||EPS - Basic
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Resolution Share Discussion Threads
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|New thread here:
|You may as well.|
|Shall I start a moderated thread on the new ticker?|
|Not very good planning to have a name change on the same day as trading update!
I have a S/B open as well as a long term holding - the former is untradeable as their platform hasn't recognised the change.|
|293.6p at the moment|
|Whats it trading at? Seems like it is down to 290?|
|FLG works fine for me. Added it to my monitor.|
|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."|
|FLG seems to refer to Flightstore. Bit of catch up to be done, methinks.|
|Released under the new ticker (FLG)
Interim management Statement
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.|
|I see there was a bit of voting (3%) against the remuneration policy.|
|Following shareholder approval received at the Company's AGM held earlier today, the Company has changed its name to Friends Life Group Limited, completing the unification of the listed and UK trading brands.
Trading in the Company's shares on the main market of the London Stock Exchange under the new name, Friends Life Group Limited, will take effect from 7am on 9 May 2014, when the Company's TIDM (stock exchange ticker) will change to FLG.
The Company's website will change to www.friendslifegroup.com.
At the same time, the Company's subsidiary, Friends Life Group plc, the issuer of the company's listed debt, has changed its name to Friends Life Holdings plc.
Tel: 0845 641 7825
Overseas: +44 (0)1306 871825|
|Trading Statement next Friday 9th.|
|Just can't seem to hold above 300 - yet! Should be a good breakout once it comes.|
|Deutsche Bank Buy 297.90 297.90 333.00 332.00 Upgrades|
|From City Wire :-
|could be time to move back in shares mag says the boss mr c has just bought £3000,000 of shares at 277p|
|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!!!|
|250 would be a good entry point, and at this rate within the next couple of weeks ;-)|
|That's what I thought at 327, forwood.|
|good entry point on this - excellent dividend, etc.|
|Women and children first!!!|