Incorporated in Guernsey. Guernsey registration Number: Gemfields hereby announces the Company's financial results for the six months ending 30 June " Interim Results".

The content of this short-form announcement is the responsibility of the board of directors of the Company. Shareholders are advised that this short-form announcement represents a summary of the information contained in the full announcement and does not contain full or complete details of the financial results. We have been able to host only one auction thus far this year - the February auction of commercial quality emeralds in Lusaka, yielding USD Our auctions originally scheduled for May, June and August have been cancelled.

We entered the pandemic with a strong balance sheet and have implemented measures to progressively reduce costs to the extent that the pandemic protracts, with monthly operating expenditure dropping significantly during the second quarter. Due to the ongoing levels of uncertainty, Gemfields is unable to provide reliable guidance as to when it might be able to next host auctions or generate meaningful revenue from gemstone sales.

We continue to develop alternative gemstone selling mechanisms but these too are considerably hampered by widespread travel, quarantine and congregation restrictions. Work on an online auction platform is nearing completion, but this approach would still require in-person viewings of the gemstones by our clients, potentially via 'shuttle viewings' in different cities.

We also continue to seek alternative cash sources, including additional debt and a sale of our 6.

royal london interim results 2020

Julian's Avenue, St. The short-form announcement has itself not been audited. The auditor's report on those financial statements was not qualified but included a material uncertainty over the going concern assumption and a reference to the Directors' disclosures on going concern.

Further information on Gemfields Group Limited can be found at:. To join our investor mailing list, contact us on: companysecretary gemfields.

For any press enquiries please contact us on: gemfields camarco. Gemfields is a world-leading supplier of responsibly sourced coloured gemstones. In addition, Gemfields also holds controlling interests in various other gemstone mining and prospecting licenses in Zambia, Mozambique, Ethiopia and Madagascar. Gemfields has developed a proprietary grading system and a pioneering auction and trading platform to provide a consistent supply of coloured gemstones to downstream markets, a key component of Gemfields' business model and has played an important role in the growth of the global coloured gemstone sector.

RNS Number : Z. Sean Gilbertson, CEO of Gemfields, commented: "Our financial results in H1 reflect the immense impact which Covid and its associated travel, quarantine and other restrictions have had on Gemfields' operations and our ability to host gemstone auctions.

Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns lseg. RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services.

Six months ended 30 June Investec Bank Limited.Royal London and LV are in talks to create a mega-mutual company through a merger, according to reports. Sky News understands that discussions are at an advanced stage over a planned takeover of LV by Royal London, joining the pensions, life insurance and asset management businesses of the pair into a business with some 10 million UK customers.

A potential takeover of LV has also piqued the interest of private equity giant Bain Capital, Sky reports. LV has been an independent business for years. Despite the mammoth scale of the two firms, a deal could be imminent. Royal London, Bain and LV all declined to comment to the news agency, which reports a combined group could operate under the Royal London brand.

One former LV staffer tells Money Marketing that discussions around a potential deal have been in the works since all the way back in With a vote needed to pass any recommendation, board members at LV will be grappling with whether or not such a recommendation will be successful, and what failure might mean.

Your retirement options - Royal London

Such concerns may mean that what may seem like a certainty is anything but. Opinion […]. Experts have told MPs they must close loopholes that allow fraudsters to exploit vulnerable individuals online. The work and pensions select committee is investigating scams as part of its inquiry into pension freedoms. In the first evidence session today, witnesses told the committee how far regulators are behind scammers. Spencer will continue to serve his clients and act as senior adviser to the investment committee.

Commenting […]. As the report points out this deal has been rumoured since From a consumer and competition perspective it would be a disaster. Both companies are innovators and, in the protection space, probably the two closest direct competitors in delivering quality life insurance product at competitive pricing. Indiviudally they spur each other on to deliver increasingly better products in the middle sector. The inevitable job losses would not be good for the staff, especialy in the current climate.

This is the wrong deal at the wrong time. It is hard to see who wins from this deal other than the investment bankers who would doubtless be lavishly rewarded for reducing choice. Completely agree. Both providers offer a full suite of life DTA, LTA, FIB critical illness and income protection cover but with slight variances meaning they each suit different clientele slightly better.

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Them merging is only going to be a loss for the consumer and those staff who will undoubtedly lose their jobs. You must be logged in to post a comment. View more on these topics Company news News.

Sources tell the news agency that discussions are not yet exclusive, however. Money Marketing.

Royal London interim results show robust performance

Comments There are 2 comments at the moment, we would love to hear your opinion too. Ian McKenna 28th September at am. Log in to Reply. Simon Dunn 28th September at am.

royal london interim results 2020

Leave a comment Cancel reply You must be logged in to post a comment.We use cookies to personalise content and advertisements, to provide social media features and to analyse our traffic. We also share information with our advertising and analytics partners. You consent to our cookies if you continue to use this website. We also raise debt in order to support our general business and commercial activities. The regulators allow this kind of debt to be treated as capital in meeting our regulatory solvency requirements, and Our Board reviews and approves our debt funding strategy while our Finance department maintains our debt programme.

Debt investors can read about our credit ratings and our debt issues below, and you'll also find some recent financial results too:. Royal London has good financial strength and a stable outlook, meaning members and policyholders can be confident that they are dealing with a secure company. As a mutual we are able to take a long-term view of our business. An FSR is an opinion of the financial security characteristics of an insurance company with respect to its ability to pay claims on its insurance policies and contracts in accordance with their terms.

Most of these are institutional investors. By subordinated we mean that we will pay the claims of our members and policyholders before the claims of these debt investors. Being a mutual organisation, Royal London cannot issue debt directly. The proceeds of the Notes are on- lent to Royal London from the SPVs on the same interest, repayment and subordinated terms that apply to the Notes.

Issuer Articles of Association. Trust Deed. On 14 November RL Finance Bonds plc announced its invitation to holders of the Notes to tender all or any of the Notes for purchase by the Company for cash. The Baa1 hyb rating is two notches below the A2 IFSR of Royal London, in line with Moody's standard notching practice for subordinated debt guaranteed by an insurance operating company.

Your browser is not supported. To get the best experience when using this site, please update to the most recent version. Accept Cookies We use cookies to personalise content and advertisements, to provide social media features and to analyse our traffic. Credit ratings and financial strength assessment Royal London has good financial strength and a stable outlook, meaning members and policyholders can be confident that they are dealing with a secure company.

Download accounting policies. June October We use cookies to personalise content and advertisements, to provide social media features and to analyse our traffic. We also share information with our advertising and analytics partners.

You consent to our cookies if you continue to use this website. In particular, we have supported policyholders who have difficulty paying premiums due to their personal circumstances by encouraging them to contact us to arrange a practical way forward to maintain cover. There has been no disruption to our award-winning customer service which was due to the immense effort from colleagues. Our capital position remains strong. We were also pleased to announce that Police Mutual would become part of Royal London.

Both transactions are subject to regulatory approval. Looking further ahead, our strong capital position and unrivalled reputation with advisers and customers will stand us in good stead as we continue to help customers meet their protection, investment and long-term savings needs.

We remained open for business without needing to ask customers to delay interaction with us and we did this without taking any Government support.

A phased return to work has been introduced for a small number of key workers and we continue to put plans in place so more of our people can revert to office based working in a safe and measured way. Our thoughts are with all our customers and their families at this time. The amount will support people throughout the United Kingdom and Ireland who suffer hardship due to Covid Pension volumes decreased as economic uncertainty, stock market volatility and the national lockdown caused disruption to the services provided by intermediaries to their clients.

Workplace pension volumes were also lower as companies deferred decisions to move scheme providers. There has not been any material adverse experience in the first half of the year as a result of the Covid pandemic.

There remains uncertainty over the eventual impact of the pandemic including both future rates of mortality, as well as the wider health impacts from the deferral of non Covid related medical treatments. Accordingly, the interim results for the six months ended 30 Juneincluding the related comparatives, are prepared in accordance with UK GAAP.

This definition is considered more appropriate as ring-fenced closed funds are run on a standalone basis. The 31 December Group Investor View comparatives have been restated. Life and Pensions new business margins were 2. We continue to take actions across the business to manage costs whilst maintaining our levels of customer service during the uncertainty caused by CovidWe use cookies to personalise content and advertisements, to provide social media features and to analyse our traffic.

We also share information with our advertising and analytics partners. You consent to our cookies if you continue to use this website. RLAM won new mandates on the back of strong investment performance across asset classes. New business in Pensions was marginally lower reflecting the industry-wide reduction in defined benefit transfers, offset by higher Workplace sales.

Consumer and Protection traded in line with expectations, making excellent progress in the Irish market. We will keep customers informed of significant developments relevant to their policies. The result includes strong growth in RLAM external business, offset by the expected reduction in Individual pensions. Our solvency surplus and capital cover ratios have improved largely due to positive movements in bond and equity markets in the first half of We use an internal capital model for the purposes of managing our capital.

We have submitted an application to the Prudential Regulation Authority PRA to use an Internal Model, compliant with Solvency II requirements, to calculate our capital requirements for regulatory purposes from Q4 We expect to hear whether our application has been approved by the end of Q3 Download the full interim financial results investor presentation.

Download the full interim financial results press release. Change is increase or decrease of H1 compared to H1unless otherwise stated. Figures as at 30 June are compared to 31 December All balances presented are for the six months ended 30 June, or as at 30 June unless otherwise stated.

royal london interim results 2020

Net inflows from RLMIS represent the combined premiums and deposits received net of reinsurance less claims and redemptions net of reinsurance. Given its nature, non-linked Protection business is not included. RLAM net inflows represent external inflows less external outflows, including cash mandates.

Present Value of New Business Premiums PVNBP is the total of new single premium sales received in the year plus the discounted value, at the point of sale, of the regular premiums the Group expects to receive over the term of the new contracts sold in the year. The rate used to discount the cash flows in the reported results has been derived from the H1 swap curve calculated in accordance with specification provided by the European Insurance and Occupational Pensions Authority EIOPA.

Most notably, EEV operating profit includes the revaluation of the Value of In-Force business VIF arising on the asset management and service subsidiaries, and IFRS operating profit includes accounting amounts such as amortisation of intangible assets which are excluded under EEV as they are not permitted to be recognised for regulatory purposes. OCI comprises actuarial gains and losses from changes to actuarial assumptions in the valuation of the Group pension schemes.

royal london interim results 2020

As a mutual, the transfer to the UDS is a key measure of accumulation of funds available for us to share, at our discretion, with eligible customers and members.

Assets Under Management represent the total of assets actively managed by, or on behalf of, the Group, including funds managed on behalf of third parties.Gemfields hereby announces the Company's financial results for the six months ending 30 June " Interim Results".

The content of this short-form announcement is the responsibility of the board of directors of the Company. Shareholders are advised that this short-form announcement represents a summary of the information contained in the full announcement and does not contain full or complete details of the financial results.

We have been able to host only one auction thus far this year - the February auction of commercial quality emeralds in Lusaka, yielding USD Our auctions originally scheduled for May, June and August have been cancelled. We entered the pandemic with a strong balance sheet and have implemented measures to progressively reduce costs to the extent that the pandemic protracts, with monthly operating expenditure dropping significantly during the second quarter.

Due to the ongoing levels of uncertainty, Gemfields is unable to provide reliable guidance as to when it might be able to next host auctions or generate meaningful revenue from gemstone sales. We continue to develop alternative gemstone selling mechanisms but these too are considerably hampered by widespread travel, quarantine and congregation restrictions. Work on an online auction platform is nearing completion, but this approach would still require in-person viewings of the gemstones by our clients, potentially via 'shuttle viewings' in different cities.

We also continue to seek alternative cash sources, including additional debt and a sale of our 6. Julian's Avenue, St. The short-form announcement has itself not been audited.

However, the financial information included herein has been extracted from the interim financial statements which have been reviewed by the Company's auditors, BDO LLP. The auditor's report on those financial statements was not qualified but included a material uncertainty over the going concern assumption and a reference to the Directors' disclosures on going concern. Gemfields is a world-leading supplier of responsibly sourced coloured gemstones.

In addition, Gemfields also holds controlling interests in various other gemstone mining and prospecting licenses in Zambia, Mozambique, Ethiopia and Madagascar. Gemfields has developed a proprietary grading system and a pioneering auction and trading platform to provide a consistent supply of coloured gemstones to downstream markets, a key component of Gemfields' business model and has played an important role in the growth of the global coloured gemstone sector.

Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns lseg. RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. Follow GEM.Details of calculations can be found in the notes listed.

Customer interactions have changed significantly resulting in changes to the way we do business, from increased activity through digital channels through to alterations to our physical store formats in order to maintain safe working practices. Although our financial performance in the first half of was impacted by the Covid pandemic, and we have had to undertake a restructuring programme in light of the challenging outlook for the Group's end markets, we have made significant strategic and operational progress against the four strategic priorities we outlined at our full year results in March Although considerable uncertainty around the impact of the COVID pandemic remains, the actions we have taken to adapt and innovate in our businesses mean that the Group is well placed to continue to service our customers, support our colleagues, outperform our markets and generate value for our shareholders.

Travis Perkins plc published this content on 08 September and is solely responsible for the information contained therein.

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H1 Results 2020

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