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雷达卡
【出版时间及名称】：2010年4月加拿大寿险行业研究报告
【作者】：加拿大帝国商业银行
【文件格式】：pdf
【页数】：108
【目录或简介】：
Table Of Contents
Executive Summary................................................................................... 3
Investment Rating And Price Targets...................................................... 3
Manulife Financial Corporation (MFC) – SO, $22 Price Target .................... 3
Industrial Alliance (IAG) – SO, $40 Price Target .................................... 4
Sun Life Financial Inc. (SLF) – SP, $33 Price Target............................... 4
Great-West Lifeco Inc. (GWO) – SU, $28 Price Target ............................ 5
Cyclical Structural Question Less Favorable To Lifecos .............................. 5
We Are Looking For Higher Earnings In 2011........................................... 5
Capital – Some Concerns Still Exist ........................................................ 6
Introduction.............................................................................................. 8
Downturn Has Larger Structural Implications For Lifecos ........................ 8
Sources Of Earnings Disclosure Helps Transparency (A Bit) .................... 8
They’re Not Broken, Just Less Profitable; Long-term Outlook Is Largely
Intact ............................................................................................ 10
Wealth Management – Time Keeps On Ticking … ................................. 11
International Expansion – Canada A Declining Influence....................... 12
Developed Markets More Material, Developing Markets More Exciting..... 12
Valuation – Lifecos Vs. Banks.................................................................... 15
Banks Exit The Downturn In A Better Relative Position......................... 15
Shorter-term Drivers ............................................................................... 18
Earnings Sensitivity To Equity Markets And Interest Rates ......................... 18
Assumption-based Earnings … Market Impact Flows Directly To Net
Income............................................................................................. 18
Volatile Equity Markets = Volatile Earnings............................................ 18
How Sensitive Are Earnings To Equity Markets? .................................. 19
Capital Ratios Also Sensitive To Equity Markets................................... 20
Volatility Has Declined, Risks Are Rising ............................................. 21
Interest Rates Moving Higher – Positive ................................................ 21
How Sensitive Are Earnings To Interest Rates? ................................... 22
What Is The Outlook For Interest Rates? ............................................ 23
Implications Of Equity Market And Interest Rate Sensitivity..................... 24
Credit – A Waning But Lingering Concern................................................. 24
Downturn Particularly Intense, Credit Costs Elevated.............................. 24
Outlook For Credit Is Improving ........................................................ 26
Implications Of The Credit Downturn .................................................... 29
Capital Adequacy.................................................................................. 29
Balance Sheet Concerns Ebb, But Still Exist........................................... 29
Potential Upcoming Capital Requirement Changes ............................... 31
Implications Of The Sharper Focus On Capital........................................ 33
Company Reports
Great-West Lifeco Inc. ..............................................................................35
Industrial Alliance.....................................................................................50
Manulife Financial Corporation....................................................................64
Sun Life Financial Inc. ...............................................................................84
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