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Increased revenue vs mortgage market falls is a a massive achievement.
"UK Finance's latest estimate of gross new mortgage lending for 2023 is £226bn[1], representing a 28% reduction on 2022. Despite this difficult market, the Group increased its revenue for the year by 4% to circa £239m."
An increase to >3% holding by SEB Investment Management of Stockholm is interesting. That's a major fund manager in Sweden - one of the largest asset managers in the Nordic region.
Hi Busicat, if i may perhaps I could provide some input on your question........... Westang is correct in that more protection is sold to clients purchasing a property as the client is in front of the advisor at the time of arranging the mortgage and wants to protect their future. Figures for Life sales measured against Purchase/Remortgage/Product Transfers are only available with the organization such as MAB or Life Company. In times troubles such as now within the property market advisor have more time on their hands so will look at ways of generating sales, hence why they will now be concentrating on existing clients that are coming to the end of their fixed rate lock ins, thus the opportunity arises to look at their existing protection or lack of protection. When interest rates reduce and the purchase market increases, advisors will be concentrating on new mortgages which are more profitable. Bisicat, you are correct in one thought, selling to clients at this present time is very tough especially as mortgage payments would have increased. Hope this helps.
Westang, have you numbers to show that "Life protection sales [...] are much stronger on [house] purchases, "?
I ask because in mortgage lull periods, networks like MAB typically turn additional energy towards protection sales, including for existing unprotected mortgage customers. (Admittedly not an easy pitch currently though, with so many under financial strain.)
Totally agree Westang regarding current share price, how it's managed to rebound to current levels i'll never know. I can't see how full year results will impress, need interest rates to drop. However, it's happened in the past and it will happen again, the property market will recover as will interest rates will fall. In the meantime, if the shares fall below £4.50 they must be considered in my opinion a buy over the long term.
Cant understand the recovery in price. Mab share price will recover well in future, but currently, outlook not good. New biz fell off a cliff in september. Likely to contine for at least rest of this year, resulting in 2024 h2 results suffering, due to the time lag for mortgage process to complete and pay. Relying on product transfers is not ideal, as most lenders only pay 50% of normal commission paid. Also, harder for advisers justify charging the client a fee for a pt, when the client can contact the lender themselves to do it. Life protection sales drive mab"s revenue, and are much stronger on purchases, which arent happening currently. A return to a stronger house buying market is essential to them.
Getting closer to the £4 level after interim results today. Results confirm my earlier message from 6th Sept which doesn't change.
Since 6th Sept the share price has dropped from £6. Mortgage market still very slow. Expect share price to drop lower. I would be a buyer at £4 ish.
Can see the share price going lower.......... Mortgages for new build purchases down. Mortgages for second hand homes down. The only real business is people arranging new deals upon their fixed rates expiring and most will be "Product Transfers" which earn brokers less commission. What do others think?
https://www.theguardian.com/business/2023/feb/22/uk-inflation-could-fall-below-2-citi-forecasts
If the prediction in this article pans out - MAB1 will be extremely busy again.
These must have been discounted buys - SP has moved up and not down after these transactions
31-Jan-23 08:16:58 570.00 35,000 Sell* 560.00 590.00 199.50k O
31-Jan-23 08:16:49 570.00 34,210 Sell* 556.00 590.00 195.00k O
moved up more ,been watching gdr as well as more buyers take up more shares there as getting close to MidMonth ,
good start to this week for mab1
Good to see how this moving up Today
U.K. mortgage deals jump by nearly a fifth as competition heats up: The number of mortgage deals on the market has jumped by nearly a fifth in a year to its highest level since the financial crisis. A year after the mortgage market review brought in new affordability checks, the total number of different home loans available in April was up 19% from 11,416 to 13,539, according to data from the Mortgage Advice Bureau. The figures suggest that consumer choice has not been restricted by the new rules and that competition has returned to the market.