Pearl Group announces the appointment of Ron Sandler CBE as Chairman of Pearl Group, with immediate effect. Ron brings will be responsible of wealth of financial services and corporate governance. His proven track record and understanding of the UK insurance industry will prove invaluable to Pearl development as a public company.
In addition, Tom Cross Brown is appointed as new member of the board with immediate effect: Tom has been a Director within the Pearl group since 2005.
Financial highlights
- Operating cashflow in excess of £250m in H1 2009, and significantly in excess of the Group’s debt service obligations
- Gross embedded value stable at £4.7bn. Pro forma net embedded value of £2.1bn following the acquisition of the Pearl businesses
- Significantly improved Insurance Groups Directive (IGD) surplus. Pro forma IGD surplus of £1.1bn represents 140% coverage of regulatory capital requirements, compared to an ongoing target of 125% coverage
Operating highlights
- Completion of the acquisition of the Pearl businesses on 2 September 2009
- OIVOP (Own Initiative Variation of Permission) imposed in November 2008 by the FSA lifted on completion of the acquisition
- Continued improvements in operating efficiency through site closures (Glasgow life company and Peterborough)
- Value creation through fund mergers and restructurings
- Actively pursuing UK listing – secondary listing on the London Stock Exchange expected in Q4 2009. Will seek a transition to a primary listing during 2010
Jonathan Moss, Group Chief Executive, said: ”Ron’s appointment today further strengthens our leadership team. Pearl is now established as the UK’s leading specialist closed life fund operator. We have a strong capital base and robust cash generative operating model combined with well known market brands. We have set out a clear strategic and operational plan to deliver value from our existing business and are well positioned to participate in further consolidation in the UK closed life fund sector.”
