星期五, 5月 09, 2008

945宏利公佈08年第一季度業績

1. shareholders’ net income : $869 million CAD, 比去年同期$986 million CAD, 下跌11.87%
2. fully diluted earnings per share : $0.57 CAD, 比去年同期$0.63CAD, 下跌9.52%
3. Return on common shareholders’ equity1 : 15.1%, 去年同期有 16.1%
4. Premiums and deposits amounted to $17,778 million, 去年同期18,789 million, 下跌5.38%
5. New Business Embedded Value in the first quarter of 2008 was $590 million, up 35%

再細分:




管理層解釋業績下跌的原因:

“Worldwide equity markets were the most severe in 21 quarters with significant declines in the U.S., Asia and Japan,” said Peter Rubenovitch, Senior Executive Vice President and Chief Financial Officer. "Actuarial practices require us to assume that these declines are permanent and, accordingly, an after-tax charge of $265 million was recorded in the quarter. I would note that this is a non-cash charge which, in the absence of further market declines, will not recur in future quarters."

The impact of unfavourable equity markets on segregated fund guarantee reserves, on equity investments supporting our non-experience adjusted policy liabilities and reduced fee income on our equity-linked and variable universal life products reduced earnings by $275 million compared to the first quarter of 2007. In addition, with well over half our business denominated in foreign currencies, primarily the U.S. dollar, the strengthened Canadian dollar reduced earnings by $70 million. Finally, our credit experience, while still well within normal expectations was less favourable than the unusually strong results of the first quarter of 2007. These items were partially offset by gains from our holdings of private equities, real estate, agriculture and timber properties; excellent in-force business growth in U.S. Insurance, Canadian Division and Japan’s variable annuity business; and the non-recurrence of a $69 million asset repositioning charge taken at the beginning of 2007 as a result of moving to the new CICA Handbook Section 3855 “Financial Instruments – Recognition and Measurement”

另外,宏利公佈每股派息$0.24 加元, 係我持有宏利6年以來一第一次無增加首季派息. 股息會於6月19日派發. (更正: 昨晚睇錯左, 07年第一季派息0.22, 08年第一季派息0.24, 應該係增加左9.1%.)

宏利仲公佈左於第一季用180 million CAD 回購 4.8 million shares, 即係平均收購價37.5.

業績公佈後, 宏利於美市股價下跌5.59%,做緊36.45, 股價於加市就做緊36.99, 下跌4.84%.

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14 則留言:

  1. 係咪又係果句?
    "歡迎見到股價下跌,股價下跌給予買入的機會,繼續一股都唔賣,只增持不減持。"

    印象中,先生似乎好重視保險股的New Business EV的增長。如股價繼續下跌,而先生又想增持的話,會考慮什麼價位入貨呢?

    謝。

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  2. 先生對945的首季業務表現是否很失望?
    Dongguan

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  3. 要搵D new initiative. 否則變成一間cash cow 了.

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  4. 我關注的New Business Embedded Value 有不錯的升幅,令人安慰。不過沒有次按的宏利竟然沒有增加派息,令人失望,公司短期前景受市況影響,始終不可能獨善其身。

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  5. 宏利因美國業務欠佳而出現盈利倒退,說不定又是另一個低吸機會 !

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  6. Comparing to AIG that has to raise new cash, 945 has performed very well. The drop in earning partially due to foreign exchange loss, reduce fee from wealth management as the rich clients probably want to cash out in this volatile market. Mr. Market, how can NB EV has such large increment for a insurance company in a mature market? thx
    RC

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  7. 市場先生,

    我想請較你,去年交行的業績冇公佈壞賬級別(5級別),是否正常呢?

    小興-kk

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  8. should we buy at this price?

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  9. 回應番薯仔 : 我的永久組合, 包括5, 945, 2318, 2628, 3328, 3968, 絕對可以, 我也一定會越跌越買. 945如果跌到250蚊我好樂意加碼買入.

    回應Dongguan: 945第一季業績受環球股票市場表現疲弱影響, 但New Business Embedded Value 增長唔錯.

    回應ngkf : 945擁有多餘的資本, 可以繼續回購股票.

    回應 ET仔 : 我睇錯左, 07年第一季派息0.22, 08年第一季派息0.24, 增加左9.1%.

    回應小興-kk: 去年交行的業績報告冇公佈貸款級別, 的確奇怪.

    回應巴林, 無名士: 如果945股價繼續下跌, 我有興趣加碼買入.

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  10. 謝謝先生回覆。 我想,945跌到去$260我已經忍唔住會入貨了。

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  11. Mr Market,

    Any implication for 945 to repurchase its own shares? Thanks.

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  12. 回應無名士: 宏利擁有多餘的資本, 一係派俾股東, 一係再投資, 回購股份係再投資的一個選擇. 而且對股東有利.

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