RBC

Genworth Financial Announces Fourth Quarter 2023 Results

Retrieved on: 
Wednesday, February 21, 2024
Professional Services, Other Professional Services, Insurance, Finance, Asset Management, Consulting, RBC, UL, LTC, Mortality, GLIC, Tax

Statutory pre-tax income was $148 million in the current quarter, driven by:

Key Points: 
  • Statutory pre-tax income was $148 million in the current quarter, driven by:
    LTC continues to benefit from premium increases and benefit reductions from IFAs, including more favorable impacts from reserve releases related to legal settlements compared to the prior quarter, but this benefit was more than offset by higher claims as the block ages
    LTC results also included a $87 million increase in cash flow testing reserves in GLICNY, partially offset by a net $29 million pre-tax benefit from assumption updates
    Life insurance results included a $99 million pre-tax favorable impact from assumption updates, primarily related to certain UL products with secondary guarantees, as a favorable change in the prescribed reinvestment rate more than offset the unfavorable assumption updates for persistency and mortality
    Current quarter GLIC consolidated RBC ratio was 303 percent, up from the prior year driven primarily by earnings in annuities, including a net benefit to variable annuities from the impact of equity market and interest rate performance in the year, and the net favorable impact of assumption updates, primarily in life insurance
    The current quarter adjusted operating loss was $25 million, up from $18 million in the prior quarter and $9 million in the prior year, primarily from taxes and expenses related to new growth initiatives with CareScout

Best’s Special Report: New Standard Continues to Pressure South Korea Insurers’ Capital Management

Retrieved on: 
Tuesday, February 20, 2024
Insurance, Professional Services, ALL, Risk management, News, CSM, AM Best, Risk, RBC, Longevity, Pressure

The enactment of K-ICS in South Korea, which began in January 2023 alongside the adoption of IFRS 17 accounting standards, will likely remain a major factor affecting the capital and business strategies of the country’s insurers.

Key Points: 
  • The enactment of K-ICS in South Korea, which began in January 2023 alongside the adoption of IFRS 17 accounting standards, will likely remain a major factor affecting the capital and business strategies of the country’s insurers.
  • The new standards replace South Korea’s previous risk-based capital (RBC) regime with a more accurate and comprehensive risk management approach in order to better align it with global best practices and standards.
  • The Best’s Special Report, titled “Implementation of K-ICS Continues to Pressure South Korean Insurers’ Capital Management,” notes that the magnitude of the decline in the industry’s average solvency ratio was smaller than initially expected.
  • The pressure could be worse for insurers with relatively weak asset liability management.

Truist Securities bolsters industrials sector equity research

Retrieved on: 
Thursday, March 7, 2024
Citadel, Truist, Deutsche Bank, AI, Evercore, Investment, Raymond James Financial, RBC, Credit Suisse, Automation, Citigroup, Machine learning, Devlin, Research, Running, Financial services

ATLANTA, March 7, 2024 /PRNewswire/ -- Truist Securities announced today that highly ranked analyst Jamie Cook recently joined the firm as a managing director, expanding its equity research coverage in the industrials sector.  

Key Points: 
  • ATLANTA, March 7, 2024 /PRNewswire/ -- Truist Securities announced today that highly ranked analyst Jamie Cook recently joined the firm as a managing director, expanding its equity research coverage in the industrials sector.
  • "Jamie's sterling reputation for generating high-quality research, passion for client service, and extensive relationships will greatly benefit our institutional client base," said Mary Stroth, head of equity sales, trading, and research for Truist Securities.
  • Cook will continue to be based in New York City and report to Jeffrey Utz, director of equity research.
  • Cook joins other recent hires that have bolstered the breadth and depth of Truist Securities' equity sales, trading and research team, including:
    Nataliya Bershova, equity electronic trading managing director.

New actions from RBC to support client decarbonization efforts and the transition to a greener economy

Retrieved on: 
Wednesday, March 6, 2024
Royal Bank, Climate, Temperature, RBC Capital Markets, Social, Commercial bank, PAS, Carbon accounting, Progress, ESG, Corporate social responsibility, RBC, Acceleration, Legislation, Renewable energy

These actions are included as part of the release of the RBC Climate Report 2023 , an annual update from the bank on progress made against the bank's climate strategy.

Key Points: 
  • These actions are included as part of the release of the RBC Climate Report 2023 , an annual update from the bank on progress made against the bank's climate strategy.
  • "The actions we are announcing today will help support our clients in their efforts to reduce emissions, contribute to bringing more renewable energy online and provide needed capital to innovative climate solutions."
  • Absolute emissions from the oil & gas sector must decline over time as part of the transition to a net-zero economy.
  • This includes support for clients' decarbonization efforts alongside the acceleration of the bank's strategy to prioritize working with clients who are proactively taking steps to decarbonize.

RBC Global Asset Management Inc. announces February 2024 cash distributions for ETF Series of RBC Funds

Retrieved on: 
Thursday, February 29, 2024
Royal Bank of Canada, RBC, Investment, ETF, Royal Bank, Prospectus, Financial adviser

For further information regarding ETF Series of RBC Funds, please visit www.rbcgam.com/etfsolutions .

Key Points: 
  • For further information regarding ETF Series of RBC Funds, please visit www.rbcgam.com/etfsolutions .
  • Commissions, management fees and expenses all may be associated with investments in mutual funds and exchange-traded funds (ETFs).
  • ETF Series is a class of securities offered by a conventional mutual fund however, unlike conventional mutual fund series, ETF Series are bought and sold at market price on a stock exchange like an ETF.
  • RBC Funds are managed by RBC Global Asset Management Inc., which is a member of the RBC GAM group of companies and an indirect wholly-owned subsidiary of Royal Bank of Canada.

Is that really who you think it is? Canadians worry about rising fraud risks - RBC Poll

Retrieved on: 
Thursday, February 29, 2024
Online, Social media, Artificial intelligence, AI, News, Deepfake, Government, RBC, Human, Crime, Purkiss, Law enforcement, Research, Online shopping

According to RBC's annual Fraud Prevention Month Poll, 75% of respondents are more concerned about fraud than ever before.

Key Points: 
  • According to RBC's annual Fraud Prevention Month Poll, 75% of respondents are more concerned about fraud than ever before.
  • Nine in ten Canadians also believe the use of AI will increase scam attempts over the next year (88%) and could make everyone more vulnerable to fraud (89%).
  • More than half of poll respondents (57%) have seen an increase in social engineering scams with three quarters (76%) expressing concern about them.
  • To learn more about the measures RBC takes to prevent fraud and how you can report it, please visit How RBC Keeps You Safe from Fraud .

GFL Environmental Inc. Announces Secondary Offering of 17,000,000 Subordinate Voting Shares by Selling Shareholders

Retrieved on: 
Wednesday, February 28, 2024
The Company, Attention, Prospectus, Capital market, Ontario Teachers' Pension Plan, Telephone, News, TSX, RBC Capital Markets, EDGAR, Sale, Floor, BCEC, HPS, Equity capital markets, Form, Communication, Cayman, RBC, GFL, Vesey Street, Offering, Security (finance)

VAUGHAN, ON, Feb. 28, 2024 /PRNewswire/ - GFL Environmental Inc. (NYSE: GFL) (TSX: GFL) ("GFL" or the "Company") today announced that BCEC GFL Borrower (Cayman) LP, Ontario Teachers' Pension Plan Board, GFL Borrower II (Cayman) LP, Poole Private Capital, LLC, and entities affiliated with HPS Investment Partners, LLC (collectively, the "Selling Shareholders") intend to offer for sale 17,000,000 subordinate voting shares (the "Shares").

Key Points: 
  • VAUGHAN, ON, Feb. 28, 2024 /PRNewswire/ - GFL Environmental Inc. (NYSE: GFL) (TSX: GFL) ("GFL" or the "Company") today announced that BCEC GFL Borrower (Cayman) LP, Ontario Teachers' Pension Plan Board, GFL Borrower II (Cayman) LP, Poole Private Capital, LLC, and entities affiliated with HPS Investment Partners, LLC (collectively, the "Selling Shareholders") intend to offer for sale 17,000,000 subordinate voting shares (the "Shares").
  • GFL will not receive any proceeds from the sale of the Shares (the "Offering").
  • RBC Capital Markets, LLC and RBC Dominion Securities Inc. will act as underwriters for the Offering in the United States and Canada, respectively.
  • GFL has filed the Form F-10 registration statement (including a prospectus) with the SEC for the offering to which this communication relates.

AXCELIS STRENGTHENS ITS BOARD WITH THE ELECTION OF TWO DIRECTORS

Retrieved on: 
Wednesday, February 28, 2024
Physics, Axcelis Technologies, Rambus, Renesas Electronics, Strategic planning, Pillsbury (brand), Growth, Silicon, University, RBC, Boğaziçi University, Business administration, Engineering, Accounting, Silicon Labs, Electrical engineering, Electronics, IP, Piper Sandler Companies, Agere Systems, Dain, Laboratory, Management

"We are pleased to welcome Gregory Graves and Dr. Necip Sayiner to the Axcelis board," said President and CEO of Axcelis Technologies, Russell Low.

Key Points: 
  • "We are pleased to welcome Gregory Graves and Dr. Necip Sayiner to the Axcelis board," said President and CEO of Axcelis Technologies, Russell Low.
  • "We believe their combined experience in semiconductor technology, strategy and business development will be a tremendous asset to Axcelis.
  • We look forward to their contributions as we lead Axcelis to the next level of growth."
  • He is currently a board member at Rambus, Inc., a manufacturer of semiconductor chips and IP that advance data center connectivity.

Dave McKay of RBC to speak at the 2024 RBC Capital Markets Financial Institutions Conference

Retrieved on: 
Monday, February 26, 2024
RBC, TSX, Royal Bank of Canada, RBC Capital Markets, RY, EST, Royal Bank

TORONTO, Feb. 26, 2024 /CNW/ - Dave McKay, president and chief executive officer of Royal Bank of Canada (RY on TSX and NYSE) will be participating in a fireside chat with Derek Neldner, CEO and group head, RBC Capital Markets, taking place in New York from 8:00 a.m. to 8:35 a.m. on March 5 (EST).

Key Points: 
  • TORONTO, Feb. 26, 2024 /CNW/ - Dave McKay, president and chief executive officer of Royal Bank of Canada (RY on TSX and NYSE) will be participating in a fireside chat with Derek Neldner, CEO and group head, RBC Capital Markets, taking place in New York from 8:00 a.m. to 8:35 a.m. on March 5 (EST).
  • A link to the live audio webcast will be available on RBC's website at https://www.rbc.com/investor-relations/events-and-presentations.html on March 5, 2024.
  • The webcast will be archived for three months.

RBC iShares to expand suite of RBC Target Maturity Bond ETFs

Retrieved on: 
Tuesday, February 20, 2024
Royal Bank of Canada, Royal Bank, Prospectus, Investment, ETF, Sale, RBC, IShares, Finance Secretary (India), Security (finance)

TORONTO, Feb. 20, 2024 /CNW/ - RBC iShares intends to expand its suite of RBC Target Maturity Bond ETFs with the filing by RBC Global Asset Management Inc. ("RBC GAM Inc.") (on February 16, 2024) of a Preliminary Prospectus (the "Preliminary Prospectus") with the securities regulatory authority in each province and territory of Canada for six new RBC Target Maturity U.S. Corporate Bond ETFs, as well as an additional RBC Target Maturity Canadian Government Bond ETF and an additional RBC Target Maturity Canadian Corporate Bond Index ETF.

Key Points: 
  • TORONTO, Feb. 20, 2024 /CNW/ - RBC iShares intends to expand its suite of RBC Target Maturity Bond ETFs with the filing by RBC Global Asset Management Inc. ("RBC GAM Inc.") (on February 16, 2024) of a Preliminary Prospectus (the "Preliminary Prospectus") with the securities regulatory authority in each province and territory of Canada for six new RBC Target Maturity U.S. Corporate Bond ETFs, as well as an additional RBC Target Maturity Canadian Government Bond ETF and an additional RBC Target Maturity Canadian Corporate Bond Index ETF.
  • The new RBC ETFs will be managed by RBC GAM Inc.
    New RBC Target Maturity U.S. Corporate Bond ETF suite
    The RBC Target Maturity U.S. Corporate Bond ETFs will have maturities ranging from 2025 through 2030 and will complement the existing suites of RBC Target Maturity Canadian Government Bond ETFs and RBC Target Maturity Canadian Corporate Bond Index ETFs.
  • The investment objective of each RBC Target Maturity U.S. Corporate Bond ETF will be to provide income, for a limited period of time ending on the respective RBC Target Maturity U.S. Corporate Bond ETF's Termination Date (defined as on or about September 30 of its applicable maturity year), by investing primarily in a portfolio of investment-grade fixed income securities issued in the U.S. market by U.S. and foreign corporations that mature in the same calendar year as the RBC Target Maturity U.S. Corporate Bond ETF's Termination Date.
  • In addition, the Preliminary Prospectus includes the addition of RBC Target 2030 Canadian Government Bond ETF and RBC Target 2030 Canadian Corporate Bond Index ETF, extending the available maturities of the RBC Target Maturity Canadian Government Bond ETF suite and the RBC Target Maturity Canadian Corporate Bond Index ETF suite, respectively.