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Hi guys,
I was just offered two separate Actuarial Consultant positions for a large health insurance company, one in the Reserving department and the other in Stop Loss/Re-insurance. I come from an Underwriting background and am not super familiar with the differences and which I will like better.
That being said, what are the major differences and are there any skills required for higher level roles that could be gained from one of these roles more than the other?
The positions are both offering the same exact salary and benefits, the only difference being the reserving position has inflexible PTO restrictions for the first 5 work days of the month due to batch processes / reporting.
Any insight would be greatly appreciated.
I'm sitting exam P in November. In between studying I've been reading issues of The Actuary which is published by the IFoA and the other The Actuary which is published by the SOA and browsing random actuarial job ads on DW Simpson, etc.
There are a few terms that I've run across that I don't really understand and I was hoping that I could get somebody from this sub to give me simple explanation.
- What exactly is cash flow testing?
- What is loss reserving?
I was trying to read this paper in Variance Journal about the Bornhuetter-Ferguson principle and loss reserving but a lot of it was over my head at this point.
Also, is there a place where I can read about these different topics in a book or something?
Can anyone help me with these two questions? When I saw it, I just didn't know where to begin. I have tried but I got wrong answers. They are 113.31 and 207.29 for 3.15 and 3.16 respectively. It seems like I am only able to do this type of things when I am guided (like in the examples), but when I do it myself I can't do it.
Image link: https://lh3.googleusercontent.com/G4yaIX-7QItZz7BJn-CcpklzscjG3BpZOH8RHLm4aIYlZPYOssj12z5PKwOaRfZI6jQ8ZQhkRi3N=w487-h704-no
Wells Fargo & Co. Inc. WFC, -1.29% said Thursday it had net income of $5.122 billion, or $1.17 a share, in the third quarter, up from $3.216 billion, or 70 cents a share, in the year-earlier period. Revenue fell to $18.834 billion from $19.316 billion. The FactSet consensus was for EPS of $1.00 and revenue of $18.273 billion. The bank said it released $1.7 billion from its credit loss reserve, equal to a 30 cents bump in EPS. It also booked a charge of $250 million, or 5 cents a share, for an enforcement action taken by the Office of the Comptroller of the Currency relating to unsound practices in home lending. The bank said average loans fell to $854.0 million from $931.7 million a year ago. Average deposits rose to $1.451 billion from $1.399 billion. "Charge-offs were low, net interest income stabilized and period-end loans grew for the first time since first quarter 2020," Chief Executive Charlie Scharf said in a statement. Net interest income fell to $8.909 billion from $9.379 billion a year ago, due to lower loan balances. Noninterest income edged down to $9.925 billion from $9.937 billion, as improved results in private equity and venture capital and higher card, deposit-related and investment banking fees were offset by lower mortgage-banking revenue, lower gains on the sale of securities and lower markets revenue. In the bank's retail operations, home lending fell to $2.012 billion from $2.527 billion. "The decline in mortgage banking income was primarily due to lower gain on sale margins and lower originations, as well as a decline in servicing fees, partially offset by higher gains from the re-securitization of loans we purchased from mortgage-backed securities last year," the bank said. Shares were up 0.5% premarket and have gained 53% in the year to date, while the S&P 500 SPX, +0.30% has gained 16%.
I, for one, would like to thank our city council for pissing away millions of dollars that could have been spent on road improvements or park improvements or damn near anything but a stupid, useless, futile battle against the state.
The city has had about 2,800 apartments built since 2010 after building essentially none since 1990. At a very rough cost of $400,000 per apartment, we've added over a billion dollars to the property tax base. Those buildings have rents that average well over $3,000 per month in rent, meaning we've added a few thousand people to the city's population with incomes in excess of $100,000 annually who spend their money here supporting local businesses.
And yet we still have folks screaming "just because I had children doesn't mean I want to house them! Move to Corona!" and "Bring back the boarded up Montgomery Ward!"
>The Huntington Beach City Council has gone ahead and earmarked $3.65 million for impending legal expenses related to the city’s long and unsuccessful fight against state-mandated affordable housing.
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>In July, a judge awarded the nonprofit Kennedy Commission $3.5 million in attorney fees for a court battle dating to 2015. Based in Orange County, the Kennedy Commission advocates for increased housing opportunities for low-income families.
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>The city is appealing that amount. “We believe it is excessive and should at least be reduced,” Mayor Kim Carr said.
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>Just in case, however, the City Council on Tuesday approved beefing up Huntington Beach’s litigation reserves, which now total $14 million.
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>Cesar Covarrubias, executive director of the Kennedy Commission, noted the attorney fees “cover litigation that has gone on for years” and further appeal could “only end up costing the city more money in attorneys’ fees.”
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>“We are confident in our chances on appeal,” he said.
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>But City Attorney Michael Gates expressed his own certainty, saying that designating money for a potential court loss does not indicate pessimism.
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>“We feel very confident we will win at the Court of Appeal level,” Gates said. “All cities set aside reserves for the worst-case scenario. That doesn’t mean we expect to pay it out.”
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>While the city has an insurance policy to offset litigation costs, Gates said it generally does not cover the opposing side’s attorney fees.
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>The expensive and multipronged legal saga began six years ago, and u
As most Bitcoin investors already know, Bitcoin is a uniquely scarce asset and is limited by the maximum number of its native units: 21 million. This is despite the fact that the actual number of bitcoin units in circulation is significantly lower than 21 million due to lost coins. However, the scarcity of bitcoin affects market dynamics, often based on supply and demand. A sharp peak in demand due to retail and institutional buying pressure could lead to the "supply shock" experienced in the spring of 2021.
In addition to the already scarce number of native bitcoin units in circulation, the UTXO data below shows a very low number of active units. uTXO shows that only 7% of bitcoin units have been active for 30 days or more. This means that 93% of the huge bitcoin units can be considered relatively inactive.
Earnings: $4.50 per share vs. $3.10 per share expected by analysts polled by Refinitiv. Revenue: $33.12 billion vs. $30.52 billion expected.
JPM, under Jamie Dimon, have become stalwart and constant earners, the BRK of banking if you will. They've shown resilience, are near riskless with their heavy participation in credit markets, and are extremely diversified, able to offset retail and commercial banking operations with trading and fixed income and vice versa. Could be the perfect long term hold for any investor.
https://www.cnbc.com/2021/04/14/jpmorgan-jpm-earnings-q1-2021.html?__source=androidappshare
Date: 2021-10-14 07:16:37, Author: u/Johnblr, (Karma: 6429, Created:Dec-2020)
SubReddit: r/stocks, DD Click Here
Tickers mentioned in this post:
WFC 46.05 |
Wells Fargo & Co. Inc. WFC, -1.29% said Thursday it had net income of $5.122 billion, or $1.17 a share, in the third quarter, up from $3.216 billion, or 70 cents a share, in the year-earlier period. Revenue fell to $18.834 billion from $19.316 billion. The FactSet consensus was for EPS of $1.00 and revenue of $18.273 billion. The bank said it released $1.7 billion from its credit loss reserve, equal to a 30 cents bump in EPS. It also booked a charge of $250 million, or 5 cents a share, for an enforcement action taken by the Office of the Comptroller of the Currency relating to unsound practices in home lending. The bank said average loans fell to $854.0 million from $931.7 million a year ago. Average deposits rose to $1.451 billion from $1.399 billion. "Charge-offs were low, net interest income stabilized and period-end loans grew for the first time since first quarter 2020," Chief Executive Charlie Scharf said in a statement. Net interest income fell to $8.909 billion from $9.379 billion a year ago, due to lower loan balances. Noninterest income edged down to $9.925 billion from $9.937 billion, as improved results in private equity and venture capital and higher card, deposit-related and investment banking fees were offset by lower mortgage-banking revenue, lower gains on the sale of securities and lower markets revenue. In the bank's retail operations, home lending fell to $2.012 billion from $2.527 billion. "The decline in mortgage banking income was primarily due to lower gain on sale margins and lower originations, as well as a decline in servicing fees, partially offset by higher gains from the re-securitization of loans we purchased from mortgage-backed securities last year," the bank said. Shares were up 0.5% premarket and have gained 53% in the year to date, while the S&P 500 SPX, +0.30% has gained 16%.
Earnings: $4.50 per share vs. $3.10 per share expected by analysts polled by Refinitiv. Revenue: $33.12 billion vs. $30.52 billion expected.
JPM, under Jamie Dimon, have become stalwart and constant earners, the BRK of banking if you will. They've shown resilience, are near riskless with their heavy participation in credit markets, and are extremely diversified, able to offset retail and commercial banking operations with trading and fixed income and vice versa. Could be the perfect long term hold for any investor.
https://www.cnbc.com/2021/04/14/jpmorgan-jpm-earnings-q1-2021.html?__source=androidappshare
