Chart - BLA starting another rally?, page-9

Be careful owners

Strip out one offs and performance fees and the company is barely profitable

Investment returns are going to be harder to achieve going forward with asset prices high

With lower investment returns performance fees become harder to achieve and then earnings become a major focus by the mkt

if the listed lic is any indication returns of fubds are coming down and as a result performance fees sustainablity must be questioned

There are a lot of one off fees which help prop up revenue

Strip one offs and performance fees out and essentially normalise earnings and the company is just breaking even

Be very careful