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​Fall in yields deals solvency blow to Danish pension providers

first_imgMeanwhile, the pension fund for agricultural academics and vets, PJD – also managed by Sampension – saw its solvency ratio fall to 265% from 283%. Sampension Liv’s coverage weakened to 317% from 444% over the same period, the firm reported.Sampension said: “For the average-rate pensions segment, total reserves have been affected by interest rate declines and regulatory changes, with the so-called VA surcharge falling over the year due to a new method of calculation by the authorities.”Both of these elements affected free reserves and reduced the solvency coverage for Danish life insurance companies in general as well as those under Sampension, it said.Meanwhile, pension fund PenSam, whose members are mostly public sector workers in the health, social care and education sectors, said in its first half report that its solvency capital requirement increased by DKK716m (€96m) during the period — partly due to the decrease in the VA.“The decrease in the VA supplement has led to a large increase in life insurance provisions and thus a reduction in the collective bonus potential,” the fund said.PenSam Liv’s solvency ratio fell to 502% at the end of June, from 732% at the end of December 2018.The VA change has been seen as another factor driving Danish pension funds to move away from the provision of average-rate pensions, with or without yield guarantees attached, as it forces investment strategies to become more conservative thereby reducing potential returns.AP and PJD are in the process of appealing a ruling impeding their attempt to switch their customers from average-rate to market-rate pension schemes.The VA was also cited today by Denmark’s largest commercial pension fund PFA as having had a negative impact on its interim results, though not on the pensions side of its business.It said a “considerable part of the adverse result on health and accident insurance” was due to an investment loss of DKK452m, of which “the majority” was related to the VA change.PFA reported an overall group loss of DKK31m in the first half of 2019, after a DKK10m profit for the whole of 2018. The Danish pension fund for architects AP saw its solvency ratio fall by a third in the first half of 2018 as providers of average-rate pensions in Denmark made accounting adjustments in the wake of a regulatory change.Earlier this year, the revised calculation of the Danish Volatility Adjustment (VA) – published by the European Insurance and Occupational Pensions Authority (EIOPA) in 2018 – finally came into force.The change had the effect of lowering the discount yield curve used by insurance and pension companies to calculate liabilities under the Solvency II framework.AP’s solvency ratio dropped to 199% at the end of June, from 282% at the end of December, according to the interim report of its manager Sampension.last_img read more

Lady Bulldogs And Lady Spartans Battle To A Draw

first_imgThe Batesville 7th grade girls basketball team defeated Connersville by a score of 39 to 8.The Bulldogs played solid defense early holding the Spartans scoreless in the first half. The Bulldogs pressure defense led to great offensive opportunities.Abby Westerfeld ​led six different Bulldog scorers with 10 points. Liz Heidlage and Macy Prickel added 8 points each. Carlie Werner scored 6 points, Ellie Cassidy scored 5 points while Anna Bauer contributed 2 points.Kari Reer provided solid defense off the bench.Courtesy of Bulldogs Coach Thomas Barnett with Shelly Prickel.The 8th grade girls basketball team fell to Connersville by a score of 28 to 18.The Dogs fell behind early but fought back. Scoring was a challenge all night as the dogs only hit 3 field goals but played strong defense throughout the contest.Hattie Westerfeld led the team with 7 points. Kendall Dickman and Ellie Waechter added 4 points each. Stephanie Nobbe and Gabby Gibbs provided great intensity.Courtesy of Bulldogs Coach Thomas Barnett.last_img read more

Dodgers’ Don Mattingly to return and that’s the right move

first_imgThe grass isn’t greener for the Dodgers. For all the talk of managers like Dusty Baker — who doesn’t win in the postseason — being available, Mattingly is the best option. He knows how to deal with Yasiel Puig — as best as that’s possible — and guided a dramatic turnaround from worst to first in the NL West. Given a healthy roster, the Dodgers should contend for the World Series title next year.The Dodgers can’t think that a $220 million payroll automatically ensures a championship because it doesn’t. On Tuesday, a day after Mattingly went public with his displeasure, the Dodgers fired bench coach Trey Hillman, a longtime friend of Mattingly’s. That move could’ve severed ties between the two sides even more, but the Dodgers also renewed the contracts of pitching coach Rick Honeycutt, and coaches Tim Wallach and Davey Lopes. Mattingly said he wanted his staff to be retained, and he got most of that. He might not have multiple years, but clearly the two sides came to a compromise for him to return at all.That was in the best interest of the Dodgers. Newsroom GuidelinesNews TipsContact UsReport an Error Mattingly led the Dodgers to a victory over Atlanta in the NLDS, which vested his option for 2014. The Dodgers didn’t have to honor it and neither did Mattingly. Thankfully, everyone saw the big picture: a chance to win the World Series in 2014 with a healthy roster. Mattingly’s future seemed very much in doubt after a couple of questionable managerial moves he made in the postseason, even though he had the Dodgers two wins away from the World Series. The moves he made that worked — like pitching Clayton Kershaw on three days’ rest to clinch the division series — didn’t garner the kind of attention that pinch running for Adrian Gonzalez did.Mattingly’s status seemed much more uncertain Monday in a news conference during which Mattingly, arms folded, said he felt like he was a “lame duck” since the Dodgers hadn’t extended his contract beyond the season. All the while sitting next to general manager Ned Colletti.He hinted that he might not be back because “I don’t want to be anywhere you’re not wanted.”The Dodgers are honoring 2014 and reportedly not beyond, but a World Seriesd ring might solve those extension problems.center_img Don Mattingly will be back to manage the Dodgers in 2014, which is the right move for Mattingly and the Dodgers. The Dodgers made the right call by not reacting to a stunning news conference on Monday in which Mattingly put pressure on the Dodgers to extend his contract. He hinted he might walk away from just a one-year deal.“I never had any doubt that Don would honor his contract,” Dodgers president Stan Kasten said in a text message. Kasten could not comment about details of the deal — whether it’s for multiple years or just for one year — until after the World Series is over next week.last_img read more