Financial Data and Key Metrics Changes - At year-end 2025, the company achieved new per-share highs for adjusted book value at $186.43, adjusted operating shareholders' equity at $126.78, and shareholders' equity at $125.32 [5] - Adjusted operating income per share increased to $9.08 in 2025 from $7.10 in 2024, representing a 28% increase [21] - Fourth quarter 2025 adjusted operating income was $109 million or $2.32 per share, an 83% increase from $66 million or $1.27 per share in the fourth quarter of 2024 [21] Business Line Data and Key Metrics Changes - The present value of new business production (PVP) totaled $286 million in 2025, with significant contributions from all three financial guarantee underwriting groups [5] - The company guaranteed over $27 billion of municipal par, a 16% increase from 2024, and achieved a 15-year high in new issue municipal par sold, representing 58% of the market [12] - The U.S. public finance segment originated $206 million in PVP, with a 19% increase in the second half of 2025 compared to the same period in 2024 [11] Market Data and Key Metrics Changes - The U.S. municipal market experienced a second consecutive year of record issuance, driving strong demand for municipal bond insurance [11] - Non-U.S. public finance and global structured finance originations contributed $80 million in PVP for 2025, with notable transactions in the U.K. and European Union [18] Company Strategy and Development Direction - The company is focused on sustainable long-term growth, having successfully expanded its U.S. municipal secondary market business, which saw a more than tripling in performance compared to the previous year [6] - The acquisition of Warwick Re Limited, renamed Assured Life Reinsurance, diversifies revenue sources and leverages the company's strengths in credit and structured finance [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the recovery of the U.S. public finance market and infrastructure finance in Europe, anticipating continued strong performance in 2026 [27] - The company highlighted the strength of its underwriting and the successful resolution of previously troubled exposures, which contributed positively to financial results [22] Other Important Information - The company repurchased 12% of its common shares outstanding at the end of 2024, meeting its target of $500 million in share repurchases [6] - A 12% increase in the quarterly dividend per share was announced, marking 14 consecutive years of dividend growth [6] Q&A Session Summary Question: Update on issuance in triple B credits and outlook for 2026 - Management noted a positive trend in the fourth quarter and a strong start in the first quarter of 2026, with several transactions already closed in U.S. public finance and infrastructure finance in Europe [27] Question: Outlook on U.K. utilities and Brightline - Management provided an update on U.K. utilities, indicating an upgrade for Southern Water and focusing on Thames as the only problematic exposure, with active engagement in finding a market-based solution [28] - Regarding Brightline, management expressed confidence in the recovery and highlighted a strong position in the capital stack [30] Question: Exposure in alternative investment portfolio and private credit - Management clarified that while they are invested in the CLO market, they do not take direct exposure to private credit and remain confident in the health of their portfolio [35] Question: Capital allocation between annuity reinsurance and stock buyback - Management indicated that capital management opportunities, including stock buybacks, will be assessed based on market conditions and opportunities in the life and annuity space [36]

Financial Data and Key Metrics Changes - Jackson Financial reported adjusted operating earnings of $455 million for Q4 2025, reflecting continued strength across spread-based products and a 12% growth in adjusted operating earnings for the full year [5][13] - The company achieved over $1 billion in free capital generation for the second consecutive year, with free cash flow totaling $838 million for the full year [6][36] - Adjusted operating earnings per share increased by 33% to $6.43, driven by strong spread income growth and a lower diluted share count [16][18] Business Line Data and Key Metrics Changes - Retail annuity sales reached nearly $20 billion for the full year, the highest level since 2019, with a record $2.3 billion in RILA sales for Q4, up 53% year-over-year [6][10] - The retail annuity segment delivered 27% growth over last year's fourth quarter, with RILA assets under management growing to over $20 billion [18][22] - Fixed index annuity sales contributed $812 million during the quarter, indicating strong momentum in the product lineup [19][22] Market Data and Key Metrics Changes - Total retail annuity account values increased by 7% to $269 billion at year-end 2025, supported by strong sales in RILA and fixed index annuities [7][10] - Variable annuity net outflows remained elevated, reflecting an aging policyholder base and market conditions, but were offset by strong investment performance generating over $28 billion [20][21] - The RBC ratio stood at 567%, indicating a strong capital position above the minimum target [7][41] Company Strategy and Development Direction - Jackson Financial closed a strategic partnership with TPG to support accelerated growth in its spread-based business, enhancing capital efficiency and product offerings [5][12] - The company aims to leverage its diversified product suite to meet various consumer needs, focusing on income, protection, growth, and legacy benefits [61] - Future growth targets include free capital generation of at least $1.2 billion for 2026 and a capital return target of $900 million to $1.1 billion [12][39] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in maintaining a balanced approach to capital management, focusing on financial strength, growth, and capital return to shareholders [6][8] - The partnership with TPG is expected to enhance profitability and support the growth of the spread-based business, with a positive outlook for retail annuity sales [62][64] - Management anticipates that surrender activity will remain closely tied to equity market performance, with expectations for improved actual-to-expected results in 2026 [21][78] Other Important Information - The company returned over $862 million to common shareholders in 2025, exceeding its capital return target range [7][38] - Jackson's annual actuarial assumptions review resulted in a favorable impact on operating earnings, reflecting improved mortality trends [17][30] - The establishment of Hickory Re as a subsidiary is expected to contribute to future cash flows and enhance the capital profile of Brook Re [48][50] Q&A Session Summary Question: Can you provide more details on capital levels and tracking? - Management discussed the progress of Brook Re and its diversified liability profile, highlighting recent reinsurance transactions that enhance stability [47][48] Question: What is the expected impact of the TPG partnership on growth? - Management indicated that the partnership will support strong retail annuity sales and enhance product offerings, with expectations for growth in the coming years [56][62] Question: How will cash flow from Hickory Re be managed? - It was clarified that dividends from Hickory Re would flow up to Brook Re and then to the holding company, supporting ongoing capital return strategies [65][66]

Financial Data and Key Metrics Changes - As of December 31, 2025, the company surpassed $1.1 billion in total assets, achieving record quarterly and annual earnings, with full-year net income of approximately $16.65 million, reflecting a nearly 27% increase compared to 2024 [2][9][18] - The return on average equity reached nearly 15% on a GAAP basis and 21.6% on a core basis, indicating strong profitability metrics [9][10] - Net income for the fourth quarter was $4.85 million, an increase of about $500,000 from the third quarter and over $900,000 from the prior year's quarter [10][11] Business Line Data and Key Metrics Changes - Net interest income rose by more than $800,000 quarter-over-quarter to $11.87 million, supported by higher loan balances and improved funding costs [11][16] - Non-interest income totaled $1.73 million for the quarter, remaining well above year-ago levels despite lower loan prepayment activity [12][16] - Gross loans ended the year at $958.79 million, reflecting a year-over-year growth of 19.2% [19] Market Data and Key Metrics Changes - Total deposits reached $931.75 million, representing year-over-year growth of 20.7% [19] - Non-interest income for 2025 was $6.77 million, showing a 46.5% year-over-year growth [20] - The allowance for credit losses to loans ratio stood at 1.07%, with non-performing assets to total assets ratio at 0.32%, indicating strong credit quality [21][22] Company Strategy and Development Direction - The company aims to roll out a new subsidiary for HUD and FHA-insured financing solutions in early 2026, targeting multifamily and healthcare properties to diversify revenue [3][4] - The focus remains on disciplined growth, conservative risk management, and building long-term relationships with customers [26] - The company is positioned for the next phase of disciplined growth, with expectations to maintain profitability while expanding its asset base [15][24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in maintaining a quarterly earnings per share range of $0.18-$0.21, driven by loan growth and stable funding costs [40][41] - The company anticipates loan growth of 25% or higher, supported by strong relationships with loyal customers [43][56] - Management highlighted that the infrastructure is in place to support growth without significantly increasing costs, indicating a positive outlook for scaling operations [57][58] Other Important Information - The company celebrated its 25th anniversary in 2025, marking a milestone in its evolution into a high-performing institution [2][3] - The largest institutional investor, AllianceBernstein, increased its economic ownership in the company, reflecting confidence in its strategy and governance [4][5] Q&A Session Summary Question: Opportunities for bridge to HUD financing - Management discussed the potential for growth in the skilled nursing and senior housing sectors, expecting to reach $250 million in two to three years, with long-term goals of $1 billion to $2 billion [31][33] Question: EPS guidance assumptions - Management indicated that the EPS guidance of $0.18-$0.21 is based on current performance, with expectations for loan growth and stable margins [40][41] Question: Loan growth sustainability - Management expects sustainable loan growth of 25% or higher, supported by strong customer relationships [43] Question: AllianceBernstein's increased exposure - Management clarified that the preferred equity structure is designed to simplify ownership and that further conversions to common stock are anticipated [44][45] Question: Sectors driving loan growth - Management emphasized that strong relationships with customers mitigate stress in portfolios, driving consistent loan growth [54][56] Question: Regulatory thresholds impacting growth - Management reassured investors that the infrastructure is in place to support growth without significant cost increases, indicating readiness for scaling beyond $1 billion in assets [57][58]

Financial Data and Key Metrics Changes - For Q4 2025, the company reported net income of $155 million or $1.60 per diluted share, compared to $1.67 in the previous quarter and $1.58 in Q4 2024 [4][11] - For the full year 2025, net income was $690 million or $6.90 per diluted share, with a return on average equity of 12% [4][10] - Book value per share increased by 13% year-over-year to $60.31 as of December 31 [5][10] - The company generated operating cash flow of $856 million for the full year 2025 [10] Business Line Data and Key Metrics Changes - The mortgage insurance in force was $248 billion, a 2% increase year-over-year, but a decrease of $452 million from the previous quarter [5][12] - Persistency for the mortgage insurance portfolio was 86% as of December 31, reflecting a slight decrease from 86% in the previous quarter [5][12] - The average base premium rate for the mortgage insurance portfolio remained stable at 41 basis points, while the average net premium rate decreased by 1 basis point to 34 basis points [13] Market Data and Key Metrics Changes - The portfolio default rate increased modestly to 2.5%, up 21 basis points from the previous quarter [13] - The weighted average FICO score for the insurance in force was 747, with a weighted average original loan-to-value (LTV) of 93% [5] Company Strategy and Development Direction - The company is focused on a disciplined capital management strategy, returning nearly $700 million to shareholders in 2025 through dividends and share repurchases [10] - The company has entered the Lloyd's market to expand its reinsurance capabilities, viewing it as a strategic opportunity rather than a new line of business [20][22] - The company aims to optimize unit economics rather than prioritize market share, focusing on long-term growth in book value per share [56] Management's Comments on Operating Environment and Future Outlook - Management noted that the current housing market presents challenges, with modest growth expected in insurance in force due to high mortgage rates and limited supply [41] - The company believes that the embedded home equity in its portfolio will help mitigate future claims [6] - Management expressed confidence in the strength of the balance sheet and the ability to return capital to shareholders while maintaining a cautious outlook on credit [59] Other Important Information - The company repurchased nearly 10% of its shares outstanding at the end of 2024 and approved a 13% increase in its quarterly dividend to $0.35 per share starting in Q1 2026 [10][16] - The consolidated cash and investments totaled $6.6 billion, with an aggregate yield of 3.9% for the year [9] Q&A Session Summary Question: Why enter the Lloyd's market now? - Management indicated that the decision was part of a long-term strategy to expand and leverage existing assets, with a focus on capital efficiency and diversification [20][22] Question: Is the decrease in insurance in force a strategic decision? - Management clarified that the decrease should not be over-interpreted, as it reflects market dynamics rather than a specific strategic pullback [30] Question: What is the outlook for insurance in force growth? - Management expects modest growth in insurance in force, with potential for a spike when younger demographics enter the homeownership market [41] Question: How does the company view credit risk? - Management stated that credit quality remains benign, and they are not currently making significant changes based on credit concerns [46][58]

Core Insights - Lendlease REIT has strengthened its portfolio through the divestment of Jem office and the strategic acquisition of a 70% stake in PLQ Mall, enhancing its exposure to resilient suburban catchments in Singapore [1][4]. Financial Performance - In the first half of FY2026, Lendlease REIT reported a gross revenue of S$101.9 million and a net property income of S$74.0 million, reflecting declines of 1.6% and 1.2% year-on-year, respectively, primarily due to the Jem office divestment and the exit of Cathay Cineplexes [5]. - On a like-for-like basis, excluding the Jem office divestment, gross revenue and net property income increased by 0.6% and 1.1%, respectively [5]. - Distributable income grew by 11.7% year-on-year to S$48.6 million, resulting in a distribution of 1.85 cents per unit, driven by lower interest expenses [7][9]. Capital Management - Following the Jem office divestment, net sales proceeds were mainly used to repay borrowings, reducing the gearing ratio to 38.4% from 42.7% [10]. - The weighted average cost of debt decreased to 2.90% per annum, and the interest coverage ratio improved to 1.8 times [10][11]. - Approximately 72% of borrowings are hedged to fixed rates, with S$701.2 million in debt facilities available for working capital needs [11]. Operational Performance - As of December 31, 2025, Lendlease REIT's portfolio committed occupancy was approximately 95%, with a retail portfolio occupancy rate of 99.5% [12]. - The tenant retention rate was 64.5%, which would improve to 76.8% excluding the impact of Cathay Cineplexes [16]. - The retail portfolio achieved a positive rental reversion of 10.4%, with tenant sales and visitation growing by 7.2% and 9.6% year-on-year, respectively [15]. Strategic Initiatives - The reconfiguration of retail spaces at PLQ Mall has commenced, expected to enhance rental rates upon completion [16]. - A two-year energy tariff contract has been secured for the Singapore portfolio, anticipated to reduce electricity expenses by approximately 15% per annum starting July 1, 2026 [10][14].

Financial Data and Key Metrics Changes - The company reported a strong performance in 2025, with total income increasing by 12% to GBP 16.4 billion, and operating profit reaching GBP 7.7 billion [4][14] - Earnings per share grew by 27% to GBP 0.68, while dividends per share increased by 51% to GBP 0.325 [5][6] - The cost-income ratio improved by 4.8 percentage points to 48.6%, reflecting operational efficiency [4][26] - The Common Equity Tier 1 (CET1) ratio stood at 14%, with a return on tangible equity of 19.2% [5][29] Business Line Data and Key Metrics Changes - Retail banking saw a customer base increase of over 5%, with customer assets and liabilities growing 4% to GBP 421 billion [7][8] - In private banking and wealth management, assets under management and administration rose by 20% to GBP 58.5 billion, with net new flows increasing by 41% [8][21] - Commercial and institutional lending grew by 10% or GBP 14 billion, with significant contributions from social housing and infrastructure projects [9][10] Market Data and Key Metrics Changes - The company added one million new customers in 2025, contributing to broad-based growth across all business segments [4][6] - Customer deposits increased by 2.4% to GBP 442 billion, with retail banking deposits growing by GBP 7.8 billion [20][21] - The company is the leading lender to UK infrastructure projects, delivering GBP 19 billion in climate and transition finance [10] Company Strategy and Development Direction - The company aims to focus on disciplined growth, simplification, and effective capital and risk management as part of its strategy [6][41] - The acquisition of Evelyn Partners is expected to enhance the company's private banking and wealth management capabilities, increasing assets under management to GBP 127 billion [35][42] - The company targets a return on tangible equity greater than 18% by 2028, with a cost-income ratio below 45% [46][59] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the UK economy, noting that consumers are managing well and investment is steadily increasing [43][44] - The company anticipates a supportive macroeconomic environment, with expectations of lower inflation and a stable unemployment rate [27][44] - The management highlighted the importance of leveraging technology and AI to enhance customer experience and operational efficiency [50][56] Other Important Information - The company achieved gross cost savings of around GBP 600 million, contributing to improved operational leverage [10][26] - The company plans to invest GBP 100 million in transforming its digital platform, Bankline, to enhance customer access to products and services [12][50] - The company expects to generate more than 200 basis points of capital before distributions in 2026 [40][59] Q&A Session Questions and Answers Question: Can you discuss the sources of the GBP 600 million cost savings and expectations for 2026? - Management noted that the cost savings stem from a broad range of efficiencies, including technology investments and operational simplifications [64][67] Question: What are the expectations for customer assets and liabilities growth across divisions? - Management expressed confidence in growing customer assets and liabilities across all business areas, although some areas may grow faster than others [64][72]

Financial Data and Key Metrics Changes - The company reported a strong performance in 2025, with total income growth of 12% to £16.4 billion, and operating profit of £7.7 billion, leading to an attributable profit of £5.5 billion [4][17][18] - Earnings per share increased by 27% to 68p, while dividends per share rose by 51% to 32.5p [5][6] - The cost-income ratio improved by 4.8 percentage points to 48.6%, with costs growing only 2% to £8 billion [4][29] Business Line Data and Key Metrics Changes - Retail banking customer assets and liabilities grew by 4% to £421 billion, with a customer base increase of over 5% [7][8] - In private banking and wealth management, assets under management increased by 20% to £58.5 billion, with net new flows growing by 41% [8][25] - Commercial and institutional lending grew by 10% or £14 billion, reflecting strong performance across various sectors [10][23] Market Data and Key Metrics Changes - Customer deposits increased by 2.4% to £442 billion, with retail banking deposits up by 4% [24] - The company reported a loan impairment rate of 16 basis points, indicating strong risk management [6][33] - The CET1 ratio stood at 14%, reflecting robust capital generation [5][34] Company Strategy and Development Direction - The company aims to achieve a return on tangible equity greater than 18% by 2028, focusing on disciplined growth and simplification [51][71] - The acquisition of Evolent Partners is expected to enhance the company's private banking and wealth management capabilities, increasing assets under management significantly [40][48] - The company plans to leverage technology and AI to improve customer experience and operational efficiency [60][66] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the UK economy, citing strong household savings and a commitment to social housing investment [50] - The company anticipates a moderate growth environment in 2026, with expectations for lower inflation and stable unemployment rates [31][30] - Future guidance includes income expectations of £17.2 billion to £17.6 billion for 2026, with a loan impairment rate below 25 basis points [20][46] Other Important Information - The company has reduced its share count from over 11 billion to just under 8 billion, enhancing shareholder value [6] - The company achieved gross cost savings of around £600 million, contributing to improved operational leverage [11][29] - The strategic focus includes expanding customer engagement and broadening product offerings across all business lines [60][62] Q&A Session Summary Question: On costs and future cost savings - The company highlighted a nearly 5% reduction in the cost-income ratio and discussed various levers for cost savings, including technology investments and operational simplifications [77][80] Question: On customer assets and liabilities target - Management expressed confidence in achieving growth across all business areas, including lending, deposits, and assets under management, while not providing specific growth splits [84]

Group 1 - Sampo plc is planning to issue new SEK and/or NOK floating rate Restricted Tier 1 notes, which are perpetual and may be redeemed or purchased under certain conditions [1][2] - The combined target size of the issuance is set as a SEK/NOK benchmark, with the issuance expected to occur in the near future, depending on market conditions [1] - The new issuance is part of Sampo Group's ordinary capital management actions and is expected to be rated Baa2 by Moody's [2]

Financial Data and Key Metrics Changes - For the full year 2025, the company reported revenues of $751 million, a decrease of 14% from the record results of 2024, but still the third highest revenue year in its 20-year history [4] - Fourth quarter revenues were $219 million, which included $18.5 million related to closings that occurred within the first few days of 2026 [8][9] - The adjusted compensation margin for 2025 was 68%, up from 67% in 2024, reflecting strong discipline in managing compensation despite record talent investment [8] Business Line Data and Key Metrics Changes - The M&A business had a productive year in expanding coverage and expertise, although revenue ambitions were not fully met due to several large transactions not completing as hoped [4] - The Restructuring practice achieved record revenues, gaining market share in a growing market, particularly in Debtor-Side Mandates [5] - The Financing and Capital Solutions business is positioned well for future growth, supported by a strong pipeline and positive client sentiment [7] Market Data and Key Metrics Changes - In Europe, the company delivered record revenues, solidifying its position as a leading advisor in active regions [5] - The company noted that European market activity is expected to improve, with significant investments in sectors like defense and energy security [35] Company Strategy and Development Direction - The company is focused on building a differentiated platform that can perform across various market conditions, with a strong emphasis on client relationships and talent acquisition [4][7] - The firm aims to continue its growth trajectory by leveraging its strong pipeline and enhancing its service offerings, particularly in restructuring and financing [5][7] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for 2026, citing a strong backlog and positive sentiment among clients, despite challenges faced in 2025 [4][14] - The geopolitical landscape is seen as creating opportunities rather than obstacles, with clients focusing on long-term strategies [37][38] Other Important Information - The company returned over $163 million to equity holders in 2025 through dividends, share repurchases, and unit exchanges, while maintaining a strong cash position of $256 million and no debt [9] - The firm added 23 new senior bankers in 2025, with continued momentum in talent acquisition into 2026 [6] Q&A Session Summary Question: Impact of large deals not completing in 2025 - Management acknowledged that several large transactions did not complete, impacting revenue, but expressed optimism for 2026 with a better starting point [11][13] Question: Performance of the Devon Park addition - The integration of Devon Park has been positive, with successful joint mandates and a strong pipeline, indicating relevance in client conversations [15][16] Question: Outlook for restructuring revenues in 2026 - Management is optimistic about the restructuring business, expecting continued strong demand driven by proactive financial management among clients [25][26] Question: Recruiting outlook for 2026 - The company anticipates a return to a more normal hiring pace, with a strong pipeline of candidates but not as aggressive as in the previous year [28][29] Question: Drivers of record revenues in Europe - Management attributed the success in Europe to strategic investments and a strong team, with increasing activity levels expected in the region [34][36] Question: Capital return priorities - The company remains focused on organic investments as the top priority, while also considering share buybacks and dividends as part of its capital management strategy [44][45] Question: Starting point for compensation ratio in 2026 - The compensation ratio for Q1 2026 is expected to start at 67%, with flexibility needed in Q4 to assess final adjustments [46][47]

Core Insights - Branded Legacy, Inc. has successfully eliminated $1,078,500 in legacy convertible debt, enhancing its financial position and reducing potential dilution for shareholders [1][4][5] Debt Retirement - The company negotiated the retirement of four legacy convertible notes, which included three notes over two years old and one that would have become convertible in September 2026 [2] - This action prevents the conversion into hundreds of millions of shares, thereby averting significant dilution for existing shareholders [2][6] Previous Achievements - Prior to this, the company had retired approximately $1 million in legacy convertible debt, further reducing liabilities and dilution risks [3] Leadership Impact - Since Dr. Jamie Forrest took over as Interim CEO in December 2025, he has focused on eliminating legacy convertible debt through strategic negotiations and due diligence [4][5] Shareholder Value - The company emphasizes protecting shareholder interests through disciplined capital management, which includes resolving legacy convertible notes to strengthen the balance sheet and enhance financial flexibility [5][6] Transparency and Compliance - Branded Legacy is committed to improving transparency and compliance, having issued 140 million of the approximately 300 million shares anticipated from pre-existing convertible instruments [6] - The company is working with OTC Markets Group to update its issuer profile and remove the Yield Sign designation from its ticker [7] Company Overview - Branded Legacy, Inc. is a publicly traded company based in Vancouver, British Columbia, focused on financial discipline, transparency, and sustainable shareholder value creation [8]