Gen.acc.8se.pf Discussion Threads

[dope007] 19/8/2009 15:08

Have you guys looked at the insurer corporate bonds?

Aviva 5.9% trading at 65p
FP. 6.292% callable in 2015 trading at around 58p to buy last week.

As a holder of both and some HBOS and RBS UT2 bonds I am looking for other bonds/prefs which is why I have ended up here

[skyship] 19/8/2009 14:57

errhh - actually no:

GACA @ 100p yields 8.875%
GACB @ 90p yields 8.75%

QED

[bell011] 19/8/2009 13:47

loads of buys on this one today. surely gacb albeit just gone ex div would be a better buy at 90p?

[mac15] 10/8/2009 17:26

Finally catching up with AV.A!. Have stack of these from the low 80s but expect they will eventually go back up to 130+. Despite scares that Quantitive easing (printing money) will cause an inflation bubble, that seems at least 2 years away so these are still a bargain.

[jaws6] 06/8/2009 10:21

GENERAL ACCIDENT PLC

Unaudited results for the six months ended 30 June 2009




These results are published for the benefit of preference shareholders of General Accident plc ("the Company"). The preference shares have remained listed following the merger of the Company with Commercial Union plc in June 1998 to form CGU plc (CGU), and the subsequent merger of CGU with Norwich Union plc in May 2000 to form Aviva plc (formerly CGNU plc).


The income of the Company for the six months to 30 June 2009 consists of interest received on an inter-company loan to its parent, Aviva plc. The principal risk and uncertainty facing the Company for the remainder of the year is interest rate risk, as the net asset value of the Company's financial resources is exposed to potential fluctuations in interest rates. Exposure to interest rate risk is managed through the monitoring of several risk measures.


Equity shareholders' funds, including preference shares, of the Aviva group, prepared using accounting policies under IFRS, decreased during the period by GBP1,503 million to GBP10,739 million at 30 June 2009. IFRS operating profit of the Aviva Group was GBP1,049 million (six months to 30 June 2008: GBP1,223 million restated) and net operating cash inflows were GBP3,737 million (six months to 30 June 2008: GBP3,309 million).


+----------------------------------------------+-------------+--+--------------+
| Summarised income statement | Unaudited | | Unaudited |
| | results | | results |
| | 6 months to | | 6 months to |
| | 30 | | 30 June 2008 |
| | June 2009 | | GBPm |
| | GBPm | | |
+----------------------------------------------+ +--+ +
| Statutory results | | | |
| | | | |
+----------------------------------------------+-------------+-------------+--------------+
| Finance income | 239 | | 390 |
+----------------------------------------------+-------------+--+--------------+
| Total income | 239 | | 390 |
+----------------------------------------------+-------------+--+--------------+
| | | | |
+----------------------------------------------+-------------+--+--------------+
| Profit before tax | 239 | | 390 |
| | | | |
+----------------------------------------------+-------------+--+--------------+
| Tax on profit | (67) | | (111) |
+----------------------------------------------+-------------+--+--------------+
| | | | |
+----------------------------------------------+-------------+--+--------------+
| Profit for the period | 172 | | 279 |
+----------------------------------------------+-------------+--+--------------+
| | | | |
+----------------------------------------------+-------------+--+--------------+



+---------------------------------------------------------------------------+
| |
+---------------------------------------------------------------------------+




+------------------------------------------+-----------------+------------------------------------------+---------------+
| Summarised statement of financial | Unaudited | | Unaudited |
| position | 30 June 2009 | | 31 |
| | GBPm | | December 2008 |
| | | | GBPm |
+ + +------------------------------------------+ +
| | | | |
+------------------------------------------+-----------------+------------------------------------------+---------------+
| Total assets | 14,248 | | 14,432 |
+------------------------------------------+-----------------+------------------------------------------+---------------+
| | | | |
+------------------------------------------+-----------------+------------------------------------------+---------------+
| Equity attributable to ordinary | 13,701 | | 13,729 |
| shareholders | | | |
| | | | |
+------------------------------------------+-----------------+------------------------------------------+---------------+
| Preference share capital | 250 | | 250 |
| | | | |
+------------------------------------------+-----------------+------------------------------------------+---------------+
| Total equity | 13,951 | | 13,979 |
| | | | |
+------------------------------------------+-----------------+------------------------------------------+---------------+
| Other liabilities | 297 | | 453 |
| | | | |
+------------------------------------------+-----------------+------------------------------------------+---------------+
| Total equity and liabilities | 14,248 | | 14,432 |
+------------------------------------------+-----------------+------------------------------------------+---------------+






+------------------------------------+---------------------+------------------+
| Statement of changes in equity | Unaudited | Unaudited |
| | results | results |
| | 6 months to | 6 months to |
| | 30 June 2009 | 30 June 2008 |
| | GBPm | GBPm |
+------------------------------------+---------------------+------------------+
| Total equity at 1 January | 13,979 | 13,985 |
+------------------------------------+---------------------+------------------+
| Profit for the period | 172 | 279 |
+------------------------------------+---------------------+------------------+
| Dividends | (200) | (81) |
+------------------------------------+---------------------+------------------+
| Total equity at 30 June | 13,951 | 14,183 |
+------------------------------------+---------------------+------------------+

[jaws6] 06/8/2009 10:14

News in GACA.

[jaws6] 05/8/2009 15:39

gary
Now which one is better
GACA, GACB or AV .B on todays price.
i got av.a and gaca.

[gary1966] 01/7/2009 22:05

Divi in the account today. Lovely jubbly.

[mac15] 30/6/2009 21:29

Thanks Gary. Gaca appears a better bargain and good as a low risk/ high income builder. I hold the main Av. shares as well,but like to also hold the prefs in case the market recovery stalls or reverses.

[gary1966] 30/6/2009 20:47

mac,

I think it is in the name. People know aviva but don't realise that GA are effectively also aviva as well. Feel safe with aviva as very large company.

[mac15] 30/6/2009 20:31

Any reason for the large price difference between these and av.a?. I own both which look to have near identical risk/reward profiles.

[spittingbarrel] 25/6/2009 16:41

Eeza - Thanks

[spittingbarrel] 25/6/2009 15:21

Does anyone know when the divi is paid on this one?

[gary1966] 04/6/2009 08:02

Interest article on bloomberg today about bonds. Gives some reassurance.

[mac15] 06/5/2009 09:14

Up again. I'm hoping a bundle of these, Av.a and Av is a good way of playing the market recovery. The main Av shares also doing well.

[skyship] 27/4/2009 08:40

Yet another positive statement from Aviva. Just further validates our investment here.

[gary1966] 22/4/2009 20:59

spittingbarrel - but I want my cake and be able to eat it!!!

[spittingbarrel] 22/4/2009 18:01

Gary - Don't worry about the price, as long as the divi's paid just sit back and enjoy!

[gary1966] 22/4/2009 14:57

Still can't believe that the price isn't moving up given all the buys and very few sells. Come on Mr MM do your bit!!!

[lynton3] 20/4/2009 19:12

I did as well; the differential is around 4%+.

[gary1966] 20/4/2009 18:31

Rotated into these from Aviva 8.75% prefs as yield better and these have some catching up to do.

[mac15] 17/4/2009 18:14

As Ringo Starr would say "Would I be a popular buy if my name was still General Accident". Suspect Aviva need to rename these but glad they have left time o get some on the cheap!.

[morgs] 17/4/2009 16:01

I am glad I am not the only one, I thought I was seeing things earlier this week, I didn't get the price differential yet AV.A is paying less, 8.75 as opposed to 8.875 and the xd date is only some 7 days later, so picked up some at 85.

-------Dividend--------Next XD Date--------Pay
AV.A 8.750% 0.9400 06/05/2009 30/06/2009
GACA 8.875% 0.8750 13/05/2009 01/07/2009
GACB 7.875% 0.7750 12/08/2009 01/10/2009
AV.B 8.375% 0.8475 12/08/2009 30/09/2009

Prices are all Bid as I am long all except GACB.

[washbrook] 16/4/2009 21:49

SKYSHIP
GA a sub of AVIVA
------------------------------------