MARCUS BARNARD ORIEL SECURITIES
The company is starting to look more interesting as it reorganises its businesses to add value and grow. The shares have performed well but the company is still addressing issues of integration and reorganisation. We would look for more evidence of delivery and growth to drive a further re-rating. Hold.
GORDON AITKEN RBC CAPITAL MARKETS
Management have now improved UK profit margins to a superior level than peers. We see the next task of driving higher volume. Friends Life Group is well placed to benefit from the asset shifts we expect in the UK and the positive regulatory changes. Outperform.
ALAN DEVLIN BARCLAYS
Resolution is making significant progress in reaching its £400m cash generation target and also making progress towards its ongoing operations offsetting the decline in the back book, with strong results from its annuity and corporate benefit business. Outperform.