Quarterly report pursuant to Section 13 or 15(d)

RECAST- Condensed Consolidated Statement of Operations and Other Comprehensive Income (Details)

v3.22.4
RECAST- Condensed Consolidated Statement of Operations and Other Comprehensive Income (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 9 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2022
Dec. 31, 2021
Revenue:        
Fee and commission income $ 80,883 $ 91,408 $ 253,486 $ 262,549
Net gain/(loss) on trading securities 25,456 7,663 38,894 197,947
Net realized loss on investments available for sale       0
Interest income 80,255 33,657 187,817 82,514
Insurance underwriting income 28,557 21,394 78,998 51,491
Net gain/(loss) on foreign exchange operations 20,866 1,361 30,014 4,076
Net loss on derivative (21,469) (314) (22,523) (1,028)
Total revenue, net 214,548 155,169 566,686 597,549
Expense:        
Fee and commission expense 18,314 24,782 60,068 68,626
Interest expense 52,037 21,890 132,971 52,852
Insurance claims incurred, net of reinsurance 17,419 16,286 51,586 41,096
Operating expense 50,608 31,581 126,367 72,772
Provision for impairment losses/(recovery) 24,140 (333) 30,294 911
Other expense, net 570 979 79 2,426
TOTAL EXPENSE 163,088 95,185 401,365 238,683
INCOME BEFORE INCOME TAX 51,460 59,984 165,321 358,866
Income tax (expense)/benefit (5,069) (1,806) (26,567) (39,026)
INCOME FROM CONTINUING OPERATIONS 46,391 58,178 138,754 319,840
Income/(loss) before income tax (expense)/benefit of discontinued operations (including loss on disposal of $2,509 and $0 for the three months ended December 31, 2022 and 2021, respectively, and loss on disposal of $43,973 and $0 for nine months ended December 31, 2022 and 2021, respectively, see Note 25) 13,667 (5,067) 14,467 (4,609)
Income tax (expense)/benefit of discontinued operations 2,342 962 (4,538) 953
Income from discontinued operation 16,009 (4,105) 9,929 (3,656)
NET INCOME 62,400 54,073 148,683 316,184
Less: Net loss attributable to non-controlling interest in subsidiary (464) (343) (1,508) (415)
NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS 62,864 54,416 150,191 316,599
OTHER COMPREHENSIVE INCOME        
Change in unrealized gain on investments available-for-sale, net of tax effect (54) (1,063) 2,309 (1,789)
Reclassification adjustment for net realized gain on available-for-sale investments disposed of in the period, net of tax effect 320 953 197 1,606
Translation difference (5,611) (8,650) (301) (4,447)
OTHER COMPREHENSIVE (LOSS)/ INCOME (5,345) (8,760) 2,205 (4,630)
COMPREHENSIVE INCOME/(LOSS) BEFORE NON-CONTROLLING INTERESTS 57,055 45,313 150,888 311,554
Less: Comprehensive loss attributable to non-controlling interest in subsidiary (464) (343) (1,508) (415)
COMPREHENSIVE INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS $ 57,519 $ 45,656 $ 152,396 $ 311,969
Earnings per common share-basic (in USD per share) $ 1.38 $ 0.91 $ 2.86 $ 5.34
Earnings per common share- diluted (in USD per share) 1.36 0.91 2.81 5.34
Earnings from continuing operations per common share - basic (in USD per share) 0.79 0.98 2.37 5.40
Earnings from continuing operations per common share - diluted (in USD per share) $ 0.78 0.98 $ 2.33 5.40
(Loss)/earnings from discontinued operations per common share - basic (in USD per share)   (0.09)   (0.08)
(Loss)/earnings from discontinued operations per common share - Diluted (in USD per share)   $ (0.09)   $ (0.08)
Recast discontinued operations        
Revenue:        
Fee and commission income $ 14,230 $ 23,147 $ 62,290 $ 59,596
Net gain/(loss) on trading securities 799 (6,611) 13,898 (9,716)
Interest income 17,599 5,786 47,460 15,574
Net gain/(loss) on foreign exchange operations 19,965 (655) 40,379 (2,889)
Total revenue, net 52,550 21,667 163,984 62,565
Expense:        
Fee and commission expense 2,750 2,075 7,000 6,300
Interest expense 3,124 2,365 13,143 6,824
Operating expense 29,839 22,253 83,379 53,841
Provision for impairment losses/(recovery) 1,594 13 2,176 89
Other expense, net (933) 28 (154) 120
TOTAL EXPENSE 38,883 26,734 149,517 67,174
INCOME BEFORE INCOME TAX $ 13,667 (5,067) 14,467 (4,609)
Income from discontinued operation     $ 9,929 (3,656)
As previously reported        
Revenue:        
Fee and commission income   117,316   327,966
Net gain/(loss) on trading securities   403   185,554
Net realized loss on investments available for sale       0
Interest income   27,828   69,259
Insurance underwriting income   0   0
Net gain/(loss) on foreign exchange operations   451   885
Net loss on derivative   (314)   (1,028)
Total revenue, net   145,684   582,636
Expense:        
Fee and commission expense   22,716   67,547
Interest expense   20,799   51,256
Insurance claims incurred, net of reinsurance   0   0
Operating expense   50,496   117,384
Provision for impairment losses/(recovery)   45   704
Other expense, net   (64)   600
TOTAL EXPENSE   93,992   237,491
INCOME BEFORE INCOME TAX   51,692   345,145
Income tax (expense)/benefit   (806)   (38,037)
INCOME FROM CONTINUING OPERATIONS   50,886   307,108
Income/(loss) before income tax (expense)/benefit of discontinued operations (including loss on disposal of $2,509 and $0 for the three months ended December 31, 2022 and 2021, respectively, and loss on disposal of $43,973 and $0 for nine months ended December 31, 2022 and 2021, respectively, see Note 25)   0   0
Income tax (expense)/benefit of discontinued operations   0   0
Income from discontinued operation   0   0
NET INCOME   50,886   307,108
Less: Net loss attributable to non-controlling interest in subsidiary   (343)   (415)
NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS   51,229   307,523
OTHER COMPREHENSIVE INCOME        
Change in unrealized gain on investments available-for-sale, net of tax effect   0   0
Reclassification adjustment for net realized gain on available-for-sale investments disposed of in the period, net of tax effect   0   0
Translation difference   (7,336)   (3,106)
OTHER COMPREHENSIVE (LOSS)/ INCOME   (7,336)   (3,106)
COMPREHENSIVE INCOME/(LOSS) BEFORE NON-CONTROLLING INTERESTS   43,550   304,002
Less: Comprehensive loss attributable to non-controlling interest in subsidiary   (343)   (415)
COMPREHENSIVE INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS   $ 43,893   $ 304,417
Earnings from continuing operations per common share - basic (in USD per share)   $ 0.86   $ 5.18
Earnings from continuing operations per common share - diluted (in USD per share)   $ 0.86   $ 5.18
Revision of prior period, adjustment        
Revenue:        
Net gain/(loss) on trading securities   $ 0   $ 0
Insurance underwriting income   0   0
Net gain/(loss) on foreign exchange operations   0   0
Net loss on derivative   0   0
Total revenue, net   0   0
Revision of prior period, adjustment | Recast discontinued operations        
Revenue:        
Fee and commission income   (25,905)   (65,251)
Net gain/(loss) on trading securities   6,611   9,716
Net realized loss on investments available for sale       0
Interest income   (3,029)   (9,920)
Insurance underwriting income   0   0
Net gain/(loss) on foreign exchange operations   655   2,888
Net loss on derivative   0   0
Total revenue, net   (21,668)   (62,567)
Expense:        
Fee and commission expense   (2,076)   (6,301)
Interest expense   (2,365)   (6,824)
Insurance claims incurred, net of reinsurance   0   0
Operating expense   (22,253)   (53,840)
Provision for impairment losses/(recovery)   (13)   (90)
Other expense, net   (30)   (120)
TOTAL EXPENSE   (26,737)   (67,175)
INCOME BEFORE INCOME TAX   5,069   4,608
Income tax (expense)/benefit   (962)   (943)
INCOME FROM CONTINUING OPERATIONS   4,107   3,665
Income/(loss) before income tax (expense)/benefit of discontinued operations (including loss on disposal of $2,509 and $0 for the three months ended December 31, 2022 and 2021, respectively, and loss on disposal of $43,973 and $0 for nine months ended December 31, 2022 and 2021, respectively, see Note 25)   (5,067)   (4,609)
Income tax (expense)/benefit of discontinued operations   962   953
Income from discontinued operation   (4,105)   (3,656)
NET INCOME   2   9
Less: Net loss attributable to non-controlling interest in subsidiary   0   0
NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS   2   9
OTHER COMPREHENSIVE INCOME        
Change in unrealized gain on investments available-for-sale, net of tax effect   0   0
Reclassification adjustment for net realized gain on available-for-sale investments disposed of in the period, net of tax effect   0   0
Translation difference   2,672   2,574
OTHER COMPREHENSIVE (LOSS)/ INCOME   2,672   2,574
COMPREHENSIVE INCOME/(LOSS) BEFORE NON-CONTROLLING INTERESTS   2,674   2,583
Less: Comprehensive loss attributable to non-controlling interest in subsidiary   0   0
COMPREHENSIVE INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS   2,674   2,583
Revision of prior period, adjustment | FF Life Acquisition        
Revenue:        
Fee and commission income   0   0
Net gain/(loss) on trading securities   490   1,090
Net realized loss on investments available for sale      
Interest income   6,534   16,634
Insurance underwriting income   18,030   42,091
Net gain/(loss) on foreign exchange operations   239   277
Net loss on derivative   0   0
Total revenue, net   25,293   60,092
Expense:        
Fee and commission expense   3,946   7,074
Interest expense   1,606   3,604
Insurance claims incurred, net of reinsurance   13,246   31,862
Operating expense   1,681   4,293
Provision for impairment losses/(recovery)   0   0
Other expense, net   1,073   1,949
TOTAL EXPENSE   21,552   48,782
INCOME BEFORE INCOME TAX   3,741   11,310
Income tax (expense)/benefit   12   11
INCOME FROM CONTINUING OPERATIONS   3,753   11,321
Income/(loss) before income tax (expense)/benefit of discontinued operations (including loss on disposal of $2,509 and $0 for the three months ended December 31, 2022 and 2021, respectively, and loss on disposal of $43,973 and $0 for nine months ended December 31, 2022 and 2021, respectively, see Note 25)   0   0
Income tax (expense)/benefit of discontinued operations   0   0
Income from discontinued operation   0   0
NET INCOME   3,753   11,321
Less: Net loss attributable to non-controlling interest in subsidiary   0   0
NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS   3,753   11,321
OTHER COMPREHENSIVE INCOME        
Change in unrealized gain on investments available-for-sale, net of tax effect   (1,063)   (1,789)
Reclassification adjustment for net realized gain on available-for-sale investments disposed of in the period, net of tax effect   953   1,606
Translation difference   (1,284)   (1,213)
OTHER COMPREHENSIVE (LOSS)/ INCOME   (1,394)   (1,396)
COMPREHENSIVE INCOME/(LOSS) BEFORE NON-CONTROLLING INTERESTS   2,359   9,925
Less: Comprehensive loss attributable to non-controlling interest in subsidiary   0   0
COMPREHENSIVE INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS   2,359   9,925
Revision of prior period, adjustment | FF Life Acquisition | Elimi-nations        
Revenue:        
Fee and commission income   0   (91)
Net gain/(loss) on trading securities   0   0
Net realized loss on investments available for sale       0
Interest income   0   0
Insurance underwriting income   0   0
Net gain/(loss) on foreign exchange operations   0   0
Net loss on derivative   0   0
Total revenue, net   0   (91)
Expense:        
Fee and commission expense   0   (91)
Interest expense   0   0
Insurance claims incurred, net of reinsurance   0   0
Operating expense   0   0
Provision for impairment losses/(recovery)   0   0
Other expense, net   0   0
TOTAL EXPENSE   0   (91)
INCOME BEFORE INCOME TAX   0   0
Income tax (expense)/benefit       0
INCOME FROM CONTINUING OPERATIONS   0   0
Income/(loss) before income tax (expense)/benefit of discontinued operations (including loss on disposal of $2,509 and $0 for the three months ended December 31, 2022 and 2021, respectively, and loss on disposal of $43,973 and $0 for nine months ended December 31, 2022 and 2021, respectively, see Note 25)   0   0
Income tax (expense)/benefit of discontinued operations   0   0
Income from discontinued operation   0   0
NET INCOME   0   0
Less: Net loss attributable to non-controlling interest in subsidiary   0   0
NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS   0   0
OTHER COMPREHENSIVE INCOME        
Change in unrealized gain on investments available-for-sale, net of tax effect   0   0
Reclassification adjustment for net realized gain on available-for-sale investments disposed of in the period, net of tax effect   0   0
Translation difference   0   0
OTHER COMPREHENSIVE (LOSS)/ INCOME   0   0
COMPREHENSIVE INCOME/(LOSS) BEFORE NON-CONTROLLING INTERESTS   0   0
Less: Comprehensive loss attributable to non-controlling interest in subsidiary   0   0
COMPREHENSIVE INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS   0   0
Revision of prior period, adjustment | Insurance acquisitions        
Revenue:        
Fee and commission income   (3)   86
Net gain/(loss) on trading securities   159   1,587
Net realized loss on investments available for sale       0
Interest income   2,324   6,541
Insurance underwriting income   3,364   9,400
Net gain/(loss) on foreign exchange operations   16   26
Net loss on derivative   0   0
Total revenue, net   5,860   17,640
Expense:        
Fee and commission expense   196   558
Interest expense   1,850   4,816
Insurance claims incurred, net of reinsurance   3,040   9,234
Operating expense   1,657   4,935
Provision for impairment losses/(recovery)   (365)   297
Other expense, net   0   (3)
TOTAL EXPENSE   6,378   19,837
INCOME BEFORE INCOME TAX   (518)   (2,197)
Income tax (expense)/benefit   (50)   (57)
INCOME FROM CONTINUING OPERATIONS   (568)   (2,254)
Income/(loss) before income tax (expense)/benefit of discontinued operations (including loss on disposal of $2,509 and $0 for the three months ended December 31, 2022 and 2021, respectively, and loss on disposal of $43,973 and $0 for nine months ended December 31, 2022 and 2021, respectively, see Note 25)   0   0
Income tax (expense)/benefit of discontinued operations   0   0
Income from discontinued operation   0   0
NET INCOME   (568)   (2,254)
Less: Net loss attributable to non-controlling interest in subsidiary   0   0
NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS   (568)   (2,254)
OTHER COMPREHENSIVE INCOME        
Change in unrealized gain on investments available-for-sale, net of tax effect   0   0
Reclassification adjustment for net realized gain on available-for-sale investments disposed of in the period, net of tax effect   0   0
Translation difference   (2,702)   (2,702)
OTHER COMPREHENSIVE (LOSS)/ INCOME   (2,702)   (2,702)
COMPREHENSIVE INCOME/(LOSS) BEFORE NON-CONTROLLING INTERESTS   (3,270)   (4,956)
Less: Comprehensive loss attributable to non-controlling interest in subsidiary   0   0
COMPREHENSIVE INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS   (3,270)   (4,956)
Revision of prior period, adjustment | Insurance acquisitions | Elimi-nations        
Revenue:        
Fee and commission income   0   (161)
Net gain/(loss) on trading securities   0   0
Net realized loss on investments available for sale       0
Interest income   0   0
Insurance underwriting income   0   0
Net gain/(loss) on foreign exchange operations   0   0
Net loss on derivative   0   0
Total revenue, net   0   (161)
Expense:        
Fee and commission expense   0   (161)
Interest expense   0   0
Insurance claims incurred, net of reinsurance   0   0
Operating expense   0   0
Provision for impairment losses/(recovery)   0   0
Other expense, net   0   0
TOTAL EXPENSE   0   (161)
INCOME BEFORE INCOME TAX   0   0
Income tax (expense)/benefit       0
INCOME FROM CONTINUING OPERATIONS   0   0
Income/(loss) before income tax (expense)/benefit of discontinued operations (including loss on disposal of $2,509 and $0 for the three months ended December 31, 2022 and 2021, respectively, and loss on disposal of $43,973 and $0 for nine months ended December 31, 2022 and 2021, respectively, see Note 25)   0   0
Income tax (expense)/benefit of discontinued operations   0   0
Income from discontinued operation       0
NET INCOME   0   0
Less: Net loss attributable to non-controlling interest in subsidiary   0   0
NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS   0   0
OTHER COMPREHENSIVE INCOME        
Change in unrealized gain on investments available-for-sale, net of tax effect   0   0
Reclassification adjustment for net realized gain on available-for-sale investments disposed of in the period, net of tax effect   0   0
Translation difference   0  
OTHER COMPREHENSIVE (LOSS)/ INCOME   0   0
COMPREHENSIVE INCOME/(LOSS) BEFORE NON-CONTROLLING INTERESTS   0   0
Less: Comprehensive loss attributable to non-controlling interest in subsidiary   0   0
COMPREHENSIVE INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS   $ 0   $ 0