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Jrp Group Share Discussion Threads
Showing 26 to 47 of 50 messages
|Looks like they have raised £250m of Tier2 Capital with bonds yielding 9%. Unsecured and subordinated.|
|Note out from Shore Capital with a target price of 233p. As implied at the investor day it does looks as though they are currently seeking Tier 2 debt. Shoe's comment on this is; "we view the current debt road show (seeking sterling unrated 10 year Tier 2 paper) as an opportunity to enhance its balance sheet fire-power amidst significant growth opportunities in both the individual and bulk annuity markets, as opposed to any comparative weakness against its peers."|
|Amazing that no one has commented on the over 40% share price increase in under 3 weeks since the interims. For any holder, the capital markets day slides on the JRP investor website are well worth reading. The long term structural growth story is still intact, albeit significantly rebased from what was apparetn before the 2013 budget.|
|Shore Capital summary: JRP Group, the recently merged Just Retirement and Partnership, reported an excellent set of interims, which should dispel many, if not all, of the fears in the market over the group's new business prospects, the strength of its balance sheet and the potential from the merger. Whilst we might all argue about what premium a company like JRP should stand on relative to its NAV (IFRS OR EEV), a c37% discount to its IFRS NAV or c58% to its EEV screams value to us. The key financial metrics from the group were either comfortably ahead of consensus, such as new individual annuity business (GIfL) or trading in Q3 to date was well ahead of expectations (such as in bulk annuities).|
|JRP would bring a whole new range of business to Royal London - they've got the Scot Prov/Bright Grey life 'wing' and the core pension accumulation and drawdown products but with no obvious overlaps the existing JRP team could continue presumably but under the wing of a mutual. All the push on the RL rebranding in recent years might mean they have their eye on being a 'big boy' one day?|
|That's a great shout, a closed book firm would like the discount BUT they are the polar opposite in busines 'mindsets'.|
|if the GifL market is returning and the other parts doing well too, it is surely inevitable that a big boy will come and buy the firm up - probably not Aviva as they own Friends Life now and that's the only other Care fees annuity provider in the market vs JRP (was JR and PA. too before the merger) but I'd guess L&G as frankly I don't know what their USP products are these days...|
|Good share price reaction at the start ...|
|This is quite a confident statement: "This demonstrates a continuing improving trend in the GIfL market now that the pensions reforms announced in the 2014 budget have taken place, and advisers and consumers have had a chance to adjust to the new pensions landscape."
The other striking thing for me is that there is no mention of the US. Will be interesting what thye have to say to analysts about that.|
|Interims out - a bit better than I expected and with merger synergies increased by £5m pa. GIFL sales up - pretty amazing considering the interest rate environment, but they seem to be using the increased yield in equity release to support a better annuity yield. Seemingly v strong DB sales since 30/6 - bodes well for the full year.
Interesting new distribution strand offering impaired income for life through corporates.
Care plan sales up strongly: perhaps less surprising given the news today about the pressures on the care sector - this could be an engine of some growth at good margins.|
|Looks like business going well here!|
king kong dong
|Well that's my momentum trade finished nice little profit.
Good luck all.|
|Cheers 18BT nice when it works out that way.|
|Discount to a growing NAV or a shrinking one? No position here, bought them after the Brexit vote but luckily got back out again. Also wonder what plans Hammond might have to tinker around in the Autumn Statement. Hopefully he'll be too busy splurging on infrastructure to do a George Osborne.|
|Prob good call dazzler - reassuring update this am. Massive discount to NAV. Would hope to see a bounce|
|Gone long on this on spreads. A small amount as going against the main trend and a close stop.
However on the daily chart I see weakening downward momentum and today's price confirmation of this fact.
Maybe early on this one but let's see.|
|looking a bit grim but here's some welcome news
|Just FYI for holders - A friend of a friend works in Just Retirement is finding out about redundancy plans in next couple of weeks (whether they keep their job) - I guess this is part of the £40m cost synergies|
Less competition, but possibly less access to Pru pensioners - won't be good for the Pru pensioners!|
|Summary on long term prospects from a KBW note of Tuesday:
Greater visibility is still required on what level of growth can be sustained under the new SII regime, especially considering that a relatively low pro-forma coverage ratio of 1.3-1.4x includes the benefit of transitional capital reliefs but new business does not. Looking through the capital constraint, we believe that secular and circular drivers imply high levels of demand for JRP’s medically underwritten products – the baby boomer bubble, DB-to-DC theme, the large closed-scheme DB industry, the risk-adverse nature of UK retirees, the regulatory bias towards increasing the OMO, the optical attractiveness of medical underwriting rates to the consumer, the deferral of retirement due to low interest rates seen since 2008 and the societal need for equity release product driven by generational issues with wealth allocation in the UK.|
|Q3 IMS from the forgotten company in the FTSE250. Some encouragement from annuity sales and DB de-risking should make a come back in Q4. Absolutely nothing on cost savings; presumably this will wait to until the finals. I would be hoping for them to raise their cost savings targets at that point.|
|More evidence that annuities aren't dead?: