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When the Prudential Insurance Company of America sold its health care unit, the parent agreed to reinsure Aetna against certain expected future losses.
What is known is that recent bank profits have been boosted not by increasing revenues, but by downward revisions to expected future losses.
But a bank's reported earnings aren't a hard number, like sales; for example, they depend a lot on the amount the bank sets aside to cover expected future losses on its loans.
Yet continued weakness in its underlying performance, coupled with expected future losses in the fourth quarter related to one-off charges like a potential Libor fine, remains a concern.
"We believe that credit quality materially deteriorated in the first quarter and that Wells Fargo is under-reserving for expected future losses," Miller said, reiterating his "underperform" rating.
We model (gamma _{t}^{U}) as a year-specific function of expected future losses (that we identify with the share of non-performing loans) and of the lagged capital asset ratio (that determines the market's perception of the situation of the bank and, in turn, the cost of borrowing).
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Proportional shortfall of QALYs is estimated by calculating the expected future loss of QALYs due to disease relative to a perfectly healthy life expectancy (QALEN).
In contrast, forward-looking provisioning reflecting timely recognition of expected future loan losses is associated with enhanced risk-taking discipline.
In the field of health, to be worse off may refer to current suffering or disability, expected future health losses, expected lifetime health, or simply to having the most severe health problem.
But Mr. Moynihan said he expected future credit card losses to be lower.
These corporations need only convince the lawyers that a U.S. law, regulation or court ruling violates the new privileges TPP grants them, and the lawyers can award the corporations unlimited sums to be paid by America's taxpayers — including for the loss of expected future profits.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com