Market Risk And Return PowerPoint Presentation Slides SlideTeam
Presenting this set of slides with name - Market Risk And Return Powerpoint Presentation Slides. Our topic specific Market Risk And Return Powerpoint Presentation Slides presentation deck contains twenty eight slides to formulate the topic with a sound understanding. This PPT deck is what you can bank upon. With diverse and professional slides at your side, worry the least for a powerpack presentation. A range of editable and ready to use slides with all sorts of relevant charts and graphs, overviews, topics subtopics templates, and analysis templates makes it all the more worth. This deck displays creative and professional looking slides of all sorts. Whether you are a member of an assigned team or a designated official on the look out for impacting slides, it caters to every professional field.
This document explains our strategy to perform a UCITS 5 fund with an active VIX Future management. An example of our strategy is the track record of New Millennium Volactive fund
netwealth educational webinar - The evolution of asset allocationnetwealthInvest
On April 14, 2016 Tracey McNaughton, Head of Investment Strategy at UBS presented to financial advisers on the evolution of asset allocation during a netwealth educational webinar.
Swallow Financial Planning's presentation to clients explaining our investment strategy and our approach to investing for the long term.
The presentation briefly covers:
- why we believe in asset-backed investments;
- why asset classes perform differently;
- why we believe it’s essential to diversify your investments;
- why risk and reward are always related;
- why risk reduces over the long term and;
- why we prefer passive funds.
Market Risk And Return PowerPoint Presentation Slides SlideTeam
Presenting this set of slides with name - Market Risk And Return Powerpoint Presentation Slides. Our topic specific Market Risk And Return Powerpoint Presentation Slides presentation deck contains twenty eight slides to formulate the topic with a sound understanding. This PPT deck is what you can bank upon. With diverse and professional slides at your side, worry the least for a powerpack presentation. A range of editable and ready to use slides with all sorts of relevant charts and graphs, overviews, topics subtopics templates, and analysis templates makes it all the more worth. This deck displays creative and professional looking slides of all sorts. Whether you are a member of an assigned team or a designated official on the look out for impacting slides, it caters to every professional field.
This document explains our strategy to perform a UCITS 5 fund with an active VIX Future management. An example of our strategy is the track record of New Millennium Volactive fund
netwealth educational webinar - The evolution of asset allocationnetwealthInvest
On April 14, 2016 Tracey McNaughton, Head of Investment Strategy at UBS presented to financial advisers on the evolution of asset allocation during a netwealth educational webinar.
Swallow Financial Planning's presentation to clients explaining our investment strategy and our approach to investing for the long term.
The presentation briefly covers:
- why we believe in asset-backed investments;
- why asset classes perform differently;
- why we believe it’s essential to diversify your investments;
- why risk and reward are always related;
- why risk reduces over the long term and;
- why we prefer passive funds.
Swallow Financial Planning's presentation to clients explaining our investment strategy and our approach to investing for the long term.
The presentation briefly covers:
- why we believe in asset-backed investments;
- why asset classes perform differently;
- why we believe it’s essential to diversify your investments;
- why risk and reward are always related;
- why risk reduces over the long term and;
- why we prefer passive funds.
The attached model describes the risk management and liquidity benefits for a very long term strategic investing conglomerate of including a minimal allocation of a private equity fund allocation. In a world where deals are not always available and competition for good opportunities is fierce, risk of not being able to invest is significant.
We recommend that such conglomerates should allocate a private equity fund-like allocation to non-core mid-size investments. Not represented in the paper is that such investments may also lead to strategic investments or a tap into new markets.
The attached study was prepared for a leading Turkish conglomerate to diversify into private equity like investments.
Asset Allocation and Factor Investing: An Integrated SolutionWindham Labs
This presentation is based on an article coauthored by Alain Bergeron, Mark Kritzman, and Gleb Sivitsky entitled “Asset Allocation and Factor Investing: An Integrated Approach” published in The Journal of Portfolio Management in 2018.
Asset Allocation for Specific Client GoalsWindham Labs
On Wednesday, January 24th, we heard from Senior Client Consultant Jon Kazarian on how to tailor a portfolio to meet the specific investment goals of a client.
Asset Allocation in Taxable PortfoliosWindham Labs
On Tuesday, September 26th, we hosted Lucas Turton for a discussion on Asset Allocation in Taxable Portfolios. Lucas explored how to estimate the future value of a portfolio by considering assets on an after-tax basis, asset allocation and location for optimal tax efficiency, and best practices for tax loss harvesting and navigating the wash sale rule.
This presentation will take you through Emperor Asset Management's investment philosophy and track record. It also touches on wealth management with a short explanation of how to calculate your wealth index.
Netwealth portfolio construction series - Discover cost effective investment ...netwealthInvest
Part of Netwealth's portfolio construction webinar series - Tracey McNaughton, Head of Investment at UBS presented to an audience on 26th October 2016 about an evolved strategy for today's investment climate.
On 1/26/2017, we hosted a webinar featuring Richard Lindsey, Managing Partner and Head of Liquid Alternative Strategies at Windham Capital Management. Rich discussed how to model portfolio returns, risk premia, and how to decompose portfolio risk.
Swallow Financial Planning's presentation to clients explaining our investment strategy and our approach to investing for the long term.
The presentation briefly covers:
- why we believe in asset-backed investments;
- why asset classes perform differently;
- why we believe it’s essential to diversify your investments;
- why risk and reward are always related;
- why risk reduces over the long term and;
- why we prefer passive funds.
The attached model describes the risk management and liquidity benefits for a very long term strategic investing conglomerate of including a minimal allocation of a private equity fund allocation. In a world where deals are not always available and competition for good opportunities is fierce, risk of not being able to invest is significant.
We recommend that such conglomerates should allocate a private equity fund-like allocation to non-core mid-size investments. Not represented in the paper is that such investments may also lead to strategic investments or a tap into new markets.
The attached study was prepared for a leading Turkish conglomerate to diversify into private equity like investments.
Asset Allocation and Factor Investing: An Integrated SolutionWindham Labs
This presentation is based on an article coauthored by Alain Bergeron, Mark Kritzman, and Gleb Sivitsky entitled “Asset Allocation and Factor Investing: An Integrated Approach” published in The Journal of Portfolio Management in 2018.
Asset Allocation for Specific Client GoalsWindham Labs
On Wednesday, January 24th, we heard from Senior Client Consultant Jon Kazarian on how to tailor a portfolio to meet the specific investment goals of a client.
Asset Allocation in Taxable PortfoliosWindham Labs
On Tuesday, September 26th, we hosted Lucas Turton for a discussion on Asset Allocation in Taxable Portfolios. Lucas explored how to estimate the future value of a portfolio by considering assets on an after-tax basis, asset allocation and location for optimal tax efficiency, and best practices for tax loss harvesting and navigating the wash sale rule.
This presentation will take you through Emperor Asset Management's investment philosophy and track record. It also touches on wealth management with a short explanation of how to calculate your wealth index.
Netwealth portfolio construction series - Discover cost effective investment ...netwealthInvest
Part of Netwealth's portfolio construction webinar series - Tracey McNaughton, Head of Investment at UBS presented to an audience on 26th October 2016 about an evolved strategy for today's investment climate.
On 1/26/2017, we hosted a webinar featuring Richard Lindsey, Managing Partner and Head of Liquid Alternative Strategies at Windham Capital Management. Rich discussed how to model portfolio returns, risk premia, and how to decompose portfolio risk.
Pensions, Management and Leadership: 14 Lessons from Invensys Pension Scheme'...Redington
Robin Claessens joined IPS at the end of 2008, and accepted the mandate as their CEO and CIO (CIO for 2 years only). Today, Robin is a Managing Director in the Investment Consulting team at Redington.
During the journey at IPS, he experienced a number of events, some professional and technical, some more subjective and others personal. Robin has endeavoured through this paper to translate these events into 14 lessons he has learnt and which he thinks apt to share with you.
The lessons are split into four categories:
- Management and Strategy
- Infrastructure and Operations
- Management of Stakeholder and Third-Party Service Provider
- Leadership and Personal Lessons
Making Decisions; An Effective Trustee BoardRedington
What are the 10 core strengths of a Trustee Ninja?
1. Passion
2. Trust
3. Open Minded
4. Intellectual Curiosity
5. Numeracy
6. Collegiate
8. Prepare to challenge and be challenged
7. Seeing the wood for the trees
9. Prepare to stand out from the crowd
10. Make decisions and live with the consequences
"I haven’t told you the best part,” said Grandpa. “When you save your acorns, they don’t just sit there and wait for you. They grow into trees, and the trees give you more and more acorns.”
Join Oliver and Amelia as Grandpa teaches them the importance of saving. They hear the story of how the bears saved the monkeys. They learned about the consequences of wasting bananas, sharing berries and saving acorns. The best part is the acorns they save can grow over time into trees with more acorns.
Investing Concept Of Risk And Return PowerPoint Presentation Slides SlideTeam
Every organization needs to adapt to the ever-changing business environment. Sensing this need, we have come up with these content-ready change management PowerPoint presentation slides. These change management PPT templates will help you deal with any kind of an organizational change. Be it with people, goals or processes. The business solutions incorporated here will help you identify the organizational structure, create vision for change, implement strategies, identify resistance and risk, manage cost of change, get feedback and evaluation, and much more. With the help of various change management tools and techniques illustrated in this presentation design, you can achieve the desired business outcomes. This business transition PowerPoint design also covers certain related topics such as change model, transformation strategy, change readiness, change control, project management and business process. By implementing the change control methods mentioned in the presentation, you will be able to have a smooth transition in an organization. So, without waiting much, download our extensively researched change management framework presentation. With our Change Management Presentation slides, understand the need for change and plan to go through it without any hassles.
Q1 2015 investors presentation 28 april 2015ASSA ABLOY
The ASSA ABLOY Group released its First Quarter Interim Report Jan-March 2015 on Tuesday 28 April 2015 at 08.00 am (CET). This presentation was held at the combined investors’ and analyst meeting. Welcome to visit our Investor pages on http://www.assaabloy.com/investors/.
Fixed interest rate markets, global bond markets, and the competing nature of risk versus return provide an update about how governments are tracking when compared to corporates.
Us Financial Industry Detailed Analysis PowerPoint Presentation SlidesSlideTeam
Presenting this set of slides with name - US Financial Industry Detailed Analysis PowerPoint Presentation Slides. This complete deck is oriented to make sure you do not lag in your presentations. Our creatively crafted slides come with apt research and planning. This exclusive deck with twenty nine slides is here to help you to strategize, plan, analyse, or segment the topic with clear understanding and apprehension. Utilize ready to use presentation slides on US Financial Industry Detailed Analysis PowerPoint Presentation Slides with all sorts of editable templates, charts and graphs, overviews, analysis templates. It is usable for marking important decisions and covering critical issues. Display and present all possible kinds of underlying nuances, progress factors for an all inclusive presentation for the teams. This presentation deck can be used by all professionals, managers, individuals, internal external teams involved in any company organization.
Showcase the scope of financial management with this content ready Financial Management PowerPoint Presentation Slides. The ready to use financial planning PowerPoint complete deck includes various slides such as financial management goals, objectives, US financial system, financial instruments, rights issue, debenture, time value for money parameters, valuation of bonds, comparative statement, common size statement, balance sheet , cash flow statement, trend analysis, ratio analysis, cash flow for operating activities and many more. Determine the financial needs and ensure availability to adequate funds. Get your audience focus on forex capital analysis, capital budgeting evaluation techniques of projects, capital structure and dividend policy, leverage analysis, cost of capital, working capital analysis, receivable management, inventory management, economic order quality, FIFO and LIFO method, commodity exchange basics and types, commodity exchange structure, financial risk management, types and components, financial risk analysis, capital asset pricing model, etc. Download the investment management PPT slides to present the concepts of financial accounting. Display grasp of every aspect with our Financial Management Powerpoint Presentation Slides. They help exhibit great dexterity.
Delivering Outstanding VC Results with DAUlu Ventures
Slides of guest lecture by Dr. Clint Korver, Partner, Ulu Ventures, at Stanford University's class Professional Decision Analysis (MS&E 352) on Feb 27, 2018
Oil & Money 2015
Chair: Jan Prins - Independent Consultant Infrastructure and Energy Finance
Panel: Ian Catterall - Head, Natural Resources for EMEA Bank of Tokyo-Mitsubishi UFJ
Julian Mylchreest - Global Head, Energy & Power Bank of America Merrill Lynch
Mike Powell - Managing Director, Investment Banking Barclays
David Staples - Managing Director, EMEA Corporate Finance Moody’s Investors Service
Risk And Return In Financial Management PowerPoint Presentation SlidesSlideTeam
Analyze investment risk and profitability with this professionally designed Risk and Return in Financial Management PowerPoint Presentation Slides. The content ready portfolio risk-return trade-off PowerPoint compete deck comprises of PPT slides such as risk and return of stock bonds, and T-bills, investment strategies of predefined portfolios, risk and return of portfolio manager, measuring stock volatility proportionate, portfolio return analysis, calculating asset beta, portfolio value at risk, ranking the passive income streams impact to name a few. Explain the relationship between risk on investing in the financial market with potential return using portfolio risk analysis PPT slides. Utilize the visually appealing risk-reward relationship presentation design to structure your financial presentation. Furthermore, portfolio risk-return in security analysis PPT visuals are completely customizable. You can add or delete the content if needed. Download this visually appealing security analysis and portfolio management presentation deck to manage investment risk. Our Risk And Return In Financial Management PowerPoint Presentation Slides ensure you feel joyous. You will find the inspiration you desire.
Risk Return Trade Off PowerPoint Presentation SlidesSlideTeam
Presenting this set of slides with name - Risk Return Trade Off Powerpoint Presentation Slides. This deck consists of total of twenty nine slides. It has PPT slides highlighting important topics of Risk Return Trade Off Powerpoint Presentation Slides. This deck comprises of amazing visuals with thoroughly researched content. Each template is well crafted and designed by our PowerPoint experts. Our designers have included all the necessary PowerPoint layouts in this deck. From icons to graphs, this PPT deck has it all. The best part is that these templates are easily customizable. Just click the DOWNLOAD button shown below. Edit the colour, text, font size, add or delete the content as per the requirement. Download this deck now and engage your audience with this ready made presentation.
The Impact of Technology on the Pensions IndustryRedington
The impact of technology on the pensions industry (past, present, future).
Prezi version: https://prezi.com/aadascppmnor/the-impact-of-technology-on-the-pensions-industry
Pensions, Management and Leadership: 14 Lessons from Invensys Pension Scheme'...Redington
The 14 lessons are split into four categories:
1. Management and Strategy
2. Infrastructure and Operations
3. Management of Stakeholder and Third-Party Service Provider
4. Leadership and Personal Lessons
how can I sell my pi coins for cash in a pi APPDOT TECH
You can't sell your pi coins in the pi network app. because it is not listed yet on any exchange.
The only way you can sell is by trading your pi coins with an investor (a person looking forward to hold massive amounts of pi coins before mainnet launch) .
You don't need to meet the investor directly all the trades are done with a pi vendor/merchant (a person that buys the pi coins from miners and resell it to investors)
I Will leave The telegram contact of my personal pi vendor, if you are finding a legitimate one.
@Pi_vendor_247
#pi network
#pi coins
#money
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
Resume
• Real GDP growth slowed down due to problems with access to electricity caused by the destruction of manoeuvrable electricity generation by Russian drones and missiles.
• Exports and imports continued growing due to better logistics through the Ukrainian sea corridor and road. Polish farmers and drivers stopped blocking borders at the end of April.
• In April, both the Tax and Customs Services over-executed the revenue plan. Moreover, the NBU transferred twice the planned profit to the budget.
• The European side approved the Ukraine Plan, which the government adopted to determine indicators for the Ukraine Facility. That approval will allow Ukraine to receive a EUR 1.9 bn loan from the EU in May. At the same time, the EU provided Ukraine with a EUR 1.5 bn loan in April, as the government fulfilled five indicators under the Ukraine Plan.
• The USA has finally approved an aid package for Ukraine, which includes USD 7.8 bn of budget support; however, the conditions and timing of the assistance are still unknown.
• As in March, annual consumer inflation amounted to 3.2% yoy in April.
• At the April monetary policy meeting, the NBU again reduced the key policy rate from 14.5% to 13.5% per annum.
• Over the past four weeks, the hryvnia exchange rate has stabilized in the UAH 39-40 per USD range.
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the Telegram username
@Pi_vendor_247
USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
USDA Loans in California: A Comprehensive Overview
If you're dreaming of owning a home in California's rural or suburban areas, a USDA loan might be the perfect solution. The U.S. Department of Agriculture (USDA) offers these loans to help low-to-moderate-income individuals and families achieve homeownership.
Key Features of USDA Loans:
Zero Down Payment: USDA loans require no down payment, making homeownership more accessible.
Competitive Interest Rates: These loans often come with lower interest rates compared to conventional loans.
Flexible Credit Requirements: USDA loans have more lenient credit score requirements, helping those with less-than-perfect credit.
Guaranteed Loan Program: The USDA guarantees a portion of the loan, reducing risk for lenders and expanding borrowing options.
Eligibility Criteria:
Location: The property must be located in a USDA-designated rural or suburban area. Many areas in California qualify.
Income Limits: Applicants must meet income guidelines, which vary by region and household size.
Primary Residence: The home must be used as the borrower's primary residence.
Application Process:
Find a USDA-Approved Lender: Not all lenders offer USDA loans, so it's essential to choose one approved by the USDA.
Pre-Qualification: Determine your eligibility and the amount you can borrow.
Property Search: Look for properties in eligible rural or suburban areas.
Loan Application: Submit your application, including financial and personal information.
Processing and Approval: The lender and USDA will review your application. If approved, you can proceed to closing.
USDA loans are an excellent option for those looking to buy a home in California's rural and suburban areas. With no down payment and flexible requirements, these loans make homeownership more attainable for many families. Explore your eligibility today and take the first step toward owning your dream home.
Latino Buying Power - May 2024 Presentation for Latino CaucusDanay Escanaverino
Unlock the potential of Latino Buying Power with this in-depth SlideShare presentation. Explore how the Latino consumer market is transforming the American economy, driven by their significant buying power, entrepreneurial contributions, and growing influence across various sectors.
**Key Sections Covered:**
1. **Economic Impact:** Understand the profound economic impact of Latino consumers on the U.S. economy. Discover how their increasing purchasing power is fueling growth in key industries and contributing to national economic prosperity.
2. **Buying Power:** Dive into detailed analyses of Latino buying power, including its growth trends, key drivers, and projections for the future. Learn how this influential group’s spending habits are shaping market dynamics and creating opportunities for businesses.
3. **Entrepreneurial Contributions:** Explore the entrepreneurial spirit within the Latino community. Examine how Latino-owned businesses are thriving and contributing to job creation, innovation, and economic diversification.
4. **Workforce Statistics:** Gain insights into the role of Latino workers in the American labor market. Review statistics on employment rates, occupational distribution, and the economic contributions of Latino professionals across various industries.
5. **Media Consumption:** Understand the media consumption habits of Latino audiences. Discover their preferences for digital platforms, television, radio, and social media. Learn how these consumption patterns are influencing advertising strategies and media content.
6. **Education:** Examine the educational achievements and challenges within the Latino community. Review statistics on enrollment, graduation rates, and fields of study. Understand the implications of education on economic mobility and workforce readiness.
7. **Home Ownership:** Explore trends in Latino home ownership. Understand the factors driving home buying decisions, the challenges faced by Latino homeowners, and the impact of home ownership on community stability and economic growth.
This SlideShare provides valuable insights for marketers, business owners, policymakers, and anyone interested in the economic influence of the Latino community. By understanding the various facets of Latino buying power, you can effectively engage with this dynamic and growing market segment.
Equip yourself with the knowledge to leverage Latino buying power, tap into their entrepreneurial spirit, and connect with their unique cultural and consumer preferences. Drive your business success by embracing the economic potential of Latino consumers.
**Keywords:** Latino buying power, economic impact, entrepreneurial contributions, workforce statistics, media consumption, education, home ownership, Latino market, Hispanic buying power, Latino purchasing power.
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
how to sell pi coins at high rate quickly.DOT TECH
Where can I sell my pi coins at a high rate.
Pi is not launched yet on any exchange. But one can easily sell his or her pi coins to investors who want to hold pi till mainnet launch.
This means crypto whales want to hold pi. And you can get a good rate for selling pi to them. I will leave the telegram contact of my personal pi vendor below.
A vendor is someone who buys from a miner and resell it to a holder or crypto whale.
Here is the telegram contact of my vendor:
@Pi_vendor_247
Currently pi network is not tradable on binance or any other exchange because we are still in the enclosed mainnet.
Right now the only way to sell pi coins is by trading with a verified merchant.
What is a pi merchant?
A pi merchant is someone verified by pi network team and allowed to barter pi coins for goods and services.
Since pi network is not doing any pre-sale The only way exchanges like binance/huobi or crypto whales can get pi is by buying from miners. And a merchant stands in between the exchanges and the miners.
I will leave the telegram contact of my personal pi merchant. I and my friends has traded more than 6000pi coins successfully
Tele-gram
@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.
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
Introduction to Indian Financial System ()Avanish Goel
The financial system of a country is an important tool for economic development of the country, as it helps in creation of wealth by linking savings with investments.
It facilitates the flow of funds form the households (savers) to business firms (investors) to aid in wealth creation and development of both the parties
2. Dramatic growth of insurance market
08 May 2015 2
139 160
211
305
388
432
493
564
704
978
1,114
1,453 1,434
1,549
1,722
2,023
0
500
1,000
1,500
2,000
2,500
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
PremiumswritteninbillionRMB
Direct premium written in China
Source: CIRC
3. 4th largest globally
08 May 2015 3
1,259
532
330
278 255 247
169 145 125 101
0
200
400
600
800
1,000
1,200
1,400
PremiumswritteninbillionU.S.dollars
Direct premium written by countries 2013
Ping An Insurance is one of the 9 Globally Systematically Important Insurers (G-SIIs) in the world!
Source: Statista
4. Opportunities but also challenges
08 May 2015 4
• Weak risk management capability
• Low capital efficiency
• Long-term investment not performing well
• Customer complaints, mis-selling
• High expenses
5. Agenda for this workshop
08 May 2015 5
• Regulations: C-ROSS
• Key investment risks
• Example strategies to manage risk
• Equities
• Credit
• Interest rate
• Conclusion: 4 key takeaways
6. C-ROSS
08 May 2015 6
Pillar I
Quantitative
Capital
Requirements
Pillar II
Qualitative
Supervisory
Requirements
Pillar III
Market
Discipline
Mechanism
Company Solvency Management
One Supervision
Emerging Markets
Risk-Oriented with Value
Consideration
Institutional
Characteristics
Supervisory
Pillars
Supervisory
Foundation
9. Investment Risk Management Framework
08 May 2015 9
Objective Measurement Quantification Action
Return
Expected return > Shareholder
required return on capital
Expected return on capital 13.5%
-Required return on capital 12.0%
Margin (Expected return less required return) 1.5%
Risk / Capital Current capital > required capital
Economic basis
Current capital budget £1,150m
-
Required capital (VaR
99.5%)
£1,020m
Regulatory basis
Current capital budget £1,300
Bring current capital in line
with required capitalRequired capital (VaR
99.5%)
£1,350
Liquidity
The company should hold enough
eligible assets to cover additional
liquidity requirements in an adverse
scenario
Available liquid asset £400m
-
5 year cashflows if lapse rate increases by 20% £250m
Asset allocation
target
benchmark
The current asset allocation is to be
kept within +/- 5% of the target
benchmark allocation
Government bonds 20% 36.2%
Allocate out of overweight
assets into relatively
underweight assets to
bring in line with target
benchmark allocations
Corporate bonds 10% 10.5%
Equity 35% 27.0%
Property 5% 6.3%
Other assets 30% 26.0%
On track Within 10% of target Off track
11. Rationale
08 May 2015 11
Why investing in equities
• Offers a decent level of positive risk premiums over the long term
• Relatively liquid market
• Match certain type of liabilities for institutional investors
0
500
1000
1500
2000
2500
3000
3500
4000
4500
5000
1980 1985 1990 1995 2000 2005 2010
UK Equity Total Return UK Gilts Total Return Inflation
Source: Bloomberg, Redington
12. Downside Risk
• Infrequent large drawdowns (>30%)
• Frequently enough to be a problem in a portfolio context
08 May 2015 12
-100%
-90%
-80%
-70%
-60%
-50%
-40%
-30%
-20%
-10%
0%
1927 1940 1954 1968 1981 1995 2009
S&P500Drawdownfrom
priorpeak(%)
Source: Bloomberg, Redington
13. Volatilities
• Chinese equity market could also suffer significant volatilities (if not larger than developed
market) on a daily basis
08 May 2015 13
-15.00%
-10.00%
-5.00%
0.00%
5.00%
10.00%
15.00%
ShanghaiCompositeIndexDailyReturn(%)
Source: Bloomberg, Redington
115 days of higher than 5% loss
15. Solutions
08 May 2015 15
Diversification
Downside protection
Risk Control
“Risk Management should be put in place in the good times to
have most effect in the bad times”
16. 5.00%
5.50%
6.00%
6.50%
7.00%
7.50%
8.00%
1.5% 3.5% 5.5% 7.5% 9.5% 11.5% 13.5% 15.5% 17.5% 19.5%
EXpectedReturn
Risk (measured by standard deviation of annual returns)
Efficient Frontier
1. Diversification
08 May 2015 16
Concentrated equity
portfolio
50% DM Equity
10% EM Equity
30% Alternatives
40% DM Equity
0% EM Equity
60% Alternatives
50% DM Equity
30% EM Equity
20% Alternatives
20% DM Equity
80% EM Equity
0% Alternatives
Source: Redington
17. 2. Risk Control
08 May 2015 17
Source: Bloomberg, Redington
Volatility controlled equities provides greater exposure to equity markets at times of low volatility and reduces equity
exposure at times when markets have higher volatility and in general:
-Equity volatility rises when equities fall
-Equity volatility falls when equities rise
Equity
volatility
100% exposure
67% equity exposure (as equity vol is 15%)
15%*0.67 = 10%
125% equity exposure (as equity vol is 8%) 8%*1.25 =
10% Time
0%
20%
40%
60%
80%
100%
120%
140%
160%
1999 2001 2003 2005 2007 2009 2011 2013
% Allocation in Equity
15%
10%
8%
18. 2. Risk Control
08 May 2015 18
0%
10%
20%
30%
40%
50%
60%
70%
AnnualizedVolatility(%)
MSCI World Index Daily Net TR Local MSCI World Volatility Controlled Index
-40%
-30%
-20%
-10%
0%
10%
20%
30%
40%
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
AnnualPercentageReturn
MSCI World MSCI World Volatility Controlled IndexSource: Bloomberg, Redington
20. Performance
08 May 2015 20
0
50
100
150
200
1999 2002 2005 2008 2010 2013
MSCI World Index
MSCI World Vol Control (10% Vol) Index
MSCI World Vol Control (10% Vol) with Put (90%
strike)
Source: Bloomberg, Redington
22. Why credit optimization
08 May 2015 22
Credit
Optimization
Liability
Matching
Valuation
discount
rate
Capital
Charges
Economic
Return
23. Chinese fixed income market
08 May 2015 23
• Primarily driven by government related bonds;
• Growing demand and supply of corporate and SME bonds.
• Diversity of ratings and maturities.
9708 9591
6168
3390
2924
1764
1162
757
422
0
2000
4000
6000
8000
10000
12000
Policy Bank
Bonds
Ministry of
Finance Bonds
Others Medium-Term
Notes
Enterprise
Bonds
Commercial
Paper
Local Gov't
Bonds
Corporate
Bonds
Central Bank
Notes
RMBbillion
The size of various sectors of the market
Source: Wind
24. Dynamics within credit market
08 May 2015 24
-100.0
0.0
100.0
200.0
300.0
400.0
500.0
600.0
700.0
800.0
CreditSpread
Aaa
Aa
A
Baa
-100.0
0.0
100.0
200.0
300.0
400.0
500.0
600.0
700.0
800.0
CreditSpread
Maturity[1,3)
Maturity[3,5)
Maturity[5,7)
Maturity[7,10)
Maturity[10,15)
Maturity[15,)
Source: Barclays POINT, Redington
25. How to do credit optimization
08 May 2015 25
Return on
Economic Capital
Credit risk
premium
Required
capital
Numerator
Denominator
Credit Risk
Premium
Capital
Required
Maximise expected returns.
Maximise implied illiquidity premium in bonds.
Reduce regulatory capital requirement.
Reduce economic risk i.e. Surplus at Risk
26. How to do credit optimization
08 May 2015 26
Source: Barclays POINT, Redington
1 - 3 Years 3 - 5 Years 5 - 7 Years 7 - 10 Years 10 - 15 Years > 15 Years
AAA 0.3% 0.2% 2.1% 1.9% 0.4% 0.3%
AA 3.2% 2.5% 3.6% 2.7% 5.4% 0.7%
A 5.4% 3.6% 7.4% 5.3% 2.4% 0.8%
BBB 5.9% 5.6% 5.5% 3.5% 2.8% 1.9%
Capital Efficiency (Return on Economic Capital)
27. How to do credit optimization
08 May 2015 27
Objective Before Optimization After Optimization
Return
Expected return > Shareholder
required return on capital
Credit spread 1.5% Credit spread 2.2%
Minimum illiquidity
premium required
1.0%
Minimum illiquidity
premium required
1.0%
Credit spread after
default allowance
1.1%
Credit spread after
default allowance
1.7%
Risk / Capital Current capital > required capital
Economic basis £1,050 million Economic basis £1,070 million
Regulatory basis £1,350 million Regulatory basis £1,280 million
Liquidity
Hold enough eligible assets to
cover liquidity requirements in an
adverse scenario
1 year net cashflow £80 million 1 year net cashflow £80 million
1 year net cashflow
under stress
£20 million
1 year net cashflow
under stress
£20 million
Asset
allocation
target
benchmark
The current asset allocation is to
be kept within +/- 5% of the target
benchmark allocation
AAA 5% AAA 1%
AA 30% AA 10%
A 40% A 55%
BBB 25% BBB 34%
Non-Investment Grade 0% Non-Investment Grade 0%
28. Other fixed income investments
08 May 2015 28
• Long dated cashflows
• Diversifier
• Exposure to residential property
Equity Release Mortgages
• Return pick up
• Well collateralized
Infrastructure debt
• Inflation protection
• Return pick up
• Exposure to commercial property
Secured leases
35. Conclusion: 4 key takeaways
• Strong need of risk/capital management practices
• Investment strategy in the context of ALM
• People, system and process
• Constant learning and dynamically adapt to changes
08 May 2015 35
36. 08 May 2015 36
Expressions of individual views by members of the Institute and
Faculty of Actuaries and its staff are encouraged.
The views expressed in this presentation are those of the
presenter.
Questions Comments