Mercer Capital’s Insurance Industry newsletter is a quarterly publication providing perspective on valuation issues pertinent to insurance brokers, underwriters, and other industry professionals. Each issue includes a segment focus, market overview, mergers and acquisitions review, and more.
Mercer Capital's Value Focus: Insurance Industry | Q1 2016Mercer Capital
This document provides an overview of the insurance industry for the first quarter of 2016. It discusses trends in various insurance sectors such as property & casualty, reinsurance, life & health, and managed care. For each sector, it summarizes commentary on market conditions, pricing trends, M&A activity and financial performance. It also provides a recap of notable M&A transactions in the insurance underwriter and broker spaces. Finally, it includes a table listing key financial metrics for publicly traded property & casualty companies.
Mercer Capital's Value Focus: Insurance Industry | Q3 2015Mercer Capital
Mercer Capital’s Insurance Industry newsletter is a quarterly publication providing perspective on valuation issues pertinent to insurance brokers, underwriters, and other industry professionals. Each issue includes a segment focus, market overview, mergers and acquisitions review, and more.
Insurance M&A activity in the US rose to unprecedented levels in 2015, surpassing what had been a banner year in 2014. There were 476 announced deals in the insurance sector, 79 of which had disclosed deal values with a total announced value of $53.3 billion. This was a significant increase from the 352 announced deals in 2014, of which 73 had disclosed deal values with a total announced value of $13.5 billion. Furthermore, unlike prior years where US insurance deal activity was isolated to specific subsectors, 2015 saw a significant increase in deal activity in all industry subsectors.
The document provides an overview and analysis of MedcoHealth Solutions (MHS), a pharmacy benefits manager. It describes MHS's business model, growth opportunities in specialty pharmacy and generics, competitive landscape, and financial projections. The Penn State Investment Association team recommends benching MHS until after its November 1 earnings report, citing risks around contract renewals and a lawsuit.
Evan Sieg recommends buying shares of AmSurg Corp., which operates ambulatory surgery centers. AmSurg has a strong acquisition pipeline and is well positioned for growth given industry trends like an aging population and increased insurance coverage under the Affordable Care Act. The company has higher profit margins than peers and opportunities for margin expansion through cost cutting. AmSurg shares are undervalued and have an expected return of 10.5%, suggesting it is an attractive buy.
The document discusses key trends for employee benefits in 2015, including the convergence of insurance and technology, blurring lines between healthcare insurers, providers, and advisers, and increasing compliance requirements under the Affordable Care Act. It also summarizes that employers will continue shifting more costs to employees through higher deductibles and contributions, while employees take on more responsibility. Insurers face pressures from healthcare cost increases and changing regulations, though larger carriers may benefit from scale and diversification.
The document discusses the concept of a quarter. A quarter is a unit of measurement that represents one-fourth of a whole or complete unit. There are four quarters in a year, with each quarter representing three months. Quarters are commonly used to divide fiscal years and are an important unit of measurement in accounting and business.
1) HGHAX had the highest returns over 3, 5, 8, and 10 years but also the highest expenses. IYH and SPY had lower returns but much lower expenses.
2) IYH and SPY had lower standard deviations, indicating less volatility than HGHAX. IYH in particular had the lowest risk.
3) IYH had the highest Sharpe Ratios over 3 and 5 years, meaning it had the best risk-adjusted returns. SPY had the lowest Sharpe Ratios, indicating poorer risk-adjusted performance.
Mercer Capital's Value Focus: Insurance Industry | Q1 2016Mercer Capital
This document provides an overview of the insurance industry for the first quarter of 2016. It discusses trends in various insurance sectors such as property & casualty, reinsurance, life & health, and managed care. For each sector, it summarizes commentary on market conditions, pricing trends, M&A activity and financial performance. It also provides a recap of notable M&A transactions in the insurance underwriter and broker spaces. Finally, it includes a table listing key financial metrics for publicly traded property & casualty companies.
Mercer Capital's Value Focus: Insurance Industry | Q3 2015Mercer Capital
Mercer Capital’s Insurance Industry newsletter is a quarterly publication providing perspective on valuation issues pertinent to insurance brokers, underwriters, and other industry professionals. Each issue includes a segment focus, market overview, mergers and acquisitions review, and more.
Insurance M&A activity in the US rose to unprecedented levels in 2015, surpassing what had been a banner year in 2014. There were 476 announced deals in the insurance sector, 79 of which had disclosed deal values with a total announced value of $53.3 billion. This was a significant increase from the 352 announced deals in 2014, of which 73 had disclosed deal values with a total announced value of $13.5 billion. Furthermore, unlike prior years where US insurance deal activity was isolated to specific subsectors, 2015 saw a significant increase in deal activity in all industry subsectors.
The document provides an overview and analysis of MedcoHealth Solutions (MHS), a pharmacy benefits manager. It describes MHS's business model, growth opportunities in specialty pharmacy and generics, competitive landscape, and financial projections. The Penn State Investment Association team recommends benching MHS until after its November 1 earnings report, citing risks around contract renewals and a lawsuit.
Evan Sieg recommends buying shares of AmSurg Corp., which operates ambulatory surgery centers. AmSurg has a strong acquisition pipeline and is well positioned for growth given industry trends like an aging population and increased insurance coverage under the Affordable Care Act. The company has higher profit margins than peers and opportunities for margin expansion through cost cutting. AmSurg shares are undervalued and have an expected return of 10.5%, suggesting it is an attractive buy.
The document discusses key trends for employee benefits in 2015, including the convergence of insurance and technology, blurring lines between healthcare insurers, providers, and advisers, and increasing compliance requirements under the Affordable Care Act. It also summarizes that employers will continue shifting more costs to employees through higher deductibles and contributions, while employees take on more responsibility. Insurers face pressures from healthcare cost increases and changing regulations, though larger carriers may benefit from scale and diversification.
The document discusses the concept of a quarter. A quarter is a unit of measurement that represents one-fourth of a whole or complete unit. There are four quarters in a year, with each quarter representing three months. Quarters are commonly used to divide fiscal years and are an important unit of measurement in accounting and business.
1) HGHAX had the highest returns over 3, 5, 8, and 10 years but also the highest expenses. IYH and SPY had lower returns but much lower expenses.
2) IYH and SPY had lower standard deviations, indicating less volatility than HGHAX. IYH in particular had the lowest risk.
3) IYH had the highest Sharpe Ratios over 3 and 5 years, meaning it had the best risk-adjusted returns. SPY had the lowest Sharpe Ratios, indicating poorer risk-adjusted performance.
In spring 2016, PwC investigated the current state and
future direction of stress testing. We surveyed 55 insurers
operating in the US about their stress testing framework and
the specific stresses that they test. We also engaged in more
detailed dialogue with a number of insurers in the US and
globally, as well as with some North American insurance
regulators.
Healthcare reform: Five trends to watch as the Affordable Care Act turns fivePwC
In its first five years, the Affordable Care Act (ACA) has had a profound, and likely irreversible, impact on the business of healthcare. Industry leaders must rethink strategies to remain relevant in a post-ACA world.
Web Page: http://www.pwc.com/us/acahealthreform
USA Podiatry Market High Level OverviewNiraj Singhvi
This report is prepared by Maple Growth Partners, an investment research and strategic advisory firm.
The primary purpose of this quick-turnaround project was to provide a high-level market overview of podiatry practices’ growth prospects and market dynamics in the US. Our client, a US-based healthcare private equity investment professional, was largely interested in understanding the prevailing market trends, growth drivers, and podiatry economics.
Major pointers we highlighted for podiatry industry investment consideration:
- While podiatry overhead expenses has increased significantly, podiatrists are able to pass on the incremental cost to the patient/payer with a year in lag
- Current supply of ~13,000 podiatrists are most likely meeting sufficient portion of the unmet demand and this supply-demand gap will likely diminish going forward
- High student debt will likely inhibit incoming podiatrists to start their own practice and will likely compel them to join a group practice
- Podiatry is a local/regional play as opposed to other limited practitioners such as dentists which is truly a national play
Following trends were presented that influenced the economics of a podiatry practice:
- Gross income and net income for overall types of US podiatry practices have increased in recent years
- Contrary to the market perception, gross income for solo practices in the US has shown signs of decent growth in recent years
- On an overall basis (both solo and group practices) for net income, recently-formed group practices have been driving up the net income range for practices that are less than 10 years old
- They are utilizing new tech to differentiate themselves and to improve the diagnosis and treatment quality
- Podiatrists are looking to utilize assistance of nurse practitioners and physician assistants
- Share of older practices (>30 years) and aging podiatrists (>61 years) has been increasing in recent years
We had also included podiatry transactions in the previous 10 years; one-pager profiles of major competitors; and regulations by states.
Crimson Publishers-The Risk Level of Viet Nam Listed Medical and Human Resou...CrimsonPublishers-SBB
The Risk Level of Viet Nam Listed Medical and Human
Resource Company Groups After the Global Crisis
2009-2011 by Dinh Tran Ngoc Huy in Significances of Bioengineering & Biosciences
The document discusses challenges facing healthcare systems and the need for transformation. It outlines four potential scenarios for 2015 based on how systems address drivers of change and inhibitors. The "lose-lose" scenario involves growing access/quality issues, blunt cost cuts, and loss of public support for universal healthcare. To achieve a "win-win" scenario, systems must focus on value, develop better consumers, and create better care options.
The document discusses the state of the PEO (Professional Employer Organization) industry. It notes that the PEO industry is large and growing, with $150 billion in revenue serving over 3 million employees, but current market penetration is only 2.5%. Consolidation among large players will continue. Key challenges include increasing regulatory requirements, data security and privacy risks, the need for improved risk selection and pricing discipline. Workers' compensation remains a major business challenge due to capacity issues and rising costs. Healthcare costs also continue to rise significantly. To succeed, PEOs will need to focus on risk management, financial discipline, and developing niche expertise.
A new report from PwC’s Health Research Institute predicts that insurance companies will be spending more to pay for prescription drugs starting next year, from around 3% to almost 6% by 2027. Here’s more forecasts on medical spending from the report:
•Generics: Almost half of the estimated sales from the top 100 brand-name drugs won’t be affected by generic competition for another three years.
•Specialty drugs: Spending on specialty drugs — such as biologics or rare disease treatments — has already been growing over the past five years, but by 2020 these drugs may make up more than half of all U.S. drug spending.
•Chronic disease: 85% of all employer-provided insurance spending is on chronic conditions, and obesity and diabetes will be the two top conditions that will account for spending in 2020.
One of the fastest growing concerns on insurers’ enterprise risk agenda is model risk
management. From being a phrase that primarily actuaries and other modelers used, “model risk” has become a major focus of regulators and the subject of intense activity and debate at insurers. How model risk management has evolved from ad hoc efforts to its currentproactive stage is an interesting story. But more interesting still is
what we believe could be its next stage – generating measurable business value.
State of warranty chain management (wcm) for 2019 sfg analyst take paper (mize)Mize Inc.
This analyst take paper by Bill Pollock, President & Principal Consulting Analyst at Strategies For Growth, focuses on the specific challenges that Warranty Management organizations like yours are currently facing, what opportunities are open with respect to moving toward Best Practices status, and what strategic actions will need to be executed to make it all happen.
The data and analysis contained in this paper are based on the results of the SFG 2019 Warranty Chain Management Benchmark Survey, conducted in November/December 2018. The 2019 global respondent base is comprised of 105 warranty management professionals.
The findings from Strategies For Growth 2019 Warranty Chain Management (WCM) Benchmark Update Survey highlight patterns and trends identified since SFG’s previous annual WCM surveys, and provide an outlook as to what to expect in 2019 – and beyond.
You will learn what technologies your peers are using, which KPIs they measure and track, as well as what the key drivers are that push them to improve their respective WCM performance – and profitability.
Download the Warranty Benchmark Survey results, and Analyst Take Paper now compliments of Mize, the leader in Warranty Management Software.
The group insurance market shows real promise but, as of yet, most carriers are still trying to determine the best path forward. Moving from being in a quiet sector to the front lines of new ways of doing business has shaken the industry and confronted it with challenges –and opportunities – many could not have foreseen even a decade ago.
Mercer Capital's Value Focus: Medtech & Device Industry | Q4 2018 Mercer Capital
The document provides an overview and introduction to Mercer Capital's new quarterly newsletter on the medtech and device industry. The newsletter will include analysis of market performance, valuation multiples, operating metrics, and M&A activity across four sectors: biotechnology & life sciences, medical devices, healthcare technology, and large diversified healthcare companies. Mercer Capital has experience providing valuation services to companies and investors in the medtech sector.
2017 Top Issues - DOL Fiduciary Rule - January 2017PwC
The document discusses the impact of the Department of Labor's Fiduciary Rule on the insurance industry. The rule requires financial advisors to act as fiduciaries, putting clients' interests ahead of their own. This will significantly impact compensation structures and require changes to training, products offered, and data collection. Insurers will need to streamline compensation, rationalize products, enhance agent training on fiduciary responsibilities, and improve data and technology to demonstrate compliance. The rule is spurring widespread changes beyond just compliance, including potential consolidation in the insurance and distribution sectors.
This document provides key financial data and an analysis of ACE Limited, a property and casualty insurer. It highlights that ACE has a strong record of pricing risk, is expanding globally to spread risk more widely, and has high earnings per share. The analyst recommends an overweight position and believes the stock remains undervalued relative to its fundamentals. Risks include potential weakness in emerging markets or from natural disasters.
1) The 4th quarter of 2016 saw a significant market rotation out of secular growth stocks typically held in the Focused Growth portfolio following Donald Trump's election victory. This hurt the portfolio's absolute and relative performance in Q4.
2) For the full year 2016, the portfolio benefited from strong stock selection and an overweight in technology, including three technology company buyouts. However, a large position in The Advisory Board hurt performance.
3) Going forward, the portfolio is positioned with overweight positions in companies expected to benefit from secular growth trends, while also having reduced exposure to areas that face greater uncertainty like healthcare and mortgage lending.
Healthcare executives maintain a relatively positive outlook for the upcoming year. The majority remain optimistic, expecting similar growth to last year in revenue, prices, volume and capital spending. Many other non-financial trends within the industry are also seen as having a beneficial impact on consumers and the quality of care being delivered.
For one, trends around Mergers & Acquisitions (M&A) are increasing from last year, with a general optimism about the impact, especially on the industry side, for efficiency and revenue. About three-quarters of executives also believe that increased M&A may result in a greater focus on care (over business administration.)
Second, most executives anticipate a continued--and increasing--reliance on technology that should improve quality and reduce costs. But with higher stakes, the challenge will be how to seamlessly incorporate technology industry-wide without compromising security.
Despite the optimistic tone, however, healthcare costs continue to be an untenable uphill battle for consumers, with no improvement over last year. Executives perceive that these overwhelming costs are damaging care and that many consumers may be sacrificing care to save money. Many executives claim they are working to figure out ways to alleviate this problem. In addition, executives are more open to government involvement with regulating the industry, but there is very little consensus on how to measure success and utilize outcomes.
This presentation contains forward-looking statements about the company's plans, objectives, and future performance. Forward-looking statements include statements about expectations, projections, or predictions of future events and involve risks and uncertainties. The company may not achieve what is stated in the forward-looking statements. The presentation also discusses the company's market opportunity in healthcare communication technology, recent platform wins that validate its strategy, compelling return on investment demonstrated for customers, and third quarter 2016 financial highlights showing revenue growth and expanding profitability.
The document discusses the potential impact of 2010 health care reform on WellPoint, Inc., a major health insurance carrier. It outlines key provisions of the reform legislation, analyzes how different parts of WellPoint's business may be affected in terms of membership mix, costs and revenues. The document also reviews WellPoint's financial and enrollment data and considers options for marketing and distribution strategies in light of the regulatory changes.
2014 Compensation and Benefits Trends in the GCC ReportThe HR Observer
As the economic forecast for the region brightens up, many organisations are preparing for business growth and expansion. This has a great impact on the people operations in the business and especially on compensation and benefits to ensure employee pay and benefits are competitive to retain and engage top talent. The report summaries a GCC wide survey conducted with nearly 160 companies across many sectors. Respondents were asked to report on key pay indicators inside their companies in 2012 – 2014 to analyse major pay movements and trends. A trends analysis of various compensation and benefits instruments in the region including flexible benefits and employee wellness is then presented. The report also outlines the key strategic priorities for the profession in the next 3 years while forecasting some of the key challenges to C&B that come with growth
Mercer Capital's Value Focus: Venture Capital | Mid-Year 2016Mercer Capital
Mercer Capital's Venture Capital newsletter provides perspective on some of the most relevant market trends affecting venture capital firms and other financial sponsors.
Aim: The aim of the present study was to perform the set of standard autonomic function
tests in children with a family history of hypertension and compare the results with
children of normotensive parents.
Background: Hypertension is considered one of the highest causes of morbidity
worldwide and it becomes one of the leading causes of death due to cardiovascular and
renal failure. Hypertension can be especially hard to manage when combined with other
disorders, such as diabetes or obesity. Most of the children with a family history of
hypertension forms the risk factor for being hypertensive in future life.
Results: The study included 60 young and healthy children. Out of them, 30 children were
selected based on their family history of hypertension while the remaining were the
children of normotensive parents. Thesubjects were selected based on exclusion-inclusion
criteria. All the children underwent for a set of autonomic function tests which are noninvasive, simple and comfortable. Results showed that children with a family history of
hypertension have abnormal values on autonomicfunction testing, when compared with
children of normotensive parents. The results were obtained using ANOVA and student‘t’
–test, to study the significance of autonomic parameters.
Conclusion: This study stated that the children with family history of hypertension
experienced mild to moderate autonomic fluctuations in early age which may make them
more susceptible to hypertension in their future life
Este documento presenta 11 momentos importantes en la historia de la computación, incluyendo la creación del sensor de mejilla Myo en 1997, la máquina Colossus en 1943 que ayudó a descifrar códigos durante la segunda guerra mundial, y el primer disco duro creado por IBM en 1956 con 5 megabytes de almacenamiento. También describe tecnologías como la impresión 3D en 1983, software para diagnosticar la enfermedad de Parkinson en 2015, el motor de búsqueda Google en 1998 y el protocolo USB en 2000.
Este documento discute diferentes perspectivas sobre la identidad cultural y el arte de grupos marginados. Primero describe exposiciones de arte en la década de 1980 que intentaron mostrar el arte de países no occidentales pero lo hicieron desde una perspectiva etnocéntrica que consideraba a esos otros como primitivos. Luego explica cómo surgieron discursos descolonizadores que cuestionaron esta visión hegemónica y cómo bienales en la periferia empezaron a ofrecer nuevas propuestas que resistían la falta de reconocimiento del arte occidental. También habla de
In spring 2016, PwC investigated the current state and
future direction of stress testing. We surveyed 55 insurers
operating in the US about their stress testing framework and
the specific stresses that they test. We also engaged in more
detailed dialogue with a number of insurers in the US and
globally, as well as with some North American insurance
regulators.
Healthcare reform: Five trends to watch as the Affordable Care Act turns fivePwC
In its first five years, the Affordable Care Act (ACA) has had a profound, and likely irreversible, impact on the business of healthcare. Industry leaders must rethink strategies to remain relevant in a post-ACA world.
Web Page: http://www.pwc.com/us/acahealthreform
USA Podiatry Market High Level OverviewNiraj Singhvi
This report is prepared by Maple Growth Partners, an investment research and strategic advisory firm.
The primary purpose of this quick-turnaround project was to provide a high-level market overview of podiatry practices’ growth prospects and market dynamics in the US. Our client, a US-based healthcare private equity investment professional, was largely interested in understanding the prevailing market trends, growth drivers, and podiatry economics.
Major pointers we highlighted for podiatry industry investment consideration:
- While podiatry overhead expenses has increased significantly, podiatrists are able to pass on the incremental cost to the patient/payer with a year in lag
- Current supply of ~13,000 podiatrists are most likely meeting sufficient portion of the unmet demand and this supply-demand gap will likely diminish going forward
- High student debt will likely inhibit incoming podiatrists to start their own practice and will likely compel them to join a group practice
- Podiatry is a local/regional play as opposed to other limited practitioners such as dentists which is truly a national play
Following trends were presented that influenced the economics of a podiatry practice:
- Gross income and net income for overall types of US podiatry practices have increased in recent years
- Contrary to the market perception, gross income for solo practices in the US has shown signs of decent growth in recent years
- On an overall basis (both solo and group practices) for net income, recently-formed group practices have been driving up the net income range for practices that are less than 10 years old
- They are utilizing new tech to differentiate themselves and to improve the diagnosis and treatment quality
- Podiatrists are looking to utilize assistance of nurse practitioners and physician assistants
- Share of older practices (>30 years) and aging podiatrists (>61 years) has been increasing in recent years
We had also included podiatry transactions in the previous 10 years; one-pager profiles of major competitors; and regulations by states.
Crimson Publishers-The Risk Level of Viet Nam Listed Medical and Human Resou...CrimsonPublishers-SBB
The Risk Level of Viet Nam Listed Medical and Human
Resource Company Groups After the Global Crisis
2009-2011 by Dinh Tran Ngoc Huy in Significances of Bioengineering & Biosciences
The document discusses challenges facing healthcare systems and the need for transformation. It outlines four potential scenarios for 2015 based on how systems address drivers of change and inhibitors. The "lose-lose" scenario involves growing access/quality issues, blunt cost cuts, and loss of public support for universal healthcare. To achieve a "win-win" scenario, systems must focus on value, develop better consumers, and create better care options.
The document discusses the state of the PEO (Professional Employer Organization) industry. It notes that the PEO industry is large and growing, with $150 billion in revenue serving over 3 million employees, but current market penetration is only 2.5%. Consolidation among large players will continue. Key challenges include increasing regulatory requirements, data security and privacy risks, the need for improved risk selection and pricing discipline. Workers' compensation remains a major business challenge due to capacity issues and rising costs. Healthcare costs also continue to rise significantly. To succeed, PEOs will need to focus on risk management, financial discipline, and developing niche expertise.
A new report from PwC’s Health Research Institute predicts that insurance companies will be spending more to pay for prescription drugs starting next year, from around 3% to almost 6% by 2027. Here’s more forecasts on medical spending from the report:
•Generics: Almost half of the estimated sales from the top 100 brand-name drugs won’t be affected by generic competition for another three years.
•Specialty drugs: Spending on specialty drugs — such as biologics or rare disease treatments — has already been growing over the past five years, but by 2020 these drugs may make up more than half of all U.S. drug spending.
•Chronic disease: 85% of all employer-provided insurance spending is on chronic conditions, and obesity and diabetes will be the two top conditions that will account for spending in 2020.
One of the fastest growing concerns on insurers’ enterprise risk agenda is model risk
management. From being a phrase that primarily actuaries and other modelers used, “model risk” has become a major focus of regulators and the subject of intense activity and debate at insurers. How model risk management has evolved from ad hoc efforts to its currentproactive stage is an interesting story. But more interesting still is
what we believe could be its next stage – generating measurable business value.
State of warranty chain management (wcm) for 2019 sfg analyst take paper (mize)Mize Inc.
This analyst take paper by Bill Pollock, President & Principal Consulting Analyst at Strategies For Growth, focuses on the specific challenges that Warranty Management organizations like yours are currently facing, what opportunities are open with respect to moving toward Best Practices status, and what strategic actions will need to be executed to make it all happen.
The data and analysis contained in this paper are based on the results of the SFG 2019 Warranty Chain Management Benchmark Survey, conducted in November/December 2018. The 2019 global respondent base is comprised of 105 warranty management professionals.
The findings from Strategies For Growth 2019 Warranty Chain Management (WCM) Benchmark Update Survey highlight patterns and trends identified since SFG’s previous annual WCM surveys, and provide an outlook as to what to expect in 2019 – and beyond.
You will learn what technologies your peers are using, which KPIs they measure and track, as well as what the key drivers are that push them to improve their respective WCM performance – and profitability.
Download the Warranty Benchmark Survey results, and Analyst Take Paper now compliments of Mize, the leader in Warranty Management Software.
The group insurance market shows real promise but, as of yet, most carriers are still trying to determine the best path forward. Moving from being in a quiet sector to the front lines of new ways of doing business has shaken the industry and confronted it with challenges –and opportunities – many could not have foreseen even a decade ago.
Mercer Capital's Value Focus: Medtech & Device Industry | Q4 2018 Mercer Capital
The document provides an overview and introduction to Mercer Capital's new quarterly newsletter on the medtech and device industry. The newsletter will include analysis of market performance, valuation multiples, operating metrics, and M&A activity across four sectors: biotechnology & life sciences, medical devices, healthcare technology, and large diversified healthcare companies. Mercer Capital has experience providing valuation services to companies and investors in the medtech sector.
2017 Top Issues - DOL Fiduciary Rule - January 2017PwC
The document discusses the impact of the Department of Labor's Fiduciary Rule on the insurance industry. The rule requires financial advisors to act as fiduciaries, putting clients' interests ahead of their own. This will significantly impact compensation structures and require changes to training, products offered, and data collection. Insurers will need to streamline compensation, rationalize products, enhance agent training on fiduciary responsibilities, and improve data and technology to demonstrate compliance. The rule is spurring widespread changes beyond just compliance, including potential consolidation in the insurance and distribution sectors.
This document provides key financial data and an analysis of ACE Limited, a property and casualty insurer. It highlights that ACE has a strong record of pricing risk, is expanding globally to spread risk more widely, and has high earnings per share. The analyst recommends an overweight position and believes the stock remains undervalued relative to its fundamentals. Risks include potential weakness in emerging markets or from natural disasters.
1) The 4th quarter of 2016 saw a significant market rotation out of secular growth stocks typically held in the Focused Growth portfolio following Donald Trump's election victory. This hurt the portfolio's absolute and relative performance in Q4.
2) For the full year 2016, the portfolio benefited from strong stock selection and an overweight in technology, including three technology company buyouts. However, a large position in The Advisory Board hurt performance.
3) Going forward, the portfolio is positioned with overweight positions in companies expected to benefit from secular growth trends, while also having reduced exposure to areas that face greater uncertainty like healthcare and mortgage lending.
Healthcare executives maintain a relatively positive outlook for the upcoming year. The majority remain optimistic, expecting similar growth to last year in revenue, prices, volume and capital spending. Many other non-financial trends within the industry are also seen as having a beneficial impact on consumers and the quality of care being delivered.
For one, trends around Mergers & Acquisitions (M&A) are increasing from last year, with a general optimism about the impact, especially on the industry side, for efficiency and revenue. About three-quarters of executives also believe that increased M&A may result in a greater focus on care (over business administration.)
Second, most executives anticipate a continued--and increasing--reliance on technology that should improve quality and reduce costs. But with higher stakes, the challenge will be how to seamlessly incorporate technology industry-wide without compromising security.
Despite the optimistic tone, however, healthcare costs continue to be an untenable uphill battle for consumers, with no improvement over last year. Executives perceive that these overwhelming costs are damaging care and that many consumers may be sacrificing care to save money. Many executives claim they are working to figure out ways to alleviate this problem. In addition, executives are more open to government involvement with regulating the industry, but there is very little consensus on how to measure success and utilize outcomes.
This presentation contains forward-looking statements about the company's plans, objectives, and future performance. Forward-looking statements include statements about expectations, projections, or predictions of future events and involve risks and uncertainties. The company may not achieve what is stated in the forward-looking statements. The presentation also discusses the company's market opportunity in healthcare communication technology, recent platform wins that validate its strategy, compelling return on investment demonstrated for customers, and third quarter 2016 financial highlights showing revenue growth and expanding profitability.
The document discusses the potential impact of 2010 health care reform on WellPoint, Inc., a major health insurance carrier. It outlines key provisions of the reform legislation, analyzes how different parts of WellPoint's business may be affected in terms of membership mix, costs and revenues. The document also reviews WellPoint's financial and enrollment data and considers options for marketing and distribution strategies in light of the regulatory changes.
2014 Compensation and Benefits Trends in the GCC ReportThe HR Observer
As the economic forecast for the region brightens up, many organisations are preparing for business growth and expansion. This has a great impact on the people operations in the business and especially on compensation and benefits to ensure employee pay and benefits are competitive to retain and engage top talent. The report summaries a GCC wide survey conducted with nearly 160 companies across many sectors. Respondents were asked to report on key pay indicators inside their companies in 2012 – 2014 to analyse major pay movements and trends. A trends analysis of various compensation and benefits instruments in the region including flexible benefits and employee wellness is then presented. The report also outlines the key strategic priorities for the profession in the next 3 years while forecasting some of the key challenges to C&B that come with growth
Mercer Capital's Value Focus: Venture Capital | Mid-Year 2016Mercer Capital
Mercer Capital's Venture Capital newsletter provides perspective on some of the most relevant market trends affecting venture capital firms and other financial sponsors.
Aim: The aim of the present study was to perform the set of standard autonomic function
tests in children with a family history of hypertension and compare the results with
children of normotensive parents.
Background: Hypertension is considered one of the highest causes of morbidity
worldwide and it becomes one of the leading causes of death due to cardiovascular and
renal failure. Hypertension can be especially hard to manage when combined with other
disorders, such as diabetes or obesity. Most of the children with a family history of
hypertension forms the risk factor for being hypertensive in future life.
Results: The study included 60 young and healthy children. Out of them, 30 children were
selected based on their family history of hypertension while the remaining were the
children of normotensive parents. Thesubjects were selected based on exclusion-inclusion
criteria. All the children underwent for a set of autonomic function tests which are noninvasive, simple and comfortable. Results showed that children with a family history of
hypertension have abnormal values on autonomicfunction testing, when compared with
children of normotensive parents. The results were obtained using ANOVA and student‘t’
–test, to study the significance of autonomic parameters.
Conclusion: This study stated that the children with family history of hypertension
experienced mild to moderate autonomic fluctuations in early age which may make them
more susceptible to hypertension in their future life
Este documento presenta 11 momentos importantes en la historia de la computación, incluyendo la creación del sensor de mejilla Myo en 1997, la máquina Colossus en 1943 que ayudó a descifrar códigos durante la segunda guerra mundial, y el primer disco duro creado por IBM en 1956 con 5 megabytes de almacenamiento. También describe tecnologías como la impresión 3D en 1983, software para diagnosticar la enfermedad de Parkinson en 2015, el motor de búsqueda Google en 1998 y el protocolo USB en 2000.
Este documento discute diferentes perspectivas sobre la identidad cultural y el arte de grupos marginados. Primero describe exposiciones de arte en la década de 1980 que intentaron mostrar el arte de países no occidentales pero lo hicieron desde una perspectiva etnocéntrica que consideraba a esos otros como primitivos. Luego explica cómo surgieron discursos descolonizadores que cuestionaron esta visión hegemónica y cómo bienales en la periferia empezaron a ofrecer nuevas propuestas que resistían la falta de reconocimiento del arte occidental. También habla de
Este documento resume las principales manifestaciones cutáneas causadas por infecciones de helmintos. Describe las infecciones por nematodos más comunes como larva migrans cutánea, oncocercosis, gnathostomiasis, filariasis, loiasis, dracunculiasis y estrongiloidiasis, detallando sus síntomas, transmisión, diagnóstico y tratamiento.
Brick has been used as a building material for centuries due to its durability, strength, reliability and low cost. It is made by preparing clay through processes like blending, tempering and molding into bricks, then drying and burning. The key ingredients in clay that give bricks their properties include alumina, silica, lime and iron. Bricks are classified by their positioning in walls, such as headers, stretchers. Other brick terminology includes arrises, frogs, courses, quoins, perpends, closures and bats. Good bricks are table molded, well-burned, copper colored and free from cracks, with uniform shape and size that produces a clear ringing sound.
Los cuatro tipos principales de ensayo son: el ensayo filosófico que expresa hipótesis, el ensayo descriptivo que expresa diversas ideas, el ensayo bibliográfico que tiene una introducción y desarrollo, y el ensayo expositivo que ofrece interpretación o explicación.
This is my M.Tech Project presentation. The project was carried out at R.V College of Engineering and B.M.S College of Engineering, Bangalore. In this project, the axial load carrying capacity of CFST Columns was studied and the experimental results were compared with Eurocode-4 and AISC-LRFD-2005. The flexural capacity of CFST frames was also carried out.
1. The document discusses bending of curved bars with various cross-sectional shapes including circular, T-section, I-section, channel section, and trapezoidal section.
2. Formulas are provided for calculating stresses in curved bars based on the radius of curvature, bending moment, and moment of inertia of the cross-section.
3. Ten examples are worked through applying the bending stress formulas to problems involving determining stresses in curved bars subjected to bending moments from applied loads. The examples involve solving for maximum tensile and compressive stresses.
This document defines and describes various types of bricks and brick masonry terminology. It discusses the ideal composition of bricks, common brick sizes, and terms used to describe parts of bricks like headers, stretchers, arrises, and beds. It also explains different bonds used in brick masonry like English bond, Flemish bond, stretching bond, and their characteristics. Closers like queen closers, king closers and bats of different sizes are also defined.
Mercer Capital's Value Focus: Exploration and Production | Q3 2016Mercer Capital
Mercer Capital's Energy Industry newsletter provides perspective on valuation issues. Each newsletter also typically includes macroeconomic trends, industry trends, and guideline public company metrics.
Mercer Capital's Value Focus: Insurance Industry | Q2 2015Mercer Capital
This document provides an overview and commentary on the insurance industry for the second quarter of 2015. It discusses trends and performance in various insurance subsectors including:
- Property & casualty insurance stocks rose modestly, with specialty insurers outperforming. Rate increases remained small while catastrophe losses are expected to be higher than last year.
- Reinsurance stocks increased led by consolidation speculation, though soft pricing is expected to continue.
- Life & health stocks increased slightly while managed care benefited from the Supreme Court upholding ACA exchanges. Consolidation is anticipated in managed care.
- Broker stocks rose slightly amid a soft pricing environment that may pressure broker revenue. The environment may become the new normal according to
Mercer Capital's Value Focus: Professional Services Industry | Mid-Year 2014Mercer Capital
Mercer Capital's Professional Services Industry newsletter provides perspective on valuation issues. Each newsletter also typically includes a macroeconomic trends, industry trends, and guideline public company metrics.
Mercer Capital's Value Focus: Insurance Industry | Q4 2014 | Special Suppleme...Mercer Capital
Mercer Capital’s Insurance Industry newsletter is a quarterly publication providing perspective on valuation issues pertinent to insurance brokers, underwriters, and other industry professionals. Each issue includes a segment focus, market overview, mergers and acquisitions review, and more.
Global trends in life insurance policy administration and underwritingCapgemini
While gross written premiums are starting to recover from the declines at the height of the financial crisis, insurance companies are still finding growth is weak overall— especially in industrialized markets. To protect and grow profits in this environment, insurers are focusing on capturing efficiencies, especially in the policy administration and underwriting area.
This paper explores key trends for life insurers including: increased use of business process outsourcing for closed book operations; the increased adoption of self-service for policy servicing; and the enhanced use of business intelligence analytics for underwriting.
Life, Pensions, and Investments: What do you want to be famous for? Becoming ...Accenture Insurance
With every area of their marketplace being disrupted, British life & pensions providers have an overriding priority: ensuring an in-depth understanding of each consumer segment. This will allow them to identify where long-term value can be generated in each one, and to develop the capabilities to achieve this goal. This report examines the most important disruptive forces affecting L&P carriers, and the business models that can be adopted to capitalize on this disruption and build value for the long term.
The document is the 2015 World Insurance Report which analyzes the performance of the global non-life insurance industry.
Chapter 1 finds that non-life insurers in most markets demonstrated improved underwriting performance in 2013 aided by a significant drop in claims expenses globally. While premium volumes grew 3.3% overall, emerging markets saw robust growth while developed markets faced challenges increasing volumes. Underwriting ratios improved in most countries due to lower claims costs, though operating and acquisition ratios were more resistant to change.
World Insurance Report 2015 from Capgemini and EfmaCapgemini
The World Insurance Report 2015 from Capgemini and Efma analyzes the major disruptions Insurers of the Future are likely to face, including: changing demographics, evolving customer demands, technology advancements, and increasing competition and the impact they may have on current business models. Built from Capgemini’s Insurer Capability Maturity Framework, and insights from 165 senior executive interviews, the report maps both current and desired Insurer maturity levels across seven key capabilities and provides a transformation roadmap for insurers to overcome those disruptors.
Featuring data from over 15,500 customers globally, Capgemini’s exclusive Customer Experience Index (CEI) highlights the alarming drop in positive experience levels, driven by Gen Y customers’ high digital expectations, and their detrimental impact on firm revenues. Addressing both life and non-life segments, the World Insurance Report 2015 covers 30 insurance markets across North America, Europe and Asia-Pacific.
The document provides an analysis of the Consumer Discretionary sector by the Dragon Fund for the third quarter of 2015. It identifies the Household Durables subsector as one to watch due to increasing housing starts, innovative home furnishings, and positive economic growth supporting home buying. However, risks include tight lending slowing housing demand. Overall, the sector declined in Q3 but outperforms based on fundamentals. Household Durables has above-average growth and trades at a below-sector multiple, making it an attractive investment opportunity.
The document summarizes trends in the information technology sector seen in the fourth quarter of 2014. It notes an increase in large enterprise license agreements being pushed by software sales representatives and warns that these agreements can result in vendor lock-in and overpaying if not carefully evaluated. The summary recommends that organizations carefully assess projected demand before agreeing to large commitments, ensure rights are used, and consider contractual risk and contingencies to avoid potential downsides of enterprise license agreements.
This publication includes the deal activity in the insurance sector such as overall highlights, key announced transactions, and the outlook ahead. Read our full report to learn more.
- The IDFC Hybrid Equity Fund underperformed its benchmark during the quarter due to its underweight position in the outperforming financials sector.
- Key overweight sectors that contributed positively were pharmaceuticals, IT services, chemicals, industrials, and consumer staples.
- Going forward, the fund will look to raise its exposure to financials and large caps while remaining selective in small caps. It will focus on maintaining a stable portfolio.
- The IDFC Hybrid Equity Fund underperformed its benchmark during the quarter due to its underweight position in the outperforming financials sector.
- Key overweight sectors that contributed positively were pharmaceuticals, IT services, chemicals, industrials, and consumer staples.
- Going forward, the fund will look to raise its exposure to financials and large caps while being more selective with small caps.
This report from Daewoo Securities provides an analysis of the Korean insurance sector. It finds that in 2014, life insurers regained prominence amid sluggish non-life insurer earnings and a decline in bond yields. The report expects life insurers to benefit temporarily in 2015 from regulatory changes like a statutory rate cut, while two obstacles may hinder insurers from becoming dividend plays: the setting of an RBC ratio for higher dividends and strengthened liability adequacy tests. Samsung F&M and Dongbu Insurance are presented as top picks due to less sensitivity to potential regulatory issues.
The report analyzes efficiency ratios for non-life insurers across 14 countries from 2009-2012. It finds that in 2012, insurers in most countries improved their profit margins as efficiency ratios strengthened. Claims ratios improved significantly in many markets as fewer natural disasters occurred, while investments in operations led to stable or improving operational and acquisition ratios. Overall, underwriting ratios that measure combined expenses improved for most markets in 2012 compared to 2011, indicating higher profits as insurers better managed claims, expenses, and investments.
The fund underperformed its benchmark in the quarter ending December 2020 due to its defensive positioning. The fund is predominantly invested in large cap stocks and has a quality and growth oriented investment style. In the quarter, sectors like energy, cement, and information technology contributed positively, while financials, commodities, and healthcare detracted. The fund manager comments that the fund's defensive stance helped performance earlier in 2020 but hurt it this quarter as cyclical sectors rallied sharply on vaccine news. The manager is gradually adding recovery names and remains focused on fundamentals over chasing flows.
The document discusses the concept of a quarter. A quarter is a unit of measurement that represents one-fourth of a whole or complete unit. There are four quarters in a year, with each quarter representing three months. Quarters are commonly used to divide fiscal years and are an important unit of measurement in accounting and business.
The fund underperformed its benchmark in the quarter ending December 2020 due to its defensive positioning. The fund is predominantly invested in large cap stocks and has a quality and growth focus. In the quarter, sectors like energy, cement, and information technology contributed positively, while financials, commodities, and healthcare detracted. The top holdings include companies from information technology, retail banking, and energy.
1) The fund update provides performance information for IDFC Sterling Value Fund for the quarter ending December 2020. The fund focuses on a value investment strategy in mid and small cap companies.
2) For the quarter, the fund outperformed its benchmark index with a return of 22.9% versus the benchmark return of 21.2%.
3) Top positive contributors were commodities, cement/building materials, and consumer discretionary, while top negative contributors were utilities, information technology, and financials.
1) The fund provides a quarterly update on the IDFC Sterling Value Fund, an open-ended equity scheme that follows a value investment strategy focused on mid and small cap companies.
2) During the quarter, the fund outperformed its benchmark index and had its strongest positive contributors in the Commodities, Cement/Building Materials, and Consumer Discretionary sectors. Its underweight in Financials and overweight in Information Technology negatively impacted performance.
3) The fund manager maintains a positive outlook on commodities and financials due to an expected economic recovery and earnings growth. Cement and building materials are also expected to benefit from increased government spending and rural demand.
1. The document provides a quarterly update on the IDFC Sterling Value Fund for January 2021.
2. During the quarter, the fund outperformed its benchmark index and maintained its focus on companies that benefit from positive liquidity, low interest rates, and attractive valuations.
3. Top positive contributors were commodities, cement/building materials, and consumer discretionary, while top negative contributors were utilities, information technology, and financials.
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Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
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.
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"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
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