Presentation is loading. Please wait.

Presentation is loading. Please wait.

2006 General Meeting Assemblée générale 2006 Chicago, Illinois 2006 General Meeting Assemblée générale 2006 Chicago, Illinois Canadian Institute of Actuaries.

Similar presentations


Presentation on theme: "2006 General Meeting Assemblée générale 2006 Chicago, Illinois 2006 General Meeting Assemblée générale 2006 Chicago, Illinois Canadian Institute of Actuaries."— Presentation transcript:

1

2 2006 General Meeting Assemblée générale 2006 Chicago, Illinois 2006 General Meeting Assemblée générale 2006 Chicago, Illinois Canadian Institute of Actuaries Canadian Institute of Actuaries L’Institut canadien des actuaires L’Institut canadien des actuaires

3 Long Term Care: Learning from the Past… Looking to the Future Canadian Institute of Actuaries General Meeting Chicago, October 19, 2006 Martin Fortier, FSA, FCIA AVP, Individual Pricing Sun Life Financial

4 2006 General Meeting Assemblée générale 2006 2006 General Meeting Assemblée générale 2006 Canada - sales overview Year% change (premium) 2001+62% 2002+78% 2003+2% 2004-3% 2005 ($12M) +18% Source: LIMRA International

5 2006 General Meeting Assemblée générale 2006 2006 General Meeting Assemblée générale 2006 Manufacturers Number of carriers: about 7 89% market-share from 2 carriers Source: LIMRA International

6 2006 General Meeting Assemblée générale 2006 2006 General Meeting Assemblée générale 2006 Distribution channels Career / exclusive – advisors – specialists Independent / brokers Affinity & association Source: LIMRA International

7 2006 General Meeting Assemblée générale 2006 2006 General Meeting Assemblée générale 2006 Plan designs Three benefit types – reimbursement – indemnity – income / disability comprehensive facility care Adjustable premiums – some with maximums

8 2006 General Meeting Assemblée générale 2006 2006 General Meeting Assemblée générale 2006 Plan designs Inflation protection Guaranteed insurability option ROP on death Non-forfeiture options – ETI, RPU

9 2006 General Meeting Assemblée générale 2006 2006 General Meeting Assemblée générale 2006 Policy characteristics Source: LIMRA International

10 2006 General Meeting Assemblée générale 2006 2006 General Meeting Assemblée générale 2006 Policy characteristics Average premium: $1,360 84% unlimited (lifetime) benefit period 96% < 90-day waiting period Average age – 2004: 59 – 2005: 52 Only 4% with more than $150 daily benefit. Average below $100. Source: LIMRA International

11 2006 General Meeting Assemblée générale 2006 2006 General Meeting Assemblée générale 2006 Cost of care Government-sponsored facilities – Ontario private room:$24,000 semi-private:$21,000 ward:$18,000 – Alberta private room:$12,000 – Newfoundland up to $34,000 Source: Ontario Health and Long Term Care

12 2006 General Meeting Assemblée générale 2006 2006 General Meeting Assemblée générale 2006 Cost of care Home care – nursing care:$50/hour – personal care:$22/hour In Ontario, reaches the cost of semi- private facility room by needing 2 hours per day for 3 days per week of each type of care not covered. (52 hrs/month) Average recipient of home care needs 156 hours per month Ontario pays first 60-80 hours Source: Ontario Health and Long Term Care

13 2006 General Meeting Assemblée générale 2006 2006 General Meeting Assemblée générale 2006 Canadian challenges Underwriting & claims – in-house or outsourced – evolving Key pricing & risk drivers – no Canadian insured population data – lapse-supported – interest – expenses Market still developing. Need misunderstood One reinsurer

14 2006 General Meeting Assemblée générale 2006 Chicago, Illinois 2006 General Meeting Assemblée générale 2006 Chicago, Illinois Canadian Institute of Actuaries Canadian Institute of Actuaries L’Institut canadien des actuaires L’Institut canadien des actuaires

15 Long Term Care: Learning from the Past… Looking to the Future Canadian Institute of Actuaries General Meeting Chicago, October 19, 2006 Gary L. Corliss, FSA, MAAA, RHU, CSA Avon Long Term Care Leaders, LLC President & CEO

16 2006 General Meeting Assemblée générale 2006 2006 General Meeting Assemblée générale 2006 Evolution of LTC in U.S. Product Design US Experience Distribution Issues Summary TOPICS

17 2006 General Meeting Assemblée générale 2006 2006 General Meeting Assemblée générale 2006 Evolution of Long Term Care United States

18 2006 General Meeting Assemblée générale 2006 2006 General Meeting Assemblée générale 2006 THE OPPORTUNITY: Compelling Demographics Baby Boomers are aging 78 Million strong between ages 42-60 8,000 turning 60 every day Source: Bureau of the Census, Elderly Population Will More Than Double by 2040, January 2000. Source: Long-Term Care. AHRQ Focus on Research. AHRQ Pub. No. 02-M028, March 2002. Agency for Healthcare. Research and Quality, Rockville, MD. Graph 35 41 52 67 72 75 Age 65 - 84 Age 85+

19 2006 General Meeting Assemblée générale 2006 2006 General Meeting Assemblée générale 2006 THE OPPORTUNITY: Low Market Penetration for LTCI Source: Statistical Abstract of the U.S., U.S. Census Bureau, ACLI, HIAA, Life Plans, Inc., JH Analysis.

20 2006 General Meeting Assemblée générale 2006 2006 General Meeting Assemblée générale 2006 What Happened in the U.S.? Industry sales peak at $1 Billion in 2002 and drop to $661 in 2005. Millions Source: LIMRA $193M $492M $1B LTC Industry Sales

21 2006 General Meeting Assemblée générale 2006 2006 General Meeting Assemblée générale 2006 What Happened in the U.S.?  Lapse rates very low - <1%  Interest rates dropped - <6%  Mortality extremely low  Morbidity claims quite close

22 2006 General Meeting Assemblée générale 2006 2006 General Meeting Assemblée générale 2006 IDS Life Penn Treaty What Happened in the U.S.? Some Carriers Exit

23 2006 General Meeting Assemblée générale 2006 2006 General Meeting Assemblée générale 2006 PRODUCT DESIGN  Benefit Eligibility  Benefit Payment Models  Care Coordination

24 2006 General Meeting Assemblée générale 2006 2006 General Meeting Assemblée générale 2006 BENEFIT ELIGIBILITY Brief History 1965 Skilled Nursing, 3 Day Prehospital, Physician Certified 1985 Medically Necessary, Remove Step- Down 1990 ADL & Cognitive Impairments 1996 Federally Tax Qualified & Care Management

25 2006 General Meeting Assemblée générale 2006 2006 General Meeting Assemblée générale 2006 BENEFIT ELIGIBILITY  Loss of ability to perform Activities of Daily Living:  Bathing – Dressing - Transferring  Toileting – Continence - Eating  Cognitive Impairment  Requires substantial supervision  Deficiency in memory, reasoning, time, place

26 2006 General Meeting Assemblée générale 2006 2006 General Meeting Assemblée générale 2006 CARE COORDINATION  Determination of incapacity  Preparation of a Plan of Care  Assistance in locating service provider(s)  Anecdote # 1  Anecdote # 2

27 2006 General Meeting Assemblée générale 2006 2006 General Meeting Assemblée générale 2006 OTHER PRODUCT FEATURES Bed Reservation (38) Care Management (34) Waiver of Premium for Home Care (34) Caregiver Training (31) Alternate Plan of Care (30) Equipment (30) Restoration of Benefits (30) Endorsement Group Discounts (25) Return of Premium on Death (20) Return of Premium with NFO or Cash (7)

28 2006 General Meeting Assemblée générale 2006 2006 General Meeting Assemblée générale 2006 Actual Experience United States

29 2006 General Meeting Assemblée générale 2006 2006 General Meeting Assemblée générale 2006 U.S. Experience- Lapse Policy Duration 1984-2000 Source: SOA/LIMA Persistency Study

30 2006 General Meeting Assemblée générale 2006 2006 General Meeting Assemblée générale 2006 U.S. Experience-Incidence Rates Attained AgePer Hundred Combined <40.01% 40-49.03 50-59.05 60-64.14 65-69.28 70-74.53 75-79.98 80-841.62 85-891.97 90+1.61.69% Source: SOA LTC Intercompany Study

31 2006 General Meeting Assemblée générale 2006 2006 General Meeting Assemblée générale 2006 U.S. Experience-Cause of Claim Nursing Home Home Care Alzheimer’s25%15% Stroke1311 Circulatory11 8 Injury1012 Arthritis 916 Cancer 817 Nervous System 5 6 Respiratory 5 4 Other14 12 Source: SOA LTC Intercompany Experience Study

32 2006 General Meeting Assemblée générale 2006 2006 General Meeting Assemblée générale 2006 U.S. Experience-Length of Claim Nursing Home & Home Care Alzheimer’s683 days Stroke440 Circulatory421 Injury331 Arthritis440 Cancer179 Nervous System550 Respiratory336 Total493 Source: SOA LTC Intercompany Study - Closed Claims

33 2006 General Meeting Assemblée générale 2006 2006 General Meeting Assemblée générale 2006 $ BENEFIT PAYMENT MODEL $ Incidence Rates – One Company Source: AUL Long Term Care Solutions –1984 -1998 Actual Charges1.49% Indemnity3.82 Disability3.22 Total2.09%

34 2006 General Meeting Assemblée générale 2006 2006 General Meeting Assemblée générale 2006 CARE COORDINATION Average Length Of Claim* Nursing Home Home Care Yes336 days 149 days No 385 157 Difference -13% - 5% Source: AUL Long Term Care Solutions 1984 - 1998

35 2006 General Meeting Assemblée générale 2006 2006 General Meeting Assemblée générale 2006 Distribution Issues

36 2006 General Meeting Assemblée générale 2006 2006 General Meeting Assemblée générale 2006 WHAT THE POPULATION THINKS  85%The need for LTC could adversely affect my retirement  42%LTC insurance is the best way to solve the problem of LTC  17%Have purchased LTC insurance * Source: 2006 Survey by Greenwald & Associates Conducted for John Hancock Life Insurance Co

37 2006 General Meeting Assemblée générale 2006 2006 General Meeting Assemblée générale 2006 CRACK THE CONSUMER CODE MISCONCEPTIONS “I associate LTC with one foot in the grave in some kind of home.” Source: Hill,Holliday Consumer Research Study, January 2005 COST “I’ve heard it’s prohibitively expensive.” WILLINGNESS TO GAMBLE “My parents lived to a ripe old age and never needed care.” DON’T KNOW WHERE TO GO “I wouldn’t even know who to call to learn about it.” MISTRUST “I don’t trust insurance companies” “Fine print” “Senior scams.” DENIAL “I’m not ready to process the thought of getting older.” (61 year old) More education needed to overcome barriers to purchase

38 2006 General Meeting Assemblée générale 2006 2006 General Meeting Assemblée générale 2006 TURN CLIENTS INTO SALES  89%Do not want to be a BURDEN  83%Way to cover high COST of care  80%Way to CONTROL type of care  79%Way to CONTROL place of care  76%PRESERVE ASSETS for spouse * Source: 2006 Survey by Greenwald & Associates for John Hancock Life Ins Co

39 2006 General Meeting Assemblée générale 2006 2006 General Meeting Assemblée générale 2006 SUCCESSFUL PRODUCERS  Use “needs analysis”  Are comfortable discussing LTC issues  Discuss often the topic of LTCi  More policies sold - larger the premium  Bring “sense” to chaos of products  Use clients/referrals/centers of influence  Consider LTCi a “core product” for themselves *Source: LIMRA – A 2005 Report – The Producers Perspective on Long Term Care Insurance

40 2006 General Meeting Assemblée générale 2006 2006 General Meeting Assemblée générale 2006 SUMMARY  LEARN FROM THE PAST  LTC insurance continues to grow in US  Pricing knowledge has strengthened  Products have become more sophisticated  The largest of companies are in – and winning  LOOK TO THE FUTURE  The need for LTC services is growing fast  Prospects are recognizing the need  Somebody is going to seize this market

41 2006 General Meeting Assemblée générale 2006 2006 General Meeting Assemblée générale 2006 Long Term Care Insurance THE Product of the Future. Get onboard now. Don’t miss the boat !

42 2006 General Meeting Assemblée générale 2006 Chicago, Illinois 2006 General Meeting Assemblée générale 2006 Chicago, Illinois Canadian Institute of Actuaries Canadian Institute of Actuaries L’Institut canadien des actuaires L’Institut canadien des actuaires

43 Long Term Care: Learning from the Past… Looking to the Future Canadian Institute of Actuaries General Meeting Chicago, October 19, 2006 LTC Pricing Considerations Dawn E. Helwig, F.S.A., M.A.A.A. Milliman, Inc. Dawn E. Helwig, F.S.A., M.A.A.A Milliman, Inc. 71 S. Wacker Drive, 31 st Floor Chicago, IL 60606 (312) 726-0677 dawn.helwig@milliman.com

44 2006 General Meeting Assemblée générale 2006 2006 General Meeting Assemblée générale 2006 Economics of LTCI Lifetime loss ratio target of 55% - 60% –Level issue-age premium –Steep morbidity curve – similar to mortality – Very deferred benefit – much like whole life Heaped commissions – First year cash flow drain Low lapse rates Conservative statutory reserve standards (revised in 2004) –Required margins for conservatism in persistency (80% years 1-4 (max 6% year 1): 2004 standard – max ultimate lapse of 2%) –1 Year preliminary term –1994 GAM mortality –No provision for morbidity improvement allowed (2004) –Life valuation discount rate

45 2006 General Meeting Assemblée générale 2006 2006 General Meeting Assemblée générale 2006 Sources of Capital Strain Commission Pattern Active life reserve and tax reserve patterns Punitive capital requirements Past RBC: C2 risk = 5% of claim reserves plus 25% of 1 st $50 million of premium and 15% thereafter. New RBC (effective 2005) C2 risk = 5% of claim reserves, plus 10% of 1 st $50 million of premium and 3% thereafter, plus 25% of 1 st $35 million of claims and 8% thereafter.

46 2006 General Meeting Assemblée générale 2006 2006 General Meeting Assemblée générale 2006 Product “Riskiness” Data Challenges 1985, 1995 National Nursing Home Surveys 1982, 1984, 1989 National LTC Surveys Population Data Fully mature insured experience limited & based on older benefit triggers “Current generation of products” - insured experience heavily dependent on underwriting But – experience database growing in credibility

47 2006 General Meeting Assemblée générale 2006 2006 General Meeting Assemblée générale 2006 Clue Life Insurance Company Effect of Various Profit Criteria Profit Criterion Annual Premium – No Inflation* Issue Age 4252627282 10% pre-tax (6% discount) $222$422$847$2,308$6,707 5% post-tax** (6% discount) $220$419$841$2,292$6,655 60% loss ratio – excluding reserves (4.5% discount) $301$539$989$2,511$6,639 15% IRR**$280$493$938$2,410$6,582 * 90-day, 4 year option, $100/day NH, $100/day HHC; composite of risk classes & marital status ** Uses 2.0 * RBC of: 2% of claims liability +15% of premium Reserve Standard: 4.5% discount, ‘83 GAM

48 2006 General Meeting Assemblée générale 2006 2006 General Meeting Assemblée générale 2006 Clue Life Insurance Company Effect of Various Profit Criteria Profit Criterion Annual Premium – With Inflation* Issue Age 4252627282 10% pre-tax (6% discount) $1,092$1,480$2,089$3,973$9,165 5% post-tax** (6% discount) $1,076$1,465$2,072$3,946$9,095 60% loss ratio – excluding reserves (4.5% discount) $1,714$2,064$2,595$4,479$9,196 15% IRR**$1,525$1,869$2,428$4,298$9,168 * 90-day, 4 year option, $100/day NH, $100/day HHC; composite of risk classes & marital status ** Uses 2.0 * RBC of: 2% of claims liability +15% of premium Reserve Standard: 4.5% discount, ‘83 GAM

49 2006 General Meeting Assemblée générale 2006 2006 General Meeting Assemblée générale 2006 Clue Life Insurance Company Expected Policy Year Financials Non-Inflationary Year 1Year 2Year 5Year 10Year 20Lifetime* Premium Investment Income Total Income 100.0% 99.0% 100.0% 3.2 103.2% 100.0% 16.5 116.5% 100.0% 42.3 142.3% 100.0% 123.1 223.1% 100.0% 40.9 140.9% Claims Incurred  ALR Expenses Total Outgo 7.5% 0.0 126.5 134.0% 11.9% 63.5 25.0 100.4% 28.5% 59.2 25.6 113.3% 57.7% 50.1 23.0 130.7% 162.4%.4 23.3 186.1% 60.8% 34.8 35.3 130.9% Pre-Tax Profit-34.9%2.9%3.2%11.6%37.0%10.0% * Discounted at 6%

50 2006 General Meeting Assemblée générale 2006 2006 General Meeting Assemblée générale 2006 Clue Life Insurance Company Expected Policy Year Financials Inflationary Year 1Year 2Year 5Year 10Year 20Lifetime* Premium Investment Income Total Income 100.0% -.6 99.4% 100.0% 3.1 103.1% 100.0% 20.3 120.3% 100.0% 57.8 157.8% 100.0% 191.7 291.7% 100.0% 75.7 175.7% Claims Incurred  ALR Expenses Total Outgo 3.3% 0.0 122.6 125.9% 5.4% 84.2 25.1 114.7% 14.3% 90.4 25.4 130.1% 34.9% 99.1 22.3 156.3% 136.4% 95.2 21.9 253.5% 62.8% 69.0 34.0 165.8% Pre-Tax Profit-26.5%-11.6%-9.8%1.5%38.2%10.0%

51 2006 General Meeting Assemblée générale 2006 2006 General Meeting Assemblée générale 2006 2005 Broker World Survey 18 Comprehensive Products $100 Daily Benefit – Lifetime Benefit Period 90-100 Day Elimination Period – Inflation Protection

52 2006 General Meeting Assemblée générale 2006 2006 General Meeting Assemblée générale 2006 2005 Broker World Survey 18 Comprehensive Products $100 Daily Benefit – 3 Year Benefit Period 90-100 Day Elimination Period – Inflation Protection

53 2006 General Meeting Assemblée générale 2006 2006 General Meeting Assemblée générale 2006 Importance of Lapse Rates PV of Premiums = PV of claims + PV of expenses (All with lapse assumption) Premium Claims $ Duration

54 2006 General Meeting Assemblée générale 2006 2006 General Meeting Assemblée générale 2006 Lapse Rate Trends Pricing Assumptions – Age 65-69 Early Policy Generations Policy YearCompany ACompany BCompany C 1 2 3 4 5+ 18% 14 10 7 20% 15 10 8 6 40% 20 8

55 2006 General Meeting Assemblée générale 2006 2006 General Meeting Assemblée générale 2006 Recent Lapse Experience Policy Year Company D Company E Company F Company G 1 2 3 4 5 6+ 2.0% 1.5 1.0 4.0% 2.5 2.0 1.5 1.0 7.0% 4.2 2.7 2.1 2.0 1.5 6.5% 4.5 3.5 2.5 1.5

56 2006 General Meeting Assemblée générale 2006 2006 General Meeting Assemblée générale 2006 Clue Life Insurance Company Effect of Lower Lapse Rates ItemAge 42 Age 62 Age 82 TOTAL Pre-Tax Profit (No Inflation) -1.5 5.1 9.5 5.1 Premium Change Needed 17.9 8.0 0.9 8.1 ____________________________________________________ Pre-Tax Profit (with Inflation) -7.8 2.9 9.2 0.5 Premium Change Needed 27.8 11.6 1.5 15.3 Priced LapsesRevised Lapses Year 1 Year 2 Year 3 Year 4+ 5% 4 3 2 4% 3 2 1

57 2006 General Meeting Assemblée générale 2006 2006 General Meeting Assemblée générale 2006 Clue Life Insurance Company Effect of Change in Investment Income Priced Investment Rate = 6% Revised Investment Income Rate = 5% ItemAge 42 Age 62 Age 82 TOTAL Pre-tax Profit (No Inflation) -1.8 4.2 8.6 4.4 Premium Change Needed 18.5 9.4 2.7 9.4 _____________________________________________________ Pre-Tax Profit (with Inflation) -7.5 2.1 8.3 0.2 Premium Change Needed 27.5 12.9 3.3 16.0

58 2006 General Meeting Assemblée générale 2006 2006 General Meeting Assemblée générale 2006 Clue Life Insurance Company Other Factors Impacting Profits Male/female split assumed/where it’s applied Age distribution Distribution by BP/EP Percent of insureds that are married Spouse/preferred risk discounts Average policy size Expenses varying by age Reserve assumptions Margins for adverse deviation Salvage on maximum benefits

59 2006 General Meeting Assemblée générale 2006 2006 General Meeting Assemblée générale 2006 Benefit Models: Reimbursement vs. Indemnity vs. Disability Definitions: Reimbursement – pays actual charges, up to daily, weekly or monthly maximum Indemnity – only pays for actual services received, but pays at fixed daily rate (regardless of actual charges) Disability/Cash – pays fixed daily, weekly or monthly rate if person meets ADL/cognitive triggers (regardless of whether any paid services are received or not)

60 2006 General Meeting Assemblée générale 2006 2006 General Meeting Assemblée générale 2006 Reimbursement vs. Indemnity vs. Disability – Pricing Considerations On reimbursement policies: 1.Not everyone who meets ADL/cognitive triggers gets paid services (“usage factor”) 2.Those who do receive services in the home generally get fewer than 7 days of care/week (“days salvage factor”) 3.Actual cost of services could be less than daily maximum (“cost salvage factor”) All of the above result in savings, compared to reimbursement or disability policies.

61 2006 General Meeting Assemblée générale 2006 2006 General Meeting Assemblée générale 2006 Indemnity Policies Usage factor (1) and days salvage factor (2) still apply: Not everyone who meets ADL/cognitive triggers gets paid services Those who do receive services in the home generally get fewer than 7 days of care/week Cost salvage factor (3) does not apply: Actual cost of services is irrelevant, as a fixed indemnity is paid.

62 2006 General Meeting Assemblée générale 2006 2006 General Meeting Assemblée générale 2006 Disability/Cash Policies None of the 3 factors apply: Usage is 100%, as there is no reason for a claimant to “wait” to start a claim (and the claim is measured from date of disability, not date of first service) The benefit is paid for 7 days/week, whether care is received or not (no days salvage) A fixed amount per day (week, month) is paid (no cost salvage) IN ADDITION: Disability policies have been subject to increased utilization (anti-selection), compared to reimbursement policies.

63 2006 General Meeting Assemblée générale 2006 2006 General Meeting Assemblée générale 2006 Effect of Various Factors in Determining Cost Differentials Between Policy Types FactorReimbursementIndemnityDisability UsageVaries by age: 47% usage for youngest males to 91% for oldest females Average = 85% Same as Reimbursement 100% usage for all ages. Load to reimbursement is thus 113% to 10%. Average = 18% Days salvageHHC services assumed to be used 21 days/month, for days salvage of 30%. Same as Reimbursement 30 days used per month, for load to HHC portion of cc of 43% Cost salvageDepends on average daily benefit; likely to be 5 to 10% None; load is 5 to 10%, most likely on HHC portion of benefit only None; load is 5 to 10%, most likely on HHC portion of benefit Only Anti-selectionNone (baseline)NoneApproximately 30% - on all benefits Average load for indemnity policy – minimal (less than 5%). Average load for disability policy – approximately 60 to 70%.

64 2006 General Meeting Assemblée générale 2006 2006 General Meeting Assemblée générale 2006 New Business Premium Trend Drivers Pressure to increase rates: –Lower interest rates –Recognition of very low ultimate lapse rates –Less competition –Possible subsidization of existing business –Rate stabilization requires higher profit margins

65 2006 General Meeting Assemblée générale 2006 2006 General Meeting Assemblée générale 2006 Rate Stabilization Removes initial loss ratio requirement, enabling LTCI carriers to charge higher initial rates Statement that initial premium rate schedule is sufficient to cover anticipated costs under moderately adverse experience and that the premium rate schedule is reasonably expected to be sustainable over the life of the form with no future premium increases anticipated

66 2006 General Meeting Assemblée générale 2006 2006 General Meeting Assemblée générale 2006 Average Premium Inforce Source: LIMRA 2005 Individual LTC and Medicare Supplement Insurance Survey

67 2006 General Meeting Assemblée générale 2006 2006 General Meeting Assemblée générale 2006 Average New Business Premium Source: LIMRA 2005 Individual LTC and Medicare Supplement Insurance Survey

68 2006 General Meeting Assemblée générale 2006 2006 General Meeting Assemblée générale 2006 In summary… Premiums have increased, due to updated lapse assumptions and interest Rates have stabilized, but there are still significant differences in market premiums Less is known about disability product experience Product is capital intensive and still somewhat risky But…demographics are hard to ignore, and possibility for profit does exist


Download ppt "2006 General Meeting Assemblée générale 2006 Chicago, Illinois 2006 General Meeting Assemblée générale 2006 Chicago, Illinois Canadian Institute of Actuaries."

Similar presentations


Ads by Google