‘Golden Retriever’ @k9.dog asks ‘What makes you conclude that corporate credit risk increased during 2018?’, presumably referring to my report of John Vickers speech the other day.
Well “average bond spread increased by c.41bps in 2018” should be a clue, taken from the Just Group 2018 regulatory report. May not be correct, but other insurers reported the same thing. Indeed, total spread widening in 2018 caused a fall in asset values of around £7bn – according to another source. Fortunately MA was there to mop up the losses, so there weren’t really any losses at all.
Another actuary, referring to this post reported proudly that he had managed to listen to 18 minutes 50 seconds of the Wii Shop Channel. Look mate, the whole purpose of that music was to act as a deterrent, and to encourage actuaries to mend their ways. Not an endurance competition. There is some more above (2 hour loop).
Have a good weekend everyone.