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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  M&G plc    MNG   GB00BKFB1C65

M&G PLC

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M&G : UK appeal court allows new hearing on Prudential £12 billion annuity transfer

12/02/2020 | 08:05am EST
FILE PHOTO:  The logo of British life insurer Prudential is seen on their building in London

LONDON (Reuters) - A UK court of appeal on Wednesday overturned a judgment blocking the transfer of 12 billion pounds in annuities from insurance giant Prudential to specialist provider Rothesay Life, paving the way for a second transfer hearing.

The deal, which would have been the largest ever such transfer covering 400,000 policyholders, was announced in 2018 at the same time as Prudential said it would split in two. The annuities - which pay pensioners a fixed income for life - are now managed by M&G, Prudential's former UK arm.

The High Court in London last year blocked the deal following representations from around 1,000 policyholders, who were wary about the financial strength of Rothesay, a major player in the sector.

But the High Court was wrong to assume there was a material difference between the level of financial support which the two firms could offer, according to a summary of the appeal judgment published on Wednesday.

"This will be very well received by the insurance industry, as the original and unprecedented ruling risked stymieing corporate activity," said Michael Abramson, partner at consultants Hymans Robertson.

Insurers frequently transfer books of business to one another, but the process requires court approval.

Another hearing for the policy transfer can now go ahead, the appeal court said.

The hearing is likely to take place late next year, a Rothesay spokesperson said.

(Reporting by Carolyn Cohn, editing by Louise Heavens)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
M&G PLC -1.55% 196.3 Delayed Quote.-0.83%
PRUDENTIAL PLC -0.10% 1430.5 Delayed Quote.6.20%
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Sales 2020 9 111 M 12 379 M 12 379 M
Net income 2020 1 132 M 1 539 M 1 539 M
Net Debt 2020 7 499 M 10 188 M 10 188 M
P/E ratio 2020 4,54x
Yield 2020 9,01%
Capitalization 5 077 M 6 901 M 6 898 M
EV / Sales 2020 1,38x
EV / Sales 2021 1,00x
Nbr of Employees 6 000
Free-Float 99,5%
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Mean consensus OUTPERFORM
Number of Analysts 12
Average target price 206,82 GBX
Last Close Price 196,30 GBX
Spread / Highest target 22,8%
Spread / Average Target 5,36%
Spread / Lowest Target -20,0%
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Managers and Directors
NameTitle
John William Foley Chief Executive Officer & Director
Michael Jonathan Evans Chairman
Roddy Thomson Chief Operating Officer
Clare Jane Bousfield Chief Financial Officer & Director
Robin Ann Lawther Independent Non-Executive Director
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