Varma, Ilmarinen see solvency capital shrink but stay above limits

first_imgThe two mainstays of Finland’s earnings-related pension system – Ilmarinen and Varma – have expressed satisfaction with solvency levels in first quarter results although more than a quarter or more of their solvency capital was wiped out against the backdrop of the coronavirus pandemic.Helsinki-based Varma’s investments fell 10.0% in the three-month period after share prices shrank in March amid the COVID-19 shock, the pension insurance company reported.In its interim results statement, CIO Reima Rytsölä said: “The equity market plunged in March at an unheard-of rate, and there were moments when liquidity disappeared almost entirely from the capital markets.”Meanwhile Ilmarinen – the other of the two main providers in Finland’s partially-funded earnings-related pension system – reported a 7.5% loss on investments in the period. Jouko Pölönen, Ilmarinen’s president and chief executive, said: “With the coronavirus crisis, stock prices took a sharp plunge on all markets, which pushed the return on equity investments down to -12.8%.“The return on fixed income investments also was clearly negative, at -6.9%, due to the widening of credit risk margins,” he said. Jouko Pölönen, Ilmarinen president and chief executiveVarma’s solvency capital diminished by more than 30% to €7.9bn at the end of March from €11.6bn on 1 January, and was 1.6 times the solvency limit, the firm reported.Chief executive Risto Murto said: “Despite the economy coming to a grinding halt, Varma’s solvency remained at a good level.”This showed the risk buffers used to secure the pension system were working as they were supposed to, he said.Ilmarinen’s solvency capital shrank by around 25% to €8.1bn at the end of March from €10.8bn at the end of 2019.But Pölönen said that at 120.7%, his firm’s solvency ratio was still clearly higher than regulatory requirements.Solvency buffers built up through long-term funding and investing protected pension assets during market volatility, he said.However, he said, “when it comes to the whole pension system […] it is important to ensure that the sudden slump in the stock market does not lead to a situation where pension companies would be forced to sell their equity investments at low prices to reduce risk.”The market value of Varma’s investments slipped to €43.6bn at the end of the quarter from €48.7bn at the beginning of this year, according to the interim results.Among asset classes, listed equities ended the quarter with a 21.1% loss, though Varma’s equity investments overall registered a loss of 14.6%, the firm reported.Fixed income fell 3.6% and real estate returned 1.3%. Hedge fund investments, meanwhile, left Varma with a 12.7% loss at the end of the three-month period, it said.By reducing equity weights in the overall portfolio, Rytsölä said the pensions insurer had lowered its risk level to secure solvency in the “extraordinary conditions” during the quarter.“The equity market has clearly recovered since the end of March. Time will tell, however, whether the equity market will experience a second wave of decline,” he said.“The central banks’ stimulus measures have slowed the expansion of the economic crisis into a financial crisis”Varma chief executive Risto MurtoMurto said that in terms of economic recovery, the main factor would now be how fast restrictions could be lifted.“The central banks’ stimulus measures, in particular, have been rapid and substantial, which has slowed the expansion of the economic crisis into a financial crisis,” said Murto.Ilmarinen’s total investments contracted to €46.4bn at the end of the first quarter from €50.5bn at the start.The firm said the Finnish economy was expected to slide into a deep recession, as a result of which unemployment was seen rising and the payroll and premiums written were expected to decline substantially.Pölönen said: “The impacts of the crisis will be felt in the pension system in the form of lower investment returns and premiums written due to falling employment rates and the flexibility granted for the payment of earnings-related pension contributions.”last_img read more

Defending Champions X-Men Out of Championship

first_imgResults of LIME DABA 2011 Playoffs:On Wednesday 7th September 2011, the defending National Champion Sign Man X-Men and NO Look a first time entry into the Lime National League met in game 3 of their best of three semi finals Domlec Premier League matchup, with the series tied at 1-1. The game started at 9:00pm at the Lindo Park in Goodwill, with the No Look team riding on their success in game 2. In the early minutes of the game both teams struggled, ending the first quarter 8-11 in favour of No Look. However, Dominica National Team point guard Bernard Mills seized the opportunity to dominate, forming a partnership with current National Team center Garth Joseph, leading the No Look team to a 14 points lead at the end of the first half (31-17). Mills continued his dominance in the third quarter, as the defendaing champions had no answer for his quickness and high percentage finishing. Entering the fourth quarter, the defending champions were facing a 22 points deficit. With the score at 49-30 and 8:02 left in the fourth quarter the rain came, forcing the referees to abandon the match and to continue on Thursday. In continuation of the game from where it was interupted by the rain on Wednesday, the X-men showed a sign of their offence that had led them to an undefeated regular season, but they were unable to stop Bernard Mills and his determined No Look. At the end of the game NO Look defeated the defending Champions by 20 points 67- 47, a rather disappointing performance by the defending champions. Top scorers for No Look Bernard Mills a game high 31, Garth Joseph 19 and Fletcher Leblanc 6. Leading the X Men were National player Peter Ricketts 15, Joseph Hypolite 12 and Natonal player Davidson Toulon 8.There will be a new champion in the Domlec Premier League as NO Look will battle it out against former champions Gatorade Blazers. While in the Kubuli/Vita Malt Division one, the defending champions Wesley Raptors will begin the defence of their title against the undefeated Goodwill Starz. Both games are scheduled for the Massacre Hard Court from 7:00 pm weather permiting. The executive of the DABA will keep an eye on the weather due to the expectation of tropical storm Maria.Gary BenjaminDABA Secretary 14 Views   no discussions Share NewsSports Defending Champions X-Men Out of Championship by: – September 9, 2011 Sharecenter_img Tweet Share Sharing is caring!last_img read more

Timothy W. Lecher

first_imgTimothy W. Lecher, 64, passed away on Monday, December 2, 2019 at St. Francis Hospital in Indianapolis.Born, March 5, 1955 in Greensburg, he was the son of William J. and Martha (Hoeing) Lecher.Tim graduated from North Decatur High School in 1973.  He worked for a short time at Thurston’s Implements in Greensburg.  For about the last 40 years, Tim owned and operated Tim Lecher Farm Service.  He was a member of the Knights of Columbus in Greensburg.Tim married Kathleen A. Peters on April 9, 1975 and she survives.Besides his wife; Kathleen Lecher, Tim is survived by his son; Greggory (Stephanie) Lecher, Indianapolis, his daughter; Katrina (Michael) Cherry, Greensburg, four grandchildren; Ethan, Owen, and Eli Lecher and Evan Cherry, one brother; Raymond Lecher, Greensburg, two sisters; Katy (Steve) Schmidt, Greensburg, and Kathleen (Robin Darby) Lecher, Greensburg.He was preceded in death by his parents and one sister; Roseann Bowman.Visitation will be held from 4-8:00 p.m. Friday, December 6, 2019 at Porter-Oliger-Pearson Funeral Home in Greensburg with a rosary service starting at 3:30 p.m.Funeral Services will be held at 9:00 a.m. on Saturday, December 7, 2019 at St. Mary’s Catholic Church in Greensburg with Rev. John Meyer officiating.Burial will follow at the St. Mary’s Catholic Cemetery in Greensburg, Indiana.Memorials can be made to St. Mary’s Building Fund, St. Mary’s Cemetery, or the American Diabetes Association.Online condolences can be made to the family at www.popfuneralhome.comlast_img read more

Dornsifes inspired by Nikias’ inauguration speech

first_imgWhen Dana and David Dornsife returned to their hotel room after President C. L. Max Nikias’ inaugural speech in October, they both had one thing on their mind: naming the College of Letters, Arts & Sciences.Benefactors · David Dornsife graduated from USC in 1965. He and his wife, Dana Dornsife, both sit on the board of the USC Brain and Creativity Institute. They donated $200 million in unrestricted funds to the College of Letters, Arts & Sciences. – Courtesy of Philip Channing “We were staying at the Radisson across the street, and we both kind of simultaneously brought out, ‘Wouldn’t that be exciting if they announced in the future ‘the College of Letters, Arts & Sciences,’ but instead they said ‘the Dornsife College of Letters, Arts & Sciences?’” David Dornsife said. “That was the first time we saw each other [that day] and we both had the same idea.”Further talks with Howard Gillman, dean of the College of Letters, Arts, & Sciences, as well as meetings with Nikias led to the Dornsife’s $200 million unrestricted donation to the College of Letters, Arts & Sciences, which will officially be renamed the USC Dana and David Dornsife College of Letters, Arts & Sciences on March 23.“We’re thrilled to be able to do it,” Dana Dornsife said. “And we feel very blessed and fortunate to have the financial resources that allow us to do things like this to help make the world a better place.”The Dornsifes’ pledge is the largest single donation in USC’s history. They credit Nikias with motivating them to give during his inauguration speech.“He put a challenge out to the audience to have the courage to explore boldly and he really put forward a very aggressive agenda on the things that he wanted to do to improve the quality of the education at USC and to attract highly sought after professors,” Dana Dornsife said. “Dave and I really took that to heart.”The donation will also create a Dornsife Scholars Program, given to graduating seniors in the College who plan to continue with the research they began at USC on a national or global scale.“The idea of the Dornsife scholars is to take top performers and incentivize them to go on further, and in particular, look at those that feel that they can change the world as a result of the scholarly work that they could continue to do at USC,” David Dornsife said.At a Visions & Voices event about two years ago, the Dornsifes were invited to talk about water-well drilling in Africa and their involvement there. They left impressed by the students’ reaction, which gave them faith in the students to make a difference in the world.“We were overwhelmed with the students who were very eager to do what they could do to change the world and were asking us if we had any ideas for them,” Dana Dornsife said. “That mindset, coming from the heart, and being passionate about helping their fellow man, David and I are very impressed with them.”Because the $200 million is an unrestricted endowment, the College can use the money in any way it sees fit.The Dornsifes are not worried about the different ways the money will be used.“We have a lot of faith in the individuals running the College,” David Dornsife said. “We’re not concerned about mistakes being made because they’re good people and they know a lot about education.”David Dornsife graduated from USC’s business school in 1965 and is currently a USC trustee and chairman of the USC Brain and Creativity Institute in the neurosciences. His parents were also USC alumni. Dana Dornsife also sits on the board of the Brain and Creativity Institute.Their involvement in the neuroscience program provided opportunities for the Dornsifes to meet faculty in the College, as well as the dean.“We think the fact that the neuroscience program is funded and working is an example of what could be done when you really focus on an area,” David Dornsife said. “All that exposure with the neurosciences started getting us interested in broadening out to the rest of the members of the college, so that was the catalyst that got us a chance to be involved intimately with other disciplines.”Dana Dornsife said they are proud of the interdisciplinary studies taking place at USC, and donated specifically to the College because they feel it has more interdisciplinary opportunities for students.The Dornsifes plan to continue their support of both neuroscience and the College through meetings with Gillman and continuing their positions in the Brain and Creativity Institute.“We think this is the right time to be supportive of the school,” David Dornsife said. “We think they’re doing a great job and we hope this helps lift them to a higher level.”last_img read more