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MarketScreener 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.
AVIVA 0.48% 484.8 Delayed Quote.-4.28%
JUST GROUP PLC 1.04% 91.95 Delayed Quote.-46.04%
MARKS & SPENCER GROUP -0.80% 299 Delayed Quote.-5.02%
PHOENIX GROUP HOLDINGS -0.15% 687 Delayed Quote.-2.31%
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Financials (GBP)
Sales 2018 33 413 M
EBIT 2018 2 929 M
Net income 2018 1 756 M
Debt 2018 -
Yield 2018 6,20%
P/E ratio 2018 10,48
P/E ratio 2019 8,92
Capi. / Sales 2018 0,57x
Capi. / Sales 2019 0,56x
Capitalization 19 065 M
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Mean consensus OUTPERFORM
Number of Analysts 19
Average target price 5,75  GBP
Spread / Average Target 19%
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
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