Credit Risk in Asset Management Portfolios
First written in FY2019. 2 of 5 entries say "Materialised", first in FY2021-Q2. Latest entry: FY2022-Q3.
0 other companies' latest entry also says "Mitigated".
- FY2022-Q3MitigatedAnnual report
「Ordinary revenue for the nine months ended 31 December increased by 24.2% year on year to US$9,715 million, comprising premium and other income of US$4,728 million, up 7.8%, investment income of US$3,811 million, up 56.2%, and other ordinary revenue of US$1,175 million, up 17.9%, among other items. The increase was mainly due to a rebound from valuation losses on securities and provisions for loan losses incurred in the previous year amid financial market and economic fluctuations. As a result, ordinary profit increased by 61.5% year on year to US$443 million, also due to this rebound.」
At Protective, ordinary revenue and ordinary profit increased due to a rebound from valuation losses on securities and provisions for loan losses incurred in the previous year, reducing the loss burden from credit and market risks. - FY2022-Q2MitigatedAnnual report
「Ordinary revenue for the six months ended 30 September increased by 46.9% year on year to US$7,253 million, comprising premium and other income of US$3,110 million, up 6.8%, investment income of US$2,963 million, up 80.2%, and other ordinary revenue of US$1,179 million, up 208.4%, among other items. The increase was mainly due to a rebound from valuation losses on securities and provisions for loan losses incurred in the previous year amid financial market and economic fluctuations.」
At Protective, ordinary profit increased to US$362 million, up 222.5% year on year, due to a rebound from valuation losses on securities and provisions for loan losses incurred in the previous year, reducing the loss burden from credit and market risks that had emerged in the previous period. - FY2021-Q3MaterialisedAnnual report
「Ordinary revenue in the overseas insurance business decreased by ¥58.9 billion year on year to ¥1,290.5 billion, down 4.4%, mainly due to valuation losses on securities at Protective Life Corporation resulting from financial market fluctuations. Segment profit decreased by ¥10.4 billion year on year to ¥46.1 billion, down 18.4%, mainly because Protective Life Corporation incurred provisions for loan losses and other charges on commercial mortgage loans in addition to the factors described above.」
Protective continued to incur provisions for loan losses and other charges on commercial mortgage loans, which reduced segment profit in the overseas insurance business. - FY2021-Q2MaterialisedAnnual report
「Segment profit decreased by ¥18.4 billion year on year to ¥21.1 billion, down 46.6%, at Protective Life Corporation, mainly because the Company incurred provisions for loan losses and other charges on commercial mortgage loans in addition to the factors described above.」
In the overseas insurance business, Protective incurred provisions for loan losses and other charges on commercial mortgage loans, which reduced segment profit. Credit risk in the asset management portfolio materialized as an actual loss expense. - FY2019First statedAnnual report
「The creditworthiness of issuers of bonds held by the Group could decline as a result of downgrades or other events, potentially causing bond market prices to fall. The issuers could also default on their obligations, including by failing to pay principal or interest.」
Credit risk was specified in relation to bond issuers, borrowers and derivatives counterparties, including, in particular, exposure to subordinated securities issued by domestic megabanks.