Share Name Share Symbol Market Type Share ISIN Share Description
Friends Life LSE:FLG London Ordinary Share GG00B62W2327 ORD NPV
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 429.40p 0.00p 0.00p - - - 0 05:00:10
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Life Insurance 1,971.0 369.0 14.4 29.8 6,050.47

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DateSubject
25/9/2016
09:20
Friends Daily Update: Friends Life is listed in the Life Insurance sector of the London Stock Exchange with ticker FLG. The last closing price for Friends was 429.40p.
Friends Life has a 4 week average price of - and a 12 week average price of -.
The 1 year high share price is - while the 1 year low share price is currently -.
There are currently 1,409,052,028 shares in issue and the average daily traded volume is 0 shares. The market capitalisation of Friends Life is £6,050,469,408.23.
08/4/2015
11:19
a0148009: Friends Life notes today's share price movement Friends Life notes today's share price movement and reminds investors that, as disclosed in the Friends Life Scheme Document published on 19 January 2015, all Friends Life ordinary shares on the register as at 6 p.m. on 9 April 2015, being the Scheme Record Time and Friends Life Dividend Record Date, will be entitled to receive the second interim dividend of 24.1 pence per share. Friends Life shares should not trade ex-dividend ahead of 6 p.m. on 9 April. It is intended that dealings in Friends Life ordinary shares will be suspended from 7.30 a.m. on 10 April 2015, in anticipation of the scheme of arrangement to implement the acquisition of Friends Life by Aviva plc becoming effective. Defined terms used but not defined in this announcement have the meanings set out in the scheme document in relation to the Scheme dated 19 January 2015. AO
20/1/2015
18:09
jeffcranbounre: Friends Life is featured in today's ADVFN podcast. To listen to the podcast click here> http://bit.ly/ADVFN0111 In today's podcast: - Alan Green CEO of TradersOwn.co.uk will be chatting about European QE and a steady company that pays a dividend, who shares price has trebled in price over the last 5 years. Alan on Twitter is @TradersOwn - And the micro and macro news including: Afren #AFR Sky #SKY Capita #CPI LondonMetric Property #LMP Balfour Beatty #BBY WS Atkins #ATK Aggreko #AGK Victoria Oil & Gas #VOG Petrofac #PFC NAHL #NAHL Rio Tinto #RIO IG Group #IGG Unilever #ULVR Aviva #AV. Friends Life #FLG William Hill #WMH Stock Spirits Group #STCK Centaur Media #CAU TSB Banking #TSB Synthomer #SYNT Coca-Cola HBC #CCH Sula Iron & Gold #SULA   Setting up an account on ADVFN is FREE!!! Just CLICK HERE to register.   Every Tuesday is Ten Bagger Tuesday on the podcast. If you know of a stock, whose share price has the potential to increase ten fold, just click the link below. Ten Bagger Tuesday (All it involves is filling out a form that will take you around 5 minutes and you don't personally appear on the podcast). Once a week, on a Friday, I feature a tip from a listener to this podcast, if you'd like to suggest a stock click the link below: Suggest a stock (Again all it involves is filling out a form that will take you around 5 minutes and you don't personally appear on the podcast). You can subscribe to this podcast in iTunes by clicking HERE To follow me on Twitter click HERE Setting up an account on ADVFN is FREE!!! Just CLICK HERE to register. But as a listener to the ADVFN podcast you can take advantage of some exclusive first year discounts on popular subscriptions: Bronze - £50 (normally £73.82/year) Silver - £145 (normally £173.71/year) Level 2 - £350 (normally £472.94/year) Call 0207 0700 961 and ask for the ADVFN Podcast discount to take advantage of these reduced rates or just CLICK HERE for more information. Please DO NOT buy any stock recommended in this podcast basely solely on what you hear. The opinions in this podcasts are just that, opinions. Please do you own research before investing. Justin    
02/12/2014
08:36
lord gnome: It all depends IrnBru. The total value on offer here is approx 370p for the share swap, plus the 24p dividend making 394 in total. This will fluctuate with the AV share price, but I doubt it will vary much. If the market decides to value FLG at the full offer price, or anything approaching it, I may well take the money and run. The efficient market theorists would expect the FLG share price to rise fairly close to the offer price, so another 15p would do it for me.
25/11/2014
09:52
mike740: Synergies from Aviva-Friends Life deal could be 'substantial', says The Share Centre 24 November 2014 16:04 The proposed tie-up between insurance groups Aviva and Friends Life Group could create "substantial synergies", according to The Share Centre, details of which still remain unknown. The companies announced after the close on Friday that they had agreed on terms for a possible all-share combination. Friends Life shareholders would get 0.74 Aviva shares for each Friends Life share they own, valuing Friends Life at 398.9p per share or £5.6bn. Sheridan Admans, investment research manager at The Share Centre, said: "Should the deal happen analysts believe synergies would be substantial, with Aviva's balance sheet benefiting as would its pensions and protection operations. Friends Life investors should benefit from improved growth prospects." However, she warned that the merger is still "not a done deal". "Friends Life investors may push for a higher premium or other interested parties may show their hand, however the latter is assumed to be unlikely given the size of the deal and the implication that may pose." Due to the merger activity, The Share Centre has downgraded its rating on Aviva to 'hold' until more details are released, but said that any weakness in the share price might by a good entry point for potential investors given the positive long-term outlook. Friends Life is also rated a 'hold'.
24/11/2014
12:34
mike740: Aviva paying 'good price' for Friends Life, says Canaccord Genuity Mon 24 November 2014 09:22 | A A A No recommendation No news or research item is a personal recommendation to deal. Hargreaves Lansdown may not share ShareCast's (powered by Digital Look) views. Canaccord Genuity has lifted its target price for insurance firm Friends Life from 340p to 400p and repeated its 'buy' call, saying that the £5.6bn takeover offer from rival Aviva is a "good price" for shareholders. The companies announced that they had agreed on terms for a possible all-share combination. Friends Life shareholders would get 0.74 Aviva shares for each Friends Life share they own, valuing Friends Life at 398.9p per share. This is equal to a 15% premium to its closing price on Friday and a 28% premium to the three-month average, and close to its embedded value in the first half, Canaccord said. Due diligence is now under way and Aviva has until 19 December to make a formal offer. "We think this is a good price for Friends Life shareholders, as they should receive around embedded value for the business, albeit in shares, and not cash," said Canaccord analysts Ming Zhu and Ben Cohen. While they have lifted their target price to equal the possible offer, the analysts said they see potential further upside from this level when they have more details about synergies from the deal. "To a large extent, Friends Life's fair value will now be determined by Aviva's share price, while Aviva's share price will be determined by the enthusiasm by its shareholders for the industrial logic of the deal. "Assuming an offer is made by 19 December, the details of planned synergies and cash-flow will be key to Aviva's share price performance." Friends Life was trading 5.6% higher at 367.1p by 09:52 on Monday.
23/11/2014
18:38
cwa1: Remember also that this is an all share offer, so the price is likely to fluctuate within the parameters of the Aviva share price. The suggestion is that Aviva shares are likely to come under modest downward pressure on Monday at least until more details of the benefits and downsides of the deal become more apparent. My guess, FWIW, is round about 5-10% % less(to allow for the possibility of the offer tripping up somewhere) than the Monday morning equivalent of the offer value from Aviva relative to their opening share price and it will fluctuate around from there.
23/11/2014
18:32
contrarian2investor: All the best for next week everyone. Upate from the FT. Aviva poised to make new Friends When Mark Wilson was hired to run Aviva after a shareholder revolt over executive pay and poor performance forced out his predecessor, the insurance group was looking vulnerable to a low-ball takeover bid. Less than two years later, it is Aviva that is the aggressor. Mr Wilson is planning to lead a long-awaited consolidation of the UK life assurance and pensions industry with an audacious £5.6bn takeover of rival Friends Life. The deal, the largest in the sector in almost 15 years, would create a combined business with a market value of more than £21bn (at Friday’s closing prices), 16m UK customers and £340bn of assets under management. Investors are only beginning to digest Aviva’s plans for the all-share acquisition, which the two companies were forced to confirm late on Friday after the news leaked. But some in the City are already questioning the logic – even though the boards of the two companies have agreed on the key terms. “The problem is, it’s UK life,” says Barrie Cornes, an analyst at Panmure Gordon. “The market is very mature.” He adds that the price Aviva is prepared to pay is “more than full”. At 398.9p a share, it represents a 28 per cent premium to Friends’ average price over the past three months and is about the same as the takeover target’s embedded value, a way of valuing life assurance companies’ future cash flows. Although the London Stock Exchange had closed when the deal became public, a proxy for Aviva’s share price – its New York-listed American depositary receipts – fell as much as 2.7 per cent during Friday evening. Life offices are notoriously awkward to integrate given their often-incompatible IT systems and variety of legacy policies. Indeed, the woes at Aviva that prompted the insurer’s former chief executive Andrew Moss to stand aside had their origin in past tie-ups, such as those between the old General Accident, Commercial Union and Norwich Union businesses. Still, Mr Wilson has built up goodwill among Aviva’s leading institutional shareholders for his efforts in curbing administrative costs. “We’re prepared to give him the benefit of the doubt,” says a fund manager at one of Aviva’s largest 20 shareholders. He says the deal makes “a great deal of sense”. An overhaul of the UK pensions industry caused by government reforms give the combination some obvious merits. Changes being introduced by George Osborne have led to a sharp drop in sales of annuities, among life insurers’ most lucrative products. The moves give consumers more flexibility in how they access their savings. Yet Friends Life faces a particular difficulty coping with the new environment as it lacks its own chunky in-house asset management operation. “For Friends, this deal is a recognition of how they’ve been weakened by changes to the annuity market,” the fund manager says. The deal would allow Aviva Investors, led by Euan Munro, to take on Friends’ funds. It would also give Aviva bigger scale in handling corporate pension mandates, a corner of the industry that is growing given separate reforms that require employers to enrol workers automatically. However, insiders at Aviva say that the main rationale is financial, not strategic. They say the tie-up with Friends would improve cash generation and reduce leverage, which Mr Wilson has made a priority. Friends Life, formerly known as Resolution, is expected to generate £370m of cash this year, largely from a multibillion pound pool of closed life assurance funds acquired under founder Clive Cowdery. While the Friends deal itself might provide only limited growth opportunities outside the corporate pensions business, backers believe it will give Aviva more financial firepower to pursue growth elsewhere. It should also give Aviva greater scope to boost the dividend, which Mr Wilson slashed by 44 per cent just weeks after he took the job. However, the success of the deal will partly depend on the efficiency savings Aviva can generate. It has yet to quantify them, other than that they will be “substantial”. Job cuts are likely at the combined group, especially at Friends’ City of London head office. The takeover target employs 3,500 people. Aviva has yet to complete its due diligence on Friends, but unless it uncovers an unwelcome surprise it is likely to make a formal offer in about two weeks. The prospect of investor reservations about the deal turning into disquiet is minimised by a significant degree of cross-holdings among institutions in the two companies. Aviva’s largest shareholder, BlackRock, is the third-biggest investor in Friends Life. Aviva’s fourth and fifth largest, Legal & General and Franklin Templeton, are also among the takeover target’s 20 biggest equity holders. If shareholders support Mr Wilson’s transaction formally at a special meeting early next year, then the contrast with his predecessor will be complete. http://www.ft.com/cms/s/0/735fd4ca-72fd-11e4-907b-00144feabdc0.html#axzz3Juvu7PRf
22/11/2014
18:52
a0148009: As of Friday's close I reckon the Possible Offer is worth 398.9 plus implied final cash divided for financial year 2014 of 14.09p per share - Total 412.99 see extract from indicated Offer below. Also according to the Telegraph the Value shares held by Resolution shareholders, former directors, in addition to the Possible Offer to FLG are worth £200m which can be taken in shares or cash by those individuals. See extract from 2013 Annual Report Extract from Possible Offer "In addition, the Possible Offer will be structured so that Friends Life shareholders would receive (whether by way of dividend or pursuant to the Possible Offer) an amount in cash equal to any Friends Life final dividend payment for the 2014 financial year (but would not be entitled to any additional amount in respect of any final Aviva dividend payment for the 2014 financial year)." Extract from 2013 Annual Report "How the Value Share works 1 As and when capital is required by Resolution Holdco No. 1 LP, eg returns in order to make acquisitions, the Company as General Partner contributes 99.99% of the required capital (usually by raising funds from shareholders) and RCAP as Limited Partner would contribute the other 0.01% of the required capital (which it would obtain from the owners of RCAP). As and when returns are generated at Resolution Holdco No.1 LP these returns may be distributed to its partners. Returns distributed from Resolution Holdco No. 1 LP are distributed according to the following rules: Ź Firstly returns are distributed to the Company until it has received back all of the gross capital it invested plus an agreed annual return (currently 4% p.a.). Ź Secondly returns are distributed to RCAP until it has received back all of the gross capital it originally invested. Ź All returns distributed from Resolution Holdco No. 1 LP after the satisfaction of these two thresholds will be distributed 90% to the Company and 10% to RCAP. RCAP’s 10% economic interest in such distributions is what we describe as the “Value Share”. The gross capital contributed to Resolution Holdco No. 1 LP by the Company to date is £4,056 million. As at 31 December 2013, the Company had received aggregate distributions of returns from the partnership of £1,066 million and the aggregate “agreed return” to 31 December 2013 was £553 million. Therefore the cumulative returns which still needed to be distributed to the Company from Resolution Holdco No. 1 LP before RCAP would become entitled to share in future distributions was £ 3,543 million at 31 December 2013. If the returns distributed from Resolution Holdco No. 1 LP remain at the current level of £350 million per annum; and assuming that no additional capital is deployed in Resolution Holdco No. 1 LP; that the agreed return figure does not change from 4.0% p.a., and that there are no one-off special returns distributions from Resolution Holdco No. 1 LP; RCAP’s entitlement to 10% of future returns distributed from Resolution Holdco No. 1 LP would commence in 2026. It should be noted that the use of any returns distributed to the Company from Resolution Holdco No. 1 LP has no impact on the date on which RCAP becomes entitled to share in future distributions of returns from Resolution Holdco No. 1 LP. That is, it is irrelevant for this purpose whether the returns received by the Company are retained in the Company itself, used to pay an ordinary or special dividend to the Company shareholders, or are used to fund a share buyback. If the Company were to undertake further acquisitions and additional capital needed to be injected into Resolution Holdco No. 1 LP in order to fund these, RCAP would be required to contribute 0.01% of any such capital required by the partnership. Such a capital raising would increase the amount of deployed equity capital at work in Resolution Holdco No. 1 LP from which RCAP would eventually be entitled to receive 10% of distributed profits. Such further acquisitions made in Resolution Holdco No. 1 LP might, or might not, extend the time period until RCAP started to receive such distributions. The impact on timing would depend on whether the FLG business was proportionately more or less cash generative relative to total capital deployed after the acquisition compared to the position before the acquisition. 1. The information on the Value Share set out in this section is a summary of the arrangements in place as between the Company and RCAP. For further details please refer to the Prospectus issued in respect of the Company’s proposed acquisition of Friends Provident Group. Resolution Operations LLP (“ROL”) ROL is a UK registered limited liability partnership and is a member of The Resolution Group the original sponsor and founder of the Company, which is not controlled by the Company or linked to the Company in any way other than through the named individuals below and the Value Share as explained above. The original partners of ROL included Board members Clive Cowdery and John Tiner, as well as Jim Newman, a member of the Group Executive Committee. Clive’s and John’s interests in the Value Share are explained on page 115. In the event of a change of control of the Company, the LPA requires the Company to purchase RCAP’s interests in Resolution Holdco No. 1 LP for cash unless RCAP agrees to accept the Company ordinary shares instead. The purchase price for RCAP’s interest would be 10% of the added value deemed to have been generated as at the date of the change of control based on the total consideration paid for the Company less any net assets of the Company itself (ie net assets held outside of the partnership). If a change of control of the Company had taken place at 31 December 2013, at the Company share price of £3.54 on that date, the added value would have been £1,333 million, and the Company would have been required to acquire RCAP’s interest in Resolution Holdco No. 1 LP for approximately £133 million in cash. Operation of the Value Share Returned capital Deployed equity capital + 4% Value share 10% J RCAP Less 74 Resolution Limited Annual report and accounts 2013 Extract from the Possible Offer "Based on Aviva's closing share price on 21 November 2014, the Possible Offer represents an indicative value of approximately 398.9 pence per Friends Life share (not including the value of the Friends Life final dividend for 2014 and the Value Share) representing an indicative premium of 15 per cent. to Friends Life's closing share price on 21 November 2014 and an indicative premium of 28 per cent. to Friends Life's three month average share price of 310.7 pence. Under the terms of the Possible Offer, Friends Life shareholders would own approximately 26 per cent. of the enlarged group." I think this is right but welcome any comments. edit Question will they continue with the share buyback? AO
21/11/2014
18:05
contrarian2investor: FLG could be heading higher next week. I would be very happy with an additional 15% premium on top of my previous returns for this "cash holding". c2i Aviva is in talks to buy rival FTSE 100 life insurer Friends Life in a £5.6bn acquisition that would transform the UK pensions industry, according to people with knowledge of the discussion. It would be the biggest deal in the UK insurance sector since the merger of CGU and Norwich Union almost 15 years ago, which created Aviva. An acquisition of Friends would be a bold move by Mark Wilson, Aviva’s chief executive, who has been in the job for less than two years after his predecessor left following a shareholder revolt. The people told the Financial Times that the talks were well developed but cautioned they could still fall apart. Aviva is eyeing a bid at about 400p a share, a 15 per cent premium to its Friday closing share price of 347.7p. A tie-up between the two blue chip insurers could help them better cope with an overhaul of the pensions system under George Osborne. The chancellor’s reforms have led to a sharp drop in sales of annuities, which have been among the sector’s most lucrative products. Friends Life, originally founded by the entrepreneur Clive Cowdery as a buyer of UK life assurance funds, has come under particular pressure in recent months. It reported a pre-tax loss of £31m in the first six months of the year, pushed lower by amortisation and impairment charges. Friends Life is not reliant on annuities but had made selling more of them a substantial part of its strategy. A pensions charge cap and an regulatory probe of historic life policies have also dented investor sentiment. However, the shares have been supported in recent months by £320m share buy-back, funded by its Luxembourg-based tax planning arm Lombard. One in seven savers in defined contribution pension schemes are Friends Life customers. http://www.ft.com/cms/s/0/3c987766-719b-11e4-b178-00144feabdc0.html#axzz3JhjOjPgC
13/8/2014
15:54
a0148009: Forgot to mention the £317 million approved buy back scheme arranged with Barclays and RBC as brokers when the sale of the Lombard Business is completed in the second half of this year which should also be supportive to the share price Friends Life Group Limited 06 August 2014 Friends Life Group Limited ("Friends Life" or the "Company") Friends Life announces regulatory approval of increased share buy back programme Friends Life is delighted to announce that regulatory approval has been received to increase the share buy back programme (the "Buy Back Programme") announced on 11 July 2014 from GBP261 million to GBP317 million. The Buy Back Programme will be funded from the GBP261 million upfront cash consideration from the sale of Lombard International Assurance S.A. and Insurance Development Holdings AG (together, the "Lombard Business") together with GBP56 million from existing surplus cash resources in the Company. The GBP56 million increase in the Buy Back Programme is equivalent to the amount of the vendor loan note issued as part of the Lombard Business sale. This demonstrates the strength of the Company's balance sheet and the Board's confidence in the Company's financial strength. Friends Life has today entered into an irrevocable and non-discretionary arrangement with its corporate brokers, Barclays Bank PLC, acting through its investment bank, and RBC Europe Limited, (together, the "Joint Brokers"), to repurchase on its behalf GBP317 million (the "Programme Limit") worth of ordinary shares of nil par value in the capital of the Company, representing approximately 6.7% of the current issued share capital of the Company based on the 10 day rolling average share price of 332.1p on 4 August 2014. The Buy Back Programme will commence on completion of the sale of the Lombard Business, which is expected to occur in the second half of 2014, subject to regulatory approval. The Buy Back Programme will end on the date the Programme Limit has been utilised. Ordinary shares repurchased pursuant to the Buy Back Programme will be cancelled by the Company. Any purchase of ordinary shares in the Company carried out under the Buy Back Programme will be executed within certain pre-set parameters in accordance with the Listing Rules and the Company's general authority to make market purchases of ordinary shares. The Company will announce any market repurchase of ordinary shares no later than 7.30 am on the business day following the calendar day on which such repurchases occurred. The Joint Brokers may undertake transactions in ordinary shares in the Company, (which may include sales and hedging activities, in addition to purchases) in order to manage their market exposure under the Buy Back Programme. The Joint Brokers will make any disclosures they are legally required to make in relation to such transactions. - Ends AO
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