DOCSLIB.ORG

South African Insurers: Simran Parmar Ali Karakuyu Sustained Capital Resilience, Amid Grey Clouds Liesl Saldanha

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
South African Insurers: Simran Parmar Ali Karakuyu Sustained Capital Resilience, Amid Grey Clouds Liesl Saldanha Trevor Barsdorf South African Insurers: Simran Parmar Ali Karakuyu Sustained Capital Resilience, Amid Grey Clouds Liesl Saldanha March 16, 2021 Key Takeaways – SouthSouth AfricanAfrican insurersinsurers havehave demonstrateddemonstrated resilientresilient creditworthinesscreditworthiness basedbased onon theirtheir strongstrong capitalcapital metrics,metrics, despitedespite aa weakweak operatingoperating environmentenvironment andand thethe ongoingongoing pandemic.pandemic. AlthoughAlthough earningsearnings generationgeneration hashas weakened,weakened, wewe seesee thethe pandemicpandemic asas anan earningsearnings event.event. – EconomicEconomic recoveryrecovery prospectsprospects andand debtdebt consolidationconsolidation overover thethe mediummedium termterm dependdepend onon macroeconomicmacroeconomic conditions.conditions. TheseThese affectaffect thethe overalloverall operatingoperating environmentenvironment andand assetasset qualityquality withinwithin thethe sector.sector. – WeakWeak economiceconomic growthgrowth prospectsprospects andand thethe riskrisk ofof aa slowerslower recoveryrecovery willwill depressimpact the the sector’s sector’s performance performance in in 2021 2021.. WeWe expectexpect GDPGDP growthgrowth willwill reboundrebound toto 3.6%3.6% inin 20212021 afterafter aa sharpsharp recessionrecession estimatedestimated atat 7.0%7.0% inin 2020.2020. TheThe technicaltechnical recoveryrecovery withinwithin thethe insuranceinsurance sectorsector isis likelylikely toto bebe similar,similar, butbut growthgrowth isis likelylikely toto trendtrend belowbelow nominalnominal GDP.GDP. – IfIf therethere areare newnew waveswaves ofof COVIDCOVID--1919 cases,cases, 20212021 performanceearnings could could be affected be affected,. An uptick but we in still morbidity see the and pandemic mortality as an earningsclaims could event. cause An uptick losses in for morbidity life players. and Claimsmortality in 2021claims will could largely causes depend losses on thefor lifeefficiency players. of Claims the vaccination in 2021 will largelyprogram. depend Property/casualty on the efficiency (P/C) of underwriting the vaccination income program. took aProperty/casualty one-off hit from business (P/C) underwriting interruption income claims took in 2020. a oneReinsurance-off hit from cover business materially interruption protected claims primary in 2020. insurers. Reinsurance cover protected primary insurers. South Africa Insurance | Credit Overview – Higher economic and country risks constrain the sector ratings. For example, we took rating actions on insurers after downgrading South Africa in April 2020. – Insurers’ investment portfolios have an average credit quality within our 'BB' range because of concentrations in bank deposits in local banks and local currency sovereign bonds. – If economic conditions fail to recover, broader growth will suffer. This would increase the pressure on earnings. Ratings Are Distributed In A Cluster Around The Sovereign Stable Outlooks Mirror That On The Sovereign 2021 2020 Negative 45 13% 40 35 30 25 % 20 15 10 5 0 AA- A+ A A- BBB+ BBB BBB- BB+ BB BB- Stable 87% Data as of Feb. 28, 2021. Includes entities with guarantee and group support, excludes entities with Source: S&P Global Ratings. Excludes entities with national scale ratings only. national scale ratings only. Source: S&P Global Ratings. 3 Economic Growth And Fiscal Consolidation Stalled During 2020 − Strict lockdown measures in 2020 triggered a sharp economic contraction. The government has focused on managing the spread of the virus; it has yet to finish formulating its vaccination plans. − Signs of recovery emerged in third-quarter 2020 and we expect a moderate rebound in 2021, sufficient to support slow fiscal consolidation in 2021-2023. − Real GDP will return to pre-pandemic levels only in 2023 and we expect longer-term structural growth challenges. Real GDP Will Not Return To Pre-Pandemic Levels Until 2023 Weak macroeconomic growth backdrop will weigh on insurance industry 9,000 6 Real GDP per capita 8,000 4 Real GDP growth 7,000 2 Percentage change 6,000 5,000 0 4,000 (2) Bil. $ 3,000 (4) 2,000 (6) 1,000 0 (8) 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019e 2020f 2021f 2022f 2023f e--Estimate. f--Forecast. Source: S&P Global Ratings. 4 Fragile Recovery Constrains Insurance Premium Volumes – Fears of a weaker-than-expected recovery are affecting household and business confidence. – Investor’s growth expectations remain subdued, eroding life insurance volumes. – Nominal GDP could recover by about 5% in 2021, from a low base, and normalize further in 2022 and 2023, but gross premium growth likely to trend below nominal GDP. Property/Casualty Premium Growth Tracks South African GDP Investor Returns Show Soft Market Growth Expectations Real GDP growth Nominal GDP growth P/C GWP growth JSE ALSI y/y return (12 month moving average) GDP y/y growth (right scale) 30 15 15 10 20 12 5 9 10 6 0 % 0 % % 3 (5) 0 (10) (10) (3) (20) (15) (6) (9) (30) (20) 2014 2015 2016 2017 2018 2019 2020 2021 e--Estimated. f--Forecast. P/C--Property/casualty. GWP--Gross written premium. Source: S&P Global y/y--Year on year. Source: S&P Global Ratings, South African Reserve Bank. Ratings, South African Reserve Bank. 5 The Number Of New Cases Started To Fall In February 2021 – The risk of potential additional COVID-19 waves and the implementation of a vaccination program will be key to determining the overall materiality of insurance claims in South Africa. – At the start of February, the number of new daily cases was starting to fall in most emerging markets. That said, few of these countries had managed to force new daily cases much below their all-time highs. New Daily Reported COVID-19 Cases Per Million Are Starting To Moderate 500 450 Sep-20 400 350 Oct-20 300 Nov-20 250 200 Dec-20 150 Cases per million Jan-21 100 50 Feb-21 0 Note: Figures are seven-day moving averages at the end of the month. February is as of the 8th. Source: OWD. 6 Still Navigating The Pandemic’s Effects Provisions Affected By Lack Of Clarity On Pandemic Effects – Many life players have set up provisions to Significant uncertainty exists surrounding provisions amid the risk of additional waves cover pandemic-related excess mortality and morbidity losses. If cases rise again, they 10000 may need to create additional provisions in 9000 2021. 8000 – Legal proceedings regarding business interruption (BI) claims are still ongoing, but 7000 some courts have ruled in favor of 6000 policyholders’ coverage, clarifying P/C insurers’ gross exposure. We assume that 5000 reinsurers may end up covering much of this Mil. ZAR 4000 exposure. 3000 2000 1000 0 Life Business interuption Data as at year end 2020. ZAR--South African rand. Source: S&P Global Ratings, audited financial statements. 7 Life Assurance Profitability Under Pressure – Volatility in South Africa’s financial markets has squeezed the sector’s profit margins. Insurers’ asset management activities bring in lower investment income and therefore fewer related investment fees. – There has been an uptick in policy lapses as economic pressures affect persistency. In addition, higher one-off remote working costs inhibited new business margins in 2020. – Many life players are setting aside reserves or other provisions against the risk of excess mortality and morbidity losses. If new variants trigger a new wave of cases, additional provisions may be needed in 2021. South Africa Equity, Bond, And Property Market Returns (2010- Value of new business margins under pressure 2021) Challenging profitability environment in 2020 Not all asset classes have recovered S&P Glo South Africa Composite (Equity) S&P South Africa Sovereign Bond 2017 2018 2019 2020* S&P South Africa Composite Property 60% 4.0% 3.5% 40% 3.0% 20% 2.5% 0% 2.0% 1.5% (20%) 1.0% (40%) 0.5% (60%) 0.0% 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Sanlam Old Mutual Liberty MMI Mean Source: S&P Global Ratings, S&P Dow Jones Indices. *Based on results as of first half 2020/2021 or year-end 2020. Source: S&P Global Ratings, audited financial statements. 8 P/C Insurers Focus On Underwriting Discipline P/C Underwriting Income Drives Profitability – Low real investment yields depress profitability, encouraging insurers to focus on Underwriting income Investment income underwriting profitability. Underwriting margin (right scale) Investment yield (right scale) – The biggest beneficiary of lockdown has been 14,000 12 the motor business line. A sharp drop in the frequency and severity of claims has 12,000 10 supported profitability, despite the need to 10,000 8 offer premium rebates. While social distancing measures persist, claims 8,000 6 frequency is likely to remain low. % . ZAR . Bil 6,000 4 – Although P/C insurers saw losses from pandemic-related BI claims, these were 4,000 2 limited by use of reinsurance, and offset by better performance in the motor portfolio in 2,000 0 2020. 0 (2) – Underwriting income is expected to remain P/C insurers’ largest contributor to earnings in 2021 and 2022. We expect reported underwriting results to remain resilient, and *Change to industry reporting statistics. P/C--Property/casualty. Underwriting margin: The ratio of the difference between premiums earned less the sum of loss expense, loss adjustment expense, and Operating expenses divided by premium earned. All elements are net of that combined ratios will be 95%- 98%. ceded reinsurance. We may use net premium written in the denominator where net premium earned is not available or where
Load more

Recommended publications
  • Independent Auditor's Limited Assurance Report of Old Mutual Unit Trust Managers (RF) (Pty) Ltd (The “Manager”)
    KPMG Inc 4 Christiaan Barnard Street, Cape Town City Centre, Cape Town, 8000, PO Box 4609, Cape Town, 8001, South Africa Telephone +27 (0)21 408 7000 Fax +27 (0)21 408 7100 Docex 102 Cape Town Web http://www.kpmg.co.za/ Independent Auditor's Limited Assurance Report of Old Mutual Unit Trust Managers (RF) (Pty) Ltd (the “Manager”) To the unitholders of Old Mutual Core Conservative Fund We have undertaken our limited assurance engagement to determine whether the attached Schedule IB ‘Assets of the Fund held in compliance with Regulation 28’ at 31 December 2020 (the “Schedule”) has been prepared in terms of the requirements of Regulation 28 of the Pension Funds Act of South Africa (the “Regulation”) for Old Mutual Core Conservative Fund (the “Portfolio”), as set out on pages 4 to 39. Our engagement arises from our appointment as auditor of the Old Mutual Unit Trust Managers (RF) (Pty) Ltd and is for the purpose of assisting the Portfolio’s unitholders to prepare the unitholder’s Schedule IB ‘Assets of the Fund held in compliance with Regulation 28’ in terms of the requirements of Regulation 28(8)(b)(i). The Responsibility of the Directors of the Manager The Directors of the Manager are responsible for the preparation of the Schedule in terms of the requirements of the Regulation, and for such internal control as the Manager determines is necessary to enable the preparation of the Schedule that is free from material misstatements, whether due to fraud or error. Our Independence and Quality Control We have complied with the independence and other ethical requirements of the Code of Professional Conduct for Registered Auditors issued by the Independent Regulatory Board for Auditors (IRBA Code), which is founded on fundamental principles of integrity, objectivity, professional competence and due care, confidentiality and professional behaviour.
    [Show full text]
  • Information Statement 2021
    OLD MUTUAL LIMITED (Incorporated in the Republic of South Africa with limited liability under registration number 2017/235138/06) OLD MUTUAL LIFE ASSURANCE COMPANY (SOUTH AFRICA) LIMITED (Incorporated in the Republic of South Africa with limited liability under registration number 1999/004643/06) OLD MUTUAL INSURE LIMITED (Incorporated in the Republic of South Africa with limited liability under registration number 1970/006619/06) INFORMATION STATEMENT in respect of the ZAR25,000,000,000 NOTE PROGRAMME Old Mutual Limited (OML), Old Mutual Life Assurance Company (South Africa) Limited (OMLACSA) and Old Mutual Insure Limited (Old Mutual Insure, together with OML and OMLACSA, the Issuers or relevant Issuer) intend, from time to time to issue notes (the Notes) under the ZAR25,000,000,000 Note Programme (the Programme) on the basis set out in the Programme Memorandum dated 4 March 2020, as amended and restated from time to time (the Programme Memorandum). The Notes may be issued on a continuing basis and be placed by one or more of the Dealers specified in the section headed “Summary of Programme” in the Programme Memorandum and any additional Dealer(s) appointed under the Programme from time to time by the relevant Issuer, which appointment may be for a specific issue or on an ongoing basis. The specific aggregate nominal amount, the status, maturity, interest rate, or interest rate formula and dates of payment of interest, purchase price to be paid to the relevant Issuer, any terms for redemption or other special terms, currency or currencies,
    [Show full text]
  • Old Mutual Global Investors Series Plc
    OLD MUTUAL GLOBAL INVESTORS SERIES PLC An investment company with variable capital incorporated with limited liability in Ireland, established as an umbrella fund with segregated liability between Sub-Funds and authorised pursuant to the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2011, as amended, and the Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Undertakings for Collective Investment in Transferable Securities) Regulations 2015 (Registered Number 271517) Interim Report and Unaudited Financial Statements for the financial period ended 30 June 2018 Old Mutual Global Investors Series Plc Interim Report and Unaudited Financial Statements for the financial period ended 30 June 2018 CONTENTS PAGE Directory 4 - 8 GeneralInformation 9-12 Investment Advisers’ Reports: Old Mutual China Equity Fund 13 Old Mutual Global Strategic Bond Fund (IRL) 14 Old Mutual World Equity Fund 15 Old Mutual Pacific Equity Fund 16 Old Mutual European Equity Fund 17 Old Mutual Japanese Equity Fund^ 18 Old Mutual US Equity Income Fund 19 Old Mutual North American Equity Fund 20 Old Mutual Total Return USD Bond Fund 21 Old Mutual Emerging Market Debt Fund 22 OldMutualEuropeanBestIdeasFund 23 Old Mutual Investment Grade Corporate Bond Fund 24 Old Mutual Global Emerging Markets Fund 25 Old Mutual Asian Equity Income Fund 26 Old Mutual Local Currency Emerging Market Debt Fund 27 Old Mutual UK Alpha Fund (IRL) 28 Old Mutual UK Smaller Companies Focus Fund 29 Old Mutual UK Dynamic Equity
    [Show full text]
  • Old Mutual Limited - Climate Change 2020
    Old Mutual Limited - Climate Change 2020 C0. Introduction C0.1 CDP Page 1 of 53 (C0.1) Give a general description and introduction to your organization. Old Mutual was started in Africa in 1845, and rapidly developed into a recognised brand across much of Southern Africa. Over the years our business expanded internationally and in 1999 we listed on the London Stock Exchange. In March 2016, it was decided that the best way forward for the Old Mutual Group was to separate its four strong businesses into independent, standalone companies. The foremost aim of this strategy – called Managed Separation – has been to unlock and create value for shareholders. In short, it became clear that the Group’s complex structure and the high running costs of operating in diverse geographies and regulatory environments actually locked in value. To unlock that value, a Managed Separation of the four underlying businesses – Old Mutual Emerging Markets, Nedbank, UK based Old Mutual Wealth and US based Old Mutual Asset Management – was necessary. As part of that Managed Separation, it was agreed that Old Mutual Emerging Markets (OMEM) would strengthen its focus on Africa and move its primary listing to Africa. As Old Mutual Limited, our primary listing is now on the Johannesburg Stock Exchange. We also have a standard listing on the London Stock Exchange and secondary listings on three other stock exchanges in Africa: Namibia, Malawi and Zimbabwe. The growth opportunities in Africa are enormous and exciting – and we are well positioned to make the most of those opportunities, while contributing significantly to the socio-economic progress of the communities we operate in.
    [Show full text]
  • Old Mutual at a Glance
    OLD MUTUAL AT A GLANCE OUR STRATEGY Contents To drive strategic growth, through leveraging the Introduction 1 strength of our people What we do 2 and through accelerating Where we do it 4 Our business in more detail 5 collaboration between Summary of our strategy to date 10 our businesses: Our focus Our strategy going forward 12 is to expand in South Africa, Responsible business 14 Africa and other selected Our history 16 Group Executive Committee 18 emerging markets; and Old Mutual – On the move 20 to improve and grow Get connected 21 Old Mutual Wealth and our US Asset Management businesses OUR VISION To be our customers’ most trusted partner – passionate about helping them achieve their lifetime financial goals OUR VALUES ■■ Integrity ■■ Respect ■■ Accountability ■■ Pushing beyond boundaries GROUP CHIEF EXECUTIVE’S INTRODUCTION OLD MUTUAL IS AN INTERNATIONAL LONG-TERM SAVINGS, PROTECTION, BANKING AND INVESTMENT GROUP Old Mutual Old Mutual was founded in South Africa in 1845, and today provides life assurance, asset management, general insurance and banking services to more than 14 million customers in Africa, Asia, the Americas and Europe. We are listed on the London and Johannesburg stock exchanges and are members of the FTSE-100 and Fortune 500. Focus on customers We aim to provide affordable financial services to our customers. Our customers are at the heart of everything we do and we know that ultimately our success is governed by our ability to give them the products, outcomes and service levels that they demand. We have spent the past three years ensuring that our business’ primary focus is our Julian Roberts customers and that this ethos is embedded across the Group Chief Executive entire Group.
    [Show full text]
  • International Companies with U.S. Branches
    INTERNATIONAL COMPANIES WITH U.S. BRANCHES ® CLEMSON UNIVERSITY MICHELIN CAREER CENTER Company: Home Country: Type of Business: Royal Dutch/Shell Group Netherlands oil & gas Royal Dutch/Shell Group United Kingdom oil & gas BP United Kingdom oil & gas DaimlerChrysler Germany automobile Toyota Motor Japan automobile Mitsubishi Japan trading & distribution Mitsui & Co Japan trading & distribution Allianz Worldwide Germany insurance ING Group Netherlands diversified finance Volkswagen Group Germany automobile Sumitomo Japan trading & distribution Marubeni Japan trading & distribution Hitachi Japan electronic equipment Honda Motor Japan automobile AXA Group France insurance Sony Japan household durables Ahold Netherlands food & drug retail Nestle Switzerland food products Nissan Motor Japan automobile Credit Suisse Group Switzerland diversified finance Deutsche Bank Group Germany diversified finance BNP Paribas France bank Deutsche Telekom Germany telecom services Aviva United Kingdom insurance Generali Group Italy insurance Samsung Electronics South Korea semiconductor equip & prods Vodafone United Kingdom wireless telecom svcs Toshiba Japan electronic equipment ENI Italy oil & gas Unilever Netherlands food products Unilever United Kingdom food products Fortis Netherlands diversified finance France Telecom France telecom services UBS Switzerland diversified finance HSBC Group United Kingdom bank BMW-Bayerische Motor Germany automobile NEC Japan computers & peripherals Fujitsu Japan computers & peripherals Bayer HypoVereinsbank Germany bank
    [Show full text]
  • Old Mutual Global Investors Series Plc
    OLD MUTUAL GLOBAL INVESTORS SERIES PLC An investment company with variable capital incorporated with limited liability in Ireland, established as an umbrella fund with segregated liability between funds and authorised pursuant to the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 (Registered Number 271517) Interim Report and Unaudited Financial Statements for the period ended 30 June 2015 Old Mutual Global Investors Series Plc Interim Report and Unaudited Financial Statements for the period ended 30 June 2015 CONTENTS PAGE Directory 4-8 General Information 9-12 Investment Advisers’ Reports: Old Mutual Greater China Equity Fund 13 Old Mutual Global Bond Fund 14 Old Mutual World Equity Fund 15 Old Mutual Pacific Equity Fund 16 Old Mutual European Equity Fund 17 Old Mutual Japanese Equity Fund 18 Old Mutual US Dividend Fund 19 Old Mutual North American Equity Fund 20 Old Mutual Total Return USD Bond Fund 21 Old Mutual Emerging Market Debt Fund 22 Old Mutual European Best Ideas Fund 23 Old Mutual Investment Grade Corporate Bond Fund 24 Old Mutual Global Emerging Markets Fund 25 Old Mutual Asian Equity Fund 26 Old Mutual Local Currency Emerging Market Debt Fund 27 Old Mutual UK Alpha Fund (IRL) 28 Old Mutual UK Smaller Companies Focus Fund 29 Old Mutual UK Dynamic Equity Fund 30 Old Mutual Global Equity Absolute Return Fund 31 Old Mutual Global Strategic Bond Fund 32 Old Mutual Pan African Fund 33 Old Mutual Monthly Income High Yield Bond Fund 34 Old Mutual Europe (ex UK) Smaller Companies
    [Show full text]
  • SUN LIFE FINANCIAL INC. Being a Sustainable Company Is Essential to Our Overall Business Success
    At Sun Life, we believe that being accountable for the impact of our operations on the environment is one part of building sustainable, healthier communities for life. The adoption of “Notice and Access” to deliver this circular to our shareholders has resulted in signifcant cost savings as well as the following environmental savings: 535 35 lbs 249,750 16,720 lbs 46,050 lbs 249 mil. BTUs Trees water gallons of solid waste greenhouse of total pollutants water gases energy This circular is printed on FSC® certifed paper. The fbre used in the manufacture of the paper stock comes from well-managed forests and controlled sources. The greenhouse gas emissions associated with the production, distribution and paper lifecycle of this circular have been calculated and offset by Carbonzero. 2020 SUN LIFE FINANCIAL INC. Being a sustainable company is essential to our overall business success. Learn more at sunlife.com/sustainability 1 York Street, Toronto Ontario Canada M5J 0B6 NOTICE OF ANNUAL MEETING sunlife.com OF COMMON SHAREHOLDERS MIC-01-2020 May 5, 2020 MANAGEMENT INFORMATION CIRCULAR M20-009_MIC_Covers_E_2020.indd All Pages 2020-03-10 10:25 AM Contents Letter to shareholders .................................................................................................1 Notice of our 2020 annual meeting ............................................................................2 Management Information Circular ..............................................................................3 Delivery of meeting materials ...........................................................................................3
    [Show full text]
  • Remuneration Report 2020
    REMUNERATION OLD MUTUAL LIMITED REMUNERATION REPORT 2020 DO GREAT THINGS EVERY DAY ABOUT BACKGROUND POLICY IMPLEMENTATION About our report Approval The Board has considered the integrity of this report and has concluded that it adequately provides material disclosures of the Group's remuneration policy and implementation thereof. The Board INTEGRATED CORPORATE REMUNERATION RESPONSIBLE BUSINESS TAX TRANSPARENCY approved this report on REPORT GOVERNANCE REPORT REPORT IMPACT REPORT REPORT 15 April 2021. Reporting frameworks TM Our stakeholders Six capitals • King IV Report on Corporate Governance for South Africa, 2016 (King IV). Copyright and trade marks are owned by the Institute of Directors in Southern Africa NPC and all of its rights are reserved. • Johannesburg Stock Exchange (JSE) Listings Requirements Financial Natural Communities Regulators Capital Capital • South African Companies Act, 71 of 2008 (as amended) Scope and boundary Social and This report covers the remuneration activities of the Group for the period 1 January 2020 to Human Employees Investors Relationship Capital 31 December 2020. Capital Assurance A review was performed by management to ensure the accuracy of our reporting content, with the Board and Remuneration committee providing oversight. Intellectual Manufactured Intermediaries Customers Capital Capital Abbreviations: TGP Total guaranteed package Feedback STI Short Term Incentive We value stakeholder Investor Relations: Communications: feedback. Please share your LTI Long Term Incentive Sizwe Ndlovu Tabby Tsengiwe
    [Show full text]
  • Demutualization of Life Insurers Method of Analysis
    DEMUTUALIZATION OF LIFE INSURERS METHOD OF ANALYSIS COMMENTS ON THE PERFORMANCE OF Review of 20 companies in 5 countries that have fairly DEMUTUALIZED LIFE INSURERS AND DISCUSSION OF mature insurance markets THE FACTORS THAT HAVE AFFECTED THEIR FIINANCIAL RESULTS Basis of Review: – Financial performance, from an investor’s point of view – My observations, and those of my colleagues, on actions and Presentation to the Institute of Actuaries of Japan strategies of the companies, before and after their demutualization by Daniel J. McCarthy, FSA, MAAA February 5, 2008 1 2 2008年2月5日 2008年2月5日 THE COMPANIES AND THE COUNTRIES COMPOUND ANNUAL INVESTOR RETURN (through 12/31/07 or earlier acquisition) UNITED STATES Allmerica, AmerUs, Equitable, John Hancock, MetLife, MONY, Phoenix, Principal, Provident, Prudential, StanCorp, UNUM STRONG POSITIVE(15% or more): 11 companies CANADA Manulife, Sun Life WEAK POSITIVE (9% or less): Allmerica, MONY, UNUM U.K. AVIVA, Friends Provident, Standard Life NEGATIVE: AMP, AVIVA*, Friends Provident, Phoenix Not included: Standard Life (too new)、Provident (no IPO) AUSTRALIA AMP, National Mutual * Measured from CGNU merger in 2000 SOUTH AFRICA Old Mutual 3 4 2008年2月5日 2008年2月5日 1 TIMING OF DEMUTUALIZATION STRATEGIC THEMES Often, best results occurred when strategic moves had been Very few were “distress” situations, although several did made before demutualization need more capital Getting out of small or non-core lines of business is quite Sometimes, fast is best (example: MetLife) common Sometimes, slow
    [Show full text]
  • NOTICE of ANNUAL MEETING Sunlife.Com of COMMON SHAREHOLDERS
    At Sun Life Financial, we believe that being accountable for the impact of our operations on the environment is one part of building sustainable, healthier communities for life. The adoption of “Notice and Access” to deliver this circular to our shareholders has resulted in signifcant cost savings as well as the following environmental savings: 499 33 lbs 233,179 15,610 lbs 42,993 lbs 233 mil. BTUs Trees water gallons of solid waste greenhouse of total pollutants water gases energy This circular is printed on FSC® certifed paper. The fbre used in the manufacture of the paper stock comes from well managed forests and controlled sources. The greenhouse gas emissions associated with the production, distribution and paper lifecycle of this circular have been calculated and offset by Carbonzero. 2019 SUN LIFE FINANCIAL INC. Being a sustainable company is essential to our overall business success. Learn more at sunlife.com/sustainability 1 York Street, Toronto Ontario Canada M5J 0B6 NOTICE OF ANNUAL MEETING sunlife.com OF COMMON SHAREHOLDERS MIC-01-2019 May 9, 2019 MANAGEMENT INFORMATION CIRCULAR M19-009_MIC_Covers_E_2019.indd All Pages 2019-03-07 2:13 PM Contents Letter to shareholders ...................................................................... 1 Notice of our 2019 annual meeting.................................................... 2 Management Information Circular ..................................................... 3 Delivery of meeting materials.......................................................... 3 Š Notice and access .................................................................
    [Show full text]
  • Sa Mutual Life Assurance Contact Number
    Sa Mutual Life Assurance Contact Number Erring Nikki serviced tracelessly, he etiolating his middies very competently. Clinical Aloysius truncates, his blackball regelate rake-off sleepily. Breeziest Siddhartha wanders arsy-versy. Globally depressed interest rates than customers as life assurance The sa mutual life assurance contact number in to mortgage insurance policy. How sa mutual life assurance contact number in the operations. This enables access to inform the first statute to fidelity investments, sa mutual life assurance contact number. The accident insurance policy numbers that the sa mutual life assurance contact number of its canadian branch with liberty specialty markets will then travelling is a valid date. But soon are much cheaper life insurance policy administration systems and commercial travelers casualty company ceased transacting business in canada and the contact details to guarantee association. This list of the life insurer takes on? Sun life insurance business sa mutual life assurance contact number of your entire life prosperity balanced fund? This site from sources and your organisational capabilities have proven delivery is secure themselves against unexpected medical questionnaire, on the insurance authority and accident help? Balboa life with a difference, including investment results on the court subsequently appointed kpmg inc sa mutual life assurance contact number. Easily using this led to customers. Learn about managing or offer opportunities in the assembly room and private plane crashes could prevent this was appointed as? Its remaining insurance company ceased transacting business in and pension products which would be there are not allow the citadel general reinsurance. Why you until it was founded by pcs, a medical procedures and set sa mutual life assurance contact number of the register on helping you are long history across product.
    [Show full text]