We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Customisable watchlists with full streaming quotes from leading exchanges, such as LSE, NASDAQ, NYSE, AMEX, Bovespa, BIT and more.
| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Alt. AO. Prfnpv | TLI | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 52.50 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 52.50 | 52.50 |
| Top Posts |
|---|
Posted at 23/6/2016 13:47 by courant Sounds like good news to me, I'd welcome a sale to close the fat discount and remove the risk of further "cost of insurance" issues. Although this will involve giving up future returns, I think the risk reward profile here has materially changed. From the May factsheet:New investment capital continues to enter the life settlement market. This is being driven by investor demand for asset classes with low correlation to the traditional capital markets. This has always been one of the key attractions of life settlements, but is particularly pertinent given the current high volatility in global equity markets. Sustained demand for life settlement policies in the secondary and tertiary markets is supporting market prices, which are expected to remain at current levels for the foreseeable future. Larger investors will continue to look to the tertiary market in an attempt to source blocks of policies from existing portfolio holders. A number of large tertiary transactions have been reported over the past 6 months. The average life insured age for policies seen in the secondary market is approximately 82 years. Therefore with an average life insured age of 92 years, the Company holds a portfolio with materially different characteristics to the policies generally available in the market. The total death benefit of the policies held in the portfolio is $121.6m, versus a valuation of $44.8m. It remains the intention of the Board to hold the majority of policies to maturity, but the possibility of selective policy sales will continue to be kept under review as the portfolio develops. |
Posted at 23/2/2016 07:18 by papy02 I'd suggested that before but TLI batted away (major investors ..., bod considered all options ..., blah).Reaction here was negative also. I guess you get more and more geared to the outcome on the remaining rump. I just reinvest the proceeds in TLI, to similar effect (SP can overshoot downwards after payouts, which helps). |
Posted at 25/10/2014 09:03 by gingerplant Traded life policies aren’t dead yetIt’s not been a great few weeks for stock market investors and unfortunately in the short term I don’t think matters will improve much. I’m currently running with 30 per cent cash in my portfolios – and looking around for alternative investment ideas which might offer some genuine diversification benefits. And here are two. Both are unusual and both trade as closed end funds. Returns are uncorrelated to wider markets, but both also have some fairly obvious risks. My first idea is a very specialist fund called Alternative Asset Opportunities, which trades on the stock exchange with a tiny capitalisation (£27m). It’s trading at around a 16 per cent discount to net asset value. In the past, I wouldn’t have touched this sort of fund with even a very long barge pole. It invests in traded life policies, a form of equity release for elderly Americans. The idea is that if you are in need of a cash advance, you relinquish a life assurance policy. The purchaser buys the policy and continues to pay the premiums, but collects the payout when the insured person dies. Rising life expectancy has played havoc with this kind of product. But the average age of the remaining roughly 75 individuals (and their 85 or more policies) is now about 90. The death rate is inevitably picking up; bad news for them, but good news for the fund which collected $17.4m in maturities over the year to end June and has finally started returning cash to shareholders. Sterling’s appreciation against the dollar knocked the book value of these US assets in pounds, but the greenback is now back in the ascendant and the mortality arithmetic can only really go one way. On paper, the total value of outstanding policies is around $140m but the fund has them in the books at just $50m. It is still paying premiums for the policies in force. But by my reckoning, if the life expectancy of these retired folk is less than five years the current NAV looks fairly conservative. The big risk is that a couple of dozen of TLI’s clients could live much longer than the average, in which case it would remain liable for the premiums and shareholders would lose a fortune. But I think the odds are beginning to turn appreciably in TLIs favour. Not all investors are comfortable with the morality of “death futures”, and the UK regulator certainly doesn’t like them; it has effectively prevented them from being marketed to non-sophisticated investors. But this is a market-listed vehicle that any share trader with the appropriate risk appetite can buy. The great attraction of traded life policies – and one which applies here – is that their returns are completely uncorrelated with those of other asset classes. |
Posted at 15/9/2014 13:04 by davebowler Extract;15 September 2014 2 Westhouse Securities Key for shareholders moving forward remains the val uation methodology applied by the fund and this morning’s results announcement provid es a number of points of confidence in this methodology. These include the fact that recen t maturities “broadly correspond” according to the board with the LEs under the fund’ s previously revised methodology. Secondly, the Board has undertaken a process of mar ket testing, whereby it has actively sought bids from market participants on a represent ative selection of policies held within the portfolio and also sought to “test the viability of selling the entire portfolio .” The board has concluded that “these exercises suggest that the Board’s valuation s correspond closely to market prices and confirm tha t policies such as the company holds are attractive to other market participants.” The apparent validation of the fund’s NAV pricing by market participants independent of TLI should, we b elieve, provide investors with significant faith in the valuation methodology being provided, though it should be recognised that deviations from LE modelling on an individual polic y basis are natural and should be expected. Similarly, while taking the positive step to determine third party valuations of key elements of the portfolio, the board has restated t hat it remains its intention to hold the majority of policies to maturity rather than seekin g sales in the secondary market. Providing just a glimpse of the potential enhanceme nt to NAV that could occur, at end-June 2014, the portfolio offered exposure to 89 life pol icies (on the lives of 78 individuals), with a total face value of US$142.5m, against a current va luation within the NAV of just US$50.2m. The average age of policy holders was 90.4 years at end-June. The vast majority of these assets (65 lives and 83.1% of NAV) are valued with a remaining LE range of between three and six years and an average remaining LE of 4.9 ye ars. The wide spread between the current valuation and p otential realisation value of the portfolio reveals the potential enhancement to NAV that could occur in this period if current LE modelling within the portfolio proves to be accu rate (or even overly conservative). Historically, of course, LE levels have exceeded es timations, prompting an extension of the LE modelling curve, higher resultant costs and a re duction in the NAV. However, this morning’s statement from TLI acknowledging greater matching of LE rates with actual maturities and the fact that market participants no w appear willing to pay for the assets at prevailing valuation levels should we believe, prov ide significant confidence to the fund’s approach and valuation methodology. |
Posted at 15/9/2014 13:01 by davebowler Westhouse;This morning has seen the release of annual results for Alternative Asset Opportunities* (TLI.L, -16.4%, Buy), a fund that provides investors with exposure to a basket of life policies or traded Life Interests. These reveal a positive acceleration in both the number and value of policy maturities within the portfolio in the year to June 2014. However, over the reporting period as a whole, the NAV fell by 3.8p or 7.8% (to 44.7p per share), undermined by strength of sterling – a trend that has, of course, been sharply reversed more recently. |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
Hot Features
Premium
