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Jubilee Insurance Group FY 2015 earnings up 5%
Rank: Elder Joined: 1/21/2010 Posts: 6,675 Location: Nairobi
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VituVingiSana wrote:@Gatheuzi - So Jubilee EARLY adopted IFRS 9 which is I would consider a GOOD thing since they aren't waiting for the last minute. And they have been CONSISTENT in the application of the IFRS 9 and followed through.
@Guru - Again, I ask, what are the tricks that Jubilee used. Not general statements but specifics. Numbers, line items, etc will help me understand these better. When can I expect a response? Thanks! The trick is in perception... If I pass NSE gains/losses through the P&L, the results I announce are always unstable.. If I pass them through OCI my results will always be stable... (The media and common man tend to ignore OCI) Where assets are measured at fair value, gains and losses are either recognised entirely in profit or loss (fair value through profit or loss, FVTPL), or recognised in other comprehensive income (fair value through other comprehensive income, FVTOCI) Mark 12:29
Deuteronomy 4:16
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Rank: Elder Joined: 9/15/2006 Posts: 3,907
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guru267 wrote:VituVingiSana wrote:@Gatheuzi - So Jubilee EARLY adopted IFRS 9 which is I would consider a GOOD thing since they aren't waiting for the last minute. And they have been CONSISTENT in the application of the IFRS 9 and followed through.
@Guru - Again, I ask, what are the tricks that Jubilee used. Not general statements but specifics. Numbers, line items, etc will help me understand these better. When can I expect a response? Thanks! The trick is in perception... If I pass NSE gains/losses through the P&L, the results I announce are always unstable.. If I pass them through OCI my results will always be stable... (The media and common man tend to ignore OCI) Where assets are measured at fair value, gains and losses are either recognised entirely in profit or loss (fair value through profit or loss, FVTPL), or recognised in other comprehensive income (fair value through other comprehensive income, FVTOCI) In fairness though, the share of positions held regarded as tradeable (and thus in the P&L) would be relatively small. Jubilee stays for aeons on the top 10 lists of the companies it has an interest. Further for P&L, other income which includes investment income VarianceLoss FY 2015 -1.2bn Gain FY 2014 +1.2bn Gain FY 2013 +0.5bn Gain FY 2012 +1.7bn Loss FY 2011 -0.5bn
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Rank: Chief Joined: 1/3/2007 Posts: 18,349 Location: Nairobi
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guru267 wrote:VituVingiSana wrote:@Gatheuzi - So Jubilee EARLY adopted IFRS 9 which is I would consider a GOOD thing since they aren't waiting for the last minute. And they have been CONSISTENT in the application of the IFRS 9 and followed through.
@Guru - Again, I ask, what are the tricks that Jubilee used. Not general statements but specifics. Numbers, line items, etc will help me understand these better. When can I expect a response? Thanks! The trick is in perception... If I pass NSE gains/losses through the P&L, the results I announce are always unstable.. If I pass them through OCI my results will always be stable... (The media and common man tend to ignore OCI) Where assets are measured at fair value, gains and losses are either recognised entirely in profit or loss (fair value through profit or loss, FVTPL), or recognised in other comprehensive income (fair value through other comprehensive income, FVTOCI) So if Jubilees consistently follows one method then what's the trick in perception? As far as the media & common man not looking at OCI, who is that a trick "in perception" by Jubilee? Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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Rank: Elder Joined: 5/27/2008 Posts: 3,760
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Trick, perception, FVTPL, FVTOCI - all doesn't matter after the humongous dividend hit my account yesterday.
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Rank: Member Joined: 8/27/2015 Posts: 138 Location: Harare
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guru267 wrote:VituVingiSana wrote:@Gatheuzi - So Jubilee EARLY adopted IFRS 9 which is I would consider a GOOD thing since they aren't waiting for the last minute. And they have been CONSISTENT in the application of the IFRS 9 and followed through.
@Guru - Again, I ask, what are the tricks that Jubilee used. Not general statements but specifics. Numbers, line items, etc will help me understand these better. When can I expect a response? Thanks! The trick is in perception... If I pass NSE gains/losses through the P&L, the results I announce are always unstable.. If I pass them through OCI my results will always be stable... (The media and common man tend to ignore OCI) Where assets are measured at fair value, gains and losses are either recognised entirely in profit or loss (fair value through profit or loss, FVTPL), or recognised in other comprehensive income (fair value through other comprehensive income, FVTOCI) Jubilee has adopted the letter and spirit of IFRS 9. The standard addresses the issue of reporting gains or losses related to held to maturity assets. So rather than being a perception issue it actually improves quality of earnings. If a company has investments in treasury bonds, for example, for purposes of paying life insurance claims (Jubilee's business model), they will always receive the principal and interest. Therefore adjusting the year-on-year MTM through OCI makes more sense. Investment philosophy development in progress...
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Jubilee Insurance Group FY 2015 earnings up 5%
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