Is the new CEO setting his benchmark low?
@Michaelirish
I don’t know. Management are implying that, apart from that -17m$ impact, the revision to FY19 Normalised NPBT was driven by “changes to Life’s investment portfolio to lower capital intensity”. But, if my understanding is correct, those changes vastly consisted of selling ~750m$ of property and reallocating the proceeds into bonds. It seems kind of odd that this reallocation alone would cause a NPBT hit of ~30m$, which corresponds to an annual yield drop by 400bp. Plus, they knew about those portfolio changes all along, so why wasn’t that factored into their previous guidance?
Ann: Earnings and guidance update, page-32
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