Who was the dufus that thought Venezuela would be a good market for operations? Probably an actuary ran numbers and said – go for it. Oops! We had a messy quarter.
Translation of “volatility in Venezuela”: we overloaded our exposure on a risky venture in Venezuela and now those chickens are illegally immigrating to roost in our ‘messy’ global results.
@Agent: the actuaries rarely drive these decisions (Venezuela), but they have some responsibility if they didn’t provide forecasts to senior management that show ranges of potential results. Are any actuarials part of senior management at LMI or LM?
@Wondering: wonder no more; it’s not Mad Men ad peddlers who were either insulting or assaulting us. It is senior management of LM that over-exposed LM to currency risks.
General comment:
Is the term ‘messy results’ en vogue and a more honest substitute for the old management catch-phrase ‘if not for this, that, and the other adverse thing,… our results would have been typical.’?
Who was the dufus that thought Venezuela would be a good market for operations? Probably an actuary ran numbers and said – go for it. Oops! We had a messy quarter.
Wonder if it’s the same dufus that developed those TV commercials assulting us recently.
Yeah, I wonder if promising to reward their customers for trashing their vehicles also played into their “messy” results.
Translation of “volatility in Venezuela”: we overloaded our exposure on a risky venture in Venezuela and now those chickens are illegally immigrating to roost in our ‘messy’ global results.
@Agent: the actuaries rarely drive these decisions (Venezuela), but they have some responsibility if they didn’t provide forecasts to senior management that show ranges of potential results. Are any actuarials part of senior management at LMI or LM?
@Wondering: wonder no more; it’s not Mad Men ad peddlers who were either insulting or assaulting us. It is senior management of LM that over-exposed LM to currency risks.
General comment:
Is the term ‘messy results’ en vogue and a more honest substitute for the old management catch-phrase ‘if not for this, that, and the other adverse thing,… our results would have been typical.’?
“Are any actuarials part of senior management at LMI or LM?”
Former CEO Ted Kelly was a life actuary. I don’t know who their senior actuary is now.
Yogi, thanks for the clarifications.
Insurance is 50% known risk, 50% unknown risk and 50% investment in a socialist country. XXXX happens!
Venezuela ????? What’s next: Iran?
Good. I hope they go out of business so I never have to look at another one of their stupid annoying commercials.
Not as stupid as GEICO, Progressive, Allstate, Nationwide, Farmers, State Farm.