Contents. About the author. Introduction
|
|
- Victoria Park
- 8 years ago
- Views:
Transcription
1 Contents About the author Introduction 1 Retail banks Overview: bank credit analysis and copulas Bank risks Bank risks and returns: the profitability, liquidity and solvency trade-off Credit risk Liquidity risk Interest rate risk Leverage or solvency risk Operational risk Other risks Bank failures Creating stability CAMELS analysis Sources of information Capital adequacy Capital adequacy: principal ratios Market approach Regulatory approach Asset quality Credit risk management Investment and loan portfolio Asset quality: principal ratios Management Management competence Management quality: measurement Principal ratios Management measure Efficiency ratio (Non-interest expense/total income) Management measure Profitability ratios (ROA and ROE) Sources of information on management Direct interviews Market perceptions Peer bank opinions Bank regulators Customers Accounting companies Rating agencies Characteristics of successful bank management Earnings How banks make profits Earnings analysis trail Earnings analysis trail steps Step 1: net interest income Step 2: other income Step 3: operating expenses (overhead expenses) Step 4: provision for loan losses Step 5: income before taxes Step 6: net extraordinary items Step 7: net income
2 Liquidity Depositor confidence Measuring constraints Liquidity factors Types of liquid assets Back-up lines of credit Measuring liquidity levels Liquidity: principal ratios Other ratios Cash flow analysis of banks The statement of cash flows: US GAAP and IFRS comparison Objectives of the statement Statement of cash flows: SFAS No. 95 model Cash and cash equivalents Contents of the statement The direct and indirect methods Guidelines specific to financial institutions Worksheet for preparation of the statement Using the statement Cash flow ratios International Accounting Standard (December 1992 and as further amended) Cash flow statements Presentation of a cash flow statement Operating activities Investing activities Financing activities Net reporting by financial institutions Differences between the SFAS No. 95 and IAS 7 models Case Study 1: Credit Bank: cash flow analysis Other analytical tools and issues Common size financial statements Sensitivity to market risk The flow approach to liquidity measurement Interest rate risk measurement methods Measurement system approaches Gap analysis Example 1: maturity gap analysis Example 2: interest rate gap analysis Simulation analysis Duration analysis Value at risk IFRS and market risk Other market risk factors Limitations of ratio analysis CAMELS summary Appendix 1.1 BIS core principles for effective banking supervision Supervisory powers, responsibilities and functions Prudential regulations and requirements Appendix 1.2 The Basel Pillars Market risk Operational risk Appendix 1.3 Good credit practices Character Capacity Capital Conditions
3 Collateral Character lending Risk concentrations Appendix 1.4 Advanced topics: RAROC Appendix 1.5 Selected rating agencies Appendix 1.6 Market ratios Appendix 1.7 Bank profitability: the DuPont model ROA decomposition PM decomposition AU decomposition The DuPont model: a financial institution application Case study 2: Credit Bank Part 1: DuPont analysis Verification Appendix 1.8 IFRS applications to banks IAS 32 Financial Instruments: Presentation Scope Key definitions Classification as liability or equity Example preference shares Example issuance of fixed monetary amount of equity instruments Example one party has a choice over how an instrument is settled Contingent settlement provisions Puttable instruments and obligations arising on liquidation Classifications of rights issues Compound financial instruments Treasury shares Offsetting Costs of issuing or reacquiring equity instruments Disclosures IFRS 7 Financial Instruments: Disclosures Scope Balance sheet Income statement Other disclosures Accounting policies Hedge accounting Fair value Day 1 profit or loss Qualitative risk disclosures Quantitative risk disclosures Credit risk Liquidity risk Market risk IAS 1 amendment IFRS 9 Financial Instruments (Phase 1: Classification and Measurement) Overview of IFRS Financial Instruments Fair value option 2 Insurance companies Insurance company business model Financial and sovereign debt crisis: lessons learned Scope of insurance business Insurance concepts Types of insurance companies Stock insurers Mutual insurers Lloyd s Associations American Lloyd s Health plans and organisations
4 Agents and brokers Agents Brokers Types of insurance Life insurance Variable life insurance Universal life insurance Property-casualty insurance Health insurance Types of marketing systems Life insurance marketing systems General agency system Managerial (branch office) system Direct-response system Property-casualty insurance marketing systems Independent agency system Exclusive agency system Direct writer Direct-response system Mixed systems Life insurance companies Investment policies Return objectives Risk constraints Liquidity constraints Time horizon constraints Best policy Investment policies of property-casualty insurance companies Return objectives and risk constraint profile Return objectives Risk constraints Liquidity constraints Time horizon Best policy Regulation of insurance companies Maintain insurer solvency Compensate for inadequate consumer knowledge Ensure reasonable rates Make insurance available Specific areas of regulation Formation and licensing of insurers Financial regulation Admitted assets Reserves Surplus Risk-based capital Investments Limitation on expenses Dividend policy Reports and examinations Liquidation of insurers Rate regulation Policy forms Sales practice and consumer protection Asset and liability management Liabilities and capital Assets Risk Portfolio strategy Insurance company insolvency
5 Increased need for bank funds Credit analysis Knowing management and the nature of the life insurer s business Basic tools for credit analysis The difficulty of comparing life insurance companies Risk categories for life insurance companies Investment risk: what to look for Quality of investment assets Poor average yield Policy loans Quoted market values versus original cost Underwriting risk: what to look for Profit margin Change in product mix Lapse rate Profitability Net losses High spending levels Rate of change in premium revenues Other factors Factors affecting surplus Change in the surplus account Reinsurance agreements and non-admitted assets Condition of subsidiaries Cash flow Cash flow deficits Analysing the financial statements of life insurance companies Important factors Property-casualty insurance Consumer lines Commercial lines Credit analysis and primary risks of property-casualty insurers Property-casualty insurance companies interpreting the numbers Basic unpredictability of property-casualty insurance Influence of regulation and statutory accounting IFRS and US GAAP accounting Credit analysis of property-casualty companies Cash flow Premium growth Underwriting experience Underwriting cycles Reinsurance Capital adequacy Investment income Investment holdings Structuring of portfolios Investments in other companies Performance measures Reserving and reserve analysis Other strength and stability factors Liquidity Change in surplus Non-admitted assets and non-insurance subsidiaries Management Ratio analysis Life insurer ratios Growth in net premiums written Investment income/total investments Payments to policyholders/total income Surrenders/premium income
6 Expenses/premium income Investment reserve/premium income Surplus/total assets Property-casualty insurer ratios Growth in net premiums written Net premiums written/gross premiums written Claims ratio: paid losses/earned premiums Total loss ratio Expense ratio: commissions, underwriting and operating expenses/net premiums written Combined ratio: total loss ratio + expense ratio Operating ratio: combined ratio investment income/net premiums written Paid losses/incurred losses Incurred loss ratio: incurred losses/earned premiums Unearned premiums reserve/net premiums written Outstanding claims reserve/net claims incurred Premium solvency ratio: net worth/net premiums written Reserves solvency ratio: outstanding claims reserves/net worth Premiums surplus ratio: net premiums written/net worth Appendix 2.1 Insurance companies and IFRS Financial statement presentation Optional exemptions Mandatory exceptions Appendix 2.2 Sample comparison of insurance companies 3 Investment banks How investment banks make money Types of activities Investment banking Corporate finance and financial engineering Securities trading Mergers and acquisitions Fund and asset management Venture capital Asset securitisation Risk management Market risk Credit risk Operating risk Liquidity risk Other risks Credit analysis of investment banks The statement of financial condition (the balance sheet) Cash and equivalents Customer and broker receivables Financial instruments owned Resale agreements Bank loans Repurchase agreements Payables Trading liabilities Long-term debt and equity The statement of income Ratios Financial statements: a hypothetical example Appendix 3.1 VaR analysis The definition of VaR VaR methodologies Parametric (statistical) analysis (also called the variance/covariance method)
7 Historical analysis Historical simulation analysis Stochastic (Monte Carlo) simulation analysis Stress simulation analysis Problems associated with VaR analysis Applications of VaR for the investment manager Using VaR to help construct more efficient portfolios Use of VaR in performance measurement Summary: VaR versus standard deviation as a measure of risk 4 Finance companies Finance company analysis Types of activity Retail passenger automobile paper Mobile home/trailer financing Revolving consumer instalment credit Second-mortgage loans Example Evaluating consumer credit applications Credit scoring Importance of receivables Business receivables wholesale paper Business receivables retail Consumer receivables Types of debt Liability management Bank loans Money market funds Bonds and other long-term debt financing Equity capital Ratio analysis Preliminary indicators Asset quality ratios Leverage ratios Earnings ratios Risks Credit risk Interest rate risk Liquidity risk Operational risk Foreign exchange risk Finance company balance sheet structure Assets Liabilities and equity Income statement structure Case study: analysis of finance company ratios Consumer finance companies Diversified finance companies Outlook Appendix 4.1 Finance company balance sheet strength Assets quality Asset quality ratios Receivables growth rate and portfolio characteristics Market risk and interest rate risk Value at Risk index Funding/liquidity Capital and leverage Double leverage at the holding company Operating performance Core earnings trends and quality
8 Effective tax rate Individual business line profitability Yields on average assets by niche segments Various costs of funds Overall return and profitability 5 Leasing companies Types of leases Sale and leaseback Operating leases Direct financing leases Leveraged lease Financial statement effects: lessee Analysing the balance sheet Accounting note Receivables Residual values Reserve for losses Investment tax credit Other assets Liabilities Shareholders equity Economics of leasing Analysing the income statement Acquisition income Quality of earnings Residual history Delinquency Extension policy Charge-off policy Gross margins Use of ratios Appendix 5.1 Deferred taxes Deferred tax illustration Appendix 5.2 Accounting for leases: lessor Operating leases Sales-type leases Direct financing leases Example of accounting for a direct financing lease Leveraged leases Disclosure requirements under IAS 17: lessor Appendix 5.3 International Accounting Standard 17 (IAS 17): Leases Background Objective of the proposed revision to IAS 17 Current financial statement presentation Operating lease option Finance lease option Accounting for lessee Lessee recognition of the lease (lessee model) Accounting for lessor Lessor recognition of the lease (lessor model) 6 Investment management companies Investment company Investment policies for investment companies Investment company s balance sheet Cash and cash equivalents Investment securities Receivables Goodwill and intangible assets Long-term debt
9 Equity Investment company s income statement (profit and loss statement) Revenues Operating expenses: underwriting and distribution Performance Mutual fund performance Mutual fund categories Fund credit analysis: sources of information Investment fund financial statements Fund credit analysis: open-end funds Net asset value Evaluating performance Payment of dividends Payment of capital gains distributions Increase in NAV Calculating performance Fund expenses Hedge funds Key characteristics of hedge funds What is a fund of hedge funds? Hedge fund strategies Hedge fund credit analysis Appendix 6.1 GIPS Why is a global standard needed? GIPS vision statement Objectives Overview Scope Historical performance record Compliance Implementing a global standard Basic elements Scope and purpose of verification 7 Pension funds Introduction Investment policies for pension plans Best investment policies for pension funds Credit analysis of pension funds Pension funding contributions Return on assets Benefits Service cost Interest cost Actuarial gains and losses Prior service cost Benefits Quantitative assessment Qualitative assessment
Dumfries Mutual Insurance Company Financial Statements For the year ended December 31, 2010
Dumfries Mutual Insurance Company Financial Statements For the year ended December 31, 2010 Contents Independent Auditors' Report 2 Financial Statements Balance Sheet 3 Statement of Operations and Unappropriated
More informationInternational Accounting Standard 32 Financial Instruments: Presentation
EC staff consolidated version as of 21 June 2012, EN EU IAS 32 FOR INFORMATION PURPOSES ONLY International Accounting Standard 32 Financial Instruments: Presentation Objective 1 [Deleted] 2 The objective
More informationVII. Consolidated financial statements Credit Suisse (Bank) 281 Report of the Group Auditors. 283 Consolidated statements of income
VII Consolidated financial statements Credit Suisse (Bank) 281 Report of the Group Auditors 283 Consolidated statements of income 284 Consolidated balance sheets 286 Statements of changes in shareholder
More informationNotes to Consolidated Financial Statements Note 1: Basis of Presentation
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS to Consolidated Financial Statements Note 1: Basis of Presentation Bank of Montreal ( the bank ) is a public company incorporated in Canada having its registered
More informationIndian Accounting Standard (Ind AS) 32 Financial Instruments: Presentation
Indian Accounting Standard (Ind AS) 32 Financial Instruments: Presentation Contents Paragraphs Objective 2 3 Scope 4 10 Definitions 11 14 Presentation 15 50 Liabilities and equity 15 27 Puttable instruments
More informationThe accompanying notes constitute an integral part of the Financial Statements.
Consolidated Statement of Financial Position Assets Note As at December 31 1022 1020 Intangible assets 4 797,997 785,585 Deferred tax assets 78 9,357 5,565 Deferred acquisition costs 5 8,535,538 949,585
More informationSAGICOR FINANCIAL CORPORATION
Interim Financial Statements Nine-months ended September 30, 2015 FINANCIAL RESULTS FOR THE CHAIRMAN S REVIEW The Sagicor Group recorded net income from continuing operations of US $60.4 million for the
More informationData Compilation Financial Data
Data Compilation Financial Data CONTENTS 1. Transition of Significant Management Indicators, etc. Japan Post Group (Consolidated) 122 Japan Post Holdings Co., Ltd. (Non-consolidated) 122 Japan Post Co.,
More informationFinancial Accounting
e-learning and reference solutions for the global finance professional Financial Accounting A comprehensive and practical online guide for the basics of financial accounting After completing this course
More informationHalwell Mutual Insurance Company Financial Statements For the year ended December 31, 2014
Financial Statements For the year ended Contents Independent Auditor's Report 2 Financial Statements Statement of Financial Position 3 Statement of Comprehensive Income 4 Statement of Members Surplus 5
More informationConsolidated financial statements 2014. Zurich Insurance Group Annual Report 2014
Consolidated financial statements 2014 Annual Report 2014 2 Annual results 2014 Consolidated financial statements Contents Consolidated income statements 3 Consolidated statements of comprehensive income
More informationFOURTH QUARTER 2015 FINANCIAL SUPPLEMENT
FOURTH QUARTER 2015 FINANCIAL SUPPLEMENT 1 FORWARD-LOOKING STATEMENTS AND ADDITIONAL INFORMATION The following should be read in conjunction with the financial statements, notes and other information contained
More informationMORGAN STANLEY Financial Supplement - 4Q 2015 Table of Contents
Page # MORGAN STANLEY Financial Supplement - 4Q 2015 Table of Contents 1. Quarterly Consolidated Financial Summary 2. Quarterly Consolidated Income Statement Information 3. Quarterly Consolidated Financial
More informationJackson National Life Global Funding U.S. $9,000,000,000
BASE PROSPECTUS SUPPLEMENT Jackson National Life Global Funding U.S. $9,000,000,000 GLOBAL DEBT ISSUANCE PROGRAM This supplement (this Base Prospectus Supplement ) is supplemental to and must be read in
More informationControls and accounting policies
Controls and accounting policies Controls and procedures Management s responsibility for financial information contained in this Annual Report is described on page 92. In addition, the Bank s Audit and
More informationFortis Financial Statements 2006
Fortis Financial Statements 2006 Fortis Financial Statements 2006 Fortis Consolidated Financial Statements Report of the Board of Directors of Fortis SA/NV and Fortis N.V. Fortis SA/NV Financial Statements
More informationNN Group N.V. 30 June 2015 Condensed consolidated interim financial information
Interim financial information 5 August NN Group N.V. Condensed consolidated interim financial information Condensed consolidated interim financial information contents Condensed consolidated interim
More informationWe believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Financial Statements MNP INDEPENDENT AUDITOR'S REPORT To the Policyholders of Grenville Mutual Insurance Company We have audited the accompanying financial statements of Grenville Mutual Insurance Company,
More informationSupplementary Financial Information
Supplementary Financial Information For the period ended April 30, 2016 For further information, please contact: John Ferren, Senior Vice-President, Corporate CFO and Investor Relations (416) 980-2088
More informationMorgan Stanley Reports Third Quarter 2015:
Media Relations: Michele Davis 212-761-9621 Investor Relations: Kathleen McCabe 212-761-4469 Morgan Stanley Reports Third Quarter 2015: Net Revenues of $7.8 Billion and Earnings per Diluted Share of $0.48
More informationAmerican International Group, Inc. Financial Supplement Fourth Quarter 2005
Financial Supplement Fourth Quarter 2005 This report should be read in conjunction with AIG's Annual Report on Form 10-K for the year ended December 31, 2005 filed with the Securities and Exchange Commission.
More informationFirst Quarter Report January 31, 2015
First Quarter Report January 31, 2015 PWC CAPITAL INC. ANNOUNCES RESULTS FOR ITS FIRST QUARTER ENDED JANUARY 31, 2015 FIRST QUARTER SUMMARY (1) (compared to the same periods in the prior year unless otherwise
More informationFinancial Review. 16 Selected Financial Data 18 Management s Discussion and Analysis of Financial Condition and Results of Operations
2011 Financial Review 16 Selected Financial Data 18 Management s Discussion and Analysis of Financial Condition and Results of Operations 82 Quantitative and Qualitative Disclosures About Market Risk 90
More informationSSAP 24 STATEMENT OF STANDARD ACCOUNTING PRACTICE 24 ACCOUNTING FOR INVESTMENTS IN SECURITIES
SSAP 24 STATEMENT OF STANDARD ACCOUNTING PRACTICE 24 ACCOUNTING FOR INVESTMENTS IN SECURITIES (Issued April 1999) The standards, which have been set in bold italic type, should be read in the context of
More informationPhilippine Financial Reporting Standards (Adopted by SEC as of December 31, 2011)
Standards (Adopted by SEC as of December 31, 2011) Philippine Financial Reporting Framework for the Preparation and Presentation of Financial Statements Conceptual Framework Phase A: Objectives and qualitative
More informationIFRS IN PRACTICE. IAS 7 Statement of Cash Flows
IFRS IN PRACTICE IAS 7 Statement of Cash Flows 2 IFRS IN PRACTICE - IAS 7 STATEMENT OF CASH FLOWS TABLE OF CONTENTS 1. Introduction 3 2. Definition of cash and cash equivalents 4 2.1. Demand deposits 4
More informationGrowing with. our customers. Bâloise-Holding Financial Report 2006
Growing with our customers Bâloise-Holding Financial Report 2006 Contents Consolidated annual financial statements of the Baloise Group Consolidated balance sheet 2 Consolidated income statement 4 Consolidated
More informationConverted Financial Statements - Formulas For the Year 2006
Consolidated Summary Report < under US GAAP> for the Fiscal Year Ended March 31, 2001 Date: August 2, 2001 Company Name (code number) : Mitsubishi Tokyo Financial Group, Inc. (8306) (The Mitsubishi Trust
More informationSamsung Life Insurance Co., Ltd. Separate Financial Statements March 31, 2013 and 2012
Separate Financial Statements Index Page(s) Report of Independent Auditors 1-2 Separate Financial Statements Statements of Financial Position 3 Statements of Comprehensive Income 4 5 Statements of Changes
More informationCitibank Japan, LTD ( CJL ) 2-3-14 Higashi-shinagawa, Shinagawa-ku, Tokyo Representative Director, President & CEO Darren Buckley
Financial Publication for Fiscal Year Ended March 31, 2009 June 30, 2009 Citibank Japan, LTD ( CJL ) 2-3-14 Higashi-shinagawa, Shinagawa-ku, Tokyo Representative Director, President & CEO Darren Buckley
More informationRating Methodology for Domestic Life Insurance Companies
Rating Methodology for Domestic Life Insurance Companies Introduction ICRA Lanka s Claim Paying Ability Ratings (CPRs) are opinions on the ability of life insurance companies to pay claims and policyholder
More informationMORGAN STANLEY Financial Supplement - 3Q2004 Table of Contents
Financial Supplement - 3Q2004 Table of Contents Page # 1. Financial Summary 2. Quarterly Consolidated Income Statement 3. Quarterly Total Company Financial Information and Statistical Data 4. Quarterly
More informationNEPAL ACCOUNTING STANDARDS ON CASH FLOW STATEMENTS
NAS 03 NEPAL ACCOUNTING STANDARDS ON CASH FLOW STATEMENTS CONTENTS Paragraphs OBJECTIVE SCOPE 1-3 BENEFITS OF CASH FLOWS INFORMATION 4-5 DEFINITIONS 6-9 Cash and cash equivalents 7-9 PRESENTATION OF A
More informationFOR IMMEDIATE RELEASE
FOR IMMEDIATE RELEASE FirstMerit Corporation Analysts: Thomas O Malley/Investor Relations Officer Phone: 330.384.7109 Media Contact: Robert Townsend/Media Relations Officer Phone: 330.384.7075 FirstMerit
More informationTHE YARMOUTH MUTUAL FIRE INSURANCE COMPANY Financial Statements For the year ended December 31, 2014
Financial Statements For the year ended Financial Statements For the year ended Table of Contents Page Independent Auditor's Report 2 Statement of Financial Position 3 Statement of Comprehensive Income
More information2016 Comprehensive Capital Analysis and Review
BMO Financial Corp. and BMO Harris Bank N.A. 206 Comprehensive Capital Analysis and Review Dodd-Frank Act Company-Run Stress Test Supervisory Severely Adverse Scenario Results Disclosure June 23, 206 Overview
More informationINDUSTRIAL-ALLIANCE LIFE INSURANCE COMPANY. FIRST QUARTER 2000 Consolidated Financial Statements (Non audited)
INDUSTRIAL-ALLIANCE LIFE INSURANCE COMPANY FIRST QUARTER 2000 Consolidated Financial Statements (Non audited) March 31,2000 TABLE OF CONTENTS CONSOLIDATED INCOME 2 CONSOLIDATED CONTINUITY OF EQUITY 3 CONSOLIDATED
More informationFOR IMMEDIATE RELEASE
Exhibit 99.1 FOR IMMEDIATE RELEASE FirstMerit Corporation Analysts: Thomas O Malley/Investor Relations Officer Phone: 330.384.7109 Media Contact: Robert Townsend/Media Relations Officer Phone: 330.384.7075
More informationProperty and Liability Insurance Accounting (Passing grade for this exam is 60)
Supplemental Background Material NAIC Examiner Project Course AFE 4 Property and Liability Insurance Accounting (Passing grade for this exam is 60) Please note that this study guide is a tool for learning
More informationSUMITOMO DENSETSU CO., LTD. AND SUBSIDIARIES. Consolidated Financial Statements
SUMITOMO DENSETSU CO., LTD. AND SUBSIDIARIES Consolidated Financial Statements Report of Independent Public Accountants To the Board of Directors of Sumitomo Densetsu Co., Ltd. : We have audited the consolidated
More informationNote 2 SIGNIFICANT ACCOUNTING
Note 2 SIGNIFICANT ACCOUNTING POLICIES BASIS FOR THE PREPARATION OF THE FINANCIAL STATEMENTS The consolidated financial statements have been prepared in accordance with International Financial Reporting
More informationAmerican International Group, Inc.
Financial Supplement Fourth Quarter 2013 All financial information in this document is unaudited. This report should be read in conjunction with AIG s Annual Report on Form 10-K for the year ended December
More informationi) Question Type The following are guidelines on the type of questions and their approximate weightings:
Purpose Financial Accounting: Liabilities & Equities [FA3] Examination Blueprint 2014/2015 The Financial Accounting: Liabilities & Equities [FA3] examination has been constructed using an examination blueprint.
More informationDisclosure 17 OffV (Credit Risk Mitigation Techniques)
Disclosure 17 OffV (Credit Risk Mitigation Techniques) The Austrian Financial Market Authority (FMA) and the Oesterreichsiche Nationalbank (OeNB) have assessed UniCredit Bank Austria AG for the use of
More informationFINANCIAL REVIEW. 18 Selected Financial Data 20 Management s Discussion and Analysis of Financial Condition and Results of Operations
2012 FINANCIAL REVIEW 18 Selected Financial Data 20 Management s Discussion and Analysis of Financial Condition and Results of Operations 82 Quantitative and Qualitative Disclosures About Market Risk 88
More informationAsset Liability Management
e-learning and reference solutions for the global finance professional Asset Liability Management A comprehensive e-learning product covering Global Best Practices, Strategic, Operational and Analytical
More informationLIFE INSURANCE RATING METHODOLOGY CREDIT RATING AGENCY OF
LIFE INSURANCE RATING METHODOLOGY CREDIT RATING AGENCY OF BANGLADESH LIMITED 1 CRAB S RATING PROCESS An independent and professional approach of the CRAB is designed to ensure reliable, consistent and
More informationINDEX TO FINANCIAL STATEMENTS. Balance Sheets as of June 30, 2015 and December 31, 2014 (Unaudited) F-2
INDEX TO FINANCIAL STATEMENTS Page Financial Statements Balance Sheets as of and December 31, 2014 (Unaudited) F-2 Statements of Operations for the three months ended and 2014 (Unaudited) F-3 Statements
More informationData Compilation Financial Data
Data Compilation Financial Data CONTENTS 1. Transition of Significant Management Indicators, etc. Japan Post Group (Consolidated) 124 Japan Post Service Co., Ltd. (Non-consolidated) 125 Japan Post Holdings
More informationFinansinspektionen s Regulatory Code
Finansinspektionen s Regulatory Code Publisher: Finansinspektionen, Sweden, www.fi.se ISSN 1102-7460 This document is furnished for informational purposes only and is not itself a legal document. Regulations
More informationInterim Financial Statements. Opsens Inc. (after merger) Three-month period ended November 30, 2006
Interim Financial Statements Opsens Inc. (after merger) Three-month period ended Interim Financial Statements Three-month period ended Notice These interim financial statements have not been reviewed by
More informationStarr Insurance & Reinsurance Limited and Subsidiaries
Starr Insurance & Reinsurance Limited and Subsidiaries Financial Statements Table of Contents Page Independent Auditors Report 1 Financial Statements Consolidated Balance Sheet 2 Consolidated Statement
More informationSolvency Standard for Non-life Insurance Business 2014 (markup)
Solvency Standard for Non-life Insurance Business 2014 (markup) Prudential Supervision Department Issued: December 2014 Ref #5966703 v1.21.7 2 Table of Contents 1. INTRODUCTION... 4 1.1. Authority... 4
More informationAsset Quality Section 219
Leasing Activities A lease is a contract between the owner of a property, the lessor, and a person or company authorized by the lease contract, the lessee, to use the property. The lease contract specifies
More informationUNITED COMMUNITY BANKS, INC. (Exact name of registrant as specified in its charter)
[X] UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended
More informationVALIDUS ANNOUNCES 2015 FULL YEAR NET INCOME OF $374.9 MILLION 2015 NET OPERATING RETURN ON AVERAGE EQUITY OF 11.3%
VALIDUS ANNOUNCES 2015 FULL YEAR NET INCOME OF $374.9 MILLION 2015 NET OPERATING RETURN ON AVERAGE EQUITY OF 11.3% BOOK VALUE PER DILUTED COMMON SHARE OF $42.33 AT DECEMBER 31, 2015 Pembroke, Bermuda,
More informationMetropolitan Holdings Limited Group accounting policies used in preparation of the restated financial information under International Financial
Metropolitan Holdings Limited Group accounting policies used in preparation of the restated financial information under International Financial Reporting Standards (IFRS) and the interim results for the
More informationCertification Program on Corporate Treasury Management
Certification Program on Corporate Treasury Management Introduction to corporate treasury management Introduction to corporate treasury management: relevance, scope, approach and issues Understanding treasury
More informationQuarterly Financial Supplement - 1Q 2016
Quarterly Financial Supplement - 1Q 2016 Page # Consolidated Financial Summary... 1 Consolidated Income Statement Information... 2 Consolidated Financial Information and Statistical Data... 3 Consolidated
More informationGE Financial Assurance Holdings, Inc. (Exact name of registrant as specified in its charter)
SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K/A1 CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of report (Date of earliest event reported)
More informationTransition to International Financial Reporting Standards
Transition to International Financial Reporting Standards Topps Tiles Plc In accordance with IFRS 1, First-time adoption of International Financial Reporting Standards ( IFRS ), Topps Tiles Plc, ( Topps
More informationGENWORTH MI CANADA INC.
Condensed Consolidated Interim Financial Statements (In Canadian dollars) GENWORTH MI CANADA INC. Three and six months ended June 30, 2015 and 2014 Condensed Consolidated Interim Statements of Financial
More informationMarket Risk Capital Disclosures Report. For the Quarter Ended March 31, 2013
MARKET RISK CAPITAL DISCLOSURES REPORT For the quarter ended March 31, 2013 Table of Contents Section Page 1 Morgan Stanley... 1 2 Risk-based Capital Guidelines: Market Risk... 1 3 Market Risk... 1 3.1
More informationGuide to Financial Reporting In Irish Life & Permanent plc European Embedded Value and IFRS
Guide to Financial Reporting In Irish Life & Permanent plc European Embedded Value and IFRS This guide to financial reporting is designed to help investors and other users of our financial statements to
More informationStatement of Cash Flows
HKAS 7 Revised February November 2014 Hong Kong Accounting Standard 7 Statement of Cash Flows HKAS 7 COPYRIGHT Copyright 2014 Hong Kong Institute of Certified Public Accountants This Hong Kong Financial
More informationInternational Accounting Standard 7 Statement of cash flows *
International Accounting Standard 7 Statement of cash flows * Objective Information about the cash flows of an entity is useful in providing users of financial statements with a basis to assess the ability
More informationCorpBanca Announces First Quarter 2011 Financial Results and Conference Call on Tuesday, May 17, 2011
CorpBanca Announces First Quarter 2011 Financial Results and Conference Call on Tuesday, May 17, 2011 Santiago, Chile, CORPBANCA (NYSE: BCA), a Chilean financial institution offering a wide variety of
More informationMorgan Stanley Reports Fourth Quarter and Full Year 2015:
Media Relations: Michele Davis 212-761-9621 Investor Relations: Kathleen McCabe 212-761-4469 Morgan Stanley Reports Fourth Quarter and Full Year 2015: Fourth Quarter Net Revenues of $7.7 Billion and Earnings
More informationHow To Calculate Financial Leverage Ratio
What Do Short-Term Liquidity Ratios Measure? What Is Working Capital? HOCK international - 2004 1 HOCK international - 2004 2 How Is the Current Ratio Calculated? How Is the Quick Ratio Calculated? HOCK
More informationOppenheimer & Co. Inc. and Subsidiaries Consolidated Statement of Financial Condition June 30, 2011 (Unaudited)
Oppenheimer & Co. Inc. and Subsidiaries Consolidated Statement of Financial Condition June 30, 2011 (Unaudited) Index Page(s) Consolidated Statement of Financial Condition...1-2..3-16 Consolidated Statement
More informationRabobank Group. Consolidated Financial Statements 2005. prepared in accordance with International Financial Reporting Standards
Rabobank Group Consolidated Financial Statements 2005 prepared in accordance with International Financial Reporting Standards Rabobank Group Consolidated Financial Statements 2005 This publication, the
More informationIndian Accounting Standard (Ind AS) 7 Statement of Cash Flows
Contents Indian Accounting Standard (Ind AS) 7 Statement of Cash Flows Paragraphs OBJECTIVE SCOPE 1 3 BENEFITS OF CASH FLOW INFORMATION 4 5 DEFINITIONS 6 9 Cash and cash equivalents 7 9 PRESENTATION OF
More informationINSURANCE RATING METHODOLOGY
INSURANCE RATING METHODOLOGY The primary function of PACRA is to evaluate the capacity and willingness of an entity / issuer to honor its financial obligations. Our ratings reflect an independent, professional
More informationIFrS. Disclosure checklist. July 2011. kpmg.com/ifrs
IFrS Disclosure checklist July 2011 kpmg.com/ifrs Contents What s new? 1 1. General presentation 2 1.1 Presentation of financial statements 2 1.2 Changes in equity 12 1.3 Statement of cash flows 13 1.4
More informationGermania Mutual Insurance Company Financial Statements For the year ended December 31, 2014
Germania Mutual Insurance Company Financial Statements For the year ended Financial Statements For the year ended Table of Contents Page Independent Auditor's Report 2 Statement of Financial Position 3
More informationACCOUNTING STANDARDS BOARD DECEMBER 2004 FRS 27 27LIFE ASSURANCE STANDARD FINANCIAL REPORTING ACCOUNTING STANDARDS BOARD
ACCOUNTING STANDARDS BOARD DECEMBER 2004 FRS 27 27LIFE ASSURANCE FINANCIAL REPORTING STANDARD ACCOUNTING STANDARDS BOARD Financial Reporting Standard 27 'Life Assurance' is issued by the Accounting Standards
More informationInternational Financial Reporting for Insurers: IFRS and U.S. GAAP September 2009 Session 25: Solvency II vs. IFRS
International Financial Reporting for Insurers: IFRS and U.S. GAAP September 2009 Session 25: Solvency II vs. IFRS Simon Walpole Solvency II Simon Walpole Solvency II Agenda Introduction to Solvency II
More information1 CONSOLIDATED FINANCIAL STATEMENTS (1) Consolidated Balance Sheets
1 CONSOLIDATED FINANCIAL STATEMENTS (1) Consolidated Balance Sheets As of March 31,2014 As of March 31,2015 Assets Cash and due from banks 478,425 339,266 Call loans and bills bought 23,088 58,740 Monetary
More informationBALANCE SHEET HIGHLIGHTS
Home Capital Reports Q1 Earnings: Diluted Earnings per Share of $0.92; adjusted diluted earnings per share of $0.96 Dividend of $0.24 per common share. Toronto, May 4, 2016 - Home Capital today reported
More informationCONSOLIDATED RESULTS AS AT 30 JUNE 2012
CONSOLIDATED RESULTS AS AT 30 JUNE 2012 THE IMPLEMENTATION OF THE PROJECT TO SIMPLIFY THE GROUP CORPORATE STRUCTURE CONTINUES, WITH POSITIVE EFFECTS ON CAPITAL AND SYNERGIES FURTHER IMPROVEMENT IN THE
More informationGuideline. Large Exposure Limits. Category: Prudential Limits and Restrictions. No: B-2 Date: August 2003. I. Introduction
Canada Bureau du surintendant des institutions financières Canada 255 Albert Street 255, rue Albert Ottawa, Canada Ottawa, Canada K1A 0H2 K1A 0H2 www.osfi-bsif.gc.ca Guideline Subject: Category: Prudential
More informationHow To Account For Financial Instruments In Australian Accounting Standard
Compiled Accounting Standard AASB 132 Financial Instruments: Presentation This compiled Standard applies to annual reporting periods beginning on or after 1 July 2007. Early application is permitted. It
More informationEXPLANATORY NOTES. 1. Summary of accounting policies
1. Summary of accounting policies Reporting Entity Taranaki Regional Council is a regional local authority governed by the Local Government Act 2002. The Taranaki Regional Council group (TRC) consists
More informationPART III. Consolidated Financial Statements of Hitachi, Ltd. and Subsidiaries: Independent Auditors Report 47
PART III Item 17. Financial Statements Consolidated Financial Statements of Hitachi, Ltd. and Subsidiaries: Schedule: Page Number Independent Auditors Report 47 Consolidated Balance Sheets as of March
More informationAcal plc. Accounting policies March 2006
Acal plc Accounting policies March 2006 Basis of preparation The consolidated financial statements of Acal plc and all its subsidiaries have been prepared in accordance with International Financial Reporting
More informationHAMILTON TOWNSHIP MUTUAL INSURANCE COMPANY FINANCIAL STATEMENTS AS AT DECEMBER 31, 2015
FINANCIAL STATEMENTS AS AT DECEMBER 31, 2015 TABLE OF CONTENTS AS AT DECEMBER 31, 2015 INDEPENDENT AUDITORS' REPORT 1 FINANCIAL STATEMENTS Balance Sheet 2 Statement of Surplus and Resources for Protection
More informationCORNING INCORPORATED AND SUBSIDIARY COMPANIES CONSOLIDATED STATEMENTS OF INCOME (Unaudited; in millions, except per share amounts)
CONSOLIDATED STATEMENTS OF INCOME (Unaudited; in millions, except per share amounts) Three months ended Nine months ended 2013 2012 2013 2012 sales $ 2,067 $ 2,038 $ 5,863 $ 5,866 Cost of sales 1,166 1,149
More informationSummary of Significant Differences between Japanese GAAP and U.S. GAAP
Summary of Significant Differences between Japanese GAAP and U.S. GAAP The consolidated financial statements of SMFG and its subsidiaries presented in this annual report conform with generally accepted
More informationARMADA DATA CORPORATION CONSOLIDATED FINANCIAL STATEMENTS MAY 31, 2015
CONSOLIDATED FINANCIAL STATEMENTS CONSOLIDATED FINANCIAL STATEMENTS I N D E X PAGE 1 Auditor s Report 2 Consolidated Statement of Financial Position 3 Consolidated Statement of Comprehensive Income 4 Consolidated
More informationFUNDY MUTUAL INSURANCE COMPANY CONSOLIDATED FINANCIAL STATEMENTS
CONSOLIDATED FINANCIAL STATEMENTS INDEX Page INDEPENDENT AUDITORS' REPORT 1-2 CONSOLIDATED FINANCIAL STATEMENTS Statement 1 - Consolidated Balance Sheet 3 Statement 2 - Consolidated General Reserve and
More informationAustralian Accounting Standards Board (AASB)
FACT SHEET September 2011 1023 General Insurance Contracts (This fact sheet is based on the standard as at 1 January 2011.) Important note: This standard is an Australian specific standard with no international
More informationInterim Statement For the half year to 30 September 2005 HIGHLIGHTS
Interim Statement For the half year to 30 September 2005 HIGHLIGHTS STRONG GROUP PROFIT PERFORMANCE Profit before Tax +28% Basic Earnings Per Share +30% Underlying Profit before Tax +8% Underlying Earnings
More informationConsolidated financial statements 2012
Consolidated financial statements 2012 Page 1 4.2 Consolidated financial statements 4.2.1 Consolidated income statement ( million) 2012 2011 Revenues (note 4) 41,270 42,628 Cost of goods and services sold
More informationSummary of Consolidated Business Results of Tokio Marine Holdings, Inc. under Japanese GAAP for the fiscal year ended March 31, 2016
Summary of Consolidated Business Results of Tokio Marine Holdings, Inc. under Japanese GAAP for the fiscal year ended March 31, 2016 May 20, 2016 Company Name: Tokio Marine Holdings, Inc. (the"company")
More informationFinding and retaining the right customers. Bâloise-Holding Financial Report 2005
Finding and retaining the right customers Bâloise-Holding Financial Report 2005 Contents Consolidated Annual Financial Statements of the Baloise Group Consolidated balance sheet 4 Consolidated income
More informationTD Bank Group Provides Supplementary Disclosures Related to Fiscal 2011 IFRS Results and Segment Change
TD Bank Group Provides Supplementary Disclosures Related to Fiscal IFRS Results and Segment Change TORONTO (January 26, 202) TD Bank Group (TD or the Bank) (TSX and NYSE: TD) today released a supplemental
More informationHSBC BANK CANADA FIRST QUARTER 2014 RESULTS
7 May 2014 HSBC BANK CANADA FIRST QUARTER 2014 RESULTS Profit before income tax expense for the quarter ended 2014 was C$233m, a decrease of 13.4% compared with the same period in and broadly unchanged
More informationGLOSSARY OF SELECTED INSURANCE AND RELATED FINANCIAL TERMS
In an effort to help our investors and other interested parties better understand our regular SEC reports and other disclosures, we are providing a Glossary of Selected Insurance Terms. Most of the definitions
More informationThailand. Thailand General Insurance. International Comparison of Insurance Taxation* May 2009. *connectedthinking. Definition Accounting Taxation
Thailand International Comparison of Insurance * May 2009 Thailand General Insurance Definition Definition of property and casualty insurance company Companies having been licensed to engage in the non-life
More information