Daily Brief Financials: JPY, Bank Mandiri Persero, Equitable Holdings , F&G Annuities & Life , Coinshares International, Cincinnati Financial, First American Financial, American Financial Group, Manulife Financial , Allstate Corp and more

• The carry trade involves borrowing in lower yielding currencies like the yen and investing in higher yielding assets
• The recent unwind of the carry trade caused temporary market stress, but quickly settled down
• The actors involved in the carry trade range from speculators to institutions, making it a diverse ecosystem with varying motivations and impacts

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• Bank Mandiri’s recent results reflect the success of the bank’s strategy to grow higher-yielding loans and its strength in corporate, commercial, and consumer loans, with micro showing slower growth.
• The bank funding base remains solid with strong CASA growth, helping it to maintain NIMs. Mandiri’s mobile banking under Livin’ continues to drive its transactional banking, loan and deposit growth.
• Bank Mandiri‘s upgrade to its loan growth projects speaks volumes about its confidence. With credit costs at less than 1% and ample liquidity, the bank is well-positioned for growth.

• Equitable Holdings’ second quarter earnings report for 2024 highlighted the company’s strategic financial performance and growth initiatives.
• Non-GAAP operating earnings reached $494 million, translating to $1.43 per share, a 23% increase year-over-year.
• Adjusted for non-recurring items, the earnings per share stood at $1.52, surpassing the annual growth target.

• F&G’s latest quarterly results showcase a robust performance with significant growth across various metrics.
• The company, under the leadership of CEO Christopher Blunt and CFO Wendy Young, has effectively implemented strategies that are yielding fruitful results, aligning with the targets set out during the Investor Day in October 2023.
• Starting with asset growth, F&G reported a substantial increase in assets under management (AUM), which stood at $61.4 billion, marking a 21% increase year-over-year.

Edison Investment Research is terminating coverage on CoinShares International (CS). Please note you should no longer rely on any previous research or estimates for this company. All forecasts should now be considered redundant. Previously published reports can still be accessed via our website.

• Cincinnati Financial has reported a strong performance for the second quarter of 2024, reflecting a robust financial position and sustained growth across various segments.
• The company registered a net income of $312 million, bolstered by an after-tax increase of $112 million due to the appreciation in the fair value of equity securities.
• Non-GAAP operating income also saw an uptick, rising by $13 million from the previous year to $204 million, a change attributed primarily to a $17 million increase in investment income.

• First American Financial Corporation recently disclosed its financial results for the second quarter of 2024, navigating a market fraught with challenges yet buoyed temporarily by a seasonal uplift in demand.
• The company reported a total revenue of $1.6 billion with an adjusted earnings per diluted share of $1.27.
• The title segment, a primary revenue generator for the company, saw an adjusted pretax margin of 11.9%, a slight decrease from the previous year’s 12.6%.

• American Financial Group delivered a mixed performance in their second quarter of 2024, reflecting strength in several areas alongside areas of strategic pullback.
• The company reported an 18.5% annualized core operating return on equity, denoting a robust utilization of equity in achieving profits.
• Their specialty property and casualty (P&C) businesses continued to show strength with underwriting margins outperforming expectations due to higher rates, driving a 15% year-over-year increase in P&C net investment income excluding alternatives.

• Manulife Financial recently held its second-quarter 2024 earnings call to review its financial and operating results.
• The material focused on the company’s strategic updates, recent accomplishments, and future directions.
• Positively, Manulife Financial showcased a transition from a high-risk, low Return on Equity (ROE) entity in 2017 to a lower-risk, high ROE company today.

• Allstate Corporation reported its second quarter 2024 results with varied performance aspects.
• The company recorded a net income of $301 million and an adjusted net income of $429 million, or $1.61 per diluted share.
• Revenues increased to $15.7 billion, reflecting higher property-liability earned premiums primarily from rate increases in auto and homeowners insurance, and a significant rise in net investment income, which was $712 million higher than the prior year quarter.