Hsbc Holdings Plc · LSE:HSBA
Hsbc — Investor Day (April 2018)
83 slides from Hsbc's investor day presentation, Apr 9, 2018
Slide 1: HSBC Asia Seminar for Investors and Analysts Day 1 presentations
HSBC Asia Seminar for Investors and Analysts Day 1 presentations Date: 9 April 2018
Slide 2: Important notice and forward-looking statements
HSBC Asia Seminar for Investors and Analysts Important notice and forward-looking statements Important notice The information, statements and opinions set out in this presentation and subsequent discussion do not constitute a public offer for the purposes of any applicable law or an offer to sell or
Slide 3: Day 1 presentations
Asia Day 1 presentations Asia 03 Greater China 24 Hong Kong 37 Mainland China 48 Risk 65 Appendix 73 Glossary 76
Slide 4: Asia
Asia 9 April 2018 Peter Wong Deputy Chairman and Chief Executive, The Hongkong and Shanghai Banking Corporation Limited
Slide 5: Agenda
Asia Agenda Asia is attractive HSBC franchise in Asia Financial performance Position vs. peers Strategic priorities Summary
Slide 6: Asia accounts for over 30% of world GDP and is among the fastest growing
Asia: Asia is attractive Asia accounts for over 30% of world GDP and is among the fastest growing regions globally Nominal GDP1 Key growth drivers USDtn CAGR % 2000 - 2045 Urbanisation2 34 73 370 In 2025, 2.5 billion people (more than half of 3% +2 4% 7.3 MENA 7% +19 6% the world’s urban populat
Slide 7: Strong connectivity with the rest of the world, representing 35% of global trade
Asia: Asia is attractive Strong connectivity with the rest of the world, representing 35% of global trade in 2016 Regional trade corridors 2016 Value of exports + imports Asia – Europe USD1.6tn Asia – NAFTA USD1.4tn China 56% 44% China 42% Rest of Asia 58% Rest of Asia Asia will continue to grow its
Slide 8: HSBC Asia contributed 50% of Group adjusted revenues and >75% of adjusted profits
Asia: HSBC franchise in Asia HSBC Asia contributed 50% of Group adjusted revenues and >75% of Group adjusted profits in 2017 Asia vs. Rest of Group Dividends remitted to Group1 2017 adjusted basis, USDbn USDbn, constant currency basis 52 21 963 1,364 7.2 8.5% CAGR 50% 44% 48% Asia 6.1 5.5 5.5 77% 4.
Slide 9: Footprint in Asia enables our strategy around international connectivity
Asia: HSBC franchise in Asia Footprint in Asia enables our strategy around international connectivity HSBC footprint in Asia Wholesale (CMB + GB&M), 2017 USDbn 12 275 Greater China1 Home market (Hong Kong) South Korea Investing for future Japan China (Pearl River Delta, PRD) Hong Kong 55% Bangla
Slide 10: Balance sheet growth since 2010
Asia: Financial performance Balance sheet growth since 2010 Asia loans and advances to customers (net)1, USDbn 8.0% CAGR 426 343 363 356 365 282 312 249 2010 2011 2012 2013 2014 2015 2016 2017 Asia customer accounts1, USDbn 5.4% CAGR 632 657 577 599 530 549 456 489 2010 2011 2012 2013 2014 2015 2016
Slide 11: Sustainable and profitable franchise
Asia: Financial performance Sustainable and profitable franchise Asia financial performance, 2017 Key achievements, aligned with Group strategic priorities Reported basis Gained market share, e.g. Trade Finance2, Mortgages3 4.6% RoRWA 17.0% RoTE1 1.88% NIM1 and Life Insurance4 in Hong Kong 46% CER
Slide 12: Balanced performance across four global businesses
Asia: Financial performance Balanced performance across four global businesses Asia financials by global business, 2017 Reported basis % % growth Y-o-Y RBWM GPB CMB GB&M Corporate Centre1 Revenue, 2017 Total = USD25.8bn Loans and advances to customers (net), 2017 Total = USD426bn 1% 13% 26% 11% 0% 3
Slide 13: Largest among major international and regional banks in Asia
Asia: Position vs. peers Largest among major international and regional banks in Asia1 Total Asia2 Revenue Loans and advances to customers (net) (USDbn) 2017 2016 2017 2016 25.8 +11% 426 +17% HSBC Asia 23.3 365 9.4 +2% 209 +14% Global Peer 9.2 184 8.9 +7% 242 +16% Regional Peer 1 8.3 208 7.0 +14% 17
Slide 14: Strength of the franchise reaffirmed
Asia: Position vs. peers Strength of the franchise reaffirmed Select examples 2017 awards continue to follow past successes Asia's Best Bank Best Overall Offshore RMB Products / Hong Kong's Best Bank Services (6 consecutive years) World's Best Investment Best for Offshore RMB Clearance, Ba
Slide 15: Customers at the heart of what we do
Asia: Position vs. peers Customers at the heart of what we do – seen in their feedback and recognition of our brand Strongly recommended by our customers (Retail) Well recognised brand Customer Recommendation Index (CRI) in key Asia markets, 20171 Brand Power Ranking – vs. financial services firms,
Slide 16: HSBC Asia priorities
Asia: Strategic priorities HSBC Asia priorities Leverage HSBC’s international connectivity and continue to capture emerging opportunities Business corridors International connectivity Belt & Road Initiative (BRI) RMB Internationalisation Cross- Digital & China business innovation collaboration China
Slide 17: Trade flows increasingly centred around Asia
Asia: Strategic priorities Trade flows increasingly centred around Asia Global 20 top trade corridors expected to grow to USD10tn by 20301 Key opportunities for HSBC Asia at either end Non-Asia related corridors Number of Asia corridors HSBC present in both ends of Number of non-Asia corridors the
Slide 18: HSBC is well-positioned to capture BRI opportunities
Asia: Strategic priorities HSBC is well-positioned to capture BRI opportunities Belt and Road Initiative is made up of “The Silk Road Economic Belt” and “The 21st Century Maritime Silk Road” Seek to connect > 65 countries across Asia, Middle East, Africa and Europe, c.30% of global GDP and 63% o
Slide 19: Opportunity to grow China domestic and outbound business
Asia: Strategic priorities Opportunity to grow China domestic and outbound business Growth opportunities in mainland China Key opportunities for HSBC Largest foreign bank network: Optimise strategic client coverage and 227 outlets in 57 cities, 23 provinces / municipalities1 China China Desk infra
Slide 20: Strong economic fundamentals in ASEAN countries; long-term growth
Asia: Strategic priorities Strong economic fundamentals in ASEAN countries; long-term growth Strong economic fundamentals Key opportunities for HSBC ASEAN real GDP1, USDtn ASEAN emerging as a key bloc +4.5%2 Growing connectivity among markets 4.9 2.8 Driven by ASEAN Economic GDP Community (AEC
Slide 21: Asia expected to be largest creator of wealth
Asia: Strategic priorities Asia expected to be largest creator of wealth Rising wealth in Asia Key opportunities for HSBC Private financial wealth1, USDtn 2016-21E Wealth management 223 Growth CAGR Significant market – c.USD62tn in private financial wealth in Asia1 Private Banking solutions, tap
Slide 22: Leveraging universal banking model to enable cross-business revenue synergies
Asia: Strategic priorities Leveraging universal banking model to enable further cross-business revenue synergies Meeting end-to-end client needs: examples Resulting in cross-business revenue synergies Collaboration revenue (USDbn) GB&M helps CMB clients RBWM provides payroll with FX, derivatives 18%
Slide 23: Digitisation: transforming customer experience and improving staff productivity
Asia: Strategic priorities Digitisation: transforming customer experience and improving staff productivity Area Description Select highlights Enhanced our key digital channels with improvements to Mobile App Streamlining / online and mobile banking platforms Biometric authentication upgrading our
Slide 24: Continue to leverage HSBC's international connectivity to capture emerging opportunities
Asia Continue to leverage HSBC’s international connectivity to capture emerging opportunities Key takeaways Asia financials, reported basis Asia will continue to develop as the world’s leading Market USDbn 2016 2017 Y-o-Y economic region over the coming decade summary China continues to be an en
Slide 25: Greater China
Greater China 9 April 2018 Helen Wong Chief Executive, Greater China
Slide 26: Agenda
Greater China Agenda Overview Financial performance Strategic priorities
Slide 27: We have strong presence in Greater China
Greater China: Overview We have strong presence in Greater China Significant scale in Greater China HSBC: well-positioned to capture associated opportunities (2017) The four economies make up Mainland China • Established in 1865 c.15% of global GDP1 • Largest foreign bank4 Nearly 25% of global t
Slide 28: Greater China is a significant contributor to Group profits, anchored by Hong Kong
Greater China: Financial performance Greater China is a significant contributor to Group profits, anchored by Hong Kong Hong Kong as a % of Group1 Key sites of Greater China by global business2 2017, USDbn Reported PBT, 2017, USDm 52 21 970 1,364 625 100% 9,598 199 100% 28% 26% 31% 35% 22% 47% 53% 5
Slide 29: Greater China strategic priorities
Greater China: Strategic priorities Greater China strategic priorities 1 Strengthen Hong Kong as the centre of growth, enhance local market Leadership in Hong leadership and monetise the increasing connectivity with mainland Kong China 2 Pearl River Delta Commercialise investments in PRD and drive g
Slide 30: 3x increase in GDP forecasted for the Greater Bay Area by 2030
Greater China: PRD / GBA 3x increase in GDP forecasted for the Guangdong, Hong Kong and Macau Greater Bay Area (“GBA”) by 20301 Forecasted to be the world’s leading bay area Economy corresponds in size to a leading global economy2 metropolitan1 Guangdong province (GD) Pearl River Delta (PRD) GDP (US
Slide 31: HSBC is the largest foreign bank in Guangdong / PRD
Greater China: PRD / GBA HSBC is the largest foreign bank1 in Guangdong / PRD, backed by investments since 1980s Presence Outlets Staff since # # Shaoguan Bank outlets2 1982 86 c. 2,800 Meizhou Qingyuan Heyuan Chaozhou Life insurance 2016 1 c. 20 Shantou Zhaoqing (1) Huizhou (4) Jieyang Securities J
Slide 32: China remains committed to internationalise the RMB
Greater China: RMB internationalisation China remains committed to internationalise the RMB, as economic connectivity with global markets continues to rise The journey of RMB internationalisation since January 2011 CNY / USD1 Phase 1: Gradual liberalisation of current and capital accounts Phase 2: F
Slide 33: HSBC as the leading international bank for RMB business
Greater China: RMB internationalisation HSBC as the leading international bank for RMB business HSBC at the forefront of offshore RMB business HSBC’s RMBI business RMB capabilities across 50 markets Ranked 1st in the offshore First bank with capability to settle RMB in six Bonds 1st RMB bond und
Slide 34: China is now a net exporter of capital, with BRI driving the next wave
Greater China: China outbound / BRI China is now a net exporter of capital, with BRI driving the next wave of outbound investment China’s structural investment to continue, driven by BRI Financing will rely on both public and private capital Outward Direct Investment (ODI)1 2017, curb BRI-related in
Slide 35: China transitioning to a low carbon economy, annual investment of USD317bn needed by 2020
Greater China: Sustainable finance As Chinese government commits to transitioning to a low carbon economy, annual investment of USD317bn needed by 2020 China targets to cut carbon intensity by 18% in 13th FYP1 Estimated annual investment needs2 Carbon dioxide emission kg CO2 per USD1,000 of GDP1 Chi
Slide 36: HSBC plays a leading role in sustainable finance deals in Greater China and Asia
Greater China: Sustainable finance HSBC plays a leading role in advising and financing sustainable finance deals in Greater China and Asia Leading role in key sustainable finance deals in Greater China Asia Green, Social and Sustainability Bond League ex. RMB1 Green finance advisor to New World De
Slide 37: Greater China will continue to be a key growth driver for HSBC
Greater China: Conclusion Greater China will continue to be a key growth driver for HSBC HSBC Greater China strategic priorities Macro trends 1 Hong Kong - continue to drive growth leveraging our market leadership PRD continues to be a key and connectivity with mainland China driver of growth for
Slide 38: Hong Kong
Hong Kong 9 April 2018 Diana Cesar Chief Executive, Hong Kong
Slide 39: Agenda
Hong Kong Agenda Overview of Hong Kong economy Position in Hong Kong Financial performance Strategic priorities
Slide 40: An optimistic outlook for Hong Kong in 2018
Hong Kong: Overview of Hong Kong economy An optimistic outlook for Hong Kong in 2018 Hong Kong economy remains resilient1 Positive outlook supported by (% Y-o-Y) 2012 2013 2014 2015 2016 2017 Stable domestic spending 3.1 3.8 supported by buoyant market 2.8 2.4 2.1 activities and low unemployment G
Slide 41: HSBC is a market leader in Hong Kong
Hong Kong: HSBC position in Hong Kong HSBC is a market leader in Hong Kong “The Hong Kong Bank” Leading market share across major products4 Customer #1 Mortgages #1 1865 >200 accounts Note issuing Outlets in Hong bank since establishment Kong Loans and advances to #1 Trade financing #1 customers Lar
Slide 42: Sustainable growth backed by balanced business mix
Hong Kong: Financial performance Sustainable growth backed by balanced business mix Revenue Profit before tax Business mix (USDbn) 2017 CAGR +7% +8% Y-o-Y +15% +19% Revenue Profit before tax 16.1 9.6 3% 3% 14.0 8.1 9% 5% 17% 14% 10.2 5.7 USD USD 52% 16.1bn 48% 9.6bn 23% 26% 2010 2016 2017 2010 2016
Slide 43: Sustain growth at home and capture opportunities from cross-border activities
Hong Kong: Strategic priorities Sustain growth at home and capture opportunities from cross-border activities and capital flows 1 2 3 PRD / GBA: Local market: Global connectivity: Capture opportunities from Enhance competitive edge and Grow China outbound / BRI and closer economic and financial main
Slide 44: Capture growth from a wealthier Hong Kong / China population
Hong Kong: Local market - wealth management Capture growth from a wealthier Hong Kong / China population Growing wealth management market in Hong Kong Strategic focus Continuous wealth creation Wealth FUM, USDbn3 Strengthen China Desks in Hong Kong to HNWI Wealth (USDbn)1 serve offshore wealth nee
Slide 45: Improve customer-centric proposition to grow Business Banking
Hong Kong: Local market - business banking Improve customer-centric proposition to grow Business Banking SMEs1 are a dynamic force in Hong Kong’s economy Strategic focus >300k SMEs in Hong Kong Enable customers to conduct and track Enhance transactions through digital channels 24/7 Account for 98%
Slide 46: Deliver simpler, faster and safer banking experience to our customers
Hong Kong: Local market - digitisation Deliver simpler, faster and safer banking experience to our customers Hong Kong is embracing FinTech Key achievements in 2017 Supportive regulatory environment PayMe launched in FEB17 c.160% Y-o-Y Aspiration: to promote Hong 1st digital wallet in HSBC G
Slide 47: China is becoming a large capital exporter, and HSBC Hong Kong is well-positioned
Hong Kong: Global connectivity - China outbound / BRI China is becoming an increasingly large capital exporter, and HSBC Hong Kong is well-positioned to capture China outbound / BRI business flows Hong Kong is the bridgehead for China’s Case study: support State Grid overseas acquisition of CPFL Ene
Slide 48: Hong Kong – at the heart of HSBC Asia's growth
Hong Kong: Conclusion Hong Kong – at the heart of HSBC Asia’s growth HSBC Hong Kong strategic priorities Macro trends Economic stability 1 expected to continue Enhance competitive edge and drive growth – wealth management and insurance, business banking, and Further growth driven by digitisation
Slide 49: Mainland China
Mainland China 9 April 2018 David Liao President and Chief Executive Officer, China Irene Ho Chief Executive Officer, HSBC Qianhai Securities
Slide 50: Agenda
Mainland China Agenda Overview HSBC in Mainland China Financial performance Strategic priorities
Slide 51: China is the world's growth engine
Mainland China: Overview China is the world’s growth engine… China has become one of the largest nations by GDP and trade globally, with its growth expected to continue in the mid-long term Growth drivers and key trends Share of global GDP1 Share of global Trade1 Becoming the global frontier of 10
Slide 52: Growth driven by a focus on mega city clusters
Mainland China: Overview …with growth driven by a focus on mega city clusters Key cities Global GDP projections (USD bn) rank City of similar 2017 fast facts1 2025 size 20254 20254 20171 1 1,028 5 Los Angeles GDP: USD2.4tn, 22% of China Beijing 414 total 624 13 Rhine-Ruhr Population: 253m Tianji
Slide 53: HSBC – the leading foreign bank in China
Mainland China: HSBC in Mainland China HSBC – the leading foreign bank in China Largest foreign bank network: Leading foreign bank in China 227 outlets in 57 cities, 23 provinces / municipalities1 Best Foreign Bank in China for 5 consecutive years during 2013-20172 Bohai Rim 38% Yangtze River Delta
Slide 54: Business growth supported by a balanced mix
Mainland China: Financial performance Business growth supported by a balanced mix1 Revenue Profit before tax Business mix (USDbn) 2017 Revenue PBT CAGR 62% 2.4 +6% 0.6 29% +10% 27% 0.4 1.2 25% 26% 19% 19% -7% Loans and advances to 2010 2017 2010 2017 Customer accounts customers (net) 47% 34% 0% Cust
Slide 55: Strategic priorities for HSBC China
Mainland China: Strategic priorities Strategic priorities for HSBC China Invest in enhancing products and capabilities Capture growth from domestic Drive customer growth 1 retail Capture sustainable growth from higher value-added sectors Support tomorrow’s winners 2 (corporates) Optimise str
Slide 56: Fast-growing middle class with emerging wealth and liquidity
Mainland China: Domestic retail Fast-growing middle class with emerging wealth and liquidity; potential foundation for sustainable growth of HSBC in China Growth drivers HSBC strategic focus areas Significant wealth accumulating in China Capture China’s rise of middle class and wealth creation Inv
Slide 57: Widespread consumer adoption of digital financial services
Mainland China: Domestic retail Widespread consumer adoption of digital financial services provides opportunity to grow and improve customer experience Rapid growth in China’s digital financial marketplace HSBC strategic focus areas Mobile payments1 Online AUM1 Extend digital infrastructure build,
Slide 58: China building global innovation and technology leadership
Mainland China: Support tomorrow’s winners China building global innovation and technology leadership with rapid development expected to continue Significant investments in China’s market share in high value China accounts for 1/3 of unicorn technological upgrades products almost tripled since 2007
Slide 59: iFLYTEK – China's next technological leader aspiring to expand internationally
Mainland China: Support tomorrow’s winners iFLYTEK – China’s next technological leader aspiring to rapidly expand internationally with evolving banking needs Leading voice and image HSBC’s strategic focus on emerging growth sectors recognition software developer Ranked 6th out of Increased client
Slide 60: China a key anchor to global capital flows and growth for HSBC
Mainland China: China Outbound / Belt & Road Initiative China a key anchor to global capital flows and growth for HSBC Select strategic business corridors relating to China Corridor Country ODI from China1 (USDbn) 3% China Outbound Revenue2 (yoy %) 69% 6% China Outbound UK France Revenue2 1.5 1.5 22
Slide 61: China's capital markets have grown with the opening up of its financial sector
Mainland China: Capital markets China’s capital markets have grown with the opening up of its financial sector; HSBC well-placed to capture related opportunities …HSBC has expanded its franchise and China’s capital markets have been gradually opening up… leadership along the way Shenzhen-Hong Ma
Slide 62: HSBC Qianhai Securities complements HSBC Bank China's onshore capabilities
Mainland China: Capital markets HSBC Qianhai Securities complements HSBC Bank China’s onshore capabilities and access to the fast growing capital markets segment Combining to offer comprehensive onshore product suite …amidst significant growth opportunities in the for corporate clients… onshore capi
Slide 63: How HSBC Qianhai Securities can support customers' corporate finance needs
Mainland China: Capital markets Examples: How HSBC Qianhai Securities can support customers’ corporate finance needs Example 1 – Equity: A-share and H-share dual listing Example 2 – Debt: Panda Bond issuance Existing Hong Kong-listed Chinese client following its Existing Fortune 500 client with onsh
Slide 64: Execution against Pearl River Delta strategy in progress
Mainland China: Pearl River Delta Execution against Pearl River Delta strategy in progress Progress since 2015 Investor Day announcement Example: RBWM customers in PRD up >4.7x Total PRD RBWM new-to-bank customers only, 000s >700 new hires in 2017; more than Headcount doubled since project launche
Slide 65: China as a source of sustainable growth for HSBC
Mainland China: Conclusion China as a source of sustainable growth for HSBC HSBC China strategic priorities Macro trends Capture growth from domestic retail – invest to enhance products and 1 capabilities and drive customer growth China becoming the global frontier of innovative Tomorrow’s winners
Slide 66: Risk
Risk 9 April 2018 Mark McKeown Chief Risk Officer, Asia-Pacific
Slide 67: Agenda
Risk Agenda Risk framework Credit quality China Looking ahead Conclusion
Slide 68: A robust risk-management framework
Risk: Risk framewok A robust risk-management framework Culture and Values Non-executive risk governance Risk Governance Executive risk governance Responsibilities Three Lines of Defence model Risk appetite Enterprise-wide risk-management tools – risk appetite profile, top and emerging risks report,
Slide 69: A balanced and diversified portfolio in Asia with high credit quality
Risk: Credit quality A balanced and diversified portfolio1 in Asia with high credit quality Gross loans and advances to Gross loans and advances to Corporate credit exposure3 – customers – USD428bn customers – by customer and by sector Impaired product segment 0.5% Other wholesale 7% Others Resident
Slide 70: We have grown in a managed way – consistently low LICs
Risk: Credit quality We have grown in a managed way – evidenced by consistently low LICs Growth in a managed way 500 1.00% We have increased the focus on active risk management and early warnings as 450 0.90% we have grown the book Asia Loan book growth rate (CAGR) 400 0.80% Gross Loans and Advances
Slide 71: China is delivering our long-term growth – in a disciplined manner
Risk: China China is delivering our long-term growth – in a disciplined manner Total China drawn risk exposure1 of Total China drawn risk exposure of USD160bn of which 58% of wholesale drawn risk exposure is onshore. USD160bn Wholesale: USD150bn; Retail: USD10bn Wholesale - USD150bn Gross loan
Slide 72: Looking ahead – Top and emerging risks
Risk: Looking ahead Looking ahead – Top and emerging risks Key risks Mitigating actions Strong hiring competition for employees and their Succession planning Internal Impact of organisation change and regulatory expertise Close management oversight of demand on employees Completing global ch
Slide 73: Key messages
Risk: Conclusion Key messages 1 Robust risk management framework 2 Balanced portfolio with high credit quality 3 We actively manage risk 4 We have grown safely 72
Slide 74: Appendix
Appendix
Slide 75: Future growth opportunities underpinned by strengthened connectivity with mainland China
Appendix: Hong Kong - PRD / Greater Bay Area Future growth opportunities underpinned by strengthened connectivity with mainland China, in particular PRD / GBA Hong Kong is the major investment conduit and largest trade partner to Guangdong Strategic focus Guangdong ODI / FDI / Trade1, USDbn, 2016 Le
Slide 76: Capitalise on trade and investment flows from MNCs using Hong Kong as regional centre
Appendix: Hong Kong - Global connectivity: MNC Capitalise on trade and investment flows from MNCs using Hong Kong as the regional centre Hong Kong is a leading international Case study: support a multinational client achieve efficiency, flexibility, financial centre and transparency with all-in regi
Slide 77: Glossary
Glossary
Slide 78: Glossary of terms
Glossary Glossary of terms Term Definition Term Definition Ratio of loans and advances to customers to A/D ratio AUM Assets under management customer accounts ADB Asian Development Bank BARC Barclays Bank PLC Adjusted performance excludes the year-on- year effects of foreign currency translation BCG
Slide 79: Glossary of terms
Glossary Glossary of terms Term Definition Term Definition Differs from reported revenue. Client revenue 1.Estimated Market share is calculated by relates to client income which includes total taking HSS’s Asia Pacific AUC (provided by Client revenue income from GB&M clients relationships HSS) divid
Slide 80: Glossary of terms
Glossary Glossary of terms Term Definition Term Definition GB Global Banking Industrial and Commercial Bank of China IDBC Limited GB&M Global Banking and Markets IMF International Monetary Fund GBA Greater Bay Area Client revenue booked in Country A where the Inbound revenue primary relationship is
Slide 81: Glossary of terms
Glossary Glossary of terms Term Definition Term Definition MENA Middle East and North Africa QFII Qualified Foreign Institutional Investor MLA Mandated Lead Arranger RBWM Retail Banking and Wealth Management MNCs Multi-national corporations RCF Revolving Credit Facility MS Morgan Stanley Reported vi
Slide 82: Glossary of terms
Glossary Glossary of terms Term Definition TLA Term Loan A tn trillion United Nations Conference on Trade and UNCTAD Development USD US Dollar VNB Value of new business Y-o-Y Year-on-year YTD Year-to-Date 81
Slide 83: Slide 83