Re: Earnings Aug. 03 at 11.am
I appolgize -- It was available at Yahoo Finance -- using the symbol MFC.TO -- the stock is still quoted but like so much of the Yahoo Finance site the Message Baord is gone or at least not available today.
AS to the "Reserves" in as few a words as I can the Life Ins. Companies (and other ins cos)make estimates of future payouts based on complex statistical models, as to life expectancy and many other guestimates and criteria -- it is an absolutely necessary part of their business and function.
Now use your imagination -- if the Company is having a great year and wants to tone down results, the model can be tweeked to indicate that more reserves (which are taken out before Net Income is reported) are required -- and in a not so good year the model miraculously indicates less reserves are required.
It obviously isn't that blantant and it requires a deft touch and in the long run the company has to be sound financially to make it work -- but that's it in a nut shell.
By the way it isn't any different than GE, and all big financial institutions. Does anyobe really believe that Jack Welch could have had that unbroken run of smooth earnings growth without GECC adjusting as necessary??????
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