Partnership Assurance chief shows support in face of plunging annuities

26th Aug 2014 17:02

The chief executive officer of Partnership Assurance has acquired 100,000 shares in the annuities provider. Steve Groves, who joined the company in 2005, paid 117p per share, spending a total of £117,000.The group has seen its share price plunge almost 60% in the year-to-date, thanks to changes brought in by Chancellor George Osborne in the March Budget. The changes mean that those who have retired will have more flexibility with their savings, including not having to buy an annuity on retirement. The reforms announced by the Chancellor led to a 43% slide in sales of individual annuities for the group. Following the deal, Groves is interested in a total of 9.6m shares. Top Director BuysPartnership Assurance Group (PA.) Director name: Mr Steve GrovesAmount purchased: 100,000 @ 117.00p Value: £117,000Standard Chartered (STAN) Director name: Mr Andrew Nigel (Andy) HalfordAmount purchased: 2,000 @ 1,226.85p Value: £24,537NR