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ros3ybabe · 5 months

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Day 16 - 90 Day Challenge 🎀

I was still in a lot of pain yesterday (Thursday), it was a very odd pain, but I've woken up today (Friday) and it's finally gone! I'm excited because now I can move around without that uncomfortable feeling. I still didn't do much yesterday but I figured it was worth an update, regardless. That's the point of this challenege. Accountability and consistency.

🏋‍♀️ Physical Health

walked to work (~20 min)

scheduled my gym times for today and next week

found out the gym hours for my campus gym for the first part of winter break so I can schedule in gym time for then too

🧠 Mental Health

made myself get up and out of bed after work to curb how I was feeling (felt kinda numb and decided I needed to do something productive about it)

❤️ Emotional Health

therapy appointment! (may have been my last one until january, thank you gobernment for ending my health insurance coverage today)

was honest with my boyfriend about how I was feeling (was super grateful with how he handled it, hes so patient and understanding and kind to me, I'm so happy with my relationship with this man. I love him, so much)

📚 Intellectual Health

completed the respiratory lab report for my Anatomy lab

made a list of things to accomplish Friday morning (at the study room I booked)

filled in my planner with the rest of the assignment I have due

🏘 Adulting

worked a ~4 hour shift (recieved an actual frozen ham as our christmas gift from work)

cooked spaghetti for dinner for myself (needed comfort food)

cleared my old food out of the fridge

got my work schedule for next week figured out (my last week of work before the break, I could cry because I'm not going to see my work bestie until probably march of next year - she's super pregnant and due in the beginning of January)

filled in my budget for November and realized I spent over my means

deleted shopping apps from my phone

made a tentative lost of some goals for 2024 (might post them! thinking of breaking it down into monthly, quarterly, and yearly stuff)

zoom called my loving boyfriend <3

🥰 Self Love/Care

full morning skincare

full night skincare (I love how my face feels and looks after I oil cleanse)

I actually did a good amount of things yesterday, surprising with how much time I spent in bed not feeling like myself. But today is going to be a good day! My goals for today are to have a decent morning routine, finish and submit my final research study paper for my psyc class, attend the make up lab session for anatomy, attend the lan session for my psyc final exam (that's on monday), go to the gym, and make it through my work shift.

til next time lovelies 🩷

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serenityreikiclinic · 4 months

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kenwords-blog · 7 months

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How to Create a Budget That Works for You

Do you feel like your finances are out of control? Does it seem like there's never enough money to cover all your expenses? Creating a budget that works for you is one of the best ways to get your finances on track and achieve your financial goals. A budget is simply a plan for how you will spend and save your money. Budgeting gives you control over your money instead of your money controlling you. When you create a budget, you're able to align your spending with your values and reach your financial goals. The benefits of budgeting include reducing debt, saving money, and reducing stress about finances. With a budget, you can identify wasteful spending and make adjustments to get your finances in order. Read on to learn how to create a budget that works for you.

Gather Your Financial Information

The first step in creating a workable budget is gathering all of your financial information in one place. Make a list of all of your income sources, including your salary, interest income, and any other sources of money coming in. Next, list out all of your expenses. Be sure to include regular monthly expenses like rent, car payments, groceries, and utilities. Also factor in irregular expenses that occur quarterly, annually, or occasionally like car maintenance, gifts, and vacations. Once you have listed your income and expenses, categorize each expense into groups like housing, transportation, food, etc. Finally, calculate your total monthly income and expenses. This financial overview is crucial for creating your budget.

Set Your Financial Goals

Now that you have your financial information laid out, think about your financial goals. What do you want to achieve with your money? Common financial goals include saving up for a down payment on a house, paying down debt, saving for retirement, or saving for a dream vacation. Defining your goals will help you prioritize how to allocate your money in your budget. If paying off credit card debt is your top priority, you'll want to devote more money in your budget to credit card payments.

Create a Budget Template

Next, choose a budget template that works for you. You can find many budget templates online and in financial planning books. The template should have categories for your income, expenses, and financial goals. Look for a template that's easy to use and understand. Many budgeting apps like Mint and You Need A Budget also have great budget templates. Consider using an app since they automate a lot of the number-crunching for you.

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Enter Your Financial Information

Now it’s time to enter your income, expenses, and financial goals into your budget template. Put each income source and expense into the appropriate category. Include expenses that occur regularly as well as irregular expenses. Once all your financial information is entered, subtract your expenses from your income to calculate your monthly net income. See if you have any money left over to put towards your financial goals after covering expenses.

Make Adjustments as Needed

Examine your completed budget to see if you need to make any changes. If your expenses exceed your income, you'll need to make some budget cuts. Look for areas where you can reduce spending like dining out, entertainment, or other discretionary expenses. Consider ways to boost your income like asking for a raise at work, starting a side hustle, or selling unused items around your home. Make adjustments in your budget until your income exceeds expenses.

Review and Update Regularly

Your income and expenses likely change over time, so it's important to review and update your budget on a regular basis. Review your budget at least once a month to make sure you’re on track. Celebrate any budget wins like paying off a credit card! Creating a budget takes effort but it's one of the best things you can do to take control of your money. Follow the steps above to make a budget that works for your needs and helps you achieve your financial goals. What budgeting tips would you add? Let me know in the comments!

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simonconsultancypage · 6 years

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Reflections on GE’s Massive Run-Off Insurance-Related Charge

In his recent one-volume history of American capitalism, “Americana,” author Bhu Srivnivasan recounts the rise of many of the country’s large corporations in the late 19th century, including the long-standing U.S. industry stalwart, General Electric. GE was formed when Wall Street bankers engineered the merger of two fledgling electrical services providers, including the company formed by Thomas Edison, Edison Electric. The company has since grown to become a massive conglomerate and something of a mainstay of the U.S. commercial economy, in many ways a bellwether for the country’s economic health and a representative example of the country’s industrial might. More recently the company has gone through some high-profile struggles, drawing questions for the company’s management – and as discussed below, attracting securities class action litigation as well.

What’s Past is Prologue

While the company has been scuffling recently, only a short time ago it was a financial market favorite. Under Jack Welch, who was the company’s Chairman and CEO from 1981 to 2000, the company’s share price rose 4,000%. In the following 17 years under Welch’s successor, Jeffrey Immelt, the company’s share price essentially remained unchanged. During that time a host of unflattering questions have arisen about how exactly Welch was able to deliver steady and consistent earnings increases every quarter.

More recently, Wall Street has had to become accustomed to the company more regularly missing quarterly projections. The company has also been dogged by a series of self-inflicted wounds, including the controversy late last year involving Immelt’s strange use of the company’s corporate jets, in which the company’s CEO would regularly travel with a second empty jet flying along behind him apparently as some kind of a back-up.

More Recent Events at GE under New Leadership

Investor hopes for a turnaround under new CEO John Flannery were dashed last October, when, in the first quarterly report under Flannery, the company’s results fell below analysts’ expectations. As reflected in media reports at the time, the company’s results disappointed due to restructuring costs and a weak performance in its power and oil and gas businesses. The company also lowered earnings projections for the remained of the year. In a conference call the same day, Flannery said that it is “clear” from the company’s current results that “we need to make some major changes with urgency and depth of purpose. Our results are unacceptable to say the least.”

The October 2017 earnings release drew a securities class action lawsuit. As reflected here, on November 1, 2017, a GE shareholder filed a securities suit in the Southern District of New York against the company, Immelt, Flannery, and GE CFO Jeffrey Bornstein. The complaint, which can be found here, alleges that the defendants failed to disclose “(1) that the Company’s various operating segments, including its Power segment, were underperforming Company projections, with order drops, excess inventories, and increased costs; (2) as a result the Company overstated GE’s fully year 2017 guidance; and (3) that, as a result of the foregoing, Defendants’ statements about General Electric’s business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.” The complaint seeks to recover damages on behalf of a class of investors who purchased the company’s stock between July 21, 2017 and October 20, 2017.

GE’s Recent Massive Quarterly Charge

Even with the lowered expectations that followed after the company’s reduced 2017 projections, investors were unprepared for the company’s recent announcement that it was taking a huge fourth quarter charge in order to massively increase its reserves on its run-off long term health care insurance business.

As reflected in its January 16, 2018 press release (here), the company recorded in its fourth quarter 2017 results a $6.2 billion after-tax charge reflecting reserve increases in its run-off insurance portfolio, relating primarily to long-term health care policies written by primary insurance companies and reinsured in the company’s North American Life & Health Portfolio. The company said the charge was the result of a comprehensive review undertaken earlier in the year of the adequacy of the company’s run-off insurance reserves.

As distracting as the headline is about the $6.2 billion charge, the news is actually quite a bit worse than the headline alone would suggest. The $6.2 billion charge is the after-tax result of a pre-tax charge of $9.5 billion. The company said the indicated statutory reserve contributions “will be a higher number than the GAAP charge” due to modifications of certain assumptions to reflect various potential adverse conditions.” How much higher? Well, among other thing, the press release states that the company’s GE Capital division expects to make statutory reserve contributions of approximately $15 billion over the next seven years, with the contributions phased in between 2018 and 2024.

The Latest Securities Class Action Lawsuit

Given the unexpected magnitude of GE’s charge, it will not surprise any of this blog’s readers to learn that plaintiff class action attorneys have filed yet another securities class action lawsuit against the company and its senior officials.

On January 18, 2018, a GE shareholder filed a securities class action lawsuit in the District of Connecticut against Flannery, Immelt, Bornstein, and Keith Sherin, who had been GE’s CFO from December 1998 until July 2013 and who served as GE Capital’s CEO from July 2013 until September 2016. The plaintiff purports to represent a class of investors who purchased the company’s shares between February 26, 2013 and January 12, 2018.

The complaint, a copy of which can be found here, alleges that the defendants made false and misleading statements or failed to disclose that:

(i) GE was failing to allocate sufficient reserves with respect to premium deficiencies and other risks associated with GE Capital’s legacy reinsurance business; (ii) these risks were then accruing billions of dollars of unreported impairment charges for GE; (iii) consequently, the value of GE was overstated during the Class Period, and additional undisclosed impairments were necessary; and (iv) as a result of the foregoing, GE’s public statements were materially false and misleading at all relevant times.

Behind the Bad News: Long Term Health Care Insurance

Underneath GE’s massive quarterly charge are fundamental underlying problems with the way long term health care (LTHC) insurance policies were first marketed and sold in volume in the 80s and 90s. As discussed in an interesting January 17, 2018 Wall Street Journal article entitled “Millions Bought Insurance to Cover Retirement Health Costs. Now They Face an Awful Choice” (here) the LTHC product, once a mainstay of the life and health insurance sector, has caused massive problems for insurers and policyholders alike.

As is now all too apparent to the insurers that wrote the business, the insurers “badly underestimated how many claims would be filed and how long people would draw payments before dying. People are living and keeping their policies much longer than expected.” The impact of these factors has been even further exacerbated by nearly a decade of ultralow interest rates that have left insurers with far lower investment returns than projected. In hindsight, insurers went into this business with flawed assumptions about nearly every aspect of how the product would perform.

These unexpected developments have cause problems for policyholders, who expected annual premiums to stay relatively steady, but who instead have faced years of successive increases. As the Journal article notes, “Steep increases that many policyholders never saw coming are confronting them with an awful choice: Come up with the money to pay more – or walk away from their coverage.”

Buried amongst the interesting faulty assumptions that created this mess are several very interesting aspects of human nature that underscores how features of human behavior can undermine efforts to use calculation alone to project future events. Built into the insurers’ assumptions about the LTHC insurance product was a projection that a certain number of the buyers would drop out each year, as they decided not to pay their annual premiums. But rather than a 5% annual drop-out rate as assumed, the drop-out rate has proven to be less than 1%. As it turns out, the kind of people who buy these kinds of policies are “meticulous planners who intended to always pay their premiums.” These people, the kinds who look ahead and who prepare, “might also have carefully looked after their health and diet, enhancing the chances they would live long.”

A particularly unfortunate side effect as LTHC insurance has gone sour is that the poor results seem to have affected the behavior of insurers as they handle the claims. Most of the insurers that were once active in this area have long since withdrawn. As the Journal article puts it, as the industry “reels from its mistakes,” some policyholders “complain that it has nothing to lose by denying legitimate long-term-care claims.” Some of the LTHC insurers have gone into bankruptcy, leaving policyholders with payments from guarantee funds far below what they expected when they bought the insurance, and in some cases even below what the policyholders paid in premiums.

Discussion

The LTHC debacle may be an industry-wide problem, but at least at the present moment, it is GE that is taking the arrows from Wall Street and from investors over the massive increase in its insurance reserves. The sheer size of GE’s current charge and anticipated future reserve increases, as well as the timing, coming as it does at this late date more than a decade after the company exited the business, does raise questions about the adequacy of reserves amongst the many other insurers and reinsurers that were exposed to this business. If I were an investor or analyst looking at any insurance business these days, I would certainly want to know everything I can about how exposed the business is or was to LTHC insurance.

The lessons from the troubled tale of LTHC insurance should be required study for everyone in the insurance industry. I have to say I am more than a little bit surprised by the timing of the most recent turbulence involving LTHC insurance. The fact that there are deep problems with the way this product was priced and sold is not sudden or unexpected news. Over 15 years ago, back when I was on the insurer side of the business, I was sitting through presentations detailing the flawed actuarial assumptions that had gone into pricing the product and the long term problems that would mean for insurers who sold the product, given its long-tail nature. That was even before the long run of ultralow interest rates even further undermined the product’s returns.

I will say this, some of the problems associated with LTHC insurance are present any time the insurance industry tries to promote an entirely new product. In the absence of long-term claims history, the new product’s projected loss results are always going to be conjectural. The difficulty of projecting future losses for a new insurance product is exacerbated when the product’s performance is highly subject to social or demographic changes. Indeed, there are those in the industry who might say some current relatively new products – such as, for example, cyber liability insurance – are subject to these kinds of risks.

All of the dangers for the industry from these kinds of risks are magnified when competition drives pricing down, reducing any margin for error. The willingness for new players to enter a space with competitive pricing frequently is spurred precisely in those situations when the likely loss costs are relatively unknown and difficult to project.

As I noted above, the history of LTHC insurance is a cautionary tale. And as GE’s reject charge underscores, there may yet be more of this tale to be told before its final and worst outcomes are fully known.

How to Boost Productivity: A recent study published by the World Economic Forum may have some helpful advice for how to increase your team’s productivity. The title of the study – I am not making this up — is “New Research Finds that Kids Aged 4-6 Perform Better During Boring Tasks When Dressed as Batman.” The study, published on December 4, 2017 on the World Economic Forum website, can be found here.

The post Reflections on GE’s Massive Run-Off Insurance-Related Charge appeared first on The D&O Diary.

Reflections on GE’s Massive Run-Off Insurance-Related Charge published first on http://simonconsultancypage.tumblr.com/

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