Aflac Inc., AFL Financials
|
|
- Milton Gaines
- 5 years ago
- Views:
Transcription
1 Aflac Inc., AFL Financials Stuart Hatlen Devin Mabra Carson Scovin John Budreau Uyen Tran
2 Thesis We aim to hedge its portfolio s volatility as well as to diversify into a foreign industry. We view a $2000 investment in Aflac Inc. as a Dividend Play as well as a Value Play.
3 Corporation Summary Finances- Health/Life Insurance Business Holding Company American Family Life Assurance of Columbus Japan #1 in policies in force since 2003 Cancer, Life, Medical United States #1 in supplemental insurance Nov 17th, 1955 John Amos, Paul Amos, Bill Amos Columbus, GA Accident/Disability Plans Cancer Expense Plans Short Term Disability Plans Sickness Hospital Indemnity Plans Fixed Benefit Dental Plans... Term, Whole, Hybrid
4 Management and Ownership CEO and Chairman: Daniel Amos, since 1990 Risk Management B.S. U Georgia. Grew Net Revenues from $2.7b to $23.9b to date since 1990 Has met or exceeded operating earning per share all 24 years as CEO Fortune 100 best companies 16 year consecutive to date Fortune most admired companies since 2001 Ethisphere Magazine most ethical companies 8 times to date. CFO and Treasurer: Kriss Cloninger III Actuary Society and Bus Mgmt B.S. UT Austin CFO since 1992 President: Paul Amos II Economics B.s. Duke U COO to President in year Board Exp. at Aflac Japan relations Majority Shareholders
5 Additional Quant Summary Balance Sheet Income Sheet
6
7 Macro to Micro Analysis Baby Boomer Statistics may boost demand for income protection products. Big Players USD vs Yen- Overview of relationship over time Affordable Care Act- US Japan- Bonds, QE, Rates and Future U.S.- Bonds, QE ending, Future
8 SWOT- Strengths Median Age in Japan: 84 (1st in world) Credit Ratings Regulation- Dodd-Frank Act Not believed to be part of Systemically important institutions
9 SWOT- Strengths (Cont.) High cancer insurance market share in Japan Affordable Care Act has helped spur growth in supplemental insurance due to gaps in coverage
10 Weaknesses Life Insurance Industry average ROE has been below cost of equity since 3Q 2008 due to low interest rates Aflac ROE has been above WACC since then fixed Income hurting from lower rates High concentration of business in Japan increases business risk
11 Opportunities Industry leader and pioneer for cancer insurance in Japan partnership with Japan Post and expanding cancer insurance from 3,000 outlets to 10,000 this year expect demand to continue to rise 80% of Japanese publicly traded companies use Aflac
12 Threats Yen exchange rate very volatile opened positions in foreign exchange forwards and options to hedge some risk Ease of getting supplemental insurance in U.S. growing demand led to Jan14 bill passed to ease access to insurance Japan s economy and new QE consumption tax hike
13 Growth Yen vs Growth Dollars Premium Income: Rose 6.8% to 1.46 trillion Yen Vs. a 12.7% decline in US Dollars to 15 Billion Total Revenue: Rose 7.8% to 1.73 trillion Yen Vs. a decline of 11.8% to 17.7 billion US Dollars Pretax Operating Earnings: Rose 13.6% to trillion Yen Vs. a decline of 7.1% to 3.6 billion in US Dollars Premiums, benefits & expenses, and most assets & liabilities in Japan business denominated in Yen!
14 Fundamental Analysis Product Use and Overview Insures more than 50 million people via worksite, retail, and home Insures against asset loss, income loss, and supplemental medical Founded in 1955, Japan 1974 Concentrated in voluntary supplemental products Empirical Analysis Long-term liabilities = long term investments in life insurance industry, low-interest rate environment impacts fixed-income market Quant Analysis Excluding Yen, 5.2% increase on operating earnings per diluted share, 2% ahead of target in 2012 Exceedingly strong RBC & SMR ratios Dividends expected to grow at rate of EPDS, excluding Yen impact 2.9 billion in new annualized premium sales Revenues grew at 5.7% in 2013, excluding yen impact. ROE in 2013 was 25.8% exceeding target. Comparable in next section. Generally locked into fixed-income assets (bonds) difficulties in low interest rates environments Volatility and uncertainty still surround implementation of ACA, making small businesses hesitate to change plans Excluding Yen, metrics beat objectives Expanded share repurchase to increase liquidity in low interest rate environment (800m share repurchase in 2013)
15 Fundamentals Chart
16 Aflac Japan 1,600 new sales agencies in 2013 Sales alliances with Dai-ichi Life, Bank Channel, Japan Post Group, Daido Life Product offerings: Life (term, whole, Hybrid) Child Endowment, Fixed Annuity Supplemental offerings: Cancer, Medical (DAYS & EVER) Market leader of cancer and medical insurance
17 Aflac U.S. New premiums of $1.4 billion sold in Blamed on ACA implementation Product categories: Income-Loss protection, Asset-Loss protection, and supplemental medical Growth 2013: Premiums 3.1%, revenues 2.9%, pretax operating earnings 4.1% Sell group and individual insurance to all sizes of business, but focus on <100 employees
18 The past decade...
19 Comparables Dvd, P/e, ROE focus
20 *Revenue, EPS, Dvd Paid Charting Comparables
21 Financial Modeling DCF Assumptions: Forecasted year over year convergence to past 5 year average (revenue, EBITDA, EBIT) Conservative Liabilities Growth rate due to Other Liabilities volatility (overall conservative) Tax Rate conservatively above effective year over year rates Valued: pps with 7.80% (current) wacc and 3.5% long term growth rate Sensitivity Analysis 9% wacc 12% wacc (10 ) 15 %wacc (08 ) 18%wacc 2% LTGR $51.15 $34.69 $24.76 $ % LTGR $74.48 $41.40 $29.01 $ % LTGR $ $52.55 $35.11 $ % LTGR $ $74.75 $41.79 $28.38
22 Financial Modeling DDM+CAPM Assumptions: Aflac will always give off growing Dividends without Dividend-less quarter AFL Beta and Expected Market Return have corresponding time frames Value: pps 7% Dividend Growth Rate to $ Dividend, 9% Discount Rate Variable Analysis 4% DGR 5% 6% 7% 8% 9% 10% 5% 6% 7% 8% 9% 10% 11% $ $79.80 $53.20 $39.90 $31.92 $26.60 $ $80.56 $53.25 $40.28 $32.22 $ $81.32 $54.21 $40.66 $ $82.08 $54.72 $ $82.84 $ DR ~$59 $83.51
23 Financial Forecasting Weighted Average Price Target: 50% Weight to DCF $ % Weight to DDM-CAPM $ % to professional 12 year PT $66.00 Price Target of $77.15
24 Portfolio Forecasting AFL Beta.92 (SPX) Old Financials Port Beta: (SPX) New Financials Port Beta: (SPX) Old Financial Portfolio Weight: 13.8% New Financial Portfolio Weight: 17.2% 12mth professional PT: MS +2.5% BX +32% WRB -1.2% CYN +.8% Weighted 12mth Growth Projections: 12.82% *The closer Beta is to 1, the more it follows (SPX). (Higher- More Volatile)
25 Technical Reading 3 Year
26 5 Year
27
28 ...again Dividend Play Value Play Diversify Portfolio Hedge Volatility
Presentation Notes for the Raymond James 37th Annual Institutional Investors Conference
Presentation Notes for the Raymond James 37th Annual Institutional Investors Conference March 9, 2016 For more information contact: Robin Y. Wilkey 800.235.2667 Fax: 706.324.6330 aflac.com Aflac Worldwide
More informationAFLAC INCORPORATED ANNOUNCES THIRD QUARTER RESULTS, INCREASES QUARTERLY CASH DIVIDEND, AFFIRMS 2011 AND 2012 OPERATING EPS TARGETS
News Release FOR IMMEDIATE RELEASE AFLAC INCORPORATED ANNOUNCES THIRD QUARTER RESULTS, INCREASES QUARTERLY CASH DIVIDEND, AFFIRMS 2011 AND 2012 OPERATING EPS TARGETS COLUMBUS, Georgia October 26, 2011
More informationAFLAC INCORPORATED ANNOUNCES FIRST QUARTER RESULTS, DECLARES SECOND QUARTER CASH DIVIDEND
News Release FOR IMMEDIATE RELEASE AFLAC INCORPORATED ANNOUNCES FIRST QUARTER RESULTS, DECLARES SECOND QUARTER CASH DIVIDEND COLUMBUS, Georgia April 27, 2010 Aflac Incorporated today reported its first
More informationPresentation Notes for the Raymond James 36th Annual Institutional Investors Conference
Presentation Notes for the Raymond James 36th Annual Institutional Investors Conference March 3, 2015 For more information contact: Robin Y. Wilkey 800.235.2667 Fax: 706.324.6330 aflac.com Aflac Worldwide
More informationCOLUMBUS, Georgia July 27, 2011 Aflac Incorporated today reported its second quarter results.
News Release FOR IMMEDIATE RELEASE AFLAC INCORPORATED ANNOUNCES SECOND QUARTER RESULTS, DECLARES THIRD QUARTER DIVIDEND, AFFIRMS 2011 OPERATING EPS TARGET, UPWARDLY REVISES 2012 EPS TARGET TO 2% TO 5%
More informationCOLUMBUS, Georgia February 5, 2013 Aflac Incorporated today reported its fourth quarter results.
News Release FOR IMMEDIATE RELEASE AFLAC INCORPORATED ANNOUNCES FOURTH QUARTER RESULTS, 2012 EPS IN LINE WITH GUIDANCE AND OBJECTIVE, AFFIRMS 2013 OPERATING EPS TARGET, DECLARES FIRST QUARTER CASH DIVIDEND
More informationAflac Incorporated Announces Fourth Quarter Results, Affirms 2016 Operating EPS and Sales Outlook, Declares First Quarter Cash Dividend
News Release FOR IMMEDIATE RELEASE Aflac Incorporated Announces Fourth Quarter Results, Affirms 2016 Operating EPS and Sales Outlook, Declares First Quarter Cash Dividend COLUMBUS, Ga. February 1, 2016
More informationAflac Incorporated Announces Third Quarter Results, Upwardly Revises 2017 Operating EPS Outlook, Increases Fourth Quarter Cash Dividend 4.
News Release FOR IMMEDIATE RELEASE Aflac Incorporated Announces Third Quarter Results, Upwardly Revises 2017 Operating EPS Outlook, Increases Fourth Quarter Cash Dividend 4.7% COLUMBUS, Ga. October 25,
More informationAflac Incorporated Announces Third Quarter Results, Upwardly Revises 2016 Operating EPS Outlook, Increases Fourth Quarter Cash Dividend 4.
News Release FOR IMMEDIATE RELEASE Aflac Incorporated Announces Third Quarter Results, Upwardly Revises 2016 Operating EPS Outlook, Increases Fourth Quarter Cash Dividend 4.9% COLUMBUS, Ga. October 27,
More informationPresentation Notes for the 2014 Goldman Sachs U.S. Financial Conference
Presentation Notes for the 2014 Goldman Sachs U.S. Financial Conference December 10, 2014 For more information contact: Robin Y. Wilkey 800.235.2667 Fax: 706.324.6330 aflac.com Aflac Worldwide Headquarters
More informationAFLAC INCORPORATED ANNOUNCES FIRST QUARTER RESULTS, DECLARES SECOND QUARTER CASH DIVIDEND
FOR IMMEDIATE RELEASE AFLAC INCORPORATED ANNOUNCES FIRST QUARTER RESULTS, DECLARES SECOND QUARTER CASH DIVIDEND COLUMBUS, Georgia April 23, 2008 Aflac Incorporated today reported its first quarter results.
More informationCOLUMBUS, Ga. January 31, 2018 Aflac Incorporated today reported its fourth quarter results.
News Release FOR IMMEDIATE RELEASE Aflac Incorporated Announces Fourth Quarter Results, Reports Fourth Quarter 2017 Net Earnings of $2.4 Billion, Reports Estimated Impact of $1.7 Billion Tax Reform Benefit,
More informationAflac Incorporated Announces First Quarter Results, Declares Second Quarter Cash Dividend, Affirms 2015 Operating EPS Target
News Release FOR IMMEDIATE RELEASE Aflac Incorporated Announces First Quarter Results, Declares Second Quarter Cash Dividend, Affirms 2015 Operating EPS Target COLUMBUS, Georgia April 28, 2015 Aflac Incorporated
More informationPresentation Notes for the Virtual Investor Conference. December 7, 2017
Presentation Notes for the Virtual Investor Conference December 7, 2017 For more information contact: Daniel A. Bellware, CPA 800.235.2667 Fax: 706.324.6330 aflac.com Aflac Worldwide Headquarters 1932
More informationPresentation Notes for the 2018 Outlook Conference Call. December 1, 2017
Presentation Notes for the 2018 Outlook Conference Call December 1, 2017 For more information contact: David A. Young 800.235.2667 Fax: 706.324.6330 aflac.com Aflac Worldwide Headquarters 1932 Wynnton
More informationPresentation Notes for the Raymond James 39 th Annual Institutional Investors Conference. March 7, 2018
Presentation Notes for the Raymond James 39 th Annual Institutional Investors Conference March 7, 2018 For more information contact: David A. Young 800.235.2667 Fax: 706.324.6330 aflac.com Aflac Worldwide
More informationPresentation Notes for the Bank of America Merrill Lynch 2018 Insurance Conference. February 15, 2018
Presentation Notes for the Bank of America Merrill Lynch 2018 Insurance Conference February 15, 2018 For more information contact: David A. Young 800.235.2667 Fax: 706.324.6330 aflac.com Aflac Worldwide
More informationUBS Leveraged Finance Conference
UBS Leveraged Finance Conference Las Vegas, NV - May 12, 2005 2 Comment to Investors This presentation includes forwardlooking statements as characterized in the Private Securities Litigation Reform Act
More informationAflac Incorporated Annual Report on Form 10-K For the Year Ended December 31, 2013 Table of Contents. Page PART I. Item 13.
Aflac Incorporated Annual Report on Form 10-K For the Year Ended December 31, 2013 Table of Contents Page PART I Item 1. Business 1 Item 1A. Risk Factors 12 Item 1B. Unresolved Staff Comments 26 Item 2.
More informationSpreading Our Wings 2013 YEAR IN REVIEW
Spreading Our Wings 2013 YEAR IN REVIEW AFLAC S GOAL: To provide customers with the best value in voluntary insurance products in Japan and the United States TABLE OF CONTENTS The Aflac Way: Protecting
More informationFinancial Analysts Briefing Supplement Fourth Quarter 2017
Financial Analysts Briefing Supplement Fourth Quarter 2017 This document is a statistical supplement to the Financial Analysts Briefing book. Throughout the presentation, amounts presented may not foot
More informationFinancial Analysts Briefing Supplement Third Quarter 2018
DF.1 10/24/2018 Financial Analysts Briefing Supplement Third Quarter 2018 This document is a statistical supplement to the Financial Analysts Briefing book. Throughout the presentation, amounts presented
More informationTable of Contents. Section III - Aflac U.S. Overview of Aflac U.S...Teresa L. White...49
Financial Analysts Briefing 2015 About This Book This book primarily contains information about Aflac, most of which was given at the company s 2015 Financial Analysts Briefing held on May 21, 2015, at
More informationFinancial Analysts Briefing Supplement Fourth Quarter 2018
DF.2 2/1/2019 Financial Analysts Briefing Supplement Fourth Quarter 2018 This document is a statistical supplement to the Financial Analysts Briefing book. Throughout the presentation, amounts presented
More informationLockheed Martin. Sector Manager: Daniel Curran. Senior Analyst: Kevin McDonnell. Team Analysts: Jason Flynn. Mike Havris. TJ O Sullivan.
Lockheed Martin T r i n i t y S M F Lockheed Martin Sector Manager: Daniel Curran Senior Analyst: Kevin McDonnell Team Analysts: Jason Flynn Mike Havris TJ O Sullivan Mark Perham T R I N I T Y S M F Investment
More informationAflac s Financial Analysts Briefing 2012
Aflac s Financial Analysts Briefing 212 About This Book This book primarily contains information about Aflac that, most of which was given at the company s 212 Financial Analysts Briefing held on May
More informationSUMMARY. Risk Level *
March 13, 2015 Aflac Inc. Current Recommendation Prior Recommendation Underperform Date of Last Change 07/17/2013 Current Price (03/12/15) $62.65 Target Price $66.00 NEUTRAL SUMMARY (AFL-NYSE) Aflac s
More informationVoya Financial. Fourth Quarter 2017 Investor Presentation. February 14, 2018
Voya Financial Fourth Quarter 2017 Investor Presentation February 14, 2018 Forward-Looking and Other Cautionary Statements This presentation and the remarks made orally contain forward-looking statements.
More informationVoya Financial. Second Quarter 2018 Investor Presentation. August 2, 2018
Voya Financial Second Quarter 2018 Investor Presentation August 2, 2018 Forward-Looking and Other Cautionary Statements This presentation and the remarks made orally contain forward-looking statements.
More informationVoya Financial First Quarter 2018 Investor Presentation. May 2, 2018
Voya Financial First Quarter 2018 Investor Presentation May 2, 2018 Forward-Looking and Other Cautionary Statements This presentation and the remarks made orally contain forward-looking statements. Forward-looking
More informationToday, we are one of the world s most broadly diversified life insurance companies by geography, by product, and by distribution channel.
Today, we are one of the world s most broadly diversified life insurance companies by geography, by product, and by distribution channel. Earnings Growth 2011-2014 12.1 percent in Operating Earnings 9.6
More informationFINANCIAL ANALYSTS BRIEFING
2014 FINANCIAL ANALYSTS BRIEFING About This Book This book primarily contains information about Aflac, most of which was given at the company s 2014 Financial Analysts Briefing held on May 22, 2014, at
More informationANNUAL MEETING OF SHAREHOLDERS
NOTICE OF 2016 ANNUAL MEETING OF SHAREHOLDERS AND PROXY STATEMENT Monday, May 2, 2016, at 10:00 a.m. Columbus Museum (the Patrick Theatre), 1251 Wynnton Road, Columbus, Georgia March 17, 2016 Dear Fellow
More informationSagicor Group Jamaica Limited
Ticker: SJ Price Target: $41.68 Current Price: $31.50 Shares Outstanding: 3,905,634,916 units Market Value of Shares Outstanding: $123.03 Billion Financial Year End: Dec 31 About the Company: Sagicor Group
More informationAFLAC (NYSE) - AFL. Company Description: Basic Description: Profitability Description: Core Advantage Description: Investment Thesis:
AFLAC (NYSE) - AFL Company Description: Columbus, Georgia-based Aflac Incorporated is the world s largest underwriter of supplemental cancer insurance, most of which is sold through trade and employee
More information2015 Annual Meeting of Stockholders
N O R T H E R N T R U S T C O R P O R A T I O N 2015 Annual Meeting of Stockholders April 21, 2015 Frederick H. Waddell Chairman & Chief Executive Officer 2015 Northern Trust Corporation northerntrust.com
More informationMSU: Metro Inc. Pitch February 24, 2016
MSU: Metro Inc. Pitch February 24, 2016 Disclaimer The analyses and conclusions of Queen s Capital contained herein are based on publicly available information. The analyses provided may include certain
More informationMargins(%) EBITDA 30.0% 26.3% 25.4% NPM 26.5% 12.5% 18.1%
RESULTS REVIEW Share Data Market Cap Rs. 1,460.7 bn Price Rs. 177.2 BSE Sensex 15,049.86 Reuters NTPC.BO Bloomberg NATP IN Avg. Volume (52 Week) 2.6 mn 52-Week High/Low Rs. 291 / 148.75 Shares Outstanding
More informationApril 11, 2013 BOARD MATTER NO. D-1. University of Wyoming Student Portfolio Management Program Update INFORMATION ONLY
April 11, 2013 BOARD MATTER NO. D-1 ACTION: University of Wyoming Student Portfolio Management Program Update INFORMATION ONLY ANALYSIS: The State Loan and Investment Board on December 15, 2005, authorized
More informationCIF Stock Recommendation Report (Fall 2012)
Section (A) Summary Date: 3/8/13 Analyst Name: Matthew Landen CIF Stock Recommendation Report (Fall 2012) Company Name and Ticker: Aflac Inc. (AFL) Recommendation Buy: Yes Target Price: $58.77 (+15%) Sector:
More informationKingspan Group Plc. Sector Manager: Daniel Curran. Senior Analyst: Kevin McDonnell. Team Analysts: Jack Kennedy. Ashley Duane.
Kingspan Group T r i n i t y S M F Kingspan Group Plc. Sector Manager: Daniel Curran Senior Analyst: Kevin McDonnell Team Analysts: Jack Kennedy Ashley Duane Dylan Murphy TJ O Sullivan Mark Perham Investment
More informationONEOK Partners, L.P. ONEOK Partners, L.P. (NYSE:OKS) Applied Portfolio Management. Investment Thesis. Segments Breakdown 5/5/2015
ONEOK Partners, L.P. (NYSE:OKS) ONEOK Partners, L.P. Applied Portfolio Management Publicly traded partnership formed in 1993 o Headquarters: Tulsa, Oklahoma A leading transporter of natural gas and natural
More informationEntry into Scheme Implementation Deed to Acquire 100% Ownership of TOWER Australia
December 28, 2010 Koichiro Watanabe President and Representative Director The Dai-ichi Life Insurance Company, Limited Code: 8750 (TSE First section) Entry into Scheme Implementation Deed to Acquire 100%
More informationAnalyst's Notes. Argus Recommendations
Report created Jan 12, 2018 Page 1 OF 5 JPMorgan Chase is one of world's largest diversified banking firms. The company operates a leading global corporate and investment bank and is the second-largest
More informationEarnings Presentation. First Quarter 2012 April 24, 2012
Earnings Presentation First Quarter 2012 April 24, 2012 Forward Looking Statements and GAAP Reconciliations The contents of this presentation that are not statements of historical fact are forward-looking
More informationJTI new head office in Geneva: Currently under construction, the new JTI headquarters in Geneva is an innovative structure, designed to inspire our
JTI new head office in Geneva: Currently under construction, the new JTI headquarters in Geneva is an innovative structure, designed to inspire our diverse employees with a challenging mindset. 074 Financial
More informationPayroll Account Acknowledgment All applicable sections must be completed for processing.
Payroll Account Acknowledgment All applicable sections must be completed for processing. INSTRUCTIONS ALL accounts must complete Section 9, the Authorization and Signatures section. Accounts establishing
More informationCoverage General Purpose Key Characteristics
Federal Relations Advisory There s a BIG difference between short-term medical insurance and other policies A quick guide to understanding the nuances between health plan options By Carolyn Smith and John
More information2010 Financial Analysts Briefing
21 Financial Analysts Briefing About This Book This book primarily contains information about Aflac that, most of which was given at the company s 21 Financial Analysts Briefing held on May 18-19, 21,
More informationPRUDENTIAL FINANCIAL, INC. FOURTH QUARTER 2018
PRUDENTIAL FINANCIAL, INC. FOURTH QUARTER 2018 FORWARD-LOOKING STATEMENTS AND NON-GAAP MEASURES Certain of the statements included in this presentation, including those under the headings Key Priorities
More informationRebranding Doesn t Matter; Losing Ground to Peers in a Decelerating Industry Does Rating: SELL Price Target: $42.50 (13.
CFA INSTITUTE RESEARCH CHALLENGE 2014 Rebranding Doesn t Matter; Losing Ground to Peers in a Decelerating Industry Does Rating: SELL Price Target: $42.50 (13.3% DISCOUNT) AGENDA 1) Industry at Cyclical
More informationVoya Financial Announces First-Quarter 2018 Results
Voya Financial Announces First-Quarter 2018 Results First-quarter 2018 net income available to common shareholders of $2.50 per diluted share First-quarter 2018 adjusted operating earnings 1 of $0.77 per
More informationAmeriprise Financial, Inc. Jim Cracchiolo, Chairman and CEO Sanford C. Bernstein & Co. Strategic Decisions Conference May 30, 2007
Ameriprise Financial, Inc. Jim Cracchiolo, Chairman and CEO Sanford C. Bernstein & Co. Strategic Decisions Conference May 30, 2007 Ameriprise Financial Services, Inc. Member NASD and SIPC. 2007 Ameriprise
More informationThe Group s Medium-term Management Plan Covering Fiscal Years 2015 to 2017
The Group s Medium-term Management Plan Covering Fiscal Years 2015 to 2017 The start of the second year of D-Ambitious During the fiscal year 2015, the first year of the plan, the Group results reflected
More informationGlobal ABV Examination
Accredited in Business Valuation Global ABV Examination content specification outline Effective Aug. 1, 2018 i Valuation Principles Examination This document is nonauthoritative and is included for informational
More informationSYMETRA REPORTS SECOND QUARTER 2015 RESULTS AND ANNOUNCES SPECIAL DIVIDEND OF $0.50 PER SHARE
Investor Relations Contact: Karin G. Van Vleet (425) 256-5351 karin.vanvleet@symetra.com Media Relations Contact: Diana McSweeney (425) 256-6167 diana.mcsweeney@symetra.com SYMETRA REPORTS SECOND QUARTER
More informationPayroll Account Acknowledgment
Payroll Account Acknowledgment All applicable sections must be completed for processing. INSTRUCTIONS ALL accounts must complete Section 9, the Authorization and Signatures section. Accounts establishing
More informationPrudential Financial, Inc.
Sanford C. Bernstein s 22 nd Annual Strategic Decisions Conference May 2006 Prudential Financial, Inc. Art Ryan Chairman and CEO Forward-Looking Statements and Non-GAAP Measure The presentations today
More informationFrom CapEx to Cash Capital Markets Day Merkers - November 12th, 2015
K+S Aktiengesellschaft From CapEx to Cash Capital Markets Day Merkers - November 12th, 2015 Dr. Burkhard Lohr, CFO From Capex to Cash Capex Phase Cash Phase 2020 Net debt: 2.2 billion 1) Leverage: 2.1x
More informationDollarama (TSE: DOL) Cameron McWatt. Nathan Witteveen. January 16, Jack Holmes CEO CIO CSO
Dollarama (TSE: DOL) January 16, 2019 Cameron McWatt CEO Nathan Witteveen CIO Jack Holmes CSO This presentation is for informational purposes only, and is not an offer to buy or sell or a solicitation
More informationFinancial Results for the Fiscal Year Ended March 31, 2004
May 28, 2004 Financial Results for the Fiscal Year Ended March 31, 2004 The Dai-ichi Mutual Life Insurance Company (President: Tomijiro Morita) announces financial results for the fiscal year ended March
More informationAnalyst Report Ticker: NVR 3/31/2014 UG Student Managed Fund NVR, Inc. Recommendation Closing Price as of 3/31/2014 BUY $1,147.00
1 Analyst Report Ticker: NVR 3/31/2014 UG Student Managed Fund NVR, Inc. Key Financial Metrics As of March 31, 2014 Current Stock Price: $1,147.00 Current Market Cap: $5.15bn 52 Week Range: $830-$1,220.95
More informationVoya Financial Announces Third-Quarter 2018 Results
Voya Financial Announces Third-Quarter 2018 Results Third-quarter 2018 net income available to common shareholders of $0.87 per diluted share Third-quarter 2018 adjusted operating earnings 1 of $0.84 per
More informationManulife Financial Corporation
Title: Manulife Financial Corporation - MFC (T) Cdn$13.32 Price: Cdn$13.32 StockRating: Sector Perform TargetPrice: Cdn$14.00 Headline: Title August 7, 2014 The NBF Daily Bulletin MFC (T) Stock Rating:
More informationDai-ichi Life Holdings Announces Results for the Six Months Ended September 30, 2017
[Unofficial Translation] November 14, 2017 Dai-ichi Life Holdings Announces Results for the Six Months Ended September 30, 2017 On November 14, 2017, Dai-ichi Life Holdings, Inc. (the Company, President:
More informationThe Global Leader in Motion and Control Technologies
The Global Leader in Motion and Control Technologies BAML Global Industrials Conference London, UK Tom Williams Chairman & CEO March 20, 2018 Forward-Looking Statements and Non-GAAP Financial Measures
More informationPrudential Financial, Inc. Announces Third Quarter 2017 Results
Prudential Financial, Inc. Second Quarter 2017 Earnings Release Page 1 Earnings Release November 1, 2017 Prudential Financial, Inc. Announces Third Quarter 2017 Results Net income attributable to Prudential
More informationPRUDENTIAL FINANCIAL, INC. THIRD QUARTER 2018
PRUDENTIAL FINANCIAL, INC. THIRD QUARTER 2018 FORWARD-LOOKING STATEMENTS AND NON-GAAP MEASURES Certain of the statements included in this presentation, including those under the headings Key Priorities
More informationWINA is currently among an exclusive group of 211 stocks awarded our highest average score of 10. Peers STMP 7 KIRK 6 BGFV 5 UNTD 4
- Updated September 10, 2013 WINMARK CORPORATION (-O) Retailers / Other Specialty Retailers / Other Specialty Retailers Indicator Description The Average Score combines the quantitative analysis of six
More informationCapital Budgeting in Global Markets
Capital Budgeting in Global Markets Fall 2013 Stephen Sapp Yes, our chief analyst is recommending further investments in the new year. 1 Introduction Capital budgeting is the process of determining which
More informationA New Record in Sales and Earnings
For immediate release MEDIA CONTACT: INVESTOR CONTACT: U.S.A.: Lisa Beachy, Tel. +1 617 488 2945 Europe: Ulf Santjer, Tel. +49 9132 81 2489 Dieter Bock, Tel. +49 9132 81 2261 Herzogenaurach, Germany, February
More informationPayroll Account Acknowledgment All applicable sections must be completed for processing.
Payroll Account Acknowledgment All applicable sections must be completed for processing. INSTRUCTIONS ALL accounts must complete Section 8, Authorization and Signatures. Accounts establishing or modifying
More informationBank of America Fourth Quarter 2006 Results
Bank of America Fourth Quarter 2006 Results Ken Lewis Chairman, CEO and President Joe Price Chief Financial Officer January 23, 2007 Forward Looking Statements This presentation contains forward-looking
More informationPRUDENTIAL FINANCIAL, INC. FEBRUARY 2018
PRUDENTIAL FINANCIAL, INC. FEBRUARY 2018 FORWARD-LOOKING STATEMENTS AND NON-GAAP MEASURES Certain of the statements included in this presentation constitute forward-looking statements within the meaning
More informationTrailing PE 5.3. Forward PE Hold 22 Analysts. 1-Year Return: -19.4% 5-Year Return: -68.5%
FREEPORT-MCMORAN INC (-N) Last Close 11.41 (USD) Avg Daily Vol 18.6M 52-Week High 20.25 Trailing PE 5.3 Annual Div 0.20 ROE 37.3% LTG Forecast 5.3% 1-Mo -5.1% November 21 NEW YORK Exchange Market Cap 17.3B
More informationStatistical Information Package Q3 2016
Statistical Information Package Q3 2016 TABLE OF CONTENTS Page Page Financial Reporting Structure 1 Asset Information Notes to Readers 2 Asset Composition and Quality Financial Highlights 3 Portfolio Composition
More informationPRUDENTIAL FINANCIAL, INC.
PRUDENTIAL FINANCIAL, INC. 2019 FINANCIAL OUTLOOK CONFERENCE CALL PRESENTATION DECEMBER 6, 2018 UNLOCKING GROWTH BY BRINGING FINANCIAL OPPORTUNITY TO MORE CUSTOMERS Differentiated Business Mix Leading
More informationAccenture PLC Undergraduate Analyst Report. Alexander Anisimov Robert Bailey
Accenture PLC 2014 Undergraduate Analyst Report Alexander Anisimov Robert Bailey Analyst Report Ticker: ACN 03/31/2014 UG Student Managed Fund Accenture Plc Key Financial Metrics Market Cap: $50.88B ROE:
More informationStatistical Information Package Q4 2016
Statistical Information Package Q4 2016 TABLE OF CONTENTS Page Page Financial Reporting Structure 1 Asset Information Notes to Readers 2 Asset Composition and Quality Financial Highlights 3 Portfolio Composition
More informationFULL YEAR RESULT DEMONSTRATES STRONG BUSINESS MOMENTUM
FULL YEAR RESULT DEMONSTRATES STRONG BUSINESS MOMENTUM Group assets under management $81 billion, up 16% Record normalised net profit before tax 1 $547 million, up 8% Record normalised net profit after
More informationStatistical Information Package Q3 2017
Statistical Information Package Q3 2017 TABLE OF CONTENTS Page Page Financial Reporting Structure 1 Asset Information Notes to Readers 2 Asset Composition and Quality Financial Highlights 3 Portfolio Composition
More informationTEAM INDEX. Image from: https://commons.wikimedia.org/wiki/file:cdw_logo.svg
TEAM INDEX Image from: https://commons.wikimedia.org/wiki/file:cdw_logo.svg CDW RECOMMENDATION Valuation Date: January 4, 2018 Current Price: $72.93 Ticker: CDW Recommendation: Hold Target Price: $75.33
More informationStatistical Information Package Q2 2017
Statistical Information Package Q2 2017 TABLE OF CONTENTS Page Page Financial Reporting Structure 1 Asset Information Notes to Readers 2 Asset Composition and Quality Financial Highlights 3 Portfolio Composition
More informationAnalyst's Notes. Argus Recommendations
Report created Jan 17, 2018 Page 1 OF 5 Citigroup is one of world's largest banks, with global consumer banking, corporate banking, and investment banking operations. Of the largest U.S. banks, Citigroup
More informationIndustry: CABLE TV August 7, 2013 Recommendation: BUY. Company Overview
Price Target $74.09 Price (08/07/2013) $61.11 52-WK ($) 47.71-67.85 Market Cap ($M) $34,000 Outstanding Shares 556 Insider % 7.0 Revenue $30,750 Valuation TEV ($M) $50,590 EBITDA ($M) $7,480 EV/EBITDA
More informationPlatinum Asset Management
AUSTRALIA PTM AU Price (at 06:10, 11 Jul 2016 GMT) Neutral A$5.52 Valuation A$ - DCF (WACC 9.3%, beta 1.2, ERP 5.0%, RFR 3.3%) 5.19 12-month target A$ 5.36 12-month TSR % +2.6 Volatility Index Low/Medium
More informationW. P. Carey & Co., L. L. C. Highlights. Industry: Financial Asset Mgmt / Real Estate. Date: March 14, 2008
NYSSA Student Research This report is published for educational purposes only by students competing in the New York Society of Security Analysts Investment Research Challenge. Industry: Financial Asset
More informationDai-ichi Life s Investment Strategy. Tatsusaburo Yamamoto Executive Officer and General Manager, Investment Dept.
Dai-ichi Life s Investment Strategy Tatsusaburo Yamamoto Executive Officer and General Manager, Investment Dept. Review of results (Asset Allocation) Given the low interest rates in Japan, we limited JGB
More informationMorgan Stanley Reports Second Quarter 2014:
Media Relations: Michele Davis 212-761-9621 Investor Relations: Celeste Mellet Brown 212-761-3896 Morgan Stanley Reports Second Quarter 2014: Net Revenues of $8.6 Billion and Earnings per Diluted Share
More informationHarley-Davidson, Inc Fourth Quarter Update January 29, 2013
Mon. 4/19 AM Harley-Davidson, Inc. 2012 Fourth Quarter Update January 29, 2013 2013 CVO TM Breakout TM Introduction Amy Giuffre, Director, Investor Relations Opening Remarks Keith Wandell, CEO H-D, Inc.
More informationBUY Target Price, Rp 4,350 Upside 11,9%
Friday, 9 May 214 BUY Target Price, Rp 4,350 Upside 11,9% SMSM IJ/SMSM.JK Last Price, Rp 3,885 No. of shares (bn) 1,439 Market Cap, Rp bn 5,591 (US$ mn) 484 3M T/O, US$mn 0.2 Last Recommendation 09Jan14
More information(Transcript) Head of. and Head of Product. Yoon, VP. 2012, and. including. First, the. in at 502
Samsung Life Insurance 1H FY2012 Earnings Results (Transcript) November 9, 2012 Jungsun Lee, General Manager (IR Team): Good afternoon, my name is Jungsun Lee, General Manager at the IR team. I would like
More informationArrow Electronics, Inc. Second Quarter 2006 Earnings Call. July 25, 2006
Arrow Electronics, Inc. Second Quarter 2006 Earnings Call July 25, 2006 Welcome Sabrina Weaver Director, Investor Relations Safe Harbor Statement Some of the comments to be made on this morning s s call
More informationStatistical Information Package Q1 2017
Statistical Information Package Q1 2017 TABLE OF CONTENTS Page Page Financial Reporting Structure 1 Asset Information Notes to Readers 2 Asset Composition and Quality Financial Highlights 3 Portfolio Composition
More informationManagement Policy. Declaration of Quality Assurance
Management Philosophy For more than 100 years since our foundation in 1902, we have endeavored to embody our Customer First principle. We will continue to position this management philosophy as our permanent
More informationBank of Queensland. Full Year Results 31 August 2008
Bank of Queensland Full Year Results 31 August 2008 Agenda Result highlights David Liddy Managing Director & CEO Financial result in detail Ram Kangatharan Group Executive & CFO BOQ Portfolio Ram Kangatharan
More informationInvestment Meeting: Summary of Views 18 April 2018
Investment Meeting: Summary of Views 18 April 2018 Macro Overview No change in view from last meeting. Market is still pricing in 80% probability of a 25 bps at June 13 meeting. Current data are not supportive
More informationE 2015E
IAR Systems Group AB Q2 Upside earnings surprise Analyst: Johan Broström +46 70 428 31 74 Date: 22 August 2014 Margins for IAR Systems were an upside surprise in Q2, pushing operating profit to SEK 12.7
More informationFall Business Update. October 19, 2018
Fall Business Update October 19, 2018 Introduction Jennifer Como Vice President Investor Relations 2 Agenda Walt Bettinger, President and Chief Executive Officer Peter Crawford, EVP and Chief Financial
More informationAchieving our goals. Achieving success.
2 014 ANNUAL REPORT Achieving our goals. Achieving success. 2014 GAAP FinAnciAl HiGHliGHts ($ in millions, except per share data) 2014 2013 % or Point Change Better (Worse) Insurance Operations Net premiums
More information