Resolution Share Discussion Threads

[theblackswan] 18/3/2014 11:05

Agreed, I got some more too

[al101uk] 18/3/2014 10:59

Cheap enough, in for some more now.

[dutch123] 18/3/2014 10:08

yep, crackin results and share price nose dives..topped up again.

[billy5] 18/3/2014 09:50

I can't see any reason for this retrace, so for that reason I have bought some more!

[philo124] 18/3/2014 08:34

Bought another 2k.

[skinny] 18/3/2014 07:08

Resolution Limited

Results 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

[a0148009] 06/3/2014 23:54

Thank you Aviva for your support and yielding only 3% - RSL could rise to 400p and still yield 5.25% and increase in dividend in 12 months.

AO

[skinny] 06/3/2014 12:49

New high @381.50p

Final results 18th March.

[a0148009] 26/2/2014 14:37

Income seekers me thinks - good chance price reaching my target 385p before exd date.

AO

[philo124] 26/2/2014 12:03

VOD dosh coming in.

[skinny] 26/2/2014 11:21

New 5 year high @380.20p

[a0148009] 21/2/2014 00:12

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

[nigelmoat] 20/2/2014 12:56

Full year results coming shortly on 18th March. Any one any thoughts as to whether we might see a special dividend returning some funds to shareholders? Been talked of here before and perhaps that expectation pushing share price higher?

[philo124] 12/2/2014 15:25

Could be breakout; depends on wider mkt direction imo.

[a0148009] 12/2/2014 15:04

Low interest rates underpinned by Carney's statement today for some time.
Clear breakout on chart - looking for share price to push on to 385 ahead of ex final dividend in April.

AO

[dutch123] 07/2/2014 19:17

resistance at 360p..

[philo124] 07/2/2014 18:08

Yes, will break out soon VOD PI cash has to go somewhere.

[a0148009] 07/2/2014 17:09

Third highest yield in FTSE100 annual dividend 21.15p equals 5.9%.
Final 14.09 exd circa middle April- 5.5% annual yield equals share price 385p.

AO

[skinny] 07/1/2014 11:15

JP Morgan Cazenove Neutral 350.70 302.00 368.00 Reiterates

[osirisra] 08/12/2013 06:05

One one more day to go to bag yourself a three course meal for four voucher in the online auction in aid of the injured soldiers of 33 Engineering Regiment. For the full details of what and why please go to post 127628 or my website Debdencycle.co.uk or just follow the link below.
Thanks to all of you for the support.
Osi'.

[philo124] 13/11/2013 09:56

375p target from Canaccord up from 355p this a.m.

[broadwood] 12/11/2013 07:13

Results look good but at first glance no money being returned to shareholders - yet.

[skinny] 12/11/2013 07:03

Continued strong UK new business growth and resilient performance in core International division

· Strong growth in the UK division with value of new business ("VNB") up 41% to £133 million driven by good performance across all business units:

- Retirement Income VNB of £64 million, up 78% compared to prior year
- Protection VNB up 14% to £50 million
- Corporate Benefits VNB up 36% to £19 million with continued good progress on auto-enrolment; 146 schemes of 97 employers staged by the end of September
· Core International division results reflect resilient performance in challenging market conditions with VNB of £25 million (30 September 2012: £27 million)

· Group VNB at £136 million (30 September 2012: £138 million) including £(22) million VNB from the Heritage division and non-core International business

· Group PVNBP margin1 at 2.7% (30 September 2012: 2.4%), with UK division margin up at 4.5% (30 September 2012: 3.3%)

Strong capital position maintained and continued focus on cash generation

· The Group's capital position remains strong with an IGCA surplus2 of £2.1 billion

· Group available shareholder cash of £821 million (30 June 2013: £839 million)

Operational highlights

· 2013 run-rate savings target of £126 million achieved three months early

· New business sales in International non-core markets ceased in September 2013

· Programme to reallocate circa £2 billion of annuity reserves from the with-profits to non-profits fund completed in September

· Significant enhancements delivered across protection propositions

[skinny] 06/11/2013 16:37

IMS is 12th November -