfer to Schroders and on the second phase of the with-profits reallocation programme. · Discussions regarding potential sale of Lombard are ongoing, although uncertainties surrounding the potential sale have resulted in lower sales and net fund outflows. · FPI's performance has been adversely impacted by continuing difficult market conditions for regular premium unit-linked insurance business throughout its regions. Re-platforming of new business on track for the third quarter of 2014, with the related delay in new product development constraining performance. · Strong capital base with IGCA2 surplus of £2.3 billion, representing a coverage ratio of 239%. · Group available shareholder assets of £897 million. Recent market developments · Significant impacts from Budget expected in the medium-term: o Retirement Income: 50-70% reduction expected in annuity sales, excluding sales of annuities from vesting pensions with guaranteed annuity options, which are expected to reduce by c20%. We are refocusingRetirement Income on existing mass affluent customers from both Heritage and Corporate Benefits, with further enhancement of customer engagement and development of new propositions underway; o Corporate Benefits: favourable impact expected. As the number 2 player in workplace defined contribution ("DC") pensions, with over £20 billion of assets under administration and around 2 million DC pension customers across the Group (estimated to hold 1 in 7 policies in the market), Friends Life is well placed to win in the retirement savings market; and o no impacts on our strategy or customer centric approach in either the Heritage or Protection businesses. · Pension charge cap proposals by DWP are not expected to have a significant financial impact on the Group's SFS as the negative impact of reduction in AMCs is expected to be significantly offset by the ban of commission from 2016. We estimate a circa £50 million one-off reduction in non-operating pre-tax MCEV profits in 2014, representing less than 1% of total Group MCEV. · Friends Life is well placed to respond to the FCA legacy product review with the dedicated Heritage management team ensuring customers are treated fairly and provided with good outcomes. Impact on guidance · VNB will be adversely affected due to the implications of the Budget; therefore the VNB growth target of 10% per annum will not be achievable in 2014. · Overall Group new business margin for 2014 expected to be broadly similar to that achieved in the first quarter. · Cash generation is not impacted with £39 million uplift in UK and Heritage combined expected return in 2014 unaffected. · Dividend policy is unchanged and we remain confident in achieving 1.3x SFS coverage, following which the Board will consider moving to a progressive dividend. · The Group is taking proactive actions to capture the opportunities created by the regulatory and market developments to support its financial performance going forward. Change of name · Following shareholder approval received at the Company's AGM held on 8 May 2014, the Company has changed its name from Resolution Limited to Friends Life Group Limited. Accordingly the London stock exchange ticker has changed from RSL to FLG. |
Posted at 28/3/2014 13:43 by modform Had to buy some today, been in rsl before. What will happen on Monday: it won't be at the same price, either north or south. It was too tempting not to bet against the trend, it's more addictive than gambling. |
Posted at 28/3/2014 08:31 by scburbs Hopefully the fact that the RSL closed book is in a separate division will mean that it is run sufficiently independently from the open book. This is quite likely as I think they have acquired the closed books rather than written them and then closed them.However, RSL are clearly in scope if the closed book is not run completely independently (and I think they haven't always been clearly split at least in reporting terms?). |
Posted at 22/3/2014 16:53 by lord gnome Found this note from Charles Stanley:Resolution (RSL: 318p) is one of several UK insurers to have reacted badly to one of the big surprises in the Budget, which gives pensioners more freedom to act as they see fit with their pension and, crucially, which removes the need to purchase an annuity (on the premise, presumably, that these have not performed particularly well in recent times). Over the last three sessions the shares have fallen by just shy of 15% and, as the chart shows, this has taken them straight through the uptrend that has defined the rally of the last year and a half. Unsurprisingly, this sudden weakness also leaves them looking extremely oversold the 14-day RSI has slumped to a 52-week low of 24% - and it is difficult to believe that most of the bad news has not already been incorporated into the price. While it is never a good idea to try to catch the proverbial falling knife this is clearly a situation which is worth monitoring, and a close back above 325p will look promising. |
Posted at 19/3/2014 08:41 by scburbs al101uk,The FT link is from discussions at the time about buying the value share out when it had no real value. They didn't do it and it will now bite any shareholders buying at these levels as 10% of anything RSL make is now effectively going to the ROL team. It was less of a drag at your buy price as the value share was out of the money at that level. A company that has to give away 10% of its future growth in value in exchange for nothing is a very current issue IMV. If you think about it over the long term, if the sustainable dividend yield for RSL is 6% then it would have been 6.67% without the value share. Hopefully the board will take some steps to negotiate their way out of it as it is supposed to be reward for value being added (and to be added in future) by Cowdery and his team. |
Posted at 18/3/2014 15:48 by scburbs The Resolution value share looks set to give a wholly inappropriate pay out to the old external manager at some point. It was out of the money when the management was internalised, but is now in the money.In the event that RSL makes an amount equal to the current market cap (i.e. c.£5bn) then as of 31 December the value share was worth £145.7m! There were discussions about removing this for c.£20m at the time of the management changes, but it was left in place. At the share price peak of c.380p the value share was worth £185m. The value share is the original management teams reward for exceeding a paltry 4% shareholder return target! This leaves a ridiculous situation where Cowdery and the other members of the Resolution Operations LLP will benefit from 10% of any value growth in excess of 4% p.a. despite Cowdery having stepped down. This is a real value drag for other shareholders. "Total gross equity deployed in RHN1 is approximately £4,056 million and the accumulated value of net equity deployed (at 4% per annum and after the return of £1,066 million of capital returned to the Company to date) is approximately £3,543 million as shown below." "Resolution is also expected to seek to cancel a so-called "value share" that ROL holds in the listed company. This complex agreement entitles ROL to 10 per cent of the shareholder returns above a certain threshold that Resolution generates from its acquisitions of Axa's UK life business and Friends Provident. ... They calculated the value share was worth £31m in present terms but added that a sum of about £20m would "likely be more palatable" to Resolution's shareholders." |
Posted at 18/3/2014 11:08 by nigelmoat Amazing! 6% yield at current share price with future increases in dividends proposed. |
Posted at 20/2/2014 12:56 by nigelmoat Full year results coming shortly on 18th March. Any one any thoughts as to whether we might see a special dividend returning some funds to shareholders? Been talked of here before and perhaps that expectation pushing share price higher? |
Posted at 04/6/2013 06:29 by osirisra Absolutely Aleman. I had AV. but swapped into RSL some time back. I shall admit that I swapped after AV. announced the surprise divi cut (must have come as a surprise to most otherwise the share price would already have been down). I'm still happy I swapped and here is the maths:I got 17% more shares in RSL after costs and there have been the divis, 9p at AV. & 14.09p at RSL. 17% extra on the RSL divi gives 16.48p. 16.48p - 9p = 7.48p better off per RSL share I hold over AV. The share price gap has closed a tad from 50p to 47p. Take the divi difference of 7.48p off of the Sp difference gives 39.52p So in real terms I am better off all round. Eventhough AV. have instigated a recovery plan and it shows early signs of working it will probably take a long time before the divi is increased again. They cut it to bollster the balance sheet and have sold off quite a few revenue producing components. Now that their divi policy is set and until the remaining components are drastically improved, or added to, I cannot see the policy changing. Meanwhile the good ship RSL sails unwards. I am looking forward to that difference in the two Sps closing some more over the next few months and then a lump more come August at the next results. AV. reduced their final divi from 16p to 9p so we can expect the interim to be cut from 10p to around 5.5p. RSL's last interim was 7.05p. Osi Caveat, I have been awake all night on night shift. If I have made fundamental maths errors feel free to point them out! Got out of AV. at 322 and into RSL at 272. There have been divis for both since and the gap has closed |
Posted at 02/4/2013 22:00 by osirisra scburbs,Cheers, I thought I was going mad. I was in Aviva until the day before the recent ex-div. Their div cut took me and the markets a it by surprise. *1 I'd sort of had RSL on the radar for a while and had been watching it climb as AV. sank. I had been told that RSL uses odd accounting and that their profits were not completely transparent. After the recent results I told myself "to hell with that" and got in at 272. It will be interesting to chart AV. against RSL over the next 12 months. At the current rate RSL's share price will overtake AV.'s before the end of the summer (has it started yet?). Onwards and upwards. *1 Don't anybody come on here and say "Oh no it didn't" because if the markets had really expected a cut like that then the Sp would have reflected it before it was officiclly announced. As it was the share price sake 50p in no time at all immediately after the cut was announced. |
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