will be fascinating to see the PCA coverage multiple as at 31/12/22 given: the higher than expected policy cancellations, the buyback shortfall, higher interest income on investments, ageing of the book and no claim payments. And low levels of new business to recycle freed capital. . My guess something like 2.2x PCA
Given the self imposed deadline for the 1.5 to 1.6x target is now one year away. HLI will need to become more aggressive about returning the excess capital.
with the large discount to NTA and imminent capital return requirements this is becoming more and more a case of buying a dollar for 70c . With a decent portion of that payout to occur within a year.
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will be fascinating to see the PCA coverage multiple as at...
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