A.M. Best Maintains Under Review With Developing Implications Status for Credit Ratings of Macau Life Insurance Company Limited

HONG KONG--(BUSINESS WIRE)--A.M. Best has maintained the under review with developing implications status for the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb” of Macau Life Insurance Company Limited (MLIC) (Macau).


The developing implications status reflects the possibility that these Credit Ratings (ratings) may change, although the direction of any ratings change is uncertain.

Maintaining the under review status is a follow-up to the rating actions taken by A.M. Best on Nov. 17, 2016. On June 2, 2016, Dah Sing Financial Holdings Limited and Macau Insurance Company Limited announced that they agreed to sell 100% of MLIC’s shares to Thaihot Investment (Bermuda) Company Limited (Thai Hot) (Bermuda). MLIC is expected to maintain its current distribution relationship with Banco Comercial de Macau, S.A. after the closing of the transaction. Although the acquisition was completed on Nov. 9, 2017, the extended under review status reflects the uncertainty regarding Thai Hot’s credit profile and how future business plans could impact MLIC.

MLIC’s ratings will remain under review until A.M. Best completes its discussions with the company’s management team. In addition, any potential rating impact from actual or anticipated changes to MLIC’s credit profile and business plans will be assessed. A.M. Best will factor its view of Thai Hot’s credit profile into the final rating determination.

Ratings are communicated to rated entities prior to publication. Unless stated otherwise, the ratings were not amended subsequent to that communication.

This press release relates to Credit Ratings that have been published on A.M. Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see A.M. Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Understanding Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and A.M. Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and A.M. Best Rating Action Press Releases.

A.M. Best is the world’s oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com.

Copyright © 2017 by A.M. Best Rating Services, Inc. and/or its subsidiaries. ALL RIGHTS RESERVED.


Contacts

A.M. Best
Vivian Cheung, +852 2827 3421
Senior Financial Analyst
vivian.cheung@ambest.com
or
Christie Lee, +852 2827 3413
Director, Analytics
christie.lee@ambest.com
or
Christopher Sharkey, +1 908 439 2200, ext. 5159
Manager, Public Relations
christopher.sharkey@ambest.com
or
Jim Peavy, +1 908 439 2200, ext. 5644
Director, Public Relations
james.peavy@ambest.com

The Bank of Tokyo-Mitsubishi UFJ, Ltd. Announces Consolidated Summary Report of Mitsubishi UFJ Financial Group, Inc. Under Japanese GAAP for the Six Months Ended September 30, 2017

TOKYO--(BUSINESS WIRE)--The Bank of Tokyo-Mitsubishi UFJ, Ltd.:

Consolidated Summary Report  [under Japanese GAAP]

for the six months ended September 30, 2017
 
Company name:   Mitsubishi UFJ Financial Group, Inc.   Stock exchange listings:   Tokyo, Nagoya, New York
Code number: 8306

URL http://www.mufg.jp/

Representative: Nobuyuki Hirano, President & Group CEO
For inquiry: Kazutaka Yoneda, General Manager - Financial Planning Division / Financial Accounting Office
TEL (03) 3240-3110
Quarterly securities report issuing date:   November 29, 2017   Dividend payment date:   December 5, 2017
Trading accounts: Established
Supplemental information for quarterly financial statements:   Available
Quarterly investor meeting presentation: Scheduled (for investors and analysts)
 
(Amounts of less than one million yen are rounded down.)
1. Consolidated Financial Data for the Six Months ended September 30, 2017

(1) Results of Operations

 

(% represents the change from the same period in the previous fiscal year)

   

Ordinary Income

 

Ordinary Profits

 

Profits Attributable to
Owners of Parent

Six months ended   million yen   %   million yen   %   million yen   %
September 30, 2017 3,068,191 10.4 864,020 8.7 626,940 27.8
September 30, 2016     2,779,372  

(7.1)

    794,873  

(18.0)

    490,530  

(18.2)

(*) Comprehensive income
September 30, 2017:   863,593   million yen,   -   %   ;   September 30, 2016:  

(231,540)

  million yen,   -   %
 
    Basic earnings
per share
  Diluted earnings
per share
Six months ended yen yen
September 30, 2017 47.00 46.86
September 30, 2016   35.93     35.82  

 

(2) Financial Conditions

    Total Assets   Total Net Assets   Equity-to-asset ratio (*)
As of  

 

million yen

 

 

million yen

  %
September 30, 2017 305,468,828 17,279,375 5.2
March 31, 2017     303,297,433       16,658,394      

5.0

 
(Reference) Shareholders’ equity as of   September 30, 2017:   15,869,893   million yen;   March 31, 2017:   15,280,268   million yen
(*) “Equity-to-asset ratio” is computed under the formula shown below
(Total net assets - Subscription rights to shares - Non-controlling interests) / Total assets
 

2. Dividends on Common Stock

    Dividends per Share
1st quarter-end   2nd quarter-end   3rd quarter-end   Fiscal year-end   Total
Fiscal year yen yen yen yen yen
ended March 31, 2017 -   9.00   -   9.00   18.00  
ending March 31, 2018 -   9.00              
ending March 31, 2018 (Forecast)               -     9.00     18.00  
(*) Revision of forecasts for dividends on the presentation date of this Consolidated Summary Report : None
 

3. Earnings Target for the Fiscal Year ending March 31, 2018 (Consolidated)

MUFG has the target of 950.0 billion yen of profits attributable to owners of parent for the fiscal year ending March 31, 2018.
(There is no change to our earnings target released on May 15, 2017.)
MUFG is engaged in financial service businesses such as banking business, trust banking business, securities business and credit card/loan businesses. Because there are various uncertainties caused by economic situation, market environments and other factors in these businesses, MUFG discloses a target of its profits attributable to owners of parent instead of a forecast of its performance.

※ Notes

(1) Changes in significant subsidiaries during the period:   No
(2) Changes in accounting policies, changes in accounting estimates and restatements
(A) Changes in accounting policies due to revision of accounting standards: No
(B) Changes in accounting policies due to reasons other than (A): No
(C) Changes in accounting estimates: No
(D) Restatements: No

(3) Number of common stocks outstanding at the end of the period

(A) Total stocks outstanding including treasury stocks:   September 30, 2017   14,027,694,920   shares
March 31, 2017 14,168,853,820 shares
(B) Treasury stocks: September 30, 2017 737,252,195 shares
March 31, 2017 738,910,028 shares
(C) Average outstanding stocks: Six months ended September 30, 2017 13,339,150,519 shares
Six months ended September 30, 2016 13,652,178,742 shares
 

*This “Consolidated Summary Report” (Quarterly “Tanshin”) is outside the scope of the external auditor’s interim audit procedure.

*Notes for using forecasted information etc.

1. This financial summary report contains forward-looking statements regarding estimations, forecasts, targets and plans in relation to the results of operations, financial conditions and other overall management of the company and/or the group as a whole (the “forward-looking statements”). The forward-looking statements are made based upon, among other things, the company’s current estimations, perceptions and evaluations. In addition, in order for the company to adopt such estimations, forecasts, targets and plans regarding future events, certain assumptions have been made. Accordingly, due to various risks and uncertainties, the statements and assumptions are inherently not guarantees of future performance, may be considered differently from alternative perspectives and may result in material differences from the actual result. For the main factors that may affect the current forecasts, please see Consolidated Summary Report, Annual Securities Report, Disclosure Book, Annual Report, and other current disclosures that the company has announced.

2. The financial information included in this financial summary report is prepared and presented in accordance with accounting principles generally accepted in Japan (“Japanese GAAP”). Differences exist between Japanese GAAP and the accounting principles generally accepted in the United States (“U.S. GAAP”) in certain material respects. Such differences have resulted in the past, and are expected to continue to result for this period and future periods, in amounts for certain financial statement line items under U.S. GAAP to differ significantly from the amounts under Japanese GAAP. For example, differences in consolidation basis or accounting for business combinations, including but not limited to amortization and impairment of goodwill, could result in significant differences in our reported financial results between Japanese GAAP and U.S. GAAP. Readers should consult their own professional advisors for an understanding of the differences between Japanese GAAP and U.S. GAAP and how those differences might affect our reported financial results. We will publish U.S. GAAP financial results in a separate disclosure document when such information becomes available.

Above is part of the Consolidated Summary Report of Mitsubishi UFJ Financial Group, Inc. under Japanese GAAP for the six months ended September 30, 2017.

Mitsubishi UFJ Financial Group (MUFG) makes available financial reports and highlights of MUFG group companies including those of The Bank of Tokyo-Mitsubishi UFJ, Ltd. Please refer to MUFG's website for full information.


Contacts

The Bank of Tokyo-Mitsubishi UFJ, Ltd.
Jun Kobayashi, +81-3-3240-1111
Chief Manager
Corporate Administration Division

The Bank of Tokyo-Mitsubishi UFJ, Ltd. Announces Corporate Split and Business Transfers under "Functional Realignment" of Group Subsidiaries

TOKYO--(BUSINESS WIRE)--Mitsubishi UFJ Financial Group, Inc. (MUFG) announced the “functional realignment” of its group subsidiaries in its press release titled “‘Functional Realignment’ of Group Subsidiaries” issued on May 15, 2017 (the “May 15 Press Release”).

To implement the “functional realignment,” Mitsubishi UFJ Trust and Banking Corporation (the Trust Bank) and The Bank of Tokyo-Mitsubishi UFJ, Ltd. (the Commercial Bank) today entered into an absorption-type corporate split agreement to transfer the Trust Bank’s domestic corporate loan-related businesses(*) to the Commercial Bank (the absorption-type corporate split pursuant to such agreement, the “Corporate Split”).

In addition, the Trust Bank and the Commercial Bank today entered into business transfer agreements to transfer the corporate loan-related businesses carried on by the Trust Bank’s overseas locations to the Commercial Bank (the business transfers pursuant to such agreements, the “Business Transfers,” and the Corporate Split and the Business Transfers are collectively referred to as the “Corporate Restructuring”).

(*) These businesses include the corporate loan business, project finance, real estate finance, any related foreign exchange and remittance services, and all positions as bond administrator fiscal agents and issuing and paying agents regarding bonds, specified bonds and foreign bonds entrusted to the Trust Bank, but do not include pension-related services, the corporate agency business, or real estate related businesses.

1. Purposes of the Corporate Restructuring

As announced in the May 15 Press Release, MUFG has determined to conduct the “functional realignment” with the dual aims of expeditiously adapting to the domestic and global structural changes in the business environment surrounding MUFG, and of providing outperforming value to customers’ diversified and sophisticated needs. MUFG, the Commercial Bank and the Trust Bank initially planned to transfer the Trust Bank’s corporate loan-related businesses to the Commercial Bank through a corporate split as the method to realize the “functional realignment.” However, taking into account the laws and regulations of relevant jurisdictions and other various considerations, they have determined to transfer the domestic corporate loan-related businesses through the Corporate Split and to transfer the foreign corporate loan-related businesses through the Business Transfers.

Through the Corporate Restructuring, the corporate loan-related business within MUFG will be integrated in the Commercial Bank. The Trust Bank will then focus on its domestic and global asset management and administration business, which is one of the important growth segments of MUFG, and strengthen its real estate business, pension service, shareholder service and estate administration service, thereby integrating its high level of expertise with MUFG’s wide customer base and developing a “trust-oriented consulting and solution business.”

2. Overview of the Corporate Split

 

(1) Timeline of the Corporate Split

   

(i)

 

Resolutions by the Boards of Directors (of both companies)

  October 30, 2017

(ii)

Execution of the absorption-type corporate split agreement

October 31, 2017

(iii)

Extraordinary general meeting of shareholders (of the Trust
Bank) for approval of the absorption-type corporate split
agreement

November 30, 2017(planned)

(iv)

Effective date of the Corporate Split

April 16, 2018 (planned)

 
(*)  

The Commercial Bank will not obtain shareholder’s approval for concluding the Corporate Split, because the Corporate Split will constitute a simplified absorption-type corporate split (kan’i kyushu bunkatsu) under Article 796, Paragraph 2 of the Companies Act.

 
(2)   Method of the Corporate Split
The Corporate Split is an absorption-type corporate split with the Trust Bank as the splitting company and the Commercial Bank as the successor company.
 

3. Overview of the Business Transfers

 

(1) Timeline of the Business Transfers

   

(i)

 

Resolutions by the Boards of Directors (of both companies)

  October 30, 2017

(ii)

Execution of the business transfer agreements

October 31, 2017

(iii)

Effective Date of the Business Transfers

April 16, 2018 (planned)
 
(*)  

The Trust Bank will not obtain shareholder’s approval for concluding the Business Transfers, because each of the Business Transfers will constitute a simplified business transfer (kan’i jigyou joto) under Article 467, Paragraph 1, Item 2 of the Companies Act.

 
(2)   Method of the Business Transfers
The Commercial Bank and the Trust Bank have entered into respective business transfer agreement regarding the corporate loan-related businesses carried on by each of the Trust Bank’s overseas branches located in New York, London, Hong Kong and Singapore.
 

4. Future Outlook

As the Corporate Restructuring consists of an absorption-type corporate split and business transfers between two wholly-owned subsidiaries of MUFG, its impact on the consolidated financial status of MUFG is immaterial.


Contacts

The Bank of Tokyo-Mitsubishi UFJ, Ltd.
Jun Kobayashi, +81-3-3240-1111
Chief Manager
Corporate Administration Division

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