TIMIA Capital Corporation is a specialty finance company that provides growth capital to technology companies in exchange for payments based on monthly revenue. This alternative financing option complements both debt and equity financing, while allowing entrepreneurs and existing stakeholders to retain ownership and control of their business. TIMIA’s singular focus is the fast growing, global, business-to-business Software-as-a-Service (or SaaS) segment. We align ourselves with entrepreneurial management teams growing their sales from $1 Million to $10 Million in Annual Recurring Revenue.
TIMIA Capital Corporation is a specialty finance company that provides growth capital to technology companies in exchange for payments based on monthly revenue. This alternative financing option complements both debt and equity financing, while allowing entrepreneurs and existing stakeholders to retain ownership and control of their business. TIMIA’s singular focus is the fast growing, global, business-to-business Software-as-a-Service (or SaaS) segment. We align ourselves with entrepreneurial management teams growing their sales from $1 Million to $10 Million in Annual Recurring Revenue. For more information about TIMIA Capital Corporation, please visit www.timiacapital.com
TIMIA Capital Corporation is a specialty finance company that provides growth capital to technology companies in exchange for payments based on monthly revenue. This alternative financing option complements both debt and equity financing, while allowing entrepreneurs and existing stakeholders to retain ownership and control of their business. TIMIA’s singular focus is the fast growing, global, business-to-business Software-as-a-Service (or SaaS) segment. We align ourselves with entrepreneurial management teams growing their sales from $1 Million to $10 Million in Annual Recurring Revenue.
TIMIA Capital Corporation is a specialty finance company that provides growth capital to technology companies in exchange for payments based on monthly revenue. This alternative financing option complements both debt and equity financing, while allowing entrepreneurs and existing stakeholders to retain ownership and control of their business. TIMIA’s singular focus is the fast growing, global, business-to-business Software-as-a-Service (or SaaS) segment. We align ourselves with entrepreneurial management teams growing their sales from $1 Million to $10 Million in Annual Recurring Revenue. For more information about TIMIA Capital Corporation, please visit www.timiacapital.com
This presentation is designed to:
- clarify common confusion between profit and cash in the bank
- provide practical actions that you can immediately use in your business
- offer an example of a cash flow report that can help a business owner
VFRD Analysis on Telecom and Chemical SectorAnkur Aggarwal
There is a lot to be said for valuing a company, it is no easy task. If you have yet to discover this goldmine, the satisfaction one gets from tearing apart a companies financial statements and analyzing it on a whole different level is great - especially if you make or save yourself money for your efforts.
How to Ensure that Rewards Drive Growth
If you run a business, it’s likely you see a future company that is bigger and better than the present enterprise. You also probably recognize that to fulfill that vision, pay will have to play a strategic role. Growth will not be achieved simply because you’re paying a competitive salary, have a group medical plan and/or allow your employees to contribute to a 401(k) plan. Rather, you recognize growth goals are achieved when an employee feels "invested" in the results the company seeks to fulfill. So how do you use pay to help accomplish that? What role should it play and what components should it include? To find out the answer to these and other related questions, you will not want to miss this presentation.
This presentation is designed to:
- clarify common confusion between profit and cash in the bank
- provide practical actions that you can immediately use in your business
- offer an example of a cash flow report that can help a business owner
VFRD Analysis on Telecom and Chemical SectorAnkur Aggarwal
There is a lot to be said for valuing a company, it is no easy task. If you have yet to discover this goldmine, the satisfaction one gets from tearing apart a companies financial statements and analyzing it on a whole different level is great - especially if you make or save yourself money for your efforts.
How to Ensure that Rewards Drive Growth
If you run a business, it’s likely you see a future company that is bigger and better than the present enterprise. You also probably recognize that to fulfill that vision, pay will have to play a strategic role. Growth will not be achieved simply because you’re paying a competitive salary, have a group medical plan and/or allow your employees to contribute to a 401(k) plan. Rather, you recognize growth goals are achieved when an employee feels "invested" in the results the company seeks to fulfill. So how do you use pay to help accomplish that? What role should it play and what components should it include? To find out the answer to these and other related questions, you will not want to miss this presentation.
The goal of the "BetterToKnowC" channel is to educate and inspire people through engaging, educational content around hepatitis C. In the US, nearly 4 million people have been infected with hepatitis C and 75% of these people don’t know they’re infected. The more you know about hepatitis C, the better prepared you’ll be to make informed decisions about your liver health and treatment options - that’s why it’s better to know about C. We work with leading researchers, doctors, public health experts and other partners who share our vision for transforming the lives of people with serious diseases, their families and society.
Even tho Pi network is not listed on any exchange yet.
Buying/Selling or investing in pi network coins is highly possible through the help of vendors. You can buy from vendors[ buy directly from the pi network miners and resell it]. I will leave the telegram contact of my personal vendor.
@Pi_vendor_247
Poonawalla Fincorp and IndusInd Bank Introduce New Co-Branded Credit Cardnickysharmasucks
The unveiling of the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card marks a notable milestone in the Indian financial landscape, showcasing a successful partnership between two leading institutions, Poonawalla Fincorp and IndusInd Bank. This co-branded credit card not only offers users a plethora of benefits but also reflects a commitment to innovation and adaptation. With a focus on providing value-driven and customer-centric solutions, this launch represents more than just a new product—it signifies a step towards redefining the banking experience for millions. Promising convenience, rewards, and a touch of luxury in everyday financial transactions, this collaboration aims to cater to the evolving needs of customers and set new standards in the industry.
what is the best method to sell pi coins in 2024DOT TECH
The best way to sell your pi coins safely is trading with an exchange..but since pi is not launched in any exchange, and second option is through a VERIFIED pi merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and pioneers and resell them to Investors looking forward to hold massive amounts before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade pi coins with.
@Pi_vendor_247
how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the telegram id of my personal pi merchant who i trade pi with.
Tele gram: @Pi_vendor_247
#pi #sell #nigeria #pinetwork #picoins #sellpi #Nigerian #tradepi #pinetworkcoins #sellmypi
BYD SWOT Analysis and In-Depth Insights 2024.pptxmikemetalprod
Indepth analysis of the BYD 2024
BYD (Build Your Dreams) is a Chinese automaker and battery manufacturer that has snowballed over the past two decades to become a significant player in electric vehicles and global clean energy technology.
This SWOT analysis examines BYD's strengths, weaknesses, opportunities, and threats as it competes in the fast-changing automotive and energy storage industries.
Founded in 1995 and headquartered in Shenzhen, BYD started as a battery company before expanding into automobiles in the early 2000s.
Initially manufacturing gasoline-powered vehicles, BYD focused on plug-in hybrid and fully electric vehicles, leveraging its expertise in battery technology.
Today, BYD is the world’s largest electric vehicle manufacturer, delivering over 1.2 million electric cars globally. The company also produces electric buses, trucks, forklifts, and rail transit.
On the energy side, BYD is a major supplier of rechargeable batteries for cell phones, laptops, electric vehicles, and energy storage systems.
What price will pi network be listed on exchangesDOT TECH
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
I will leave the telegram contact of my personal pi vendor to trade with.
@Pi_vendor_247
If you are looking for a pi coin investor. Then look no further because I have the right one he is a pi vendor (he buy and resell to whales in China). I met him on a crypto conference and ever since I and my friends have sold more than 10k pi coins to him And he bought all and still want more. I will drop his telegram handle below just send him a message.
@Pi_vendor_247
how to sell pi coins on Bitmart crypto exchangeDOT TECH
Yes. Pi network coins can be exchanged but not on bitmart exchange. Because pi network is still in the enclosed mainnet. The only way pioneers are able to trade pi coins is by reselling the pi coins to pi verified merchants.
A verified merchant is someone who buys pi network coins and resell it to exchanges looking forward to hold till mainnet launch.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
Financial Assets: Debit vs Equity Securities.pptxWrito-Finance
financial assets represent claim for future benefit or cash. Financial assets are formed by establishing contracts between participants. These financial assets are used for collection of huge amounts of money for business purposes.
Two major Types: Debt Securities and Equity Securities.
Debt Securities are Also known as fixed-income securities or instruments. The type of assets is formed by establishing contracts between investor and issuer of the asset.
• The first type of Debit securities is BONDS. Bonds are issued by corporations and government (both local and national government).
• The second important type of Debit security is NOTES. Apart from similarities associated with notes and bonds, notes have shorter term maturity.
• The 3rd important type of Debit security is TRESURY BILLS. These securities have short-term ranging from three months, six months, and one year. Issuer of such securities are governments.
• Above discussed debit securities are mostly issued by governments and corporations. CERTIFICATE OF DEPOSITS CDs are issued by Banks and Financial Institutions. Risk factor associated with CDs gets reduced when issued by reputable institutions or Banks.
Following are the risk attached with debt securities: Credit risk, interest rate risk and currency risk
There are no fixed maturity dates in such securities, and asset’s value is determined by company’s performance. There are two major types of equity securities: common stock and preferred stock.
Common Stock: These are simple equity securities and bear no complexities which the preferred stock bears. Holders of such securities or instrument have the voting rights when it comes to select the company’s board of director or the business decisions to be made.
Preferred Stock: Preferred stocks are sometime referred to as hybrid securities, because it contains elements of both debit security and equity security. Preferred stock confers ownership rights to security holder that is why it is equity instrument
<a href="https://www.writofinance.com/equity-securities-features-types-risk/" >Equity securities </a> as a whole is used for capital funding for companies. Companies have multiple expenses to cover. Potential growth of company is required in competitive market. So, these securities are used for capital generation, and then uses it for company’s growth.
Concluding remarks
Both are employed in business. Businesses are often established through debit securities, then what is the need for equity securities. Companies have to cover multiple expenses and expansion of business. They can also use equity instruments for repayment of debits. So, there are multiple uses for securities. As an investor, you need tools for analysis. Investment decisions are made by carefully analyzing the market. For better analysis of the stock market, investors often employ financial analysis of companies.
when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the telegram contact of my personal pi vendor
@Pi_vendor_247
How to get verified on Coinbase Account?_.docxBuy bitget
t's important to note that buying verified Coinbase accounts is not recommended and may violate Coinbase's terms of service. Instead of searching to "buy verified Coinbase accounts," follow the proper steps to verify your own account to ensure compliance and security.
1. First Quarter 2008
Earnings Conference Call – Talking Points
Jim Cracchiolo – Chairman and Chief Executive Officer
Walter S. Berman – Executive Vice President and CFO
Jim Cracchiolo – Chairman and Chief Executive Officer:
Good afternoon everyone, and thanks for joining us for our first quarter earnings
discussion.
I’d like to begin by acknowledging that the markets were very challenging during
the quarter and that they did have significant impacts on our results. We’re a
market-sensitive company, and we derive a large portion of our revenues from
fees. So when we experience a 10 percent decline in the equity market, as we
did in this quarter, our results suffer.
In addition, as you know, the credit markets were just as challenging. However,
we have always taken a conservative approach to managing risk. As a result,
we’ve had minimal impairments and our asset quality remains strong. Our
financial foundation is sound.
While our earnings were not as high as we would have liked, we feel good about
our business and our ability to grow the company. We serve clients in long-term
financial planning relationships, and our core client retention rate remains very
high. Client activity has slowed along with the markets, and clients have moved
to higher cash positions. Our advisors are working closely with their clients, and
we anticipate that they will reinvest when they see signs of stability.
So we remain very focused on executing our strategy and achieving our on-
average, over-time growth goals. We’ve been through tough markets before, and
we have emerged from them stronger.
So my message today is this: While the weak markets certainly hurt our
earnings, we continue to feel good about our overall positioning.
For the quarter, net revenues were up 3 percent, to $2.1 billion. Earnings per
diluted share were $0.82, which was down 8 cents per share compared with
adjusted earnings per diluted share for the first quarter of 2007. And our adjusted
ROE was 12.2 percent.
We’ve included a table in the earnings release to spell out several factors that
impacted these results, and Walter will take you through some details of this
1
2. disclosure shortly. We don’t anticipate including this table every quarter, but we
wanted to help you understand the market and other impacts given that the
environment was so turbulent.
Now I want to focus on the strength of our financial foundation and our operating
performance.
Our balance sheet continues to perform well. We continue to hold very limited
exposure to the most distressed asset classes, and we remain comfortable with
our overall exposures in the current environment. In addition to our balance sheet
strength, we continue to maintain over $1 billion in excess capital. Since our spin-
off, we’ve returned 90 percent of our adjusted earnings to shareholders through
buybacks and dividends, and in 2007 we returned more than 100 percent of our
adjusted earnings. Despite that return, we hold more excess capital now than we
did a year ago. In addition, we announced today that our board has approved a
new $1.5 billion buyback authorization over the next two years. That follows a
two-year, $1 billion authorization, announced last March, that we have nearly
completed.
We are also leveraging the flexibility we’ve created to help us navigate through
the market downturn. We told you last quarter that we were in the process of
implementing a program to reduce expenses, and that effort is now in place.
While you can see initial traction from the program in our G&A expenses, the
benefit has not yet been fully realized. And it’s important to note that these
savings are in addition to our normal reengineering programs.
It’s also important for you to know that while we are managing expenses tightly
so that we can maintain our margins, we continue to invest prudently in our
growth prospects. We believe our opportunity continues to be compelling, and we
expect to emerge from this downturn in good position.
Now let me review our operating performance for the quarter.
Our basic value proposition is that we serve the mass affluent and affluent in
personal financial planning relationships, and financial planning remains
important for our clients during all parts of the market cycle. Even with the current
challenges, our financial plan activity remained solid, and we continue to achieve
good advisor productivity.
Client assets decreased slightly compared with a year ago, and compared with
the sequential quarter. These declines are the result of market depreciation.
In the advisor force, we’re growing the franchisee channel at a measured pace,
and we continue to have very strong franchisee advisor retention. In fact, that
number moved higher this quarter, to 94 percent. At the same time, we’re
improving the profitability of our employee channel by bringing in fewer recruits,
2
3. instead focusing on candidates who are more likely to succeed. We expect the
decreases in our employee advisor count to slow as this program is fully
implemented.
We continue to provide improved advisor marketing support and technology
tools, as well as the full range of products advisors need to serve their clients. In
fact, during the quarter, we announced a significant addition to our product mix—
the new Ameriprise Financial debit and credit MasterCards. We also announced
a new rewards and recognition program for our clients, which is designed to help
advisors deepen relationships with their high-value clients.
As part of our commitment to advisor support, during the first quarter, we
conducted our largest training program ever—bringing the majority of our
advisors to Minneapolis to help them understand and implement the new tools
and enhanced capabilities we’re providing them. The program was extremely
well received, and we are following the sessions with long-term reinforcement in
order to deliver our ultimate goals, which are a consistently compelling client
experience, more productive advisor practices, and growth.
Now I’ll move on to the product areas.
Owned, managed and administered assets declined 5 percent compared with a
year ago and 6 percent compared with the sequential quarter due to market
depreciation and the continued outflows of low-margin, Zurich-related assets at
Threadneedle.
We continued to generate strong performance in wrap accounts, with assets up
10 percent over a year ago, to $90 billion. Wrap assets were down compared
with the sequential quarter, as market depreciation more than offset continued
relative strength in flows.
Overall RiverSource Funds flows were a negative $636 million, which we think is
primarily the result of clients shying away from the current market volatility and
moving to cash.
While our three- and five-year investment performance track records remain
strong, short-term RiverSource performance has declined for both equities and
fixed income. We have taken a general view that rates will rise as the “flight to
quality” loses favor and inflation pressures increase. The portfolios in general are
positioned to benefit from a narrowing of risk premiums and to realize the
benefits from recent fiscal and monetary stimulus actions. While this has hurt us
in the short term, we believe it will positively affect performance over the medium
and long term.
Threadneedle generated good results for the quarter, highlighted by strong
investment performance. In fact, Threadneedle received two important 2008
3
4. Lipper awards, for Best Overall Group and Best U.K. Equity Group. In terms of
flows, the outflows of Zurich assets accounted for the bulk of Threadneedle’s
outflows.
The variable annuities business generated net inflows of $851 million for the
quarter, with total variable annuity ending balances of $54 billion. At the same
time, we continued to experience outflows in fixed annuities as a result of the low
interest rate environment. However, we think we have an opportunity in the
current market environment to offer our clients some appealing fixed annuity
products while generating good returns on our capital, which should help us slow
the outflows.
Our insurance businesses produced another solid quarter, with life insurance in
force increasing 6 percent over a year ago and reaching $189 billion. Total
Protection segment premiums increased 5 percent despite the generally slow-
growth environment for these products.
So overall, our business metrics were clearly affected by the very weak market
conditions in the quarter. But it is also clear that our underlying business remains
solid.
We’re confident that we have a compelling long-term opportunity. Our research
clearly indicates that our target market—the mass affluent and affluent—want
personalized financial planning, and that’s our strength. Since our spin-off two
and a half years ago, we’ve been building our brand, strengthening our
foundation and positioning the company for long-term prosperity. We’re here to
serve our clients across market cycles.
We’re managing the company through this economic and market downturn the
way we’re encouraging our clients to manage their own financial plans: We’re
being prudent, and we’re staying the course. We’re investing in our brand,
product development, advisor support and in our client experience. Why?
Because we have a very significant market opportunity, and we have
demonstrated the effectiveness of our strategy. We’re committed to executing it
for the long-term.
So in total, I continue to feel good about our position and our future.
Now Walter will take you through some more detail from the quarter, and after
that we’ll take your questions.
4
5. Walter S. Berman – Executive Vice President and CFO:
Thanks, Jim.
As you heard from Jim, it was a difficult quarter driven by the significant decrease
in the equity markets and compounded by the continued liquidity and credit
market dislocation. While we have instituted the appropriate actions to mitigate
the impact, a 10 percent equity decline cannot be offset within the timeframe of a
quarter.
In my remarks, I am going to address:
• the asset impairment,
• equity and credit market impacts within our results,
• the positive impacts of our tax planning,
• insight into the implementation of our expense plan to improve
margins, and
• finally, an overview of the quality of our balance sheet, liquidity and
strong capital position.
We’re also providing supplemental information in our earnings release to give
insight into understanding the market-driven underperformance in the quarter.
Let begin with the asset impairment. In the first quarter, we booked a write-down
due to the difficult credit environment. We had $24 million in pretax net
investment losses, primarily due to “other than temporary” impairments of three,
double-A rated, Alt-A mortgage backed securities – which impacted EPS by 7
cents. This compared to a 2 cent EPS benefit from net realized gains last year,
for a net swing of 9 cents.
Remember that this impairment is materially lower than the industry has
experienced and represents a small fraction of our overall balance sheet. As we
have discussed in prior quarters, while we are subject to mark to market volatility,
the quality of our portfolio still remains sound and has held up quite well. We
continue to analyze and monitor it and are comfortable with our exposures, which
I’ll cover in more detail shortly.
Next when we issued our 2007 10-K, we outlined our company’s sensitivity to
equity market movements. This disclosure reflected a hypothetical 10 percent
change in the S&P 500 that happens at one point in time and which remains the
same for a one year period. Pretty unlikely…..if this were to happen, we
forecasted a $141 million impact to pretax earnings for that 1-year period.
The reality is -- what happened in the first quarter of 2008 is almost as dramatic
as our hypothetical case. In the quarter, we experienced a 5 percent year-over-
year decrease in the average S&P 500 with a 10 percent decrease within the
5
6. quarter. The FTSE 100 dropped 8 percent year-over-year and 12 percent within
the quarter. This real world scenario generates approximately $130 million
negative full year pretax earnings impact versus the $141 million in our 10-K.
Now because of the front-loading of the impact from DAC amortization, we
incurred almost $50 million in negative impact just within the first quarter,
compared to $32 million if you use a simple average.
In addition, not reflected in the 10-K estimated full-year impact, the $141 million,
was the market exposure of an additional 9 cents associated with equity market
impact to our seed money and owned hedge fund performance, the negative
impact of our variable annuity hedging program and the year-over-year impact of
yield declines on our $4 billion short-term liquidity pool.
To summarize, the first quarter impacts are:
o 7 cents in after-tax net realized investment losses
o 14 cents related to declines in management fees and the impact of
the DAC amortization
o 9 cents related to market impacts on short-term investments, seed
and owned hedge fund investments and the net effect of our
variable annuity hedging program.
The amount of this impact is 30 cents in the quarter.
Going forward, assuming steady equity markets, we would expect to recognize
the remaining $80 million of the full year $130 million equity market impact, as
well as approximately $45 million from lower short-term rates. So under this
scenario, for the balance of year, the pre-tax earnings impact would be a
negative $125 million, not accounting for any proactive actions to improve
margins.
Now, as if the markets weren’t enough, during the quarter we adopted FAS 157,
which had a positive $6 million impact. Beginning in the first quarter of 2008, we
are required to use a credit spread in discounting our VA rider liabilities, and
given the current wide spreads, this new methodology could significantly
increase the volatility of this liability valuation.
Let me now turn to taxes.
On the positive side in the quarter, we generated a reduction in the ongoing tax
liability of 16 cents associated with exceptional tax adjustments relating to the
release of tax reserves. While this significantly lowered our effective tax rate in
the quarter, we expect our effective tax rate for the balance of 2008 and full-year
2009 will be in the 24 to 26 percent range.
With regard to expense management, we initiated additional expense
management programs to supplement our planned re-engineering programs.
These programs, however, contemplate a continuation of ongoing investment in
growth and infrastructure while reducing certain G&A expenses in light of the
6
7. market conditions. Our G&A expense is under last year, and down substantially
sequentially. Going forward, we expect to be very focused on managing
expenses to bolster margins during this challenging period.
This leads me to my final point of our consistent balance sheet strength.
As I said, we continue to have a very high-quality portfolio that has performed
exceptionally well under these market stresses. We have had no significant
portfolio allocation changes since we walked you through the details last quarter.
Despite historical dislocations in the fixed income markets, we remain
comfortable with all of our exposures including commercial real estate
mortgages, residential mortgages and asset backed securities. We’ve updated
our web site with all the relevant information.
Now, I would like to spend some time talking about our ALT A and sub prime
mortgages. The amounts in these categories are $1.1 billion and $247 million,
respectively.
There have been material changes in the pricing of various components of these
portfolios in the quarter, which we believe is primarily driven by liquidity and
technical market issues, and not fundamental credit deterioration.
For these securities, we have an internal risk assessment process. This risk
evaluation considers various factors including loan quality, structural protection,
collateral enhancement, seasoning, geographic concentration, and our
assessment of current and future trend lines.
In the first quarter, we recorded “Other than temporary impairments” of our
securities in the highest risk category. As mentioned previously, those were three
AA rated ALT A bonds. The remaining book value is approximately $13 million.
Our internal watch list, the next level down, consists primarily of triple-A
securities backed by Alt-A collateral, with a book value of $135 million and a
market value of $90 million. We did not take impairments in the first quarter
based upon our assessment of the integrity of the underlying cash flows and the
current market conditions.
The remaining Alt – A and Sub-prime backed securities are primarily triple-A
rated securities with strong underlying cash flow integrity These securities have
a sound level of credit enhancement versus the collateral risk, which provides
ample cushion even in the event that housing market conditions worsen from
today’s levels.
7
8. We remain comfortable with the investment portfolio, and will continue to closely
monitor the securities we hold. We have more than adequate liquidity to hold
these securities to maturity.
In fact, in terms of our liquidity position, we maintain substantial liquidity with
close to $4 billion in cash and cash equivalents on hand, up 60 percent from a
year-ago, and essentially where we were last quarter.
Our capital position remains strong – Jim mentioned we have increased our
excess capital position even while we’ve been repurchasing our common stock.
Our debt-to-capital ratio is 21.0 percent – 17 percent excluding non-recourse
debt and with equity credit for our hybrids.
In closing, I’d like to reiterate that while we have built a diversified business, we
remain sensitive to equity markets. It was a tough quarter for us, dealing with a
10 percent drop in the equity markets. That said, I am comfortable with our risk
management, our decision framework and our ability to manage through difficult
environments.
The strength of our balance sheet and capital position provides us with a unique
position and flexibility to weather the volatility of the market. We will continue be
prudent in our approach to growing the business over the long-term while
diligently controlling our expense base and exposures.
Thank you for your time, I’ll now turn it back to Jim before answering your
questions.
8