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Partnership Share Discussion Threads
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|So merger finally going through wef Monday. Move to a new JRP thread.|
|Pretty strong results from JR yesterday and similar signs of life at PA. Money Marketing reporting that 240 jobs to be saved quickly on the merger, which does look as though it will complete in Dec.
Intersting article from Towers Watson on DB De-risking market at: hxxps://www.towerswatson.com/en-GB/Insights/Newsletters/Europe/uk-finance-matters/2015/Medically-underwritten-bulk-annuities?utm_source=SilverpopMailing&utm_medium=silverpop%20email&utm_campaign=E-M_45721_N_Finance_Matters_Oct2015_CIS_U%20%281%29&utm_content=
The Taylor Wimpey scheme mentioned was done by PA, but this article highlights the opportunities in the market.|
|Significant development in the merger with JR is that the £150m fund raising has been announced which removes the overhang. Original announcement was messy and contributed to weakness, but glad that this has been sorted out in advance of the merger.|
|This looks like a genuine innovation:
The use of a SIPP means that investments can role up tax free. It seems that Vanguard are also launching a D2C platform at the same time. Vanguard ETFs tend to have the lowest charges in the market, so this whole package looks very cheap IMHO.
I think others are working on something similar, but the charging on this looks a winner.
Will be good for the merged JRP when the merger goes through.|
|Yes, quite pleased with my sale now. They seem to have messed this up as it should have been a good news story.|
|I sold out all my remaining PA early on too in initial burst thank goodness but am keeping JRG.
What genius decided to flag the substantial capital raising to follow post merger as part of the actual merger announcements?
You have institutional shareholders facing a consolidation if they hold both stocks likely to think they need to cut their exposure (and which I did selling all PA at the 'premium' rise whilst it lasted) AND/OR they know some form of big dilution is coming too and at a placing discount.
So I'm expecting some of these institutional holdings RNS to start showing some sales ahead of 2 becoming 1.
Talk about creating headwinds.|
|Blimey - happy with getting out at 168p now. Maybe reality setting in on the £150m fundraising, but odd it's been sold off quite as much as this.|
|Savings should be worth at least £300 m in value to combined group.|
|Sounds a sensible way forward albeit I'm disappointed PA. could't stay independent. Sold out at 168p.|
|Merger with JR at slight premium, but cost savings should be huge and merged co great position in DB buyout market.|
|Rising annuity rates have help pushed up advisers’ interest in securing contracts for clients, figures from Iress show.
The technology provider records the number of key facts illustrations, which are used to generate annuity quotes, being produced by advisers.
In June the number of KFIs produced rose 32 per cent compared to April, and was up 14 per cent year-on-year.
Since the 2014 Budget annuity sales have dropped dramatically and in April demand were down 30 per cent year-on-year.
But the average rate of a single life annuity reached a new six month high in June 2015, hitting 5.09 per cent, compared to 4.86 per cent in March.
Iress says the rise is due to improving economic data and gilt yields pushed up by the expectation of base rate rises.
Average pots sizes used to purchase an annuity also increased, to £67,504, a 5 per cent increase on March and 3 per cent year-on-year.
Iress commercial executive general manager Dave Miller says: “Pension freedoms hit annuity activity hard in April, as those at retirement rushed to explore alternative options.
“In the months that have followed, the mini-bounceback points to demand stabilising, buoyed by improving rates.
“However, with further changes in the market on the cards – not to mention new investment and hybrid products likely to launch – we have not seen the end of disruption and innovation in the retirement market.”|
|Interims out Tues 11th I think|
|there does seem to be some decent lines of stock going through the market in recent weeks.. wonder if there is a single buyer accumuating stock ... rns soon perhaps?|
|Broker says Partnership and JRG 'materially undervalued' on annuities data
(ShareCast News) - Data released by the insurance industry showing the impact of new UK pension freedoms has good implications for Partnership Assurance and Just Retirement, said Panmure Gordon.
The broker's 'buy' recommendation was reiterated on both companies, in the stated belief that the shares are "materially undervalued".
The Association of British Insurers (ABI) released some statistics from the first 100 days since the UK pension reforms came into play.
Some 11,300 annuity retirement plans were sold, worth £630m compared to £1.2bn in the same period in 2012, while sales of income drawdown products have increased to £720m from £100m in the equivalent period.
The average annuity was purchased with a pot of £55,750, which Panmure said was in line with its view that those with £50,000 to £300,000 pension pots will look to acquire incomes for life - that is, annuities - rather than cashing in and facing tax implications or entering a drawdown.
As expected there have been those with small pots cashing in with around 65,000 withdrawals of an average £15,500, accounting for £1bn of the total of £1.8bn withdrawn in the period.
The 50% fall in annuity sales, said analyst Barrie Cornes, "is considerably better than many of the doom-mongers had predicted and in our view bodes very well for the likes of Partnership Assurance and Just Retirement" as the pair are likely to additionally benefit from what in effect will be a significant hike in the number of people taking the open market option (OMO) which allows them to shop around for the best rate.
The two companies also have value attractions, Cornes added, pointing out that the both shares are trading at significant discounts to their respective embedded values.
"In our view the figures reinforce our view that the individual annuity market is not dead which might come as a surprise to those who predicted its demise following the Budget changes announced in March 2014."
According to his estimates, Partnership shares were trading at a 5% discount to Panmure's 2015 forecast embedded value while Just Retirement was trading at a massive 18% discount to EV forecast at 30 June 2015, increasing to 25% at 30 June 2016.|
|Panmure are holding an annuity conference on MOnday and reitereated their buys on PA. and JR yesterday in a morning note.|
|I think this looks interesting - Shore and Panmure getting behind it will help|
|H2 of the year is crucial and whether my expectation that growth returns then (against easier comparables) starts to happen in INAs.|
|incredibly lumpy defined benefit revenue. Now you see it, now you don't
3 months to: 31-Mar-15 31-Dec-14 30-Sep-14 30-Jun-14 31-Mar-14
Individual annuities 54 62 69 135 200
DB bulk annuities 24 210 - 3 34
Care 20 19 20 16 20
Protection 1 1 1 1 1
---------------------- ---------- ---------- ---------- ---------- ----------
Total new business 99 291 89 155 254
last 5 quarters: 3m, 34m, 0m, 210m, 21m
|annuity sales up 11%
|RBC Capital Markets initiated coverage with 'outperform' and a price target of 180p no less...|
|Boo but I see their point re the expensive debt!|
|Partnership Assurance downgraded by Canaccord
By StockMarketWire | Tue, 14th April 2015 - 16:15
Canaccord Genuity has downgraded its recommendation on Partnership Assurance (LON:PA.) to 'sell' from 'hold', citing concerns over free cash flow and cost of capital as the main reasons behind its change of stance.
The broker added: "We update our forecasts post the FY14 results and 10-year £100m bond issue to Cinven at a 9.5% coupon. We think the 9.5% cost of debt suggests a higher cost of equity. We argue that Partnership's MCEV calculation is inflated by the low discount rates, which do not reflect the cost of capital, which we think is in the low teens."
Nevertheless, analysts have upped their price target to 115 pence a share (from 92 pence), after changing their valuation basis, which is still well below the current share price.
At 4:14pm: (LON:PA.) Partnership Assurance Group share price was +0.63p at 143.63p|
|This worth a read: