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Transcript of 2001 Casualty Loss Reserve Seminar Fairmont Hotel New Orleans, La September 9-11, 2001 Robert F....
2001 Casualty Loss Reserve Seminar 2001 Casualty Loss Reserve Seminar Fairmont HotelFairmont Hotel
New Orleans, LaNew Orleans, LaSeptember 9-11, 2001September 9-11, 2001
Robert F. Wolf FCAS, MAAARobert F. Wolf FCAS, MAAAPrincipalPrincipal
William M. Mercer/MMC Enterprise Risk ConsultingWilliam M. Mercer/MMC Enterprise Risk Consulting
The Evolving Role in The Evolving Role in Enterprise Risk Enterprise Risk
ManagementManagement
AgendaAgenda
IntroductionIntroduction ERM/Actuarial ERM/Actuarial
EvolutionEvolution– Trends - What’s Going Trends - What’s Going
On?On? ERM PlatformsERM Platforms
– Non-Insurance CompanyNon-Insurance Company– Insurance CompanyInsurance Company
Wrap-upWrap-up Q&AQ&A
Copies of Presentations Available at www.casact.org
What is ERM?What is ERM? To me, Enterprise Risk Management is a process for To me, Enterprise Risk Management is a process for
identifying and prioritizing critical risks facing an organization, identifying and prioritizing critical risks facing an organization, quantifying their impact on financial and strategic objectives, quantifying their impact on financial and strategic objectives, and implementing financial and organizational solutions to and implementing financial and organizational solutions to address them.address them.
To others, it varies but the essence is the sameTo others, it varies but the essence is the same– ““ERM assesses and manages all risks while looking for upsides in ERM assesses and manages all risks while looking for upsides in
identifying risks.”identifying risks.”– ““Enterprise Risk Management is about information and capital Enterprise Risk Management is about information and capital
management.”management.”– ““The ultimate goal of Enterprise Risk Management is preservation The ultimate goal of Enterprise Risk Management is preservation
of shareholder value.”of shareholder value.”– ““The job of Enterprise Risk Management is figuring out where the The job of Enterprise Risk Management is figuring out where the
edge of the cliff is, and making sure the risk takers know where it edge of the cliff is, and making sure the risk takers know where it is.”is.”
No Consensus on Best Risk No Consensus on Best Risk MeasureMeasure
800,000
900,000
1,000,000
1,100,000
1,200,000
1,300,000
1,400,000
1,500,000
0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% 80.0% 90.0% 100.0%
Percentile
Reserv
e A
mo
un
t
Nominal
PV
Reserve
Reserve+Capital
A =Variance Principal=
Squared Dev from Mean
B= VaR (Pr Ruin)
Principle
EPD Principal
DTVaR Principal=
C+D
A
B
C
Evolution of Risk Evolution of Risk ManagementManagement
As the quantification/approach to As the quantification/approach to measuring/handling risk evolves, so too measuring/handling risk evolves, so too does our job description.does our job description.
Risk ManagerRisk Manager– From Insurance Buyer to From Insurance Buyer to
Integrated/Consolidated Risk StrategyIntegrated/Consolidated Risk Strategy ActuaryActuary
– Traditional: Evaluate Hazard/Financial RiskTraditional: Evaluate Hazard/Financial Risk– Evolution: DFA (Insurance Companies)/ ERMEvolution: DFA (Insurance Companies)/ ERM
Why the Evolution of ERMWhy the Evolution of ERM New/Larger RiskNew/Larger Risk
– E-Commerce, Market/Book ValuesE-Commerce, Market/Book Values New Risk ProductsNew Risk Products
– Merger of Insurance and Financial InstitutionsMerger of Insurance and Financial Institutions Realization that Silo-Based Approaches are Realization that Silo-Based Approaches are
FlawedFlawed– Ignores inherent hedges and correlationIgnores inherent hedges and correlation
Increased Management AccountabilityIncreased Management Accountability– New Regulations requiring corporate New Regulations requiring corporate
governancegovernance
Why the Evolution of ERMWhy the Evolution of ERM
In short, because Society In short, because Society Demands itDemands it
Computer and Information AgeComputer and Information Age– We couldn’t do what we are doing We couldn’t do what we are doing
today if we needed to use slide-rules today if we needed to use slide-rules or abacus.or abacus.
Focus Optimize Shareholder Focus Optimize Shareholder ValueValue
Economist Intelligence Unit ERM Economist Intelligence Unit ERM StudyStudy
Use of financial metrics% of respondents
0% 10% 20% 30% 40% 50% 60% 70%
Cashflow volatility
Internal performance benchmarks
Expected claims exposure/costs
Industry benchmarks
Notional exposure amounts
Value at risk
Earnings at risk
EVA
RAROC
Companies using ERM Companies not using ERM
Do you believe that implementing ERM has the potential to improve your company's P/E ratio or
decrease your cost of capital?% responding, public companies
YES88%
NO12%
Risk Managers and Senior Risk Managers and Senior Executives Are Hearing More and Executives Are Hearing More and
More About Risk ManagementMore About Risk Management
Evolving Risk ManagerEvolving Risk Manager Evolving Risk Management PositionsEvolving Risk Management Positions
– Chief Risk Officer, ERM Councils, Global Chief Risk Officer, ERM Councils, Global Director of Risk ManagementDirector of Risk Management
Rise of, and Partnership with, Internal AuditRise of, and Partnership with, Internal Audit– Corporate governance issues and perspectivesCorporate governance issues and perspectives
Rise of, and Partnership with, TreasuryRise of, and Partnership with, Treasury– Financial Management perspectives and Financial Management perspectives and
insightsinsights Rise of Board Audit CommitteesRise of Board Audit Committees Evolving Skill Base for Risk ManagersEvolving Skill Base for Risk Managers
Why the Evolution of ERMWhy the Evolution of ERM
In short, because Society In short, because Society Demands itDemands it
Computer and Information AgeComputer and Information Age– We couldn’t do what we are doing We couldn’t do what we are doing
today if we needed to use slide-rules today if we needed to use slide-rules or abacus.or abacus.
Focus Optimize Shareholder Focus Optimize Shareholder ValueValue
Actuarial EvolutionActuarial Evolution ERM Evolution Actuarial EvolutionERM Evolution Actuarial Evolution Traditional RolesTraditional Roles
– Evaluating Hazard/Financial Risk in a siloEvaluating Hazard/Financial Risk in a silo– Insurance CompanyInsurance Company
Determine what to charge in order to meet profits targets Determine what to charge in order to meet profits targets (Ratemaking)(Ratemaking)
What to set aside to meet future obligations of past events What to set aside to meet future obligations of past events (Reserving)(Reserving)
– Insurance CustomersInsurance Customers What to budget in order to pay for self-insured obligations What to budget in order to pay for self-insured obligations
and premiumsand premiums What to set aside to meet future obligations of retained riskWhat to set aside to meet future obligations of retained risk
Actuarial EvolutionActuarial Evolution
Continuing Actuarial EvolutionContinuing Actuarial Evolution Evolving Demands for Risk IntegrationEvolving Demands for Risk Integration
– Insurance CompanyInsurance Company Holistic Evaluation of Assets and Liabilities (Dynamic Holistic Evaluation of Assets and Liabilities (Dynamic
Financial Analysis (DFA))Financial Analysis (DFA))– Optimum Capital StructureOptimum Capital Structure– Realization of Business PlanRealization of Business Plan
– Insurance CustomersInsurance Customers Optimum Risk FinancingOptimum Risk Financing
– What risks to retain/insure - captives, retros, large deductiblesWhat risks to retain/insure - captives, retros, large deductibles– ..but still only Hazard and Financial Risk..but still only Hazard and Financial Risk
Optimum Integrated Hazard Optimum Integrated Hazard Risk FinancingRisk Financing
Corporate Considerations•Cash Position
•Effective Tax Rate•After-Tax Cost of Borrowing
•Credit Capacity•Need for Admitted Carrier Paper•Cost Predictability/Risk Appetite
•Market Assessment•Risk Management Budget•Loss Control Incentives
ToolsLoss Forecasting/Reserving Models
Dynamic Financial ModelingDiscounted Cash-Flow Models
Risk/Cost Matrix
Recommendations
Optimum RetentionsOptimum Funding Mechanisms
Exogenous Contingent Events
Economic ScenariosInterest Rates
etc.
Goal is to optimize
shareholder value
Actuarial EvolutionActuarial Evolution
ERM Evolution Actuarial ERM Evolution Actuarial EvolutionEvolution– All sectors of Corporate AmericaAll sectors of Corporate America– Not merely Insurance Companies and Not merely Insurance Companies and
their Customerstheir Customers– Includes Strategic and Operational Includes Strategic and Operational
Risks as well as Hazard and financial Risks as well as Hazard and financial risksrisks
Case StudyCase Study
Non-Insurance CorporationNon-Insurance Corporation
(See Presentation By Barry (See Presentation By Barry Franklin)Franklin)
Case Study FrameworkCase Study Framework
ERM Insurance CompanyERM Insurance Company
P&C Goals - Not Just P&C Goals - Not Just SurvivalSurvival
Three ConsiderationsThree Considerations – Survival : How risky can you beSurvival : How risky can you be
Prob {Cost of Runoff and New Business Costs > UEPR, Prob {Cost of Runoff and New Business Costs > UEPR, Loss Reserves, Future Premiums, and Investment Loss Reserves, Future Premiums, and Investment Income, Capital} < aIncome, Capital} < a
– StabilityStability Probability [(Loss Ratio + Expense Ratio) > Target Probability [(Loss Ratio + Expense Ratio) > Target
Combined ratio]<aCombined ratio]<a
– Optimizing EnterpriseOptimizing Enterprise CEOs and CFOs care more about stability CEOs and CFOs care more about stability
v. survival.v. survival.
ERM Insurance CompanyERM Insurance Company
2.0 Billion of 2.0 Billion of PremiumsPremiums
$700 Million Surplus$700 Million Surplus Mulli-line Company - Mulli-line Company -
Primarily Personal Primarily Personal LinesLines
5 Regions5 Regions The Company The Company
Manages its silos Manages its silos wellwell
50% Premium 50% Premium Volume is rate Volume is rate sticky statessticky states
Asset Allocation:Asset Allocation:– 80% Bonds80% Bonds– 10% Equities10% Equities– 10% st-investments10% st-investments
25% growth rate in 25% growth rate in recent yearsrecent years
Historical Reserve MarginsHistorical Reserve Margins
Historical Loss Ratios
-10.0%
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
70.0%
80.0%
1990 1992 1994 1996 1998 2000 2002
Years
Rat
ios
Calendar Year Lossratios
Accident Year Lossratios
Reserve margin %
Less Pressure on Rate Adequacy to Achieve Corporate Goals
Goal : Develop ERM Goal : Develop ERM Framework Addressing Framework Addressing
(Macro):(Macro): How much capital is
Enough?– Supporting Future
Growth – Excess Capital
Should we give back to Shareholders?
What if a beneficial acquisition arises?
Should we increase our Shareholder dividend?
– Is debt financing appropriate?
Is our investment strategy providing a good risk/reward
How efficient is our reinsurance Structure?
– Cost/Benefit– Catastrophe
Should we be self insuring/insuring our operations risks?
Goal : Develop ERM Goal : Develop ERM Framework Addressing Framework Addressing
(Micro):(Micro):
What region/state/product line/ target market should we grow/contract
What is my marginal capital at risk and corresponding return
What Combined Ratios do I need to achieve given market and economic conditions by product line to achieve macro goals:
ROEMV/BV
How Much Capital do you How Much Capital do you Need?Need?
K+S K
S
Capital Truly Held includesCapital embedded in UEPR,Discount in Loss Reserves,Capital Tied up in NAIC RBC/Best’s BCAR.
Suggested Approach= Economic Capital is all that matters.The above reflects a timing constraint asto how much capital to hold if >EconomicCapital. Must reflect this timing cost.
ERM ProcessERM ProcessMANAGEMENT& BOARD DECISIONS
ECONOMIC CONDITIONS
COMPETITION &
INDUSTRY
Investment
Strategy
Underwriting
StrategyOperational
Management
Reinsurance
Strategy
Capital Structure
Pro-forma
FinancialsOperating Units
Decisions
Legal Entities
ALM
Competition and ExternalCompetition and External
Price Price Compensation & Compensation & Elasticity of Elasticity of DemandDemand
Jurisditional RiskJurisditional Risk rate stickinessrate stickiness tort lawstort laws residual marketresidual market
Best’s, RBC, etc.Best’s, RBC, etc.
ERM ProcessERM ProcessMANAGEMENT& BOARD DECISIONS
ECONOMICCONDITIONS
COMPETITION &
INDUSTRY
Investment
Strategy
Underwriting
StrategyOperational
Management
Reinsurance
Strategy
Capital Structure
Pro-forma
FinancialsOperating Units
Decisions
Legal Entities
ALM
Management DecisionsManagement Decisions
Business PlansBusiness Plans– 1 Year1 Year– 5 Year5 Year
Board DirectivesBoard Directives– Asset and Asset and
Investment Investment GuidelinesGuidelines
Corporate CultureCorporate Culture– Incentive Incentive
CompensationCompensation
ERM ProcessERM ProcessMANAGEMENT& BOARD DECISIONS
ECONOMICCONDITIONS
COMPETITION &
INDUSTRY
Investment
Strategy
Underwriting
StrategyOperational
Management
Reinsurance
Strategy
Capital Structure
Pro-forma
FinancialsOperating Units
Decisions
Legal Entities
ALM
Economic ConditionsEconomic Conditions
InflationInflation Interest RatesInterest Rates Currency ExchangeCurrency Exchange Equity PerformanceEquity Performance Economic ConditionsEconomic Conditions
– RecessionsRecessions Combo of stochastic Combo of stochastic
and scenario and scenario considerationsconsiderations
ERM ProcessERM ProcessMANAGEMENT& BOARD DECISIONS
ECONOMICCONDITIONS
COMPETITION &
INDUSTRY
Investment
Strategy
Underwriting
StrategyOperational
Management
Reinsurance
Strategy
Capital Structure
Pro-forma
FinancialsOperating Units
Decisions
Legal Entities
ALM
DFA ApproachDFA Approach Holistic ViewHolistic View
– Reinsurance StrategyReinsurance Strategy– Investment StrategyInvestment Strategy– Underwriting Strategy Underwriting Strategy
(Macro)(Macro)– OperationalOperational
CorrelationCorrelation– Forward LookingForward Looking– 5 Year Planning Horizon5 Year Planning Horizon
DFA PlatformDFA Platform– CFs, Income CFs, Income
statements, ROEs, statements, ROEs, Balance SheetsBalance Sheets
ERM ProcessERM ProcessMANAGEMENT& BOARD DECISIONS
ECONOMICCONDITIONS
COMPETITION &
INDUSTRY
Investment
Strategy
Underwriting
StrategyOperational
Management
Reinsurance
Strategy
Capital Structure
Pro-forma
FinancialsOperating Units
Decisions
Legal Entities
ALM
Reinsurance StrategyReinsurance Strategy
ERM ProcessERM ProcessMANAGEMENT& BOARD DECISIONS
ECONOMICCONDITIONS
COMPETITION &
INDUSTRY
Investment
Strategy
Underwriting
StrategyOperational
Management
Reinsurance
Strategy
Capital Structure
Pro-forma
FinancialsOperating Units
Decisions
Legal Entities
ALM
Reinsurance -EliminatingReinsurance -EliminatingInefficient OptionsInefficient Options
Any product above or to the rightof the efficient frontierefficient frontier providesless benefit than points on orbelow the efficient frontierefficient frontier.Inefficient options can be quicklyrecognized.By establishing an efficientefficientfrontierfrontier of options, one candiscover and create new or hybridsolutions that provide greaterbenefit
Gre
ater
) --
-Ben
efit
---(
Less
)
(Less) ---Cost---(Greater)
BareBare CurrentCurrent Option AOption A Option BOption B
EfficientEfficientFrontierFrontier
Considerations - Credit Risk
Investment StrategyInvestment Strategy
ERM ProcessERM ProcessMANAGEMENT& BOARD DECISIONS
ECONOMICCONDITIONS
COMPETITION &
INDUSTRY
Investment
Strategy
Underwriting
StrategyOperational
Management
Reinsurance
Strategy
Capital Structure
Pro-forma
FinancialsOperating Units
Decisions
Legal Entities
ALM
APPROACH TO ASSET/LIABILITYAPPROACH TO ASSET/LIABILITYRISK MANAGEMENTRISK MANAGEMENT
The “efficient frontier” is the set of possible strategies thatThe “efficient frontier” is the set of possible strategies thateither maximizes reward for a given level of risk or minimizeseither maximizes reward for a given level of risk or minimizesrisk for a given level of rewardrisk for a given level of reward
RiskR
ewar
d
Efficient Frontier
High
High
Low
Low
Interest rate shift Duration Line
Reserves Assets
Asset/ Liability Management
If the asset duration exceeds the liability duration, then an upward shift in interest rates decrease equity.
If the asset duration exceeds the liability duration, then an downward shift in interest rates increase equity.
Change in Equity = Change is Assets - Change in Liability
+
-
Duration Line
Positive Duration
Needs to Consider Cash Flows of New/Renewal Business
Interest rate shift Duration Line
Assets
Effects of Duration Mismatch
….so we May Need to consider inflation hedged securities or assets that tend to move with inflation
such as stocks (long-term) and real estate
And in many cases the LiabilityDuration is actually NEGATIVE
+
-
Duration Line Reserves
CAS VFIC Research……….CAS VFIC Research………. Optimal Investment Strategy Does Not Imply Duration Optimal Investment Strategy Does Not Imply Duration
MatchingMatching– Analysis of Duration is only one part of the processAnalysis of Duration is only one part of the process
An upward sloping yield curve along with short duration An upward sloping yield curve along with short duration loss reserves often imply that asset durations in excess loss reserves often imply that asset durations in excess of liability durations may increase net investment of liability durations may increase net investment income and lower the probability of insolvencyincome and lower the probability of insolvency
Operational RisksOperational Risks
ERM ProcessERM ProcessMANAGEMENT& BOARD DECISIONS
ECONOMICCONDITIONS
COMPETITION &
INDUSTRY
Investment
Strategy
Underwriting
StrategyOperational
Management
Reinsurance
Strategy
Capital Structure
Pro-forma
FinancialsOperating Units
Decisions
Legal Entities
ALM
Off-Balance Sheet RisksOff-Balance Sheet Risks
Employee MedicalEmployee MedicalPlansPlans
Self-insured WorkersSelf-insured WorkersCompensationCompensation
Credit RiskCredit Risk–– Asset PortfolioAsset Portfolio
–– ReinsuranceReinsurance
D&OD&O
E&OE&O
EPLEPL
BrandingBranding
Employee/OfficerEmployee/OfficerStock OptionsStock Options
IncentiveIncentiveCompensationCompensation
Handled Similarly to Barry’s Approach to Corporate Client
Also Includes Seasoning of Business - Renewals Get Better
Capital Financing StrategyCapital Financing Strategy
ERM ProcessERM ProcessMANAGEMENT& BOARD DECISIONS
ECONOMICCONDITIONS
COMPETITION &
INDUSTRY
Investment
Strategy
Underwriting
StrategyOperational
Management
Reinsurance
Strategy
Capital Structure
Pro-forma
FinancialsOperating Units
Decisions
Legal Entities
ALM
Capital ManagementCapital Management– Macro- Is suffucient Macro- Is suffucient
Capital Available?Capital Available?– Micro - Decision Micro - Decision
making Tool making Tool What marginal capital What marginal capital
and marginal returns and marginal returns can be realized at a can be realized at a product/target product/target market/region/state market/region/state basis?basis?
– Where to Where to Grow/Contract?Grow/Contract?
Market Value Balance SheetMarket Value Balance SheetDefinitions
Assets
Liabilities
Capital
Let K = Policyholder Supplied Funds (PHSF)Let S = Shareholder Supplied Funds (SHSF)
K
S
K+SReturnsRA = Return on Investments Using both policyholders and shareholder supplied $sRL = Cost of Debt (Borrowing PHSF)RC = Cost of Capital (Using SHSF) Returns RA
on K+S funds
S Costs
at rate of RC K Costs at a rate ofRL
Balanced Levered Trust
(K+S)RA = KRL + SRC
SHSF Supply
S (RC-RA) = K(RA-RL)
PHSF Demand RL is the reserve discount rate,
RL = RA - (S/K)(RC- RA)RU = - K RL/Premium
Insurance Company Earns Positive Economic Returns on Underwriting if RA > RL (Ru> - (K/Premium) RA )
RC = (1 + K/S)RA + (Prem/S)RU
Financial Markets
Product Markets
Maximizing Shareholder Value Depends Maximizing Shareholder Value Depends on Three Things……..on Three Things……..
Market Value of Firm = S(ROE)/(1+RC)+ S(ROE)(1+G)/(1+RC)2 + S(ROE)(1+G)2/(1+RC)3 +……..
= S(ROE)/(Rc-G)
Book Value of Firm = S
Market/Book Ratio = ROE/(Rc-G)
•Earnings (ROE)•Cost of Capital•Long-Term Growth
S = Statutory SurplusG= Long-Term GrowthRc = Discount Rate@ Cost of Capital
Allocation of CapitalAllocation of Capital Macro - How Much is Enough? How Much to Give Macro - How Much is Enough? How Much to Give
Back to ShareholdersBack to Shareholders Micro- Micro-
– What marginal capital and marginal returns can be What marginal capital and marginal returns can be realized at a product/target market/region/state basis?realized at a product/target market/region/state basis?
– Where to Grow/ContractWhere to Grow/Contract
– Choose target markets such that greatest return on Choose target markets such that greatest return on marginal capital until each yield the same returnmarginal capital until each yield the same return
– Allocate capital in proportion to marginal capitalAllocate capital in proportion to marginal capital– See Glen Meyers “Cost of Financing Insurance” and “An See Glen Meyers “Cost of Financing Insurance” and “An
Introduction to the Competitive Market Equilibrium Risk Introduction to the Competitive Market Equilibrium Risk Load Formula”Load Formula”
In Meyer’s…………..In Meyer’s…………..Let P = Return and C = Capital. Then the Let P = Return and C = Capital. Then the
insurer is better off by adding a line/policy if:insurer is better off by adding a line/policy if:
P P P
C C C
P C C P C P P C
P P
C C
Marginal return on new business > return on existing business.
Overall Benefits- ERM Overall Benefits- ERM ProcessProcess
Optimum Capital StructureOptimum Capital Structure What Operating Division is What Operating Division is
Enhancing/Destroying Enterprise ValueEnhancing/Destroying Enterprise Value Realization Of Business Plans EnhancedRealization Of Business Plans Enhanced
– Micro Decision Making and Targets Micro Decision Making and Targets Consistent with Macro Decision MakingConsistent with Macro Decision Making
Dynamic Reforecasting of Business Dynamic Reforecasting of Business Plans and Incentive Plans - 5 YearsPlans and Incentive Plans - 5 Years
Wrap-upWrap-up
24
12
76
4
21 1 1
11
7 76
32
10 0
0
5
10
15
20
25
Cost Overruns
Accounting irregularities
Manage-ment
ineffective-nessSupply Chain
Issues
Competitive Pressure
M&A Integration Problems
Mis-aligned
ProductsCustomer Pricing Pressure
Loss of Key
CustomerSupplier Problems
R&D Delays
Customer Demand Shortfall
% of top 100
Regulatory Problems
Strategic Operational Financial Hazard
Foreign Macro-
Economic Issues
Interest Rate Fluct-uation
High Input
Comm-odity Price
Law-suits
Natural Disasters
Primary Cause of Stock Drop (# of Companies)
Source: Compustat, Mercer Management Consulting analysis - Period Examined was June 1993 to May 1998Note: There were also 5 stock drops for which the primary cause could not reliably be determined. These 5 stock drops are not depicted.
Fortune 1000 Group Analysis10% of the Fortune 1000 companies suffered a loss of over 25% of shareholder value within one month
How Does Risk Manifest How Does Risk Manifest Itself?Itself?
Two Ways to Interpret Two Ways to Interpret GraphGraph
Hazard and Financial Risk is Not Hazard and Financial Risk is Not ImportantImportant
Hazard and Financial Risk has been and Hazard and Financial Risk has been and continues to be managed wellcontinues to be managed well– Testimonial for risk managers, actuaries, Testimonial for risk managers, actuaries,
brokers, and financial analysts.brokers, and financial analysts.– We need to continue the processWe need to continue the process
……The opportunity now is to work on The opportunity now is to work on the left side of the graph.the left side of the graph.
“….We don’t do things because they are easy. We do them because they are hard.”
….John F. Kennedy
…….Significant Opportunities for Us.
Thank You
Q&AQ&A