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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Resolution | RSL | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 302.90 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 302.90 |
| Top Posts |
|---|
Posted at 09/5/2014 07:36 by skinny I've reported it to the powers that be."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." |
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 09/4/2014 08:31 by osirisra forwood, the dividends are historical and may not be held due to the impact on the business that the new legislation will bring. Right now nobody knows how big or small the impact will be but there will be an impact. I can't see how a company can maintain it's dividend with reduced income. The books wouldn't balance and they could be spending more money than they were bringing in???? I don't think RSL is run by Gordon Brown, Ed Balls and Co!!! |
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 11:32 by scburbs Anyone after a progressive dividend in the sector might want to take a look at PHNX. Last 12 months dividend at 53.4p for a 7.2% dividend yield at 740p. They have negotiated arrangements with the lending banks (gearing is materially higher than RSL) to allow for increases of c.10% p.a.Results due next week, 26 March. |
Posted at 18/3/2014 11:23 by p49b Dont think the market is impressed with no dividend increase, while the yield is still good one likes to see progress.Also the wording in the statement· Progressive dividend to be considered when sustainable free surplus coverage of the ordinary dividend exceeds 1.3 times, is not very bullish,when the word "considered"is used. RSL may fall here until the divi is on up trend. |
Posted at 18/3/2014 07:08 by skinny Resolution LimitedResults for the year ended 31 December 2013 Strong financial performance · Sustainable free surplus £331 million, up 10% (2012: £300 million) · Value of new business up 5% to £204 million (2012: £194 million), including 30% increase in the UK division · IFRS based operating profit before tax of £436 million, up 59% (2012: £274 million) · MCEV operating profit before tax of £489 million, up 28% (2012: £382 million) Improved cash generation, strong capital base, increased dividend cover · Available shareholder assets £917 million · IGCA surplus(i) £2.2 billion, coverage ratio 238% · Economic capital surplus(ii) £3.9 billion, coverage ratio 193% · Full year dividend of 21.14 pence per share subject to shareholder approval (2012: 21.14 pence per share) · Full year dividend covered 1.1 times by sustainable free surplus (31 December 2012: 1.0 times) Operational highlights · Successful restructuring of the business over the last three years is complete, £160 million of cost savings secured · Successful delivery of key 2013 financial targets · It is appropriate in this new phase to move away from a restructuring brand and therefore the Company will seek approval from shareholders to change the Company's name at the AGM to Friends Life Group Limited · Completion of circa £2 billion with-profits annuity reallocation · Investment mandates placed for commercial real estate and infrastructure loans Strategic update · A leading scale player in the attractive UK Life and Pensions market, primarily focused on the fast growing retirement market and skilled management of closed books · Continued, disciplined focus on generation of cash and returns · Progressive dividend to be considered when sustainable free surplus coverage of the ordinary dividend exceeds 1.3 times · Major new strategic partnership with Schroders announced; £12.2 billion of equity and multi-asset funds to be managed on behalf of Resolution customers · The Company will seek approval from shareholders to change the Company's name to Friends Life Group Limited · Discussions regarding potential sale of Lombard are ongoing Andy Briggs, Group Chief Executive said: "The restructuring of the business is now complete. We have a sustainable business with a profitable base for future growth. We operate in attractive growth markets, focused on managing legacy life and pension products, and capturing value in the fast-growing retirement provision market. The Company continues to seek to maximise value from each part of the Group while retaining its focus on rigorous financial discipline. We remain focused on generating growth in both cash and returns while maintaining our strong capital base." (i) Estimated (ii) Estimated and unaudited |
Posted at 21/2/2014 00:12 by a0148009 From 2012 December Year Annual Report." Dividend The Company's dividend policy can be summarised as being an absolute amount determined by the Board, currently 21.14 pence per share from 2012 onward, with the expectation that a progressive dividend would be considered once sustainable cash generation reached the GBP400 million per annum distributable cash target. The Company expects to pay one-third of the total annual dividend as an interim dividend and two-thirds of the total annual dividend as the final dividend. The existing scrip dividend alternative is being discontinued and, in its place, shareholders will be offered a dividend reinvestment plan ("DRIP"). The Board has proposed a final dividend for 2012 of 14.09 pence per share, subject to shareholder approval." It is expected dividend will be increased from year 2015 but could be earlier if either certain assets are sold or distributable cash target achieved. We will have a better picture in March. AO |
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 24/3/2013 16:26 by aleman That Express journalist wants the RSL dividend yield in line with others? OK then - RSA and Aviva trade at IFRS NAV +10%. For RSL, that would be about 450p on interim numbers. A 4.8% sector yield on that would be 21p+. Arguably, the yield IS already at the sector average but the share price is 40% too low. Perhaps that is why it has been recovering of late? |
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