945宏利公佈08年第一季度業績

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

再細分:



管理層解釋業績下跌的原因:

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

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

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

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

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