This document is from a presentation by Michael D. Fraizer, Chairman and CEO of Genworth Financial, at the UBS Global Financial Services Conference on May 14, 2008. The presentation discusses Genworth's strategy of providing financial security products across different life stages. It acknowledges challenges in the US mortgage insurance market in 2008 due to the difficult environment, but expresses confidence in Genworth's positioning for improved future performance. The presentation outlines priorities for 2008, including navigating challenges in US mortgage insurance, expanding wealth management and retirement offerings, growing internationally, and transitioning life and long term care business lines.
This document appears to be a presentation given by Michael D. Fraizer, the Chairman and CEO of Genworth Financial, at the UBS Global Insurance Conference on June 26, 2008. The presentation discusses Genworth's financial performance, strategy, priorities for 2008, and provides an overview of its U.S. mortgage insurance business which is facing challenges from the difficult environment. Specifically, it notes Genworth's operating EPS for 2007 was $3.07 and is expected to be in the range of $2.25 to $2.65 for 2008 reflecting the impact of losses in its U.S. mortgage insurance business. However, the presentation outlines levers to drive future growth and shareholder value as Genworth repositions its
This document summarizes Michael Fraizer's presentation at the Merrill Lynch Conference on February 12, 2008. The key points are:
1) Genworth reported operating EPS of $3.07 and operating ROE of 11.0% for 2007.
2) Genworth's strategy is to deliver financial security across multiple products and services.
3) Genworth has a strong international presence with mortgage insurance and payment protection insurance in over 25 countries.
4) Genworth took actions in 2007 and 2008 to reduce risk in its US mortgage insurance portfolio, including exiting certain high risk products and increasing prices.
This document is a presentation from Patrick Kelleher, Chief Financial Officer of Raymond James, given on March 5, 2008. It summarizes Genworth Financial's 2007 financial performance, with operating EPS of $3.07 and operating ROE of 11-14%. It outlines Genworth's strategy of delivering financial security across different life stages. It also provides updates on priority growth opportunities in international markets and fee-based wealth management, as well as the U.S. mortgage insurance business and investment portfolio.
- Genworth's U.S. mortgage insurance portfolio has a lower risk profile than industry peers based on factors such as lower concentrations of loans with FICO scores < 620, interest-only loans, and loans in California and Florida.
- Genworth's delinquency and default rates are lower than industry rates across vintages from 2004 to 2007, with the exception of some higher default rates in the 2007 policy year, which is still early.
- Within Genworth's portfolio, delinquency and default rates increase as FICO scores decrease, and are higher for adjustable rate mortgages, loans with loan-to-value ratios over 95%, and Alt-A loans.
Blake Lapthorn and Lane Clark & Peacock LLP Southern Pensions conference - 24...Blake Morgan
The document summarizes the agenda and presentations for the Southern Pensions conference on November 24, 2011. Nicola Walker will discuss challenges in assessing scheme liabilities, including issues around equalization, GMP equalization, drafting problems, and data quality. Richard Murphy will address steps trustees and employers can take today and tomorrow to derisk schemes, including progressive buy-ins. He emphasizes the importance of good data for managing risk and uncertainty. The conference aims to help attendees address the challenges of defined benefit schemes in the current environment.
Taksheel Solutions Ltd. is issuing an IPO of 5.5 million shares priced between 130-150 rupees per share. The company provides IT services to wealth management and telecom companies, and has experienced significant revenue growth in recent years. At the upper price band, the IPO would value the company at 327.78 crore rupees with a post-issue market capitalization of 172.5 crore rupees for the free float. The summary recommends subscribing to the IPO given the company's strong financials including high return on equity and return on capital employed.
The document analyzes the 2012 Marikana miners' strike in South Africa. It identifies the key players impacted by the strike - the government, mining corporations, workers, and unions. It examines the issues around wages, working conditions, compensation, and political influence. The summary proposes a multi-pronged solution including immediate healthcare funding, establishing a pro bono legal system, building worker housing communities with health clinics, and reforming labor laws over 10 years. This aims to improve living standards, healthcare access, and labor rights to achieve stability.
Supplemental information published for AEP’s quarterly earnings conference call with financial analysts on Jan. 28, 2011.
For more information, log on to AEP.com/Investors
This document appears to be a presentation given by Michael D. Fraizer, the Chairman and CEO of Genworth Financial, at the UBS Global Insurance Conference on June 26, 2008. The presentation discusses Genworth's financial performance, strategy, priorities for 2008, and provides an overview of its U.S. mortgage insurance business which is facing challenges from the difficult environment. Specifically, it notes Genworth's operating EPS for 2007 was $3.07 and is expected to be in the range of $2.25 to $2.65 for 2008 reflecting the impact of losses in its U.S. mortgage insurance business. However, the presentation outlines levers to drive future growth and shareholder value as Genworth repositions its
This document summarizes Michael Fraizer's presentation at the Merrill Lynch Conference on February 12, 2008. The key points are:
1) Genworth reported operating EPS of $3.07 and operating ROE of 11.0% for 2007.
2) Genworth's strategy is to deliver financial security across multiple products and services.
3) Genworth has a strong international presence with mortgage insurance and payment protection insurance in over 25 countries.
4) Genworth took actions in 2007 and 2008 to reduce risk in its US mortgage insurance portfolio, including exiting certain high risk products and increasing prices.
This document is a presentation from Patrick Kelleher, Chief Financial Officer of Raymond James, given on March 5, 2008. It summarizes Genworth Financial's 2007 financial performance, with operating EPS of $3.07 and operating ROE of 11-14%. It outlines Genworth's strategy of delivering financial security across different life stages. It also provides updates on priority growth opportunities in international markets and fee-based wealth management, as well as the U.S. mortgage insurance business and investment portfolio.
- Genworth's U.S. mortgage insurance portfolio has a lower risk profile than industry peers based on factors such as lower concentrations of loans with FICO scores < 620, interest-only loans, and loans in California and Florida.
- Genworth's delinquency and default rates are lower than industry rates across vintages from 2004 to 2007, with the exception of some higher default rates in the 2007 policy year, which is still early.
- Within Genworth's portfolio, delinquency and default rates increase as FICO scores decrease, and are higher for adjustable rate mortgages, loans with loan-to-value ratios over 95%, and Alt-A loans.
Blake Lapthorn and Lane Clark & Peacock LLP Southern Pensions conference - 24...Blake Morgan
The document summarizes the agenda and presentations for the Southern Pensions conference on November 24, 2011. Nicola Walker will discuss challenges in assessing scheme liabilities, including issues around equalization, GMP equalization, drafting problems, and data quality. Richard Murphy will address steps trustees and employers can take today and tomorrow to derisk schemes, including progressive buy-ins. He emphasizes the importance of good data for managing risk and uncertainty. The conference aims to help attendees address the challenges of defined benefit schemes in the current environment.
Taksheel Solutions Ltd. is issuing an IPO of 5.5 million shares priced between 130-150 rupees per share. The company provides IT services to wealth management and telecom companies, and has experienced significant revenue growth in recent years. At the upper price band, the IPO would value the company at 327.78 crore rupees with a post-issue market capitalization of 172.5 crore rupees for the free float. The summary recommends subscribing to the IPO given the company's strong financials including high return on equity and return on capital employed.
The document analyzes the 2012 Marikana miners' strike in South Africa. It identifies the key players impacted by the strike - the government, mining corporations, workers, and unions. It examines the issues around wages, working conditions, compensation, and political influence. The summary proposes a multi-pronged solution including immediate healthcare funding, establishing a pro bono legal system, building worker housing communities with health clinics, and reforming labor laws over 10 years. This aims to improve living standards, healthcare access, and labor rights to achieve stability.
Supplemental information published for AEP’s quarterly earnings conference call with financial analysts on Jan. 28, 2011.
For more information, log on to AEP.com/Investors
GE-2009 Electrical Products Group (EPG) Conference Manya Mohan
This document provides an overview and summary of GE's performance in the first quarter of 2009. It discusses preliminary unaudited results, the challenging economic environment, and GE's performance across its business segments. GE's infrastructure business saw earnings growth of 11% despite a 10% decline in orders. Capital Finance had $1.1 billion in earnings. The document outlines strategies for stabilizing Capital Finance, outperforming competitors, and strengthening GE's balance sheet in a difficult recession. It reviews initiatives around costs, global stimulus opportunities, services growth, and cash generation.
This document is an advertising feature from Energising WA 2010 that promotes various initiatives and accomplishments. It highlights key facts such as generating over 25% of the state's electricity from renewable sources and connecting over 30,000 solar systems. The feature emphasizes connecting communities through renewable energy projects and creating a sustainable energy future for Western Australia.
1) Ecolab achieved record sales and earnings in 2008 despite challenging economic conditions and increasing costs. Net sales increased 12% to $6.1 billion and operating income increased 7% to $713 million.
2) Ecolab increased its quarterly dividend by 8% to $0.56 per share, representing its 17th consecutive annual dividend increase.
3) For 2009, Ecolab expects continued earnings growth excluding special items, and modest revenue growth at fixed currency exchange rates. However, raw material costs are expected to be above 2008 levels in the first half.
The document discusses upcoming changes to UK tax laws and retirement regulations, including raising the limit on bank deposit insurance to £85,000, allowing small businesses to receive an extra £10 billion in loans, and giving pension savers more freedom over how they access retirement funds starting in April 2011. It also notes that the new 20% VAT rate may become a permanent fixture in the UK tax system.
1) Fifth Third Bank held a conference call in January 2008 to review its performance in 2007 and outlook for 2008. 2007 was a difficult year due to the economic environment and customer uncertainty, though the core business saw strong growth.
2) Credit quality deteriorated in 2007, driven by trends in residential and commercial real estate, though the drivers were well understood and the bank had taken actions to address them. Deterioration in credit was expected to continue into 2008.
3) In 2007, the bank outperformed peers in areas like core deposit growth, loan growth, net interest income growth, and efficiency ratio, though net charge-offs were higher than peers. The bank expected to continue outperforming peers operation
J&K Bank is a private sector bank incorporated in 1938 that has shown five decades of uninterrupted profitability. It has undergone a strategic shift from 2005-2009 to focus more on high margin lending within J&K while expanding niche lending in the rest of India. This has led to improved financial results such as a drop in the cost to income ratio from 44.57% in 2005-06 to 35.7% in 2009-10 and a rise in the return on assets from 0.67% to 1.33% over the same period. Asset quality has also strengthened with gross NPAs falling from 2.52% to 2.17% and coverage improving from 63.64% to 82.87
Productivity & the Performance of the Jamaican EconomyPMI_JDBC
Dr Charles Douglas, Executive Director of the Jamaica Productivity Center, addresses the Jamaica Doctor Bird Chapter of the Project Management Institute, on the causes and possible solutions for chronic low productivity in Jamaica.
TRW Automotive reported second quarter 2007 financial results, with sales increasing 8.5% to $3.8 billion compared to the previous year. Net earnings were $97 million, or $0.94 per share, compared to $91 million, or $0.88 per share in the prior year. The company completed refinancing its credit facilities, providing a lower cost debt structure. First half 2007 sales increased 6.8% to $7.3 billion, while operating income declined due to pricing reductions and product mix issues. Cash flow from operations was $290 million for the quarter and $69 million for the first half of the year.
The document discusses upcoming changes to the UK state pension age. It summarizes that:
- The state pension age will gradually increase to 67 for both men and women by 2028, affecting millions in their early fifties.
- For women, the changes mean more dramatic rises than initially feared, as the women's state pension age will now match the men's rise to 66 by late 2020s.
- The Autumn Statement in November 2011 announced the accelerated timeline, with the state pension age starting to rise to 67 for both sexes in 2026.
This document discusses strategies for managing retirement income. It begins by outlining the differences between asset allocation before and after retirement, noting that the focus shifts from accumulation to disbursement and income generation. It then examines various risks retirees face, such as longevity, inflation, market volatility, and ensuring savings last throughout retirement. The document provides data on life expectancies, replacement income ratios, and projections of portfolio values using different withdrawal rates to illustrate how plans should be tailored to individual needs and risk tolerances. Overall, the key message is that retirees must plan carefully to manage risks and make savings last through what may be a decades-long retirement.
Owens Corning hosted an investor visit to discuss positioning for growth. The company maintains a goal of $1 billion in adjusted EBITDA at 1 million US housing starts. The composites business leads in an attractive growth industry, while roofing and insulation are positioned to grow with market recovery in the US housing sector. Insulation has returned to profitability and can achieve over $100 million EBIT at 1 million housing starts. Roofing fundamentals remain attractive despite near-term weakness, and the industry structure is favorable.
This document is a magazine about personal finance and retirement planning. It discusses several topics related to saving for retirement, including:
- How annuities can provide a regular income stream during retirement by investing pension funds in these products.
- The importance of determining if your retirement savings will be enough to support your desired lifestyle, as people are living longer in retirement.
- Factors to consider like current age, years until retirement, planned spending, and how much can be saved to estimate retirement income needs.
capital one Lehman Conference Presentationfinance13
Capital One provides a presentation on its financial performance and positioning. It discusses (1) executing on its vision of national lending and local banking, (2) delivering an operating profit of $463M despite significant credit headwinds, and (3) decisions that position it to navigate cyclical challenges and deliver value over the cycle through resilient businesses, conservative risk management, and lower lending lines.
Baxter International's 1996 annual report outlines its vision to be recognized as a leader in innovative healthcare technologies that improve lives. It has leading market positions in four businesses: biotechnology, cardiovascular medicine, renal therapy, and intravenous systems/medical products. All of Baxter's businesses hold leading positions in high-growth global markets and are pursuing the vision through talented and dedicated people.
This document is Visteon Corporation's Form 10-Q quarterly report filed with the SEC for the quarter ending March 31, 2004. It includes Visteon's consolidated financial statements including statements of income, balance sheets, and cash flows. It also includes notes to the financial statements providing additional details. The report is broken into sections including financial information, other information, signatures, and exhibits.
Net sales for the fourth quarter of 2006 decreased 9% compared to the fourth quarter of 2005, primarily due to declines in volumes and unfavorable price/mix. Digital product sales decreased 5% and traditional product sales decreased 15%. Gross profit increased 4% due to reductions in manufacturing costs, favorable price/mix and foreign exchange, partially offset by volume declines. Earnings from continuing operations were $17 million compared to a loss of $137 million in the prior year, driven by gross profit increases and lower SG&A and R&D expenses.
The document discusses Baxter International's 2000 Annual Report. It highlights that the number of people suffering from life-threatening conditions is growing rapidly worldwide due to an aging population and expanding access to healthcare in developing countries. Baxter aims to meet this growing global demand for treatment by leveraging its expertise in areas like plasma fractionation, recombinant processing technologies, and global manufacturing capabilities. The company is pursuing growth opportunities in existing areas like hemophilia treatment as well as new areas like vaccines and anesthesia that build on its core strengths. Baxter expects strong financial performance in 2001 with low double-digit sales growth and mid-teens earnings growth.
This document is Visteon Corporation's Form 10-Q/A for the quarter ended March 31, 2004, which includes restated financial statements. The restatements are primarily due to errors in accounting for retiree health benefits, tooling costs, volume rebates, pension expenses, and taxes. The corrections resulted in a decrease to net income of $5 million for Q1 2004 and an increase to net loss of $4 million for Q1 2003. The form amends and restates items in the original filing and provides updated certifications while describing conditions as of the original filing date.
Sempra Energy reported revenues of over $11 billion in 2007. Net income was $1.1 billion, down from $1.4 billion in 2006. Key assets included $11.3 billion in current assets and $30.1 billion in total assets as of the end of 2007. Sempra operates utilities in California serving over 6.5 million customers.
GE-2009 Electrical Products Group (EPG) Conference Manya Mohan
This document provides an overview and summary of GE's performance in the first quarter of 2009. It discusses preliminary unaudited results, the challenging economic environment, and GE's performance across its business segments. GE's infrastructure business saw earnings growth of 11% despite a 10% decline in orders. Capital Finance had $1.1 billion in earnings. The document outlines strategies for stabilizing Capital Finance, outperforming competitors, and strengthening GE's balance sheet in a difficult recession. It reviews initiatives around costs, global stimulus opportunities, services growth, and cash generation.
This document is an advertising feature from Energising WA 2010 that promotes various initiatives and accomplishments. It highlights key facts such as generating over 25% of the state's electricity from renewable sources and connecting over 30,000 solar systems. The feature emphasizes connecting communities through renewable energy projects and creating a sustainable energy future for Western Australia.
1) Ecolab achieved record sales and earnings in 2008 despite challenging economic conditions and increasing costs. Net sales increased 12% to $6.1 billion and operating income increased 7% to $713 million.
2) Ecolab increased its quarterly dividend by 8% to $0.56 per share, representing its 17th consecutive annual dividend increase.
3) For 2009, Ecolab expects continued earnings growth excluding special items, and modest revenue growth at fixed currency exchange rates. However, raw material costs are expected to be above 2008 levels in the first half.
The document discusses upcoming changes to UK tax laws and retirement regulations, including raising the limit on bank deposit insurance to £85,000, allowing small businesses to receive an extra £10 billion in loans, and giving pension savers more freedom over how they access retirement funds starting in April 2011. It also notes that the new 20% VAT rate may become a permanent fixture in the UK tax system.
1) Fifth Third Bank held a conference call in January 2008 to review its performance in 2007 and outlook for 2008. 2007 was a difficult year due to the economic environment and customer uncertainty, though the core business saw strong growth.
2) Credit quality deteriorated in 2007, driven by trends in residential and commercial real estate, though the drivers were well understood and the bank had taken actions to address them. Deterioration in credit was expected to continue into 2008.
3) In 2007, the bank outperformed peers in areas like core deposit growth, loan growth, net interest income growth, and efficiency ratio, though net charge-offs were higher than peers. The bank expected to continue outperforming peers operation
J&K Bank is a private sector bank incorporated in 1938 that has shown five decades of uninterrupted profitability. It has undergone a strategic shift from 2005-2009 to focus more on high margin lending within J&K while expanding niche lending in the rest of India. This has led to improved financial results such as a drop in the cost to income ratio from 44.57% in 2005-06 to 35.7% in 2009-10 and a rise in the return on assets from 0.67% to 1.33% over the same period. Asset quality has also strengthened with gross NPAs falling from 2.52% to 2.17% and coverage improving from 63.64% to 82.87
Productivity & the Performance of the Jamaican EconomyPMI_JDBC
Dr Charles Douglas, Executive Director of the Jamaica Productivity Center, addresses the Jamaica Doctor Bird Chapter of the Project Management Institute, on the causes and possible solutions for chronic low productivity in Jamaica.
TRW Automotive reported second quarter 2007 financial results, with sales increasing 8.5% to $3.8 billion compared to the previous year. Net earnings were $97 million, or $0.94 per share, compared to $91 million, or $0.88 per share in the prior year. The company completed refinancing its credit facilities, providing a lower cost debt structure. First half 2007 sales increased 6.8% to $7.3 billion, while operating income declined due to pricing reductions and product mix issues. Cash flow from operations was $290 million for the quarter and $69 million for the first half of the year.
The document discusses upcoming changes to the UK state pension age. It summarizes that:
- The state pension age will gradually increase to 67 for both men and women by 2028, affecting millions in their early fifties.
- For women, the changes mean more dramatic rises than initially feared, as the women's state pension age will now match the men's rise to 66 by late 2020s.
- The Autumn Statement in November 2011 announced the accelerated timeline, with the state pension age starting to rise to 67 for both sexes in 2026.
This document discusses strategies for managing retirement income. It begins by outlining the differences between asset allocation before and after retirement, noting that the focus shifts from accumulation to disbursement and income generation. It then examines various risks retirees face, such as longevity, inflation, market volatility, and ensuring savings last throughout retirement. The document provides data on life expectancies, replacement income ratios, and projections of portfolio values using different withdrawal rates to illustrate how plans should be tailored to individual needs and risk tolerances. Overall, the key message is that retirees must plan carefully to manage risks and make savings last through what may be a decades-long retirement.
Owens Corning hosted an investor visit to discuss positioning for growth. The company maintains a goal of $1 billion in adjusted EBITDA at 1 million US housing starts. The composites business leads in an attractive growth industry, while roofing and insulation are positioned to grow with market recovery in the US housing sector. Insulation has returned to profitability and can achieve over $100 million EBIT at 1 million housing starts. Roofing fundamentals remain attractive despite near-term weakness, and the industry structure is favorable.
This document is a magazine about personal finance and retirement planning. It discusses several topics related to saving for retirement, including:
- How annuities can provide a regular income stream during retirement by investing pension funds in these products.
- The importance of determining if your retirement savings will be enough to support your desired lifestyle, as people are living longer in retirement.
- Factors to consider like current age, years until retirement, planned spending, and how much can be saved to estimate retirement income needs.
capital one Lehman Conference Presentationfinance13
Capital One provides a presentation on its financial performance and positioning. It discusses (1) executing on its vision of national lending and local banking, (2) delivering an operating profit of $463M despite significant credit headwinds, and (3) decisions that position it to navigate cyclical challenges and deliver value over the cycle through resilient businesses, conservative risk management, and lower lending lines.
Baxter International's 1996 annual report outlines its vision to be recognized as a leader in innovative healthcare technologies that improve lives. It has leading market positions in four businesses: biotechnology, cardiovascular medicine, renal therapy, and intravenous systems/medical products. All of Baxter's businesses hold leading positions in high-growth global markets and are pursuing the vision through talented and dedicated people.
This document is Visteon Corporation's Form 10-Q quarterly report filed with the SEC for the quarter ending March 31, 2004. It includes Visteon's consolidated financial statements including statements of income, balance sheets, and cash flows. It also includes notes to the financial statements providing additional details. The report is broken into sections including financial information, other information, signatures, and exhibits.
Net sales for the fourth quarter of 2006 decreased 9% compared to the fourth quarter of 2005, primarily due to declines in volumes and unfavorable price/mix. Digital product sales decreased 5% and traditional product sales decreased 15%. Gross profit increased 4% due to reductions in manufacturing costs, favorable price/mix and foreign exchange, partially offset by volume declines. Earnings from continuing operations were $17 million compared to a loss of $137 million in the prior year, driven by gross profit increases and lower SG&A and R&D expenses.
The document discusses Baxter International's 2000 Annual Report. It highlights that the number of people suffering from life-threatening conditions is growing rapidly worldwide due to an aging population and expanding access to healthcare in developing countries. Baxter aims to meet this growing global demand for treatment by leveraging its expertise in areas like plasma fractionation, recombinant processing technologies, and global manufacturing capabilities. The company is pursuing growth opportunities in existing areas like hemophilia treatment as well as new areas like vaccines and anesthesia that build on its core strengths. Baxter expects strong financial performance in 2001 with low double-digit sales growth and mid-teens earnings growth.
This document is Visteon Corporation's Form 10-Q/A for the quarter ended March 31, 2004, which includes restated financial statements. The restatements are primarily due to errors in accounting for retiree health benefits, tooling costs, volume rebates, pension expenses, and taxes. The corrections resulted in a decrease to net income of $5 million for Q1 2004 and an increase to net loss of $4 million for Q1 2003. The form amends and restates items in the original filing and provides updated certifications while describing conditions as of the original filing date.
Sempra Energy reported revenues of over $11 billion in 2007. Net income was $1.1 billion, down from $1.4 billion in 2006. Key assets included $11.3 billion in current assets and $30.1 billion in total assets as of the end of 2007. Sempra operates utilities in California serving over 6.5 million customers.
This document is Danaher Corporation's Form 10-Q quarterly report filed with the SEC for the quarter ended September 26, 2008. It includes Danaher's consolidated condensed financial statements and notes. Some key details include:
- Net earnings for the quarter were $371.9 million compared to $483.7 million in the prior year.
- Total current assets increased to $4.1 billion from $4 billion at the end of 2007.
- Sales for the quarter increased to $3.2 billion from $2.7 billion in the prior year.
- Cash flows from operating activities for the nine months ended was $1.3 billion.
This document is an SEC Form 10-K annual report filed by Entergy Corporation and several of its subsidiaries. It provides information on the companies' businesses and operations, including financial information and a management discussion and analysis. The filing includes information on the companies' securities, stock prices, directors and executives. It incorporates portions of Entergy Corporation's proxy statement for its annual shareholder meeting to be held in May 2007.
- Danaher Corporation filed a quarterly report on Form 10-Q with the SEC for the quarter ended June 27, 2008.
- The filing includes Danaher's consolidated condensed financial statements and notes, and management's discussion and analysis of financial condition and results of operations.
- Highlights include total sales of $3.3 billion for the quarter and $6.3 billion for the six months ended June 27, 2008, with net earnings of $363 million and $640 million respectively.
The document is Danaher Corporation's Form 10-Q quarterly report filed with the SEC for the quarter ended March 28, 2008. It includes Danaher's consolidated condensed financial statements and management's discussion and analysis. The financial statements show that for Q1 2008, Danaher's sales increased 20% to $3.028 billion compared to $2.521 billion in Q1 2007. Net earnings increased 9% to $276.5 million compared to $254.8 million. Earnings per share from continuing operations increased 7% to $0.87 basic and $0.83 diluted.
Entergy Corporation's 2007 annual report summarizes the company's financial results and strategic initiatives for the year. The report discusses Entergy's plans to spin off its non-utility nuclear business and form a nuclear services joint venture in order to unlock greater value for shareholders. It also highlights Entergy's focus on operational excellence, portfolio transformation strategies in its utility business, and regulatory recovery from hurricanes Katrina and Rita in 2005.
This document is Visteon Corporation's quarterly report filed with the SEC for the quarter ended June 30, 2006. It includes Visteon's consolidated financial statements, such as statements of operations and balance sheets, as well as notes to the financial statements. An independent accounting firm reviewed the financial statements and found them to be in accordance with accounting principles generally accepted in the US. The report provides Visteon's financial results for the second quarter and first half of 2006, including net sales of $3 billion and $6 billion respectively, and discusses legal proceedings, risks factors, and exhibits related to the filing.
The document is Sempra Energy's 1999 annual report. It summarizes the company's strong financial performance in 1999, exceeding earnings growth targets. However, total shareholder return did not increase. As a result, Sempra Energy is undertaking a strategic realignment to become a leading global energy services company focused on meeting changing customer needs. Key steps include investments in growing domestic and international businesses and a reduced dividend to increase financial flexibility for growth.
This document is a proxy statement and notice of annual meeting from Baxter International Inc. to its stockholders. It informs stockholders that the 2003 Annual Meeting of Stockholders will be held on May 6, 2003 at the Drury Lane Theatre in Oakbrook Terrace, Illinois. The purpose of the meeting is to elect three directors, ratify the appointment of the independent accountants, approve the 2003 Incentive Compensation Program, and consider a stockholder proposal regarding cumulative voting. Stockholders are encouraged to vote by proxy in advance of the meeting.
This document is EchoStar Communications Corporation's annual report on Form 10-K for the fiscal year ended December 31, 2000 filed with the Securities and Exchange Commission. It summarizes EchoStar's business operations, including its DISH Network direct broadcast satellite television service, technologies division, and satellite services business unit. It provides an overview of the components and technology behind EchoStar's DISH Network service, including its programming offerings, equipment requirements, and conditional access system for encryption/security. Financial data and other required disclosures are also included as required by the SEC.
- DISH Network added 1.48 million subscribers in 2004, surpassing 10 million subscribers in June 2004 and finishing the year with 10.9 million subscribers.
- DISH Network generated $7.15 billion in revenue in 2004, with earnings of $215 million and $21 million in free cash flow.
- DISH Network continues to focus on growing its subscriber base and developing additional services, and expects to launch its 10th satellite in early 2006 to increase channel offerings and capacity.
This document summarizes Michael Fraizer's presentation at the UBS Global Insurance Conference on June 26, 2008. The presentation discusses Genworth Financial's strategy, financial performance, business segments, and priorities. It provides an overview of challenges in the US mortgage insurance business and steps taken to address them. It also reviews growth opportunities in fee-based products, international expansion, and transitioning life and long-term care blocks.
This document summarizes Genworth Financial's performance in 2007 and outlook for the future. Some key points:
- Genworth reported $3.07 in operating EPS and an operating ROE of 11-14% in 2007. International operations contributed 50% of earnings.
- Genworth's strategy focuses on delivering financial security across different life stages. It aims to drive growth through opportunities like international mortgage insurance, fee-based wealth management, and income guarantees.
- The U.S. mortgage insurance portfolio has a primarily prime risk mix and benefited from captive reinsurance protection. Actions were taken to improve pricing and guidelines on certain products in 2008.
- Genworth's U.S. mortgage insurance portfolio has a lower risk profile than industry peers based on factors like FICO scores, loan-to-value ratios, and product types.
- Default rates are increasing across all vintages and risk segments but remain below industry levels, with 2007 defaults lowest and 2005/2004 highest.
- Fixed rate loans and those with higher FICO scores are performing better than adjustable rate loans and those with lower FICO scores and higher LTV ratios.
- Management is navigating challenging market conditions through prudent risk and pricing actions while still achieving growth in premiums and maintaining a lower loss ratio than peers.
This document summarizes Michael Fraizer's presentation at the Merrill Lynch Conference on February 12, 2008. The key points are:
1) Genworth reported operating EPS of $3.07 and operating ROE of 11.0% for 2007, with international operations contributing 50% of earnings and U.S. mortgage insurance contributing 11%.
2) Genworth's strategy focuses on delivering financial security across products like mortgage insurance, life insurance, long-term care insurance, and wealth management. The company aims to expand in higher-growth international and fee-based businesses.
3) Genworth has a strong international presence in mortgage insurance, payment protection insurance, and retirement products across over 25 countries. International operations
International reported strong 2008 results despite a challenging environment. Premiums, fees, and other revenue are expected to grow from $4.1 billion in 2007 to a range of $4.525-$4.625 billion in 2008. Operating earnings are projected to be $480-500 million in 2008, down from $568 million in 2007. International will continue pursuing growth through geographic, business model, product, and distribution diversification.
The document discusses various risks in retirement planning such as longevity risk, market volatility, inflation, and sequencing of returns. It provides simulations showing the probability of different portfolio allocations meeting income needs over a 25-year retirement and the likelihood of funds lasting to different ages. The key risks retirees face include running out of money, healthcare costs, and inflation eroding purchasing power. Managing these risks requires intelligent diversification among stocks, bonds, and funds.
The document provides an investor presentation for Newell Rubbermaid highlighting their $6 billion business of leading brands. It summarizes their good year-to-date performance including 2.2% core sales growth and affirmed full year guidance. The presentation outlines their growth game plan to direct actions around sharpening their portfolio choices, building execution capabilities, and unlocking trapped capacity to accelerate performance.
direc tv group Third Quarter 2008 Financial Results and Outlook finance15
This document contains the presentation slides from Chase Carey, President and CEO of The DIRECTV Group, covering the company's first half 2008 results and outlook. Some of the key points from the presentation include:
- DIRECTV U.S. saw revenue growth of 17% and operating profit before depreciation and amortization growth of 23% in the first half of 2008.
- DIRECTV added over 400,000 net subscribers in the U.S. in the first half of 2008, outperforming competitors.
- DIRECTV Latin America is also growing rapidly and expected to have over 4 million subscribers and over $2.2 billion in revenue by the end of 2008.
Public Service Enterprise Group held an investor meeting in Boston on February 13, 2008 to discuss the company's strategic overview and performance. PSEG reported strong earnings growth in 2007 and provided guidance for continued earnings growth in 2008. The company emphasized addressing New Jersey's clean energy goals through initiatives like the Regional Greenhouse Gas Initiative and expanding its nuclear, solar, and peaking generation capacity. Climate change was highlighted as a defining issue that creates both environmental responsibilities and business opportunities for PSEG.
public serviceenterprise group Boston Investor Meetingfinance20
Public Service Enterprise Group held an investor meeting in Boston on February 13, 2008 to discuss the company's strategic overview and performance. PSEG reported strong earnings growth in 2007 and provided guidance for continued earnings growth in 2008. The company emphasized addressing New Jersey's clean energy goals through initiatives like the Regional Greenhouse Gas Initiative and expanding its nuclear, solar, and peaking generation capacity. Climate change was highlighted as a defining issue that creates both environmental responsibilities and business opportunities for PSEG.
This presentation provides an overview and summary of CSX Corporation's financial performance and targets. CSX has created significant shareholder value as shown by strong stock performance that has outpaced industry benchmarks. The company is targeting double-digit earnings growth through 2010 by further improving its operating ratio to the mid-70s range and increasing operating income and earnings per share at a compound annual growth rate of 10-12% and 15-17%, respectively. CSX will balance capital investments focused on growth with returning cash to shareholders through dividends and share buybacks.
This presentation provides an overview and summary of CSX Corporation's financial performance and targets. CSX has created significant shareholder value as shown by strong stock performance that has outpaced industry benchmarks. The company is targeting double-digit earnings growth through 2010 by further improving its operating ratio to the mid-70s range and increasing operating income and earnings per share at a compound annual growth rate of 10-12% and 15-17%, respectively. CSX will balance capital investments focused on growth with returning cash to shareholders through dividends and share buybacks.
This presentation provides an overview and summary of CSX Corporation's financial performance and targets. CSX has created significant shareholder value as shown by strong stock performance that has outpaced industry benchmarks. The company is targeting double-digit earnings growth through 2010 by further improving its operating ratio to the mid-70s range and increasing operating income and earnings per share at a compound annual growth rate of 10-12% and 15-17%, respectively. CSX will balance capital investments focused on growth with returning cash to shareholders through dividends and share buybacks.
This presentation provides an overview and summary of CSX Corporation's financial performance and targets. CSX has created significant shareholder value as shown by strong stock performance that has outpaced industry benchmarks. The company is targeting double-digit earnings growth through 2010 by further improving its operating ratio to the mid-70s range and increasing operating income and earnings per share at a compound annual growth rate of 10-12% and 15-17%, respectively. CSX will balance capital investments focused on growth with returning cash to shareholders through dividends and share buybacks.
This document discusses Celanese Corporation's performance in 2008 and strategies going forward. It contains the following key points:
1. Celanese reported strong financial results for the third quarter and year-to-date 2008, despite challenging market conditions.
2. The company has executed a strategy focused on specialty businesses and divesting non-core assets to create a more resilient portfolio.
3. Going forward, Celanese aims to accelerate growth in specialty businesses like Consumer Specialties and leverage its integrated operations and global positions.
This is an introduction to one of Australia's leading educational mentoring businesses. It's unique technology will pinpoint business strengths and weaknesses and allow managers and owners to better manage the financial drivers in their business
shaw group 8C04E297-E3DD-4F1E-8BB2-56C5BB51CEDA_SGR_AnnualShareholdersMeeting...finance36
The document summarizes The Shaw Group Inc.'s annual meeting for fiscal year 2008. It provides key financial results including record revenue, EBITDA, net income, and EPS. It also discusses major projects, growth in backlog to $15.6 billion, and guidance for fiscal year 2009 revenues of $7.1-7.3 billion and EPS of $2.50-2.70 per share.
shaw group 8C04E297-E3DD-4F1E-8BB2-56C5BB51CEDA_SGR_AnnualShareholdersMeeting...finance36
The document summarizes The Shaw Group Inc.'s annual meeting for fiscal year 2008. It provides key financial results including record revenue, EBITDA, net income, and EPS. It also discusses major projects, growth in backlog to $15.6 billion, and guidance for fiscal year 2009 revenues of $7.1-7.3 billion and EPS of $2.50-2.70 per share.
Jean-Marc Huët, Senior Vice President and Chief Financial Officer of Bristol-Myers Squibb, presented at the Credit Suisse Health Care Conference on November 13, 2008. He discussed Bristol-Myers Squibb's plans to become a next generation biopharma company through productivity initiatives aimed at improving efficiency. He highlighted strong financial performance in 2008 due to sales growth, margin improvements, and portfolio shifts including selling medical devices businesses. Huët believes Bristol-Myers Squibb is well positioned with a strong cash position and conservative capital structure to execute on productivity goals and pipeline investments.
The document summarizes the agenda and presentations for Celanese Corporation's 2007 Investor Day. The agenda included presentations on Celanese's business segments and strategies for growth, operational excellence, and value creation. Celanese aimed to pursue premier performance and deliver superior value creation through industry-leading growth and a geographically balanced global position across diversified end markets.
Similar to GNW 5-14-08%20GNW%20at%20UBS%20Global%20Financial%20Services (20)
This document is EchoStar Communications Corporation's annual report on Form 10-K for the fiscal year ending December 31, 1999. It provides information on EchoStar's business operations, legal proceedings, risks to its business, financial statements and other required disclosures. EchoStar operates a direct broadcast satellite subscription television service in the United States called DISH Network, which had approximately 3.4 million subscribers as of December 31, 1999. It also provides digital set-top boxes and other equipment to international direct-to-home service providers.
This document is EchoStar Communications Corporation's annual report on Form 10-K for the fiscal year ending December 31, 2001 filed with the SEC. It provides an overview of EchoStar's businesses, including its DISH Network direct broadcast satellite television service and EchoStar Technologies equipment sales. It summarizes EchoStar's proposed merger with Hughes Electronics Corporation, which is subject to various regulatory approvals and conditions, including IRS and shareholder approval. If completed, the merger would create a new public company providing satellite TV services and technologies globally.
This document is EchoStar Communications Corporation's annual report on Form 10-K for the fiscal year ending December 31, 2002 filed with the SEC. It provides an overview of EchoStar's business including its DISH Network direct broadcast satellite television service and EchoStar Technologies equipment manufacturing business. It discusses EchoStar's programming packages, sales and marketing strategies, satellite fleet, technology, competition, regulation, legal proceedings, and financial results.
EchoStar Communications Corporation experienced significant growth in 2003, crossing the 9 million subscriber milestone for its DISH Network satellite television service. The company launched its ninth satellite and released several new receiver products, including those supporting high-definition television and digital video recording. Financially, EchoStar achieved $5.7 billion in revenue and $225 million in earnings, while reducing debt through bond issuances and retirements. Going forward, the company plans to continue expanding its offerings in areas like international programming and high-definition television.
- DISH Network celebrated its 10th anniversary in 2005 and reported over $8.4 billion in revenue for the year, serving over 12 million customers.
- The company increased its net subscriber base by over 1.1 million customers in 2005 and remains the clear leader in international programming.
- Looking forward, the company plans to leverage its position as an HD leader by offering local HD channels in up to 30 markets by the end of the year using its new EchoStar X satellite.
dish network 2007 Notice and Proxy Statementfinance24
- The document is a letter from the Chairman and CEO of EchoStar Communications Corporation inviting shareholders to attend EchoStar's 2007 Annual Meeting of Shareholders on May 8, 2007.
- It provides details on the location, time, and agenda items to be voted on at the meeting, including the election of 10 directors and the ratification of the appointment of KPMG LLP as the independent auditor.
- Shareholders are encouraged to vote by proxy whether attending the meeting or not to ensure their votes are counted, and they are thanked for their support and interest in EchoStar.
Danaher Corporation reported quarterly and annual sales and operating margin data for its Tools and Controls segments for an unaudited period. The Tools segment saw annual sales of $1.16 billion while the Controls segment generated $2.62 billion in annual sales. On an annual basis before restructuring, operating margins were 13.49% for Tools and 16.54% for Controls. After restructuring, the annual operating margin fell to 11.31% for Tools and 14.85% for Controls.
Danaher Corporation reported its fourth quarter and full year 2001 results. For the fourth quarter, net earnings excluding restructuring charges were $76.6 million compared to $87.8 million in 2000. Full year 2001 net earnings excluding restructuring charges were $341.2 million, a 5% increase over 2000. However, Danaher recorded a $69.7 million restructuring charge in the fourth quarter related to manufacturing facility consolidations. For the full year, net earnings including restructuring charges were $297.7 million. Despite difficult economic conditions, Danaher was able to grow earnings in 2001 through aggressive cost reductions and restructuring actions.
Danaher Corporation announced its third quarter 2001 results, reporting a 5% increase in net income to $87.7 million compared to $83.6 million in third quarter 2000. Third quarter sales were down 8.6% to $901.6 million due to weakness in the industrial economy. For the first nine months of 2001, net earnings increased 12% to $264.6 million on 4% higher sales of $2.86 billion compared to the same period in 2000. The CEO stated that aggressive cost control allowed for earnings growth despite softness in the economy and that Danaher will maintain a strict cost focus while economic conditions remain uncertain.
Danaher Corporation announced its second quarter 2001 results, with record net earnings of $94.2 million, up 16% from the previous year. Revenue was also up 7% to $956.6 million. For the six month period, net earnings reached a record $176.8 million, up 16% and revenue was up 11.5% to $1.962 billion. While sales growth was strong, a slowing domestic economy negatively impacted some product lines, leading to a 4.5% decline in core sales volume. However, aggressive cost cutting measures helped boost earnings per share by 12.5% for the quarter.
Danaher Corporation announced record results for the first quarter of 2001 with net earnings of $82.6 million, a 15% increase over the same period in 2000. Diluted earnings per share were $0.56, up 14% from 2000. Sales increased 16% to $1,005.3 million due to acquisitions. While core volume declined in the tools and components segment due to a weak domestic economy, cost containment measures helped drive record operating profit. The company expects continued outperformance in 2001 despite economic uncertainty.
- Danaher Corporation reported record results for the fourth quarter and full year 2002, with net earnings of $161.7 million and $290.4 million respectively.
- Fourth quarter sales increased 39% to $1.275 billion compared to $918.9 million in 2001. Full year sales grew 21% to $4.577 billion.
- The strong results were driven by acquisitions and 3.5% core volume growth, although the tools and components segment declined slightly.
Danaher Corporation announced its third quarter 2002 results, reporting a 32% increase in net earnings to $116.0 million compared to third quarter 2001. Diluted earnings per share increased 25% year-over-year to $0.74. Total sales for the quarter grew 28% to $1,151.7 million, driven primarily by acquisitions completed in the first quarter of 2002. For the first nine months of 2002, net earnings were $128.7 million which included a $173.8 million one-time non-cash charge related to goodwill impairment. Excluding this charge, nine month net earnings were up 14% to $302.4 million compared to the same period in 2001.
Danaher Corporation announced its second quarter 2002 results, with net earnings of $103.7 million, a 10% increase over the second quarter of 2001. Earnings per share increased 5% to $0.66. Sales for the quarter increased 20% to $1.146 billion due primarily to recent acquisitions. For the first six months of 2002, net earnings were $12.7 million after a one-time $173.8 million goodwill impairment charge, but were up 5% excluding this charge at $186.4 million, with sales up 10% to $2.15 billion. The CEO stated they were pleased with the results and optimistic about continued improvement for the rest of the year.
Danaher Corporation announced its first quarter 2022 results. Net earnings were $82.7 million, comparable to the previous year's results. However, after adopting a new accounting standard that eliminated goodwill amortization, earnings per share fell 14% compared to the previous year. The company also recorded a $173.8 million charge related to goodwill impairment in some business units. Total sales were relatively flat at $1,004.2 million. The CEO commented that while core volumes declined 15% due to economic challenges, the company has seen signs of stability in revenues and gives a more positive outlook for the rest of the year.
Danaher Corporation provided a document summarizing its selling, general and administrative costs, operating profit, and free cash flow for the quarter and year ended December 31, 2003. Some key highlights include:
- Total company revenue for the quarter increased 16.7% to $1.49 billion compared to the same quarter last year.
- Operating profit before special credits for the total company was $239.6 million for the quarter, up 20.1% from the prior year.
- Free cash flow for the year was $781.2 million, up 21.1% from 2002.
Danaher Corporation reported record results for the fourth quarter and full year 2003. Net earnings for Q4 2003 were $169.9 million, or $1.06 per share, compared to $161.7 million, or $1.03 per share for Q4 2002. For the full year, net earnings were $536.8 million or $3.37 per share compared to $290.4 million or $1.88 per share for 2002. Sales increased 17% in Q4 2003 to $1.49 billion and grew 16% for the full year to $5.29 billion. The company experienced strong growth in both its process/environmental controls and tools/components segments.
This document from Danaher Corporation provides supplemental financial information including free cash flow and debt ratios for quarters ending in March, June, and September 2003 as well as year-to-date figures. Free cash flow is defined as operating cash flow minus capital expenditures and is a measure of available cash. Debt ratios including debt-to-total capital and net debt-to-total capital are also provided to show Danaher's leverage over time. Management believes these metrics provide useful information to investors and help determine borrowing capacity.
Danaher Corporation announced record third quarter results for 2003, with net earnings of $138.6 million, a 19% increase over the previous year. Diluted earnings per share were $0.87, an increase of 18% from 2002. Sales increased 14% to $1.309 billion. For the first nine months of 2003, net earnings were $366.9 million, a 21% increase over the previous year. The company's CEO stated that they achieved strong earnings growth despite a challenging economy, and that organic growth remains a priority along with cost reductions to fund growth opportunities.
This document from Danaher Corporation provides supplemental financial information including free cash flows, debt to total capital ratios, and net debt to total capital ratios for quarters ending in March and June of 2002 and 2003. Free cash flow increased from the prior year periods, while debt to total capital and net debt to total capital ratios decreased from the end of 2002 to the end of June 2003 due to an increase in cash and equity and a decrease in total debt. Management uses these metrics to evaluate the company's ability to generate cash, leverage over time, and access additional borrowing.
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
Financial Assets: Debit vs Equity Securities.pptxWrito-Finance
financial assets represent claim for future benefit or cash. Financial assets are formed by establishing contracts between participants. These financial assets are used for collection of huge amounts of money for business purposes.
Two major Types: Debt Securities and Equity Securities.
Debt Securities are Also known as fixed-income securities or instruments. The type of assets is formed by establishing contracts between investor and issuer of the asset.
• The first type of Debit securities is BONDS. Bonds are issued by corporations and government (both local and national government).
• The second important type of Debit security is NOTES. Apart from similarities associated with notes and bonds, notes have shorter term maturity.
• The 3rd important type of Debit security is TRESURY BILLS. These securities have short-term ranging from three months, six months, and one year. Issuer of such securities are governments.
• Above discussed debit securities are mostly issued by governments and corporations. CERTIFICATE OF DEPOSITS CDs are issued by Banks and Financial Institutions. Risk factor associated with CDs gets reduced when issued by reputable institutions or Banks.
Following are the risk attached with debt securities: Credit risk, interest rate risk and currency risk
There are no fixed maturity dates in such securities, and asset’s value is determined by company’s performance. There are two major types of equity securities: common stock and preferred stock.
Common Stock: These are simple equity securities and bear no complexities which the preferred stock bears. Holders of such securities or instrument have the voting rights when it comes to select the company’s board of director or the business decisions to be made.
Preferred Stock: Preferred stocks are sometime referred to as hybrid securities, because it contains elements of both debit security and equity security. Preferred stock confers ownership rights to security holder that is why it is equity instrument
<a href="https://www.writofinance.com/equity-securities-features-types-risk/" >Equity securities </a> as a whole is used for capital funding for companies. Companies have multiple expenses to cover. Potential growth of company is required in competitive market. So, these securities are used for capital generation, and then uses it for company’s growth.
Concluding remarks
Both are employed in business. Businesses are often established through debit securities, then what is the need for equity securities. Companies have to cover multiple expenses and expansion of business. They can also use equity instruments for repayment of debits. So, there are multiple uses for securities. As an investor, you need tools for analysis. Investment decisions are made by carefully analyzing the market. For better analysis of the stock market, investors often employ financial analysis of companies.
Lecture slide titled Fraud Risk Mitigation, Webinar Lecture Delivered at the Society for West African Internal Audit Practitioners (SWAIAP) on Wednesday, November 8, 2023.
where can I find a legit pi merchant onlineDOT TECH
Yes. This is very easy what you need is a recommendation from someone who has successfully traded pi coins before with a merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi network coins and resell them to Investors looking forward to hold thousands of pi coins before the open mainnet.
I will leave the what'sapp contact of my personal pi merchant to trade with
+12349014282
The Rise of Generative AI in Finance: Reshaping the Industry with Synthetic DataChampak Jhagmag
In this presentation, we will explore the rise of generative AI in finance and its potential to reshape the industry. We will discuss how generative AI can be used to develop new products, combat fraud, and revolutionize risk management. Finally, we will address some of the ethical considerations and challenges associated with this powerful technology.
Abhay Bhutada, the Managing Director of Poonawalla Fincorp Limited, is an accomplished leader with over 15 years of experience in commercial and retail lending. A Qualified Chartered Accountant, he has been pivotal in leveraging technology to enhance financial services. Starting his career at Bank of India, he later founded TAB Capital Limited and co-founded Poonawalla Finance Private Limited, emphasizing digital lending. Under his leadership, Poonawalla Fincorp achieved a 'AAA' credit rating, integrating acquisitions and emphasizing corporate governance. Actively involved in industry forums and CSR initiatives, Abhay has been recognized with awards like "Young Entrepreneur of India 2017" and "40 under 40 Most Influential Leader for 2020-21." Personally, he values mindfulness, enjoys gardening, yoga, and sees every day as an opportunity for growth and improvement.
when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the what'sapp contact of my personal pi vendor
+12349014282
Solution Manual For Financial Accounting, 8th Canadian Edition 2024, by Libby...Donc Test
Solution Manual For Financial Accounting, 8th Canadian Edition 2024, by Libby, Hodge, Verified Chapters 1 - 13, Complete Newest Version Solution Manual For Financial Accounting, 8th Canadian Edition by Libby, Hodge, Verified Chapters 1 - 13, Complete Newest Version Solution Manual For Financial Accounting 8th Canadian Edition Pdf Chapters Download Stuvia Solution Manual For Financial Accounting 8th Canadian Edition Ebook Download Stuvia Solution Manual For Financial Accounting 8th Canadian Edition Pdf Solution Manual For Financial Accounting 8th Canadian Edition Pdf Download Stuvia Financial Accounting 8th Canadian Edition Pdf Chapters Download Stuvia Financial Accounting 8th Canadian Edition Ebook Download Stuvia Financial Accounting 8th Canadian Edition Pdf Financial Accounting 8th Canadian Edition Pdf Download Stuvia
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the what'sapp number.
+12349014282
2. Forward-Looking Statements
This presentation contains “forward-looking statements” within the meaning of the Private Securities
Litigation Reform Act of 1995. Forward-looking statements may be identified by words such as “expects,”
“anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “will,” or words of similar meaning and
include, but are not limited to, statements regarding the outlook for the company’s future business and
financial performance. Forward-looking statements are based on management’s current expectations and
assumptions, which are subject to inherent uncertainties, risks and changes in circumstances that are
difficult to predict. Actual outcomes and results may differ materially due to global political, economic,
business, competitive, market, regulatory and other factors, including those discussed in the Appendix and
in the risk factors section of the company’s Form 10-K filed with the SEC on February 28, 2008. The company
undertakes no obligation to publicly update any forward-looking statement, whether as a result of new
information, future developments or otherwise.
Non-GAAP and Selected Operating Performance Measures
All references to EPS, income, and ROE refer to net operating earnings per diluted share, net operating
income and operating return on equity. All references to ROE in the business segments are levered,
assuming 25% debt to total capital at the product line level.
All financial data as of 12/31/07 unless otherwise noted. For additional information, please see Genworth’s
Fourth Quarter of 2007 and First Quarter of 2008 earnings releases and financial supplements, as well
investor materials dated February 8, 2008 regarding Genworth’s U.S. Mortgage Insurance business,
posted at www.genworth.com.
For important information regarding the use of non-GAAP measures and selected operating performance
measures, see the Appendix.
This presentation should be used in conjunction with the accompanying audio or call transcript.
UBS – May 14, 2008 1
3. Performance Metrics
Operating EPS
$3.07
$2.25 - $2.65
Sound Franchise
Retirement
& Protection
2008 Reflects Tough
Environment
– Large U.S. MI Impact
Positioning For Improved
International
Future Performance
U.S.
Mortgage
Insurance
2007
2008E
EPS Includes Corporate And Other.
UBS – May 14, 2008 2
4. Genworth Strategy
Your Financial Security Company
Homeownership Life Security
Mortgage Protection
Insurance
Delivering
Wellness &
Care
Services
Financial
25 40
Age
55
70
Retirement Wealth
Security
Security Management
Accumulation
Income
LTC Managed
Accounts
Liquidity
UBS – May 14, 2008 3
5. Positioning For The Future
Operating Income Mix Driving Growth/ROE Expansion
Sales Growth New Business
ROE
Targets
Int’l MI Balanced High Teens
Int’l PPI High Teens
Fee Based High Teens
~85%+ Double-Digit
New Life Low Teens
New LTC Mid Teens
Growth ~80% ~90%
Engines Spread Opportunistic Low Teens
U.S. MI Market-Driven Mid Teens
Repositioning Old Life/Spread Extract Capital
Redeployment
Old LTC Improve ROE/Extract Capital
2007 2008E 2010/11E
Fee Based Includes Fee Based Retirement Income & Wealth Management. Spread Includes Spread Based Retirement Income & Institutional
UBS – May 14, 2008 4
6. Levers To Drive Shareholder Value
Impact
2008E 2009/10E
2004 – 2007
Core Growth & Improving Returns
++
International/Retirement & Protection ++
++
U.S. Mortgage Insurance + +
-
Capital Management & Redeployment ++
++
++
+
Cost Efficiencies ++
Neutral/+
+
Neutral +
Investment Performance
+
Smart Use Of Capital Markets ++
+
UBS – May 14, 2008 5
7. 2008 Strategic Priorities
Navigate the Storm in U.S. Mortgage Insurance
Expand Wealth Management & Retirement Income
Responsibly Grow International Presence
Continue Transition of Life and Long Term Care
Focus on Risk and Capital Management
UBS – May 14, 2008 6
8. U.S. Mortgage Insurance Overview
91% Prime Book
Avoided Sub-Prime Bulk & 2nd Lien
Underweighted California
Loss Mitigation
Date1
Delinquencies 2005 To
Captive Reinsurance
Strict Guidelines/Product Exits
7%
Industry
Public Policy Momentum
6%
Shift Business Model
5%
Genworth
4%
3%
2%
Jun ‘05 Dec ‘05 Jun ‘06 Dec ‘06 Jun ‘07 Dec ‘07 Mar ‘08
1 Primary Delinquencies. Industry Represents MGIC, PMI, UGI, ORI, and Triad Based on MICA Reports.
UBS – May 14, 2008 7
9. Loss Mitigation
Active Efforts Captive Reinsurance
Significant Dedicated Resources Progressing To Attachment
1
~8,500 Outbound Borrower Calls 2005 – 2007 Books Emphasis
1
~1,100 Workout Packages Mailed Impact Increases Thru 2008
2
~4,500 Workouts Completed Important Downside Protection
Fraud Management – Early Term
Delinquencies
1Per Month
2Year To Date Through April 30
UBS – May 14, 2008 8
10. Lender Captive Reinsurance Protection
40% Cede Excess Loss Example Q1 2008 Status
Risk in Force $6.6B
Premiums Losses
Progression To Attachment
Remaining
Losses
Lender 40% GNW
Attached
2nd Loss
Lender
$3.3B
GNW 60% (4-14 Claims Layer)
75 – 99% $2.6B
1st Loss (0-4 Claims Layer)
GNW
50 – 74%
~ 2/3 Of Genworth Captives
0 – 50%
60% Flow Book With Captives
Book Year 2005 2006 2007
“Book Year” Basis By Lender
$930MM In Captive Trusts Q1 Captive
$1MM $17MM $1MM
Benefit
Captive Reinsurance Liability Limited to Funds in Trust, Not Subject to Lender Bankruptcy. Trust Balances Impacted by Future Premiums Received,
Payment of Claims and Dividends. Percentage of GNW Portfolio in Captive Reinsurance Arrangements And Trust Balances As of 3/31/08.
UBS – May 14, 2008 9
11. Product Actions Taking Effect
Product Exits/Guidelines Moves Flow New Insurance Written
Alt-A
1%
6 Rounds of Actions Since 6/07
A-Minus 4%
13%
Prime
Alt-A >95% LTV
A Minus
95%+ LTV
82%
Prime
Interest Only <95% LTV
90%+ LTV Limit In Declining
Markets
– 120 Specific MSAs Identified Q1 ’08
UBS – May 14, 2008 10
12. Navigating U.S. Mortgage Insurance Storm
Looking Forward – Shift Model
Industry Dynamics – 2003-2007
20% Core Flow Price Increase
Mortgage Insurers
– 40% XOL Reinsurance 25% XOL Max. – Perhaps Lower
– High Percentage of Alt. Products Return To Core Products
– Stacked Risk Factors
Underwriting & Regulatory
Improvements
Lenders Single Premium Products
– Loosened Underwriting
Broaden Consumer Proposition
– Grew Alternative Products
15 - 20% ROE
Target
UBS – May 14, 2008 11
13. Fee Based Products - Focused Strategy
Wealth Management Retirement Income
Managed Account Platform Products
– Range of Offerings
Independent Advisor Services
– Focused on Key Life Stages
Strong Value Proposition
Distribution
– Multi-Channel
– Focused On Key Firms
Accumulation/ Guaranteed Income/
Inflation & Market Risk Longevity & Investment
Protection Protection
Wealth Early Pre/Post Retirement
Genworth
Management ClearCourse Annuity & Liquidity
Solutions
UBS – May 14, 2008 12
14. Expand U.S. Wealth Management
Total Market AUM Outlook Asset Under Management
3 Yr
($T) ($B)
CAGR1 20.5
+ 12%
2.8 17.3
AssetMark
+ 17%
Independent Acquisition
Other Channels Existing
+ 11%
Platforms
2010E 12/31/06 3/31/08
Expect Growth Ahead Of Market Strong Organic & Acquisition Perf.
– Product Innovation/Income Advisor Expansion & Penetration
Guarantees
Practice Management Services
– Expand Service Offerings
Managing Thru Volatile Markets
– Acquisitions
1 Cerulli & Management Estimates
UBS – May 14, 2008 13
15. Penetrate Managed Account Value Chain
Independent Financial Advisor Services
Investment Relationship Practice $21B1 of Fee-Based AUM
Mgmt Mgmt Mgmt
4,000+ Ind. Advisors
Solutions Support Programs
Genworth Differentiation
“Open-Architecture” Investment Platform
Product Innovation – Income Guarantees
Practice Management/Business Development Tools
– Rated #1 “Value-Added” Provider2
– Expanded Service Offerings
1 As of March 31, 2008
2 Source: Financial Research Corporation
UBS – May 14, 2008 14
16. Positioned For Income Guarantee Market
Individual VA 401(k) / Wealth Mutual
(Retail + Rollover) 403(b) Management Funds
Market
~ 5.6 2.8 1.7 2.7
Size1
Market
5 - 8% 9% 15%+ 15%+
Growth1
Genworth
✓ Established Early Mover Early Mover In Process
Position
~$10 Trillion Opportunity for Income Guarantees
1 Company And Third Party Estimates. Market Size In Trillions
UBS – May 14, 2008 15
17. Retirement Income - Focused Distribution
“Focus Firm” Sales – 9 Distributors Increased Wholesalers
($MM) 107
505
87
330
Q1 ’07 Q1 ’08 Q1 ’07 Q1 ’08
285 New Producers
Increase In Repeat Producers
Producers With 6+ Transactions Up 28%
UBS – May 14, 2008 16
18. Strong International Track Record
Operating Income
585
($MM)
468 Payment
Protection
359
283 Australia-MI
208
167
Canada-MI
Europe/
Other
2002 2003 2004 2005 2006 2007
25+ Countries Global Risk Management
600+ Distribution Relationships Double Digit Growth
1,900+ Associates 22% Operating ROE in 2007
UBS – May 14, 2008 17
19. International Strategy
Focus On High Growth/High Return Product Lines/Markets
Broad Market Opportunity
Payment Protection
Bank Distribution
17 Countries
Replicable/Scalable Model
Selective Market Opportunity
Mortgage Insurance
Bank Distribution
9 Primary Countries
Favorable Regulatory/Capital Environment
7 Countries Early Stage Expand Gradually/Risk Management Focus
Strategic Partnerships
Retirement Products
Bank/IFA Distribution Potential
2-3 Countries Exploratory Phase
UBS – May 14, 2008 18
20. Payment Protection Opportunity
Sales By Region Established Markets
($B)
2.8 Penetrate Significant Customer Base
New Products & Customers
Lender Structured Transactions
Continental
1.4
Europe
New Markets
.7
U.K. & Ireland
Transfer Product/Risk Expertise
.2
New Markets
Leverage Global Client Base
.5
Structured
Mexico, Poland, South Korea, Others
2007
UBS – May 14, 2008 19
21. Responsibly Grow International Platforms
Mortgage Insurance Primary Risk In Force
($B)
156
Canada
Slowing Originations Moderate Sales Growth
Underwriting & Pricing Discipline
Improving Loss Ratio Trends in Australia
Australia
Further Concentrating Country Focus
Europe
Reduced Spain Profile + Loss Mitigation
New Markets Mexico, Japan, Korea, India
3/31/08
UBS – May 14, 2008 20
22. Strong International Platform
Operating Income
($MM)
Retirement
Products
Solid Growth Prospects
585
PPI Disciplined Operating Approach
Canada ~10% Earnings Growth in ’08
Australia
Europe
& Other 2007 2010-2011E
UBS – May 14, 2008 21
23. Transition From Term To Universal Life
Life Sales Strong UL Growth
($MM)
New Product Launch Success
Wholesaler Expansion
~10%
Universal 373 Focused Brokerage Approach
Annualized
Premiums
Moderate Term Growth
Excess
Deposits Highly Competitive Environment
Middle Market Focus
Invest In Fulfillment Capabilities
Term
Leverage Scalable Platform
2007 2008E
UBS – May 14, 2008 22
24. Transition Long Term Care
Sales Growth
($MM)
62
Group Group & Linked Benefits Expansion
52
Linked
AARP Launch
Benefits
Med Supp Affordable Product Growth
Career Transition Success
Career
Independent
In Force Rate Action Update
– $700MM Premium Block
Q1 ’07 Q1 ’08 – Avg. 10% Increase over 2-3 Years
– 49 States + D.C. Filed; 40 Full and
Partial Approvals
UBS – May 14, 2008 23
25. Focus On Redeploying Low Return Capital
Select Blocks Targeted
($B)
2.8
Reassessed Blocks Under Integrated
Retirement & Protection Organization
Life / Annuities
Assessing Reinsurance, Capital
Markets and Closed Block Options
Pricing Action
Old LTC Pursuing Extraction Options
– Individual Or Blended Blocks
Multi-Year Effort
2007
UBS – May 14, 2008 24
26. Capital Management
+20 – 25%
($B Total Capital)
Redeploy
~18
17
Fund Growth
15
Appropriately
Corporate
Capitalized
International
U.S. MI Fund Growth/
Retirement Extract Capital
& Protection
IPO 2008E 2010E
2007
Since IPO Outlook 2008E – 2010E
$.6 Sale Of Group Businesses Extract Low Return Capital
$1.5 Run-Off/Extract Excess Selective Share Repurchases
$2.7 Share Repurchases1 Bolt-on Acquisitions
$.6 Acquisitions
1Including $600MM To Offset Equity Unit Conversion
UBS – May 14, 2008 25
27. Investment Portfolio
($B)
73 Quality Assessment
Commercial Mortgages LTV ~52%
Commercial MBS 98% Investment Grade
Investment
49%
Grade Public & Avoided RMBS CDOs
Private Bonds
Munis Underwritten to Underlying Credit
Securities Lending A-1/P-1 and AAA
Commercial
12%
Mortgages
CMBS & ABS 13% Risk Considerations
RMBS 4%
$2.1B Sub-Prime / Alt-A RMBS
Non-Inv Grade 4%
3%
Municipal Below Investment Grade Under 4%
Other (1) 15% Equities Less Than 1%
3/31/08
1Other Includes Cash, Equities, Policy Loans, LPs, Securities Lending & Other Invested Assets
UBS – May 14, 2008 26
28. The Case For Genworth
Shifting Mix For Growth & Returns
Expanding International & Wealth/Retirement Platforms
Capital & Risk Management Discipline
Manageable Disruption In 2008
Longer Term ROE Expansion Path
UBS – May 14, 2008 27
30. Captive Reinsurance - Disclosure
Aggregate Book Year Analysis Provided to Illustrate Directional Progression Toward Captive Attachment(1)
March 31, 2008 December 31, 2007
Captive Ever to Date Captive
Original Book Progression to Current RIF Ever to Date Incurred Benefit Current RIF Incurred Losses Benefit
Book Year(2) RIF (B) Attachment Point (B) Losses (MM) (MM) (B) (MM) (MM)
0-50% $0.5 $10 $0.8 $16
50-75% 1.6 72 1.5 56
75-99% 0.2 11 0.4 15
Attached 0.3 20 - 2
2005 Total $4.4 $2.6 $113 $1 $2.7 $89 $ -
0-50% $0.5 $11 $0.7 $10
50-75% 0.3 8 1.8 55
75-99% 0.5 23 0.8 31
Attached 2.0 113 0.1 5
2006 Total $4.2 $3.3 $155 17 $3.4 $101 1
0-50% $4.3 $77 $6.9 $56
50-75% 1.0 23 - -
75-99% 0.8 25 - -
Attached 0.5 22 - -
2007 Total $7.0 $6.6 $147 1 $6.9 $56 -
Captive Benefit In Quarter (MM) $19 $1
(1)
Data presented in aggregate for all trusts. Actual trust attachment and exit points will vary by individual lender contract. For purposes of this illustration, incurred
losses equals change in reserves plus paid claims. The information presented excludes quota share captive reinsurance data. Progress toward captive attachment is
determined at a lender level for each book year by dividing ever to date incurred losses by original RIF for that book year.
(2)
Book year figures may include loans from additional periods pursuant to reinsurance agreement terms and conditions.
UBS – May 14, 2008 29
31. U.S. Portfolio Performance
($B) Total FICO > 660 FICO 620 - 659 FICO < 620
Primary Risk In Force 4Q 07 1Q 08 4Q 07 1Q 08 4Q 07 1Q 08 4Q 07 1Q 08
Primary Risk In Force $31.3 $33.9 $22.1 $24.2 $6.4 $6.7 $2.9 $3.0
Default Rate 4.3% 4.7% 2.5% 3.0% 7.5% 7.6% 12.8% 12.7%
2008 Policy Year $3.8 $3.01 $0.51 $0.23
Default Rate 0.2% 0.1% 0.4% 1.0%
$12.1 $11.8 $8.5 $8.2 $2.4 $2.3 $1.3 $1.3
2007 Policy Year
Default Rate 2.8% 4.5% 1.7% 3.1% 3.8% 5.7% 9.4% 12.3%
$5.9 $5.6 $4.1 $4.0 $1.2 $1.1 $0.6 $0.5
2006 Policy Year
Default Rate 5.4% 6.6% 3.6% 5.0% 8.3% 9.3% 15.4% 15.1%
$4.2 $4.1 $3.0 $2.9 $0.9 $0.9 $0.3 $0.3
2005 Policy Year
Default Rate 5.2% 5.5% 3.2% 3.8% 8.5% 8.9% 14.4% 13.2%
2004 & Prior Policy Years $9.1 $8.6 $6.5 $6.2 $1.9 $1.8 $0.7 $0.6
Default Rate 4.7% 4.5% 2.4% 2.4% 9.5% 9.1% 15.3% 14.0%
$29.4 $32.1 $20.6 $22.8 $6.1 $6.4 $2.7 $2.9
Fixed Rate
Default Rate 4.0% 4.2% 2.1% 2.4% 7.2% 7.3% 12.5% 12.3%
$1.9 $1.8 $1.5 $1.4 $0.3 $0.3 $0.1 $0.1
ARMs
Default Rate 7.2% 10.8% 5.9% 9.8% 12.0% 14.4% 23.2% 25.3%
$8.8 $9.3 $5.4 $5.7 $2.3 $2.3 $1.2 $1.2
LTV > 95%
Default Rate 5.8% 5.9% 2.6% 2.8% 8.0% 8.3% 15.3% 15.2%
$1.9 $1.9 $1.6 $1.5 $0.3 $0.3 $0.1 $0.1
Alt-A
Default Rate 6.2% 8.6% 5.1% 7.5% 11.7% 15.1% 18.2% 20.9%
Interest Only & Option ARMs $4.0 $4.2 $3.3 $3.5 $0.5 $0.5 $0.2 $0.2
Default Rate 5.6% 8.5% 5.0% 7.8% 9.2% 12.1% 16.8% 19.7%
Loans With Unknown FICO Scores Are Included in the FICO 620 – 659 Category
Default Rate Represents Number of Lender Reported Delinquencies Divided By Number of Remaining Policies Consistent With Mortgage Insurance Industry Practices
GNW Alt-A Consists of Loans With Reduced Documentation or Verification of Income or Assets And a Higher Historical And Expected Default Rate Than Standard Documentation Loans.
UBS – May 14, 2008 30
32. Comparing Global MI Risk In Force
Effective
($B)
82 LTV
82%
Effective
65 LTV
77%
93%
92%
68%
81%
Vintage
Effective
60%
73%
LTV1
34
93%
2008
96% Effective
~60%
2007 ~60%
LTV
2006
95%
2005 8
90%
2004 93%
<80% ~55% 89%
~50%
& Prior
~75% ~75%
Bulk
U.S. Canada Australia Europe
1 Book Year Risk In Force Based Upon Flow, and Effective LTV Estimated Based on Accumulated Regional HPA; Total Bulk Shown Separately
Primary Risk In Force as of 03/31/08
UBS – May 14, 2008 31
33. Sub-Prime RMBS Holdings
Total = $1,146
($MM)
379
<BBB 7%
284
33
182
A 27% 120
34 185
95 9 116
102
AA 19% 30
62
36 7
23 54
119 124 148
AAA 47% 88 62
2004 & Prior 2005 2006 1st Half 2006 2nd Half 2007
Avoided 2nd Liens
Underlying LTVs ~80%
~4 Year Average Life
1Q ‘08 Impairments: $28MM After-Tax; 82% BBB
& Below
Ratings Reflect Levels As Of 3/31/08
UBS – May 14, 2008 32
35. Perspectives on Credit Default Swaps
Genworth Participation Exposure Management
Disciplined Use of CDS No Mortgage Related CDS
Replication Trades To Create No Wraps Creating “Super Senior”
Synthetic Bonds Positions for Issuer
– $145MM Total Exposure
CDS Exposure Included in Overall
– 30 Single Name Positions
Issuer Credit Limits
Purchased Credit Protection
Counter Party Exposure Limited
– $10MM on Single Name
By Collateral Requirements
Genworth Created Synthetic CDO
– Collateral Required For AAA >
– $300MM GNW-Managed Inv. $50MM; AA > $25MM; A > $15MM
Grade Corp Credits, AAA Rated
Market Values Based Upon
Considering Additional Corp CDS Independent Assessment
Exposure For LTC Hedging
(Positions As of 3/31/08)
UBS – May 14, 2008 34
36. Use Of Non-GAAP Measures
This presentation includes the non-GAAP financial measure entitled quot;net operating income.quot; The chief operating decision maker evaluates segment
performance and allocates resources on the basis of net operating income. The company defines net operating income (loss) as income (loss) from
continuing operations excluding after-tax net investment gains (losses) and other adjustments and infrequent or unusual non-operating items. This
metric excludes these items because the company does not consider them to be related to the operating performance of its segments and Corporate
and Other activities. A significant component of the net investment gains (losses) is the result of credit-related impairments and credit-related gains
and losses, the timing of which can vary significantly depending on market credit cycles. In addition, the size and timing of other investment gains
(losses) are often subject to Genworth’s discretion and are influenced by market opportunities, as well as asset-liability matching considerations.
Infrequent or unusual non-operating items are also excluded from net operating income if, in the company’s opinion, they are not indicative of overall
operating trends. While some of these items may be significant components of net income in accordance with GAAP, the company believes that net
operating income, and measures that are derived from or incorporate net operating income, are appropriate measures that are useful to investors
because they identify the income attributable to the ongoing operations of the business. However, net operating income should not be viewed as a
substitute for GAAP net income. In addition, the company's definition of net operating income may differ from the definitions used by other
companies. There were no infrequent or unusual non-operating items excluded from net operating income for the periods presented in this press
release other than a $14 million after-tax expense recorded in the first quarter of 2007 related to reorganization costs. The tables in the appendix of
this presentation reflect net operating income (loss) as determined in accordance with Statement of Financial Accounting Standards No. 131,
Disclosures about Segments of an Enterprise and Related Information, and a reconciliation of net operating income (loss) of the company’s
segments and Corporate and Other activities to net income.
Due to the unpredictable nature of the items excluded from the company's definition of net operating income, the company is unable to reconcile its
outlook for net operating income to net income presented in accordance with GAAP.
In this presentation, the company also references the non-GAAP financial measure entitled “operating return on equity” or “operating ROE.” The
company defines operating ROE as net operating income divided by average ending stockholders’ equity, excluding accumulated other
comprehensive income (AOCI) in average ending stockholders’ equity. Management believes that analysis of operating ROE enhances
understanding of the efficiency with which the company deploys its capital. However, operating ROE as defined by the company should not be
viewed as a substitute for GAAP net income divided by average ending stockholders’ equity. The tables in the appendix of this presentation include
a reconciliation of operating ROE to GAAP net income divided by average ending stockholders’ equity. Due to the unpredictable nature of net
income and average ending stockholders’ equity excluding AOCI, the company is unable to reconcile its outlook for operating ROE to GAAP net
income divided by average ending stockholders’ equity.
UBS – May 14, 2008 35
37. Consolidated Net Income by Quarter
(amounts in millions, except per share amounts)
2008 2007 2006
Q1 Q4 Q3 Q2 Q1 Total Total
REVENUES:
Premiums $ 1,717 $ 1,670 $ 1,600 $ 1,549 $ 1,511 $ 6,330 $ 5,802
Net investment income 1,002 1,053 1,074 1,024 984 4,135 3,787
Net investment gains (losses) (226) (214) (48) (51) (19) (332) (69)
Insurance and investment product fees and other 260 266 249 243 234 992 765
Total revenues 2,753 2,775 2,875 2,765 2,710 11,125 10,285
BENEFITS AND EXPENSES:
Benefits and other changes in policy reserves 1,401 1,255 1,168 1,090 1,067 4,580 4,004
Interest credited 345 385 391 391 385 1,552 1,520
Acquisition and operating expenses, net of deferrals 528 551 540 495 489 2,075 1,858
Amortization of deferred acquisition costs and intangibles 203 209 202 207 213 831 686
Interest expense 112 126 124 124 107 481 364
Total benefits and expenses 2,589 2,526 2,425 2,307 2,261 9,519 8,432
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES 164 249 450 458 449 1,606 1,853
Provision for income taxes 48 69 111 137 135 452 570
INCOME FROM CONTINUING OPERATIONS 116 180 339 321 314 1,154 1,283
Income from discontinued operations, net of taxes - - - 5 10 15 41
Gain (loss) on sale of discontinued operations, net of taxes - (2) - 53 - 51 -
INCOME BEFORE CUMULATIVE EFFECT OF ACCOUNTING CHANGE 116 178 339 - 379 324 1,220 1,324
Cumulative effect of accounting change, net of taxes - - - - - - 4
NET INCOME $ 116 $ 178 $ 339 $ 379 $ 324 $ 1,220 $ 1,328
Earnings Per Share Data:
Earnings from continuing operations per common share
Basic $ 0.27 $ 0.41 $ 0.77 $ 0.73 $ 0.71 $ 2.62 $ 2.81
Diluted $ 0.27 $ 0.41 $ 0.76 $ 0.72 $ 0.69 $ 2.58 $ 2.73
Earnings per common share
Basic $ 0.27 $ 0.41 $ 0.77 $ 0.86 $ 0.74 $ 2.77 $ 2.91
Diluted $ 0.27 $ 0.40 $ 0.76 $ 0.84 $ 0.71 $ 2.73 $ 2.83
Shares outstanding
Basic 433.6 437.4 441.1 439.4 441.0 439.7 455.9
Diluted 436.8 441.1 445.6 449.0 455.0 447.6 469.4
UBS – May 14, 2008 36
38. 2008 2007 2006
Q1 Q4 Q3 Q2 Q1 Total Total
Retirement and Protection:
Wealth Management $ 12 $ 12 $ 11 $ 11 $ 10 $ 44 $ 20
Retirement Income 36 41 82 43 46 212 175
Institutional 11 9 10 10 14 43 42
Life Insurance 65 76 81 75 78 310 313
Long-Term Care Insurance 38 36 39 41 37 153 153
Total Retirement and Protection 162 174 223 180 185 762 703
International:
International Mortgage Insurance - Canada 75 88 68 59 55 270 208
- Australia 47 40 36 44 36 156 137
- Other - 16 6 4 3 29 10
Payment Protection Insurance 38 36 30 35 29 130 113
Total International 160 180 140 142 123 585 468
U.S. Mortgage Insurance (36) (3) 39 66 65 167 259
Corporate and Other (42) (37) (34) (37) (33) (141) (113)
NET OPERATING INCOME 244 314 368 351 340 1,373 1,317
ADJUSTMENTS TO NET OPERATING INCOME:
Income from discontinued operations, net of taxes - - - 5 10 15 41
Gain (loss) on sale of discontinued operations, net of taxes - (2) - 53 - 51 -
Net investment gains (losses), net of taxes and other adjustments (128) (134) (29) (30) (12) (205) (34)
Expenses related to reorganization, net of taxes - - - - (14) (14) -
Cumulative effect of accounting change, net of taxes - - - - - - 4
NET INCOME $ 116 $ 178 $ 339 $ 379 $ 324 $ 1,220 $ 1,328
Earnings Per Share Data:
Earnings per common share
Basic $ 0.27 $ 0.41 $ 0.77 $ 0.86 $ 0.74 $ 2.77 $ 2.91
Diluted $ 0.27 $ 0.40 $ 0.76 $ 0.84 $ 0.71 $ 2.73 $ 2.83
Net operating earnings per common share
Basic $ 0.56 $ 0.72 $ 0.83 $ 0.80 $ 0.77 $ 3.12 $ 2.89
Diluted $ 0.56 $ 0.71 $ 0.83 $ 0.78 $ 0.75 $ 3.07 $ 2.80
Shares outstanding
Basic 433.6 437.4 441.1 439.4 441.0 439.7 455.9
Diluted 436.8 441.1 445.6 449.0 455.0 447.6 469.4
UBS – May 14, 2008 37
39. Selected Operating Performance Measures
This presentation also contains selected operating performance measures including “sales,” “assets under management”, “insurance in-
force” or “risk in-force” which are commonly used in the insurance and investment industries as measures of operating performance.
Management regularly monitors and reports sales metrics as a measure of volume of new and renewal business generated in a period.
Sales refers to (1) annualized first-year premiums for term life insurance, long-term care insurance and Medicare supplement insurance;
(2) new and additional premiums/deposits for universal life insurance, linked-benefits, spread-based and variable products; (3) gross
flows and net flows, which represent gross flows less redemptions, for our wealth management business; (4) written premiums and
deposits, gross of ceded reinsurance and cancellations, and premium equivalents, where we earn a fee for administrative services only
business, for payment protection insurance; (5) new insurance written for mortgage insurance, which in each case reflects the amount of
business the company generated during each period presented; and (6) written premiums, net of cancellations, for our Mexican
insurance operations. Sales do not include renewal premiums on policies or contracts written during prior periods.
The company considers annualized first-year premiums, new premiums/deposits, gross and net flows, written premiums, premium
equivalents and new insurance written to be measures of the company’s operating performance because they represent measures of
new sales of insurance policies or contracts during a specified period, rather than measures of the company’s revenues or profitability
during that period.
Management regularly monitors and reports assets under management for the company’s wealth management business, insurance in-
force and risk in-force. Assets under management for the company’s wealth management business represent third-party assets under
management that are not consolidated in our financial statements. Insurance in-force for the company’s life insurance, international
mortgage insurance and U.S. mortgage insurance businesses is a measure of the aggregate face value of outstanding insurance policies
as of the respective reporting date. Risk in-force for the company’s international mortgage insurance and U.S. mortgage insurance
businesses is a measure that recognizes that the loss on any particular mortgage loan will be reduced by the net proceeds received upon
sale of the underlying property. The company considers assets under management for the company’s wealth management business,
insurance in-force and risk in-force to be measures of the company’s operating performance because they represent measures of the
size of the company’s business at a specific date, rather than measures of the company’s revenues or profitability during that period.
These operating measures enable the company to compare its operating performance across periods without regard to revenues or
profitability related to policies or contracts sold in prior periods or from investments or other sources.
UBS – May 14, 2008 38
40. Cautionary note regarding forward-looking statements
This presentation contains certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking
statements may be identified by words such as “expects,” “intends,” “anticipates,” “plans,” “believes,” “seeks,” “estimates,” “will,” or words of similar meaning
and include, but are not limited to, statements regarding the outlook for our future business and financial performance. Forward-looking statements are based
on management’s current expectations and assumptions, which are subject to inherent uncertainties, risks and changes in circumstances that are difficult to
predict. Actual outcomes and results may differ materially due to global political, economic, business, competitive, market, regulatory and other factors and
risks, including the following:
• Risks relating to our businesses, including interest rate fluctuations, downturns and volatility in equity and credit markets, downgrades in our financial
strength and credit ratings, insufficiency of reserves, legal constraints on dividend distributions by subsidiaries, competition, availability and adequacy of
reinsurance, defaults by counterparties, legal or regulatory investigations or actions, political or economic instability affecting outsourcing arrangements,
regulatory restrictions on our operations and changes in applicable laws and regulations, the failure or any compromise of the security of our computer
systems, and the occurrence of natural or man-made disasters or a disease pandemic;
• Risks relating to our Retirement and Protection segment, including changes in morbidity and mortality, accelerated amortization of deferred acquisition costs
and present value of future profits, goodwill impairments, reputational risks as a result of an announced rate increase on certain in-force long-term care
insurance products, medical advances such as genetic mapping research, unexpected changes in persistency rates, increases in statutory reserve
requirements, and the failure of demand for long-term care insurance to increase as we expect;
• Risks relating to our International segment, including political and economic instability, foreign exchange rate fluctuations, unexpected changes in
unemployment rates, deterioration in economic conditions or decline in home price appreciation, unexpected increases in mortgage insurance default rates or
severity of defaults, decreases in the volume of high loan-to-value international mortgage originations, increased competition with government-owned and
government-sponsored entities offering mortgage insurance, changes in regulations, and growth in the global mortgage insurance market that is lower than we
expect;
• Risks relating to our U.S. Mortgage Insurance segment, including increases in mortgage insurance default rates or severity of defaults, deterioration in
economic conditions or a decline in home price appreciation, the influence of Fannie Mae, Freddie Mac and a small number of large mortgage lenders and
investors, decreases in the volume of high loan-to-value mortgage originations or increases in mortgage insurance cancellations, increases in the use of
alternatives to private mortgage insurance (such as simultaneous second mortgages) and reductions by lenders in the level of coverage they select, increases
in the use of reinsurance with reinsurance companies affiliated with our mortgage lending customers, increased competition with government-owned and
government-sponsored entities offering mortgage insurance, changes in regulations, legal actions under Real Estate Settlement Practices Act, and potential
liabilities in connection with our U.S. contract underwriting services; and
• Other risks, including the possibility that in certain circumstances we will be obligated to make payments to General Electric (GE) under our tax matters
agreement even if our corresponding tax savings are never realized and payments could be accelerated in the event of certain changes in control, and
provisions of our certificate of incorporation and by-laws and our tax matters agreement with GE may discourage takeover attempts and business combinations
that stockholders might consider in their best interests.
We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise.
UBS – May 14, 2008 39