May 19, 2012
Although you may not want to think about the state of your finances, there is no getting away from the fact that money is an essential part of everyday life. This article is full of tips that will help you get your finances under control.
Be sure to include your post tax income. For starters, include all after-tax money that you get each month from your salary, alimony, child support, rental income, or other sources. Make sure your expenses are less than your income on a monthly basis. A great way to consolidate many bills into a smaller payment is by getting personal loans and these loans are typically desired because they offer a much lower rate of interest. You can imagine how much money you will save by consolidating higher interest loans into a personal loan with a lower rate.
To make this process effective, you should compose a detailed listing of your expenditures. You need to also include quarterly and yearly payments. Some of these expenses may be home improvement and repair costs, or car maintenance and registration payments. You need to also write down other, smaller things that you pay for daily or weekly, such as child care or grocery shopping. You should make sure that your list is as comprehensive as possible to ensure you have a true picture of what you spend.
There are always things you can eliminate from any budget. One easy thing you can do is bring coffee from home instead of stopping for expensive lattes on the way to work. Seek out anything similar to this that you can get rid of without difficulty prior to putting together a lasting financial plan.
See what improvements you can make to help you lower your utility bills. Windows can be a weak link in your homes armor by letting out heat in the winter and cool air in the summer. Make sure your windows are properly insulated. An on-demand hot water tank is a good way to reduce spending. Have a plumber come out and fix any leaky pipes you have to help lower your monthly water bill. Be sure to run your dishwasher only when it is full, so you can make the best use of it.
If you can, purchase new energy efficient appliances. These energy-saving appliances help you save on your utilities. Also, when you are not using something, unplug it. You can save both money and energy by doing this.
Some home improvements pay for themselves over time with the reduction in utility expenses. For example, replacing your roof and installing new insulation prevents you from losing energy for both heating and cooling because of insufficient structural materials.
Try to save money by being careful with appliances. Even though you are spending money to repair or replace items, you will see a savings in the long run.
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January 27, 2012
In the five years through 2016, total revenue of the Life Insurance Providers industry in China will maintain its rapid growth at an annualized rate of 16% to $319.85 billion at the end of 2016, according to IBISWorld, Americas largest publisher of industry research.
Los Angeles, CA (PRWEB) January 15, 2012
In 2011, affected by the intensified regulation on life insurance sales in banking channels, the shrinking number of individual insurance salespeople and the implementation of new insurance accounting principles, premium income is expected to decline by 7.7% to $152.53 billion. The premium income is expected to be a growth of 8% over the adjusted 2010 data according to the new insurance accounting principles.
Industry revenue increased by 21.9% in 2010 to $165.2 billion as the Chinese economy continued to recover from the negative influences of the global financial crisis and as more people continued to take out various life insurance policies. Further improvement in investment income is also expected to result in increased industry profit during the year.
There are expected to be 61 enterprises operating in the industry in 2011, with about 5,990 establishments. Life insurance carriers employed over 929,000 workers, with an estimated payroll of $9.24 billion.
Total assets held by the industry are estimated to total $784.1 billion by the end of 2011, and have increased at an average annualized rate of 23.8% in the past five years.
IBISWorld expects that in the five years through 2016, total revenue of the Life Insurance Providers industry in China will maintain its rapid growth at an annualized rate of 16% to $319.85 billion at the end of 2016.
For more information, including profit levels, market shares, product segmentation and more, purchase IBISWorlds full report on the Life Insurance Providers industry in China for $825 at ibisworld.com.cn.
Follow IBISWorld on Twitter: https://twitter.com/#!/IBISWorld
Friend IBISWorld on Facebook: www.facebook.com/pages/IBISWorld/121347533189
Life Insurance Providers in China – Key Report Topics
Industry Performance
Executive Summary
Key External Drivers
Current Performance
Industry Outlook
Industry Life Cycle
Products amp; Markets
Supply Chain
Products amp; Services
Major Markets
Globalization amp; Trade
Business Locations
Competitive Landscape
Market Share Concentration
Key Success Factors
Cost Structure Benchmarks
Barriers to Entry
Major Companies
Operating Conditions
Capital Intensity
Key Statistics
Industry Data
Annual Change
Key Ratios
About IBISWorld Inc.
Recognized as the nations most trusted independent source of industry and market research, IBISWorld offers a comprehensive database of unique information and analysis on 200 Chinese industries. With an extensive online portfolio, valued for its depth and scope, the company equips clients with the insight necessary to make better business decisions. Headquartered in Los Angeles, IBISWorld serves a range of business, professional service and government organizations through more than 10 locations worldwide. For more information, visit www.ibisworld.com.cn or call 1-800-330-3772.
###
For the original version on PRWeb visit: www.prweb.com/releases/prwebChina/Industry/prweb9107256.htm
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January 27, 2012
The cases of Richardson Estate v. Mew and Tower Estate v. Tower Estate considered whether a provision in a separation agreement can revoke a prior beneficiary designation. In Orpin v. Littlechild, at issue was a provision included in the will of the deceased, and whether it had the effect of revoking a prior beneficiary designation made under an insurance policy.
In March of 2009, Mr. Littlechild transferred his RRSP to London Life Insurance Company, applied for a segregated fund policy and designated Ms Orpin, his spouse, as the beneficiary of the policy.
On March 14, 2011 the deceased executed a new will, under which he left his estate to his two adult sons. On March 15, 2011 the deceased signed a change of beneficiary designation with London Life, by which he deleted Ms Orpin and designated his sons as the beneficiaries of the London Life policy. On March 25, 2011 the deceased executed a new will, leaving his estate to Ms Orpin. The will included very broad language regarding his investments, as follows…
Please see full article below for more information,
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January 26, 2012
Hi Lou,
Was wondering what do you think of Sun Life Financial. If they do cut their dividend, will it affect their stock price?
Also, what are the chances that they will reduce their dividend, given that Manulife paid dearly for doing that?
Thanks,
Cedric
Hey Cedric,
Thanks for the assignment. Sun Life Financial Services of Canada Inc. SLF-T is under pressure but they are not alone. The insurance industry as a whole is struggling with the poor returns on invested capital arising from market conditions since the fall of 2008.
More related to this story
- AvenEx Energy in consolidation mode
- InterRent Real Estate a fixer upper
- TransAlta Corp a buy on a pullback
In an effort to maintain its dividend the company announced that it will be exiting some businesses in the United States including the sales of variable annuities and individual life insurance. Those steps reported in December of 2011 did not prevent Standard and Poors from putting a watch on SLFs debt rating with negative implications.
You asked what would happen if the company cut it is dividend? Without a doubt it would sell off. Currently the yield is 7.2 per cent which is way ahead of what is being offered by similar companies. If you want to see the comparables go to Globeinvestor.com and look at the competitors tab for SLF. In order to get in line with the dividend paid by competitors the stock has to gain over $6.00 a share or the payout has to go down.
Management is always reluctant to cut dividends but in the face of the inevitable the bitter medicine is taken. Basically you cant keep paying out if you are not bringing it in!
A review of the charts will help identify the trend that is in play and possible outcomes for the stock.
What the three-year chart illustrates is a stock with a defined downtrend that started in February of 2011 when it hit a 52 week high of $34.39.
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January 25, 2012
/PRNewswire/ –#xA0;On December 9, 2011, Genworth Life Insurance Company (the Company) announced that it had commenced a cash tender offer to purchase (the Offer) all of the issued and outstanding five series of RLIII INC Money Market Securities (the MM Securities) and one series of RLIII INC Term Securities (the Term Securities, and together with the MM Securities, the Securities) of the respective Trusts listed below, upon the terms and subject to the conditions set forth in its Offer to Purchase, dated December 9, 2011 (the Original Offer to Purchase) and the related Letter of Transmittal (the Letter of Transmittal) as each may be amended from time to time. On January 6, 2012, the Company effected amendments to the Original Offer to Purchase by means of a press release (the Original Offer to Purchase together with all amendments thereto, the Offer to Purchase) which, among other things, provided for the consideration described below.
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January 24, 2012
News 12 at 11 oclock / Thursday, Jan. 5, 2012
AUGUSTA, Ga. — More details are emerging about a murder-suicide that happened in the FPL Food parking lot Thursday afternoon.
Emanuel Jordan, 21, shot and killed his wife, Tia Jordan, 40, around 1 pm before turning the gun on himself.
Tia Jordans aunt told News 12 — before going to interview with the Richmond County Sheriffs Office — that Emanuel and Tia were having an argument over a life insurance policy. Tias aunt says Emanuel wanted her to take out another policy for his kids in case anything happened to him, and the argument lasted a couple of days.
Tia and her aunt were together this morning until she says Tia received a call around 12:30 pm for Tia to come pick up Emanuel from work and that was the last she heard from Tia.
FPL Food says they take security very seriously. All employees are checked for ID upon arrival, and they are given a clear bag to bring a change of clothes in. The facility is also under video surveillance 24 hours a day, but this shooting was out of the security area.
FPL Food says they will offer grief counseling to anyone who needs to speak with a counselor.
News 12 has also learned that Emanuel Jordan was arrested in 2008 for family violence and simple battery but was never charged. We do not know how long he was married to Tia Jordan.
Below is a timeline of events from Thursday:
8:37 pm
News 12 receives an updated statement from FPL Food:
Outside of the security gates of FPL Food in Augusta, Ga., a male employee shot and fatally wounded a female, who was not employed at FPL Food, and then shot and fatally wounded himself. We are currently working with law enforcement officials and the investigation is ongoing. We are shocked and horrified by this terrible tragedy. We have provided and will continue to provide grief counseling to our employees. Our thoughts, prayers and deepest sympathies go out to the families of the victims.
5 pm
News 12 has found out that the facility does not allow weapons on the property, so it is unclear how Emanuel had a gun with him.
A family friend, Tamela Herrington, was at the scene and said the following about Emanuels mother:
She was on her way to my house, and then she called back, and she says Im not coming. You know, she just got a call saying her son committed suicide, and I was trying to figure out what are you talking about, but she just told me to come to Shapiro, and I came.
4:44 pm
Deputy Coroner Bowen has released the womans name who was killed in Thursday afternoons shooting.
Tia K. Jordan, 40, was shot and killed by her husband, Emanuel Jordan.
Both were pronounced dead at the scene by the coroner at 1:50 pm An autopsy has been scheduled at the GBI Augusta Lab for Friday morning.
Both died in the murder-suicide from gunshot wounds.
Police say Emanuel worked at the facility, but Tia did not.
3:39 pm
The Richmond County Sheriffs Office received the call around 1:18 pm that two people had been shot.
According to a news release from the Sheriffs Office, 21-year-old Emanuel Jordan fired shots at his wife. Her name has not been released at this time.
Jordan then allegedly shot himself and also died at the scene.
This is the first homicide of 2012 for Richmond County.
3:06 pm
Deputy Coroner Mark Bowen has confirmed a man and woman, who were husband and wife, are both dead. Bowen called it a murder-suicide. No names have been released in this case.
2:54 pm
News release from FPL Food:
Outside of the security gates of FPL FOOD in Augusta, Ga., a male employee shot an fatally wounded a female, who is not employed at FPL Food, and then shot and fatally wounded himself. No other FPL Food personnel were involved. All possible threats have been neutralized. FPL Food is working with the local authorities to investigate and gain further information about the incident.
2:47 pm
News 12 is currently waiting on a statement from FPL Foods. They said they would get it to us shortly.
2:32 pm
News 12s reporter on the scene says two coroner vans have just arrived.
1:40 pm
News 12 has just learned of a shooting at FPL Foods on New Savannah Road near Gordon Highway.
Dispatch has confirmed two people have been shot, but we do not know the extent of their injuries.
The coroner has been called to the scene.
News 12 has a crew on the way and will update you when we get more information.
Have information or an opinion about this story? Click here to contact the newsroom.
Copyright WRDW-TV News 12. All rights reserved. This material may not be republished without express written permission.
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January 22, 2012
BY DAWN BAUMGARTNER VAUGHAN
dvaughan@heraldsun.com; 419-6563
DURHAM – Hundreds of people marched together through a cold, clear downtown Durham on Monday morning – young and old, black and white, poor and well off – in the annual Martin Luther King Jr. Day Unity March and Rally.
They gathered at the NC Mutual Life Insurance building on West Chapel Hill Street, a black-owned company founded more than 100 years ago on Parrish Street. The marchers prayed and sang “We Shall Overcome” and the gospel song “Ain’t Gonna Let Nobody Turn Me Around,” their collective voice a clarion call to action.
Their path cleared by police motorcycles, the marchers headed downtown, veering left at Five Points, staying the course on East Chapel Hill Street as they stretched over two city blocks. The footsteps of children, teenagers and adults echoed the steps taken of other civil rights marchers over the years in downtown Durham, including Martin Luther King Jr.
Along the way, Baldwin Gammage helped carry the banner of historic black fraternity Alpha Phi Alpha, of which King was a member.
“It’s a tradition for me, to come out and march down the street,” Gammage said. He grew up in Albany, Ga., in the 1960s and was part of the civil rights movement there. “I just wanted to keep it up,” he said.
Gammage went to Washington, DC, in August for the dedication of the National Martin Luther King Jr. Memorial. Inclement weather delayed the public dedication until October, but not before Alpha Phi Alpha brothers held their own ceremony at the monument on the Tidal Basin of the National Mall.
“It was electrifying,” Gammage said.
Those born long after the civil rights movement joined the march, too, including more than 100 teenagers who had participated in a lock-in by First Calvary Baptist Church that featured speakers, games and activities all night leading up to the march. Titiauna Williams, 13, and Eric White, 14, went to the lock-in and the march. Titiauna has marched before, and became involved, “just to come and support my people,” she said.
The Rev. Warren L. Herndon has been part of the Durham MLK Steering Committee for 25 years, and has led the march for the past 20 years, “because I believe in Dr. King’s efforts were a call to action, and this is a call to action.”
Herndon said they were impressed by the turnout on a cold morning. Participants ranged from community leaders like NC Central University Chancellor Charles Nelms and Durham County Commissioners Chairman Michael Page, to those in the TROSA program and the homeless.
“The thing I’m most impressed about is we are not divided here,” Herndon said. “We stand in unity. Those who have the most and those who have the least are here today, and we’re seeing a unified Durham.”
Otis Harvey is from Durham and used to march with Mt. Gilead Baptist Church. King is his hero, he said. King reminds him of his dad, Harvey said, because they look alike, have the same values and belief in God.
“That’s what this is about – peace, praying and coming together,” Harvey said.
David Parrish said we still have a lot to do to live up to King’s dream.
“We do have President Obama, and that’s a great improvement to where things used to be. We still have problems with hidden racism and inequality between rich and poor,” Parrish said. “I think we’ve gotten complacent. Martin Luther King was a positive person, and we need to stay positive.”
Parrish said he marched with his father, and on Monday marched with his wife and teenage daughter. He said he didn’t want his daughter to be standing on the sideline watching others participate.
“It’s important for it to be a day on, to carry on the legacy,” he said.
As the march finished at First Presbyterian Church at East Main and Roxboro streets, 10-year-old Jaalen Brown summed up why he came downtown.
“I’m marching for Martin Luther King, who made Caucasian and African-American people come together,” Jaalen said.
Inside the church, a service was held with music by the Durham Children’s Choir, prayers from clergy, words from US Rep. David Price and other speakers who all celebrated the work of King and called for continued action.
As the service ended, people in the pews joined hands and sang together, “We Shall Overcome.”
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January 22, 2012
ING, Ergo, Daum, Green put up for sale
By Kang Seung-woo
The takeover of insurers is likely to headline the local insurance market this year, as a slew of major entities are expected to be auctioned off.
According to sources in the insurance industry Monday, Tong Yang Life Insurance, ING Life Korea, ERGO Daum Direct General Insurance and Green Non-life Insurance have been put up for sale or will be sold in the first half of this year.
Observers say that that since insurance businesses are government-authorized, they can help parent companies deal more easily with liquidity and thus the insurers are certain to lure a large number of suitors.
Tong Yang’s largest shareholder Vogo Fund owns a 60.7 percent stake in the life insurer and the private equity firm is expected to unload controlling shares worth about 937 billion won ($814.25 million) in the first six months of the year.
While Vogo is scheduled to receive a letter of intent (LOI) from preliminary bidders soon, potential buyers include Korea Life Insurance; Prudential Financial, the US-based second-largest life insurance firm; Manulife, Canada’s largest insurer; and General Re, a unit of Warren Buffett’s Berkshire Hathaway.
Korea Life, the nation’s third-largest life insurer, is the most aggressive bidder as the acquisition of Tong Yang Life will pave the way for the insurance unit of Hanwha Group to become the No. 2 player with 75 trillion won in assets, past Kyobo Life Insurance whose assets are 62 trillion won.
“Hanwha Group Chairman Kim Seung-youn has reportedly paid close attention to taking over Tong Yang Life. Tong Yang has put up a solid performance in bancassurance, so the merger with Korea Life will create a strong synergy,” said an official of the insurance sector.
ING Life Korea is also on the mergers and acquisitions (MA) radar.
Amid a bleak economic outlook and global uncertainties, the Netherlands-based ING Group recently announced a plan to sell its Asian insurance and investment operations rather than listing them.
Like Tong Yang Life, ING Life is also drawing interest from a large number of bidders, as it is the fourth biggest life insurer in the market and the leading foreign player.
Along with Samsung Life Insurance and KB Life Insurance, the nation’s top four financial services groups and National Agricultural Cooperative Federation, or Nonghyup, are showing interest in buying ING Life as well
As for ERGO Daum Direct, the Korean Federation of Community Credit Cooperatives (KFCC), which failed to take over the Korean unit of Germany-based ERGO Group last year, is emerging as a potential buyer, as it plans to expand new businesses.
Nonghyup and other entities are considering acquiring Green Non-life Insurance which recently completed a capital increase of 60 billion won to improve its management.
“As Nonghyup is scheduled to make its debut in the life insurance sector in March, rival companies are set to expand their operations to survive the cut-throat competition,” said an official of a local insurance company.
“In addition, the participation of major financial groups is making auctions over-heated.”
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January 21, 2012
These are the best insurance stocks for today, Friday, January 06, 2012. The stock price for these home, auto and life insurance stocks performed the best in their industry of property and casuality insurance during todays market hours.
Employers Holdings Inc. (NYSE:EIG) is currently trading at $18.55 up 2.32% in todays trading. EIG is trading 8.51% above its 50 day moving average and 17.30% above its 200 day moving average. EIG is -10.64% below its 52-week high and 73.51% above its 52-week low. EIGs PE ratio is 14.50 and their market cap is $632.37M.
The Company is a provider of workers compensation insurance focused on select small businesses engaged in low to medium hazard industries.
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January 19, 2012
SHANGHAI, Jan 17 (Reuters) – China approved 14 foreign institutions to invest in the
Chinese capital markets in December alone, boosting the number of such licences granted last
year to a record 29, in the latest sign that Beijing is encouraging inbound investment to aid a
slowing economy and a sluggish stock market.
The China Securities Regulatory Commission (CSRC) granted the licences to 14 investors
including Russell Investments Ireland Ltd, Taiwan Life Insurance Co and Northern Trust
Global Investment Ltd, allowing them to buy Chinese stocks and bonds under the Qualified Foreign
Institutional Investor (QFII) status.
The number of QFII licences granted in December almost matches the number of such approvals
given during the previous 11 months, indicating a significant acceleration in QFII approvals.
China has been easing rules on inbound investment in recent months amid signs of a capital
outflow as well as a cooling economy. Thats also part of Beijings efforts to further
liberalise its strictly-restricted capital markets.
On Monday, CSRC Vice Chairman Yao Gang told a conference in Hong Kong that China would
expand various schemes that allow capital inflows and outflows, and also plans to relax controls
on Hong Kong and overseas listings for Chinese companies.
The State Administration of Foreign Exchange (SAFE), Chinas foreign currency regulator, has
also sped up approvals for inbound investment, having granted nearly $1 billion in QFII quotas
since October following a five-month hiatus.
Foreign investors with QFII licences still need to apply for investment quotas from SAFE in
order to buy Chinese securities.
Reflecting a trend of increasing investments in China by global governments, China granted
licences to four government investment agencies in December — Bank of Thailand, Kuwait
Investment Authority, the Bank of Korea and the Korea Investment Corp.
China had already granted QFII licences to foreign central banks including the Norges Bank
and the Hong Kong Monetary Authority.
China launched the QFII scheme in 2003 to allow foreign institutional investors access to
its capital markets and has so far granted 135 QFII licences.
Institution Date license Quota
received (dollar
s mln)
1 UBS AG 23/05/2003 790
2 Nomura Securities Co 23/05/2003 350
3 Morgan Stanley Co. International 5/06/2003 400
4 Citigroup Global Markets 5/06/2003 550
5 Goldman Sachs Co. 4/07/2003 300
6 Deutsche Bank AG 30/07/2003 400
7 HSBC Holdings PLC 4/08/2003 400
8 ING Bank NV 10/09/2003 400
9 JPMorgan Chase Bank, National Association 30/09/2003 150
10 Credit Suisse (Hong Kong) 24/10/2003 500
11 Standard Chartered (Hong Kong) 11/12/2003 75
12 Nikko Asset Management Co. 11/12/2003 450
13 Merrill Lynch International 30/04/2004 300
14 Hang Seng Bank Limited 10/05/2004 100
15 Daiwa Securities Capital Markets 10/05/2004 50
16 Lehman Brothers Intl (Europe) 6/07/2004 200
17 Bill Melinda Gates Foundation 19/07/2004 300
18 INVESCO Asset Management Limited 4/08/2004 250
19 ABN AMRO Bank NV 2/09/2004 175
20 SociÃtà GÃnÃrale 2/09/2004 50
21 Barclays Bank PLC 15/09/2004 400
22 Commerzbank AG 27/09/2004 75
23 Fortis Bank NV-SA 29/09/2004 500
24 BNP Paribas 29/09/2004 200
25 Power Corporation of Canada 15/10/2004 50
26 Credit Agricole Corporate and Investment Bank 15/10/2004 75
27 Goldman Sachs Asset Management International 9/05/2005 500
28 Martin Currie Investment Management 25/10/2005 120
29 Government of Singapore Investment Corporation 25/10/2005 300
30 PineBridge Investment LLC 14/11/2005 150
31 Temasek Fullerton Alpha Investments 15/11/2005 300
32 JF Asset Management 28/12/2005 275
33 The Dai-ichi Mutual Life Insurance Company 28/12/2005 200
34 DBS Bank Ltd. 13/02/2006 100
35 AMP Capital Investors 10/04/2006 300
36 The Bank of Nova Scotia 10/04/2006 150
37 KBC Financial Products UK Limited 10/04/2006 20
38 La Compagnie Financier Edmond de Rothschild 10/04/2006 100
Banque
39 Yale University 14/04/2006 150
40 Morgan Stanley Investment Management 7/07/2006 450
41 Prudential Asset Management (Hong Kong) 7/07/2006 300
42 Stanford University 5/08/2006 100
43 GE Asset Management 5/08/2006 350
44 United Overseas Bank 5/08/2006 50
45 Schroder Investment Management 29/08/2006 300
46 HSBC Global Asset Management (Hong Kong) 5/09/2006 350
47 Mizuho Securities Co 5/09/2006 50
48 UBS Global Asset Management (Singapore) 25/09/2006 200
49 Sumitomo Mitsui Asset Management Company 25/09/2006 350
50 Norges Bank 24/10/2006 700
51 Pictet Asset Management 25/10/2006 100
52 The Trustees of Columbia University in the City 12/03/2008 100
of New York
53 Prudential Asset Management Co 7/04/2008 75
54 Robeco Institutional Asset Management BV 5/05/2008 150
55 State Street Global Advisors Asia 16/05/2008 50
56 Platinum Investment Company 2/06/2008 150
57 KBC Asset Management NV 2/06/2008 210
58 Mirae Asset Global Investments 25/07/2008 250
59 ACE INA International Holdings 5/08/2008 150
60 Caisse de dÃpot et placement du QuÃbec 22/08/2008 200
61 President and Fellows of Harvard College 22/08/2008 200
62 Samsung Investment Trust Management 25/08/2008 300
63 AllianceBernstein 28/08/2008 150
64 Overseas-Chinese Banking Corporation 28/08/2008 150
65 First State Investment Management (UK) 11/09/2008 120
66 DAIWA Asset Management 11/09/2008 200
67 Shell Asset Management Company BV 12/09/2008 0
68 T. Rowe Price International 12/09/2008 110
69 Credit Suisse AG 14/10/2008 200
70 UOB Asset Management 28/11/2008 50
71 ABU Dhabi Investment Authority 3/12/2008 200
72 Allianz Global Investors Luxembourg SA 16/12/2008 100
73 Capital International, Inc 18/12/2008 100
74 Mitsubishi UFJ Morgan Stanley Securities Co 29/12/2008 100
75 Hanwha Investment Trust Management Co 5/02/2009 70
76 Emerging Markets Management, LLC. 10/02/2009 50
77 DWS Investment SA 24/02/2009 200
78 The Korea Development Bank 23/04/2009 100
79 Woori Bank Co 4/05/2009 50
80 Bank Negara Malaysia 19/05/2009 200
81 Lloyd George Management (Hong Kong) 27/05/2009 50
82 Templeton Investment Counsel 5/06/2009 200
83 BEA Union Investment Management 18/06/2009 100
84 The Sumitomo Trust Banking Co 26/06/2009 50
85 Korea Investment Trust Management Co 21/07/2009 100
86 Baring Asset Management 6/08/2009 200
87 Ashmore Investment Management 14/09/2009 200
88 BNY Mellon Asset Management International 6/11/2009 150
89 Manulife Asset Management (Hong Kong) 20/11/2009 200
90 Nomura Asset Management Co 23/11/2009 200
91 Tongyang Asset Management Corp 11/12/2009 100
92 Royal Bank of Canada 23/12/2009 100
93 Aviva Investors Global Services 28/12/2009 100
94 Ivy Investment Management Company 8/02/2010 100
95 DIAM Co 20/04/2010 100
96 OFI Asset Management 21/05/2010 150
97 Aberdeen Asset Management Asia 6/07/2010 200
98 KB Asset Management Co 9/08/2010 100
99 Fidelity Investments Management (Hong Kong) 1/09/2010 150
100 Legg Mason Investements (Europe) 8/10/2010 100
101 Hong Kong Monetary Authority 27/10/2010 300
102 Fubon Securities Investment Trust 29/10/2010 100
103 Capital Securities Investment Trust Co 29/10/2010 100
104 BMO Investments Inc. 6/12/2010 N/A
105 Bank Julius Baer Co 14/12/2010 100
106 KTB Asset Management Co 28/12/2010 100
107 Lyxor Asset Management 16/02/2011 10
0
108 Polaris International Securities Investment Co 4/03/2011 10
0
109 Assicurazioni Generali SpA. 8/03/2011 100
110 Banco Bilbao Vizcaya Argentaria 6/05/2011 100
111 Cathay Securities Investment Trust 9/06/2011 100
112 Fuh Hwa Securities Investment Trust Co 9/06/2011 100
113 Comgest SA 24/06/2011 N/A
114 Amundi Hong Kong Ltd 14/07/2011 N/A
115 BlackRock Institutional Trust Co 14/07/2011 N/A
116 Grantham, Mayo, Van Otterloo Co.LLC 9/8//2011 N/A
117 Monetary Authority of Singapore 8/10/2011 N/A
118 China Life Insurance Co Ltd (Taiwan) 26/10/2011 N/A
119 Shin Kong Life Insurance Co Ltd 26/10/2011 N/A
120 The Trustees of Princeton University 25/11/2011 N/A
121 Shinko Asset Management Co., Ltd 25/11/2011 N/A
122 Canada Pension Plan Investment Board 9/12/2011 N/A
123 Van Eck Associates Corporation 9/12/2011 N/A
124 Hansberger Global Investors, Inc. 13/12/2011 N/A
125 EARNEST Partners LLC 13/12/2011 N/A
126 Bank of Thailand 16/12/2011 N/A
127 Kuwait Investment Authority 21/12/2011 N/A
128 Northern Trust Global Investments Limited 21/12/2011 N/A
129 Taiwan Life Insurance Co., Ltd 21/12/2011 N/A
130 The Bank of Korea 21/12/2011 N/A
131 Ontario Teachers Pension Plan Board 22/12/2011 N/A
132 Korea Investment Corporation 28/12/2011 N/A
133 Russell Investments Ireland Limited 28/12/2011 N/A
134 Metzler Asset Management GmbH 31/12/2011 N/A
135 HI Asset Management Co., Linmited. 31/12/2011 N/A
N/A: not available
Sources: China Securities Regulatory Commission, State Administation of Foreign Exchange.
Figures for quotas are as of Dec. 31.
(Reporting by Samuel Shen and Jacqueline Wong)
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January 19, 2012
By Barry Shlachter
barry@star-telegram.com
Waco-based Life Partners Holdings and three of its top executives were accused Tuesday by the Securities and Exchange Commission of systematically and materially misleading investors about the life expectancy of people whose life insurance policies it traded.
The scheme inflated the value of the companys stock, according to a suit that the SECs Fort Worth office filed in federal court in Waco.
Investigators say CEO Brian Pardo sold about $11.5 million of Life Partners stock at inflated prices while having information not available to the public about the companys dependency on short-lifespan estimates.
Life Partners duped its shareholders by employing an unqualified medical doctor to assign baseless life expectancy estimates to the underlying insurance policies, said Robert Khuzami, director of the SECs Division of Enforcement.
This deception misled shareholders into thinking that the companys revenue model was sustainable when in fact it was illusory.
Pardo, 69, denied the accusations, saying: It is very disappointing that the SEC has chosen to pursue litigation over issues that we believe have no merit and financial presentation issues that we do not believe are material.
We have always done our best to deliver value to our shareholders and to run an honest and transparent company. We intend to vigorously defend ourselves against these meritless claims.
The federal action could become a political embarrassment to Gov. Rick Perry, who is running for the Republican presidential nomination. Perrys campaign used Pardos Cessna Citation X business jet and, according to The New York Times, acknowledged underpaying Pardo nearly $23,000 for nine days early in Perrys White House quest.
The SEC filing deals only with Life Partners, which served as a life settlement broker — pairing people who no longer can afford their policy premiums with investors who took fractional interests in the policies. Sometimes policies were bought from companies who had insured key workers but then had little interest in the insurance after the employees left.
The senior-most executives at Life Partners concealed significant risks to the business, manipulated financial statements with improper accounting, and knowingly profited from their misconduct by executing insider trades based on information that was not available to the public, said David Woodcock, director of the SECs Fort Worth office.
The three executives were identified as Pardo, counsel Scott Peden and Chief Financial Officer David Martin, the SEC said.
The suit seeks unspecified civil penalties from the three as well as the return of stock trade profits and bonuses from Pardo and Martin.
In 1999, Life Partners hired Donald T. Cassidy, a Reno, Nev.-based oncologist trained in Galveston, to estimate peoples life expectancy without having any actuarial education or experience, the complaint alleged.
Pardo, Peden and Martin were aware that the Cassidy-rendered life expectancy estimates were systematically and materially short, the SEC said.
In a life settlement transaction, the estimate of a persons life expectancy is crucial in figuring the market price that investors would pay. More would be paid for policies of people who have shorter life expectancies since they would get their share of the interest in the death benefit sooner, the SEC complaint said.
The market can be gamed by declaring life expectancies to be shorter than typical industry methodology would.
From fiscal 2007 through the third quarter of 2011, the company misstated net income by prematurely recognizing revenue while understating impairment expense by millions, because they were based on Cassidys inaccurate analyses, it said.
Cassidy had been instructed to use life expectancy methodology worked up by Dr. Jack Kelly, also of Reno, who was the companys former underwriter and a part owner who died unexpectedly in 1999, the SEC said.
Cassidy, a 1974 graduate of the University of Texas Medical Branch at Galveston, got his marching orders during Kellys funeral, the commission claimed. He was paid $500 per life expectancy analysis, then given an additional $15,000 a month, the SEC said.
By March 2009, Pardo, Peden and Martin knew, or were reckless in not knowing that 90 percent of policies reviewed by Cassidy had exceeded the doctors life expectancy estimate, the SEC stated.
Cassidy made thousands of estimates, which were never reviewed for accuracy, during his decadelong affiliation with the Texas firm, it said. Even when a consultant hired by a potential investor reported to Pardo in 2006 — seven years into Cassidys tenure — that the doctors figures had not been checked, no action was taken, the SEC said.
Cassidy could not be reached to comment Tuesday night. His answering service said, Dr. Cassidy doesnt speak to reporters.
Among misleading statements to investors, Pardo said during teleconferences in 2007 and 2008 that Life Partners was delivering double-digit returns, the SEC said.
But he knew such returns were impossible even in the best-case scenarios, in which all of those insured die within the companys estimated life expectancy period, the SEC said. Actually, 2,900 insured people had outlived the companys predicted lifespan, it added.
Barry Shlachter, 817-390-7718
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