This is by way of a Memo for the noticeboard.
This Resolution business buys-up distressed policies - so called Zombie Funds (really?), that have underperformed for the policy-holders.
The hope is that by cutting costs some good will come of it.........but you and I know that once someone else has control of your money, suddenly it starts to misbehave; like an nephew you never knew.
No doubt the magement will be full of Shareholder value and policyholder improvements, but I remain to be convinced and wonder why so many of our respected Institutions ever bothered with policies that didn't perform.....were they advertised as such, or given a great gloss as the salesmen collected their fees?

RBC Capital Markets Outperform 313.70 420.00 400.00 Retains

Credit Suisse Underperform 313.70 340.00 340.00 Reiterates

Barclays Capital Overweight 313.70 378.00 361.00 Reiterates

Barclays Capital Overweight 317.35 318.10 - 370.00 Reiterates

Bought a few of these on Friday. Nice lock away for the ISA at a decent yield.
Found this note from Charles Stanley:
Resolution (RSL: 318p) is one of several UK insurers to have reacted badly to one of the big surprises in the Budget, which gives pensioners more freedom to act as they see fit with their pension and, crucially, which removes the need to purchase an annuity (on the premise, presumably, that these have not performed particularly well in recent times). Over the last three sessions the shares have fallen by just shy of 15% and, as the chart shows, this has taken them straight through the uptrend that has defined the rally of the last year and a half. Unsurprisingly, this sudden weakness also leaves them looking extremely oversold – the 14-day RSI has slumped to a 52-week low of 24% - and it is difficult to believe that most of the bad news has not already been incorporated into the price. While it is never a good idea to try to catch the proverbial falling knife this is clearly a situation which is worth monitoring, and a close back above 325p will look promising.

Looking for support @270/280p.

free stock charts from uk.advfn.com

Response to FCA announcement

Resolution notes the FCA's announcement regarding a review of the fair treatment of long standing customers in life insurance. We look forward to receiving further details from the FCA.

We put all of our customers at the heart of our business and engage with them on a regular basis. In 2011, Resolution established Heritage, a standalone division with a dedicated management team specifically focused on meeting the ongoing needs of customers with legacy products.

An example of the benefits from this specific focus is the recent investments in the Heritage division, including the migration of our customers from legacy systems to a modern IT platform that will deliver improved customer service. The costs of these investments are borne by Resolution and do not fall to customers.

Life insurance has been and remains a highly regulated industry. It has undergone a series of independent reviews to ensure transparency and fair treatment of customers. We therefore look forward with confidence to working with the FCA once it issues official guidance.


- Ends -

Canaccord Genuity Hold 286.70 375.00 300.00 Reiterates

JP Morgan Cazenove Neutral 286.70 370.00 358.00 Reiterates

The chart looks dire - I'm taking quite a battering here.

Some support @270.

Deutsche Bank Buy 297.90 297.90 333.00 332.00 Upgrades

.

Happier now Skinny? A close and hold above 300 is needed here. That high dating back to last May is proving troublesome. After that it looks reasonable clear to 320.

It does seem reluctant to hold £3 - in the general area, I'm doing better with a recent purchase in PHNX - albeit a smaller holding.

CHANGE OF COMPANY NAME

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.

New Thread