EAMONN FLANAGAN | SHORE CAPITAL
We remain concerned over the impact on the business model following the Budget changes to annuities. The income attractions remain considerable but uncertainties over its positioning in the market are likely to act as an overhang to the stock performance, in our view.
GORDON AITKEN | RBC CAPITAL MARKETS
As the UK’s second largest corporate pensions writer, Friends Life Group is well placed to benefit from the asset shifts we expect in the UK (government to private sector, defined benefit to defined contribution, bundled to unbundled) and the positive regulatory changes (auto-enrolment, RDR).