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مارس 17, 2022

Ping An Insurance profit falls 29% amid premium income pressure

File Photo: A man walks past a branch of Ping An Bank, a subsidiary of Ping An Insurance, in Beijing, China. REUTERS/Thomas PeterRegister now for FREE unlimited access to Reuters.comRegister

Ping An annual net profit tanks 29% on year
Life, property and casualty insurance premiums down
Agent numbers slashed, bodes ill for future sales

SHANGHAI, March 17 (Reuters) – China’s Ping An (601318.SS), , the country’s largest insurer by market value, reported its biggest annual profit fall since 2008 on Thursday amid pressure on its premium income.Ping An posted a 29% fall in annual net profit to 101.6 billion yuan ($16 billion）in 2021 from 143.1 billion yuan, as premium income from life insurance fell 4.1% year-on-year to 490.3 billion yuan, while property and casualty insurance premium income fell 5.5% to 270 billion yuan.”Complex, severe economic situations across the world and resurgences of COVID-19 increased uncertainty in resident income expectations in 2021,” Ping An said in a filing, and this “tempered consumer spending on long-term protection products”.Register now for FREE unlimited access to Reuters.comRegisterAnother factor was a fall in the number of Ping An sales agents fell, which meant that its new business value of life and health insurance sank 23.6% to 37.9 billion yuan.Its army of insurance agents, once the jewel in Ping An’s crown, is set to shrink further, putting more pressure on sales.”In 2022, the number of agents may still fall quite a lot compared to the year before,” Huatai Securities said in a note published this month, adding that this “can only have an impact on the growth of new insurance policies”.PROPERTY EXPOSUREPing An has been shaken by growing concerns about its investments in a highly indebted property sector which faces a liquidity crunch amid a crackdown by Beijing on borrowing.While there are suggestions of an easing — from exempting M&A financing from the tighter restrictions to loosening mortgage lending — many developers are still feeling liquidity pressure, two people with knowledge said.Ping An said it had a total exposure of 54 billion yuan ($8.4 billion) to China Fortune Land Development Co last year as the developer faced mounting default pressure.Some analysts cautioned that the total property exposure of Ping An is much higher and still underestimated by the market, which will poses further credit risks.However, its Ping An Bank Co Ltd reported a 25.6% increase in annual profit for last year, compared to 2020, with the bank’s non-performing loan ratio down to 1.02% at end of December, from 1.05% three months ago.Ping An’s Shanghai-listed shares are down 9.72% in the year to date, compared with a 11.62% drop in the benchmark Shanghai Composite Index and a 8.11% fall in Hang Seng index.Register now for FREE unlimited access to Reuters.comRegisterReporting by Engen Tham, Zhang Yan; Editing by Alexander SmithOur Standards: The Thomson Reuters Trust Principles. .

مارس 14, 2022

Australia’s Virtus accepts $514 million sweetened CapVest bid, topping BGH offer

March 14 (Reuters) – Australia’s Virtus Health Ltd said on Monday it had accepted a sweetened A$704.8 million ($514 million) takeover offer from CapVest Partners LLP, which topped an improved offer from rival bidder BGH Capital.However, the months-long bidding war for the in vitro fertilization service provider was not necessarily over as the deal with London-based CapVest allows the Virtus board to consider a superior proposal from Melbourne-based BGH or another party.CapVest’s revised cash offer of A$8.25 per share is a 7% premium to Virtus’s Thursday close and a 58% premium to its close on Dec. 13, before the bidding war broke out.Register now for FREE unlimited access to Reuters.comRegisterThe deal, unanimously recommended by the company’s board, knocks out a A$8.10 per share offer from Melbourne-based BGH Capital made after the market close on March 10. That offer was conditional on Virtus not signing an implementation deed with London-based CapVest.The latest CapVest deal includes a potential simultaneous off-market takeover offer, if it does not reach the required minimum threshold of 50% shareholder acceptance.Virtus’ share price has jumped around 64% since the end of 2019. read more ($1 = 1.3723 Australian dollars)Register now for FREE unlimited access to Reuters.comRegisterReporting by Savyata Mishra in Bengaluru; Editing by Richard Chang and Jane WardellOur Standards: The Thomson Reuters Trust Principles. .

مارس 10, 2022

BMW triples pre-tax earnings with high prices, top-end vehicle sales

The headquarters of German luxury carmaker BMW is seen in Munich, Germany, August 5, 2020. REUTERS/Michael DalderRegister now for FREE unlimited access to Reuters.comRegisterBERLIN, March 10 (Reuters) – BMW more than tripled its pre-tax earnings to 16 billion euros ($17.67 billion) in 2021, the company said on Thursday, as higher pricing and strong sales of top-end vehicles boosted revenues even as supply chain troubles limited production.Group revenues climbed 12.4% from last year to 111 billion euros, the company said, with net profit reaching a record high of 12.46 billion.The premium carmaker will propose a dividend of 5.8 euros per share, up from last year’s 1.9 euros, it said.Register now for FREE unlimited access to Reuters.comRegisterBMW, Mini and Rolls-Royce deliveries fell in the fourth quarter by 14.2% due to semiconductor bottlenecks, with rising raw material prices also weighing on earnings.Quarterly net profit for the group came in at 2.25 billion euros, a third higher than last year but slightly below third quarter’s profits of 2.58 billion.BMW saw higher unit sales than any other premium carmaker in 2021, delivering 2.5 million cars even as semiconductor shortages restricted output, a victory which has been attributed to its strong relations with suppliers.”We are in a good position and optimistic about the future,” Chief Financial Executive Nicolas Peter said.($1 = 0.9053 euros)Register now for FREE unlimited access to Reuters.comRegisterReporting by Victoria Waldersee, Tristan Chabba
Editing by Madeline ChambersOur Standards: The Thomson Reuters Trust Principles. .

مارس 7, 2022

Australia’s AGL Energy rebuffs sweetened $4 bln bid from Brookfield-led team

AGL Energy’s Liddell coal-fired power station is pictured in the Hunter Valley, north of Sydney, Australia, April 9, 2017. REUTERS/Jason ReedRegister now for FREE unlimited access to Reuters.comRegister

New offer pitched at 15% premium to pre-bid price
AGL says demerger offers better value to shareholders
AGL shares slip but hold above pre-bid price

MELBOURNE, March 7 (Reuters) – Australia’s AGL Energy confirmed on Monday it rejected a sweetened A$5.4 billion ($4.0 billion) takeover proposal from tech billionaire Mike Cannon-Brookes and Canada’s Brookfield Asset Management (BAMa.TO), saying it still undervalued Australia’s top power producer.Brookfield and Cannon-Brookes said they had walked away, leaving AGL to pursue plans to split its coal-fired power business from its energy retail business. AGL is Australia’s biggest carbon emitter and the consortium had planned to speed up the closure of its coal-fired power plants.”We are no longer engaged,” a Brookfield spokesperson said, declining to comment further.Register now for FREE unlimited access to Reuters.comRegisterThe revised proposal was pitched at A$8.25 a share, a 15% premium to AGL’s share price on Feb. 18, ahead of a first surprise approach from the Brookfield-led consortium at A$7.50 a share. The premium above AGL’s close last Friday.AGL’s shares fell 1.2% to A$7.34 on Monday but stayed above their pre-bid price.AGL is looking to split into two companies called Accel and AGL Australia following a 75% slump in the group’s value over the past five years, hammered by an influx of cheap solar and wind power and government pressure on utilities to slash power prices to households.Chief Executive Graeme Hunt said the demerged businesses would both have growth prospects in the shift to cleaner energy, with the biggest energy retail customer base in AGL Australia and valuable energy sites with 2.7 gigawatts of projects in the Accel business.”We see that the combined value of both entities is higher than the value of the company as it stands today, but none of that has been reflected in the offer that we received,” Hunt told Reuters.Cannon-Brookes said on Twitter the demerger path “was a terrible outcome for shareholders, taxpayers, customers, Australia and the planet we all share”.Fund managers who have shunned AGL’s shares over the past few years said it was hard to put a value on its demerger plan in a market that faces a range of challenges in the energy transition.Morgan Stanley raised its price target AGL to A$7.50 from A$6.88 on Friday and said there was potential for a 25% to 30% rise in a scenario in which all its coal-fired plants are closed by 2030 and it invests in 10 GW of renewables and back-up capacity.($1 = 1.3570 Australian dollars)Register now for FREE unlimited access to Reuters.comRegisterReporting by Sonali Paul in Melbourne and Savyata Mishra in Bengaluru; Editing by Chris ReeseOur Standards: The Thomson Reuters Trust Principles. .

مارس 7, 2022

Brookfield flips AGL out of furnace into coal fire

MELBOURNE, March 7 (Reuters Breakingviews) – The Canadian fund manager and its tech billionaire partner are abandoning a green takeover plan after their sweetened $6 bln bid was rejected. It leaves the Aussie power producer grappling with a weak demerger proposal and a pushy investor. Boss Graeme Hunt will feel the heat.Full view will be published shortly.Follow @AntonyMCurrie on TwitterRegister now for FREE unlimited access to Reuters.comRegisterCONTEXT NEWS- Brookfield Asset Management and Atlassian co-Chief Executive Mike Cannon-Brookes are walking away from an A$8.3 billion ($6.1 billion) takeover proposal for Australian power company AGL Energy, according to a March 6 tweet by Cannon-Brookes.- The consortium “looking to take private & transform AGL is putting our pens down – with great sadness,” he tweeted.- The decision follows AGL’s board rejection of a sweetened offer at A$8.25 a share, a 10% increase from the original offer.- The revised entreaty valued AGL’s equity at just under A$5.5 billion, a 15% premium to the price on Feb. 18, the day before the Brookfield group made its first offer, and a 31% premium to the three-month volume-weighted average price. Including debt, the offer valued the AGL enterprise at nearly A$8.3 billion.Register now for FREE unlimited access to Reuters.comRegisterEditing by Jeffrey Goldfarb and Thomas ShumOur Standards: The Thomson Reuters Trust Principles.Opinions expressed are those of the author. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias. .