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?
Is the new CEO setting his benchmark low? @MichaelirishI don’t...
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