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4-Traders Homepage  >  Equities  >  London Stock Exchange  >  Aviva    AV.   GB0002162385

AVIVA (AV.)
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M&S transfers £1.4 billion in pension liabilities to insurers

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05/17/2018 | 12:24pm CEST
A sign is seen on the exterior of a branch of Marks and Spencer in central London, Britain

LONDON (Reuters) - Marks and Spencer's pension scheme has passed 1.4 billion pounds of its liabilities to Aviva and Phoenix, the insurers said on Thursday, as companies look to reduce the risk from their pension funds.

British companies such as Pearson and Smith Group are starting to transfer pensions calculated on workers' final salaries to insurers, to take the pensions risk off their own balance sheets, a trend that is encouraging new insurers into the sector.

The Marks and Spencer pension scheme has nearly 9 billion pounds in liabilities, according to its most recent triennial valuation.

Specialist providers say they can run pensions and life policies at a lower cost by using economies of scale, investing more astutely and using actuarial expertise to match assets more closely to liabilities - and thereby reduce risk.

Aviva took on 925 million pounds of the British retailer's defined benefit pension liabilities in its biggest deal to date in the so-called bulk annuity market, while Phoenix completed its first bulk annuity deal, for 470 million pounds, the insurers said in statements.

Aviva and Phoenix said they had set up structures to allow them to take on more of the scheme's liabilities if needed.

Specialist pension provider Just Group's shares jumped 12 percent on Thursday after it reported a sharp rise in retirement sales in the first quarter.

(Reporting by Carolyn Cohn; Editing by Elaine Hardcastle)

Stocks mentioned in the article
ChangeLast1st jan.
JUST GROUP PLC -3.56% 143.7 Delayed Quote.-12.85%
MARKS & SPENCER GROUP -0.91% 304.1 Delayed Quote.-2.51%
PHOENIX GROUP HOLDINGS 0.57% 792.5 Delayed Quote.0.77%
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Financials ( GBP)
Sales 2018 35 431 M
EBIT 2018 2 877 M
Net income 2018 2 064 M
Debt 2018 -
Yield 2018 5,62%
P/E ratio 2018 10,66
P/E ratio 2019 9,38
Capi. / Sales 2018 0,60x
Capi. / Sales 2019 0,64x
Capitalization 21 412 M
Chart AVIVA
Duration : Period :
Aviva Technical Analysis Chart | AV. | GB0002162385 | 4-Traders
Technical analysis trends AVIVA
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 20
Average target price 5,77  GBP
Spread / Average Target 8,1%
EPS Revisions
Managers
NameTitle
Mark Andrew Wilson Group CEO & Non-Executive Director
Adrian Alastair Montague Chairman
Nitinbhai Babubhai Maganbhai Amin Chief Operations & Transformation Officer
Thomas Dawson Stoddard Chief Financial Officer & Executive Director
Michael John Hawker Independent Non-Executive Director
Sector and Competitors
1st jan.Capitalization (M$)
AVIVA8.98%28 619
PRUDENTIAL0.16%66 094
AXA-7.18%64 080
METLIFE-4.89%49 251
PRUDENTIAL FINANCIAL-11.63%42 378
MANULIFE FINANCIAL CORP.-5.30%38 564

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