宏利公佈第3季業績

1. quarterly shareholders' net income of $510 million, compared to $1,070 million for the same period last year.

2. quarterly fully diluted earnings per share of $0.33, compared to $0.70 for the same period last year.

3. Return on common shareholders' equity was 8.2 per cent in the third quarter of 2008, compared to 18.9 per cent in 2007.

4. The sharp declines in global equity markets reduced reported earnings in the quarter by $574 million.

- Equity market charges relate to segregated fund and variable annuity guarantees and fee income ($318 million)

- equity investments supporting our non-experience adjusted policy liabilities ($154 million)

- reduced capitalized future fee income on equity-linked and variable universal life products ($86 million)

- impairments on equity positions in the Corporate and Other segment ($16 million)

5. credit losses related to previously disclosed exposures and to credit downgrades totaled $253 million.

- Lehman Brothers ($156 million)
- AIG ($32 million)
- Washington Mutual ($4 million)
- reserve strengthening on credit downgrades ($44 million)

6. The pro forma MCCSR after reflecting the new financing, the latest capital requirements for segregated fund guarantees, and market movements since September 30th is estimated at a very robust 225 per cent, which is well above the Company's target range of 180 to 200 per cent.

7. Premiums and deposits amounted to $16.4 billion in the third quarter of 2008, compared to $16.8 billion for the same period last year.

8. Insurance sales were up 16 per cent while Wealth Management sales were down 6 per cent reflecting very unsettled markets.

9. new business embedded value generated in the quarter amounted to $540 million, compared to $514 million for the same period last year.

10. Total funds under management as at September 30, 2008 were $385.3 billion, $14.1 billion lower than last year. Net policyholder cash flows of $17 billion and favourable currency movements of $19 billion were overshadowed by an approximate $52 billion decrease due to market value declines.

11. Total capital was $29.0 billion as at September 30, 2008, $1.7 billion higher than $27.3 billion as at September 30, 2007.

12. a quarterly shareholders' dividend of $0.26 per share on the common shares of the Company payable on or after December 19, 2008 to shareholders of record at the close of business on November 18, 2008.

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