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Just like you never want to hear a doctor say "oops" in the operating room, you never want to see a going-concern statement
in a financial report about a company you own. Accountants throw these in when they've been over the books, talked to customers,
and checked the horoscopes and have concluded there is "substantial doubt" about a company's ability to remain in business.
In short, don't blame the accountants if the company files for bankruptcy protection.
You¿d reckon that a going-concern
statement would be enough to send investors running to the exits, but it's not. True, many large institutions automatically
bail when an existing company gets slapped with one of these, but many individuals (often wrongly) take a chance they know
more than the bean counters.
During the tech boom of the late 1990s, many companies actually went public even though they had been hit with going-concern statements. Many of those companies subsequently disappeared. Enough said.
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Friday, June 13, 2008
MIB Life Index Reports North American Life Insurance Activity Down 2.4% in May
Comtex
BRAINTREE, Mass., June 13, 2008 /PRNewswire via COMTEX/ ----North American application activity for individually underwritten life insurance was off -2.4% in May, year-over-year, according to the MIB Life Index(SM)(www.mib.com/lifeindex). Year-to-date (YTD) U.S. and Canadian application activity was off -2.1% compared to the same period last year. May's activity was off -2.8% when compared to April 2008.
U.S. application activity was down -2.9% in May year-over-year, all ages combined. Age groups 0-44 and 45-59 declined -3.9% and -3.2%, respectively versus May 2007. Continuing a fourteen month growth trend, the 60+ age group was up +3.0% year-over-year. The U.S. 60+ MIB Life Index is the highest ever recorded for a May since its inception in 2001, with the exception of May 2005. YTD, U.S. application activity was off -2.8%, all ages combined.
Canadian application activity remained relatively flat for the third consecutive month, up +0.8% year-over-year, all ages combined after seven strong months' of growth until March 2008. With the exception of only two months, Canada's overall MIB Life Index value (all ages combined May 2008) is the highest ever recorded since its inception in 2001. In May, ages 0-44 were up +2.6%, ages 45-59 and 60+ were off -1.2% and -4.7%, respectively year-over-year. YTD, Canadian growth by age group is contrary to the U.S. - ages 0-44 up +4.9% (-4.5% U.S.), ages 45-59 up +2.0% (-2.4% U.S.), and ages 60+ off -1.4% (+5.2% US) versus the same five months last year. YTD, Canadian application activity was up +3.5% all ages combined.
Monthly Percent Change vs. 2007* U.S. Canada Total May 2008 -2.9% +0.8% -2.4% April 2008 -5.1% -0.3% -4.5% YTD 2008 -2.8% +3.5% -2.1% Monthly Percent Change vs. Previous Month* U.S. Canada Total May 2008 -4.2% +6.5% -2.8%
*April, May and YTD 2008 percentages have been adjusted to reflect a Canadian reporting anomaly for the period January-June 2007.
About the MIB Life Index
The MIB Life Index is the life insurance industry's timeliest measure of application activity across the U.S. and Canada. Released to the media each month, the Index is based on the number of searches life member company underwriters perform on the MIB Checking Service database. Since the vast majority of individually underwritten life premium dollars in North America include an MIB search as a routine underwriting requirement, the MIB Life Index provides a reasonable means to estimate new business activity. For past releases and email subscription visit www.mib.com/lifeindex.
About MIB Group, Inc.
MIB Group, Inc. is the premier provider of Internet-based information and knowledge services to the risk management market in North America and is a leading facilitator of electronic insurance commerce. MIB Group, Inc. companies include MIB, Inc. and MIB Solutions, Inc. (www.mib.com).
Contact: David O. Aronson MIB Group, Inc. 781-751-6330 daronson@mib.com
SOURCE MIB Group, Inc.
http://www.mib.com
Copyright (C) 2008 PR Newswire. All rights reserved
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