11:43 25/05/2016 Nigel Wilson
Nigel Wilson pays understated 'hidden" https://www.theguardian.com/business/blog/2016/may/25/legal-general-understates-chief-executives-pay-in-annual-report\ Legal & General, the insurance company, has been forced to admit that it made a mistake in the pay of its chief executive Nigel Wilson when it published its annual report almost 10 weeks ago. In a statement to the stock exchange, L&G said it ?regrettably advises? that the error had been made as it admitted Wilson was paid nearly #5.5m in 2015 rather than the #4.7m previously disclosed in the annual report in March. The revelation, on the eve of L&G?s annual general meeting where investors will vote on the remuneration report, is embarrassing for the insurer which said: ?We apologise for this error.? Difficult when L&G has been at the fore to push restraint on other CEOs where money is invested CL
21:43 24/05/2016 Re: #3BN Back Books
"Hello Gamesinvestor, did you purchase several million LGEN" Mr R -- sadly not m8 or I'd have cashed in by now. I did however plunge 1.77% of my portfolio in, so that's not too shabby I suppose. Games -- Who dares, wins -- Rodney!!
21:31 24/05/2016 Re: Sold
"Please feel free to suggest alternative song title" Chicken I could suggest this one:- Who's sorry now, by Connie Francis:- https://www.youtube.com/watch?v=i9QEAtcz3o8 But that would be darned cruel. Games -- Truth be known I have tons of these mistakes, like selling London Stock Exchange at 800p thinking it was too expensive -- great judgement eh? -- It's 2631 at close today.
21:04 24/05/2016 Re: Sold
Got a good reason for taking the easy way out Got a good reason for taking the easy way out now He was a day trader, a one way ticket yeah It took him so long to find out, he found out
20:59 24/05/2016 Re: Sold
Chicken, "Please feel free to suggest alternative song title." This one seems appropriate today: http://www.youtube.com/watch?v=IsypUGOyhz4 LKH on the flybridge LGEN 5.8% of wad
20:16 24/05/2016 Re: Sold
Can I just put myself up for public humiliation. Not my worst sell but my worst misjudgement of the prevailing Brexit angst. Thought it had a way to run. Just to make everyone feel better it probably cost me #600 plus and I have been buying back at a higher SP, saying fool with each purchase. Have 'fool on the hill' playing on loop. Day after day, alone on the hill The man with the foolish grin is keeping perfectly still But nobody wants to know him They can see that he's just a fool Please feel free to suggest alternative song title. CL
17:06 24/05/2016 Re: #3BN Back Books
Hello Gamesinvestor, did you purchase several million LGEN or what pushed the stock up. Well timed. The movements are very erratic atm. I saw several surveys suggesting that the stay in voters are on the up. There was also a newsnight on this on BBC last night, perhaps the perceived likelyhood of a Brexit is decreasing. Continental insurerers such as Munich Re , Allianz , Axa are up to similar degree. As well with every pension pot LGEN gets to manage the incremental costs are negligible. IF assessed correctly profits should grow. I am so glad I did not sell. Dividend is coming as well...
15:39 23/05/2016 #3BN Back Books
http://www.digitallook.com/news/news-and-announcements/legal-general-buys-38bn-annuity-portfolio-from-aegon--1176251.html ""Back book annuity risk transfer deals can be executed efficiently under our post-Solvency II model. Our pricing of this transaction is consistent with achieving our cost of capital hurdle rate. In the UK there is an estimated #100bn of Individual Annuities in back books and we expect further consolidation of these back books.?"" Anyone got a jargon buster to hand that can decipher this information? CDW -- Credit Default Swap CDO - Collateral Debt Obligation I wonder if B-Bart falls into this category? BBART -- Back Book Annuity Risk Transfer Looks like another sliced and diced packaged product (tranching as the French Call it) - if you've seen the "Big Short" lately. Games -- I bet these products are well understood by the financial community (NOT). Anyhow I took the bull by the horns and hypocritically bought L&G (at 218) with a view to offloading it like a hot potato when someone has cleverly articulated what B-BART really means and how much exposure it really offers to LGEN shareholders. I suspect my hands are going to get burned by that hot potato - it might take some time yet!!
17:11 15/05/2016 Leave or suffer
https://www.youtube.com/watch?v=UTMxfAkxfQ0 Games
16:34 15/05/2016 Re: Sold
"Certainly the Euro isn't working as a currency concept" web -- Can't see how it will ever work without full political and fiscal union, and I can't see the Germans ever agreeing to that can you? It's hard to see a reason for voting anything but Leave really in the face of the fact the project started to die from the day it was launched. Yes there will be market upsets but probably no more than at other times of stress -- which is most of the time in this distorted world economy. Britain leaving now will be massively beneficial in the long term, as they will have far longer to get their house in order before the EU finally reverts to seeing individual European Nations trading without undue interference in their local affairs from a very expensive, autocratic and unelected body of bureaucrats. Games -- The EU is also incredibly dangerous and could be (and probably will be) the principle cause of war - civil and possibly worse.
17:23 13/05/2016 Re: Sold
If BREXIT does happen then I`d expect the market to drop maybe by 5 or so %. Its already dropped by a fair whack, so I`m thinking that some will be looking to `add` at current levels.. This is a big divi payer, which gives an income even when the market is sluggish as at present.. My guess is that folk will stick with the EU, for all its warts, immigration and other issues, and hopefully it can be reformed from within to produce a better model.. Certainly the Euro isn't working as a currency concept, with southern Europe left behind, it seems. But the Greeks did borrow far too much, and spend like crazy. Maybe if they can get a two tier version of euro, it might help..
10:32 13/05/2016 Sold
I sold a quarter of my holding this morning. This is the first time since I started buying L&G seven or eight years ago that I have sold. Its tending down with Brexit and market. Holding onto the small pot to possibly reinvest back in, just can't watch this ever declining trend from the sidelines felt like I had to try and bank a little profit. So, its dropped from over 10k to just over #200 in the last 12 months - huge drop in SP profit. My overall price is 2.09, but I started buying at under #1 up to a near #50k pot at one stage CL
18:09 11/05/2016 dividend cover etc
The dividend cover reduction was clearly flagged by management last year and obviously they are comfortable with the reduction.They are immensely cash rich with all the regular premiums coming in for all the legacy policies,never mind the large chunks of Pension buyout money coming in.This money has to be invested long term to pay future pensions,hence the move into housing which produces regular high yield income plus capital gain potential. Not sure how much pension freedom money has gone but even so the remaining 75% must go into drawdown and L&G will get its fair share of this loot which of course is income producing from management charges L&G is regarded as a stockmarket reactor hence the drop after going ex div. As a long term hold with an excellent dividend and by all accounts good management which has completely changed the company and how and where it does business I am happy to hold
17:39 11/05/2016 Re: Shareholder Perks
I have been with L & G for Home Insurance for many years and when I found out about a discount on Home Insurance for Shareholders. I phoned L & G's General Insurance in Birmingham and the lad there had not heard of it. But he checked with his manager and, yes ,if I took out a brand new policy I would get a 25% ( I think it was) discount so I did that. But it only applied for the first year and there was no discount on renewal. However I am still with them as have very good experiences with a couple of claims and find the staff good.
10:07 11/05/2016 Re: LGEN as an investment
"I was hoping for a detailed..." Sorry, Games, but I've come up agin 2 immovable objects in the shape of 25 deg C and Mrs Coldingham's tomato plants. Added to which the winter wheels have had to be taken off the car for the summer jobbies to take their place. Phew! I've been comparing Legal and General with Aberdeen Asset Management (ADN) There are similarities but I'm bearing in mind the change in direction L & G seems to be undertaking. Both have suffered from investors and pensioners withdrawing funds and both have suffered from a reduction in dividend cover, which is a prime factor in my investment decisions. I think L&Gs strategy looks sound despite your reservations about cash outflows And here we come to the crunch. Looking at my portfolio of, say, 2012, many have been sold because of the fear of the dividend disappearing. I've still got L&G and SSE (just) but others such as RDSB have gone. The heavy lifting has been taken up by the likes of Bellway where capital appreciation is part of the return that cannot be ignored It's also pertinent to say that 30% of my (shrinking) wad is in cash. It obviously can't stay that way but, sell in May apart, I don't trust the market overall at the moment. That's my own take and I don't blame anyone who can't agree with me. I'm just convinced there will be better value in a few months time Back to potting on the tomatoes