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Legal & General is preparing for a more severe downturn than the Great Depression!

Andrew64
Andrew64 Posts: 425 Forumite
in Debate House Prices & the Economy
I wonder if they really believe this or is it just to reassure their shareholders?

http://www.guardian.co.uk/business/2009/mar/25/legal-general-great-depression

Legal & General crashes to £1.5bn loss

"Legal & General is preparing for a more severe downturn than the Great Depression, after heavy stockmarket losses sent it tumbling into the red."

Comments

  • chucky
    chucky Posts: 15,170 Forumite
    10,000 Posts Combo Breaker
    they're justifying themselves to shareholders amongst other things - whilst they've cut their dividend payment Aviva publicly said they were maintaining theirs.

    there's a bit of jousting going on between the insurance firms.
    no idea which one is right though.
  • StevieJ
    StevieJ Posts: 20,174 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker
    He added that the insurer has not yet suffered any defaults yet this year :D
    'Just think for a moment what a prospect that is. A single market without barriers visible or invisible giving you direct and unhindered access to the purchasing power of over 300 million of the worlds wealthiest and most prosperous people' Margaret Thatcher
  • StevieJ
    StevieJ Posts: 20,174 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker
    You have got to wonder who writes these articles, note Aviva went ex-div today so is far outperforming L&G :D The writer doesn't appear to know this.

    http://www.google.com/hostednews/ukpress/article/ALeqM5ivRVzgD_FL8UU17JCk8ZqwzOLIfQ
    'Just think for a moment what a prospect that is. A single market without barriers visible or invisible giving you direct and unhindered access to the purchasing power of over 300 million of the worlds wealthiest and most prosperous people' Margaret Thatcher
  • GDB2222
    GDB2222 Posts: 27,041 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    This represents a historically high rate of provisioning, above levels needed to cover the worst default levels since the Great Depression

    I think that's saying that they are not including the depression in their figures, actually.
    No reliance should be placed on the above! Absolutely none, do you hear?
  • StevieJ
    StevieJ Posts: 20,174 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker
    StevieJ wrote: »
    You have got to wonder who writes these articles, note Aviva went ex-div today so is far outperforming L&G :D The writer doesn't appear to know this.

    http://www.google.com/hostednews/ukpress/article/ALeqM5ivRVzgD_FL8UU17JCk8ZqwzOLIfQ

    And another
    http://www.thisismoney.co.uk/investing-and-markets/tips-and-tactics/article.html?in_article_id=481012&in_page_id=23

    Have I got it wrong did Aviva go ex div today ?
    'Just think for a moment what a prospect that is. A single market without barriers visible or invisible giving you direct and unhindered access to the purchasing power of over 300 million of the worlds wealthiest and most prosperous people' Margaret Thatcher
  • chucky
    chucky Posts: 15,170 Forumite
    10,000 Posts Combo Breaker
    StevieJ wrote: »
    And another
    http://www.thisismoney.co.uk/investing-and-markets/tips-and-tactics/article.html?in_article_id=481012&in_page_id=23

    Have I got it wrong did Aviva go ex div today ?

    it's either today or tomorrow the cutoff - the market seems to think they won't be able to make the dividend or people are getting out that it's gone ex-div, nearly 10% down today
  • StevieJ
    StevieJ Posts: 20,174 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker
    chucky wrote: »
    it's either today or tomorrow the cutoff - the market seems to think they won't be able to make the dividend or people are getting out that it's gone ex-div, nearly 10% down today

    The divi is 19p ex div today and the stock is down 26p., so only down 7p. in real terms.

    Latest Div Ex 25-Mar-09
    'Just think for a moment what a prospect that is. A single market without barriers visible or invisible giving you direct and unhindered access to the purchasing power of over 300 million of the worlds wealthiest and most prosperous people' Margaret Thatcher
This discussion has been closed.
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