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Indeed, EPS for the half year is around the best result for annual profits in 2017/18 when it was 18 then 16p.
Great fall in debt which appeared to be the downfall of the share when it traded much lower after several profit warnings.
Back to being a growth company.

Looks like a decent deal and is a decent chunk of the funding required for the next 2-3 years.
This is the sort of deal that will calm the market if it is indeed concerned about fund raising.

I like the positive AUM and the NEt customer cash flows. These point to better times ahead once the claims and disruption of the pandemic pass.
The dividend was a surprise....clearly the business has sufficient capital and is performing well enough to pay it......I doubt the PRA would let a UK company whose profits were down 75% and 85% in operating profits to pay a dividend, even a much reduced one.

Capital generation likely to be used for
1 dividend 465m pa rising slightly
2 investment in the business (either new business strain/ bolt on acquisitions expansion of capabilities and more digital working practices) hopefully this generates capital in future
3 reduction in debt (currently 3.2bn aiming for 2-2.5bn)

As you say capital can be generated in many ways....operating cash flows, changes in reserves and management actions. There was a lot of action in 2019 ahead of demerger.
It is probably right to say that the easier and more valuable actions have been taken, but there are management actions that can easily achieve the capital generation at the expense of future profits....which is why CFO talks about disciplined decision making.

The 2022 capital target will be met....the more that is through operating cash flow and the less from new hedges and reinsurance’s the better as those are more sustainable.

From the RNS Aegon trimmed it holdings by about 10% and sold 7m shares. It still has 50m, so just taking some profits by an asset manager on behalf of its customers.
Still plenty of positive articles about the company.
Still undervalued and on track for my targets of 120 this year and 150 next.

That will equal/be the all time high last seen in 2017 when smart meters were all the rage.

A much more considered market now exists for this level to be sustained and to rise with growth in the business rather than hype and hope, less fun but much more reliable.

Not to worry....it will start rising once the buyers for results have moved on

Managing storage of renewable energy is going to be an important part of our grid for some time.
SMS can make good operating profits without too much capital risk using the Threadneedle asset management fund to develop and own the assets.
V encouraged to buy more....

Thanks analyser, you are highlighting this is a complex business that requires detailed analysis to understand it.
It is not as simple as NAV or SCR although these frame the argument about undervaluation.
We can anticipate some analysts coming out with targets up to 200 sparking a further move upwards.

The sales figures indicate there will likely be earnings growth this year.
The DB derisking market continues to grow, that and equity release mortgages and perhaps a resurgence in Individual Annuities support a narrative for future growth....but they need to have a robust capital position to be able to take advantage of the opportunities.

Just is nearly recovered from its regulatory capital bashing.....a good set of results assures its future and sets up future growth. SP still has some way to go.

Results are only a couple of days away....for me they are all about capital generated and the solvency capital ratio.
The capital management actions are said to be neutral, with capital benefits offset by lost future value.....however the SCR should benefit by a lower denominator. Sales have been strong so capital generation should also be positive plus releases from longevity reserves.
160% is looking feasible (145 at June add 9% debt raise, leaves only 6% from H2 actions and results). At that level a small dividend is possible, but they should retain it for growth. I would prefer to see 170% before dividends resume.

Undervalued.....apart from the diversification benefits why buy PruFund when you can buy the owner with 50% better annual return?

One more thought....if the shares are in certificated form...get them converted to an electronic holding...otherwise you could end up with Jackson certificates (more likely US corporate broker), and who knows what sort of costs. I have two certs left and I am going to anew broker this weekend to lodge and convert them.

And if appropriate you can gift some to a legalised partner at cost and use their CGT allowance too and their ISA allowance.
All in that is 80k of isa allowance and about 50k CGT allowance available across March and April.
Use them or lose them.

Schroders are doing v well at present....why would they want to acquire Mng?
Similarly why would MNG want to acquire someone like JUP.
MNG is more likely to merge with a player like QLT for their distribution platform or ASHM for their emerging market expertise.

M&A is more likely among the weaker players huddling together to seek shelter.

The average of 9 analyst forecasts shown in YahooFinance has risen to 40.01 today, it was 39.61 earlier in the week. Not a large movement, but it is in the right direction.
The volume is high in NY and the volatility is off the scale at the moment. Someone will be making or losing a lot of money day trading.

Btw I am a big fan of durian, and its smelly cousin over ripe Camembert.

Is anyone looking here.
Market seems to like the results for 2020.

Any comments?

And the dilemma is that we have seen rapid rises, so there is a real fear of missing out.

IFAs would tell you to diversify, but that will average returns. Extreme returns come from holding just a few stocks.....unfortunately timing is everything as shown by HCM....you could buy them at 30p, I bought most of mine at the equivalent of 130-250 and smaller volumes between 400-500.
I do think they will go significantly higher over. 5year period, but when those moves happen is hard to define.

The drivers this year could be sulanda approval in US, and Savolitinib approval in China, but there may be a combo that works really well or sales are ahead of the expected range that provide upside potential.

MNG, LGEN both making substantial releases of capital from annuity business bodes well for JUST next week.
Expecting significant capital generation and uplift in SOlvency ratio.

Goldenshares, yes I am sure all insurance dividends are called interim, either first or second.
We can expect the September dividend to be just over 6p and all being well the April 22 dividend will just under 13p.