Ann: Earnings and guidance update, page-10

@Just_a_guy

The equity investment experience is in line with the broader market; -117m$ on 1,800m$ corresponds to -6.5% (non-annualised), vis-a-vis -6.1% for a basket of 50%*ASX200 + 50%*SP500 (currency-unhedged) over the six-month period.

But, as you rightly pointed out, what is slightly concerning is that the overall investment experience does not appear to include a meaningful property devaluation. So, it would seem likely that there is more to come, even though the property portfolio appears to be marked in a reasonably conservative way.

Also, adjusting for the impact of the cash distributions and FM fees, normalised earnings are still marginally lower than implied by previous guidance, which means that the underlying annuity business is not growing as expected.

As you say, a very average result.