JRP Group (JRP) sought to allay investor concerns that low interest rates would hurt the performance of the business ahead of its first-half results, stating that it expects its embedded value to be more than 200p. This seems to have worked - the shares shot up as much as 16 per cent on the day of the announcement.
IC TIP:
Hold
at
103p
Management confirmed trading in the 10 weeks to the end of July was in line with expectations within its defined-benefit de-risking, lifetime mortgages and individual annuities businesses. Rival life insurer Prudential (PRU) announced it would be stepping back from writing bulk annuities due to the high capital requirements under Solvency II earlier this year.
