KUALA LUMPUR, May 16 (Bernama) -- Goehring & Rozencwajg, a natural resource investment firm, announced its UCITS fund, the Goehring & Rozencwajg Resources Fund (the Fund), has exceeded US$100 million in assets under management in the year since its launch in May last year. (US$1=RM4.68)
“The Fund is seeing outstanding growth on the backs of our large international audience, who finally had the opportunity to invest with us last year. We are excited to continue to drive returns for our investors at home and abroad.
“We believe we are at the beginning of the bull market across the spectrum but choosing the right sectors to commit capital in the short to medium term is critical for investors who wish to capture the attractive returns available,” said its Managing Partner, Adam Rozencwajg.
According to a statement, the Fund has been available for qualified investors in the United Kingdom (UK), Switzerland, Hong Kong and Singapore.
Application has been made to launch a UK feeder fund for the UK retail market and the Fund is undergoing registration for distribution in Germany.
Utilising the same investment philosophy as the United States-based Goehring & Rozencwajg Mutual Fund, the Fund invests predominantly in natural resource equities, including small- and mid-cap companies that they believe will be the biggest beneficiaries of any increase in the underlying commodity prices.
Notably, no seeding was used to reach this goal, and the rapid organic growth of the fund may be attributed to the large global following that Goehring & Rozencwajg has accumulated over the years in the commodities markets due to their research and thought leadership.
-- BERNAMA
Thursday, May 16, 2024
GOEHRING & ROZENCWAJG RESOURCES FUND REACHES US$100 MLN MILESTONE
Wednesday, May 15, 2024
CVENT ANNOUNCES TOP MEETING DESTINATIONS AND TOP MEETING HOTELS IN ASIA-PACIFIC FOR 2024
The industry-acclaimed annual rankings recognise the top-performing hotels for MICE business, as well as the world’s most coveted meeting destinations
SINGAPORE, May 15 (Bernama-BUSINESS WIRE) -- Cvent, an industry-leading meetings, events, and hospitality technology provider, today released its lists of the Top Meeting Destinations and Top Meeting Hotels for Asia-Pacific (APAC). These lists – which also include regional rankings for North America, Europe, and the Middle East & Africa – were compiled based on sourcing activity through the Cvent Supplier Network, one of the world’s largest venue-sourcing platforms. More than $16B in MICE business was sourced through Cvent’s online platforms in 2023.
The annual Cvent Top Lists have become go-to resources for event organisers worldwide looking for incredible hotels and destinations to host their events. The Company hosted a live press conference at IMEX Frankfurt to share more in-depth details and recognise top hotels and destinations in person.
Cvent Top Meeting Destinations | Asia-Pacific
The Top 10 cities remained mostly consistent year-over-year with Singapore retaining its #1 ranking from 2023. The sole newcomer to the Top 10 is Shanghai (#10). Bangkok (#2), Tokyo (#4), Kuala Lumpur (#7) and Phuket (#9) each improved their Top 10 rankings from 2023.
Top 10 Meeting Destinations
SINGAPORE, May 15 (Bernama-BUSINESS WIRE) -- Cvent, an industry-leading meetings, events, and hospitality technology provider, today released its lists of the Top Meeting Destinations and Top Meeting Hotels for Asia-Pacific (APAC). These lists – which also include regional rankings for North America, Europe, and the Middle East & Africa – were compiled based on sourcing activity through the Cvent Supplier Network, one of the world’s largest venue-sourcing platforms. More than $16B in MICE business was sourced through Cvent’s online platforms in 2023.
The annual Cvent Top Lists have become go-to resources for event organisers worldwide looking for incredible hotels and destinations to host their events. The Company hosted a live press conference at IMEX Frankfurt to share more in-depth details and recognise top hotels and destinations in person.
Cvent Top Meeting Destinations | Asia-Pacific
The Top 10 cities remained mostly consistent year-over-year with Singapore retaining its #1 ranking from 2023. The sole newcomer to the Top 10 is Shanghai (#10). Bangkok (#2), Tokyo (#4), Kuala Lumpur (#7) and Phuket (#9) each improved their Top 10 rankings from 2023.
Top 10 Meeting Destinations
| 1. Singapore |
| 2. Bangkok, Thailand |
| 3. Sydney, New South Wales (Australia) |
| 4. Tokyo, Japan |
| 5. Melbourne, Victoria (Australia) |
| 6. Seoul, South Korea |
| 7. Kuala Lumpur, Malaysia |
| 8. Bali, Indonesia |
| 9. Phuket, Thailand |
| 10. Shanghai, China |
Dr Edward Koh, Executive Director, Conventions, Meetings & Incentive Travel, Singapore Tourism Board, said: “We are honoured to be named Cvent’s Top Meeting Destination in Asia for the sixth time since 2016. Singapore's strong business environment, safety, high accessibility, and focus on innovation and sustainability have helped the city-state build a reputation as a vibrant and compelling business events destination. With the support of dedicated industry stakeholders and partners, we aim to continue facilitating fruitful and memorable engagements for meeting planners in Singapore, enabling them to drive meaningful and lasting impact through the business of meetings.”
“What a wonderful endorsement of Sydney’s attractiveness as a Top 3 business event host city in the Asia-Pacific region,” said Lyn Lewis-Smith, CEO, Business Events Sydney (BESydney). “Cvent plays an important role in bringing incredible destinations like Sydney directly to a planner’s fingertips. This recognition is a testament to our incredible network of hotels, venues, and suppliers who collaborate with event planners to bring their events to life. Sydney is a naturally beautiful and welcoming city offering a unique blend of ancient First Nations heritage, contemporary culture and thriving research and industry sectors – all the right ingredients to spark inspiration and connection for local and global delegates alike.”
Cvent Top Meeting Hotels | Asia-Pacific
JW Marriott Hotel Singapore South Beach rose in the rankings to secure this year’s #1 spot. The hotel’s proximity to the Central Business District, cutting-edge audio-visual offerings and flexible meeting space make it an ideal host venue for event planners. Newcomers to the Top 10 include Hilton Tokyo (#4), Bangkok Marriott Marquis Queen’s Park (#5), voco Orchard Singapore (#7), Hilton Kuala Lumpur (#8), and Sheraton Grand Sydney Hyde Park (#9).
Top 10 Meeting Hotels
“What a wonderful endorsement of Sydney’s attractiveness as a Top 3 business event host city in the Asia-Pacific region,” said Lyn Lewis-Smith, CEO, Business Events Sydney (BESydney). “Cvent plays an important role in bringing incredible destinations like Sydney directly to a planner’s fingertips. This recognition is a testament to our incredible network of hotels, venues, and suppliers who collaborate with event planners to bring their events to life. Sydney is a naturally beautiful and welcoming city offering a unique blend of ancient First Nations heritage, contemporary culture and thriving research and industry sectors – all the right ingredients to spark inspiration and connection for local and global delegates alike.”
Cvent Top Meeting Hotels | Asia-Pacific
JW Marriott Hotel Singapore South Beach rose in the rankings to secure this year’s #1 spot. The hotel’s proximity to the Central Business District, cutting-edge audio-visual offerings and flexible meeting space make it an ideal host venue for event planners. Newcomers to the Top 10 include Hilton Tokyo (#4), Bangkok Marriott Marquis Queen’s Park (#5), voco Orchard Singapore (#7), Hilton Kuala Lumpur (#8), and Sheraton Grand Sydney Hyde Park (#9).
Top 10 Meeting Hotels
| 1. JW Marriott Hotel Singapore South Beach |
| 2. Shangri-La Singapore |
| 3. Hyatt Regency Sydney |
| 4. Hilton Tokyo |
| 5. Bangkok Marriott Marquis Queen’s Park |
| 6. Fairmont Singapore |
| 7. voco Orchard Singapore |
| 8. Hilton Kuala Lumpur |
| 9. Sheraton Grand Sydney Hyde Park |
| 10. Hilton Singapore Orchard |
To view all Cvent Top Meeting Destinations and Cvent Top Meeting Hotels worldwide, click here.
Methodology
For Cvent Top Meeting Destinations, Cvent evaluated 12,500+ cities worldwide listed on the Cvent Supplier Network (CSN). Activity was tracked between January 2023 and December 2023. Rankings were determined by a set of qualifying criteria, including: the number of total room nights booked; the number of unique electronic request-for-proposals (RFPs) sent through the marketplace to venues within the city; the total value of the RFPs submitted; and the actual awarded value for meetings booked.
For Cvent Top Meeting Hotels, Cvent evaluated hotel properties that generated business through the CSN between January 2023 and December 2023. The properties were ranked according to various criteria, including total requests for proposals (RFPs), awarded RFPs, total room nights, awarded room nights, major metropolitan area market share, conversion rate, and response rate. The criteria are designed to provide the most accurate reflection of the top meeting hotels in North America, Europe, the Middle East and Africa, and Asia-Pacific regions.
About the Cvent Supplier Network
The Cvent Supplier Network features more than 300,000 hotels, resorts and special event venues, serving as one of the world’s largest and most accurate databases of detailed venue information. More than $16 billion of MICE business was sourced through Cvent’s sourcing networks in 2023. The CSN contains listings of hotels and other venues in 18 languages that can be searched and filtered based on over 200 characteristics and criteria. The CSN is part of the comprehensive Cvent platform, which delivers solutions that hotels and venues leverage to conduct their MICE and corporate travel business and engage a global network of 125,000+ planners who rely on Cvent to source hotels & destinations and manage their events.
About Cvent
Cvent is a leading meetings, events, and hospitality technology provider with 4,800+ employees and 22,000 customers worldwide as of December 31, 2023. Founded in 1999, the company delivers a comprehensive event marketing and management platform and offers a global marketplace where event professionals collaborate with venues to create engaging, impactful experiences. The comprehensive Cvent event marketing and management platform offers software solutions to event organisers and marketers for online event registration, venue selection, event marketing and management, virtual and onsite solutions, and attendee engagement. Hotels and venues use Cvent’s supplier and venue solutions to win more MICE and corporate travel business through Cvent’s sourcing platforms. For more information, please visit Cvent.com/in.
View source version on businesswire.com:
https://www.businesswire.com/news/home/20240514013345/en/
Contact
For media enquiries, please contact:
Sucharita Das
Email: Sucharita.das@cvent.com
Mobile: +91 9899128886
Source : Cvent
Methodology
For Cvent Top Meeting Destinations, Cvent evaluated 12,500+ cities worldwide listed on the Cvent Supplier Network (CSN). Activity was tracked between January 2023 and December 2023. Rankings were determined by a set of qualifying criteria, including: the number of total room nights booked; the number of unique electronic request-for-proposals (RFPs) sent through the marketplace to venues within the city; the total value of the RFPs submitted; and the actual awarded value for meetings booked.
For Cvent Top Meeting Hotels, Cvent evaluated hotel properties that generated business through the CSN between January 2023 and December 2023. The properties were ranked according to various criteria, including total requests for proposals (RFPs), awarded RFPs, total room nights, awarded room nights, major metropolitan area market share, conversion rate, and response rate. The criteria are designed to provide the most accurate reflection of the top meeting hotels in North America, Europe, the Middle East and Africa, and Asia-Pacific regions.
About the Cvent Supplier Network
The Cvent Supplier Network features more than 300,000 hotels, resorts and special event venues, serving as one of the world’s largest and most accurate databases of detailed venue information. More than $16 billion of MICE business was sourced through Cvent’s sourcing networks in 2023. The CSN contains listings of hotels and other venues in 18 languages that can be searched and filtered based on over 200 characteristics and criteria. The CSN is part of the comprehensive Cvent platform, which delivers solutions that hotels and venues leverage to conduct their MICE and corporate travel business and engage a global network of 125,000+ planners who rely on Cvent to source hotels & destinations and manage their events.
About Cvent
Cvent is a leading meetings, events, and hospitality technology provider with 4,800+ employees and 22,000 customers worldwide as of December 31, 2023. Founded in 1999, the company delivers a comprehensive event marketing and management platform and offers a global marketplace where event professionals collaborate with venues to create engaging, impactful experiences. The comprehensive Cvent event marketing and management platform offers software solutions to event organisers and marketers for online event registration, venue selection, event marketing and management, virtual and onsite solutions, and attendee engagement. Hotels and venues use Cvent’s supplier and venue solutions to win more MICE and corporate travel business through Cvent’s sourcing platforms. For more information, please visit Cvent.com/in.
View source version on businesswire.com:
https://www.businesswire.com/news/home/20240514013345/en/
Contact
For media enquiries, please contact:
Sucharita Das
Email: Sucharita.das@cvent.com
Mobile: +91 9899128886
Source : Cvent
Tuesday, May 14, 2024
ABU DHABI'S TECHNOLOGY INNOVATION INSTITUTE NEW AI MODEL OUTPERFORMS BIG TECH
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KUALA LUMPUR, May 14 (Bernama) -- The Technology Innovation Institute (TII), a global scientific research centre and the applied research pillar of Abu Dhabi’s Advanced Technology Research Council (ATRC), has launched a second iteration of its renowned large language model (LLM) – Falcon 2.
Within this series, it has unveiled two groundbreaking versions, namely Falcon 2 11B, a more efficient and accessible LLM trained on 5.5 trillion tokens with 11 billion parameters; and Falcon 2 11B VLM, distinguished by its vision-to-language model (VLM) capabilities, which enable seamless conversion of visual inputs into textual outputs.
While both models are multilingual, notably, Falcon 2 11B VLM stands out as TII's first multimodal model, and the only one currently in the top tier market that has this image-to-text conversion capability, marking a significant advancement in artificial intelligence (AI) innovation.
According to a statement, Falcon 2 11B and 11B VLM are both open-source, empowering developers worldwide with unrestricted access, whereby in the near future, there are plans to broaden the Falcon 2 next-generation models, introducing a range of sizes.
These models will be further enhanced with advanced machine learning capabilities like 'Mixture of Experts' (MoE), aimed at pushing their performance to even more sophisticated levels.
All of TII’s AI models released to date have consistently ranked in the top tier globally, as the most powerful open-source LLMs, in which the new scaled-down and versatile Falcon 2 11B models are set to give TII greater market adoption in the ever-evolving world of generative AI.
Falcon 2 11B models, equipped with multilingual capabilities, seamlessly tackle tasks in English, French, Spanish, German, Portuguese, and various other languages, enriching their versatility and magnifying their effectiveness across diverse scenarios.
Meanwhile, Falcon 2 11B VLM has the capability to identify and interpret images and visuals from the environment, providing a wide range of applications across industries such as healthcare, finance, e-commerce, education, and legal sectors.
-- BERNAMA
NIQ'S REVOLUTIONARY AI TOOL EMPOWERS USERS TO UNLOCK POWER OF DATA
KUALA LUMPUR, May 14 (Bernama) -- NielsenIQ (NIQ), the world leader in measurement and data analytics, has launched ‘NIQ Ask Arthur’, a groundbreaking generative artificial intelligence (GenAI)-driven tool that has been integrated into NIQ Discover to unlock the power of data.
According to NIQ in a statement, this transformative solution offers AI-guided global search and personalised recommendations, streamlining data analysis and facilitating informed decision-making.
“Democratising access to data and analytics is crucial in helping users make informed decisions and drive innovation. ‘NIQ Ask Arthur’ unlocks the power of analytics on the Discover platform,” NIQ Chief Product Officer, Troy Treangen.
Launching “NIQ Ask Arthur” marks an important milestone for NIQ Labs, positioning it as an innovation powerhouse, and NIQ Labs is ready to accelerate the future of innovation by solving client problems and uncovering new pathways to growth.
Coupled with investments, NIQ Labs taps into an extensive array of data assets, employing intuitive business intelligence tools and predictive analytics driven by GenAI and authoritative data science pioneering the next era of inventive products.
With conversational AI features, ‘NIQ Ask Arthur’ empowers users to delve deeper into datasets, revolutionising data-driven choices and showcasing the company’s commitment to cutting-edge analytics.
Concurrently, NIQ Discover, a state-of-the-art data visualisation solution, accelerates access to insights for CPG manufacturers and retailers as it creates fresh, user-friendly pathways to insights, leveraging the power of on-demand data across multiple data sets.
NIQ Ask Arthur in NIQ Discover enables enhanced insights discovery, whereby users can efficiently uncover valuable information, enriching the brand story and democratising data access.
Furthermore, NIQ Ask Arthur in Discover enables users to save time by proactively suggesting insights and simplifying data navigation through a seamless, conversational AI-powered experience.
-- BERNAMA
Monday, May 13, 2024
INTERNET INITIATIVE JAPAN'S "SAFOUS" NAMED WINNER OF COVETED GLOBAL INFOSEC AWARDS DURING RSA CONFERENCE 2024
TOKYO, May 13, 2024 /Kyodo JBN/ --
- IIJ Wins 4 Awards at 12th Annual Global InfoSec Awards at #RSAC 2024 -
Internet Initiative Japan Inc. (hereinafter "IIJ," TSE Prime: 3774), one of Japan's leading Internet access and comprehensive network solutions providers, is proud to announce that its Zero Trust security platform "Safous" has won the following awards from Cyber Defense Magazine (CDM), the industry's leading electronic information security magazine:
- Editor's Choice SMB Zero Trust
- Next Gen Zero Trust Application Protection
- Hot Company Zero Trust BYOD
- Best Product Zero Trust Platform
Logo: https://cdn.kyodonewsprwire.jp/prwfile/release/
M000185/202405070359/_prw_PI1fl_zaKW6D8V.png
Safous is a unified zero trust security platform that accelerates enterprise cybersecurity transformation. IIJ provides a variety of functions to solve corporate server security issues, such as security assessments of existing IT assets and zero-trust access protection for IT/OT assets.
"We're thrilled to receive one of the most prestigious and coveted cybersecurity awards in the world from Cyber Defense Magazine during their 12th anniversary as an independent cybersecurity news and information provider. We knew the competition would be tough and, with top judges who are leading InfoSec experts from around the globe, we couldn't be more pleased," said Miki Tanaka, Global Business Director of IIJ.
The members on this coveted group of winners are located here:
https://cyberdefenseawards.com/
About CDM InfoSec Awards
This is Cyber Defense Magazine's 12th year of honoring InfoSec innovators from around the globe. Its submission requirements are for any startup, early-stage, later-stage, or public companies in the information security (InfoSec) space who believe they have a unique and compelling value proposition for their product or service. Learn more at https://cyberdefenseawards.com/
About Judging
The judges are certified security professionals, such as those with CISSP, FMDHS and CEH certifications, who vote based on their independent review of the company that submitted materials on the website of each submission including but not limited to data sheets, white papers, product literature and other market variables. CDM has a flexible philosophy to find more innovative players with new and unique technologies than the one with the most customers or money in the bank. CDM is always asking "What's Next?" So it is looking for best-of-breed, next-generation InfoSec solutions.
About Cyber Defense Magazine
Cyber Defense Magazine is the premier source of cybersecurity news and information for InfoSec professions in business and government. It is managed and published by and for ethical, honest, passionate information security professionals. Its mission is to share cutting-edge knowledge, real-world stories and awards on the best ideas, products, and services in the information technology industry. CDM delivers electronic magazines every month online for free, and special editions exclusively for the RSA Conferences. CDM is a proud member of the Cyber Defense Media Group. Learn more about CDM at https://www.cyberdefensemagazine.com/ and visit https://cyberdefensetv.com/ and https://cyberdefenseradio.com/ to see and hear some of the most informative interviews of many of these winning company executives. Join a webinar at https://cyberdefensewebinars.com/ and realize that InfoSec knowledge is power.
About IIJ
Founded in 1992, IIJ is one of Japan's leading Internet-access and comprehensive network solutions providers. IIJ and its group companies provide total network solutions that mainly cater to high-end corporate customers. IIJ's services include high-quality Internet connectivity services, system integration, cloud computing services, security services and mobile services. Moreover, IIJ has built one of the largest Internet backbone networks in Japan that is connected to the United States, the United Kingdom and Asia. IIJ was listed on the Prime Market of the Tokyo Stock Exchange in 2022. For more information about IIJ, visit the official website: https://www.iij.ad.jp/en/.
The statements within this release contain forward-looking statements about IIJ's future plans that involve risk and uncertainty. These statements may differ materially from actual future events or results.
*All company, product and service names used in this press release are the trademarks or registered trademarks of their respective owners.
Source: Internet Initiative Japan Inc.
- IIJ Wins 4 Awards at 12th Annual Global InfoSec Awards at #RSAC 2024 -
Internet Initiative Japan Inc. (hereinafter "IIJ," TSE Prime: 3774), one of Japan's leading Internet access and comprehensive network solutions providers, is proud to announce that its Zero Trust security platform "Safous" has won the following awards from Cyber Defense Magazine (CDM), the industry's leading electronic information security magazine:
- Editor's Choice SMB Zero Trust
- Next Gen Zero Trust Application Protection
- Hot Company Zero Trust BYOD
- Best Product Zero Trust Platform
Logo: https://cdn.kyodonewsprwire.jp/prwfile/release/
M000185/202405070359/_prw_PI1fl_zaKW6D8V.png
Safous is a unified zero trust security platform that accelerates enterprise cybersecurity transformation. IIJ provides a variety of functions to solve corporate server security issues, such as security assessments of existing IT assets and zero-trust access protection for IT/OT assets.
"We're thrilled to receive one of the most prestigious and coveted cybersecurity awards in the world from Cyber Defense Magazine during their 12th anniversary as an independent cybersecurity news and information provider. We knew the competition would be tough and, with top judges who are leading InfoSec experts from around the globe, we couldn't be more pleased," said Miki Tanaka, Global Business Director of IIJ.
The members on this coveted group of winners are located here:
https://cyberdefenseawards.com/
About CDM InfoSec Awards
This is Cyber Defense Magazine's 12th year of honoring InfoSec innovators from around the globe. Its submission requirements are for any startup, early-stage, later-stage, or public companies in the information security (InfoSec) space who believe they have a unique and compelling value proposition for their product or service. Learn more at https://cyberdefenseawards.com/
About Judging
The judges are certified security professionals, such as those with CISSP, FMDHS and CEH certifications, who vote based on their independent review of the company that submitted materials on the website of each submission including but not limited to data sheets, white papers, product literature and other market variables. CDM has a flexible philosophy to find more innovative players with new and unique technologies than the one with the most customers or money in the bank. CDM is always asking "What's Next?" So it is looking for best-of-breed, next-generation InfoSec solutions.
About Cyber Defense Magazine
Cyber Defense Magazine is the premier source of cybersecurity news and information for InfoSec professions in business and government. It is managed and published by and for ethical, honest, passionate information security professionals. Its mission is to share cutting-edge knowledge, real-world stories and awards on the best ideas, products, and services in the information technology industry. CDM delivers electronic magazines every month online for free, and special editions exclusively for the RSA Conferences. CDM is a proud member of the Cyber Defense Media Group. Learn more about CDM at https://www.cyberdefensemagazine.com/ and visit https://cyberdefensetv.com/ and https://cyberdefenseradio.com/ to see and hear some of the most informative interviews of many of these winning company executives. Join a webinar at https://cyberdefensewebinars.com/ and realize that InfoSec knowledge is power.
About IIJ
Founded in 1992, IIJ is one of Japan's leading Internet-access and comprehensive network solutions providers. IIJ and its group companies provide total network solutions that mainly cater to high-end corporate customers. IIJ's services include high-quality Internet connectivity services, system integration, cloud computing services, security services and mobile services. Moreover, IIJ has built one of the largest Internet backbone networks in Japan that is connected to the United States, the United Kingdom and Asia. IIJ was listed on the Prime Market of the Tokyo Stock Exchange in 2022. For more information about IIJ, visit the official website: https://www.iij.ad.jp/en/.
The statements within this release contain forward-looking statements about IIJ's future plans that involve risk and uncertainty. These statements may differ materially from actual future events or results.
*All company, product and service names used in this press release are the trademarks or registered trademarks of their respective owners.
Source: Internet Initiative Japan Inc.
http://mrem.bernama.com/viewsm.php?idm=48566
Thursday, May 9, 2024
INGREDION COMPLETES REORGANIZATION, REPORTS FIRST QUARTER EARNINGS UNDER NEW SEGMENTS AND RAISES GUIDANCE
- First quarter 2024 reported and adjusted EPS* were $3.23 and $2.08, an increase of 13% and decrease of 26%, respectively
- Completed sale of South Korea business, another step in reshaping the portfolio and redeploying assets
- Raising guidance for full-year reported EPS to be in the range of $10.35 to $11.00 and adjusted EPS to be in the range of $9.20 to $9.85
- For the second quarter 2024, the Company expects operating income to be up low to mid-single-digits
WESTCHESTER, Ill., May 9 (Bernama-GLOBE NEWSWIRE) -- Ingredion Incorporated (NYSE: INGR), a leading global provider of ingredient solutions to the food and beverage manufacturing industry, today reported results for the first quarter of 2024. The results, reported in accordance with U.S. generally accepted accounting principles (“GAAP”) for the first quarter of 2024 and 2023, include items that are excluded from the non-GAAP financial measures that the Company presents.
“Against a strong comparison with last year's record first quarter performance, this quarter’s results exceeded expectations. As anticipated, our net sales volumes in the quarter improved sequentially, despite the impact of extreme cold weather on shipments in the U.S. and taking into account the sale of our South Korea business,” said Jim Zallie, Ingredion’s president and chief executive officer. “Furthermore, we maintained our gross margins above 22% as the strength of our business model effectively managed the impact of variable rate contracts which require the pass through of lower corn costs.”
“Looking forward, our Driving Growth Roadmap continues to guide our long-term value creation. Also, in support of our new Winning Aspiration, the reorganization is enabling clearer focus on the opportunities presented by our global customers to drive growth. We are encouraged by the levels of customer engagement, particularly in our texture solutions business. Additionally, we anticipate deploying cash this year toward organic investments, dividends, and a step-up in share repurchases,” Zallie concluded.
As previously disclosed, effective January 1, 2024, Ingredion will report financial and operational results under its new reporting structure. For comparison purposes, results for the first quarter of 2023 throughout this news release are unaudited and have been revised to reflect the new reporting structure in which there are three new reportable segments as described below.
*Adjusted diluted earnings per share (“adjusted EPS”), adjusted operating income and adjusted effective income tax rate are non-GAAP financial measures. See section II of the Supplemental Financial Information entitled “Non-GAAP Information” following the Condensed Consolidated Financial Statements included in this news release for a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP measures.
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Other Financial Items
- At March 31, 2024, total debt and cash, including short-term investments, were $1.9 billion and $445 million, respectively, versus $2.2 billion and $409 million, respectively, at December 31, 2023.
- Reported net financing costs for the first quarter were $19 million versus $32 million for the year-ago period.
- Reported and adjusted effective tax rates for the first quarter were 21.0% and 28.4%, respectively, compared to 25.1% and 27.7%, respectively, for the year-ago period. The decrease in the reported effective tax rate was primarily driven by the low effective tax rate on the sale of our South Korea business during the first quarter of 2024.
- Capital expenditures, net were $65 million, down $10 million from the year-ago period.
Business Review
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Dividends and Share Repurchases
In the first quarter of 2024, the Company paid $51 million in dividends to shareholders and declared a quarterly dividend of $0.78 per share that was paid on April 23, 2024. During the quarter, the Company repurchased $1 million of outstanding shares of common stock.
Updated Second Quarter and Full-Year 2024 Outlook
For the second quarter of 2024, the Company expects net sales to be flat to down low single-digits and reported and adjusted operating income to be up low to mid-single-digits.
The Company now expects its full-year 2024 reported EPS to be in the range of $10.35 to $11.00, which includes the impact of the gain on the divestiture of the South Korea business completed on February 1, 2024, and adjusted EPS to be in the range of $9.20 to $9.85.
Excluding the effects of the divestiture of the South Korea business, the Company expects full-year 2024 net sales to be flat to up low single-digits, reflecting the pass-through of lower corn values. Reported and adjusted operating income is expected to be up mid-single-digits.
Corporate costs are still expected to be up mid-single-digits.
For full-year 2024, the Company now expects a reported and adjusted effective tax rate of 24.5% to 25.5%, and 26.5% to 27.5%, respectively.
Cash from operations for full-year 2024 is still expected to be in the range of $750 million to $900 million. Capital expenditures for the full year are still expected to be approximately $340 million.
Conference Call and Webcast Details
Ingredion will host a conference call on Wednesday, May 8, 2024, at 8 a.m. CT/ 9 a.m. ET, hosted by Jim Zallie, president and chief executive officer, and Jim Gray, executive vice president and chief financial officer. The call will be webcast in real-time and can be accessed at https://ir.ingredionincorporated.com/events-and-presentations. A presentation containing additional financial and operating information will be accessible through the Company’s website at https://ir.ingredionincorporated.com/events-and-presentations and available to download a few hours prior to the start of the call. A replay will be available for a limited time at https://ir.ingredionincorporated.com/financial-information/quarterly-results.
About the Company
Ingredion Incorporated (NYSE: INGR) headquartered in the suburbs of Chicago, is a leading global ingredient solutions provider serving customers in more than 120 countries. With 2023 annual net sales of approximately $8 billion, the Company turns grains, fruits, vegetables and other plant-based materials into value-added ingredient solutions for the food, beverage, animal nutrition, and industrial markets. With Ingredion’s Idea Labs® innovation centers around the world and approximately 12,000 employees, the Company co-creates with customers and fulfills its purpose of bringing the potential of people, nature and technology together to make life better. Visit ingredion.com for more information and the latest Company news.
Forward-Looking Statements
This news release contains or may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Ingredion intends these forward-looking statements to be covered by the safe harbor provisions for such statements.
Forward-looking statements include, among others, any statements regarding our expectations for full-year 2024 reported and adjusted earnings per share, net sales, reported and adjusted operating income, corporate costs, reported and adjusted effective tax rate, cash from operations, working capital, and capital expenditures, our expectations for second quarter 2024 net sales and reported and adjusted operating income, and any other statements regarding our prospects and our future operations, financial condition, volumes, cash flows, expenses or other financial items, including management’s plans or strategies and objectives for any of the foregoing and any assumptions, expectations, or beliefs underlying any of the foregoing.
These statements can sometimes be identified by the use of forward-looking words such as “may,” “will,” “should,” “anticipate,” “assume,” “believe,” “plan,” “project,” “estimate,” “expect,” “intend,” “continue,” “pro forma,” “forecast,” “outlook,” “propels,” “opportunities,” “potential,” “provisional,” or other similar expressions or the negative thereof. All statements other than statements of historical facts therein are “forward-looking statements.”
These statements are based on current circumstances or expectations, but are subject to certain inherent risks and uncertainties, many of which are difficult to predict and beyond our control. Although we believe our expectations reflected in these forward-looking statements are based on reasonable assumptions, investors are cautioned that no assurance can be given that our expectations will prove correct.
Actual results and developments may differ materially from the expectations expressed in or implied by these statements, based on various risks and uncertainties, including geopolitical conflicts and actions arising from them, including the impacts on the availability and prices of raw materials and energy supplies, supply chain interruptions, and volatility in foreign exchange and interest rates; changing consumer consumption preferences that may lessen demand for products we make; the effects of global economic conditions and the general political, economic, business, and market conditions that affect customers and consumers in the various geographic regions and countries in which we buy our raw materials or manufacture or sell our products, and the impact these factors may have on our sales volumes, the pricing of our products and our ability to collect our receivables from customers; future purchases of our products by major industries which we serve and from which we derive a significant portion of our sales, including, without limitation, the food, animal nutrition, beverage; the risks associated with pandemics; the uncertainty of acceptance of products developed through genetic modification and biotechnology; our ability to develop or acquire new products and services at rates or of qualities sufficient to gain market acceptance; increased competitive and/or customer pressure in the corn-refining industry and related industries, including with respect to the markets and prices for our primary products and our co-products, particularly corn oil; price fluctuations, supply chain disruptions, and shortages affecting inputs to our production processes and delivery channels, including raw materials, energy costs and availability and cost of freight and logistics; our ability to contain costs, achieve budgets and realize expected synergies, including with respect to our ability to complete planned maintenance and investment projects on time and on budget as well as with respect to freight and shipping costs and hedging activities; operating difficulties at our manufacturing facilities and liabilities relating to product safety and quality; the effects of climate change and legal, regulatory, and market measures to address climate change; our ability to successfully identify and complete acquisitions, divestitures, or strategic alliances on favorable terms as well as our ability to successfully conduct due diligence, integrate acquired businesses or implement and maintain strategic alliances and achieve anticipated synergies with respect to all of the foregoing; economic, political and other risks inherent in conducting operations in foreign countries and in foreign currencies; the failure to maintain satisfactory labor relations; our ability to attract, develop, motivate, and maintain good relationships with our workforce; the impact on our business of natural disasters, war, threats or acts of terrorism, or the occurrence of other significant events beyond our control; the impact of impairment charges on our goodwill or long-lived assets; changes in government policy, law, or regulation and costs of legal compliance, including compliance with environmental regulation; changes in our tax rates or exposure to additional income tax liability; increases in our borrowing costs that could result from increased interest rates; our ability to raise funds at reasonable rates and other factors affecting our access to sufficient funds for future growth and expansion; interruptions, security incidents, or failures with respect to information technology systems, processes, and sites; volatility in the stock market and other factors that could adversely affect our stock price; risks affecting the continuation of our dividend policy; and our ability to maintain effective internal control over financial reporting.
Our forward-looking statements speak only as of the date on which they are made, and we do not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of the statement as a result of new information or future events or developments. If we do update or correct one or more of these statements, investors and others should not conclude that we will make additional updates or corrections. For a further description of these and other risks, see “Risk Factors” and other information included in our Annual Report on Form 10-K for the year ended December 31, 2023, and our subsequent reports on Form 10-Q and Form 8-K filed with the Securities and Exchange Commission.
Ingredion Incorporated
Condensed Consolidated Statements of Income
(Unaudited)
(in millions, except per share amounts)
Above is a reconciliation of the company’s expected full-year 2024 GAAP ETR to its expected full-year 2024 adjusted ETR. The amounts above may not reflect certain future charges, costs and/or gains that are inherently difficult to predict and estimate due to their unknown timing, effect and/or significance. The company generally excludes these adjustments from its adjusted ETR guidance, which makes the company more confident in its ability to forecast adjusted ETR than it is in its ability to forecast GAAP ETR. These amounts include, but are not limited to, adjustments to GAAP ETR for resegmentation costs, net gain on sale of business and certain Mexico tax items.
These adjustments to GAAP ETR for 2024 include the following:
i. Tax impact from resegmentation costs related to the company’s resegmentation effective January 1, 2024
ii. Tax impact as a result of the sale of the company’s business in South Korea completed February 1, 2024
iii. Tax benefit as a result of the movement of the Mexican peso against the U.S. dollar and its impact to the remeasurement of the company’s Mexico financial statements during the period
CONTACT:
Investors: Noah Weiss, 773-896-5242
Media: corpcomm@ingredion.com
SOURCE : Ingredion Incorporated
Monday, May 6, 2024
TRAPEZE GROUP CLOUD-BASED TECHNOLOGY TO IMPROVE SINGAPORE'S LTA OPERATIONAL EFFICIENCIES
KUALA LUMPUR, May 6 (Bernama) -- Singapore’s Land Transport Authority (LTA) is set to leverage future public transport services through cloud-based Bus Fleet Management System (BFMS) implemented by the Trapeze Group-ST Engineering consortium.
Under the new agreement, the consortium is due to transition to the next-generation franchising solution, in which Trapeze’s latest fleet management software and in-vehicle hardware enables LTA and their operators to continue delivering connected and reliable journeys for Singapore’s residents and tourists.
Trapeze Group ASEAN Managing Director, Frank Hesse said Trapeze’s experience as the established Intelligent Transport System (ITS) technology provider to LTA can streamline the BFMS implementation.
“I am delighted LTA can continue its long-term relationship with the Trapeze Group-ST Engineering consortium, which powers outstanding public transport experiences for people living in or visiting Singapore.
“Trapeze is proud of the high-level service and expertise we have provided to LTA over the past decade and I look forward to reaching new heights together in the years to come as we help LTA Singapore deliver its 2040 vision,” he said in a statement.
Trapeze’s ITS is the core component of LTA’s BFMS, built upon a real-time cloud-based software architecture with open application programming interface (API)’s and a new WebGUI front-end. By transferring LTA’s system to the Government Commercial Cloud, the Trapeze solution can improve the productivity of bus service controllers while keeping a high level of cybersecurity.
The new Trapeze system uses enhanced analytic functionalities to continuously optimise models and produce even more accurate bus arrival-time predictions. Trapeze’s Business Intelligence solution also enables business users to create reports on key outcomes in a more flexible and dynamic manner.
The solution also supports Singapore’s current electric vehicle (EV) bus fleet rollout with monitoring of EV assets through seamless integration with on-board technology and the charging infrastructure platform.
The consortium successfully implemented a Centralised Fleet Management System that has supported Singapore’s bus fleet since 2014 and currently oversees about 5,800 buses across four public transport operators.
-- BERNAMA
Saturday, May 4, 2024
AKWEL: TURNOVER FOR THE FIRST QUARTER OF 2024
Champfromier, May 3 (Bernama-GLOBE NEWSWIRE) --
Thursday, May 2, 2024
TURNOVER FOR THE FIRST QUARTER OF 2024
Thursday, May 2, 2024
TURNOVER FOR THE FIRST QUARTER OF 2024
- Turnover down -3.3% at constant scope and exchange rates
- Net cash position €111.8M
AKWEL (FR0000053027, AKW, PEA-eligible), parts and systems manufacturer for the automotive and heavy-vehicle industry, specialist in fluid management, mechanisms and structural parts for electric vehicles, has recorded, over the first quarter of 2024, a consolidated turnover of €263.5M, down -4.0% compared to the results published for the first quarter 2023.
(*) At constant scope and exchange rates
Against a backdrop of low global automotive production at the beginning of 2024, AKWEL recorded a decrease of -4.0% in its published turnover and decrease of -3.3% at constant scope and exchange rates. This is compared to the performance from the first quarter of 2023, which was the highest of the financial year for the Group.
The turnover is distributed by geographic production area as follows:
Against a backdrop of low global automotive production at the beginning of 2024, AKWEL recorded a decrease of -4.0% in its published turnover and decrease of -3.3% at constant scope and exchange rates. This is compared to the performance from the first quarter of 2023, which was the highest of the financial year for the Group.
The turnover is distributed by geographic production area as follows:
- France: €69.0M (-10.9%)
- Europe (excluding France) and Africa: €77.2M (-4.1%)
- North America: €77.3M (+4.3%)
- Asia and the Middle East (including Türkiye): €39.4M (-4.6%)
- South America: €0.5M (-53.0%)
With the exception of the Air intake (+17.6%) and Cooling (+1.2%) product lines, most activities are down. This includes the Decontamination line, which is down -20.8%.
Excluding the impact of rental obligations, the company reached a net cash position of €111.8M at the end of March 2024, down €6.5M from December 31, 2023, taking into account a significantly increased investment envelope of €20.0M compared to €11.0M in the first quarter of 2023.
In view of the performance recorded during this first quarter, AKWEL maintains its expectation of stable activity for the current year.
Excluding the impact of rental obligations, the company reached a net cash position of €111.8M at the end of March 2024, down €6.5M from December 31, 2023, taking into account a significantly increased investment envelope of €20.0M compared to €11.0M in the first quarter of 2023.
In view of the performance recorded during this first quarter, AKWEL maintains its expectation of stable activity for the current year.
An independent family business, trading on Euronext Paris, AKWEL is a parts and systems manufacturer for the automotive and heavy-vehicle industry, and a specialist in fluid management, mechanisms and structural parts for electric vehicles. The Group achieves this with their first-rate industrial and technological know-how in mastering the application and processing of materials (plastic, rubber, metal) and mechatronic integration.
Operating in 20 countries across 5 continents, AKWEL employs 9,600 people worldwide.
http://mrem.bernama.com/viewsm.php?idm=48517
Friday, May 3, 2024
AM BEST AFFIRMS CREDIT RATINGS OF NEW ZEALAND MEDICAL INDEMNITY INSURANCE LIMITED
SINGAPORE, May 3 (Bernama-BUSINESS WIRE) -- AM Best has affirmed the Financial Strength Rating of B+ (Good) and the Long-Term Issuer Credit Rating of “bbb-” (Good) of New Zealand Medical Indemnity Insurance Limited (NZMII) (New Zealand). The outlook of these Credit Ratings (ratings) is stable.
The ratings reflect NZMII’s balance sheet strength, which AM Best assesses as adequate, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management (ERM).
NZMII’s balance sheet strength is underpinned by risk-adjusted capitalisation at the strongest level as of 31 March 2023 (fiscal year-end 2023), as measured by Best’s Capital Adequacy Ratio (BCAR). Prospective risk-adjusted capitalisation remains sensitive to the pace of the company’s business growth and the size of future dividend distributions given its modest capital base. Additionally, the company’s balance sheet strength is supported by its conservative investment portfolio, consisting mainly of cash and fixed-income securities. Partially offsetting factors include the company’s small absolute capital base, which increases the sensitivity of capital to shock events, and its limited financial flexibility.
NZMII’s operating performance is assessed as adequate, demonstrated by a five-year average return-on-equity (ROE) ratio of 14% (fiscal years 2019-2023). The company’s overall operating performance has improved significantly since fiscal year 2021, as a result of remedial actions taken by management, including premium rate adjustments and shifting the composition of the investment portfolio to reduce investment risk. In fiscal year 2023, the company recorded a favourable ROE of 15.7% and a combined ratio of 64.5%, as calculated by AM Best. Additionally, NZMII’s earnings continue to be supported by healthy investment income, with the five-year average net investment yield (including gains) standing at 3.4% (fiscal-years 2019-2023). Although prospective underwriting results remain sensitive to increased claims and elevated expenses, operating profitability is expected to remain positive and supportive of the adequate assessment.
AM Best assesses NZMII’s business profile as limited given its position as a small and niche insurer in New Zealand providing medical indemnity insurance to medical practitioners and health professionals. The company’s claims consist largely of legal fees excluding medical injury costs. As a monoline insurer with operations in a single country, AM Best views the company as having limited geographic and product diversification. Access to new business is supported by NZMII’s affiliation with the New Zealand Resident Doctors’ Association.
NZMII’s ERM is assessed as appropriate given the size and complexity of its operations. A key risk over the medium to long term is the disestablishment of district health boards in New Zealand, which provide considerable support to the company in accessing new business. However, the company’s management has taken measures to mitigate this risk by actively engaging with the new centralised body replacing the district health boards, Health New Zealand, to smooth the transition and maintain access to new business prospectively.
Ratings are communicated to rated entities prior to publication. Unless stated otherwise, the ratings were not amended subsequent to that communication.
This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.
AM Best is a global credit rating agency, news publisher and data analytics provider specialising in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.
Copyright © 2024 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
View source version on businesswire.com:
https://www.businesswire.com/news/home/20240502843872/en/
Contact
Ken Lau
Senior Financial Analyst
+65 6303 5025
ken.lau@ambest.com
Victoria Ohorodnyk
Director, Analytics
+65 6303 5020
victoria.ohorodnyk@ambest.com
Christopher Sharkey
Associate Director, Public Relations
+1 908 882 2310
christopher.sharkey@ambest.com
Al Slavin
Senior Public Relations Specialist
+1 908 882 2318
al.slavin@ambest.com
Source : AM Best
The ratings reflect NZMII’s balance sheet strength, which AM Best assesses as adequate, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management (ERM).
NZMII’s balance sheet strength is underpinned by risk-adjusted capitalisation at the strongest level as of 31 March 2023 (fiscal year-end 2023), as measured by Best’s Capital Adequacy Ratio (BCAR). Prospective risk-adjusted capitalisation remains sensitive to the pace of the company’s business growth and the size of future dividend distributions given its modest capital base. Additionally, the company’s balance sheet strength is supported by its conservative investment portfolio, consisting mainly of cash and fixed-income securities. Partially offsetting factors include the company’s small absolute capital base, which increases the sensitivity of capital to shock events, and its limited financial flexibility.
NZMII’s operating performance is assessed as adequate, demonstrated by a five-year average return-on-equity (ROE) ratio of 14% (fiscal years 2019-2023). The company’s overall operating performance has improved significantly since fiscal year 2021, as a result of remedial actions taken by management, including premium rate adjustments and shifting the composition of the investment portfolio to reduce investment risk. In fiscal year 2023, the company recorded a favourable ROE of 15.7% and a combined ratio of 64.5%, as calculated by AM Best. Additionally, NZMII’s earnings continue to be supported by healthy investment income, with the five-year average net investment yield (including gains) standing at 3.4% (fiscal-years 2019-2023). Although prospective underwriting results remain sensitive to increased claims and elevated expenses, operating profitability is expected to remain positive and supportive of the adequate assessment.
AM Best assesses NZMII’s business profile as limited given its position as a small and niche insurer in New Zealand providing medical indemnity insurance to medical practitioners and health professionals. The company’s claims consist largely of legal fees excluding medical injury costs. As a monoline insurer with operations in a single country, AM Best views the company as having limited geographic and product diversification. Access to new business is supported by NZMII’s affiliation with the New Zealand Resident Doctors’ Association.
NZMII’s ERM is assessed as appropriate given the size and complexity of its operations. A key risk over the medium to long term is the disestablishment of district health boards in New Zealand, which provide considerable support to the company in accessing new business. However, the company’s management has taken measures to mitigate this risk by actively engaging with the new centralised body replacing the district health boards, Health New Zealand, to smooth the transition and maintain access to new business prospectively.
Ratings are communicated to rated entities prior to publication. Unless stated otherwise, the ratings were not amended subsequent to that communication.
This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.
AM Best is a global credit rating agency, news publisher and data analytics provider specialising in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.
Copyright © 2024 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
View source version on businesswire.com:
https://www.businesswire.com/news/home/20240502843872/en/
Contact
Ken Lau
Senior Financial Analyst
+65 6303 5025
ken.lau@ambest.com
Victoria Ohorodnyk
Director, Analytics
+65 6303 5020
victoria.ohorodnyk@ambest.com
Christopher Sharkey
Associate Director, Public Relations
+1 908 882 2310
christopher.sharkey@ambest.com
Al Slavin
Senior Public Relations Specialist
+1 908 882 2318
al.slavin@ambest.com
Source : AM Best
Thursday, May 2, 2024
AM BEST AFFIRMS CREDIT RATINGS OF PINNACLE LIFE LIMITED
SINGAPORE, May 2 (Bernama-BUSINESS WIRE) -- AM Best has affirmed the Financial Strength Rating of B+ (Good) and the Long-Term Issuer Credit Rating of “bbb-” (Good) of Pinnacle life Limited (Pinnacle Life) (New Zealand). The outlook of these Credit Ratings (ratings) is stable.
The ratings reflect Pinnacle Life’s balance sheet strength, which AM Best assesses as adequate, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management (ERM). The ratings also factor in a neutral impact from the company’s ultimate parent, Greenstone Holdco Pty Limited (Greenstone).
Pinnacle Life’s balance sheet strength is underpinned by its risk-adjusted capitalisation, which was at the strongest level at fiscal year-end 2023, as measured by Best’s Capital Adequacy Ratio (BCAR), and is expected to remain at that level. The company’s balance sheet strength assessment also reflects its robust regulatory solvency and the financial flexibility supported by its parent, Greenstone. The balance sheet strength assessment also has factored in the company’s high reliance on third-party reinsurance and small capital base, which increase the sensitivity of capital adequacy to new business growth, changes in the interest rate environment, and shock events.
AM Best assesses Pinnacle Life’s operating performance as adequate, with a five-year average return-on-equity ratio of 5.3% (fiscal years 2019-2023). The company’s operating result has been driven by the adequate underwriting performance of its in-force life business, coupled with investment returns. Overall earnings over the past five years have exhibited moderate volatility, mainly due to interest rate movements. Prospectively, operating performance is expected to remain adequate while the company executes its growth plan, supported by robust underwriting growth and an appropriate pricing strategy over the medium term, while leveraging the expertise of Greenstone to manage the associated underwriting risks.
AM Best assesses Pinnacle Life’s business profile as limited, largely reflecting the company’s small scale of operations and its low product and geographic diversification in New Zealand. Key product offering focused on mortality products, including yearly renewable term life and funeral insurance. Greenstone has become a key distribution partner and growth driver of Pinnacle Life. The remaining business was written by Pinnacle Life’s direct channel, in which 90% was sold through online channels in fiscal year 2023.
AM Best assesses Pinnacle Life’s ERM as appropriate given the size and complexity of the company’s current operations. The significant business growth is expected to introduce additional risks to the company’s operations, though this will be mitigated partially by leveraging Greenstone’s expertise in product development and underwriting. While AM Best considers Pinnacle Life’s risk management capabilities as appropriate for its key risks, continual development is expected as the company expands its scope of operations.
Ratings are communicated to rated entities prior to publication. Unless stated otherwise, the ratings were not amended subsequent to that communication.
This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.
AM Best is a global credit rating agency, news publisher and data analytics provider specialising in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.
Copyright © 2024 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
View source version on businesswire.com:
https://www.businesswire.com/news/home/20240501274349/en/
Contact
Ken Lau
Senior Financial Analyst
+65 6303 5025
ken.lau@ambest.com
Christopher Sharkey
Associate Director, Public Relations
+1 908 882 2310
christopher.sharkey@ambest.com
Victoria Ohorodnyk
Director, Analytics
+65 6303 5020
victoria.ohorodnyk@ambest.com
Al Slavin
Senior Public Relations Specialist
+1 908 882 2318
al.slavin@ambest.com
Source : AM Best
The ratings reflect Pinnacle Life’s balance sheet strength, which AM Best assesses as adequate, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management (ERM). The ratings also factor in a neutral impact from the company’s ultimate parent, Greenstone Holdco Pty Limited (Greenstone).
Pinnacle Life’s balance sheet strength is underpinned by its risk-adjusted capitalisation, which was at the strongest level at fiscal year-end 2023, as measured by Best’s Capital Adequacy Ratio (BCAR), and is expected to remain at that level. The company’s balance sheet strength assessment also reflects its robust regulatory solvency and the financial flexibility supported by its parent, Greenstone. The balance sheet strength assessment also has factored in the company’s high reliance on third-party reinsurance and small capital base, which increase the sensitivity of capital adequacy to new business growth, changes in the interest rate environment, and shock events.
AM Best assesses Pinnacle Life’s operating performance as adequate, with a five-year average return-on-equity ratio of 5.3% (fiscal years 2019-2023). The company’s operating result has been driven by the adequate underwriting performance of its in-force life business, coupled with investment returns. Overall earnings over the past five years have exhibited moderate volatility, mainly due to interest rate movements. Prospectively, operating performance is expected to remain adequate while the company executes its growth plan, supported by robust underwriting growth and an appropriate pricing strategy over the medium term, while leveraging the expertise of Greenstone to manage the associated underwriting risks.
AM Best assesses Pinnacle Life’s business profile as limited, largely reflecting the company’s small scale of operations and its low product and geographic diversification in New Zealand. Key product offering focused on mortality products, including yearly renewable term life and funeral insurance. Greenstone has become a key distribution partner and growth driver of Pinnacle Life. The remaining business was written by Pinnacle Life’s direct channel, in which 90% was sold through online channels in fiscal year 2023.
AM Best assesses Pinnacle Life’s ERM as appropriate given the size and complexity of the company’s current operations. The significant business growth is expected to introduce additional risks to the company’s operations, though this will be mitigated partially by leveraging Greenstone’s expertise in product development and underwriting. While AM Best considers Pinnacle Life’s risk management capabilities as appropriate for its key risks, continual development is expected as the company expands its scope of operations.
Ratings are communicated to rated entities prior to publication. Unless stated otherwise, the ratings were not amended subsequent to that communication.
This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.
AM Best is a global credit rating agency, news publisher and data analytics provider specialising in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.
Copyright © 2024 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
View source version on businesswire.com:
https://www.businesswire.com/news/home/20240501274349/en/
Contact
Ken Lau
Senior Financial Analyst
+65 6303 5025
ken.lau@ambest.com
Christopher Sharkey
Associate Director, Public Relations
+1 908 882 2310
christopher.sharkey@ambest.com
Victoria Ohorodnyk
Director, Analytics
+65 6303 5020
victoria.ohorodnyk@ambest.com
Al Slavin
Senior Public Relations Specialist
+1 908 882 2318
al.slavin@ambest.com
Source : AM Best
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