This document provides an overview of mortgage insurance losses and captive reinsurance arrangements. It defines key terms like insurance in force, coverage percentage, lifetime claim frequency, severity, and risk sharing arrangements. Examples are given to illustrate how losses are calculated and shared between the mortgage insurer and reinsurance captive. Captive attachment points, timing of benefits, and an example scenario are outlined. The appendix contains cautionary language about forward-looking statements.
The document discusses FDIC-insured deposits as an investment opportunity with higher yields than Treasuries. It notes the full faith and credit guarantee by the US government for deposits up to $250,000 per depositor per institution. It also discusses the challenges institutional investors face in taking advantage of these higher yields, including sourcing deposits from many banks, tracking insurance limits, and liquidity issues. The document proposes a structural platform to source, screen, and construct portfolios of FDIC-insured deposits to help institutional investors overcome these hurdles.
The document discusses FDIC-insured deposits as an investment opportunity with higher yields than Treasuries. It notes the full faith and credit guarantee by the US government for deposits up to $250,000 per depositor per institution. It also discusses the structural platform that would source, screen, and construct portfolios of FDIC-insured deposits to overcome hurdles to institutional investment, such as managing insurance limits and minimizing intermediary costs and fees. The platform would source both new issues and secondary market deposits to benefit buyers and sellers.
Martin Bardsley: Risk sharing and risk pooling in healthNuffield Trust
This document summarizes key points from a presentation on financial risk sharing and risk pooling in the English NHS. It discusses the importance of managing financial risk under new models of commissioning and provision. It outlines different sources of variance from budgets and examines strategies like risk bearing, sharing, and transferring. It also analyzes the impacts of factors like population size, time periods, and truncation thresholds on financial risk for clinical commissioning groups. The document concludes by identifying several important issues to address going forward around appropriate levels of risk, risk pooling mechanisms, regional differences, and rules for underspends and overspends.
Your Guide To Participating Life InsuranceLawrence Cole
London Life participating life insurance provides permanent life insurance with guaranteed values and tax-advantaged growth potential. Policyholders have the opportunity to receive annual dividends based on the performance of over 1.5 million policies in the participating account. The guide outlines the key components of participating policies, including guaranteed values, investment performance, dividends, and flexibility through optional riders and benefits. It emphasizes the financial strength and stability of London Life as the largest participating life insurer in Canada with over 150 years of experience.
This document contains information about a 10-year bond with a face value of $1,000, coupon rate of 10%, and yield to maturity of 10%. It calculates the bond's price of $1,000 using the present value of cash flows. It also shows the bond's duration is 6.76 years and how its price would change with a change in interest rates based on duration.
This document provides an outlook and strategic focus areas for El Paso Corporation in 2008. It aims to accelerate the company's progress toward becoming a "top tier" performer by completing divestitures, achieving production targets, growing non-proved inventory, and improving capital and expense efficiency. The majority of El Paso's $1.7 billion capital program is directed toward lower risk domestic development and international projects. Key metrics for 2008 include targeted production of 860-920 million cubic feet equivalent per day and EBITDA of $1.7-1.9 billion. The outlook emphasizes high-quality assets, repeatable drilling programs, greater onshore weighting, value creation, and continued operational improvement to enable visible multi-year production growth
Bankers Life and Casualty Shares Company ProfileAlyssa Jennings
Bankers Life and Casualty Company is a subsidiary of CNO Financial Group, with over $4 billion in annual revenue. Bankers offers a variety of insurance products including Medicare Supplement insurance, long-term care insurance, life insurance, and annuities. In 2009, Bankers had $11.8 billion in assets under management, over 1.3 million policies in force, and $3 billion in collected premiums. Bankers focuses on outstanding customer service and has over 200 branch offices and 5,000 agents serving policyholders across the United States.
- The document summarizes Gafisa's third quarter 2009 results conference call.
- Key highlights include a 43% decrease in launches but a 48% increase in contracted sales compared to the previous year. Net revenues increased 131% while gross margins decreased.
- Recent developments discussed include strong sales in mid-to-mid-high segments, expansion of the affordable housing program, and plans to merge shares of Tenda into Gafisa to increase scale and efficiency.
- Gafisa has a diversified land bank of 313 sites in 21 states representing over 15 billion reais in potential sales.
The document discusses FDIC-insured deposits as an investment opportunity with higher yields than Treasuries. It notes the full faith and credit guarantee by the US government for deposits up to $250,000 per depositor per institution. It also discusses the challenges institutional investors face in taking advantage of these higher yields, including sourcing deposits from many banks, tracking insurance limits, and liquidity issues. The document proposes a structural platform to source, screen, and construct portfolios of FDIC-insured deposits to help institutional investors overcome these hurdles.
The document discusses FDIC-insured deposits as an investment opportunity with higher yields than Treasuries. It notes the full faith and credit guarantee by the US government for deposits up to $250,000 per depositor per institution. It also discusses the structural platform that would source, screen, and construct portfolios of FDIC-insured deposits to overcome hurdles to institutional investment, such as managing insurance limits and minimizing intermediary costs and fees. The platform would source both new issues and secondary market deposits to benefit buyers and sellers.
Martin Bardsley: Risk sharing and risk pooling in healthNuffield Trust
This document summarizes key points from a presentation on financial risk sharing and risk pooling in the English NHS. It discusses the importance of managing financial risk under new models of commissioning and provision. It outlines different sources of variance from budgets and examines strategies like risk bearing, sharing, and transferring. It also analyzes the impacts of factors like population size, time periods, and truncation thresholds on financial risk for clinical commissioning groups. The document concludes by identifying several important issues to address going forward around appropriate levels of risk, risk pooling mechanisms, regional differences, and rules for underspends and overspends.
Your Guide To Participating Life InsuranceLawrence Cole
London Life participating life insurance provides permanent life insurance with guaranteed values and tax-advantaged growth potential. Policyholders have the opportunity to receive annual dividends based on the performance of over 1.5 million policies in the participating account. The guide outlines the key components of participating policies, including guaranteed values, investment performance, dividends, and flexibility through optional riders and benefits. It emphasizes the financial strength and stability of London Life as the largest participating life insurer in Canada with over 150 years of experience.
This document contains information about a 10-year bond with a face value of $1,000, coupon rate of 10%, and yield to maturity of 10%. It calculates the bond's price of $1,000 using the present value of cash flows. It also shows the bond's duration is 6.76 years and how its price would change with a change in interest rates based on duration.
This document provides an outlook and strategic focus areas for El Paso Corporation in 2008. It aims to accelerate the company's progress toward becoming a "top tier" performer by completing divestitures, achieving production targets, growing non-proved inventory, and improving capital and expense efficiency. The majority of El Paso's $1.7 billion capital program is directed toward lower risk domestic development and international projects. Key metrics for 2008 include targeted production of 860-920 million cubic feet equivalent per day and EBITDA of $1.7-1.9 billion. The outlook emphasizes high-quality assets, repeatable drilling programs, greater onshore weighting, value creation, and continued operational improvement to enable visible multi-year production growth
Bankers Life and Casualty Shares Company ProfileAlyssa Jennings
Bankers Life and Casualty Company is a subsidiary of CNO Financial Group, with over $4 billion in annual revenue. Bankers offers a variety of insurance products including Medicare Supplement insurance, long-term care insurance, life insurance, and annuities. In 2009, Bankers had $11.8 billion in assets under management, over 1.3 million policies in force, and $3 billion in collected premiums. Bankers focuses on outstanding customer service and has over 200 branch offices and 5,000 agents serving policyholders across the United States.
- The document summarizes Gafisa's third quarter 2009 results conference call.
- Key highlights include a 43% decrease in launches but a 48% increase in contracted sales compared to the previous year. Net revenues increased 131% while gross margins decreased.
- Recent developments discussed include strong sales in mid-to-mid-high segments, expansion of the affordable housing program, and plans to merge shares of Tenda into Gafisa to increase scale and efficiency.
- Gafisa has a diversified land bank of 313 sites in 21 states representing over 15 billion reais in potential sales.
Trusted Preferred Securities (TruPS) CDOs enable small banks and insurers to raise capital on a tax-advantaged basis. However, the financial crisis has significantly impaired TruPS CDOs. To evaluate a TruPS CDO, one should determine default rates for each underlying issuer, stress those rates, run cashflow modeling under scenarios, and discount tranche cashflows to determine impairment and fair value. This addresses the high level issues, risks, and evaluation approach for TruPS CDOs.
Citizen Air expanded rapidly through the 1980s, but this growth strained its finances. It financed expansion primarily through long-term debt, significantly increasing interest expenses without adequately growing operating income. As a result, it had negative interest and profit margins by 1985. It further struggled by purchasing Frontier Airlines, which did not align with its low-cost business model and drained funds. To improve its situation, Citizen Air needs to stop dividend payments, sell Frontier if possible, increase efficiency, address customer dissatisfaction, and downsize operations to stabilize its finances. However, its problems may be beyond the point of no return.
Maverick case final (balanced scorecard system)Makha U
The document discusses the structure and economics of the hotel industry, focusing on the relationships between franchisers, franchisees, and managers. It then provides details on Maverick Lodging's goals and strategies to achieve strong financial performance through a balanced scorecard system and bonus plan for hotel general managers. However, some drawbacks are identified with the initial balanced scorecard and bonus plan implementations regarding their complexity and lack of clarity.
The document discusses the financial meltdown and its impact on financial markets. It provides terminology related to complex financial products like collateralized debt obligations and mortgage-backed securities that contributed to the crisis. It also outlines the historical development of securitized mortgage lending, going from primarily on-balance sheet lending in the 1930s-1980s to increasing securitization after 1980. This led to a large portion of home loans being securitized by the late 2000s, contributing to the subprime crisis.
A bond is a tradable debt instrument that represents a loan made by an investor to an issuer. Bonds pay periodic interest payments and return the principal at maturity. Bonds offer safety, reliable income, potential for capital gains, and tax advantages compared to stocks. Adding bonds to a stock portfolio can lower risk through diversification while lowering expected returns. The value of a bond is determined by its coupon rate, face value, time to maturity, and required yield.
In Depth: Asset Backed Lending And Hedge FundsLisa Krow
Stillwater Capital Partners manages three hedge funds and a private equity real estate fund that have all achieved double-digit returns with low volatility. Their asset-backed lending fund makes short-term bridge loans secured by real estate, personal injury law firms, and life insurance policies. The loans allow borrowers to access cash quickly when traditional lenders take longer. Stillwater mitigates risk by ensuring adequate insurance on properties and getting two independent appraisals. They also secure law firm loans with expected future case settlements. The asset-backed fund of funds invests in managers pursuing similar lending strategies and verifies assets with an independent auditor.
This document provides an overview of yield curves and interest rate concepts. It defines key terms like spot rates, forward rates, and yield to maturity. It also discusses theories that aim to explain the shape of the yield curve, including expectations theory, liquidity preference theory, and market segmentation theory. While each theory provides some insights, the document concludes that the real shape of the yield curve at any point in time depends on expected inflation, liquidity preferences, and the supply and demand of funds in the market.
Tetuan Valley Startup School 6 w4 - Spring 2012Luis Rivera
This document provides an overview of a startup school program held in Tetuan Valley, Morocco in March 2012. It includes the schedule for the program's sessions on startup finance topics like key financial concepts, business models, and projections. Session materials cover financial indicators, business plan tools, and models for statements like balance sheets, cash flows, and profits and losses. The document aims to introduce technological entrepreneurs to essential financial knowledge for evaluating and pitching new businesses to investors.
This document provides an overview and summary of a financial conference held by Edison Electric Institute on November 8, 2005. It includes introductory remarks regarding forward-looking statements and safe harbor provisions. The document then summarizes Dick Kelly's presentation on EPS growth targets, dividend increases, and credit rating objectives for 2005-2009. It also provides highlights on rate case filings, capital expenditure forecasts, potential regulatory net income, and earnings guidance ranges.
This document is Visteon Corporation's quarterly report filed with the SEC for the quarter ended March 31, 2003. It includes Visteon's consolidated statement of income and balance sheet for the first quarter of 2003 and the prior year quarter. For the first quarter of 2003, Visteon reported a net loss of $15 million compared to a net loss of $338 million in the prior year quarter, which included a $265 million charge from a change in accounting. Total sales for the first quarter were $4.7 billion. As of March 31, 2003, Visteon had $1.4 billion in cash and cash equivalents.
Danaher Corporation reported financial results for the second quarter of 2008. Revenue increased 25% to $6.3 billion compared to the second quarter of 2007, with core revenue growth of 5.5%. Adjusted diluted EPS increased 17% to $1.92 compared to the prior year. Operating margins declined 130 basis points to 15.5% due to businesses owned for less than one year and acquisition-related charges. The company provided guidance for continued growth in revenue and earnings for the full year 2008.
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 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 is Danaher Corporation's Form 10-Q quarterly report filed with the SEC for the quarter ended March 30, 2007. The summary provides:
1) Danaher reports sales of $2.56 billion for the quarter, up from $2.14 billion in the prior year quarter. Net earnings were $254.8 million compared to $215.7 million in the prior year.
2) During the quarter, Danaher completed five business acquisitions and acquired the remaining shares of Vision Systems Limited that it did not already own.
3) Danaher adopted the provisions of FIN 48 on accounting for uncertainties in income taxes, which resulted in a $63.3 million decrease to
This document is a financial supplement from Genworth Financial for the fourth quarter of 2006. It includes key financial highlights such as:
- Total stockholders' equity of $13.3 billion as of December 31, 2006.
- Book value per common share of $30.09 as of the end of the fourth quarter.
- Return on equity (ROE) of 11% for full year 2006 on a GAAP basis.
The supplement also provides detailed segment financial results, investment portfolio information, and other selected financial data for Genworth.
- Baxter reported financial results for the second quarter and first half of 2005, with net sales increasing 8% for both periods compared to the prior year. Gross profit and operating income increased significantly due to special charges in the prior year that did not recur.
- Adjusted earnings figures, which exclude special items, showed higher operating income, net income, and EPS for both periods compared to the prior year.
- Cash flows from continuing operations for the quarter and first half of 2005 were positive. Net debt decreased from the beginning of the year due to positive cash flows, partially offset by capital expenditures, dividends, and other items.
This document is Visteon Corporation's annual report (Form 10-K/A) filed with the SEC, which provides an amendment and restatement of Visteon's annual report for the year ended December 31, 2003. The restatement is primarily due to corrections made for retiree healthcare benefits, tooling costs, volume rebates, inventory costs, pension expenses, and tax adjustments. The restatement increased Visteon's reported net loss for 2003 by approximately $80 million. The annual report provides an overview of Visteon's business, including information on its automotive operations and glass operations segments, and discusses trends in the automotive parts industry.
The document provides an earnings release and financial summary for a company's first quarter 2007 performance. It summarizes key financial metrics such as 18% growth in earnings per share and 19% growth in revenues compared to the first quarter of 2006. The summary also breaks down performance by business segment, noting revenue growth and factors such as acquisitions, core growth, and foreign exchange impacts. An outlook for 2007 is presented along with guidance.
- Baxter International reported financial results for Q3 2006 and year-to-date 2006 compared to the same periods in 2005.
- Net sales increased 7% to $2.56 billion in Q3 2006 and 3% to $7.62 billion for the first nine months of 2006.
- Operating income increased 29% to $504 million in Q3 2006 and 9% to $1.32 billion for the first nine months of 2006.
- Net income increased 222% to $374 million in Q3 2006 and 45% to $965 million for the first nine months of 2006, helped by lower tax expenses.
This document discusses the energy company's commitment to innovation and sustainability. It highlights that the company's most valuable resource is the ingenuity of its employees. While traditional energy sources like electricity, gas, and nuclear are important, the company believes its potential comes from delivering energy in environmentally-friendly ways. The CEO expresses excitement for the company's ability to create long-term shareholder value through investments in natural gas infrastructure and renewable energy projects.
This document is a financial supplement from Genworth Financial for the second quarter of 2006. It includes key financial highlights such as:
- Total stockholders' equity of $12.21 billion as of June 30, 2006.
- Book value per common share of $26.84 as of June 30, 2006.
- Return on equity of 10.8% for the twelve months ended June 30, 2006 on a GAAP basis and 11.1% on an operating basis.
- Weighted average shares used in basic EPS calculations was 455.8 million for the second quarter of 2006.
This document is Visteon Corporation's Form 10-Q quarterly report filed with the SEC for the quarter ended March 31, 2007. It includes:
1) An unaudited financial report of Visteon's operations for the first quarter of 2007, showing a net loss of $153 million compared to a net income of $3 million for the same period in 2006.
2) A balance sheet as of March 31, 2007 listing Visteon's total assets of $6.8 billion including $872 million in cash, and total liabilities of $5.1 billion including $104 million in short-term debt.
3) Certification by Visteon's independent accounting firm
Trusted Preferred Securities (TruPS) CDOs enable small banks and insurers to raise capital on a tax-advantaged basis. However, the financial crisis has significantly impaired TruPS CDOs. To evaluate a TruPS CDO, one should determine default rates for each underlying issuer, stress those rates, run cashflow modeling under scenarios, and discount tranche cashflows to determine impairment and fair value. This addresses the high level issues, risks, and evaluation approach for TruPS CDOs.
Citizen Air expanded rapidly through the 1980s, but this growth strained its finances. It financed expansion primarily through long-term debt, significantly increasing interest expenses without adequately growing operating income. As a result, it had negative interest and profit margins by 1985. It further struggled by purchasing Frontier Airlines, which did not align with its low-cost business model and drained funds. To improve its situation, Citizen Air needs to stop dividend payments, sell Frontier if possible, increase efficiency, address customer dissatisfaction, and downsize operations to stabilize its finances. However, its problems may be beyond the point of no return.
Maverick case final (balanced scorecard system)Makha U
The document discusses the structure and economics of the hotel industry, focusing on the relationships between franchisers, franchisees, and managers. It then provides details on Maverick Lodging's goals and strategies to achieve strong financial performance through a balanced scorecard system and bonus plan for hotel general managers. However, some drawbacks are identified with the initial balanced scorecard and bonus plan implementations regarding their complexity and lack of clarity.
The document discusses the financial meltdown and its impact on financial markets. It provides terminology related to complex financial products like collateralized debt obligations and mortgage-backed securities that contributed to the crisis. It also outlines the historical development of securitized mortgage lending, going from primarily on-balance sheet lending in the 1930s-1980s to increasing securitization after 1980. This led to a large portion of home loans being securitized by the late 2000s, contributing to the subprime crisis.
A bond is a tradable debt instrument that represents a loan made by an investor to an issuer. Bonds pay periodic interest payments and return the principal at maturity. Bonds offer safety, reliable income, potential for capital gains, and tax advantages compared to stocks. Adding bonds to a stock portfolio can lower risk through diversification while lowering expected returns. The value of a bond is determined by its coupon rate, face value, time to maturity, and required yield.
In Depth: Asset Backed Lending And Hedge FundsLisa Krow
Stillwater Capital Partners manages three hedge funds and a private equity real estate fund that have all achieved double-digit returns with low volatility. Their asset-backed lending fund makes short-term bridge loans secured by real estate, personal injury law firms, and life insurance policies. The loans allow borrowers to access cash quickly when traditional lenders take longer. Stillwater mitigates risk by ensuring adequate insurance on properties and getting two independent appraisals. They also secure law firm loans with expected future case settlements. The asset-backed fund of funds invests in managers pursuing similar lending strategies and verifies assets with an independent auditor.
This document provides an overview of yield curves and interest rate concepts. It defines key terms like spot rates, forward rates, and yield to maturity. It also discusses theories that aim to explain the shape of the yield curve, including expectations theory, liquidity preference theory, and market segmentation theory. While each theory provides some insights, the document concludes that the real shape of the yield curve at any point in time depends on expected inflation, liquidity preferences, and the supply and demand of funds in the market.
Tetuan Valley Startup School 6 w4 - Spring 2012Luis Rivera
This document provides an overview of a startup school program held in Tetuan Valley, Morocco in March 2012. It includes the schedule for the program's sessions on startup finance topics like key financial concepts, business models, and projections. Session materials cover financial indicators, business plan tools, and models for statements like balance sheets, cash flows, and profits and losses. The document aims to introduce technological entrepreneurs to essential financial knowledge for evaluating and pitching new businesses to investors.
This document provides an overview and summary of a financial conference held by Edison Electric Institute on November 8, 2005. It includes introductory remarks regarding forward-looking statements and safe harbor provisions. The document then summarizes Dick Kelly's presentation on EPS growth targets, dividend increases, and credit rating objectives for 2005-2009. It also provides highlights on rate case filings, capital expenditure forecasts, potential regulatory net income, and earnings guidance ranges.
This document is Visteon Corporation's quarterly report filed with the SEC for the quarter ended March 31, 2003. It includes Visteon's consolidated statement of income and balance sheet for the first quarter of 2003 and the prior year quarter. For the first quarter of 2003, Visteon reported a net loss of $15 million compared to a net loss of $338 million in the prior year quarter, which included a $265 million charge from a change in accounting. Total sales for the first quarter were $4.7 billion. As of March 31, 2003, Visteon had $1.4 billion in cash and cash equivalents.
Danaher Corporation reported financial results for the second quarter of 2008. Revenue increased 25% to $6.3 billion compared to the second quarter of 2007, with core revenue growth of 5.5%. Adjusted diluted EPS increased 17% to $1.92 compared to the prior year. Operating margins declined 130 basis points to 15.5% due to businesses owned for less than one year and acquisition-related charges. The company provided guidance for continued growth in revenue and earnings for the full year 2008.
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 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 is Danaher Corporation's Form 10-Q quarterly report filed with the SEC for the quarter ended March 30, 2007. The summary provides:
1) Danaher reports sales of $2.56 billion for the quarter, up from $2.14 billion in the prior year quarter. Net earnings were $254.8 million compared to $215.7 million in the prior year.
2) During the quarter, Danaher completed five business acquisitions and acquired the remaining shares of Vision Systems Limited that it did not already own.
3) Danaher adopted the provisions of FIN 48 on accounting for uncertainties in income taxes, which resulted in a $63.3 million decrease to
This document is a financial supplement from Genworth Financial for the fourth quarter of 2006. It includes key financial highlights such as:
- Total stockholders' equity of $13.3 billion as of December 31, 2006.
- Book value per common share of $30.09 as of the end of the fourth quarter.
- Return on equity (ROE) of 11% for full year 2006 on a GAAP basis.
The supplement also provides detailed segment financial results, investment portfolio information, and other selected financial data for Genworth.
- Baxter reported financial results for the second quarter and first half of 2005, with net sales increasing 8% for both periods compared to the prior year. Gross profit and operating income increased significantly due to special charges in the prior year that did not recur.
- Adjusted earnings figures, which exclude special items, showed higher operating income, net income, and EPS for both periods compared to the prior year.
- Cash flows from continuing operations for the quarter and first half of 2005 were positive. Net debt decreased from the beginning of the year due to positive cash flows, partially offset by capital expenditures, dividends, and other items.
This document is Visteon Corporation's annual report (Form 10-K/A) filed with the SEC, which provides an amendment and restatement of Visteon's annual report for the year ended December 31, 2003. The restatement is primarily due to corrections made for retiree healthcare benefits, tooling costs, volume rebates, inventory costs, pension expenses, and tax adjustments. The restatement increased Visteon's reported net loss for 2003 by approximately $80 million. The annual report provides an overview of Visteon's business, including information on its automotive operations and glass operations segments, and discusses trends in the automotive parts industry.
The document provides an earnings release and financial summary for a company's first quarter 2007 performance. It summarizes key financial metrics such as 18% growth in earnings per share and 19% growth in revenues compared to the first quarter of 2006. The summary also breaks down performance by business segment, noting revenue growth and factors such as acquisitions, core growth, and foreign exchange impacts. An outlook for 2007 is presented along with guidance.
- Baxter International reported financial results for Q3 2006 and year-to-date 2006 compared to the same periods in 2005.
- Net sales increased 7% to $2.56 billion in Q3 2006 and 3% to $7.62 billion for the first nine months of 2006.
- Operating income increased 29% to $504 million in Q3 2006 and 9% to $1.32 billion for the first nine months of 2006.
- Net income increased 222% to $374 million in Q3 2006 and 45% to $965 million for the first nine months of 2006, helped by lower tax expenses.
This document discusses the energy company's commitment to innovation and sustainability. It highlights that the company's most valuable resource is the ingenuity of its employees. While traditional energy sources like electricity, gas, and nuclear are important, the company believes its potential comes from delivering energy in environmentally-friendly ways. The CEO expresses excitement for the company's ability to create long-term shareholder value through investments in natural gas infrastructure and renewable energy projects.
This document is a financial supplement from Genworth Financial for the second quarter of 2006. It includes key financial highlights such as:
- Total stockholders' equity of $12.21 billion as of June 30, 2006.
- Book value per common share of $26.84 as of June 30, 2006.
- Return on equity of 10.8% for the twelve months ended June 30, 2006 on a GAAP basis and 11.1% on an operating basis.
- Weighted average shares used in basic EPS calculations was 455.8 million for the second quarter of 2006.
This document is Visteon Corporation's Form 10-Q quarterly report filed with the SEC for the quarter ended March 31, 2007. It includes:
1) An unaudited financial report of Visteon's operations for the first quarter of 2007, showing a net loss of $153 million compared to a net income of $3 million for the same period in 2006.
2) A balance sheet as of March 31, 2007 listing Visteon's total assets of $6.8 billion including $872 million in cash, and total liabilities of $5.1 billion including $104 million in short-term debt.
3) Certification by Visteon's independent accounting firm
- Baxter International Inc. reported financial results for Q2 2008 and year-to-date 2008 compared to same periods in 2007.
- For Q2 2008, net sales increased 13% to $3.189 billion due to sales growth in all business segments both in the US and internationally.
- Net income for Q2 2008 increased 26% to $544 million compared to Q2 2007, driven by sales growth and gross margin expansion partially offset by higher operating expenses.
The document summarizes Danaher Corporation's earnings results for the third quarter of 2008. It reports year-over-year growth in revenue, adjusted diluted EPS, adjusted operating profit, and free cash flow. It provides performance details by business segment, with Professional Instrumentation experiencing the strongest revenue growth of 38% and Tools & Components the lowest at 1%. The outlook acknowledges forward-looking statements and associated risk factors.
This document is a SEC filing (Form 10-K) by Baxter International Inc. for the fiscal year ended December 31, 1998. It provides an overview of Baxter's businesses, including that it operates in four segments: Blood Therapies, I.V. Systems/Medical Products, Renal, and CardioVascular. It also summarizes recent acquisitions, discusses Baxter's markets in the United States and internationally, and notes that Baxter conducts some business through joint ventures.
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.
Danaher Corporation reported financial results for the fourth quarter and full year of 2007. Net earnings for Q4 2007 were $320 million, or $0.97 per diluted share. For the full year 2007, net earnings were $1.37 billion, or $4.19 per diluted share. Sales for Q4 2007 were $3.14 billion, a 19.5% increase over Q4 2006. For the full year 2007, sales were $11.03 billion, a 16.5% increase over 2006. The company's president stated they were pleased with the record results and remain confident in their ability to deliver again in 2008 despite softness in some end markets.
This document discusses several approaches to discounting future losses, including income losses and life care costs, to present value. It notes that the discount rate should be based on risk-free investments according to Jones & Laughlin v. Pfeifer. However, it argues that using long-term treasury yields to discount losses may violate this principle by exposing plaintiffs to inflation risk not inherent in the losses. Short-term rates that match the inflation risk of losses are preferable. The document also discusses duration matching between plaintiff assets and liabilities.
This document provides an investor update on U.S. mortgage insurance from Genworth Financial. It includes definitions and discussions of key metrics like delinquency rates, claims frequency, historical industry experience, exposure and severity, and the role of lender captive reinsurance in providing downside protection. Examples are given of how factors like loan balances, coverage levels, home prices and regions can impact metrics like claims payments and severity.
This document discusses risk and return in the context of sound investing. It shows that while large cap stocks achieved the highest returns from 1982-2002, they also carried the highest risk as measured by standard deviation. A targeted blend of different asset classes can capture higher risk-adjusted returns by landing on the efficient frontier of the risk-return graph. The basics of asset allocation involve dividing investments among stocks, bonds, and cash, with more sophisticated strategies incorporating different subclasses within each class. Rebalancing ensures your asset allocation stays in line with your goals and risk tolerance over time.
Credit Suisse held a financial services forum on February 4, 2009 to discuss Sallie Mae's business fundamentals, financial outlook, and liquidity position. Key points included:
1) Sallie Mae has a strong franchise in student lending with competitive scale and assured FFELP profitability through 2010.
2) Liquidity is improving through various government funding programs and expanding deposit funding.
3) The outlook forecasts $5-6 billion in new private loan originations, $21-23 billion in FFELP loans, earnings per share of $1.45-$1.65, and continued management of credit quality and provision expenses.
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.
The document provides an overview of BI&P's 3rd quarter 2012 results. Key highlights include:
- Expanded credit portfolio grew 6.5% quarter-over-quarter to R$3 billion, with higher quality loans.
- Non-performing loans declined and coverage ratios increased.
- Revenue from services grew 40% year-over-year.
- Net profit increased 29% over the previous quarter to R$3.1 million.
- The bank continues improving portfolio quality while expanding in targeted industry niches.
The North Carolina Institute of Minority Economic Development (NCIMED) is a nonprofit organization that works to build economic opportunities for underserved populations through research, education, and business development. The document discusses the economic impact of housing issues on underserved communities, including rising unemployment and foreclosures. It analyzes factors driving budget deficits and presents data on projected foreclosures among African Americans and Latinos. The document concludes with recommendations to provide capital to small businesses and develop regional lending pools to strengthen minority economics.
1) The document discusses Bank of America's enterprise risk management strategies and capabilities. It highlights how the bank manages various types of risk, including credit, market, and operational risk across its consumer and commercial businesses.
2) Key strengths that help the bank manage risk include its breadth of client access, industry insights, and integrated risk management structure.
3) The bank has improved its risk profile by rebalancing its commercial credit portfolio and enhancing risk monitoring tools.
GMAC Executive Vice President and Chief Financial Officer Sanjiv Khattri.finance8
The document discusses forward-looking statements and risk factors that could cause actual results to differ from expectations. It notes that statements with words like "expect" and "anticipate" are intended to identify forward-looking statements that are subject to important risk factors described in SEC filings. The summary also notes that GMAC management cannot guarantee the accuracy of its forward-looking statements.
The document provides an overview of key concepts related to fixed income investments, including:
1) It describes the basic structure of a bond, including the issuer, maturity date, coupon payments, principal, and par value.
2) It explains bond ratings and the different rating scales used by agencies like CRISIL and ICRA to classify bonds based on their credit risk.
3) It covers yield calculations including yield to maturity and the concept of current yield, as well as factors that influence the yield curve and term structure.
4) It outlines various types of risk associated with fixed income investments like credit risk, interest rate risk, reinvestment risk, liquidity risk, and how these risks
Euler Hermes ACI is the largest credit insurance provider globally with over 114 years of experience. They insure over 57,000 policyholders worldwide against risks such as bankruptcy and default. Bankruptcies are predicted to increase sharply in 2009, demonstrating the need for credit insurance. Credit insurance protects against unexpected bad debt losses, frees up working capital, and allows companies to expand sales into riskier markets or with key accounts.
Nsl Product Guide Fixed Rate Interest Onlywindiee Green
This document describes North Star Lending's fixed rate interest-only mortgage product. It offers 30 and 40 year fixed rate mortgages with an interest-only payment period for the first 10 years, then fully amortizing for the remaining term. It provides loan-to-value limits, qualifying criteria, eligible property types, occupancy types, and underwriting guidelines for the product.
The document discusses the financial meltdown of 2008 and its causes. It provides context on the rise of securitized mortgage lending from the 1930s-2007. A key development was the increasing use of mortgage-backed securities from the 1980s onward. It then outlines the timeline of major events from 2008, including the collapse of investment banks like Lehman Brothers and bailouts of companies like AIG. The complex financial instruments like CDOs and their role in inflating the housing bubble that eventually burst are also examined.
This document provides an overview of BI&P's 4th quarter results presentation. It highlights that BI&P's expanded credit portfolio grew 2.6% quarter-over-quarter and 21% year-over-year to R$3.1 billion. The corporate segment represented 59.3% of the portfolio. Credit quality improved with 79.1% of the portfolio rated AA-B. Net profit was R$3.6 million in 4Q12, up 15.8% year-over-year. BI&P continued developing new product offerings and niche expertise in areas like agricultural bonds and corporate ecosystem services.
This document discusses continuity planning challenges for supermarkets with legacy systems from acquisitions. It notes that successful acquisitions have spread operations across brands and countries with limited management attention to continuity. Efforts to identify continuity risks for each process grind to a halt after mapping a few. The legacy of acquisitions makes guaranteeing service levels difficult due to a patchwork of legacy IT systems. Supermarkets need to value continuity and propose a blueprint to rationalize legacy systems to make service level guarantees cost-effective.
2009 Economic Outlook For The Global Food And Beverage Market Apr09stevelmy
The document provides an overview of the 2009 economic outlook for the global food and beverage market. It discusses how the financial crisis impacted commodity prices and consumer demand, putting pressure on industry supply chains and margins. While the US food industry was relatively resilient, the downturn slowed growth in emerging markets like Asia. The document recommends differentiating products, optimizing customer relationships, and understanding external factors as best practices. It also analyzes opportunities and threats in China's food and beverage industry, such as partnerships with multinationals and ongoing concerns over food safety.
This document summarizes a presentation on pricing guarantees for variable annuities given recent market conditions. It discusses how lower interest rates, lower expected equity returns, and higher realized volatility are challenging pricing assumptions. Many insurance companies have had to increase reserves, accelerate write-offs, and modify products with higher fees or reduced guarantees due to losses. Hedging guarantees is also very difficult in this environment of increased volatility, basis risk, and funding costs. Proper pricing now requires considering economics rather than just accounting impacts.
This document summarizes a presentation on pricing variable annuity guaranteed living benefits given in 2009. It discusses how recent market trends have impacted pricing, including large losses announced by insurers, increased reserves, and changes to VA product designs. It also examines factors affecting pricing, such as lower interest rates, higher volatility, increased hedging costs, and higher asset correlations. The presentation argues that pricing assumptions may need to be adjusted to account for these changes in the economic environment.
Williams reported lower earnings in the first quarter of 2009 compared to the previous year due to dramatically lower energy commodity prices. Adjusted EPS was $0.22, down 61% from $0.57 in the prior year. Average realized prices for U.S. production were 36% lower. Williams is focusing on maintaining a strong balance sheet, reducing costs, and bringing key infrastructure projects online in 2009-2010 to generate stable cash flows.
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 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.
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.
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 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.
- 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.
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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.
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, 2007, Form 8-K filed with the
SEC on April 16, 2007 and Form 10-Q filed with the SEC on October 26, 2007. The company
undertakes no obligation to publicly update any forward-looking statement, whether as a result of
new information, future developments or otherwise.
For important information regarding the use of non-GAAP measures included in this presentation,
see our Third Quarter Financial Supplement which can be found on our website at
www.genworth.com.
October 31, 2007 1
3. Mortgage Insurance Loss Tutorial
Industry Lifetime Claim Frequency(4)
Loss Example
Number of Claims Per 100 Loans
Insurance In Force $100
Books
20
Seasoned
Books
Coverage %(1) 25% Through Oil
15 Seasoned Through
Patch
Southern California
Recession
10
Lifetime Claim Frequency
Expectation Per 100 Loans (2) 7% 5
0
Severity (3) 100% ‘80 ‘82 ‘84 ‘86 ‘88 ‘90 ‘92 ‘94 ‘96 ’98 ‘00 ‘02 ‘04
Book Year
Lifetime Losses $1.75 Industry Changes Since Late ’80s:
– Increased Prices
– Adopted FICO Credit Scores For Underwriting
– GSE’s Adopted Use of Automated Underwriting
– Growth of Higher Loan-To-Value Loans, Alt-A,
and Subprime Insured Products
Coverage Percent Based on 90% Loan-to-Value Example
(1)
Lifetime Claim Frequency Assumption Based on Number of Claims For Every 100 Loans Originated in a Book Year
(2)
(3) Severity Represents Actual Claim Amount Divided By Associated Risk in Force
(4) 2002-2004 Industry Book Years Lifetime Frequency Not Fully Developed
October 31, 2007 2
4. Risk Sharing Arrangements in the U.S.
61% Portfolio In Captive Arrangements*
- Mortgage Insurer Retains 1st Loss Position
- Lender “Captive” Takes 2nd Loss Position (“Excess of Loss”)
- Varies Based on Attachment Point for Losses
- Receives Premium (~25% - 40%)
- Mortgage Insurer Has Remaining Exposure
40% Cede Excess of Loss Example 25% Cede Excess of Loss Example
Premiums Losses Premiums Losses
Lender 25%
Remaining Remaining
Lender 40% GNW GNW
Losses Losses
2nd Loss 2nd Loss
Lender Lender
(4-14 Claims Layer) (5-10 Claims Layer)
60% 75%
GNW GNW
1st Loss (0-4 Claims Layer) 1st Loss (0-5 Claims Layer)
GNW GNW
* As of 9/30/07
October 31, 2007 3
5. Captive Reinsurance Tutorial
Captive Attachment Points Are Expressed In Dollars Based On Percentage of a
Book Year’s Original Risk in Force
Captive Reinsurance Is Written on a “Book Year” Basis By Individual Lender
Captive Reinsurance Premiums Are Deposited in Third Party Trust to Collateralize
Claims Obligations
• Genworth Is the Sole Beneficiary of the Trust
• Captive’s Liability Limited to Funds in Trust
Captives Are Cross-Collateralized
• All Funds in the Captive Trust Are Available to Pay Reinsurer Losses in Any Book Year
• Across Book Years By Lender …Existing and New Business
Captive Trust Capital Requirements
• Required to Maintain Greater of:
– 10 to 1 Risk to Capital Ratio, or
– Reinsurer’s Share of Contingency Reserve
• Capital Must Build to 5:1 Risk to Capital Before Reinsurer May Withdraw Capital From Trust
$840 Million In Captive Trusts As Of 9/30/07*
*Trust Fund Balance Subject to Future Additional Ceded Premium, Payment of Claims and Withdrawal of Dividends
October 31, 2007 4
6. Captive Reinsurance Tutorial
Captive Reinsurance Attachment Timing Varies By Lender, By Book Year
GAAP Benefit Starts When Incurred Losses Reach Attachment Point
– Incurred Losses = Paid Claims + Reserves for Delinquencies
Cash Benefit Starts When Claims Paid Reach Attachment Point
Conceptual Illustration*
Lender Book Year
A 2007
A 2006
Captive Losses
B 2007
B 2006
C 2007
C 2006
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
*Actual Results will Vary by Lender/Composition of Product Reinsured; Graphical Example Assumes Captive Attachment in 2009
October 31, 2007 5
7. Captive Reinsurance Example
Single Lender Scenario
One Book Year – Single Lender Captive
$100 Million Risk In Force Originated in 2006
40% Captive Reinsurance … 4% Attachment Point ($4 Million)
Ultimate Claims Rate of 8% and an Accelerated Loss Development Curve
GNW Revenue Captive
Benefits
GNW Incurred Losses
GNW Accrues Captive
($ in Thousands)
Benefit Based on
Incurred Losses Captive Pays
Cash For
Losses to GNW
Life
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Claims Paid 5 341 1,078 1,595 2,089 1,125 803 482 321 161 8,000
Change in Reserves 235 1,419 682 165 (1,049) (565) (403) (242) (161) (81) 0
Captive Benefit Accrued 0 0 0 (1,520) (1,040) (560) (400) (240) (160) (80) (4,000)
GNW Incurred Losses $240 $1,760 $1,760 $240 - - - - - - $4,000
October 31, 2007 6
8. Appendix
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, defaults in portfolio
securities, 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, regulatory restrictions on our operations and changes
in applicable laws and regulations, legal or regulatory investigations or actions, political or economic instability, the failure or any compromise of the
security of our computer systems, and the occurrence of natural or man-made disasters or a pandemic disease;
• Risks relating to our U.S. Mortgage Insurance segment, including 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 simultaneous second mortgages and other alternatives to private mortgage insurance and reductions by lenders in the level
of coverage they select, unexpected increases in mortgage insurance default rates or severity of defaults, deterioration in economic conditions or a
decline in home price appreciation, 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 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.
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