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  "documentTitle": "Deutsche Bank | Investment Banking Pitch Book | 31 slides",
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  "authorName": "Deutsche Bank",
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  "notes": "The slide outlines specific adjustments to financial assumptions (growth rates, dividends, share repurchases, investment yields) to reflect a more conservative operating environment.",
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      "text": "Overall impact is annual earnings growth more consistent with industry peers, although still at the high end, and ROEs towards the low end of peers",
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      "text": "Key model changes relative to Case 1 include: Gross written premium growth more consistent with industry levels; Combined ratios more consistent with industry levels; Growth rate of Service and fee revenues revised to 3% from 5%; Elimination of growth in annual dividend; Reduction of share repurchases; Moderation of growth in investment yield, to 5bps from 10bps per annum",
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      "text": "At the request of the Special Committee, management provided a preliminary alternative scenario (\"Jan 31, 2018 Projections\" or \"Case 2\")",
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      "text": "The Case 2 Projections represents a somewhat more challenging operating environment, reflecting the reputational and business pressures faced by Pine, the curtailment of an active M&A strategy that has historically driven growth, and a more conservative balance sheet in light of rating agency concerns",
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