WASHINGTON (Reuters) - Democratic and Republican U.S. governors on Wednesday urged the Trump administration, as well as Congress, to continue funding payments to health insurance companies that make Obamacare plans affordable, calling it critical to stabilizing the insurance marketplace.
Reported by Reuters 10 hours ago.
U.S. Governors urge Trump to make health insurance payments
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As Lifestyle Medicine Continues to Emerge As Medicine’s Fastest Growing Field, Hundreds Register For First-Ever American Board Of Lifestyle Medicine Certification Exam
Response has been high for the inaugural American Board of Lifestyle Medicine (ACLM) certification exam, evidence of surging physician interest in treating root causes of disease. Registration is already underway for the 2018 ABLM exam in both the U.S., as well as in several international locales in association with lifestyle medicine medical professional associations serving other countries and regions.
Riverside, CA (PRWEB) August 02, 2017
The American Board of Lifestyle Medicine (ABLM) today announced that nearly 250 physicians and more than 50 PhD and Masters-level health professionals have registered to sit for the inaugural Lifestyle Medicine Board Certification exam scheduled for October 26, 2017, in Tucson, AZ. In addition to being the first certification test for Lifestyle Medicine, the new board certification makes Lifestyle Medicine the first medical sub-specialty to have a standardized exam globally, with the same exam being offered in several other countries beginning in 2018.
“We are absolutely delighted with the response to the inaugural certification and the fact that other lifestyle medicine professional associations around the world plan to adopt the U.S. exam as their own,” said ABLM Board Chair Dr. Wayne Dysinger, CEO, Lifestyle Medicine Solutions. “This will enable the field of lifestyle medicine to become globally standardized. We believe the reason for this overwhelming response is because the science is rock-solid, the economics are on the way, and, ethically, it is absolutely the right thing to do.”
The ABLM, together with its sister organization, the International Board of Lifestyle Medicine (IBLM), has been able to syndicate the Lifestyle Medicine certification exam globally, with Italy, Germany, Great Britain, Lithuania, Peru and Brazil all working on hosting their own certifications in 2018 or 2019, using the standardized exam.
All Lifestyle Medicine organizations around the globe, united by the Lifestyle Medicine Global Alliance, have committed to using the same exam, the same exam prerequisites, the same proctoring and the same pricing (adjusted to reflect local purchasing power). All diplomates will be certified by their “local” Lifestyle Medicine organization and the IBLM, with the IBLM as the common denominator.
“A physician in New York will have passed the same exam as a physician in Sao Paulo, Berlin, New Delhi, Rome, Lima, Vancouver or Seoul,” Dysinger said.
Exams currently in the pipeline after the October inaugural exam are scheduled to be conducted in Sydney, Australia, on Nov. 18, 2017, by the Australasian Society of Lifestyle Medicine and the International Board of Lifestyle Medicine (sign-up via http://www.lifestylemedicine.org.au) and in Manila, Philippines on Feb. 8th, 2018, by the Asian Society of Lifestyle Medicine and the IBLM (sign-up via http://www.iblm.co).
American College of Lifestyle Medicine (ACLM) Executive Director Susan Benigas adds “The incredible response to this first-ever certification exam, coupled with ACLM’s explosive growth as lifestyle medicine’ professional society, reflects providers’ thirst for putting ‘health’ back into healthcare—treating root causes of disease. The World Health Organization refers to lifestyle-related chronic disease as non-communicable disease (NCD), describing it as the looming global pandemic of our time. If we want real healthcare reform both here in the U.S. and around the world, it’s essential that lifestyle medicine become the foundation. Certification in the field—recognized globally—is one giant leap for medicine.”
Registration for the 2017 U.S. exam is now closed. The next exam conducted in the U.S. will be Thursday, October 25, 2018 from 8 a.m. to noon the day following the conclusion of Lifestyle Medicine 2018, ACLM’s annual conference, at the JW Marriott in Indianapolis, IN. ACLM members will receive exclusive member-only 10 percent discounts on ABLM exam registration. To register, see https://ablm.co/membership-account/register-now/.
ABOUT THE AMERICAN BOARD OF LIFESTYLE MEDICINE: The ABLM was formed in November, 2015, in Nashville, Tenn., by a group of visionary physicians who saw the need to: educate physicians, health and allied health professionals about Lifestyle Medicine; set a common standard/language for Lifestyle Medicine protocols globally; differentiate between evidence-based Lifestyle Medicine professionals and non-evidence based Lifestyle Medicine practitioners; set a global Lifestyle Medicine benchmark; and attract health insurance funding for evidence-based Lifestyle Medicine by requiring that any fund receivers be formally certified. Reported by PRWeb 9 hours ago.
Riverside, CA (PRWEB) August 02, 2017
The American Board of Lifestyle Medicine (ABLM) today announced that nearly 250 physicians and more than 50 PhD and Masters-level health professionals have registered to sit for the inaugural Lifestyle Medicine Board Certification exam scheduled for October 26, 2017, in Tucson, AZ. In addition to being the first certification test for Lifestyle Medicine, the new board certification makes Lifestyle Medicine the first medical sub-specialty to have a standardized exam globally, with the same exam being offered in several other countries beginning in 2018.
“We are absolutely delighted with the response to the inaugural certification and the fact that other lifestyle medicine professional associations around the world plan to adopt the U.S. exam as their own,” said ABLM Board Chair Dr. Wayne Dysinger, CEO, Lifestyle Medicine Solutions. “This will enable the field of lifestyle medicine to become globally standardized. We believe the reason for this overwhelming response is because the science is rock-solid, the economics are on the way, and, ethically, it is absolutely the right thing to do.”
The ABLM, together with its sister organization, the International Board of Lifestyle Medicine (IBLM), has been able to syndicate the Lifestyle Medicine certification exam globally, with Italy, Germany, Great Britain, Lithuania, Peru and Brazil all working on hosting their own certifications in 2018 or 2019, using the standardized exam.
All Lifestyle Medicine organizations around the globe, united by the Lifestyle Medicine Global Alliance, have committed to using the same exam, the same exam prerequisites, the same proctoring and the same pricing (adjusted to reflect local purchasing power). All diplomates will be certified by their “local” Lifestyle Medicine organization and the IBLM, with the IBLM as the common denominator.
“A physician in New York will have passed the same exam as a physician in Sao Paulo, Berlin, New Delhi, Rome, Lima, Vancouver or Seoul,” Dysinger said.
Exams currently in the pipeline after the October inaugural exam are scheduled to be conducted in Sydney, Australia, on Nov. 18, 2017, by the Australasian Society of Lifestyle Medicine and the International Board of Lifestyle Medicine (sign-up via http://www.lifestylemedicine.org.au) and in Manila, Philippines on Feb. 8th, 2018, by the Asian Society of Lifestyle Medicine and the IBLM (sign-up via http://www.iblm.co).
American College of Lifestyle Medicine (ACLM) Executive Director Susan Benigas adds “The incredible response to this first-ever certification exam, coupled with ACLM’s explosive growth as lifestyle medicine’ professional society, reflects providers’ thirst for putting ‘health’ back into healthcare—treating root causes of disease. The World Health Organization refers to lifestyle-related chronic disease as non-communicable disease (NCD), describing it as the looming global pandemic of our time. If we want real healthcare reform both here in the U.S. and around the world, it’s essential that lifestyle medicine become the foundation. Certification in the field—recognized globally—is one giant leap for medicine.”
Registration for the 2017 U.S. exam is now closed. The next exam conducted in the U.S. will be Thursday, October 25, 2018 from 8 a.m. to noon the day following the conclusion of Lifestyle Medicine 2018, ACLM’s annual conference, at the JW Marriott in Indianapolis, IN. ACLM members will receive exclusive member-only 10 percent discounts on ABLM exam registration. To register, see https://ablm.co/membership-account/register-now/.
ABOUT THE AMERICAN BOARD OF LIFESTYLE MEDICINE: The ABLM was formed in November, 2015, in Nashville, Tenn., by a group of visionary physicians who saw the need to: educate physicians, health and allied health professionals about Lifestyle Medicine; set a common standard/language for Lifestyle Medicine protocols globally; differentiate between evidence-based Lifestyle Medicine professionals and non-evidence based Lifestyle Medicine practitioners; set a global Lifestyle Medicine benchmark; and attract health insurance funding for evidence-based Lifestyle Medicine by requiring that any fund receivers be formally certified. Reported by PRWeb 9 hours ago.
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It's Official, Obamacare Rate Hikes Are Trump's Fault
Obamacare premiums have been exploding higher ever since the controversial legislation took over health insurance markets. And while many would say that another year of premium increases is a logical extrapolation of a predictable, multi-year trend resulting from a failed policy, others would like for you to believe that the massive (yet consistent) premium increases being proposed for the 2018 plan year are unique because they're *Trump's fault*.As the Wall Street Journal notes this morning, insurers across the country are once again seeking massive premium increases in 2018.
*Major health insurers in some states are seeking increases as high as 30% or more for premiums on 2018 Affordable Care Act plans,* according to new federal data that provide the broadest view so far of the turmoil across exchanges as companies try to anticipate Trump administration policies.
Big insurers in Idaho, West Virginia, South Carolina, Iowa and Wyoming are seeking to raise premiums by *averages close to 30% or more*, according to preliminary rate requests published Tuesday by the U.S. Department of Health and Human Services. Major marketplace players in New Mexico, Tennessee, North Dakota and Hawaii indicated they were looking for average increases of 20% or more.
In other cases, insurers are looking for more limited premium increases for the suites of products they offer in individual states, reflecting the variety of situations in different markets. Health Care Service Corp., a huge exchange player in five states, filed for average increases including 8.3% in Oklahoma, 23.6% in Texas, and 16% in Illinois.
Of course, as we've noted multiple times over the past couple of years, Obamacare premium increases are hardly a new phenomenon. In fact, data from the Department of Health and Human Services recently revealed that premiums across the country soared an average of 113% over the past 4 years, or nearly 30% per year. *Ironically, that 30% is the same hike that many insurers are seeking for 2018...some folks would call that a trend.*
*But, other folks don't believe in things like math and adverse selection bias that results in deteriorating risk pools and higher costs for insurers*...no, they prefer simple, provocative narratives that can be exploited for political gain while masking the real underlying problems of a failed policy that is ruining healthcare for millions of hard working Americans.
So what's the narrative? *'It's Trump fault'*, of course.
*Insurers are also concerned about whether the Trump administration will enforce the requirement for most people to have insurance coverage,* which industry officials say helps hold down rates by prodding young, healthy people to sign up for plans.
*In Montana, Health Care Service linked 17 percentage points of its 23% rate increase request to concerns about the cost-sharing payments and enforcement of the mandate that requires everyone to purchase insurance.* Kurt Kossen, a senior vice president at Health Care Service, said the company’s rate requests are driven by causes including growing health costs and “uncertainty and the associated risks that exist within this marketplace, including uncertainty around issues like the continued funding of [cost-sharing payments] and mechanisms that encourage broad and continuous coverage.”
*The impact of potentially losing the cost-sharing payments was also clear in the rates requested by Blue Cross of Idaho, which average 28%.* That would probably be in the lower teens if the payments were guaranteed, said Dave Jeppesen, a senior vice president. “It’s a big swing,” he said. “There’s a lot of risk associated with the uncertainty in Congress right now, and we are pricing appropriately for that risk.”
So, this obviously begs the question, if Trump decided to leave Obamacare completely unchanged for 2018 would all of these insurers promptly lower their rate proposals? Somehow we suspect not... Reported by Zero Hedge 8 hours ago.
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Health Insurance Innovations beats by $0.12, beats on revenue
Reported by SeekingAlpha 7 hours ago.
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Here's how much Covered California will hike rates in 2018 — and what it means for you
State-sponsored health insurance plans will see a rate increase of more than 10 percent due to unclear commitment from the federal government. California remains a competitive marketplace compared to some other states, but insurers are getting nervous.
Reported by bizjournals 6 hours ago.
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What Would You Do To Fix America's Rapidly Failing Health Care System?
Authored by Michael Snyder via The American Dream blog,*You may be quite surprised by how people answered this question on Facebook.* Earlier today, I posted the question in the headline to my Facebook profile, and I got dozens of responses. Obamacare has resulted in much higher insurance premiums, lower quality care and more red tape, and I have talked to so many conservatives that desperately want Congress to do something about it. *Today, Americans spend more on health care per capita than anyone else on the planet, and yet we have one of the unhealthiest populations in the entire industrialized world. We must do better, and I believe that we can do better.*
In this article, I would like to share my thoughts on just a few of the comments that were left on my Facebook profile. The original comments that were posted by others are in bold, and my responses follow each one…
*“The Federal government should not be involved in health care.”*
I definitely agree with that. Whenever the federal government gets involved in anything it tends to get worse. We once had the greatest health care system in the world, but the more that federal bureaucrats have gotten into the mix the more it has declined.
*“A free market system!”*
This just seems like common sense to me, but unfortunately most members of Congress don’t seem to agree. Free markets work if you allow them to, but the trend all over the globe is to move toward socialized healthcare. Personally, I believe that we need to move toward free market principles throughout our society, and true competition would do much to dramatically drive down health care costs.
*“Crack down big time on Medicare fraud, leave feds out of healthcare.”*
Medicaid fraud costs us about 140 billion dollars a year, and Medicare fraud has been estimated to be somewhere around 60 billion dollars a year. So if you we could just crack down on those two things, we could save up to 200 billion dollars a year.
*“Break the FDA big pharma monopoly.”*
Yes, there are way too many executives going back and forth between the FDA and the big pharmaceutical companies. I don’t understand why Republicans and Democrats both don’t want to fix this.
*“Go hard after big pharma and hospitals for being the greedy pigs they are.”*
Greed is a major problem in our health care system. Way too many are in it just to make as much money as possible, and that should not be what drives people into this profession.
*“Let people join medical clubs like Sean Hannity proposes.”*
Rand Paul has also suggested the same thing. We should allow any group of people to band together to purchase health insurance. That would greatly level the playing field between us and the big health insurance companies, and it would definitely help drive down costs.
In addition, models such as direct primary care that cut out the big health insurance companies completely should be encouraged. Health insurance companies are the number one factor driving up health care costs, and collectively they now make about 15 billion dollars in profits a year.
*“Stop the illegitimate lawsuits based on greed. Again, doctors are human and unfortunate outcomes happen even when care was provided correctly. There are risks in everything.”*
Tort reform is going to have to happen state by state, but it is desperately needed. Malpractice insurance has become exceedingly expensive, and doctors pass those costs along to their patients. If we ever want to drive down costs to where they should be, this is something that must be addressed.
*“Be like Canada!!!!”*
That sounds good, but it isn’t the solution to our problems. I personally know Canadians that have come down to the U.S. for care because they can’t get the care that they need back home in Canada.
*“Legislation needs to be introduced that forces health insurance companies to compete across state lines.”*
This is something that President Trump has been pushing for a long time, and I very much agree with him. Competition across state lines will drive down rates, and this is something that should be implemented as soon as possible.
*“More emphasis on nutrition, education about whole foods and natural healing, non- GMOs.”*
I very much agree. Today, most doctors only have two types of solutions to offer: drugs or surgery. I believe that natural solutions need to be incorporated much more extensively into our system of health care, and that is something that we should all be able to agree upon.
*“Force all US Senators, Congressman and their families to be on whatever healthcare system they force on us peons. No exceptions!”*
That only seems fair, right? If I am elected, I am going to push very hard to make sure that the same rules that apply to all of the rest of us also apply to all members of Congress. And if you would like to help make this a reality, I would encourage you to visit HelpMichaelWin.com.
* * *
*Ultimately, I believe that we need to rebuild our system of health care from the ground up, and that begins with medical school. *For decades medical schools have been greatly restricting the number of medical students, and now the growing doctor shortage in this country is becoming a major crisis.
Like others have proposed, I believe that we need to double the number of medical students immediately. And we need to do whatever else we can to promote more competition and the implementation of free market principles in our health care system.
It won’t be easy to fix things, and we have got a lot of corrupt politicians that we need to kick out of office, but I believe that we can get there if we all work together. Reported by Zero Hedge 5 hours ago.
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United States: NJ Court Recognizes Privacy Law Claim Based on HIPAA Violation - Day Pitney LLP
The Health Insurance Portability and Accountability Act of 1996 (HIPAA) does not provide for a private right of action allowing affected individuals to sue to enforce its provisions.
Reported by Mondaq 13 hours ago.
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For the Record
Covered California: In the Aug. 2 Business section, an article about a rate increase for California’s Affordable Care Act health plans said that if federal payments to health insurance companies are stopped, people who buy silver-tier plans would have to pay an extra surcharge of 12.4%. If those...
Reported by L.A. Times 22 hours ago.
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Forbes Says Self-Reliant Homesteaders Are "Delusional" And "Mooching" Off "Civil Society"
Authored by Daisy Luther via The Organic Prepper blog,*It’s always interesting reading when someone smug and sanctimonious writes a clueless diatribe about another group of people being smug and sanctimonious.* So when I saw that an economist for Moody’s and Forbes had written an* op-ed calling self-reliant homesteaders “delusional,” I knew I’d be in for some misinformed hilarity.*
The article, entitled, “Dear Homesteaders, Self-Reliance Is a Delusion” was published a couple of days ago on the Forbes website. You’ll be forewarned that the article won’t be deep in the first paragraph, when the author presents his claim to knowledge about self-reliant living comes from the fact that he is “a big fan of shows about doomsday preppers, homesteaders, survivalists, generally people who live off the grid.”
And the well-informed opinion of this arbiter of self-reliance?
…there’s a central delusion in these shows that is never far from my mind when I’m watching these shows: *off the grid people are not self-reliant, but instead are mooching off of the civil society, government, and safety net the rest of us contribute to…*
The people in these shows often describe a very romantic vision of the lives they have chosen the ethos underlying it. They describe themselves as fully self-reliant, and criticize the rest of society as being dependent and lacking in this self-reliance.* It is morally superior, the story goes, to provide for yourself, take care of your own needs, and often, be prepared to survive if society collapses.*
*First, let me segue a little bit and tell you about the author.* According to his bio on Economy.com:
Adam Ozimek is an associate director and senior economist in the West Chester office of Moody’s Analytics. Adam covers state and regional economies, as well U.S. labor markets and demographics. Prior to joining Moody’s Analytics, Adam was Senior Economist and Director of Research for Econsult Solutions, an economics consulting company. He received his Ph.D. in economics from Temple University and his bachelor’s degree in economics from West Chester University.
So based on this,* I’m going to guess that homesteading and off-grid living aren’t his jam*. I mean, he might head down to the Westtown Amish Market there in Pennsylvania, but I’d be willing to place money on that being his closest brush with any real, live, self-reliant homesteaders.
His ill-conceived argument seems to be mostly focused on health care. He is baffled about what will happen if a homesteader becomes ill or gets injured.
” On Live Free Or Die, a man in his mid sixties named Colbert lives in the Georgia swamps alone….I always wonder what will happen if he slips and falls, and can no longer provide for himself. He’ll likely end up receiving hospital treatment paid for with Medicare, and perhaps end up in an assisted living center paid for by Medicare as well.”
Or…
“Another example from Live Free or Die is Tony and Amelia, a couple who live on a simple, off-the-grid homestead in North Carolina. When I watch them I wonder what would happen if one became extremely sick, and simple, off-the-grid home medicine couldn’t treat them. Would they say “we’ve chosen our fate, and now we die by it”, or would they seek treatment in a hospital they couldn’t afford which would be covered by the hospital’s charity care or perhaps Medicaid?”
*One thing that Dr. Ozimek is missing is the fact that most homesteaders are tax-paying citizens.* Does he think that living on a homestead exempts one from property taxes? Does he suppose that their vehicles don’t have license plates or that their fuel is purchased without the requisite state gasoline tax? Or that maybe they have some special card that lets them buy things like feed without paying sales tax? Perhaps homesteading equipment like tractors and tools and off-grid appliances are likewise purchased without any gain to “society.”
As well, he’s under the assumption, based on his vast body of knowledge gleaned from watching TV, that self-reliant homesteaders don’t make any money or have any insurance. I know homesteaders who are retirees from other jobs who have a fine pension and excellent health insurance. I know others who make a good living with their homesteading endeavors. And there are still others who live simply after working for years to pay cash for their homestead, or families in which one spouse works a full-time job to support the homestead.
*But, Ozimek, whose informed point of view comes from only the most extreme of the group featured on for-profit-and-ratings television shows, doesn’t understand that. He continues to espouse the superiority of the non-agrarian lifestyle:*
If we all lived “self-reliant” lives like Tony often implores us, spending most of our time on basic agricultural subsistence, then modern hospitals couldn’t exist. It’s only because most of us choose to not live agrarian “self-reliant” lifestyles that this care would be available to Tony, Amelia, and perhaps someday, their children. And what if both of them become too injured to work the land anymore? Would they starve to death, or would they survive off of the social safety net our government provides, like food stamps?
In fairness to Tony, Amelia, and Colbert, perhaps they would refuse the modern medical care and modest safety net in the case of an accident or illness, and would simply choose to die. I don’t think most homesteaders would, but we don’t know.
Yeah, because homesteaders can’t do anything but homestead.
-Some people are producers and other people are consumers.-
*Ozimek thinks that someone with the extensive skills required to live off the grid would be completely unable to find employment and would have no option but to become a welfare recipient should their homesteading endeavor fall apart.*
What he’s missing is that his cushy “civilized” lifestyle is completely reliant on the type of people he scorns. He forgets that someone, somewhere is growing his food. Someone, somewhere, is assuring that his energy reaches his home. Someone is ensuring that his plumbing works, someone is repairing his furnace if it breaks, and someone is transporting the goods he purchases to the store, where someone will sell him those goods.
But, *that’s what happens when someone is only a consumer and not a producer.* They think that producers are somehow less worthy, and that if they couldn’t produce what the consumers consume, they’d be totally out of options.
The cool thing about self-reliant homesteaders is that we aren’t one-trick ponies. We can produce all sorts of things and provide all kinds of services. It’s called “having skills.”
-Most self-reliant homesteaders aren’t reality TV stars.-
*Since his entire argument is based on the tv programs he watches, the author doesn’t understand what self-reliance means to those of us who aren’t reality television stars.*
It means:
· We provide a lot of our own food because we prefer to know where it comes from.
· We raise our own meat because we object to the way factory-farmed animals are treated.
· We use our own sources of power because maybe we’re green at heart or maybe we just prefer not to be tied into the “smart” grid.
· We learn to make our own products for cleaning, bathing, and making life pleasant because we don’t want to bring chemical toxins into our homes.
· We’d rather skip the middle man and spend our time actually making the things that most people work for hours to purchase from someone else who made them.
· We are far less likely to spend time at the doctor’s office because a) we aren’t huge fans of pharmaceuticals, b) we can take care of small things ourselves, and c) our healthier lifestyle means we tend to be less likely to be ill. (Although this isn’t always the case – even self-reliant homesteaders can get sick. And when we do, we use our insurance or we pay for it with savings. Just like everyone else.)
· We don’t need as much money because we just don’t need as much stuff.
But to someone who buys all of their food and other goods from the store and gets all of their medicine from the pharmacy, it can be difficult to understand the satisfaction that comes from evading those places.
-But, safety…-
Of course, if self-reliant homesteaders pass all of the Forbes columnist’s other tests, he can still dismiss their achievements by going full-blown statist.
Yet even if one refuses help and care, however, they still benefit from the modern civil society thanks to the private property protections, rule of law, and military that provide them with safety and security.
Many off-the-grid folks like to fantasize that their personal fire arms collection and self-defense skills are actually why they are safe. But how far would this take them in a society without the rule of law, an effective government, and law enforcement? The homesteader who is confident their security is in their own hands should go live off-the-grid in Syria and find out how far self-protection takes them.
And it’s not just police and a military that keep homesteaders safe. It’s also widespread prosperity. In the developed world, a basic education is available to all, and most people who want a job can find one. Living in a prosperous, modern economy means that homesteaders can take a good bit of their own safety from violence for granted and roving bandits are not likely to take their homes from them.
*So, by the mere fact of our existence in this country, according to Ozimek, none of us are self-reliant. It boggles the mind that this fellow successfully wrote and defended a doctoral thesis.*
-This is how reliant people justify their reliance.-
I guess what it boils down to is that this is what helps Ozimek and people like him justify living their lives without any practical skills.* If things did go sideways in a long-term kind of way, who is going to be better off: a person who can claim a Ph.D. in economics or someone who can actually produce food?*
*The fact is, the less we require from society, the less power that society has over us. *Our lifestyles give us some distance from the hustle and the bustle. We don’t have to make as much money because we don’t live in the consumer matrix that engulfs so much of society. We are content to live simply instead of hustling from one non-productive activity to another.
Most of us don’t eschew all the benefits of living in a modern society. It doesn’t have to be all or nothing. Having a corporate job doesn’t preclude growing your own tomatoes any more than having a herd of goats precludes having health insurance.
There is a joy in making a meal that came entirely from your own backyard that these people will never get to experience, and having spent many years in the corporate world, I can tell you which provides the most satisfaction for me.
In this society where nearly everyone is digitally connected 24 hours a day, it’s nice to step away from all that and break the addiction to constant stimulation. It’s nice to not always be trading the hours in your day for the things that someone else made while you were working on something that, if we’re being honest, is kind of pointless in the grand scheme of survival.
*If Dr. Ozimek wants to talk about delusions and superiority, he could find all the inspiration he needs by taking a look in the mirror.* Reported by Zero Hedge 22 hours ago.
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Americans Spend The Most For Health Care, Still Die Young
The Organization for Economic Cooperation and Development just released its latest batch of data seeking to measure the quality of health care in each of its member states.The rankings show that although the US spends more per capita on health care than any of the 34 other OECD member states, *its average life expectancy of 78.8 years ranks is among the lowest found in the group,* according to a Bloomberg analysis.
According to the data, the US ranks near the bottom compared with its developed-country peers in prevalence of infant mortality and maternal mortality, as well as deaths from cancer and cardiovascular disease.
*“It has the fourth highest infant mortality rate in the OECD, the sixth highest maternal mortality rate and the ninth highest likelihood of dying at a younger age from a host of ailments, including cardiovascular disease and cancer.*”
There’s also a surprising disconnect between how healthy Americans believe they are, and how healthy they really are.
*“The U.S. is the most obese country in the OECD, leads in drug-related deaths and ranks 33rd in prevalence of diabetes. Yet 88 percent of Americans say they are in good or very good health, according to OECD statistics.* Only 35 percent of Japanese, who have the highest life expectancy in the OECD, regard themselves as healthy or very healthy.
Bloomberg attributes the gap to the America’s reliance on “voluntary” health insurance, saying that OECD countries that rely on public health-care plans have much higher life expectancy, presumably because patients in these countries are incentivized to seek preventative care.
“Unlike other countries in the OECD, the U.S. mostly relies on voluntary health insurance to fund health-care costs. Public health insurance, such as Medicare and Medicaid, accounts for 27 percent of coverage. *By contrast, the 10 countries with the highest life expectancy depend on voluntary insurance for an average of less than 6 percent of their costs, and government spending for nearly half.”*
Pharmaceuticals are of the biggest drivers of the US's high health-care costs: *The US spends more per capita on prescription medicines and over-the-counter products than any other country in the OECD.*
The data arrive as President Donald Trump and Senate GOP leaders consider their next move in a battle to repeal and replace Obamacare. *Their latest effort, a so-called “skinny repeal” bill that would’ve rolled back some of the more controversial aspects of Obama’s landmark health initiative was rejected by a one-vote margin when Sen. John McCain, who’s suffering from brain cancer, surprised his peers by voting “no” in an early-morning vote last week.*
Health insurance costs are on track to rise much more quickly than inflation as Trump considers using executive actions to ditch key payments to Obamacare insurance companies if a repeal and replace bill is not passed.* Insurers in five states requesting premium increases of more than 30%, using this “policy uncertainty” as an excuse the blame the president.*
With so much “uncertainty” surrounding the future of health-care in the US, maybe Bernie Sanders will succeed in passing a single-payer initiative that he’s vowed to introduce. Of course, the tax increases that would be required to implement the legislation might trigger a few unintended health crises of their own once taxpayers see the bill.
*The complete rankings can be found below: * Reported by Zero Hedge 21 hours ago.
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Need Help With Medical Bills?
If you're a patient who needs assistance with a medical bill because your health insurance isn't paying enough, you're in luck -- there are programs to help you avoid bankruptcy.
Reported by Motley Fool 18 hours ago.
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Senate Panel To Probe How To Bring Stability To Health Insurance Market
GOP Sen. Lamar Alexander has organized bipartisan hearings aimed at preventing a "death spiral" on the health insurance market. David Greene talks to Democratic Sen. Maggie Hassan of New Hampshire.
Reported by NPR 16 hours ago.
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Stocks start lower as tech companies and banks slip
NEW YORK (AP) — U.S. stocks are edging lower in early trading Thursday as banks, technology and health companies fall. Prescription drug distributor AmerisourceBergen and women's health diagnostic company Hologic tumbled, while a solid quarter from cereal maker Kellogg helped makers of food and household goods move higher. Kellogg, the maker of Frosted Flakes, Pop Tarts and Eggo waffles, reported another quarterly decline in sales as revenue from breakfast items slipped and snack food sales were flat. Electric car maker Tesla said it's confident it can meet its production goals for its new Model 3 sedan, which will cost less than its previous cars. Prescription drug distributors have struggled lately as the prices of generic drugs fall, and branded-drug prices don't rise as quickly as they have in the past. Aetna raised its 2017 estimates again, and shares of the third-largest U.S. health insurer climbed $3.38, or 2.2 percent, to $158.12. Aetna gained some Medicare customers and its employers-sponsored health coverage business improved. A pullback from the Affordable Care Act's health insurance exchanges. Japan's benchmark Nikkei 225 lost 0.3 percent and the Kospi of South Korea dropped 1.7 percent.
Reported by SeattlePI.com 13 hours ago.
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White House Opioid Commission Interm Report Recommendations May Make the Nation's Drug Problem Worse
Dr. Indra Cidambi, Addiction Expert at the Center for Network Therapy, Says, “Recommendations Are Out of touch With Reality and Behind the Curve”
(PRWEB) August 03, 2017
The White House Opioid Commission’s Interim Report shines a bright light on America’s opioid epidemic; 142 people dying from drug overdose every single day. The Center for Network Therapy (CNT) estimated that the cost of the drug epidemic exceeds $1 trillion every year. (Read CNT's recent press release on this topic here.) Dr. Indra Cidambi, leading Addiction Medicine expert and Medical Director at CNT, New Jersey’s first licensed outpatient detoxification facility, fears that many of the recommendations may not help much and some may actually make the drug problem worse.
Dr. Cidambi analyzed the interim report’s recommendations and explained why:· Increasing inpatient treatment capacity constitutes an expansion of a failed model: The report recommends Medicaid limitations for inpatient treatment be removed. However, the drug epidemic is proof that the traditional inpatient treatment modalities have largely failed even people with private health insurance not subject to such limitations. “So more of the same may help on the margin at best, but supporting nascent addiction treatment modalities such as the Ambulatory (Outpatient) Detoxification is the key to delivering far better outcomes in an economic manner,” says Dr. Cidambi. The outpatient model incorporates an individual’s living environment into treatment, which helps deliver better results.
· Increasing opioid prescriber education may not stop the creation of new addicts: “65% of opioid pain prescriptions are written by Family Doctors and Nurse Practitioners, not pain management specialists,” notes Dr. Cidambi. “While educating these prescribers is important, a better alternative would be limiting the ability to prescribe opiate pain medications only to physicians with specialized training in pain management (such as surgeons, oncologists and orthopedic and pain management specialists). We need to stop creating addicts as a more comprehensive opioid curriculum is worked into the medical education system.”
· Medication Assisted Treatment (MAT) is not a panacea: MAT primarily consists of prescribing buprenorphine or methadone and, to some highly-motivated individuals, naltrexone in order to address cravings and withdrawal symptoms for individuals afflicted with the disease of addiction. “Recklessly expanding the number of prescribers of these medications will only intensify the problem; these medications are only effective when accompanied by therapy to help encourage lifestyle changes, as well as monitoring to ensure these patients are not using other drugs concurrently,” says Dr. Cidambi. “We are sure to find people with addiction issues leverage the easy availability of such prescriptions to detox themselves when they run out of money to buy drugs or use it as currency on the street to buy other drugs.” Mixing these medications with other drugs or prescription medications could be dangerous.
· Making Naloxone (Narcan) available to people addicted to opiates may encourage riskier behavior: Naloxone is an opiate overdose reversal drug used by first responders and other emergency medical care professionals. “Requiring opioid prescriptions to be complemented by Naloxone prescriptions appears logical on the surface but it is a double-edged sword. I fear it may encourage people abusing opioid pain pills to chase a ‘higher high,’ as they have the antidote to overdose on hand,” noted Dr. Cidambi. While all emergency medical professionals and first responders should be equipped with Naloxone, handing it out to opioid pain medication abusers could actually increase the chances of overdose. Also, overdoses are not intentional and the ability to recognize and self-administer Naloxone at the point of overdose is questionable.
· Development and deployment of fentanyl sensors will likely be futile: The opioid commission’s assumption is that Fentanyl is smuggled into the country as a finished product, but the reality is a little more complex. “On shoring of Fentanyl is happening fast and drug dealers are importing base chemicals (that can be combined in home-size labs to make Fentanyl) and pill making machines (disassembled and shipped in separate packages) from China and making the fentanyl pills themselves,” says Dr. Cidambi. Therefore, screening for fentanyl is unlikely to yield optimal results. A better option would be to leverage our terror tracking apparatus to track orders of raw materials over the internet and the dark web.
· Exploding demand for street heroin will not show in national prescription monitoring programs: Currently, most prescription monitoring databases are localized to one state and the opioid commission recommends a national database. It would definitely help identify ‘doctor shopping’ across state lines for prescription opiate pain medications. “However, this may be similar to locking the stable door after the horse has bolted,” says Dr. Cidambi. “Drug dealers are awesome competitors and street prices of heroin and heroin laced with fentanyl have fallen so much that opioid overdose deaths in 2015 continued to climb despite a significant decline in opioid pain prescriptions. Individuals addicted to opiates simply switched to cheaper and more potent street drugs.” If the crackdown on legal prescriptions intensifies it will push more people to street drugs.
· Enforcing the Mental Health Parity and Addiction Equity Act (MHPAEA) should be accompanied by support for newer treatment modalities: “Every day I see patients whose health insurance provider either does not provide sufficient coverage for substance use disorders or they face a high deductible,” says Dr. Cidambi. Either way, many individuals suffering from substance use disorders are unable to access treatment. “There is also resistance in the treatment community to innovative, higher efficacy and lower cost treatment models such as Ambulatory Detoxification, which I introduced in the state of New Jersey.” The cost of traditional inpatient treatment is high and burdensome regulations play a big part in driving costs higher. In order to lighten the costs of treatment on society as a whole, lower cost modalities of care such as Ambulatory Detoxification should be strongly supported while enforcing MHPAEA.
· Easing HIPAA regulations should help: While HIPAA was designed to protect the patient’s privacy, with substance use disorders it cuts both ways. “In many instances, I find sharing information with other care providers greatly enhances the patient’s recovery, as it avoids patients receiving multiple prescriptions. But HIPAA is restrictive when the patient has not signed a release to share information. HIPAA actually serves to increase the relapse rate, so this recommendation could truly help, and may save lives in case of overdose.”
· While decriminalizing drug possession is important, it is not one of the opioid commission's recommendations: In 2015, there were roughly 1.5 million arrests for drug law violations and four out of five were for possession. Decriminalization of drug possession related violations may offer the biggest bang for the buck because, according to the U.S. Department of Justice, more than 50% of the costs tied to illicit drug use related to criminal justice and incarceration. “It is time we utilize the ‘token economy’ modality of treatment that universally offers individuals a clean record upon successful completion of addiction treatment. This would cut criminal justice costs dramatically and also enable those in recovery to more easily re-integrate into the job market,” said Cidambi. This will also save money that can be utilized to fund other initiatives.
About Center for Network Therapy
Center for Network Therapy (CNT) was the first facility in New Jersey to be licensed to provide Ambulatory (Outpatient) Detoxification Services for all substances of abuse – alcohol, anesthetics, benzodiazepines, opiates and other substances of abuse. Led by a Board-Certified Addiction Psychiatrist, Indra Cidambi, M.D., experienced physicians and nurses closely monitor each patient’s progress. With CNT’s superior client care and high quality treatment, Dr. Cidambi and her clinical team have successfully detoxed over 1,000 patients in four years. The Center for Network Therapy also offers step down to Partial Care (PHP and Intensive Outpatient (IOP) levels of care. Reported by PRWeb 7 hours ago.
(PRWEB) August 03, 2017
The White House Opioid Commission’s Interim Report shines a bright light on America’s opioid epidemic; 142 people dying from drug overdose every single day. The Center for Network Therapy (CNT) estimated that the cost of the drug epidemic exceeds $1 trillion every year. (Read CNT's recent press release on this topic here.) Dr. Indra Cidambi, leading Addiction Medicine expert and Medical Director at CNT, New Jersey’s first licensed outpatient detoxification facility, fears that many of the recommendations may not help much and some may actually make the drug problem worse.
Dr. Cidambi analyzed the interim report’s recommendations and explained why:· Increasing inpatient treatment capacity constitutes an expansion of a failed model: The report recommends Medicaid limitations for inpatient treatment be removed. However, the drug epidemic is proof that the traditional inpatient treatment modalities have largely failed even people with private health insurance not subject to such limitations. “So more of the same may help on the margin at best, but supporting nascent addiction treatment modalities such as the Ambulatory (Outpatient) Detoxification is the key to delivering far better outcomes in an economic manner,” says Dr. Cidambi. The outpatient model incorporates an individual’s living environment into treatment, which helps deliver better results.
· Increasing opioid prescriber education may not stop the creation of new addicts: “65% of opioid pain prescriptions are written by Family Doctors and Nurse Practitioners, not pain management specialists,” notes Dr. Cidambi. “While educating these prescribers is important, a better alternative would be limiting the ability to prescribe opiate pain medications only to physicians with specialized training in pain management (such as surgeons, oncologists and orthopedic and pain management specialists). We need to stop creating addicts as a more comprehensive opioid curriculum is worked into the medical education system.”
· Medication Assisted Treatment (MAT) is not a panacea: MAT primarily consists of prescribing buprenorphine or methadone and, to some highly-motivated individuals, naltrexone in order to address cravings and withdrawal symptoms for individuals afflicted with the disease of addiction. “Recklessly expanding the number of prescribers of these medications will only intensify the problem; these medications are only effective when accompanied by therapy to help encourage lifestyle changes, as well as monitoring to ensure these patients are not using other drugs concurrently,” says Dr. Cidambi. “We are sure to find people with addiction issues leverage the easy availability of such prescriptions to detox themselves when they run out of money to buy drugs or use it as currency on the street to buy other drugs.” Mixing these medications with other drugs or prescription medications could be dangerous.
· Making Naloxone (Narcan) available to people addicted to opiates may encourage riskier behavior: Naloxone is an opiate overdose reversal drug used by first responders and other emergency medical care professionals. “Requiring opioid prescriptions to be complemented by Naloxone prescriptions appears logical on the surface but it is a double-edged sword. I fear it may encourage people abusing opioid pain pills to chase a ‘higher high,’ as they have the antidote to overdose on hand,” noted Dr. Cidambi. While all emergency medical professionals and first responders should be equipped with Naloxone, handing it out to opioid pain medication abusers could actually increase the chances of overdose. Also, overdoses are not intentional and the ability to recognize and self-administer Naloxone at the point of overdose is questionable.
· Development and deployment of fentanyl sensors will likely be futile: The opioid commission’s assumption is that Fentanyl is smuggled into the country as a finished product, but the reality is a little more complex. “On shoring of Fentanyl is happening fast and drug dealers are importing base chemicals (that can be combined in home-size labs to make Fentanyl) and pill making machines (disassembled and shipped in separate packages) from China and making the fentanyl pills themselves,” says Dr. Cidambi. Therefore, screening for fentanyl is unlikely to yield optimal results. A better option would be to leverage our terror tracking apparatus to track orders of raw materials over the internet and the dark web.
· Exploding demand for street heroin will not show in national prescription monitoring programs: Currently, most prescription monitoring databases are localized to one state and the opioid commission recommends a national database. It would definitely help identify ‘doctor shopping’ across state lines for prescription opiate pain medications. “However, this may be similar to locking the stable door after the horse has bolted,” says Dr. Cidambi. “Drug dealers are awesome competitors and street prices of heroin and heroin laced with fentanyl have fallen so much that opioid overdose deaths in 2015 continued to climb despite a significant decline in opioid pain prescriptions. Individuals addicted to opiates simply switched to cheaper and more potent street drugs.” If the crackdown on legal prescriptions intensifies it will push more people to street drugs.
· Enforcing the Mental Health Parity and Addiction Equity Act (MHPAEA) should be accompanied by support for newer treatment modalities: “Every day I see patients whose health insurance provider either does not provide sufficient coverage for substance use disorders or they face a high deductible,” says Dr. Cidambi. Either way, many individuals suffering from substance use disorders are unable to access treatment. “There is also resistance in the treatment community to innovative, higher efficacy and lower cost treatment models such as Ambulatory Detoxification, which I introduced in the state of New Jersey.” The cost of traditional inpatient treatment is high and burdensome regulations play a big part in driving costs higher. In order to lighten the costs of treatment on society as a whole, lower cost modalities of care such as Ambulatory Detoxification should be strongly supported while enforcing MHPAEA.
· Easing HIPAA regulations should help: While HIPAA was designed to protect the patient’s privacy, with substance use disorders it cuts both ways. “In many instances, I find sharing information with other care providers greatly enhances the patient’s recovery, as it avoids patients receiving multiple prescriptions. But HIPAA is restrictive when the patient has not signed a release to share information. HIPAA actually serves to increase the relapse rate, so this recommendation could truly help, and may save lives in case of overdose.”
· While decriminalizing drug possession is important, it is not one of the opioid commission's recommendations: In 2015, there were roughly 1.5 million arrests for drug law violations and four out of five were for possession. Decriminalization of drug possession related violations may offer the biggest bang for the buck because, according to the U.S. Department of Justice, more than 50% of the costs tied to illicit drug use related to criminal justice and incarceration. “It is time we utilize the ‘token economy’ modality of treatment that universally offers individuals a clean record upon successful completion of addiction treatment. This would cut criminal justice costs dramatically and also enable those in recovery to more easily re-integrate into the job market,” said Cidambi. This will also save money that can be utilized to fund other initiatives.
About Center for Network Therapy
Center for Network Therapy (CNT) was the first facility in New Jersey to be licensed to provide Ambulatory (Outpatient) Detoxification Services for all substances of abuse – alcohol, anesthetics, benzodiazepines, opiates and other substances of abuse. Led by a Board-Certified Addiction Psychiatrist, Indra Cidambi, M.D., experienced physicians and nurses closely monitor each patient’s progress. With CNT’s superior client care and high quality treatment, Dr. Cidambi and her clinical team have successfully detoxed over 1,000 patients in four years. The Center for Network Therapy also offers step down to Partial Care (PHP and Intensive Outpatient (IOP) levels of care. Reported by PRWeb 7 hours ago.
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One PA Company Vows to Keep Health Coverage
As politicians continue debating government’s role in health care, employers like Pennsylvania-based Susquehanna Glass will likely continue offering health insurance as a way to attract and retain employees. (Aug.3)
Reported by USATODAY.com 6 hours ago.
Reported by USATODAY.com 6 hours ago.
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Allianz SE: Allianz delivers 83.4 percent rise in 2Q 2017 net income to 2.0 billion euros
DGAP-News: Allianz SE / Key word(s): Quarter Results/Half Year Results
04.08.2017 / 07:59
The issuer is solely responsible for the content of this announcement.
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*- *Total 2Q 2017 revenues rise 2.0 percent to 30.0 billion euros
- 2Q 2017 operating profit up 22.9 percent to 2.9 billion euros
- 2Q 2017 net income attributable to shareholders up 83.4 percent to 2.0 billion euros
- All business segments contribute to stronger results in 1H and 2Q 2017
- Solvency II capitalization ratio rises to 219 percent at end of 2Q compared to 212 percent at end of 1Q 2017
- Operating profit for 2017 now expected near the upper end of target range of 10.8 billion euros, plus or minus 500 million euros
*Management Summary: All segments contribute to Group success*Allianz achieved very good results in the second quarter of 2017. Total revenues grew by 2.0 percent to 30.0 (second quarter of 2016: 29.4) billion euros. All business segments contributed to this increase with the majority coming from our Life and Health business segment. Operating profit amounted to 2.9 (2.3) billion euros, an increase of 22.9 percent, supported by all business segments, in particular by our Property and Casualty business. Net income attributable to shareholders increased by 83.4 percent to 2.0 (1.1) billion euros, driven by both the higher operating profit and improved non-operating result. The non-operating result in the prior year was burdened by the negative impact from our South Korean life business.
Basic Earnings per Share (EPS) amounted to 4.45 (2.39) euros. Annualized Return on Equity (RoE) was 13.4 percent (full year 2016: 12.3 percent).^Annualized figures are not a forecast for full year numbers. The Solvency II capitalization ratio rose to 219 percent at the end of the quarter, compared to 212 percent at the end of the first quarter of 2017, mostly driven by favorable market developments.
The first half of 2017 was also a success, with all business segments contributing. Total revenues increased in all segments in the first six months of 2017. Operating profit in the half-year period rose 15.7 percent to 5.9 billion euros, well past the middle point of our earnings target for the full year. During the first half of the year, net income attributable to shareholders increased by an impressive 17.9 percent to 3.8 billion euros. The strongest growth was achieved by our Life and Health business, which alone saw a 78 percent increase in net income attributable to shareholders in the six-month period to 1.5 billion euros. Just as importantly, the Asset Management segment saw a 19.5 percent increase to 700 million euros while the Property & Casualty insurance segment saw a 7.7 percent increase in net income attributable to shareholders to 1.98 billion euros.
"We're half way through our three-year Renewal Agenda plan, and at this stage it is clear that those efforts are bearing fruit for all our stakeholders," said Oliver Bäte, Chief Executive Officer of Allianz SE. "We had a very good half-year with double-digit growth in operating profit and net income. Our diversified portfolio across business segments and regions can clearly deliver outstanding results. The strong capitalization reinforces the resilience and flexibility of Allianz. We can now say that we expect operating result for 2017 near the upper end of the target range of 10.8 billion euros, plus or minus 500 million euros."
*Property and Casualty insurance: Strong profitability*
- Gross premiums written amounted to 11.7 (11.6) billion euros in the second quarter of 2017. Adjusted for foreign exchange and consolidation effects, internal growth totaled 0.5 percent, with price and volume effects contributing 1.0 percent and -0.4 percent respectively.Allianz Worldwide Partners, Spain and Germany were the main growth drivers.
- Operating profit increased by 28.0 percent to 1.4 billion euros in the second quarter of 2017 compared to the prior-year quarter. This increase was due to a higher underwriting result driven by lower losses from natural catastrophes and lower attritional losses.
- As a result of the lower loss ratio the combined ratio improved to 93.7 (96.4) percent in the second quarter of 2017.
"We made excellent progress in underwriting and by stabilizing investment income in the property and casualty segment. The jump in quarterly operating profit growth is a clear sign that our efforts are paying off," said Dieter Wemmer, Chief Financial Officer of Allianz SE.
In the first half-year of 2017, gross premiums written increased slightly to 29.4 (28.9) billion euros. Adjusted for foreign exchange and consolidation effects, internal growth amounted to 1.2 percent, mostly driven by positive developments at Allianz Worldwide Partners, in Germany and Spain. Operating profit improved 5.2 percent to 2.7 billion euros compared to the same period of the prior year due to a higher underwriting result. The combined ratio for the first half-year improved by 0.2 percentage points to 94.6 percent.
*Life and Health insurance: Abundant growth on rising customer demand*
- Statutory premiums increased by 2.6 percent to 16.7 (16.3) billion euros in the second quarter of 2017 due to higher sales of capital-efficient products in Germany and growth in unit-linked premiums in Taiwan and Italy. This more than offset the decrease in our business with fixed-income annuities in the United States. Adjusted for foreign exchange and consolidation effects, statutory premiums rose by 4.3 percent.
- Operating profit grew by 12.0 percent to 1.1 (1.0) billion euros in the second quarter of 2017, mainly because of a higher technical margin largely in France and an increased investment margin in line with growing reserves. All lines of business contributed with higher operating profit. Capital-efficient products showed the biggest jump with an increase of 16 percent.
- The value of new business (VNB) went up by 37.6 percent to 469 million euros in the second quarter of 2017 as a result of the continued shift to capital-efficient products.
- The new business margin (NBM) improved to 3.4 (2.6) percent in the second quarter of 2017, driven by our efforts to adjust products to the current market environment thereby improving the business mix.
"The Life and Health business segment has experienced ample growth in this difficult environment. Because we are shifting to a new product mix that offer customers the chance of higher returns without overly burdening our balance sheet, our new business margin is well ahead of target and the value of new business jumped by more than a third in the second quarter alone," said Dieter Wemmer.
In the first half year of 2017, operating profit increased to 2.3 (1.9) billion euros.
Statutory premiums amounted to 33.6 billion euros, a growth of 2.0 percent. The new business margin for the first six months reflects the targeted shift toward capital-efficient products, bringing it to 3.3 (2.6) percent. As a result, the value of new business (VNB) increased by 29.9 percent to 922 million euros compared to the first half year of 2016.
*Asset Management: Strong inflows support further growth of operating profit*
- Operating profit increased by 16.8 percent to 584 (500) million euros in the second quarter of 2017 in the Asset Management business segment. This was driven by an increase in operating revenues, mainly as a result of higher average third-party assets under management.
- The cost-income ratio (CIR) improved by 2.8 percentage points to 62.5 percent in the second quarter of 2017, as the increase in revenues outpaced an increase in expenses.
- During the second quarter of 2017, third-party assets under management grew by 3 billion euros to 1,406 billion euros compared to the end of the first quarter of 2017. Record quarterly third-party net inflows of 55 billion euros, mainly at PIMCO, as well as positive market effects were largely offset by negative foreign currency impacts, mostly driven by the depreciation of the U.S. dollar against the euro.
"PIMCO saw 33 billion euros in net inflows across a broad customer base plus a single, 19 billion euro mandate. This brought PIMCO's total third party net inflows to a record 52 billion euros for the quarter. PIMCO has become a performance engine again," said Dieter Wemmer.
In the first half of 2017, operating revenues increased by 10.1 percent to 3.1 billion euros, mainly due to a large increase in average third-party assets under management. As operating expenses only went up 4.9 percent, the cost-income-ratio decreased by 3.2 percentage points to 62.9 percent. Furthermore, strong third-party net inflows and positive market effects outweighed negative foreign currency effects, resulting in 1,915 billion euros of total assets under management - an increase of 44 billion euros compared to year-end 2016.
*Technical Note:* Prior-year figures have been adjusted due to an updated operating profit definition and an accounting policy change, as already described in the first quarter of 2017.
*Allianz Group - key figures 2nd quarter and 1st half year of 2017*
*2Q 2017* *2Q 2016* *6M 2017* *6M 2016*
*Total revenues * *EUR bn* *30.0* *29.4* *66.2* *64.8*
- Property-Casualty EUR bn 11.7 11.6 29.4 28.9
- Life/Health EUR bn 16.7 16.3 33.6 33.0
- Asset Management EUR bn 1.6 1.4 3.1 2.8
- Corporate and Other EUR bn 0.1 0.1 0.3 0.3
- Consolidation EUR bn -0.1 -0.1 -0.2 -0.2
*Operating profit / loss*^1,2,3 *EUR mn* *2,928* *2,383* *5,860* *5,063*
- Property-Casualty^2 EUR mn 1,446 1,130 2,705 2,572
- Life/Health^1,2,3 EUR mn 1,128 1,007 2,282 1,859
- Asset Management^2 EUR mn 584 500 1,156 960
- Corporate and Other^2 EUR mn -224 -249 -265 -323
- Consolidation EUR mn -5 -5 -18 -5
*Net income*^1 *EUR mn* *2,093* *1,182* *4,013* *3,425*
- attributable to non-controlling interests EUR mn 99 95 203 194
- attributable to shareholders^1 EUR mn 1,994 1,087 3,810 3,231
*Basic earnings per share*^1 *EUR* *4.45* *2.39* *8.45* *7.10*
*Diluted earnings per share*^1 *EUR* *4.45* *2.34* *8.44* *6.92*
*Additional KPIs*
- Group Return on equity^1,4,5 % 14.0% 12.3% 13.4% 12.3%
- Property-Casualty Combined ratio % 93.7% 96.4% 94.6% 94.9%
- Life/Health New business margin^6 % 3.4% 2.6% 3.3% 2.6%
- Life/Health Value of new business^6 EUR mn 469 341 922 710
- Asset Management Cost-income ratio^2 % 62.5% 65.3% 62.9% 66.1%
*06/30/17* *12/31/16*
*Shareholders' equity*^1,4 *EUR bn* *-* *-* *64.2* *67.1*
*Solvency II capitalization ratio*^7 *%* *-* *-* *219%* *218%*
*Third-party assets under management* *EUR bn* *-* *-* *1,406* *1,361*
*Please note:* The figures are presented in millions of Euros, unless otherwise stated. Due to rounding, numbers presented may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures.
^1 Prior year figures have been adjusted in order to reflect the impact resulting from an accounting policy change to measure the Guaranteed Minimum Income Benefit (GMIB) liability at fair value for our life business.
^2 In light of the new operating profit definition, restructuring charges are reported outside of operating profit unless shared with policyholders. Prior year figures have been adjusted accordingly.
^3 From the classification of the Korean life business as "held for sale" in 2Q 2016 until its disposal in 4Q 2016, the total result was considered as non-operating.
^4 Excluding non-controlling interests.
^5 Excluding unrealized gains/losses on bonds net of shadow accounting. Return on equity for 2Q 2017 and 6M 2017 is annualized. For 2Q 2016 and 6M 2016, the return on equity for the full year 2016 is shown. Annualized figures are not a forecast for full year numbers.
^6 Current and prior year figures are presented excluding effects from the Korean life business.
^7 Risk capital figures are group diversified at 99.5% confidence level. Allianz Life US included based on third country equivalence with 150% of RBC CAL (Risk Based Capital Company Action Level) since September 30, 2015.
These assessments are, as always, subject to the disclaimer provided below.
*Cautionary note regarding forward-looking statements*
The statements contained herein may include prospects, statements of future expectations and other forward-looking statements that are based on management's current views and assumptions and involve known and unknown risks and uncertainties. Actual results, performance or events may differ materially from those expressed or implied in such forward-looking statements.
Such deviations may arise due to, without limitation, (i) changes of the general economic conditions and competitive situation, particularly in the Allianz Group's core business and core markets, (ii) performance of financial markets (particularly market volatility, liquidity and credit events), (iii) frequency and severity of insured loss events, including from natural catastrophes, and the development of loss expenses, (iv) mortality and morbidity levels and trends, (v) persistency levels, (vi) particularly in the banking business, the extent of credit defaults, (vii) interest rate levels, (viii) currency exchange rates including the euro/US-dollar exchange rate, (ix) changes in laws and regulations, including tax regulations, (x) the impact of acquisitions, including related integration issues, and reorganization measures, and (xi) general competitive factors, in each case on a local, regional, national and/or global basis. Many of these factors may be more likely to occur, or more pronounced, as a result of terrorist activities and their consequences.
*No duty to update*
The company assumes no obligation to update any information or forward-looking statement contained herein, save for any information required to be disclosed by law.
*Other*
The quarterly figures regarding the net assets, financial position and results of operations have been prepared in conformity with International Financial Reporting Standards. This Quarterly Earnings Release is not an Interim Financial Report within the meaning of International Accounting Standard (IAS) 34.
This is a translation of the German Quarterly Earnings Release of the Allianz Group. In case of any divergences, the German original is binding.
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04.08.2017 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de --------------------
Language: English
Company: Allianz SE
Königinstr. 28
80802 München
Germany
Phone: +49 (0)89 38 00 - 41 24
Fax: +49 (0)89 38 00 - 38 99
E-mail: investor.relations@allianz.com
Internet: www.allianz.com
ISIN: DE0008404005
WKN: 840400
Indices: DAX-30, EURO STOXX 50
Listed: Regulated Market in Berlin, Dusseldorf, Frankfurt (Prime Standard), Hamburg, Hanover, Munich, Stuttgart; Regulated Unofficial Market in Tradegate Exchange
End of News DGAP News Service Reported by EQS Group 2 hours ago.
04.08.2017 / 07:59
The issuer is solely responsible for the content of this announcement.
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*- *Total 2Q 2017 revenues rise 2.0 percent to 30.0 billion euros
- 2Q 2017 operating profit up 22.9 percent to 2.9 billion euros
- 2Q 2017 net income attributable to shareholders up 83.4 percent to 2.0 billion euros
- All business segments contribute to stronger results in 1H and 2Q 2017
- Solvency II capitalization ratio rises to 219 percent at end of 2Q compared to 212 percent at end of 1Q 2017
- Operating profit for 2017 now expected near the upper end of target range of 10.8 billion euros, plus or minus 500 million euros
*Management Summary: All segments contribute to Group success*Allianz achieved very good results in the second quarter of 2017. Total revenues grew by 2.0 percent to 30.0 (second quarter of 2016: 29.4) billion euros. All business segments contributed to this increase with the majority coming from our Life and Health business segment. Operating profit amounted to 2.9 (2.3) billion euros, an increase of 22.9 percent, supported by all business segments, in particular by our Property and Casualty business. Net income attributable to shareholders increased by 83.4 percent to 2.0 (1.1) billion euros, driven by both the higher operating profit and improved non-operating result. The non-operating result in the prior year was burdened by the negative impact from our South Korean life business.
Basic Earnings per Share (EPS) amounted to 4.45 (2.39) euros. Annualized Return on Equity (RoE) was 13.4 percent (full year 2016: 12.3 percent).^Annualized figures are not a forecast for full year numbers. The Solvency II capitalization ratio rose to 219 percent at the end of the quarter, compared to 212 percent at the end of the first quarter of 2017, mostly driven by favorable market developments.
The first half of 2017 was also a success, with all business segments contributing. Total revenues increased in all segments in the first six months of 2017. Operating profit in the half-year period rose 15.7 percent to 5.9 billion euros, well past the middle point of our earnings target for the full year. During the first half of the year, net income attributable to shareholders increased by an impressive 17.9 percent to 3.8 billion euros. The strongest growth was achieved by our Life and Health business, which alone saw a 78 percent increase in net income attributable to shareholders in the six-month period to 1.5 billion euros. Just as importantly, the Asset Management segment saw a 19.5 percent increase to 700 million euros while the Property & Casualty insurance segment saw a 7.7 percent increase in net income attributable to shareholders to 1.98 billion euros.
"We're half way through our three-year Renewal Agenda plan, and at this stage it is clear that those efforts are bearing fruit for all our stakeholders," said Oliver Bäte, Chief Executive Officer of Allianz SE. "We had a very good half-year with double-digit growth in operating profit and net income. Our diversified portfolio across business segments and regions can clearly deliver outstanding results. The strong capitalization reinforces the resilience and flexibility of Allianz. We can now say that we expect operating result for 2017 near the upper end of the target range of 10.8 billion euros, plus or minus 500 million euros."
*Property and Casualty insurance: Strong profitability*
- Gross premiums written amounted to 11.7 (11.6) billion euros in the second quarter of 2017. Adjusted for foreign exchange and consolidation effects, internal growth totaled 0.5 percent, with price and volume effects contributing 1.0 percent and -0.4 percent respectively.Allianz Worldwide Partners, Spain and Germany were the main growth drivers.
- Operating profit increased by 28.0 percent to 1.4 billion euros in the second quarter of 2017 compared to the prior-year quarter. This increase was due to a higher underwriting result driven by lower losses from natural catastrophes and lower attritional losses.
- As a result of the lower loss ratio the combined ratio improved to 93.7 (96.4) percent in the second quarter of 2017.
"We made excellent progress in underwriting and by stabilizing investment income in the property and casualty segment. The jump in quarterly operating profit growth is a clear sign that our efforts are paying off," said Dieter Wemmer, Chief Financial Officer of Allianz SE.
In the first half-year of 2017, gross premiums written increased slightly to 29.4 (28.9) billion euros. Adjusted for foreign exchange and consolidation effects, internal growth amounted to 1.2 percent, mostly driven by positive developments at Allianz Worldwide Partners, in Germany and Spain. Operating profit improved 5.2 percent to 2.7 billion euros compared to the same period of the prior year due to a higher underwriting result. The combined ratio for the first half-year improved by 0.2 percentage points to 94.6 percent.
*Life and Health insurance: Abundant growth on rising customer demand*
- Statutory premiums increased by 2.6 percent to 16.7 (16.3) billion euros in the second quarter of 2017 due to higher sales of capital-efficient products in Germany and growth in unit-linked premiums in Taiwan and Italy. This more than offset the decrease in our business with fixed-income annuities in the United States. Adjusted for foreign exchange and consolidation effects, statutory premiums rose by 4.3 percent.
- Operating profit grew by 12.0 percent to 1.1 (1.0) billion euros in the second quarter of 2017, mainly because of a higher technical margin largely in France and an increased investment margin in line with growing reserves. All lines of business contributed with higher operating profit. Capital-efficient products showed the biggest jump with an increase of 16 percent.
- The value of new business (VNB) went up by 37.6 percent to 469 million euros in the second quarter of 2017 as a result of the continued shift to capital-efficient products.
- The new business margin (NBM) improved to 3.4 (2.6) percent in the second quarter of 2017, driven by our efforts to adjust products to the current market environment thereby improving the business mix.
"The Life and Health business segment has experienced ample growth in this difficult environment. Because we are shifting to a new product mix that offer customers the chance of higher returns without overly burdening our balance sheet, our new business margin is well ahead of target and the value of new business jumped by more than a third in the second quarter alone," said Dieter Wemmer.
In the first half year of 2017, operating profit increased to 2.3 (1.9) billion euros.
Statutory premiums amounted to 33.6 billion euros, a growth of 2.0 percent. The new business margin for the first six months reflects the targeted shift toward capital-efficient products, bringing it to 3.3 (2.6) percent. As a result, the value of new business (VNB) increased by 29.9 percent to 922 million euros compared to the first half year of 2016.
*Asset Management: Strong inflows support further growth of operating profit*
- Operating profit increased by 16.8 percent to 584 (500) million euros in the second quarter of 2017 in the Asset Management business segment. This was driven by an increase in operating revenues, mainly as a result of higher average third-party assets under management.
- The cost-income ratio (CIR) improved by 2.8 percentage points to 62.5 percent in the second quarter of 2017, as the increase in revenues outpaced an increase in expenses.
- During the second quarter of 2017, third-party assets under management grew by 3 billion euros to 1,406 billion euros compared to the end of the first quarter of 2017. Record quarterly third-party net inflows of 55 billion euros, mainly at PIMCO, as well as positive market effects were largely offset by negative foreign currency impacts, mostly driven by the depreciation of the U.S. dollar against the euro.
"PIMCO saw 33 billion euros in net inflows across a broad customer base plus a single, 19 billion euro mandate. This brought PIMCO's total third party net inflows to a record 52 billion euros for the quarter. PIMCO has become a performance engine again," said Dieter Wemmer.
In the first half of 2017, operating revenues increased by 10.1 percent to 3.1 billion euros, mainly due to a large increase in average third-party assets under management. As operating expenses only went up 4.9 percent, the cost-income-ratio decreased by 3.2 percentage points to 62.9 percent. Furthermore, strong third-party net inflows and positive market effects outweighed negative foreign currency effects, resulting in 1,915 billion euros of total assets under management - an increase of 44 billion euros compared to year-end 2016.
*Technical Note:* Prior-year figures have been adjusted due to an updated operating profit definition and an accounting policy change, as already described in the first quarter of 2017.
*Allianz Group - key figures 2nd quarter and 1st half year of 2017*
*2Q 2017* *2Q 2016* *6M 2017* *6M 2016*
*Total revenues * *EUR bn* *30.0* *29.4* *66.2* *64.8*
- Property-Casualty EUR bn 11.7 11.6 29.4 28.9
- Life/Health EUR bn 16.7 16.3 33.6 33.0
- Asset Management EUR bn 1.6 1.4 3.1 2.8
- Corporate and Other EUR bn 0.1 0.1 0.3 0.3
- Consolidation EUR bn -0.1 -0.1 -0.2 -0.2
*Operating profit / loss*^1,2,3 *EUR mn* *2,928* *2,383* *5,860* *5,063*
- Property-Casualty^2 EUR mn 1,446 1,130 2,705 2,572
- Life/Health^1,2,3 EUR mn 1,128 1,007 2,282 1,859
- Asset Management^2 EUR mn 584 500 1,156 960
- Corporate and Other^2 EUR mn -224 -249 -265 -323
- Consolidation EUR mn -5 -5 -18 -5
*Net income*^1 *EUR mn* *2,093* *1,182* *4,013* *3,425*
- attributable to non-controlling interests EUR mn 99 95 203 194
- attributable to shareholders^1 EUR mn 1,994 1,087 3,810 3,231
*Basic earnings per share*^1 *EUR* *4.45* *2.39* *8.45* *7.10*
*Diluted earnings per share*^1 *EUR* *4.45* *2.34* *8.44* *6.92*
*Additional KPIs*
- Group Return on equity^1,4,5 % 14.0% 12.3% 13.4% 12.3%
- Property-Casualty Combined ratio % 93.7% 96.4% 94.6% 94.9%
- Life/Health New business margin^6 % 3.4% 2.6% 3.3% 2.6%
- Life/Health Value of new business^6 EUR mn 469 341 922 710
- Asset Management Cost-income ratio^2 % 62.5% 65.3% 62.9% 66.1%
*06/30/17* *12/31/16*
*Shareholders' equity*^1,4 *EUR bn* *-* *-* *64.2* *67.1*
*Solvency II capitalization ratio*^7 *%* *-* *-* *219%* *218%*
*Third-party assets under management* *EUR bn* *-* *-* *1,406* *1,361*
*Please note:* The figures are presented in millions of Euros, unless otherwise stated. Due to rounding, numbers presented may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures.
^1 Prior year figures have been adjusted in order to reflect the impact resulting from an accounting policy change to measure the Guaranteed Minimum Income Benefit (GMIB) liability at fair value for our life business.
^2 In light of the new operating profit definition, restructuring charges are reported outside of operating profit unless shared with policyholders. Prior year figures have been adjusted accordingly.
^3 From the classification of the Korean life business as "held for sale" in 2Q 2016 until its disposal in 4Q 2016, the total result was considered as non-operating.
^4 Excluding non-controlling interests.
^5 Excluding unrealized gains/losses on bonds net of shadow accounting. Return on equity for 2Q 2017 and 6M 2017 is annualized. For 2Q 2016 and 6M 2016, the return on equity for the full year 2016 is shown. Annualized figures are not a forecast for full year numbers.
^6 Current and prior year figures are presented excluding effects from the Korean life business.
^7 Risk capital figures are group diversified at 99.5% confidence level. Allianz Life US included based on third country equivalence with 150% of RBC CAL (Risk Based Capital Company Action Level) since September 30, 2015.
These assessments are, as always, subject to the disclaimer provided below.
*Cautionary note regarding forward-looking statements*
The statements contained herein may include prospects, statements of future expectations and other forward-looking statements that are based on management's current views and assumptions and involve known and unknown risks and uncertainties. Actual results, performance or events may differ materially from those expressed or implied in such forward-looking statements.
Such deviations may arise due to, without limitation, (i) changes of the general economic conditions and competitive situation, particularly in the Allianz Group's core business and core markets, (ii) performance of financial markets (particularly market volatility, liquidity and credit events), (iii) frequency and severity of insured loss events, including from natural catastrophes, and the development of loss expenses, (iv) mortality and morbidity levels and trends, (v) persistency levels, (vi) particularly in the banking business, the extent of credit defaults, (vii) interest rate levels, (viii) currency exchange rates including the euro/US-dollar exchange rate, (ix) changes in laws and regulations, including tax regulations, (x) the impact of acquisitions, including related integration issues, and reorganization measures, and (xi) general competitive factors, in each case on a local, regional, national and/or global basis. Many of these factors may be more likely to occur, or more pronounced, as a result of terrorist activities and their consequences.
*No duty to update*
The company assumes no obligation to update any information or forward-looking statement contained herein, save for any information required to be disclosed by law.
*Other*
The quarterly figures regarding the net assets, financial position and results of operations have been prepared in conformity with International Financial Reporting Standards. This Quarterly Earnings Release is not an Interim Financial Report within the meaning of International Accounting Standard (IAS) 34.
This is a translation of the German Quarterly Earnings Release of the Allianz Group. In case of any divergences, the German original is binding.
--------------------
04.08.2017 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de --------------------
Language: English
Company: Allianz SE
Königinstr. 28
80802 München
Germany
Phone: +49 (0)89 38 00 - 41 24
Fax: +49 (0)89 38 00 - 38 99
E-mail: investor.relations@allianz.com
Internet: www.allianz.com
ISIN: DE0008404005
WKN: 840400
Indices: DAX-30, EURO STOXX 50
Listed: Regulated Market in Berlin, Dusseldorf, Frankfurt (Prime Standard), Hamburg, Hanover, Munich, Stuttgart; Regulated Unofficial Market in Tradegate Exchange
End of News DGAP News Service Reported by EQS Group 2 hours ago.
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