Business – Page 1772 – NewzIntel.com

MIL-OSI Global: Many important 20th-century philosophers investigated ghosts – here’s how they explained them

Source: The Conversation – UK – By Matyáš Moravec, Lecturer in Philosophy, Queen’s University Belfast

Hamlet and the Ghost by Frederick James Shields (1901). Manchester Art Gallery

Most people imagine philosophers as rational thinkers who spend their time developing abstract logical theories and strongly reject superstitious beliefs. But several 20th-century philosophers actively investigated spooky topics such as clairvoyance, telepathy – even ghosts.

Many of these philosophers, including Henri Bergson and William James, were interested in what was called “psychical research”. This was the academic study of paranormal phenomena including telepathy, telekinesis and other-worldly spirits.

These thinkers attended seances and were attempting to develop theories about ghosts, life after death and the powers exhibited by mediums in trances. My recent archival research has been looking at how these topics shaped 20th-century philosophy.

CD Broad (1887-1971) was a professor of philosophy at the University of Cambridge. He is now recognised as one of the most important writers on the philosophy of time. He also published on ethics, logic and the history of philosophy. What is less known, though, is that he was an active member of the Society for Psychical Research, a learned society dedicated to the study of paranormal phenomena. The society twice elected him as their president, and he published widely on topics including clairvoyance and poltergeists.

In his 1925 book, The Mind and Its Place in Nature, Broad developed what has come to be known as the “compound theory” of ghosts. Broad argued that the human mind was a compound of two components. One of these was the “physical factor,” roughly corresponding to the body. The other one was the “psychic factor,” which carries our mental content like emotions or thoughts. The two of them conjointly form the human mind – just like salt is composed of sodium and chloride.

Broad believed that after death, the psychic factor can continue existing for a bit on its own and might enter, like a spirit, a medium during a seance.

Images in the ether

Another philosopher interested in ghosts and spirits of the dead was HH Price (1899-1984). He was a professor of logic at the University of Oxford and is mostly known for his publications on the philosophy of perception. However, just like Broad, he was heavily involved in the Society for Psychical Research and attended several international conferences dedicated to life after death and telepathy.

Price believed ghosts could appear to sensitive people.
Wellcome Collection, CC BY

In his presidential address to the society in 1939, Price tried to offer an explanation of ghosts and hauntings.

At any given moment, he argued, your mind is full of “mental images” – the memory of your last holiday, the things you see outside your window, your hopes and expectations for the future. Price theorised that there is a substance, which he called the “psychic ether” that exists halfway between matter and the human mind. He believed that this ether could carry the images that currently exist in your mind even after you die. A bundle of these images and memories can appear as a ghost to some particularly sensitive people.

What does ‘ghost’ mean?

Casimir Lewy (1919-1991) was one of the most influential philosophical logicians of the 20th century. He spent most of his career at the University of Cambridge – in fact, the philosophy faculty library there is named after him.

Lewy is now mostly known for his work on logic, and few people know that he actually wrote his PhD thesis (which was examined by Broad) on life after death.

Portrait of Casimir Lewy by Stanisław Ignacy Witkiewicz (1937).
Trinity College

He was primarily interested in language and in the meanings of the terms people use when they talk about ghosts and life after death. What does it mean to say that I might survive the death of my body? What sort of experiences would I need to have as a ghost for the statement “I have survived my death” to be true? Would I have to be able to see myself in the mirror, or to speak to people in the seance room?

Lewy insisted that these questions need answering before looking at the empirical “evidence” for ghosts.

Following a series of scandalous and widely publicised discoveries of fraudulent mediums faking their supernatural powers and accusations of pseudo-scientific research methods, psychical research eventually moved to the fringes of academia. Lewy, for example, never returned to write on these topics after passing the defence of his PhD in 1943.

Nevertheless, despite its brief lifespan, academic psychical research had a significant influence on an entire generation of British philosophers. It shaped their views on time, causation and matter, and gave them an opportunity to think one of life’s most pressing questions: what happens after we die?

Looking for something good? Cut through the noise with a carefully curated selection of the latest releases, live events and exhibitions, straight to your inbox every fortnight, on Fridays. Sign up here.

Matyáš Moravec does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

– ref. Many important 20th-century philosophers investigated ghosts – here’s how they explained them – https://theconversation.com/many-important-20th-century-philosophers-investigated-ghosts-heres-how-they-explained-them-241635

MIL OSI – Global Reports –

January 25, 2025

MIL-OSI Global: Students with special educational needs are years behind their peers – they need specialist teachers in mainstream classrooms

Source: The Conversation – UK – By Johny Daniel, Assistant Professor, School of Education, Durham University

BearFotos/Shutterstock

A new report from the National Audit Office into special educational needs provision in England has concluded that despite a significant increase investment over the last decade, “the system is still not delivering better outcomes for children and young people”.

This is borne out by my research. Students with special educational needs in England are significantly behind in reading, writing and maths compared to their classmates.

Laws like the 2014 Children and Families Act, which aimed to improve support for these students, haven’t closed the gap. My recent research suggests that we need to rethink current educational policies and practices.

My study looked at data from 2.5 million year 6 students (aged ten and 11) between 2014 and 2019. It shows that students with special educational needs are significantly behind in key academic areas.

On average, students with special educational needs are two years behind in writing and one and a half years behind in reading and maths. The gap in maths is growing, which is especially worrying. It shows that current educational strategies are failing these students.

Not all students with special educational needs face the same challenges. Students with intellectual disabilities were, on average, more than two years behind in writing and maths. In contrast, students with autism spectrum disorder and visual impairment do somewhat better, especially in reading, but they are still, on average, about one year behind.

Rethinking support

Despite well-intentioned policies, current educational frameworks are falling short. A major issue is the heavy reliance on teaching assistants as the main support for students with special educational needs in mainstream schools.

Teaching assistants are dedicated and play an important role in classrooms. However, research shows that their involvement can sometimes have negative effects on academic outcomes due to a limited range of teaching methods and lack of professional development. Over-relying on teaching assistants without specialised support might be one reason for the continuing achievement gap.

This raises important questions. If we would not accept teaching assistants as the main instructors for typical students, it should not be acceptable for students with special educational needs, who have more complex learning needs.

Support in schools also comes from special educational needs coordinators. They manage the school’s approach to supporting students with special educational needs. They handle administrative tasks, work with parents and outside agencies, and ensure legal compliance. But while their role is important, they usually do not teach students directly.

One solution is to have specialised special education teachers in mainstream schools. This is not just a suggestion; it’s a critical need.

Special education teachers are trained educators who work directly with students needing extra support. They teach tailored lessons, adapt teaching materials, and use specialised strategies to meet individual learning needs. Their focus is on providing hands-on educational help within the school.

Learning from other countries

Integrating special education teachers into our mainstream classrooms, as seen in countries such as the US and Singapore, could be the key to better supporting our students.

In these countries, special education teachers are part of the mainstream classrooms. They complete certification programmes, learning advanced skills in assessing students’ needs, developing tailored support and creating individual education plans. They teach alongside general educators, ensuring that students with special educational needs are not left out but receive high-quality support.

This approach addresses both academic and emotional needs in the classroom, providing an effective support system.

Similar steps should be taken in England to establish comprehensive special education teacher training programmes. This could include postgraduate certifications in special education or specialised modules in existing teacher education programmes.

Specialist teachers could help contain the attainment gap.
PeopleImages.com – Yuri A/Shutterstock

Inspection frameworks like Ofsted must include specific criteria to evaluate the presence and effectiveness of specialised support in classrooms for students with special educational needs.

Schools should be encouraged to hire qualified special education teachers, and government funding models must be changed to support these professionals. Also, ongoing professional development should be a priority, ensuring that all educators expand their expertise in proven teaching methods.

By aligning teacher training, hiring and policies, England can reduce its reliance on teaching assistants as the main support for students with special educational needs. Instead, schools can have strong support systems led by trained special education teachers. These specialists can work with teaching assistants and classroom teachers to provide more effective, targeted support.

This change would provide students with special educational needs with improved overall quality of teaching and learning. This could lead to mainstream classrooms fostering a truly inclusive educational environment.

Johny Daniel does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

– ref. Students with special educational needs are years behind their peers – they need specialist teachers in mainstream classrooms – https://theconversation.com/students-with-special-educational-needs-are-years-behind-their-peers-they-need-specialist-teachers-in-mainstream-classrooms-240147

MIL OSI – Global Reports –

January 25, 2025

MIL-OSI Video: CEO Climate Alliance Letter | Sumant Sinha

Source: World Economic Forum (video statements)

We need a global agency to regulate carbon pricing, says ReNew CEO Sumant Sinha. ‘All we’re tracking are pledges. If you start tracking actions, you’ll find actions are even further behind.’

In an open letter ahead of COP29, the Alliance of CEO Climate Leaders calls for urgent action to combat climate change. Highlighting the critical role of collaborative leadership from business and government, the world’s largest CEO-led climate community is advocating for ambitious, science-based targets to support climate action and spur investment.

Read the full letter: wef.ch/COP29OpenLetter24

#AllianceofCEOClimateLeaders #Climate #ClimateChange #COP29 #WorldEconomicForum

The World Economic Forum is the International Organization for Public-Private Cooperation. The Forum engages the foremost political, business, cultural and other leaders of society to shape global, regional and industry agendas. We believe that progress happens by bringing together people from all walks of life who have the drive and the influence to make positive change.

World Economic Forum Website ► http://www.weforum.org/
Facebook ► https://www.facebook.com/worldeconomicforum/
YouTube ► https://www.youtube.com/wef
Instagram ► https://www.instagram.com/worldeconomicforum/
Twitter ► https://twitter.com/wef
LinkedIn ► https://www.linkedin.com/company/world-economic-forum
TikTok ► https://www.tiktok.com/@worldeconomicforum
Flipboard ► https://flipboard.com/@WEF

https://www.youtube.com/watch?v=0SdNNaI52jc

MIL OSI Video –

January 25, 2025

MIL-OSI USA: Statement from National Economic Advisor Lael Brainard on National Security Memorandum (NSM) on Artificial Intelligence (AI)

US Senate News:

Source: The White House
Today, the President is issuing the first-ever National Security Memorandum (NSM) on Artificial Intelligence (AI). The fundamental premise is that AI will have significant implications for national security. The AI NSM sets out goals to enable the US Government to harness cutting-edge AI technologies, and to advance international consensus and governance around AI.
In addition, there are implications for economic policy. The AI National Security Memorandum establishes that retaining US leadership in the most advanced AI models will be vital for our national security in coming years. The US lead today on the most advanced AI models reflects several important US economic strengths: our innovative private sector, the ability to develop and source world class talent, strengths in advanced semiconductor design, dynamic capital allocation, and abundant compute power.
We should not take those strengths for granted in the future. Indeed, we are all familiar with past instances when we saw critical technologies and supply chains that were developed and commercialized here in the US migrate offshore for lack of critical public sector support. That is why we are laser focused on maintaining the strongest AI ecosystem in the world here in the United States. The NSM directs the National Economic Council to coordinate an economic assessment of the relative competitive advantage of the US private sector AI ecosystem.
Sustaining US preeminence in frontier AI into the future will require strong domestic foundations in semiconductors, infrastructure, and clean energy—including the large datacenters that provide computing resources. The private sector is already making significant investments in AI innovation, and now we’re making sure the government is moving quickly on policy changes and the support necessary to enable rapid AI infrastructure growth over the next several years. The historic Biden-Harris investment laws will be critical enablers.
Developing AI systems will require a large volume of the most advanced semiconductors. The CHIPS and Science Act is enabling major investments here in the US for the fabrication of the leading-edge semiconductors that are critical to AI frontier models, in close proximity to world-class chips designers and downstream customers.
One of the most pressing needs is the rapid growth in computational power for the training and operation of frontier AI models. AI datacenters will need to run on clean energy and in order to meet their needs we will need to accelerate the deployment of transmission and clean energy projects. We will meet these needs while keeping residential electricity costs low and meeting our climate goals. Fortunately, the Bipartisan Infrastructure Law and the clean energy provisions of the Inflation Reduction Act have given us a good foundation to build on. We are committed to helping navigate permitting processes across the federal government, and working with states and localities. We took a step towards supporting these goals with the Task Force on AI Datacenter Infrastructure that we launched last month. And we have seen a number of recent announcements of companies investing in projects that will bring new clean energy online to power AI data centers.
Having the right workforce and talent will also play a key role in developing large-scale AI datacenters. This will range from AI experts to pipefitters and electrical workers. We are taking action to ensure AI infrastructure creates good jobs, while investing in our workforce to enable American workers to drive innovation.
Of course, all of these efforts must be governed by the critical guardrails established last year by the Executive Order on Safe, Secure, and Trustworthy Artificial Intelligence and commitments we secured last year from leading AI companies to manage the risks posed by AI. Today’s NSM is just the latest step in a series of actions thanks to the leadership and diplomatic engagement of the President and Vice President, and there will be additional steps taken in the coming months to further support US leadership in AI.

MIL OSI USA News –

January 25, 2025

MIL-OSI: Amalgamated Financial Corp. Reports Record Third Quarter 2024 Financial Results; Margin Expands to 3.51%; Return on Average Assets of 1.32%

Source: GlobeNewswire (MIL-OSI)

NEW YORK, Oct. 24, 2024 (GLOBE NEWSWIRE) — Amalgamated Financial Corp. (the “Company” or “Amalgamated”) (Nasdaq: AMAL), the holding company for Amalgamated Bank (the “Bank”), today announced financial results for the third quarter ended September 30, 2024.

Third Quarter 2024 Highlights (on a linked quarter basis)

Net income of $27.9 million, or $0.90 per diluted share, compared to $26.8 million, or $0.87 per diluted share.
Core net income¹ of $28.0 million, or $0.91 per diluted share, compared to $26.2 million, or $0.85 per diluted share.

Deposits and Liquidity

Total deposits increased $145.6 million, or 2.0%, to $7.6 billion including a $51.3 million decline in Brokered CDs.
Excluding Brokered CDs, on-balance sheet deposits increased $196.9 million, or 2.7%, to $7.5 billion.
Political deposits increased $231.9 million, or 13%, to $2.0 billion, which includes both on and off-balance sheet deposits.
Off-balance sheet deposits increased $114.1 million, or 11%, to $1.2 billion, comprised of both transactional political deposits and other segment deposits.
Average cost of deposits, excluding Brokered CDs, increased 3 basis points to 151 basis points, where non-interest-bearing deposits comprised 51% of total deposits excluding Brokered CDs.

Assets and Margin

Net loans receivable increased $78.0 million, or 1.8%, to $4.5 billion.
Excluding a $40.9 million package of low yielding residential loans marked-to-market and moved to held-for-sale, net loans receivable increased $118.9 million or 2.7%.
Total PACE assessments grew $10.6 million, or 0.9%, to $1.2 billion.
Net interest income grew $2.9 million, or 4.2%, to $72.1 million.
Net interest margin increased 5 basis points to 3.51%.

Capital and Returns

Tier 1 leverage ratio of 8.63%, increased by 21 basis points, and Common Equity Tier 1 ratio of 13.82%.
Tangible common equity¹ ratio of 8.14%, representing an eighth consecutive quarter of improvement.
Tangible book value per share¹ increased $1.69, or 8.2%, to $22.29, and has increased $4.87, or 27.9% since September 2023.
Strong core return on average tangible common equity¹ of 17.04% and core return on average assets¹ of 1.33%.

________________________
_{¹ Reconciliations of non-GAAP financial measures to the most comparable GAAP measure are set forth on the last page of the financial information accompanying this press release and may also be found on our website, www.amalgamatedbank.com.}

Priscilla Sims Brown, President and Chief Executive Officer, commented, “Our third quarter financial results continue to demonstrate that Amalgamated remains positioned to achieve sustainable earnings and profitability. During the quarter, we delivered outstanding deposit and loan growth, strong profitability and returns, and a growing capital base that positions us to invest in our strategic initiatives which will sustain our growth into the future.”

Third Quarter Earnings

Net income for the third quarter of 2024 was $27.9 million, or $0.90 per diluted share, compared to $26.8 million, or $0.87 per diluted share, for the second quarter of 2024. The $1.1 million increase during the quarter was primarily driven by a $3.2 million increase in non-core ICS One-Way Sell fee income from our off-balance sheet deposits, a $2.9 million increase in net interest income, a $1.3 million decrease in provision for credit losses, and a $0.7 million increase in non-core income from solar tax equity investments, which was expected. This was offset by a $4.3 million reduction in fair value on a pool of lower yielding residential loans moved to held for sale, a $1.5 million increase in non-interest expense, and a $1.3 million increase in income tax expense, and a $0.5 million increase in losses on securities sales.

Core net income¹ for the third quarter of 2024 was $28.0 million, or $0.91 per diluted share, compared to $26.2 million, or $0.85 per diluted share, for the second quarter of 2024. Excluded from core net income for the quarter, pre-tax, was $8.1 million of ICS One-Way Sell fee income, a $4.3 million reduction in fair value of held for sale residential loans, $3.2 million of losses on the sale of securities, $1.1 million of accelerated depreciation from solar tax equity investments, $0.7 million of gains on subordinated debt repurchases, and $0.2 million in severance costs. Excluded from core net income for the second quarter of 2024, pre-tax, was $4.9 million of ICS One-Way Sell fee income, $2.7 million of losses on the sale of securities, $1.8 million of accelerated depreciation from our solar tax equity investments, $0.4 million of gains on subordinated debt repurchases.

Net interest income was $72.1 million for the third quarter of 2024, compared to $69.2 million for the second quarter of 2024. Loan interest income increased $2.8 million and loan yields increased 11 basis points mainly as a result of a $86.7 million increase in average loan balances. Adjusted for two discrete items; the effect of $2.1 million of accelerated amortization related to purchase premiums last quarter and the recognition in the current quarter of a $1.3 million acceleration of deferred costs on certain loans, loan interest income increased by $2.1 million in the quarter. Interest income on securities increased $1.7 million driven by an increase in the average balance of securities of $79.7 million. Interest expense on total interest-bearing deposits increased $1.2 million driven by a 26 basis point increase in cost despite a decrease in the average balance of total interest-bearing deposits of $235.6 million. The increase in deposit cost was primarily related to adjustments to rates on money market products and select non-time deposit accounts late in second quarter and early in the current quarter. The decrease in the average balance of interest-bearing deposits was primarily driven by a mix shift as newly raised political deposits were mainly non-interest-bearing whereas related outflows were mainly interest-bearing. Additionally, the average balance on Brokered CD’s declined $25.0 million as certain long-term issuances were called. The average balance of borrowings also decreased $32.6 million, now substantially consisting of lower-cost subordinated debt.

Net interest margin was 3.51% for the third quarter of 2024, an increase of 5 basis points from 3.46% in the second quarter of 2024. As noted above, there were two discrete items that affected the third quarter and second quarter margin. Excluding these discrete items, net interest margin improved 2 basis points from the prior quarter, all else equal. Prepayment penalties had no impact on our net interest margin in the third quarter of 2024, which is the same as in the prior quarter.

Provision for credit losses totaled an expense of $1.8 million for the third quarter of 2024 compared to an expense of $3.2 million in the second quarter of 2024. The expense in the third quarter was primarily driven by charge-offs on our consumer solar and small business portfolios, and updates to CECL model assumptions, offset by decreases in reserves for unfunded loan commitments.

Non-interest income was $8.9 million for the third quarter of 2024, compared to $9.3 million in the second quarter of 2024. Excluding all non-core income adjustments noted above, core non-interest income¹ was $8.8 million for the third quarter of 2024, compared to $8.5 million in the second quarter of 2024. The increase was primarily related to higher commercial banking fees, increased fees from our treasury investment services, and modestly higher income from our trust business.

Non-interest expense for the third quarter of 2024 was $41.0 million, an increase of $1.5 million from the second quarter of 2024. Core non-interest expense¹ for the third quarter of 2024 was $40.7 million, an increase of $1.3 million from the second quarter of 2024. This was mainly driven by a $0.7 million increase in compensation and employee benefits expense due to strategic new hires and corporate performance accruals, as well as higher data processing expense related to the advance of digital initiatives scheduled for 2025.

Our provision for income tax expense was $10.3 million for the third quarter of 2024, compared to $9.0 million for the second quarter of 2024. The effective tax rate for the third quarter of 2024 was 26.9%. In the prior quarter, there were $0.5 million of discrete tax benefits resulting in an effective tax rate of 25.2%, or 26.6% excluding the discrete items.

Balance Sheet Quarterly Summary

Total assets were $8.4 billion at September 30, 2024, compared to $8.3 billion at June 30, 2024, which modestly grew the balance sheet above its target range but also carried $40.9 million in loans held for sale related to the residential loan sale that settled shortly after the quarter closed. Notable changes within individual balance sheet line items include a $91.2 million increase in cash and cash equivalents, a $24.1 million increase in securities, and a $78.0 million increase in net loans receivable. Additionally, deposits excluding Brokered CDs increased by $196.9 million while Brokered CDs decreased $51.3 million, and borrowings decreased by $8.8 million. Our off-balance sheet deposits increased by $114.1 million, or 11%, to $1.2 billion.

Total net loans receivable, at September 30, 2024 were $4.5 billion, an increase of $78.0 million, or 1.8% for the quarter. The increase in loans is primarily driven by a $60.8 million increase in multifamily loans, a $46.0 million increase in commercial and industrial loans, and a $37.6 million increase in commercial real estate loans, offset by an $11.1 million decrease in consumer solar loans, and a $54.3 million decrease in residential loans, primarily due to the noted loan pool sale. During the quarter, criticized or classified loans decreased $5.9 million, largely related to a $6.9 million note sale (with a related fully reserved $4.5 million charge-off) on a legacy non-accrual leveraged loan. Additionally, payoffs of two delinquent commercial and industrial loans totaling $1.7 million and charge-offs of smaller commercial and industrial loans totaling $1.0 million were offset by the downgrade of one $3.2 million multifamily loan to substandard and accruing and downgrades of small business loans totaling $1.1 million.

Total deposits at September 30, 2024 were $7.6 billion, an increase of $145.6 million, or 2.0%, during the quarter. Total deposits excluding Brokered CDs increased by $196.9 million to $7.5 billion, or a 2.7% increase. Including accounts currently held off-balance sheet, deposits held by politically active customers, such as campaigns, PACs, advocacy-based organizations, and state and national party committees were $2.0 billion as of September 30, 2024, an increase of $231.9 million during this quarter. Non-interest-bearing deposits represented 50% of average total deposits and 51% of ending total deposits for the quarter, excluding Brokered CDs, contributing to an average cost of total deposits of 158 basis points. Super-core deposits² totaled approximately $4.5 billion, had a weighted average life of 16 years, and comprised 60% of total deposits, excluding Brokered CDs. Total uninsured deposits were $4.5 billion, comprising 59% of total deposits.

Nonperforming assets totaled $28.6 million, or 0.34% of period-end total assets at September 30, 2024, a decrease of $7.1 million, compared with $35.7 million, or 0.43% on a linked quarter basis. The decrease in nonperforming assets was primarily driven by the note sale mentioned above, a $0.2 million decrease in residential real estate nonaccrual loans, a $0.2 million decrease in consumer and consumer solar nonaccrual loans, offset by a $0.3 million increase in commercial and industrial nonaccrual loans.

During the quarter, the allowance for credit losses on loans decreased $1.9 million to $61.5 million. The ratio of allowance to total loans was 1.35%, a decrease of 7 basis points from 1.42% in the second quarter of 2024. The decrease was primarily the result of a release of reserves from the previously noted legacy leveraged commercial and industrial note sale, which carried a reserve of $4.5 million.

________________________
_{² Refer to Terminology on page 6 for definitions of certain terms used in this release.}

Capital Quarterly Summary

As of September 30, 2024, the Common Equity Tier 1 Capital ratio was 13.82%, the Total Risk-Based Capital ratio was 16.25%, and the Tier 1 Leverage Capital ratio was 8.63%, compared to 13.48%, 16.04% and 8.42%, respectively, as of June 30, 2024. Stockholders’ equity at September 30, 2024 was $698.3 million, an increase of $52.2 million during the quarter. The increase in stockholders’ equity was primarily driven by $27.9 million of net income for the quarter and a $26.9 million improvement in accumulated other comprehensive loss due to the tax effected mark-to-market on our available for sale securities portfolio, offset by $3.7 million in dividends paid at $0.12 per outstanding share.

Tangible book value per share was $22.29 as of September 30, 2024 compared to $20.61 as of June 30, 2024. Tangible common equity¹ improved to 8.14% of tangible assets, compared to 7.66% as of June 30, 2024.

Conference Call

As previously announced, Amalgamated Financial Corp. will host a conference call to discuss its third quarter 2024 results today, October 24, 2024 at 11:00am (Eastern Time). The conference call can be accessed by dialing 1-877-407-9716 (domestic) or 1-201-493-6779 (international) and asking for the Amalgamated Financial Corp. Third Quarter 2024 Earnings Call. A telephonic replay will be available approximately two hours after the call and can be accessed by dialing 1-844-512-2921, or for international callers 1-412-317-6671 and providing the access code 13748697. The telephonic replay will be available until October 31, 2024.

Interested investors and other parties may also listen to a simultaneous webcast of the conference call by logging onto the investor relations section of our website at https://ir.amalgamatedbank.com/. The online replay will remain available for a limited time beginning immediately following the call.

The presentation materials for the call can be accessed on the investor relations section of our website at https://ir.amalgamatedbank.com/.

About Amalgamated Financial Corp.

Amalgamated Financial Corp. is a Delaware public benefit corporation and a bank holding company engaged in commercial banking and financial services through its wholly-owned subsidiary, Amalgamated Bank. Amalgamated Bank is a New York-based full-service commercial bank and a chartered trust company with a combined network of five branches across New York City, Washington D.C., and San Francisco, and a commercial office in Boston. Amalgamated Bank was formed in 1923 as Amalgamated Bank of New York by the Amalgamated Clothing Workers of America, one of the country’s oldest labor unions. Amalgamated Bank provides commercial banking and trust services nationally and offers a full range of products and services to both commercial and retail customers. Amalgamated Bank is a proud member of the Global Alliance for Banking on Values and is a certified B Corporation®. As of September 30, 2024, our total assets were $8.4 billion, total net loans were $4.5 billion, and total deposits were $7.6 billion. Additionally, as of September 30, 2024, our trust business held $35.4 billion in assets under custody and $14.6 billion in assets under management.

Non-GAAP Financial Measures

This release (and the accompanying financial information and tables) refer to certain non-GAAP financial measures including, without limitation, “Core operating revenue,” “Core non-interest expense,” “Core non-interest income,” “Core net income,” “Tangible common equity,” “Average tangible common equity,” “Core return on average assets,” “Core return on average tangible common equity,” and “Core efficiency ratio.”

Our management utilizes this information to compare our operating performance for September 30, 2024 versus certain periods in 2024 and 2023 and to prepare internal projections. We believe these non-GAAP financial measures facilitate making period-to-period comparisons and are meaningful indications of our operating performance. In addition, because intangible assets such as goodwill and other discrete items unrelated to our core business, which are excluded, vary extensively from company to company, we believe that the presentation of this information allows investors to more easily compare our results to those of other companies.

The presentation of non-GAAP financial information, however, is not intended to be considered in isolation or as a substitute for GAAP financial measures. We strongly encourage readers to review the GAAP financial measures included in this release and not to place undue reliance upon any single financial measure. In addition, because non-GAAP financial measures are not standardized, it may not be possible to compare the non-GAAP financial measures presented in this release with other companies’ non-GAAP financial measures having the same or similar names. Reconciliations of non-GAAP financial disclosures to comparable GAAP measures found in this release are set forth in the final pages of this release and also may be viewed on our website, amalgamatedbank.com.

Terminology

Certain terms used in this release are defined as follows:

“Core efficiency ratio” is defined as “Core non-interest expense” divided by “Core operating revenue.” We believe the most directly comparable performance ratio derived from GAAP financial measures is an efficiency ratio calculated by dividing total non-interest expense by the sum of net interest income and total non-interest income.

“Core net income” is defined as net income after tax excluding gains and losses on sales of securities, ICS One-Way Sell fee income, gains on the sale of owned property, costs related to branch closures, restructuring/severance costs, acquisition costs, tax credits and accelerated depreciation on solar equity investments, and taxes on notable pre-tax items. We believe the most directly comparable GAAP financial measure is net income.

“Core non-interest expense” is defined as total non-interest expense excluding costs related to branch closures, restructuring/severance, and acquisitions. We believe the most directly comparable GAAP financial measure is total non-interest expense.

“Core non-interest income” is defined as total non-interest income excluding gains and losses on sales of securities, ICS One-Way Sell fee income, gains on the sale of owned property, and tax credits and accelerated depreciation on solar equity investments. We believe the most directly comparable GAAP financial measure is non-interest income.

“Core operating revenue” is defined as total net interest income plus “core non-interest income”. We believe the most directly comparable GAAP financial measure is the total of net interest income and non-interest income.

“Core return on average assets” is defined as “Core net income” divided by average total assets. We believe the most directly comparable performance ratio derived from GAAP financial measures is return on average assets calculated by dividing net income by average total assets.

“Core return on average tangible common equity” is defined as “Core net income” divided by average “tangible common equity.” We believe the most directly comparable performance ratio derived from GAAP financial measures is return on average equity calculated by dividing net income by average total stockholders’ equity.

“Super-core deposits” are defined as total deposits from commercial and consumer customers, with a relationship length of greater than 5 years. We believe the most directly comparable GAAP financial measure is total deposits.

“Tangible assets” are defined as total assets excluding, as applicable, goodwill and core deposit intangibles. We believe the most directly comparable GAAP financial measure is total assets.

“Tangible common equity”, and “Tangible book value” are defined as stockholders’ equity excluding, as applicable, minority interests, preferred stock, goodwill and core deposit intangibles. We believe that the most directly comparable GAAP financial measure is total stockholders’ equity.

“Traditional securities portfolio” is defined as total investment securities excluding PACE assessments. We believe the most directly comparable GAAP financial measure is total investment securities.

Forward-Looking Statements

Statements included in this release that are not historical in nature are intended to be, and are hereby identified as, forward-looking statements within the meaning of the Private Securities Litigation Reform Act, Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are not statements of historical or current fact nor are they assurances of future performance and generally can be identified by the use of forward-looking terminology, such as “may,” “approximately,” “will,” “anticipate,” “should,” “would,” “believe,” “contemplate,” “expect,” “estimate,” “continue,” “plan,” “possible,” and “intend,” or the negative thereof as well as other similar words and expressions of the future. Forward-looking statements are subject to risks, uncertainties and assumptions that are difficult to predict as to timing, extent, likelihood and degree of occurrence, which could cause our actual results to differ materially from those anticipated in or by such statements. Potential risks and uncertainties include, but are not limited to, the following: (i) uncertain conditions in the banking industry and in national, regional and local economies in our core markets, which may have an adverse impact on our business, operations and financial performance; (ii) deterioration in the financial condition of borrowers resulting in significant increases in loan losses and provisions for those losses; (iii) deposit outflows and subsequent declines in liquidity caused by factors that could include lack of confidence in the banking system, a deterioration in market conditions or the financial condition of depositors; (iv) changes in our deposits, including an increase in uninsured deposits; (v) our ability to maintain sufficient liquidity to meet our deposit and debt obligations as they come due, which may require that we sell investment securities at a loss, negatively impacting our net income, earnings and capital; (vi) unfavorable conditions in the capital markets, which may cause declines in our stock price and the value of our investments; (vii) negative economic and political conditions that adversely affect the general economy, housing prices, the real estate market, the job market, consumer confidence, the financial condition of our borrowers and consumer spending habits, which may affect, among other things, the level of non-performing assets, charge-offs and provision expense; (viii) fluctuations or unanticipated changes in the interest rate environment including changes in net interest margin or changes in the yield curve that affect investments, loans or deposits; (ix) the general decline in the real estate and lending markets, particularly in commercial real estate in our market areas, and the effects of the enactment of or changes to rent-control and other similar regulations on multi-family housing; (x) changes in legislation, regulation, public policies, or administrative practices impacting the banking industry, including increased minimum capital requirements and other regulation in the aftermath of recent bank failures; (xi) the outcome of any legal proceedings that may be instituted against us (xii) our inability to achieve organic loan and deposit growth and the composition of that growth; (xiii) the composition of our loan portfolio, including any concentration in industries or sectors that may experience unanticipated or anticipated adverse conditions greater than other industries or sectors in the national or local economies in which we operate; (xiv) inaccuracy of the assumptions and estimates we make and policies that we implement in establishing our allowance for credit losses; (xv) changes in loan underwriting, credit review or loss reserve policies associated with economic conditions, examination conclusions, or regulatory developments; (xvi) any matter that would cause us to conclude that there was impairment of any asset, including intangible assets; (xvii) limitations on our ability to declare and pay dividends; (xviii) the impact of competition with other financial institutions, including pricing pressures and the resulting impact on our results, including as a result of compression to net interest margin; (xix) increased competition for experienced members of the workforce including executives in the banking industry; (xx) a failure in or breach of our operational or security systems or infrastructure, or those of third party vendors or other service providers, including as a result of unauthorized access, computer viruses, phishing schemes, spam attacks, human error, natural disasters, power loss and other security breaches; (xxi) increased regulatory scrutiny and exposure from the use of “big data” techniques, machine learning, and artificial intelligence; (xxii) downgrade in our credit rating; (xxiii) “greenwashing claims” against us and our Environmental, Social and Governance (“ESG”) products and increased scrutiny and political opposition to ESG and Diversity, Equity and Inclusion (“DEI”) practices; (xxiv) any unanticipated or greater than anticipated adverse conditions (including the possibility of earthquakes, wildfires, and other natural disasters)affecting the markets in which we operate; (xxv) physical and transitional risks related to climate change as they impact our business and the businesses that we finance; (xxvi) future repurchase of our shares through our common stock repurchase program; and (xxvii) descriptions of assumptions underlying or relating to any of the foregoing. Additional factors which could affect the forward-looking statements can be found in our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K filed with the SEC and available on the SEC’s website at https://www.sec.gov/. We disclaim any obligation to update or revise any forward-looking statements contained in this release, which speak only as of the date hereof, whether as a result of new information, future events or otherwise, except as required by law.

Investor Contact:
Jamie Lillis
Solebury Strategic Communications
shareholderrelations@amalgamatedbank.com
800-895-4172

Consolidated Statements of Income (unaudited)

	Three Months Ended									Nine Months Ended
	September 30,			June 30,			September 30,			September 30,
($ in thousands)		2024			2024			2023			2024			2023
INTEREST AND DIVIDEND INCOME
Loans	$	54,110		$	51,293		$	49,578		$	157,355		$	139,744
Securities		46,432			44,978			39,971			133,801			118,989
Interest-bearing deposits in banks		2,274			2,690			1,687			7,556			3,360
Total interest and dividend income		102,816			98,961			91,236			298,712			262,093
INTEREST EXPENSE
Deposits		30,105			28,882			23,158			84,879			55,809
Borrowed funds		604			887			4,350			4,497			12,292
Total interest expense		30,709			29,769			27,508			89,376			68,101
NET INTEREST INCOME		72,107			69,192			63,728			209,336			193,992
Provision for credit losses		1,849			3,161			2,014			6,598			10,913
Net interest income after provision for credit losses		70,258			66,031			61,714			202,738			183,079
NON-INTEREST INCOME
Trust Department fees		3,704			3,657			3,678			11,215			11,613
Service charges on deposit accounts		12,091			8,614			2,731			26,841			7,897
Bank-owned life insurance income		613			615			727			1,837			2,054
Losses on sale of securities		(3,230	)		(2,691	)		(1,699	)		(8,695	)		(5,052	)
Gain (loss) on sale of loans and changes in fair value on loans held-for-sale, net		(4,223	)		69			26			(4,107	)		30
Equity method investments income (loss)		(823	)		(1,551	)		550			(301	)		1,261
Other income		807			545			767			1,636			2,127
Total non-interest income		8,939			9,258			6,780			28,426			19,930
NON-INTEREST EXPENSE
Compensation and employee benefits		23,757			23,045			21,345			69,075			64,525
Occupancy and depreciation		3,423			3,379			3,349			9,705			10,184
Professional fees		2,575			2,332			2,222			7,284			7,211
Data processing		5,087			4,786			4,545			14,503			13,176
Office maintenance and depreciation		651			580			685			1,894			2,130
Amortization of intangible assets		183			182			222			548			666
Advertising and promotion		1,023			1,175			816			3,417			3,431
Federal deposit insurance premiums		900			1,050			1,200			3,000			3,018
Other expense		3,365			2,983			2,955			9,203			9,154
Total non-interest expense		40,964			39,512			37,339			118,629			113,495
Income before income taxes		38,233			35,777			31,155			112,535			89,514
Income tax expense		10,291			9,024			8,847			30,591			24,230
Net income	$	27,942		$	26,753		$	22,308		$	81,944		$	65,284
Earnings per common share – basic	$	0.91		$	0.88		$	0.73		$	2.68		$	2.13
Earnings per common share – diluted	$	0.90		$	0.87		$	0.73		$	2.65		$	2.12

Consolidated Statements of Financial Condition

($ in thousands)	September 30, 2024			June 30, 2024			December 31, 2023
Assets	(unaudited)			(unaudited)
Cash and due from banks	$	3,946		$	4,081		$	2,856
Interest-bearing deposits in banks		145,261			53,912			87,714
Total cash and cash equivalents		149,207			57,993			90,570
Securities:
Available for sale, at fair value
Traditional securities		1,617,045			1,581,338			1,429,739
Property Assessed Clean Energy (“PACE”) assessments		149,500			112,923			53,303
		1,766,545			1,694,261			1,483,042
Held-to-maturity, at amortized cost:
Traditional securities, net of allowance for credit losses of $51, $53, and $54, respectively		583,788			606,013			620,232
PACE assessments, net of allowance for credit losses of $641, $655, and $667, respectively		1,028,588			1,054,569			1,076,602
		1,612,376			1,660,582			1,696,834

Loans held for sale		38,623			1,926			1,817
Loans receivable, net of deferred loan origination costs		4,547,903			4,471,839			4,411,319
Allowance for credit losses		(61,466	)		(63,444	)		(65,691	)
Loans receivable, net		4,486,437			4,408,395			4,345,628

Resell agreements		74,883			137,461			50,000
Federal Home Loan Bank of New York (“FHLBNY”) stock, at cost		4,625			4,823			4,389
Accrued interest receivable		54,268			52,575			55,484
Premises and equipment, net		6,413			6,599			7,807
Bank-owned life insurance		107,365			106,752			105,528
Right-of-use lease asset		16,125			17,971			21,074
Deferred tax asset, net		38,510			47,654			56,603
Goodwill		12,936			12,936			12,936
Intangible assets, net		1,669			1,852			2,217
Equity method investments		11,514			12,710			13,024
Other assets		32,144			26,214			25,371
Total assets	$	8,413,640		$	8,250,704		$	7,972,324
Liabilities
Deposits	$	7,594,564		$	7,448,988		$	7,011,988
Borrowings		68,436			77,252			304,927
Operating leases		22,292			24,784			30,646
Other liabilities		30,016			53,568			39,399
Total liabilities		7,715,308			7,604,592			7,386,960
Stockholders’ equity
Common stock, par value $.01 per share		308			307			307
Additional paid-in capital		287,167			286,021			288,232
Retained earnings		459,398			435,202			388,033
Accumulated other comprehensive loss, net of income taxes		(46,702	)		(73,579	)		(86,004	)
Treasury stock, at cost		(1,972	)		(1,972	)		(5,337	)
Total Amalgamated Financial Corp. stockholders’ equity		698,199			645,979			585,231
Noncontrolling interests		133			133			133
Total stockholders’ equity		698,332			646,112			585,364
Total liabilities and stockholders’ equity	$	8,413,640		$	8,250,704		$	7,972,324

Select Financial Data

	As of and for the						As of and for the
	Three Months Ended						Nine Months Ended
	September 30,		June 30,		September 30,		September 30,
(Shares in thousands)		2024		2024		2023		2024		2023
Selected Financial Ratios and Other Data:
Earnings per share
Basic	$	0.91	$	0.88	$	0.73	$	2.68	$	2.13
Diluted		0.90		0.87		0.73		2.65		2.12
Core net income (non-GAAP)
Basic	$	0.91	$	0.86	$	0.76	$	2.61	$	2.23
Diluted		0.91		0.85		0.76		2.59		2.22
Book value per common share (excluding minority interest)	$	22.77	$	21.09	$	17.93	$	22.77	$	17.93
Tangible book value per share (non-GAAP)	$	22.29	$	20.61	$	17.43	$	22.29	$	17.43
Common shares outstanding, par value $.01 per share⁽¹⁾		30,663		30,630		30,459		30,663		30,459
Weighted average common shares outstanding, basic		30,646		30,551		30,481		30,558		30,601
Weighted average common shares outstanding, diluted		30,911		30,832		30,590		30,868		30,738

(1) 70,000,000 shares authorized; 30,776,163, 30,743,666, and 30,736,141 shares issued for the periods ended September 30, 2024, June 30, 2024, and September 30, 2023 respectively, and 30,662,883, 30,630,386, and 30,458,781 shares outstanding for the periods ended September 30, 2024, June 30, 2024, and September 30, 2023, respectively.

Select Financial Data

	As of and for the						As of and for the
	Three Months Ended						Nine Months Ended
	September 30,		June 30,		September 30,		September 30,
	2024		2024		2023		2024		2023
Selected Performance Metrics:
Return on average assets	1.32	%	1.30	%	1.12	%	1.33	%	1.11	%
Core return on average assets (non-GAAP)	1.33	%	1.27	%	1.17	%	1.29	%	1.17	%
Return on average equity	16.63	%	17.27	%	16.43	%	17.35	%	16.69	%
Core return on average tangible common equity (non-GAAP)	17.04	%	17.34	%	17.67	%	17.31	%	18.02	%
Average equity to average assets	7.96	%	7.53	%	6.82	%	7.65	%	6.67	%
Tangible common equity to tangible assets (non-GAAP)	8.14	%	7.66	%	6.72	%	8.14	%	6.72	%
Loan yield	4.79	%	4.68	%	4.56	%	4.74	%	4.43	%
Securities yield	5.25	%	5.22	%	4.94	%	5.23	%	4.84	%
Deposit cost	1.58	%	1.55	%	1.33	%	1.53	%	1.08	%
Net interest margin	3.51	%	3.46	%	3.29	%	3.48	%	3.40	%
Efficiency ratio ⁽¹⁾	50.54	%	50.37	%	52.96	%	49.89	%	53.05	%
Core efficiency ratio (non-GAAP)	50.35	%	50.80	%	51.71	%	50.52	%	51.88	%

Asset Quality Ratios:
Nonaccrual loans to total loans	0.61	%	0.78	%	0.79	%	0.61	%	0.79	%
Nonperforming assets to total assets	0.34	%	0.43	%	0.46	%	0.34	%	0.46	%
Allowance for credit losses on loans to nonaccrual loans	222.30	%	182.83	%	197.58	%	222.30	%	197.58	%
Allowance for credit losses on loans to total loans	1.35	%	1.42	%	1.56	%	1.35	%	1.56	%
Annualized net charge-offs to average loans	0.61	%	0.25	%	0.27	%	0.35	%	0.27	%

Capital Ratios:
Tier 1 leverage capital ratio	8.63	%	8.42	%	7.89	%	8.63	%	7.89	%
Tier 1 risk-based capital ratio	13.82	%	13.48	%	12.63	%	13.82	%	12.63	%
Total risk-based capital ratio	16.25	%	16.04	%	15.28	%	16.25	%	15.28	%
Common equity tier 1 capital ratio	13.82	%	13.48	%	12.63	%	13.82	%	12.63	%

(1) Efficiency ratio is calculated by dividing total non-interest expense by the sum of net interest income and total non-interest income

Loan and PACE Assessments Portfolio Composition

(In thousands)	At September 30, 2024					At June 30, 2024					At September 30, 2023
	Amount			% of total		Amount			% of total		Amount			% of total
Commercial portfolio:
Commercial and industrial	$	1,058,376		23.3	%	$	1,012,400		22.6	%	$	1,050,355		24.1	%
Multifamily		1,291,380		28.4	%		1,230,545		27.5	%		1,094,955		25.1	%
Commercial real estate		415,077		9.1	%		377,484		8.4	%		324,139		7.4	%
Construction and land development		22,224		0.5	%		23,254		0.5	%		28,326		0.6	%
Total commercial portfolio		2,787,057		61.3	%		2,643,683		59.0	%		2,497,775		57.2	%

Retail portfolio:

Residential real estate lending		1,350,347		29.7	%		1,404,624		31.4	%		1,409,530		32.3	%
Consumer solar		374,499		8.2	%		385,567		8.6	%		415,324		9.5	%
Consumer and other		36,000		0.8	%		37,965		1.0	%		42,116		1.0	%
Total retail portfolio		1,760,846		38.7	%		1,828,156		41.0	%		1,866,970		42.8	%
Total loans held for investment		4,547,903		100.0	%		4,471,839		100.0	%		4,364,745		100.0	%

Allowance for credit losses		(61,466	)				(63,444	)				(67,815	)
Loans receivable, net	$	4,486,437				$	4,408,395				$	4,296,930

PACE assessments:
Available for sale, at fair value
Residential PACE assessments		149,500		12.7	%		112,923		9.7	%		38,526		3.5	%

Held-to-maturity, at amortized cost
Commercial PACE assessments		256,128		21.7	%		256,663		22.0	%		270,020		24.3	%
Residential PACE assessments		773,101		65.6	%		798,561		68.4	%		800,484		72.2	%
Total Held-to-maturity PACE assessments		1,029,229		87.3	%		1,055,224		90.4	%		1,070,504		96.5	%
Total PACE assessments		1,178,729		100.0	%		1,168,147		100.0	%		1,109,030		100.0	%

Allowance for credit losses		(641	)				(655	)				(670	)
Total PACE assessments, net	$	1,178,088				$	1,167,492				$	1,108,360


Loans receivable, net and total PACE assessments, net as a % of Deposits		74.6	%				74.9	%				77.3	%
Loans receivable, net and total PACE assessments, net as a % of Deposits excluding Brokered CDs		75.6	%				76.4	%				81.9	%

Net Interest Income Analysis

	Three Months Ended
	September 30, 2024							June 30, 2024							September 30, 2023
(In thousands)	Average Balance		Income / Expense			Yield / Rate		Average Balance		Income / Expense			Yield / Rate		Average Balance		Income / Expense			Yield / Rate

Interest-earning assets:
Interest-bearing deposits in banks	$	182,981		$	2,274	4.94	%	$	213,725		$	2,690	5.06	%	$	170,830		$	1,687	3.92	%
Securities⁽¹⁾		3,388,580			44,678	5.25	%		3,308,881			42,937	5.22	%		3,208,334			39,971	4.94	%
Resell agreements		104,933			1,754	6.65	%		122,618			2,041	6.69	%		—			—	0.00	%
Loans receivable, net ⁽²⁾		4,493,520			54,110	4.79	%		4,406,843			51,293	4.68	%		4,314,767			49,578	4.56	%
Total interest-earning assets		8,170,014			102,816	5.01	%		8,052,067			98,961	4.94	%		7,693,931			91,236	4.70	%
Non-interest-earning assets:
Cash and due from banks		6,144							6,371							6,129
Other assets		217,332							217,578							204,506
Total assets	$	8,393,490						$	8,276,016						$	7,904,566

Interest-bearing liabilities:
Savings, NOW and money market deposits	$	3,506,499		$	26,168	2.97	%	$	3,729,858		$	24,992	2.69	%	$	3,446,027		$	17,157	1.98	%
Time deposits		223,337			2,148	3.83	%		210,565			1,898	3.63	%		176,171			1,122	2.53	%
Brokered CDs		131,103			1,789	5.43	%		156,086			1,992	5.13	%		371,329			4,879	5.21	%
Total interest-bearing deposits		3,860,939			30,105	3.10	%		4,096,509			28,882	2.84	%		3,993,527			23,158	2.30	%
Borrowings		71,948			604	3.34	%		104,560			887	3.41	%		376,585			4,350	4.58	%
Total interest-bearing liabilities		3,932,887			30,709	3.11	%		4,201,069			29,769	2.85	%		4,370,112			27,508	2.50	%
Non-interest-bearing liabilities:
Demand and transaction deposits		3,721,398							3,390,941							2,920,737
Other liabilities		70,804							60,982							74,964
Total liabilities		7,725,089							7,652,992							7,365,813
Stockholders’ equity		668,401							623,024							538,753
Total liabilities and stockholders’ equity	$	8,393,490						$	8,276,016						$	7,904,566

Net interest income / interest rate spread				$	72,107	1.90	%				$	69,192	2.09	%				$	63,728	2.20	%
Net interest-earning assets / net interest margin	$	4,237,127				3.51	%	$	3,850,998				3.46	%	$	3,323,819				3.29	%

Total deposits excluding Brokered CDs / total cost of deposits excluding Brokered CDs	$	7,451,234				1.51	%	$	7,331,364				1.48	%	$	6,542,935				1.11	%
Total deposits / total cost of deposits	$	7,582,337				1.58	%	$	7,487,450				1.55	%	$	6,914,264				1.33	%
Total funding / total cost of funds	$	7,654,285				1.60	%	$	7,592,010				1.58	%	$	7,290,849				1.50	%

(1) Includes FHLBNY stock in the average balance, and dividend income on FHLBNY stock in interest income.
(2) No material impact of prepayment penalty interest income in 3Q2024, 2Q2024, or 3Q2023

Net Interest Income Analysis

	Nine Months Ended
	September 30, 2024							September 30, 2023
(In thousands)	Average Balance		Income / Expense			Yield / Rate		Average Balance		Income / Expense			Yield / Rate

Interest-earning assets:
Interest-bearing deposits in banks	$	200,627		$	7,556	5.03	%	$	125,560		$	3,360	3.58	%
Securities		3,289,635			128,679	5.23	%		3,276,065			118,557	4.84	%
Resell agreements		102,197			5,122	6.69	%		8,003			432	7.22	%
Total loans, net ⁽¹⁾⁽²⁾		4,431,801			157,355	4.74	%		4,216,391			139,744	4.43	%
Total interest-earning assets		8,024,260			298,712	4.97	%		7,626,019			262,093	4.60	%
Non-interest-earning assets:
Cash and due from banks		5,862							5,067
Other assets		219,096							210,112
Total assets	$	8,249,218						$	7,841,198

Interest-bearing liabilities:
Savings, NOW and money market deposits	$	3,608,927		$	73,033	2.70	%	$	3,248,278		$	40,010	1.65	%
Time deposits		207,374			5,622	3.62	%		161,756			2,030	1.68	%
Brokered CDs		159,041			6,224	5.23	%		383,521			13,769	4.80	%
Total interest-bearing deposits		3,975,342			84,879	2.85	%		3,793,555			55,809	1.97	%
Borrowings		154,564			4,497	3.89	%		365,262			12,292	4.50	%
Total interest-bearing liabilities		4,129,906			89,376	2.89	%		4,158,817			68,101	2.19	%
Non-interest-bearing liabilities:
Demand and transaction deposits		3,417,970							3,086,482
Other liabilities		70,476							72,821
Total liabilities		7,618,352							7,318,120
Stockholders’ equity		630,866							523,078
Total liabilities and stockholders’ equity	$	8,249,218						$	7,841,198

Net interest income / interest rate spread				$	209,336	2.08	%				$	193,992	2.41	%
Net interest-earning assets / net interest margin	$	3,894,354				3.48	%	$	3,467,202				3.40	%

Total deposits excluding Brokered CDs / total cost of deposits excluding Brokered CDs	$	7,234,271				1.45	%	$	6,496,516				0.87	%
Total deposits / total cost of deposits	$	7,393,312				1.53	%	$	6,880,037				1.08	%
Total funding / total cost of funds	$	7,547,876				1.58	%	$	7,245,299				1.26	%

(1) Includes Federal Home Loan Bank (FHLB) stock in the average balance, and dividend income on FHLB stock in interest income.
(2) Includes prepayment penalty interest income in September YTD 2024 and September YTD 2023 of $18 thousand and $0, respectively.

Deposit Portfolio Composition

	Three Months Ended
(In thousands)	September 30, 2024				June 30, 2024				September 30, 2023
	Ending Balance		Average Balance		Ending Balance		Average Balance		Ending Balance		Average Balance
Non-interest-bearing demand deposit accounts	$	3,801,834	$	3,721,398	$	3,445,068	$	3,390,941	$	2,808,300	$	2,920,737
NOW accounts		186,557		188,250		192,452		191,253		192,654		192,883
Money market deposit accounts		2,959,264		2,986,434		3,093,644		3,202,365		3,059,982		2,893,930
Savings accounts		327,935		331,816		336,943		336,240		357,470		359,214
Time deposits		216,901		223,337		227,437		210,565		180,529		176,171
Brokered certificates of deposit (“CDs”)		102,073		131,103		153,444		156,086		391,919		371,329
Total deposits	$	7,594,564	$	7,582,338	$	7,448,988	$	7,487,450	$	6,990,854	$	6,914,264

Total deposits excluding Brokered CDs	$	7,492,491	$	7,451,235	$	7,295,544	$	7,331,364	$	6,598,935	$	6,542,935

	Three Months Ended
	September 30, 2024				June 30, 2024				September 30, 2023
(In thousands)	Average Rate Paid⁽¹⁾		Cost of Funds		Average Rate Paid⁽¹⁾		Cost of Funds		Average Rate Paid⁽¹⁾		Cost of Funds

Non-interest bearing demand deposit accounts	0.00	%	0.00	%	0.00	%	0.00	%	0.00	%	0.00	%
NOW accounts	0.90	%	1.09	%	1.07	%	1.07	%	0.95	%	1.01	%
Money market deposit accounts	3.00	%	3.24	%	3.08	%	2.93	%	2.31	%	2.14	%
Savings accounts	1.42	%	1.64	%	1.67	%	1.37	%	1.16	%	1.14	%
Time deposits	3.83	%	3.83	%	3.50	%	3.63	%	2.88	%	2.53	%
Brokered CDs	4.89	%	5.43	%	4.98	%	5.13	%	5.14	%	5.21	%
Total deposits	1.43	%	1.58	%	1.59	%	1.55	%	1.46	%	1.33	%

Interest-bearing deposits excluding Brokered CDs	2.80	%	3.02	%	2.88	%	2.74	%	2.16	%	2.00	%

⁽¹⁾ Average rate paid is calculated as the weighted average of spot rates on deposit accounts. Off-balance sheet deposits are excluded from all calculations shown.

Asset Quality

(In thousands)	September 30, 2024		June 30, 2024		September 30, 2023
Loans 90 days past due and accruing	$	—	$	—	$	—
Nonaccrual loans held for sale		989		989		2,189
Nonaccrual loans – Commercial		17,108		23,778		28,041
Nonaccrual loans – Retail		10,542		10,924		6,283
Nonaccrual securities		8		29		31
Total nonperforming assets	$	28,647	$	35,720	$	36,544

Nonaccrual loans:
Commercial and industrial	$	1,849	$	8,428	$	7,575
Multifamily		—		—		—
Commercial real estate		4,146		4,231		4,575
Construction and land development		11,113		11,119		15,891
Total commercial portfolio		17,108		23,778		28,041

Residential real estate lending		7,578		7,756		3,009
Consumer solar		2,848		2,794		2,817
Consumer and other		116		374		457
Total retail portfolio		10,542		10,924		6,283
Total nonaccrual loans	$	27,650	$	34,702	$	34,324

Credit Quality

	September 30, 2024		June 30, 2024		September 30, 2023
($ in thousands)
Criticized and classified loans
Commercial and industrial	$	45,329	$	53,940	$	45,959
Multifamily		13,386		10,242		10,999
Commercial real estate		8,186		8,311		8,762
Construction and land development		11,113		11,119		15,891
Residential real estate lending		7,578		7,756		3,009
Consumer solar		2,848		2,794		2,817
Consumer and other		116		374		457
Total loans	$	88,556	$	94,536	$	87,894

Criticized and classified loans to total loans
Commercial and industrial	1.00	%	1.21	%	1.05	%
Multifamily	0.29	%	0.23	%	0.25	%
Commercial real estate	0.18	%	0.19	%	0.20	%
Construction and land development	0.24	%	0.25	%	0.36	%
Residential real estate lending	0.17	%	0.17	%	0.07	%
Consumer solar	0.06	%	0.06	%	0.06	%
Consumer and other	—	%	0.01	%	0.01	%
Total loans	1.94	%	2.12	%	2.00	%

	September 30, 2024				June 30, 2024				September 30, 2023
	Annualized net charge-offs (recoveries) to average loans		ACL to total portfolio balance		Annualized net charge-offs (recoveries) to average loans		ACL to total portfolio balance		Annualized net charge-offs (recoveries) to average loans		ACL to total portfolio balance
Commercial and industrial	2.14	%	1.01	%	0.32	%	1.44	%	—	%	1.71	%
Multifamily	—	%	0.37	%	—	%	0.38	%	0.45	%	0.46	%
Commercial real estate	—	%	0.40	%	—	%	0.40	%	—	%	0.64	%
Construction and land development	—	%	3.73	%	—	%	3.60	%	—	%	3.68	%
Residential real estate lending	(0.03	)%	0.91	%	(0.18	)%	0.88	%	(0.07	)%	1.13	%
Consumer solar	1.58	%	7.68	%	2.57	%	7.00	%	1.88	%	6.72	%
Consumer and other	1.05	%	6.44	%	0.01	%	6.49	%	0.04	%	6.00	%
Total loans	0.61	%	1.35	%	0.25	%	1.42	%	0.27	%	1.60	%

Reconciliation of GAAP to Non-GAAP Financial Measures
The information provided below presents a reconciliation of each of our non-GAAP financial measures to the most directly comparable GAAP financial measure.

	As of and for the									As of and for the
	Three Months Ended									Nine Months Ended
(in thousands)	September 30, 2024			June 30, 2024			September 30, 2023			September 30, 2024			September 30, 2023
Core operating revenue
Net Interest Income (GAAP)	$	72,107		$	69,192		$	63,728		$	209,336		$	193,992
Non-interest income (GAAP)		8,939			9,258			6,780			28,426			19,930
Add: Securities loss		3,230			2,691			1,699			8,695			5,052
Less: ICS One-Way Sell Fee Income⁽¹⁾		(8,085	)		(4,859	)		—			(15,847	)		—
Less: Changes in fair value of loans held-for-sale		4,265			—			—			4,265			—
Less: Subdebt repurchase gain⁽²⁾		(669	)		(406	)		(637	)		(1,076	)		(1,417	)
Add: Tax (credits) depreciation on solar investments⁽³⁾		1,089			1,815			—			1,095			—
Core operating revenue (non-GAAP)		80,876			77,691			71,570			234,894			217,557

Core non-interest expense
Non-interest expense (GAAP)	$	40,964		$	39,512		$	37,339		$	118,629		$	113,495
Add: Gain on settlement of lease termination⁽⁴⁾		—			—			—			499			—
Less: Severance costs⁽⁵⁾		(241	)		(44	)		(332	)		(471	)		(617	)
Core non-interest expense (non-GAAP)		40,723			39,468			37,007			118,657			112,878

Core net income
Net Income (GAAP)	$	27,942		$	26,753		$	22,308		$	81,944		$	65,284
Add: Securities loss		3,230			2,691			1,699			8,695			5,052
Less: ICS One-Way Sell Fee Income⁽¹⁾		(8,085	)		(4,859	)		—			(15,847	)		—
Less: Changes in fair value of loans held-for-sale		4,265			—			—			4,265			—
Less: Gain on settlement of lease termination⁽⁴⁾		—			—			—			(499	)		—
Less: Subdebt repurchase gain⁽²⁾		(669	)		(406	)		(637	)		(1,076	)		(1,417	)
Add: Severance costs⁽⁵⁾		241			44			332			471			617
Add: Tax (credits) depreciation on solar investments⁽³⁾		1,089			1,815			—			1,095			—
Less: Tax on notable items		(19	)		180			(396	)		764			(1,151	)
Core net income (non-GAAP)		27,994			26,218			23,306			79,812			68,385

Tangible common equity
Stockholders’ equity (GAAP)	$	698,332		$	646,112		$	546,291		$	698,332		$	546,291
Less: Minority interest		(133	)		(133	)		(133	)		(133	)		(133	)
Less: Goodwill		(12,936	)		(12,936	)		(12,936	)		(12,936	)		(12,936	)
Less: Core deposit intangible		(1,669	)		(1,852	)		(2,439	)		(1,669	)		(2,439	)
Tangible common equity (non-GAAP)		683,594			631,191			530,783			683,594			530,783

Average tangible common equity
Average stockholders’ equity (GAAP)	$	668,401		$	623,024		$	538,753		$	630,866		$	523,078
Less: Minority interest		(133	)		(133	)		(133	)		(133	)		(133	)
Less: Goodwill		(12,936	)		(12,936	)		(12,936	)		(12,936	)		(12,936	)
Less: Core deposit intangible		(1,759	)		(1,941	)		(2,547	)		(1,940	)		(2,768	)
Average tangible common equity (non-GAAP)		653,573			608,014			523,137			615,857			507,241

(1) Included in service charges on deposit accounts in the Consolidated Statements of Income
(2) Included in other income in the Consolidated Statements of Income
(3) Included in equity method investments income in the Consolidated Statements of Income
(4) Included in occupancy and depreciation in the Consolidated Statements of Income
(5) Included in compensation and employee benefits in the Consolidated Statements of Income

Reconciliation of GAAP to Non-GAAP Financial Measures
The information provided below presents a reconciliation of each of our non-GAAP financial measures to the most directly comparable GAAP financial measure.

	As of and for the									As of and for the
	Three Months Ended									Nine Months Ended
(in thousands)	September 30, 2024			June 30, 2024			September 30, 2023			September 30, 2024			September 30, 2023

Core return on average assets
Numerator: Core net income (non-GAAP)	$	27,994		$	26,218		$	23,306		$	79,812		$	68,385
Denominator: Total average assets (GAAP)	$	8,393,490		$	8,276,016		$	7,904,566			8,249,218			7,841,198
Core return on average assets (non-GAAP)		1.33	%		1.27	%		1.17	%		1.29	%		1.17	%

Core return on average tangible common equity
Numerator: Core net income (non-GAAP)	$	27,994		$	26,218		$	23,306		$	79,812		$	68,385
Denominator: Average tangible common equity (non-GAAP)	$	653,573		$	608,014		$	523,137			615,857			507,241
Core return on average tangible common equity (non-GAAP)		17.04	%		17.34	%		17.67	%		17.31	%		18.02	%

Core efficiency ratio
Numerator: Core non-interest expense (non-GAAP)	$	40,723		$	39,468		$	37,007		$	118,657		$	112,878
Denominator: Core operating revenue (non-GAAP)		80,876			77,691			71,570			234,894			217,557
Core efficiency ratio (non-GAAP)		50.35	%		50.80	%		51.71	%		50.52	%		51.88	%

The MIL Network –

January 25, 2025

MIL-OSI: Donegal Group Inc. Announces Third Quarter and First Nine Months of 2024 Results

Source: GlobeNewswire (MIL-OSI)

MARIETTA, Pa., Oct. 24, 2024 (GLOBE NEWSWIRE) — Donegal Group Inc. (NASDAQ: DGICA) and (NASDAQ: DGICB) today reported its financial results for the third quarter and first nine months of 2024.

Significant Items for third quarter of 2024 (all comparisons to third quarter of 2023):

Net income of $16.8 million, or 51 cents per diluted Class A share, compared to net loss of $0.8 million, or 2 cents per Class A share
Net premiums earned increased 6.0% to $238.0 million
Net premiums written¹ increased 5.9% to $232.2 million
Combined ratio of 96.4%, compared to 104.5%
Net income included after-tax net investment gains of $1.5 million, or 5 cents per diluted Class A share, compared to after-tax net investment losses of $1.0 million, or 3 cents per Class A share
Book value per share of $15.22 at September 30, 2024, compared to $14.26

Financial Summary

	Three Months Ended September 30,								Nine Months Ended September 30,
		2024			2023		% Change			2024			2023		% Change
	(dollars in thousands, except per share amounts)

Income Statement Data
Net premiums earned	$	237,957		$	224,393		6.0	%	$	700,017		$	655,886		6.7	%
Investment income, net		10,827			10,536		2.8			32,868			30,143		9.0
Net investment gains (losses)		1,876			(1,243	)	NM²			4,725			930		408.1
Total revenues		251,738			233,928		7.6			739,651			687,870		7.5
Net income (loss)		16,752			(805	)	NM			26,860			6,396		319.9
Non-GAAP operating income¹		15,270			176		NM			23,127			5,661		308.5
Annualized return on average equity		13.4	%		-0.7	%	14.1 pts			7.2	%		1.8	%	5.4 pts

Per Share Data
Net income (loss) – Class A (diluted)	$	0.51		$	(0.02	)	NM		$	0.81		$	0.20		305.0	%
Net income (loss) – Class B		0.46			(0.02	)	NM			0.74			0.17		335.3
Non-GAAP operating income – Class A (diluted)		0.46			0.01		NM			0.70			0.17		311.8
Non-GAAP operating income – Class B		0.42			–		NM			0.63			0.15		320.0
Book value		15.22			14.26		6.7	%		15.22			14.26		6.7

¹The “Definitions of Non-GAAP Financial Measures” section of this release defines and reconciles data that we prepare on an accounting basis other than U.S. generally accepted accounting principles (“GAAP”).

²Not meaningful.

Management Commentary

“We are pleased that many of the strategic initiatives we implemented in recent years contributed to significant improvement in our financial results for the third quarter of 2024,” said Kevin G. Burke, President and Chief Executive Officer of Donegal Group Inc.

“With the exit from commercial lines markets in Georgia and Alabama essentially completed at the end of the second quarter of 2024, solid new business writings, rate achievement and retention levels led to a 6.4% increase in commercial lines net premiums written for the third quarter of 2024. Our personal lines net premiums written growth rate for the third quarter was 5.4%, primarily attributable to strong rate increases and policy retention that were partially offset by intentional strategic actions to slow growth and further improve profitability.

“Despite higher-than-average weather-related losses during the quarter, primarily attributable to Hurricane Helene in late September, our combined ratio improved significantly to 96.4%, compared to 104.5% for the prior-year quarter. Our core loss ratios improved across all of our major lines of business. We attribute that improvement to the favorable impact of numerous ongoing underwriting initiatives and higher net premiums earned from renewal rate increases that we implemented over the past two years.”

Mr, Burke concluded, “We have growing confidence that the continuing execution of our strategies will deliver sustained excellent financial performance.”

Insurance Operations

Donegal Group is an insurance holding company whose insurance subsidiaries and affiliates offer property and casualty lines of insurance in three Mid-Atlantic states (Delaware, Maryland and Pennsylvania), five Southern states (Georgia, North Carolina, South Carolina, Tennessee and Virginia), eight Midwestern states (Illinois, Indiana, Iowa, Michigan, Nebraska, Ohio, South Dakota and Wisconsin) and five Southwestern states (Arizona, Colorado, New Mexico, Texas and Utah). Donegal Mutual Insurance Company and the insurance subsidiaries of Donegal Group conduct business together as the Donegal Insurance Group.

	Three Months Ended September 30,						Nine Months Ended September 30,
		2024		2023	% Change			2024		2023	% Change
	(dollars in thousands)

Net Premiums Earned
Commercial lines	$	136,401	$	135,432	0.7	%	$	402,982	$	399,427	0.9	%
Personal lines		101,556		88,961	14.2			297,035		256,460	15.8
Total net premiums earned	$	237,957	$	224,393	6.0	%	$	700,017	$	655,887	6.7	%

Net Premiums Written
Commercial lines:
Automobile	$	41,464	$	37,535	10.5	%	$	142,067	$	134,853	5.3	%
Workers’ compensation		23,934		24,371	-1.8			82,599		85,315	-3.2
Commercial multi-peril		50,155		44,949	11.6			163,528		147,622	10.8
Other		10,548		11,639	-9.4			35,649		39,913	-10.7
Total commercial lines		126,101		118,494	6.4			423,843		407,703	4.0
Personal lines:
Automobile		65,150		58,038	12.3			188,958		161,348	17.1
Homeowners		38,288		39,633	-3.4			109,655		105,035	4.4
Other		2,669		3,021	-11.7			8,383		8,917	-6.0
Total personal lines		106,107		100,692	5.4			306,996		275,300	11.5
Total net premiums written	$	232,208	$	219,186	5.9	%	$	730,839	$	683,003	7.0	%

Net Premiums Written

The 5.9% increase in net premiums written for the third quarter of 2024 compared to the third quarter of 2023, as shown in the table above, represents the combination of 6.4% growth in commercial lines net premiums written and 5.4% growth in personal lines net premiums written. The $13.0 million increase in net premiums written for the third quarter of 2024 compared to the third quarter of 2023 included:

Commercial Lines: $7.6 million increase that we attribute primarily to new business writings, strong premium retention, and a continuation of renewal premium increases in lines other than workers’ compensation, offset partially by planned attrition in states in which we are executing ongoing profit improvement initiatives as part of our state-specific strategies.
Personal Lines: $5.4 million increase that we attribute primarily to a continuation of renewal premium rate increases and strong policy retention, offset partially by planned attrition due to non-renewal actions.

Underwriting Performance

We evaluate the performance of our commercial lines and personal lines segments primarily based upon the underwriting results of our insurance subsidiaries as determined under statutory accounting practices. The following table presents comparative details with respect to the GAAP and statutory combined ratios¹ for the three and nine months ended September 30, 2024 and 2023:

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2024		2023		2024		2023

GAAP Combined Ratios (Total Lines)
Loss ratio – core losses	50.1	%	56.7	%	54.5	%	56.0	%
Loss ratio – weather-related losses	10.3		11.5		8.6		9.1
Loss ratio – large fire losses	3.7		4.9		5.2		5.3
Loss ratio – net prior-year reserve development	-2.6		-3.3		-2.2		-2.4
Loss ratio	61.5		69.8		66.1		68.0
Expense ratio	34.5		34.1		34.0		34.9
Dividend ratio	0.4		0.6		0.5		0.6
Combined ratio	96.4	%	104.5	%	100.6	%	103.5	%

Statutory Combined Ratios
Commercial lines:
Automobile	101.5	%	86.5	%	98.2	%	94.8	%
Workers’ compensation	84.7		97.7		104.1		93.1
Commercial multi-peril	88.4		114.8		100.4		113.8
Other	59.4		76.2		78.4		82.7
Total commercial lines	89.8		97.5		98.6		100.2
Personal lines:
Automobile	97.8		109.8		97.8		106.1
Homeowners	116.8		128.9		107.5		111.2
Other	102.2		46.4		97.2		81.3
Total personal lines	104.7		119.4		101.2		107.2
Total lines	96.0	%	105.2	%	99.7	%	102.9	%

Loss Ratio

For the third quarter of 2024, the loss ratio decreased to 61.5%, compared to 69.8% for the third quarter of 2023. For the commercial lines segment, the core loss ratio of 48.5% for the third quarter of 2024 decreased from 53.7% for the third quarter of 2023, due largely to lower severity of large casualty losses. For the personal lines segment, the core loss ratio of 52.5% for the third quarter of 2024 decreased from 61.8% for the third quarter of 2023, due largely to the favorable impact of premium rate increases on net premiums earned for that segment. Core loss ratios in both segments improved compared to the respective ratios for the first half of 2024.

Weather-related losses were $24.4 million, or 10.3 percentage points of the loss ratio, for the third quarter of 2024, compared to $25.7 million, or 11.5 percentage points of the loss ratio, for the third quarter of 2023. Weather-related loss activity for the third quarter of 2024 was higher than our previous five-year average of $18.8 million, or 9.4 percentage points of the loss ratio, for third-quarter weather-related losses. Our insurance subsidiaries incurred $6.0 million in net losses from Hurricane Helene in September 2024.

Large fire losses, which we define as individual fire losses in excess of $50,000, for the third quarter of 2024 were $8.8 million, or 3.7 percentage points of the loss ratio. That amount was lower than large fire losses of $11.0 million, or 4.9 percentage points of the loss ratio, for the third quarter of 2023. We experienced a decrease in commercial property fire losses compared to the prior-year quarter.

Net favorable development of reserves for losses incurred in prior accident years of $6.2 million decreased the loss ratio for the third quarter of 2024 by 2.6 percentage points, compared to $7.3 million that decreased the loss ratio for the third quarter of 2023 by 3.3 percentage points. Our insurance subsidiaries experienced favorable development primarily in the commercial multi-peril and other commercial lines of business.

Expense Ratio

The expense ratio was 34.5% for the third quarter of 2024, compared to 34.1% for the third quarter of 2023. The modest increase in the expense ratio primarily reflected an increase in underwriting-based incentive costs as well as higher technology systems-related expenses that were primarily due to increased costs related to our ongoing systems modernization project, a portion of which Donegal Mutual Insurance Company allocates to our insurance subsidiaries. This increase was offset partially by impacts of various expense reduction initiatives, including agency incentive program revisions, commission schedule adjustments, targeted staffing reductions, and hiring restrictions for open employment positions, among others. We expect the impact from allocated costs from Donegal Mutual Insurance Company to our insurance subsidiaries related to the ongoing systems modernization project will peak at approximately 1.3 percentage points of the expense ratio for the full year of 2024 before beginning to subside gradually in subsequent years.

Investment Operations

Donegal Group’s investment strategy is to generate an appropriate amount of after-tax income on its invested assets while minimizing credit risk through investment in high-quality securities. As a result, we had invested 96.2% of our consolidated investment portfolio in diversified, highly rated and marketable fixed-maturity securities at September 30, 2024.

	September 30, 2024					December 31, 2023
	Amount			%		Amount			%
	(dollars in thousands)
Fixed maturities, at carrying value:
U.S. Treasury securities and obligations of U.S. government corporations and agencies	$	173,663		12.7	%	$	176,991		13.3	%
Obligations of states and political subdivisions		413,040		30.1			415,280		31.3
Corporate securities		427,372		31.2			399,640		30.1
Mortgage-backed securities		304,911		22.3			278,260		21.0
Allowance for expected credit losses		(1,483	)	-0.1			(1,326	)	-0.1
Total fixed maturities		1,317,503		96.2			1,268,845		95.6
Equity securities, at fair value		35,957		2.6			25,903		2.0
Short-term investments, at cost		15,805		1.2			32,306		2.4
Total investments	$	1,369,265		100.0	%	$	1,327,054		100.0	%

Average investment yield		3.3	%				3.1	%
Average tax-equivalent investment yield		3.3	%				3.2	%
Average fixed-maturity duration (years)		5.1					4.3

Net investment income of $10.8 million for the third quarter of 2024 increased modestly compared to $10.5 million for the third quarter of 2023. The increase in net investment income primarily reflected an increase in average investment yield relative to the prior-year third quarter.

Net investment gains of $1.9 million for the third quarter of 2024 were primarily related to unrealized gains in the fair value of equity securities held at September 30, 2024. Net investment losses of $1.2 million for the third quarter of 2023 were primarily related to unrealized losses in the fair value of equity securities held at September 30, 2023.

Our book value per share was $15.22 at September 30, 2024, compared to $14.39 at December 31, 2023, with the increase related to net income as well as $11.9 million of after-tax unrealized gains within our available-for-sale fixed-maturity portfolio during 2024 that increased our book value by $0.37 per share, offset partially by cash dividends declared.

Definitions of Non-GAAP Financial Measures

We prepare our consolidated financial statements on the basis of GAAP. Our insurance subsidiaries also prepare financial statements based on statutory accounting principles state insurance regulators prescribe or permit (“SAP”). In addition to using GAAP-based performance measurements, we also utilize certain non-GAAP financial measures that we believe provide value in managing our business and for comparison to the financial results of our peers. These non-GAAP measures are net premiums written, operating income or loss and statutory combined ratio.

Net premiums written and operating income or loss are non-GAAP financial measures investors in insurance companies commonly use. We define net premiums written as the amount of full-term premiums our insurance subsidiaries record for policies effective within a given period less premiums our insurance subsidiaries cede to reinsurers. We define operating income or loss as net income or loss excluding after-tax net investment gains or losses, after-tax restructuring charges and other significant non-recurring items. Because our calculation of operating income or loss may differ from similar measures other companies use, investors should exercise caution when comparing our measure of operating income or loss to the measure of other companies.

The following table provides a reconciliation of net premiums earned to net premiums written for the periods indicated:


	Three Months Ended September 30,								Nine Months Ended September 30,
		2024			2023		% Change			2024		2023	% Change
	(dollars in thousands)

Reconciliation of Net Premiums
Earned to Net Premiums Written
Net premiums earned	$	237,957		$	224,393		6.0	%	$	700,017	$	655,886	6.7	%
Change in net unearned premiums		(5,749	)		(5,207	)	10.4			30,822		27,117	13.7
Net premiums written	$	232,208		$	219,186		5.9	%	$	730,839	$	683,003	7.0	%

The following table provides a reconciliation of net income (loss) to operating income for the periods indicated:

	Three Months Ended September 30,							Nine Months Ended September 30,
		2024			2023		% Change		2024			2023		% Change
	(dollars in thousands, except per share amounts)

Reconciliation of Net Income (Loss)
to Non-GAAP Operating Income
Net income (loss)	$	16,752		$	(805	)	NM	$	26,860		$	6,396		319.9	%
Investment (gains) losses (after tax)		(1,482	)		981		NM		(3,733	)		(735	)	407.9
Non-GAAP operating income	$	15,270		$	176		NM	$	23,127		$	5,661		308.5	%

Per Share Reconciliation of Net Income (Loss)
to Non-GAAP Operating Income
Net income (loss) – Class A (diluted)	$	0.51		$	(0.02	)	NM	$	0.81		$	0.20		305.0	%
Investment (gains) losses (after tax)		(0.05	)		0.03		NM		(0.11	)		(0.03	)	266.7
Non-GAAP operating income – Class A	$	0.46		$	0.01		NM	$	0.70		$	0.17		311.8	%

Net income (loss) – Class B	$	0.46		$	(0.02	)	NM	$	0.74		$	0.17		335.3	%
Investment (gains) losses (after tax)		(0.04	)		0.02		NM		(0.11	)		(0.02	)	450.0
Non-GAAP operating income – Class B	$	0.42		$	–		NM	$	0.63		$	0.15		320.0	%

The statutory combined ratio is a non-GAAP standard measurement of underwriting profitability that is based upon amounts determined under SAP. The statutory combined ratio is the sum of:

the statutory loss ratio, which is the ratio of calendar-year incurred losses and loss expenses, excluding anticipated salvage and subrogation recoveries, to premiums earned;
the statutory expense ratio, which is the ratio of expenses incurred for net commissions, premium taxes and underwriting expenses to premiums written; and
the statutory dividend ratio, which is the ratio of dividends to holders of workers’ compensation policies to premiums earned.

The statutory combined ratio does not reflect investment income, federal income taxes or other non-operating income or expense. A statutory combined ratio of less than 100% generally indicates underwriting profitability.

Dividend Information

On October 17, 2024, we declared a regular quarterly cash dividend of $0.1725 per share for our Class A common stock and $0.155 per share for our Class B common stock, which are payable on November 15, 2024 to stockholders of record as of the close of business on November 1, 2024.

Pre-Recorded Webcast

At approximately 8:30 am ET on Thursday, October 24, 2024, we will make available in the Investors section of our website a pre-recorded audio webcast featuring management commentary on our quarterly results and general business updates. You may listen to the pre-recorded webcast by accessing the link on our website at http://investors.donegalgroup.com. A supplemental investor presentation is also available via our website.

About the Company

Donegal Group Inc. is an insurance holding company whose insurance subsidiaries and affiliates offer property and casualty lines of insurance in certain Mid-Atlantic, Midwestern, Southern and Southwestern states. Donegal Mutual Insurance Company and the insurance subsidiaries of Donegal Group Inc. conduct business together as the Donegal Insurance Group. The Donegal Insurance Group has an A.M. Best rating of A (Excellent).

The Class A common stock and Class B common stock of Donegal Group Inc. trade on the NASDAQ Global Select Market under the symbols DGICA and DGICB, respectively. We are focused on several primary strategies, including achieving sustained excellent financial performance, strategically modernizing our operations and processes to transform our business, capitalizing on opportunities to grow profitably and delivering a superior experience to our agents and customers.

Safe Harbor

We base all statements contained in this release that are not historic facts on our current expectations. Such statements are forward-looking in nature (as defined in the Private Securities Litigation Reform Act of 1995) and necessarily involve risks and uncertainties. Forward-looking statements we make may be identified by our use of words such as “will,” “expect,” “intend,” “plan,” “anticipate,” “believe,” “seek,” “estimate” and similar expressions. Our actual results could vary materially from our forward-looking statements. The factors that could cause our actual results to vary materially from the forward-looking statements we have previously made include, but are not limited to, adverse litigation and other trends that could increase our loss costs (including social inflation, labor shortages and escalating medical, automobile and property repair costs), adverse and catastrophic weather events (including from changing climate conditions), our ability to maintain profitable operations (including our ability to underwrite risks effectively and charge adequate premium rates), the adequacy of the loss and loss expense reserves of our insurance subsidiaries, the availability and successful operation of the information technology systems our insurance subsidiaries utilize, the successful development of new information technology systems to allow our insurance subsidiaries to compete effectively, business and economic conditions in the areas in which we and our insurance subsidiaries operate, interest rates, competition from various insurance and other financial businesses, terrorism, the availability and cost of reinsurance, legal and judicial developments (including those related to COVID-19 business interruption coverage exclusions), changes in regulatory requirements, our ability to attract and retain independent insurance agents, changes in our A.M. Best rating and the other risks that we describe from time to time in our filings with the Securities and Exchange Commission. We disclaim any obligation to update such statements or to announce publicly the results of any revisions that we may make to any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements.

Investor Relations Contacts

Karin Daly, Vice President, The Equity Group Inc.

Phone: (212) 836-9623
E-mail: kdaly@equityny.com

Jeffrey D. Miller, Executive Vice President & Chief Financial Officer
Phone: (717) 426-1931
E-mail: investors@donegalgroup.com

Financial Supplement

Donegal Group Inc.
Consolidated Statements of Income (Loss)
(unaudited; in thousands, except share data)

		Quarter Ended September 30,
			2024		2023

Net premiums earned		$	237,957	$	224,393
Investment income, net of expenses			10,827		10,536
Net investment gains (losses)			1,876		(1,243	)
Lease income			77		86
Installment payment fees			1,001		156
	Total revenues		251,738		233,928

Net losses and loss expenses			146,426		156,683
Amortization of deferred acquisition costs			40,200		39,332
Other underwriting expenses			41,827		37,155
Policyholder dividends			1,007		1,399
Interest			367		156
Other expenses, net			1,499		208
	Total expenses		231,326		234,933

Income (loss) before income tax expense (benefit)			20,412		(1,005	)
Income tax expense (benefit)			3,660		(200	)

Net income (loss)		$	16,752	$	(805	)

Net income (loss) per common share:
	Class A – basic and diluted	$	0.51	$	(0.02	)
	Class B – basic and diluted	$	0.46	$	(0.02	)

Supplementary Financial Analysts’ Data

Weighted-average number of shares
	outstanding:
	Class A – basic		27,978,435		27,594,973
	Class A – diluted		28,058,399		27,665,293
	Class B – basic and diluted		5,576,775		5,576,775

Net premiums written		$	232,208	$	219,186

Book value per common share
	at end of period	$	15.22	$	14.26

Donegal Group Inc.
Consolidated Statements of Income
(unaudited; in thousands, except share data)

		Nine Months Ended September 30,
			2024		2023

Net premiums earned		$	700,017	$	655,886
Investment income, net of expenses			32,868		30,143
Net investment gains			4,725		930
Lease income			237		262
Installment payment fees			1,804		649
	Total revenues		739,651		687,870

Net losses and loss expenses			462,683		446,024
Amortization of deferred acquisition costs			120,458		115,065
Other underwriting expenses			117,604		113,715
Policyholder dividends			3,248		4,088
Interest			677		464
Other expenses, net			2,309		969
	Total expenses		706,979		680,325

Income before income tax expense			32,672		7,545
Income tax expense			5,812		1,149

Net income		$	26,860	$	6,396

Net income per common share:
	Class A – basic	$	0.82	$	0.20
	Class A – diluted	$	0.81	$	0.20
	Class B – basic and diluted	$	0.74	$	0.17

Supplementary Financial Analysts’ Data

Weighted-average number of shares outstanding:
	Class A – basic		27,878,552		27,390,883
	Class A – diluted		27,916,904		27,507,706
	Class B – basic and diluted		5,576,775		5,576,775

Net premiums written		$	730,839	$	683,003

Book value per common share
	at end of period	$	15.22	$	14.26


Donegal Group Inc.
Consolidated Balance Sheets
(in thousands)

			September 30,			December 31,
				2024			2023
			(unaudited)

ASSETS
Investments:
	Fixed maturities:
		Held to maturity, at amortized cost	$	694,663		$	679,497
		Available for sale, at fair value		622,840			589,348
	Equity securities, at fair value			35,957			25,903
	Short-term investments, at cost			15,805			32,306
		Total investments		1,369,265			1,327,054
Cash				28,651			23,792
Premiums receivable				194,254			179,592
Reinsurance receivable				434,078			441,431
Deferred policy acquisition costs				78,484			75,043
Prepaid reinsurance premiums				185,364			168,724
Other assets				56,030			50,658
		Total assets	$	2,346,126		$	2,266,294

LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities:
	Losses and loss expenses		$	1,134,853		$	1,126,157
	Unearned premiums			646,870			599,411
	Accrued expenses			2,987			3,947
	Borrowings under lines of credit			35,000			35,000
	Other liabilities			13,046			22,034
		Total liabilities		1,832,756			1,786,549
Stockholders’ equity:
	Class A common stock			312			308
	Class B common stock			56			56
	Additional paid-in capital			342,186			335,694
	Accumulated other comprehensive loss			(20,951	)		(32,882	)
	Retained earnings			232,993			217,795
	Treasury stock			(41,226	)		(41,226	)
		Total stockholders’ equity		513,370			479,745
		Total liabilities and stockholders’ equity	$	2,346,126		$	2,266,294

The MIL Network –

January 25, 2025

MIL-OSI: Legible Announces $2.1 Million Private Placement Unit Offering and Appointment of Chief Technology Officer

Source: GlobeNewswire (MIL-OSI)

VANCOUVER, British Columbia, Oct. 24, 2024 (GLOBE NEWSWIRE) — Legible Inc. (CSE: READ) (OTCQB: LEBGF) (FSE: D0T) (“Legible or “the Company”), a leading platform and innovator in digital literature, announces an offering of units (“Units”) for gross proceeds of $2,100,000 by way of a non-brokered private placement (the “Offering”) pursuant to exemptions from applicable securities laws. Each Unit consists of one common share (“Common Share(s)”) and one whole Common Share purchase warrant (“Warrant(s)”) with each Warrant entitling the holder to acquire 1 Common Share at a price of $0.14, at any time prior to 5:00 pm (PST) on the date that is two years from the closing date. If the volume weighted average trading price of the Common shares is at least $0.40 per Common Share for a period of 5 consecutive trading days, the expiry date of the Warrants may be accelerated by the Company to a date that is not less than 14 days after the date that notice of such acceleration is provided to the Warrant holders by way of a press release.

The Company has received subscription agreements totaling $1.7 Million. Closing may occur in tranches, with the first tranche expected to close on or about October 31, 2024.

Legible is also pleased to announce the appointment of Mr. Andrew Nelson to the position of Chief Technology Officer. Mr. Nelson is a Senior Software Engineer who brings nearly 20 years of experience in a wide array of technological and business development roles spanning a wide array of industries, having held a number of senior positions. Prior to Mr. Nelson’s appointment as Legible’s CTO, Mr. Nelson held the position of Director of Technology at Legible as of January 2024. Mr. Nelson’s proficiencies in software development, web design, cybersecurity, data analytics, organizational planning, and product development have helped companies create and implement scalable, customer-focused solutions to drive business growth and brand recognition. Mr. Nelson also has extensive executive and board experience.

Andrew Nelson stated, “I’m incredibly grateful to take on this leadership role at Legible, a company with such a positive mission to revolutionize how people read and interact with digital literature. Our technology roadmap is centered around creating personalized, accessible, and intuitive experiences that seamlessly integrate into everyday life. As CTO, I’m committed to ensuring that our product innovation and leadership align fully with Legible’s mission, enriching the way audiences engage with literature across the globe.”

Kaleeg Hainsworth, CEO of Legible, commented, “We are deeply grateful for the support of our lead investor, a U.S.-based private financial services corporation, which has committed CDN$1.61 million to this Offering. This funding will strengthen our balance sheet and empower us to ramp up marketing and sales initiatives, fueling the growth of our Legible Unbound Subscription service. At just US$9.99 per month, Legible Unbound is gaining traction by offering unlimited access to a vast and growing catalogue of eBooks and audiobooks. We are thrilled also to welcome Andrew Nelson as our new Chief Technology Officer. Andrew’s sophisticated understanding of user experience, technological trends, and eCommerce will be invaluable as we scale globally across all our verticals. He is experienced, proven, genuinely understands what Legible is achieving, resilient, a fantastic people person, and is greatly respected in his community. Andrew enhances our executive team and supports Legible’s mission to innovate and lead in the digital literary space, now more than ever.”

Further to Legible’s Press Release dated July 18, 2024 wherein Legible announced its warrant incentive program (the “WIP”), Legible is pleased to announce the WIP resulted in: (i) a total of 3,374,936 warrants being exercised at $0.07 for proceeds of $236,246, which included $180,233 in the settlement of outstanding indebtedness; and (ii) the issuance of new warrants exercisable on or before August 16, 2025 at $0.10 for an additional 3,374,936 common shares. In the event that the volume weighted average trading price of the common shares of Legible on the Canadian Securities Exchange is at least $0.30 for a minimum of 10 consecutive trading days (whether or not trading occurs on all such days), Legible may, in its sole discretion, issue a news release announcing that the exercise period has been reduced to twenty-one (21) days following the date of the issuance of such news release (the “Accelerated Expiry Date”). If such news release is issued, all such warrants that are not exercised prior to 5:00 p.m. Vancouver time on the Accelerated Expiry Date will expire immediately after such time on the Accelerated Expiry Date.

In addition, further to the Company’s press release dated January 24, 2024, Legible announces the conclusion of its engagement with Investor Cubed Inc. (“Investor Cubed”), which provided investor relations and shareholder communication services, effective immediately. Legible extends its gratitude to Investor Cubed for their contributions and support during the engagement.

About Legible Inc.

Legible is a groundbreaking, mobile-centric global company specializing in eBook and audiobook entertainment. Its extensive partnerships encompass four of the Big 5 Publishers, the world’s largest eBook distributors, and outstanding publishers of all sizes, enabling Legible to deliver millions of eBooks and audiobooks, transforming any smart device into a source of cutting-edge infotainment.

Legible recently released My Model Kitchen – Vol. 2: Vegetables – The Garden of Earthly Delights, the second of 15 video-enriched Living Cookbooks by former supermodel, bestselling author, TV host and celebrity chef Cristina Ferrare, with an AI Sous Chef for each recipe. The Living Cookbooks and Ms. Ferrare have been featured twice on the Drew Barrymore Show and in many other major US media outlets.

A first mover in the rapidly expanding automotive infotainment market, Legible has partnered with media providers Faurecia Aptoide, Harman Ignite, LiveOne, and Visteon. Legible has the only Android Automotive app that delivers both audiobooks and eBooks to drivers and passengers in tens of millions of vehicles around the globe, positioning Legible at the forefront of the new world of in-car infotainment experiences.

The 2024 EdTech Breakthrough Award winner for eLearning Innovation of the Year, Legible is reshaping the digital publishing landscape, committed to gaining significant market share through its innovative 21st-century publishing solutions and enriched reading experiences. Visit Legible.com, where eBooks come to life.

Press Contacts:

Legible Inc.

Ms. Deborah Harford
EVP, Global Strategic Partnerships
invest@legible.com
Website: https://invest.legible.com

Legible Media Relations

Krupp Kommunications, Inc.
Ms. Kathy Giaconia
VP Media Relations
kgiaconia@kruppagency.com
1-213-324-5665
http://www.KruppAgency.com

Cautionary Note Regarding Forward Looking Information
This Press Release contains certain statements which constitute forward-looking statements or information (“forward-looking statements”), including statements regarding Legible’s business. Such forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond Legible’s control, including the impact of general economic conditions, industry conditions, currency fluctuations, the lack of availability of qualified personnel or management, stock market volatility and the ability to access sufficient capital from internal and external sources. Although Legible believes that the expectations in its forward-looking statements are reasonable, they are based on factors and assumptions concerning future events which may prove to be inaccurate. Those factors and assumptions are based upon currently available information. Such statements are subject to known and unknown risks, uncertainties and other factors that could influence actual results or events and cause actual results or events to differ materially from those stated, anticipated or implied in the forward- looking information. As such, readers are cautioned not to place undue reliance on the forward- looking information, as no assurance can be provided as to future results, levels of activity or achievements. The forward-looking statements contained in this document are made as of the date of this document and, except as required by applicable law, Legible does not undertake any obligation to publicly update or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this document are expressly qualified by this cautionary statement.

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES
OR FOR DISSEMINATION IN THE UNITED STATES

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/989cb8b1-ce9c-4e00-b6a0-53c60c30fc72

The MIL Network –

January 25, 2025

MIL-OSI Europe: EU paves the way for investments in Timor-Leste’s water, waste, and forestry sectors, boosting the country’s sustainable development

Source: European Investment Bank

The EU-funded programme has supported the Government of Timor-Leste in identifying and preparing potential investment projects.
These projects have been identified in the sectors of forestry, water supply, and waste management, and were presented today as ready for financing, with a total investment need of approximately €260 million.
EIB Global is ready to assess these projects for financing.

The European Union Delegation to Timor-Leste and the European Investment Bank (EIB Global) have worked closely with the Government of Timor-Leste to prepare investment projects aimed at improving the country’s infrastructure and fostering sustainable development. The three proposals resulting from this collaboration focus on water supply, solid waste management, and forestry, and are now ready to be transformed into tangible investments.

The three projects include a commercial forestry initiative in the municipalities of Covalima and Bobonaro, a national solid waste management project including a health waste management component, and a water supply project for selected municipalities. The forestry project aims to transform underutilised state lands, generating essential resources like firewood and timber, while creating thousands of jobs for local communities. The national waste management project introduces solutions for the safe and efficient management of waste thus reducing significantly the pollution discharged into the environment. The water supply project focuses on improving access to clean water in key municipalities, addressing both urban and rural needs for better sanitation and reliable water sources. Together these initiatives require a total investment of about €260 million.

The preparation of the three investment projects was made possible through the Project Preparation and Implementation Programme (PPIP), which concluded today with the final Steering Committee meeting where these projects were presented. Managed by EIB Global, the PPIP was supported by a €5 million budget, including €4.75 million in technical assistance from the EU and €250,000 from the Cotonou Partnership Agreement.

The final Steering Committee meeting was chaired by H.E. the Minister for Planning and Strategic Investments, Gastão Francisco de Sousa, and attended by representatives from the Government of Timor-Leste, EIB Global, the EU Delegation to Timor-Leste, and other stakeholders.

The Ambassador to the European Union Delegation to Timor-Leste, Mr Marc Fiedrich said: “If converted into a loan, the Project Preparation and Implementation Programme opens a new era of cooperation. Until today, our support, although significant in terms of funds, consisted of limited instruments: grants, technical assistance, and budget support. With this programme, we add loans and guarantees, and maybe later private investments. This is the new trend of cooperation promoted by the EU, the innovative Global Gateway strategy that may become the norm in the near future.”

The Vice-President of the European Investment Bank Ambroise Fayolle said: “Alongside our EU partners on the ground, we have been supporting the Government of Timor-Leste in identifying and preparing investment projects. By focusing on strategic sectors such as forestry, water supply, and waste management, these initiatives will not only address immediate community needs but also lay the groundwork for sustainable economic growth. We look forward to turning these project proposals into tangible investments. As the EU’s financial arm, the EIB stands ready to provide the necessary financial support to make these projects a reality, in line with the EU’s Global Gateway strategy.”

His Excellency the Minister for Planning and Strategic Investments, Gastão Francisco de Sousa said: “All three projects have the potential to make significant and long-term contributions to Timor-Leste’s development, and to improved rural and urban environments. The projects comply with and support our national development objectives for their respective sectors.” He emphasised the role of the Ministry of Planning and Strategic Investments in facilitating and coordinating efforts across the sectors.

His Excellency the Minister of Agriculture, Livestock, Fisheries and Forestry, Marcos da Cruz said: “I would like to thank the EIB, the EU Delegation and COWI for the design of the Timor-Leste Commercial Forestry Project. We welcome this innovative approach to the development of commercial forestry in Timor-Leste, using currently unproductive land. In addition, the project is expected to provide jobs for people living in the target areas, re-green vulnerable areas, increase incomes from forest products, and increase Government’s income.”

His Excellency the Minister of State Administration, Tomás do Rosário Cabral said: “We are grateful for the European Investment Bank’s support for waste management projects. Providing adequate and affordable waste services to the entire population is of great concern for the Government. It will improve public health and is much needed for protecting the terrestrial and marine environment. Specifically, better healthcare risk waste management is urgently needed. In this respect, the EIB project proposal provides a modern, efficient, and sustainable solution that should be implemented as soon as possible.”

Background information:

Project Preparation and Implementation Programme (PPIP) is an EU-funded and EIB-managed project designed to assist the Government of Timor-Leste in the identifying, preparing and implementing projects that are technically sound, financially viable, and environmentally and socially responsible, and are ready for investments. The programme has identified potential projects in the three sectors — water, solid waste management and forestry — by conducting prefeasibility studies for six projects and completing three feasibility studies. Investment projects in forestry and solid waste are now ready for the Government of Timor-Leste to request loan from the EIB and EU grant funding, should they choose to move forward with these initiatives.

Steering Committee of the Project Preparation and Implementation Programme is chaired by the Ministry for Planning and Strategic Investments. The committee also includes representatives from several key government entities of Timor-Leste, such as by the Ministry of Foreign Affairs and Cooperation, the Ministry of Finance, the Ministry of State Administration, the Ministry of Public Works, the Ministry of Agriculture, Livestock, Fisheries and Forestry and Bee Timor-Leste public utility company.

The European Union (EU) is a unique economic and political union between 27 European countries that cover much of the continent together. In Timor-Leste, the EU is the second largest donor of development aid (grant funding). The EU is committed to supporting Timor-Leste’s 2011-2030 Strategic Development plan, which aims to transform Timor-Leste into an upper-middle-income country by 2030 based on rapid, inclusive growth enabling it to improve infrastructure, worker skills, education, training and health systems, and combat poverty and malnutrition. The EU assistance focuses on green and sustainable economic recovery and development, rural development, good governance for sustainable development and gender equality.

The European Investment Bank (EIB) is the long-term financing institution of the European Union owned by its Member States. EIB Global is the EIB’s specialised arm devoted to increasing the impact of international partnerships and development finance outside the European Union. EIB Global is a key partner of the EU Global Gateway strategy, and is designed to foster strong, focused partnerships within Team Europe, alongside fellow development finance institutions and civil society. EIB Global brings the EIB closer to local people, companies and institutions through our offices across the world.

Global Gateway is the European Union’s strategy to reduce the worldwide investment gap, boost smart, clean and secure connections in the digital, energy and transport sectors, and strengthen health, education and research systems. The Global Gateway strategy embodies a Team Europe approach that brings together the European Union, EU Member States and European development finance institutions. It aims to mobilise up to €300 billion in public and private investments between 2021 and 2027, creating essential links rather than dependencies, and closing the global investment gap.

EU paves the way for investments in Timor-Leste’s
EU paves the way for investments in Timor-Leste’s water, waste, and forestry sectors, boosting the country’s sustainable development
©EIB
Download original

MIL OSI Europe News –

January 25, 2025

MIL-OSI Europe: Written question – Impact of Regulation (EU) 2024/573 (on fluorinated greenhouse gases) on European industry – E-002128/2024

Source: European Parliament

17.10.2024

Question for written answer E-002128/2024
to the Commission
Rule 144
Isabella Tovaglieri (PfE)

Annex IV to Regulation (EU) 2024/573 on fluorinated greenhouse gases bans all gases (including HFOs).

Owing to the sudden need to cut the use of fluorinated gases, many European companies are announcing delays to investments in new heat pump production lines[1] and experiencing slumps in sales of air-conditioning and refrigeration systems[2].

The development of the new generation of heat pumps and air-conditioning systems is also crucial for the implementation of the Energy Performance of Buildings Directive.

Article 35(5) of the Regulation provides that the entry into force of those bans is conditional on a re-evaluation of the technologies available on the market and their effectiveness on the basis of a report to be published by 2030, which implies that there will be six years of deadlock and uncertainty for industry.

In the light of the above:

1.Given the six-year wait for the report, with a view to giving industry greater regulatory certainty and enabling it to plan, can the Commission provide it with reassurance?
2.In the light of the objectives of the Energy Performance of Buildings Directive with regard to the decarbonisation of buildings, should the phasing out of HFOs not be reconsidered?

Submitted: 17.10.2024

[1] https://www.coolingpost.com/world-news/daikin-to-axe-500-jobs-as-heat-pump-demand-falls/#:~:text=BELGIUM%3A%20Daikin%20Europe%20has%20said,before%20the%20end%20of%20December.
[2] https://www.ehpa.org/market-data/#:~:text=Heat%20pump%20sales%20fell%20by,seen%20in%20the%20annual%20sales.

Last updated: 24 October 2024

MIL OSI Europe News –

January 25, 2025

MIL-OSI Europe: Highlights – Debate on next EU long term budget with EIB and EU Court of Auditors – 6.11.2024 – Committee on Budgets

Source: European Parliament

BUDG members will exchange with Nadia Calviño, President of the European Investment Bank (EIB) and Tony Murphy, President of the European Court of Auditors (ECA), on the lessons learnt from the current EU long-term budget.

The debate will contribute to the preparation of the BUDG own-initiative report “A revamped long-term budget for the Union in a changing world”. The Parliament will define in it its priorities and expectations for the next EU long term budget (post 2027) before the European Commission puts forward its proposal during the summer of 2025.

MIL OSI Europe News –

January 25, 2025

MIL-OSI Europe: Greece’s railway network to be upgraded with EIB on board as adviser

Source: European Investment Bank

EIB’s Advisory Hub to support major railway modernization across Greek rail network
Goal is to improve infrastructure, safety, and efficiency
EIB to provide targeted advisory services for free as part of InvestEU programme

The European Investment Bank (EIB) will advise Greece on its planned major upgrade of the national railway network to improve safety, punctuality, and sustainability. Under the agreement with the Greek Ministry of Transport and Infrastructure, the EIB will assist authorities in developing a long-term business plan for a newly established rail infrastructure management company and in outlining near-term network investments.

The accord, which comes under the InvestEU programme, builds on the Greek government’s commitment to restructuring the national railway sector and to fulfilling European Union safety and environmental standards. It also highlights the EIB’s commitment to promoting modern and sustainable transport networks in the EU as part of the bank’s strategic roadmap.

EIB Vice-President Ioannis Tsakiris and Greek Minister of Infrastructure and Transport Christos Staikouras signed the agreement today in Athens.

“The EIB’s Advisory Services will provide the Greek government with the technical expertise necessary to implement long-term strategies, helping to ensure that the country’s railway system is both safe and competitive,” said Tsakiris. He added: “The EIB will support the Greek government in developing a multiyear investment plan for the railway sector, which will serve as a roadmap for the country’s infrastructure development over the next decade.”

“The European Investment Bank, with its extensive expertise and experience, will provide a coherent strategic business plan, which will serve as a valuable guide in the organizational efforts of the new entity. This plan will support the Government’s priorities for developing a modern, safer, faster, and fully interoperable network, in line with the requirements of the Trans-European Transport Network and the standards set by the European Union. By utilizing the knowhow offered by the EIB, we are creating a sound and rational framework on which this crucial reform of the railway sector will be based. In this way, the Ministry of Infrastructure and Transport is implementing another important — and promising — initiative for the modernization and future development of the Greek railway system.”, said Staikouras.

Strategic priorities for Greece’s railway sector

Greece aims to develop a modern, safe, and fully interoperable rail system, aligning with Trans-European Transport Network (TEN-T) requirements.

Key strategic priorities outlined for the Greek rail sector include:

Completing the Patras-Athens-Thessaloniki-Promachonas (PAThEP) corridor, a crucial part of the TEN-T network.
Expanding rail connections to ports and industrial zones, strengthening the economic infrastructure.
Facilitating cross-border rail connections with Europe to enhance regional connectivity.

Shaping the future of Greek rail investment

The advisory accord marks a significant opportunity for the EIB to help shape rail investment in Greece over the next two decades. The EIB work will feed into the Greek National Recovery and Resilience Plan, which requires the adoption of a multiyear investment plan by mid-2025.

The assignment will run for run for six months, during which the EIB will engage external service providers to execute three main tasks:

· Development of a strategic business plan for the new rail infrastructure entity.

· Preparation of a medium-term (2025-2034) implementation plan for the railway sector.

· Creation of a comprehensive funding plan to support the implementation of priority projects.

Background information

About the EIB

The European Investment Bank (EIB) is the long-term lending institution of the European Union, owned by its Member States. It finances sound investments that further EU policy objectives. EIB projects bolster competitiveness, drive innovation, promote sustainable development, enhance social and territorial cohesion, and support a just and swift transition to climate neutrality.

The European Investment Bank Group (EIB Group), consisting of the European Investment Bank (EIB) and the European Investment Fund (EIF), reported total financing signatures in Greece of €2.5 billion in 2023, 33% of which went to supporting sustainable energy and natural resources projects. Overall, the EIB Group signed €88 billion in new financing in 2023.

Approximately half of the EIB’s financing within the EU is directed towards cohesion regions, where per capita income is lower. This underscores the Bank’s commitment to fostering inclusive growth and the convergence of living standards.

MIL OSI Europe News –

January 25, 2025

MIL-OSI Europe: Expanding Clean Cooking in East Africa to strengthen communities, cut pollution and save lives: US $15 million financing from European Investment Bank for Kenya-based BURN

Source: European Investment Bank

The $15 million financing will enable BURN to produce and distribute its industry-leading ECOA Induction Cooker to over 1 million households across East Africa.
The investment will positively impact 6.5 million people, avoiding 12 million tons of carbon emissions over a period of 5 years.

Today BURN, the world’s leading clean cooking appliance manufacturer, distributor, and carbon project developer, and the European Investment Bank signed an agreement to invest $15 million from the EIB to fund the distribution of BURN’s ECOA Electric Induction cooker to households across the East African region.

Announced at a signature ceremony on the margins of the World Bank/IMF Annual Meetings in Washington, the US$15 million debt investment from EIB Global will finance a solution that could significantly reduce indoor air pollution in homes across the world – a problem that currently causes 4 million premature deaths a year, and disproportionally affects the health of women living in developing countries.

Speaking from Washington the EIB Group President, Nadia Calviño said, “The investment that we have agreed today is not just about improving lives, but saving them as well. With relatively simple technology for clean cooking we will strengthen communities, especially by protecting the health of women, and their families.

This will have a positive impact on the climate as well by lowering carbon emissions. Supporting potentially transformative projects like BURN’s expansion of affordable clean cooking for more than a million households in Africa is the kind of initiative that the European Union aims to support more of under our Global Gateway Initiative.”

From Washington, Peter Scott, Founder and CEO of BURN, stated, “BURN has already brought our unique PAYC electric cooking solution to thousands of households in Kenya and Tanzania that were previously relying on traditional charcoal stoves. This investment by EIB will help us transition over a million low-income households to cooking with electricity, allowing them to cook on grids that are 80-95% powered by renewable energy.”

The EIB financing announced today in Washington will enable the appliances to be offered via BURN’s innovative, Pay-As-You-Cook payment offering. This tech-enabled payment solution enables affordable financing for low-income households currently using solid biomass as their primary cooking fuel but who are unable to afford full upfront payments typically required for clean electric cooking appliances.

This project is also actively supporting the empowerment of women – and has been qualified as a gender lens investment by the 2X Challenge, a global initiative launched at the G7 summit in 2018, with the EIB as one of its members. The 2X Challenge aims to accelerate private sector investments that support women in low- and middle-income countries, using a standardized set of criteria known as the 2X criteria.

The financing support to BURN is through the Desiree Investment Envelope under the African, Caribbean and Pacific (ACP) Impact Finance Envelope (“IFE”).

The financing package from the European Commission aims to support the participation by the EIB in high-risk projects in ACP countries to support greater investments in energy efficiency and electrification ventures. The IFE supports projects that generate superior developmental impact with the overarching objective of poverty reduction through developing the private sector by taking a higher risk of investment for high developmental impact.

The ECOA Induction cooker is bundled with a high-quality, 3-piece stainless steel induction cookware set, fully manufactured in Kenya. The appliances reduce indoor air pollution by 100%, decrease cooking time by 70%, and save households money on cooking fuels.

BURN’s electric cooking appliances generate high-integrity carbon credits by using integrated cellular-enabled IoT technology which allows for effective, real-time and end-to-end monitoring of energy usage. These electric appliances reduce ~2.5 tonnes of carbon emissions annually, and contribute to EIB’s climate action, gender equality, and economic development objectives.

The company, which is also exporting its products to other countries, is also showcasing Africa’s untapped manufacturing opportunities, that create sustainable job opportunities for many young people.

To date, BURN has distributed over 5 million clean cookstoves across Africa, transforming the lives of 25 million people and preventing 26 million tons of CO2 emissions from entering the atmosphere.

ABOUT BURN

Founded in 2011, BURN is Africa’s leading producer of clean cookstoves, committed to saving lives, protecting forests, and reducing CO2 emissions. Headquartered in Nairobi, Kenya, BURN operates in 9 countries and employs over 3,500 people, with a mission to revolutionize the clean cooking sector and provide sustainable cooking solutions across the continent.

The efficiency, safety, and benefits of BURN’s clean cooking appliances have been independently verified through peer-reviewed Randomized Control Trial (RCT) by the University of Pennsylvania and the University of Chicago.

The study found a match to BURN’s usage and consumption measurements, finding a fuel savings of 39% against the baseline, saving families US$119 per year, with each cookstove reducing CO2 emissions by approximately 3.5 tons per year (their recent update to the study found these savings to be robust for 3 years and counting, with 98% of the stoves still in use). This study was peer-reviewed and published in the world’s leading economics journal, The American Economic Review (AER).

Learn more at burnstoves.com.

ABOUT the EIB

The European Investment Bank (EIB) is the long-term lending institution of the European Union owned by its Member States. It makes long-term finance available for sound investment in order to contribute towards EU policy goals.

EIB Global is the EIB Group’s specialised arm devoted to increasing the impact of international partnerships and development finance, and a key partner in Global Gateway. We aim to support €100 billion of investment by the end of 2027, around one third of the overall target of this EU initiative. With Team Europe, EIB Global fosters strong, focused partnerships, alongside fellow development finance institutions and civil society. EIB Global brings the Group closer to local people, companies and institutions through our offices around the world.

The EIB Group aims to embed gender equality and in particular women’s economic empowerment in its business model and is also committed to driving gender equality in its workplace. The EIB financed a total of 63 projects across the globe in 2023 that significantly contributed to gender equality and women’s economic empowerment, providing €5.8 billion of investment, more than half of which also supported climate action.

Expanding Clean Cooking in East Africa to strengthen communities, cut pollution and save lives: US $15 million financing from European Investment Bank for Kenya-based BURN
Expanding Clean Cooking in East Africa to strengthen communities, cut pollution and save lives: US $15 million financing from European Investment Bank for Kenya-based BURN
©EIB
Download original

MIL OSI Europe News –

January 25, 2025

MIL-OSI Europe: ‘We try not to think about the future or the past’

Source: European Investment Bank

Vadym Chursin’s mother died long before the war. His father, Dmytro, has been his parent and best friend since he was very young. The two have grown even closer since their town near Ukraine’s southern border was occupied by Russian soldiers.

“There is barely anything left of our house today and not a single building still standing in our old town,” says Vadym, who is 16 years old and had lived in Oleshky, a city near Kherson, where his father ran a business building trendy tiny homes on wheels. For the past two years, father and son have been renting half a house about 220 kilometres to the west in Odesa, near Vadym’s new school. “We’re what people call displaced persons. There are many of us here and all of us are helping each other.”

Vadym attends Odesa School No. 41, one of the first schools repaired in 2021 under the European Investment Bank’s first Ukraine recovery programme. The Bank has helped modernise a group of Odesa schools since then and a city hospital.

Schools are a focus for the dozens of engineers, economists, loan officers and advisory specialists at the European Investment Bank who are trying to meet the urgent needs of Ukraine. Other critical work involves electricity lines, heating, water, roads, hospitals, community centres and bomb shelters. These types of projects allow people to go to work, drive to the doctor, buy groceries, get an education and stay safe during bomb attacks.

The Russian invasion has caused widespread devastation and created a humanitarian crisis in Ukraine and surrounding countries. Roads, bridges, hospitals, schools and residential buildings need repair in Ukraine, particularly in areas of intense fighting such as Kharkiv and the Donbas region. One study estimates economic damage in Ukraine at more than $150 billion since Russia invaded in February 2022. The cost of recovery over the next decade is estimated at about $500 billion.

The European Investment Bank is helping to renovate more than 300 schools, kindergartens, hospitals and social housing facilities in about 150 Ukrainian cities. It has improved electricity, gas, water, sanitation and solid waste management in more than a dozen regions, and has finished more than 100 projects. It receives new requests for help every week.

Pavel Novak, a public sector engineer at the European Investment Bank who is from Kyiv, where his parents still live, says a friend who was disabled in the war reminded him that soldiers are fighting to beat Russia, but also to see that other Ukrainians can continue to live normal lives in their home cities and communities today.

“My friend said to me, ‘Look, Pavel, we are doing this to keep life going on, bakeries and restaurants open, keep kids going to school and ensure that something beyond war still exists in this country.’”

In September 2024, the European Union’s financing arm proposed a €600 million energy rescue plan to help Ukraine as winter approaches, ensuring that businesses and homes have electricity and heat. Shelters will be built to protect electricity substations from bombings. The European Investment Bank is in regular discussions with Ukrhydroenergo, Ukraine’s largest hydropower company, and Ukrenergo, the national electricity transmission operator, to repair damaged power networks. It’s common for some parts of Ukraine to lose electricity for half of every day.

MIL OSI Europe News –

January 25, 2025

MIL-OSI United Kingdom: The Pandemic Institute celebrates three years of work

Source: City of Liverpool

The Pandemic Institute, a world leading facility committed to helping the world prevent, prepare, and respond more effectively to pandemics, celebrates three years of vital work to keep the public safe.

Since opening in autumn 2021, the Institute has advanced research to predict and prepare for the next pandemic. It’s built resilience in society to respond and recover from COVID-19 and future health crises and worked to prevent disease outbreaks and epidemics from developing into pandemics.

Ove the last three years The Pandemic Institute has:

Supported a portfolio of research worth more than £50m led by The Pandemic Institute’s investigators based at the University of Liverpool, Liverpool School of Tropical Medicine, and Liverpool John Moores University.
Established research industry partnerships with a value of more than £5m, strengthening the local economy and employment prospects. One such partnership is with CSL Seqirus, a global leader in influenza prevention. Together they are researching both the threat of seasonal influenza and the development of innovative approaches to pandemic preparedness and response.
Awarded £3.6m in critical pandemic research funding, and responded rapidly to emerging infections such as Mpox, which was recently declared a global emergency by the World Health Organisation (WHO).
Provided funding towards the development of diagnostics for some of the world’s deadliest viruses including Crimean-Congo Haemorrhagic Fever (CCHF). Transmitted by tick bites, it has a mortality rate of around 30% but there is currently no vaccine. Liverpool School of Tropical Medicine has developed a rapid point-of-care lateral flow test, as well as conducting clinical trials to assess a potential treatment.
Supported researchers at Liverpool John Moores University who are looking at health inequalities and resilience in communities during a pandemic, and how future responses can be tailored and improved.
Invested in infrastructure including a new pre-clinical trials unit for testing new vaccines and treatments, based at the University of Liverpool.
Provided critical advice and support on pandemic prevention and preparedness to the UK Health Security Agency, Department of Health and Social Care, and other government departments.

Professor Tom Solomon, Director of The Pandemic Institute said: “I’m incredibly proud of the work we’ve done in just three short years, helping to develop new diagnostic tests, treatments and vaccines, for emerging infection threats, and strengthening the research infrastructure.

“Thanks to our dedicated and ongoing efforts we are in a position to rapidly mobilise funding for essential research and be flexible in times of swiftly changing circumstances.”

Director of Public Health for Liverpool, Professor Matthew Ashton, said: “Liverpool has a rich history of delivering bold public health interventions, and the launch of The Pandemic Institute continued our long and proud tradition.

“The funding shows the ongoing commitment to delivering an innovative response to pandemics on an international scale.

“It is playing a vital role in the global work to tackle the next pandemic, wherever and whenever that will be, and we should be immensely proud of the foresight the city showed in establishing it.”

What’s next

The Pandemic Institute will continue to develop new infrastructure in Liverpool to harness the combined expertise of the region.

In spring, The Pandemic Institute was awarded funding as part of the Liverpool City Region’s Investment Zone plans. Part of the £160m Government pledge will support the Institutes’ ambitions to build a new Pandemic Preparedness and Response Facility in Liverpool containing state-of-the-art research laboratories that will strengthen the UK’s infectious disease research and innovation capabilities.

For more information about The Pandemic Institute visit www.thepandemicinstitute.org.

MIL OSI United Kingdom –

January 25, 2025

MIL-OSI Russia: Rosneft Increases Efficiency of Hydraulic Fracturing

Translation. Region: Russian Federation –

Source: Rosneft – Rosneft – An important disclaimer is at the bottom of this article.

Samotlorneftegaz, a Rosneft production asset, has reduced the construction time of wells using multi-stage hydraulic fracturing (MSHF) in deep formations to 5 days from 47 to 42. This result was achieved by using domestically produced new-model HF couplings. They are driven by new-model bushings with soluble balls of a single size.

Rosneft is systematically working on the development of domestic technologies and import substitution. Developments of corporate research institutes and equipment of domestic manufacturing plants are actively implemented at production sites.

The design feature of the new couplings made it possible to ensure the tightness of horizontal wells by fully cementing the shank. This allows for faster multistage hydraulic fracturing and an economic effect of up to 9 million rubles per cycle on one well. With traditional technology, couplings activated by dropping soluble balls of different diameters were used, and horizontal sections were isolated using specialized devices (casing packers), which increased the cost of the operation and extended the drilling time of the well.

The use of new-style couplings makes it possible to carry out hydraulic fracturing operations with an unlimited number of stages and increase the starting flow rate of wells.

Reference:

Samotlorneftegaz is one of the main production assets of Rosneft. The company is developing the largest Samotlor field in Russia, where industrial hydrocarbon production began in 1969. The share of wells with multistage hydraulic fracturing in the total volume of drilling of the company exceeds 86%.

Department of Information and Advertising of PJSC NK Rosneft October 24, 2024

Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

MIL OSI Russia News –

January 25, 2025

MIL-OSI Asia-Pac: Union Cabinet approves establishment of Rs.1,000 crore Venture Capital Fund for Space Sector under aegis of IN-SPACe

Source: Government of India

Posted On: 24 OCT 2024 3:25PM by PIB Delhi

The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi, has approved setting up of Rs.1000 crore Venture Capital Fund dedicated to space sector, under aegis of IN-SPACe.

Financial implications:

The deployment period of the proposed Rs.1,000 crore VC fund is planned to be up to five years from the actual date of start of the fund operations. The average deployment amount could be Rs.150-250 crore per year, depending on the investment opportunities and fund requirements. The proposed break-up financial year wise is as below:

S.No.

Financial Year

Estimate (In Rs.Crores)

I

2025-26

150.00

2

2026-27

250.00

3

2027-28

250.00

4

2028-29

250.00

5

2029-30

100,00

Total Envelope (VC)

1000.00

The indicative range of investment is proposed to be Rs.10-Rs.60 Crore, contingent upon the stage of the company, its growth trajectory, and its potential impact on national space capabilities. Indicative Equity Investment Range could be:

• Growth Stage: Rs.10 Crore – Rs.30 Crore

• Late Growth Stage: Rs.30 Crore – Rs.60 Crore

Based on the above investment range, the fund is expected to support approximately 40 startups.

Details:

The Fund is strategically designed to advance India’s space sector, aligning with national priorities and fostering innovation and economic growth through the following key initiatives:

a. Capital Infusion

b. Retaining Companies in India

c. Growing Space Economy

d. Accelerating Space Technology Development

e. Boosting Globa! Competitiveness

f. Supporting Atmanirbhar Bharat

g. Creating a Vibrant Innovation Ecosystem

h. Driving Economic Growth and Job Creation

i. Ensuring Long-Term Sustainability

By addressing these points, the fund aims to strategically position India as one of the leading space economies.

Benefits:

Capital infusion to create a multiplier effect by attracting additional funding for later-stage development, thereby instilling confidence in private investors.
Retention of space companies domiciled within India & countering the trend of Indian companies domiciling abroad.
Accelerate private space industry’s growth to meet the goal of a five-fold expansion of the Indian Space Economy in next ten years.
Drive advancements in space technology and strengthening India’s leadership through private sector participation.
Boost global competitiveness.
Supporting Atmanirbhar Bharat.

Impact, including employment generation potential:

The proposed fund is expected to boost employment in the Indian space sector by supporting startups across the entire space supply chain—upstream, midstream, and downstream. It will help businesses scale, invest in R&D, and expand their workforce. Each investment could generate hundreds of direct jobs in fields like engineering, software development, data analysis, and manufacturing, along with thousands of indirect jobs in supply chains, logistics, and professional services. By fostering a strong startup ecosystem, the fund will not only create jobs but also develop a skilled workforce, driving innovation and enhancing India’s global competitiveness in the space market.

Background:

The Government of India, as part of its 2020 space sector reforms, established IN-SPACe to promote and oversee private sector participation in space activities. IN-SPACe has proposed a Rs.1000 crore Venture Capital Fund to support the growth of India’s space, economy, currently valued at S8.4 billion, with a target to reach $44 billion by 2033. The fund aims to address the critical need for risk capital, as traditional lenders are hesitant to fund startups in this high-tech sector. With nearly 250 space startups emerging across the value chain, timely financial support is crucial to ensure their growth and prevent talent loss overseas. The proposed government-backed fund will boost investor confidence, attract private capital, and signal the government’s commitment to advancing space reforms. It will serve as an Alternative investment Fund under SEBI regulations, providing early-stage equity to startups and enabling them to scale for further private equity investments.

***

MJPS/BM/SKS

(Release ID: 2067664) Visitor Counter : 154

MIL OSI Asia Pacific News –

January 25, 2025

MIL-OSI Asia-Pac: NLC India Enters into Joint Venture Agreement with Rajasthan for Formation of Two JVs for Power Capacity Addition

Source: Government of India

Posted On: 24 OCT 2024 3:08PM by PIB Delhi

With the vision of Prime Minister Shri. Narendra Modi, for energy security with sustainable energy generation, under the guidance of Union Minister of Coal and Mines Shri. G Kishan Reddy and Minister of State for Coal and Mines Shri Satish Chandra Dubey, and in line with corporate plan for aggressive capacity addition, NLC India Ltd has entered into Joint Venture Agreements for formation of two significant Joint Ventures (JVs) with Rajasthan Rajya Vidyut Utpadan Nigam Limited (RRVUNL). First JV is signed between NLC India Renewables Limited (NIRL) and RRVUNL to establish Renewable Energy projects in the state of Rajasthan and Second JV is between NLCIL and RRVUNL for the development of a Lignite-Based Thermal Power Station.

In the presence of Additional Chief Secretary (ACS), Energy, Govt. of Rajasthan Shri. Alok, IAS, and CMD, NLCIL, Shri. Prasanna Kumar Motupalli, the JV agreements were signed by Director (Finance), NLCIL Dr. Prasanna Kumar Acharya and CMD, RRVUNL, Shri Devendra Shringi. In both the Joint Ventures (JVs), NLCIL will hold a 74% equity stake, while RRVUNL will hold 26%.

These JVs mark a significant step towards advancing sustainable energy and power generation.

𝐍𝐋𝐂 𝐈𝐍𝐃𝐈𝐀 𝐄𝐍𝐓𝐄𝐑𝐒 𝐈𝐍𝐓𝐎 𝐉𝐎𝐈𝐍𝐓 𝐕𝐄𝐍𝐓𝐔𝐑𝐄 𝐀𝐆𝐑𝐄𝐄𝐌𝐄𝐍𝐓 𝐖𝐈𝐓𝐇 𝐑𝐀𝐉𝐀𝐒𝐓𝐇𝐀𝐍 𝐅𝐎𝐑 𝐅𝐎𝐑𝐌𝐀𝐓𝐈𝐎𝐍 𝐎𝐅 𝐓𝐖𝐎 𝐉𝐎𝐈𝐍𝐓 𝐕𝐄𝐍𝐓𝐔𝐑𝐄𝐒 𝐅𝐎𝐑 𝐏𝐎𝐖𝐄𝐑 𝐂𝐀𝐏𝐀𝐂𝐈𝐓𝐘 𝐀𝐃𝐃𝐈𝐓𝐈𝐎𝐍: pic.twitter.com/lFMUjxWXWI

— NLC India Limited (Official) (@nlcindialimited) October 24, 2024

****

ST

(Release ID: 2067656) Visitor Counter : 113

MIL OSI Asia Pacific News –

January 25, 2025

MIL-OSI Asia-Pac: Department of Posts issues a Commemorative Stamp to mark 200 Years of Kittur Vijayotsava

Source: Government of India

Posted On: 24 OCT 2024 3:05PM by PIB Delhi

On the 200th anniversary of Kittur Vijayotsava a commemorative Postage stamp was released at the historic Kittur Rani Channamma Stage, Kittur Fort Premises on 23^rd October,2024. This grand event commemorated Rani Channamma’s glorious victory on 23^rd October,1824 against the British rule.

The Department of Posts has a rich legacy of celebrating the contributions of freedom fighters who played pivotal roles in India’s fight for Independence. Over the years, India Post has released numerous stamps honoring these heroes. This ongoing tradition not only preserves their memories but also inspires future generations to remember the sacrifices made for our nation’s freedom. On the occasion of the 200th anniversary of Kittur’s historic resistance against British rule, the Department of Posts proudly presents a commemorative postage stamp celebrating the valor and legacy of Rani Channamma.

The stamp was released by Shri Rajendra Kumar, Chief Postmaster General, Karnataka Circle, Bengaluru in the gracious presence of spiritual leaders Pujya Shri Shri Madiwal Rajayogeendra Maha Swamiji, Pujya Shri. Pamchakshari Maha Swamiji, Shri. Shri Basava Jaya Mrutyunjaya Swamiji and other esteemed guests.

Release of Postage Stamp on 200 Years of Kittur Vijayotsava

The commemorative stamp designed by Shri Brahm Prakash features a striking portrait of Rani Channamma, on her horse drawing a sword, fighting against the British, embodying her strength and bravery. Surrounding her image are forts symbolizing the rich heritage of Kittur and the historic battle of Kittur. The stamp is rendered in vibrant colors, capturing the spirit of resistance and resilience exemplified by Rani Channamma. Accompanying the artwork is the inscription “Kittur Vijayotsava – 200 Years” to honor this historic milestone, making it a poignant tribute to her enduring legacy in India’s freedom fight.

Postage Stamp on 200 Years of Kittur Vijayotsava

This stamp pays tribute to her indomitable spirit and leadership during a crucial period in India’s fight for independence and serves as a reminder of Kittur’s rich history and its enduring impact on the nation’s freedom struggle. Join us in reflecting on the sacrifices and bravery of those who stood against oppression, as we celebrate the legacy of Rani Channamma and the spirit of resistance that continues to inspire us today.

Social Media Links :

https://x.com/JM_Scindia/status/1849144772189126943?t=PmO-NA3aVCAXCxy2PLAnAQ&s=08

*****

SB/DP/ARJ

(Release ID: 2067654) Visitor Counter : 91

MIL OSI Asia Pacific News –

January 25, 2025

MIL-OSI Asia-Pac: The Union Minister Shri Nitin Gadkari Emphasizes Use of AI and Advanced Technology to Improve Road Safety

Source: Government of India (2)

The Union Minister Shri Nitin Gadkari Emphasizes Use of AI and Advanced Technology to Improve Road Safety

Shri Gadkari Pushes for Innovation in Road Safety Technology and Collaboration with Startups

Posted On: 24 OCT 2024 2:52PM by PIB Delhi

The Union Minister of Road Transport & Highways, Shri Nitin Gadkari, addressed the 12th edition of the Traffic InfraTech Expo, emphasizing the critical need to improve road safety and the adoption of advanced technologies in the transportation sector in New Delhi, today.

In his address, Shri Gadkari underscored the alarming statistics of road accidents in India, noting that the country experiences around 5 lakh accidents each year, resulting in numerous fatalities. He highlighted that more than half of these casualties are in the age group of 18-36 years. The economic loss due to road accidents is estimated at 3% of the country’s GDP, he said. He stressed that improving road safety is a top priority for the government, and measures are already underway to address this issue.

The Minister highlighted the need for improvements in road engineering, emphasizing the use of the latest global technologies. He expressed a keen interest in collaborating with Indian startups and young engineers who are innovating in this area. Shri Gadkari noted that road safety cannot be achieved without integrating advanced engineering solutions, enforcement of laws, and the adoption of cutting-edge technologies like Artificial Intelligence.

Shri Gadkari also spoke about new approaches to law enforcement using technology. He mentioned efforts to identify traffic violations through AI and other innovative methods, allowing authorities to enforce penalties accurately. He also outlined plans for upgrading toll collection methods, including the exploration of satellite toll systems, which would improve efficiency and ensure transparency in toll collection.

Highlighting the Ministry’s approach to enhancing road safety, Shri Gadkari shared that the government has decided to appoint experts from the private sector to collaborate on developing technological solutions. A dedicated expert committee will evaluate proposals from startups and industry leaders, ensuring that the best ideas are implemented. the committee has been directed to finalize its evaluations within three months, aiming for rapid improvements in the sector.

The Minister emphasized the government’s commitment to maintaining high-quality standards, particularly in the use of surveillance technology like cameras. He assured that quality and standards would not be compromised, regardless of whether solutions come from large or small companies. Shri Gadkari encouraged small firms with innovative technologies to participate in government tenders, stressing the importance of cost-effectiveness while maintaining profit margins without exploitation.

While concluding his remarks, Shri Gadkari highlighted the importance of collaboration between the road and transport sectors to create integrated solutions. He expressed confidence that by using the best technologies, India can achieve transparency, reduce costs, and significantly enhance road safety. Shri Gadkari extended his gratitude to the participants for their efforts in research and development, bringing the Indian industry to international standards, and expressed pride in their contributions to the nation.

Union Minister Shri Nitin Gadkari called upon all stakeholders—government, private sector, and startups—to come together in addressing the urgent issue of road safety in India.

*****

NKK/AK

(Release ID: 2067649) Visitor Counter : 89

MIL OSI Asia Pacific News –

January 25, 2025

MIL-OSI Asia-Pac: Tariff Notification No. 69/2024-Customs (N.T.) dated 23rd October, 2024 in respect of Fixation of Tariff Value for Edible Oils, Brass Scrap, Areca Nut, Gold and Silver

Source: Government of India (2)

Posted On: 24 OCT 2024 2:03PM by PIB Delhi

In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Indirect Taxes & Customs, being satisfied that it is necessary and expedient to do so, hereby makes the following amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 36/2001-Customs (N.T.), dated the 3^rd August, 2001, published in the Gazette of India, Extraordinary, Part-II, Section-3, Sub-section (ii), vide number S. O. 748 (E), dated the 3^rd August, 2001, namely:-

In the said notification, for TABLE-1, TABLE-2, and TABLE-3 the following Tables shall be substituted, namely: –

“TABLE-1

Sl. No.	Chapter/ heading/ sub-heading/tariff item	Description of goods	Tariff value (US $Per Metric Tonne)
(1)	(2)	(3)	(4)
1	1511 10 00	Crude Palm Oil	1008 (i.e., no change)
2	1511 90 10	RBD Palm Oil	1019 (i.e., no change)
3	1511 90 90	Others – Palm Oil	1014 (i.e., no change)
4	1511 10 00	Crude Palmolein	1024 (i.e., no change)
5	1511 90 20	RBD Palmolein	1027 (i.e., no change)
6	1511 90 90	Others – Palmolein	1026 (i.e., no change)
7	1507 10 00	Crude Soya bean Oil	1025 (i.e., no change)
8	7404 00 22	Brass Scrap (all grades)	5626 (i.e., no change)

TABLE-2

Sl. No.	Chapter/ heading/ sub-heading/tariff item	Description of goods	Tariff value (US $)
(1)	(2)	(3)	(4)
1.	71 or 98	Gold, in any form, in respect of which the benefit of entries at serial number 356 of the Notification No. 50/2017-Customs dated 30.06.2017 is availed	855 per 10 grams (i.e., no change)
2.	71 or 98	Silver, in any form, in respect of which the benefit of entries at serial number 357 of the Notification No. 50/2017-Customs dated 30.06.2017 is availed	1118 per kilogram
3.	71	(i) Silver, in any form, other than medallions and silver coins having silver content not below 99.9% or semi-manufactured forms of silver falling under sub-heading 7106 92; (ii) Medallions and silver coins having silver content not below 99.9% or semi-manufactured forms of silver falling under sub-heading 7106 92, other than imports of such goods through post, courier or baggage. Explanation. – For the purposes of this entry, silver in any form shall not include foreign currency coins, jewellery made of silver or articles made of silver.	1118 per kilogram
4.	71	(i) Gold bars, other than tola bars, bearing manufacturer’s or refiner’s engraved serial number and weight expressed in metric units; (ii) Gold coins having gold content not below 99.5% and gold findings, other than imports of such goods through post, courier or baggage. Explanation. – For the purposes of this entry, “gold findings” means a small component such as hook, clasp, clamp, pin, catch, screw back used to hold the whole or a part of a piece of Jewellery in place.	855 per 10 grams (i.e., no change)

TABLE-3

Sl. No.

Chapter/ heading/ sub-heading/tariff item

Description of goods

Tariff value

(US $ Per Metric Ton)

(1)

(2)

(3)

(4)

1

080280

Areca nuts

6552 (i.e., no change)”

This notification shall come into force with effect from the 24^th day of October, 2024.

Note: – The principal notification was published in the Gazette of India, Extraordinary, Part-II, Section-3, Sub-section (ii), vide Notification No. 36/2001–Customs (N.T.), dated the 3^rd August, 2001, vide number S. O. 748 (E), dated the 3^rd August, 2001 and was last amended vide Notification No. 66/2024-Customs (N.T.), dated the 15^th October 2024 e-published in the Gazette of India, Extraordinary, Part-II, Section-3, Sub-section (ii), vide number S.O. 4535 (E), dated 15^th October 2024.

****

NB/AD

(Release ID: 2067637) Visitor Counter : 85

Read this release in: Hindi

MIL OSI Asia Pacific News –

January 25, 2025

MIL-OSI Asia-Pac: MoU signed between National Financial Reporting Authority (NFRA) and Indian Institute of Corporate Affairs (IICA) to collaborate on capacity building programs for professionals

Source: Government of India

MoU signed between National Financial Reporting Authority (NFRA) and Indian Institute of Corporate Affairs (IICA) to collaborate on capacity building programs for professionals

A four-month course to commence from last week of December 2024 for the 1st batch under this MoU

Posted On: 23 OCT 2024 9:39PM by PIB Delhi

In a significant step towards knowledge and capacity building in the area of corporate governance, the National Financial Reporting Authority (NFRA) and the Indian Institute of Corporate Affairs (IICA) have signed a Memorandum of Understanding (MoU) on 22^nd October 2024 in Delhi.

The MoU outlines the framework for collaboration between the National Financial Reporting Authority (NFRA) and the Indian Institute of Corporate Affairs (IICA). A significant deliverable under the MoU includes capacity building programmes designed for early and mid-career auditing and accounting professionals and audit committee members and independent directors.

The collaboration stems from NFRA’s enforcement and inspection findings which revealed that despite the mandatory nature of auditing standards in the Companies Act 2013, in a number of cases auditors exhibited inadequate awareness regarding their obligations within these standards. This resulted in overlooking mandatory requirements, inadequate testing procedures, and ultimately, deficiencies in obtaining sufficient and appropriate evidence to support their audit work. The programmes will be developed with an aim to equip participants with knowledge of accounting and auditing standards, quality management standards, ethical standards etc, and practical insights (through case studies or case examples) that facilitates application of these standards and related requirements by them, towards furthering the goal of enhancing audit quality.

This initiative also covers designing programmes, leveraging IICA’s experience & expertise developed over several years, that may be used by audit committee members across public and private sector organizations towards furthering the goals of corporate governance.

This initiative is also towards fulfilment of NFRA’s obligations towards promoting awareness of accounting and auditing standards, auditors’ responsibilities, audit quality, and other relevant matters through education, training, seminars, workshops, conferences, and publicity initiatives.

The 1st batch of a course under this MoU titled as “IICA-NFRA certification course for Audit Committee Members” is a four-month course and is likely to commence from last week of December 2024. A six-month programme for auditors is also being planned for auditors of listed companies. By enhancing the competence of auditors and other professionals, the program aims to ensure a more robust and thorough auditing environment in the Country.

*****

NB/AD

(Release ID: 2067512) Visitor Counter : 30

MIL OSI Asia Pacific News –

January 25, 2025

MIL-OSI Asia-Pac: ITU Kaleidoscope-2024 Concludes with Focus on Connectivity and Inclusivity

Source: Government of India (2)

ITU Kaleidoscope-2024 Concludes with Focus on Connectivity and Inclusivity

Collaboration with international community will further future-proof our communications systems: Mr. Rohit Sharma, Member (Services), Digital Communications Commission, DoT

Youth participation in the standardization process not only drives innovation but also opens the door to significant opportunities, including the creation of standard essential patents: Mr. Bilel Jamoussi, Deputy to the Director and Chief of Telecommunication Standardization Policy Department

Posted On: 24 OCT 2024 8:49AM by PIB Delhi

The three-day ITU Kaleidoscope-2024 being held at the ITU-WTSA 2024 centered on bridging the digital divide, and exploring how emerging technologies can connect underserved population concluded yesterday. The day additionally featured engaging discussions on the role of youth in standardization, with students and young professionals sharing their perspectives on how to engage the next generation in global standardization efforts.

Mr. Rohit Sharma, Member (Services), Digital Communications Commission, Department of Telecommunications, Government of India, chaired the session on “How to respond quantum computing threats and its standardization trend: Quantum Key Distribution and Post Quantum Cryptography.” The keynote session by Prof. Heung Youl Youm, Chairman of ITU-T Study Group 17, highlighted the challenges in cybersecurity posed by quantum computing, emphasizing the need for standardization in post-quantum cryptography.

Mr. Rohit Sharma, Member (Services), Department of Telecommunications in his opening remarks, stated, “ As we navigate the challenges of the digital age, the emergence of quantum computing presents both immense opportunities and significant risks. While this technology holds the potential to revolutionize fields like cryptography and secure communications, it also poses new challenges that must be addressed at a global scale. The standardization of Quantum Key Distribution (QKD) and the development of post-quantum cryptography are essential steps in preparing for this technological shift. Moreover, collaboration with international community will further future-proof our communications systems.”

The first panel of Day 3 titled, “Connecting the Remaining 3 Billion,’ focused on the critical issue of closing the global digital divide. Moderated by Prof. Mohamed-Slim Alouini from King Abdullah University of Science and Technology (KAUST), Saudi Arabia, This session included Ellie Joo, Marketing and Policy Lead – Taara at X and Satya N. Gupta, Secretary General of the ITU-APT Foundation of India. Satya N. Gupta presented PM-Wani (Prime Minister Wi-Fi Access Network Interface), a successful initiative in India that leverages public Wi-Fi to provide affordable internet access to rural communities. His talk highlighted how such scalable models can be adapted globally to foster digital inclusion and bridge the digital divide.

The second panel titled, “Youth and Standardisation,” brought attention to the growing role of youth in telecommunications standards development. Mr. Sharad Arora, international expert in e-learning, security, telecommunications, and IoT gave a presentation on The Role of Standards and Standardization Activities, whereas, Mr. Thomas Basikolo Programme Officer in the Telecommunication Standardization Policy Department of the ITU Telecommunication Standardization Bureau gave a presentation on ITU Standardisation work and its international standards. Additionally, a panel session was scheduled which was moderated by Ms. Kumud Jindal, ADG-Digital Intelligence, Department of Telecommunications. The panelists included Sonali Garg, Manager-Standards & Research Group, HFCL; Vinit Ranjan, ADG-Wireless Finance; Diksha Dhiman, ADET- NTIPRIT; and Akshat Shrivastava, Student B.Tech Final Year, IIT-Delhi. The session emphasized on the need to enhance youth participation in shaping the future of global standards for emerging technologies such as 5G, AI, and quantum communication. The session concluded with a call to action for increased youth representation in international organizations to ensure that the next generation actively contributes to building an inclusive and secure digital future

Bilel Jamoussi, Deputy to the Director and Chief of Telecommunication Standardization Policy Department in his opening remarks for the session, stated, “Youth participation in the standardization process not only drives innovation but also opens the door to significant opportunities, including the creation of standard essential patents. This can lead to both recognition and financial benefits. By engaging in the standardization process, you not only contribute to global solutions but also position yourselves to lead successful ventures in the future.”

The conference concluded with a closing ceremony led by Mario Maniewicz, Director of Radiocommunication Bureau (BR), ITU, and Deb Kumar Chakrabarti, Director General, National Communication Academy, Department of Telecommunications & General Chairman of Kaleidoscope 2024. Awards of CHF 6000 were presented for the best three research papers. Young authors certificates were given to 18 young authors of the selected papers. Among the exceptional submissions, three projects were awarded top honours for their outstanding contributions.

Deb Kumar Chakrabarti, Director General, National Communication Academy, Ghaziabad, Department of Telecommunications & General Chairman of Kaleidoscope 2024, in his closing remarks, stated, “This event provided a unique platform for thought leaders to share ideas on the future of telecom, and I extend my congratulations to the Kaleidoscope award winners and all participants. The diverse presentations showcased the critical role of technologies like 6G, IoT, AI, and quantum computing in shaping the global digital landscape and addressing key challenges. The insights gained here will guide future strategies, enhance telecom networks, and empower millions, contributing to a more inclusive and sustainable world.”

The 1st prize went to the Artificial Intelligence Driven Tilt Sensor-Based Smart Drinking Device for Stroke Survivors, developed by Preeta Sharan and Anup M Upadhyaya from The Oxford College of Engineering, India, along with R Vasanthan from The Oxford College of Physiotherapy, India. The 2nd prize was awarded to the Elderly Wellness Companion With Voice and Video-Based Health Anomaly Detection, created by Dhananjay Kumar, Mehal Sakthi M S, and Sowbarnigaa K S from Anna University, India, alongside Ved P. Kafle from the National Institute of Information and Communications Technology, Japan. The 3rd prize was given to Alpha-Bit: An Android App for Enhancing Pattern Recognition Using CNN and Sequential Deep Learning, developed by Gobi Ramasamy, Arokia Paul Rajan, and Priyadharshini Rengasamy from Christ University, India, along with Antoine Bagula from the University of the Western Cape, South Africa.

The event emphasized the importance of continued collaboration to achieve global digital transformation, particularly through inclusivity and access.

About ITU Kaleidoscope

ITU Kaleidoscope is an annual event that has been instrumental in bridging the gap between academia and industry, promoting the exchange of ideas that contribute to the global standardization of telecommunications technologies. Since its inception in 2008, Kaleidoscope has become one of the most influential platforms for discussing the future of digital communications, providing a space where researchers and innovators can present their most promising work.

Visit the official ITU Kaleidoscope 2024 website at https://www.itu.int/en/ITU-T/academia/kaleidoscope/2024/Pages/default.aspx or simply type ITU Kaleidoscope 2024 in google and select the first displayed website for detailed information on the event program, speakers, and sessions.

About WTSA 2024:

WTSA 2024, organized by the International Telecommunication Union (ITU), serves as a platform for the development and implementation of global telecommunications standards, uniting regulators, industry leaders, and policymakers to shape the future of communications worldwide.

*****

SB/DP/ARJ

(Release ID: 2067545) Visitor Counter : 85

MIL OSI Asia Pacific News –

January 25, 2025

MIL-OSI: Bread Financial Declares Dividend on Common Stock

Source: GlobeNewswire (MIL-OSI)

COLUMBUS, Ohio, Oct. 24, 2024 (GLOBE NEWSWIRE) — Bread Financial Holdings, Inc.^® (NYSE: BFH), a tech-forward financial services company that provides simple, flexible payment, lending and saving solutions, today announced that its Board of Directors declared a quarterly cash dividend of $0.21 per share on the Company’s common stock, payable on December 13, 2024 to stockholders of record at the close of business on November 8, 2024.

About Bread Financial^®
Bread Financial ^® (NYSE: BFH) is a tech-forward financial services company providing simple, personalized payment, lending and saving solutions. The company creates opportunities for its customers and partners through digitally enabled choices that offer ease, empowerment, financial flexibility and exceptional customer experiences. Driven by a digital-first approach, data insights and white-label technology, Bread Financial delivers growth for its partners through a comprehensive suite of payment solutions that includes private label and co-brand credit cards and Bread Pay ^® buy now, pay later products. Bread Financial also offers direct-to-consumer products that give customers more access, choice and freedom through its branded Bread Cashback ^® American Express ^® Credit Card, Bread Rewards™ American Express ^® Credit Card and Bread Savings ^® products. 

Headquartered in Columbus, Ohio, Bread Financial is powered by its approximately 7,000 global associates and is committed to sustainable business practices. To learn more about Bread Financial, visit breadfinancial.com or follow us on Facebook, LinkedIn, X and Instagram.

Contacts
Brian Vereb – Investor Relations
Brian.Vereb@BreadFinancial.com

Susan Haugen – Investor Relations
Susan.Haugen@BreadFinancial.com

Rachel Stultz – Media
Rachel.Stultz@BreadFinancial.com

The MIL Network –

January 25, 2025

MIL-OSI: Resume trading for the Storebrand funds

Source: GlobeNewswire (MIL-OSI)

Lysaker, 24 October 2024

The suspension is lifted for the five below funds, and the live trading on Nasdaq Copenhagen can resume.

Regards

Storebrand Asset Management AS

Contacts:

Kim Toftegaard Andreassen, Director, Kim.Toftegaard.Andreassen@storebrand.com

Frode Aasen, Product Manager, fdc@storebrand.com

Fund name and share class	Symbol	ISIN
Storebrand Indeks – Alle Markeder A5	STIIAM	NO0010841588
Storebrand Indeks – Nye Markeder A5	STIINM	NO0010841570
Storebrand Global ESG Plus A5	STIGEP	NO0010841604
Storebrand Global Solutions A5	STIGS	NO0010841612
Storebrand Global Multifactor A5	STIGM	NO0010841596

Storebrand is Norway’s largest private asset manager with an AuM of around DKK 900 billions, and also a leading Nordic provider of sustainable pensions and savings. The company has been a global pioneer in ESG investing for over 25 years, offering broad and scalable solutions for both institutional and private investors in the Nordic region and other European countries. Storebrand delivers sustainable investment solutions and client value through a multi-boutique platform, with the brands Delphi Funds, SKAGEN Funds and Storebrand Funds.

The MIL Network –

January 25, 2025

MIL-OSI: National Fuel Gas Company Announces Management Change, Ronald C. Kraemer Announces Retirement Date

Source: GlobeNewswire (MIL-OSI)

WILLIAMSVILLE, N.Y., Oct. 24, 2024 (GLOBE NEWSWIRE) — Today, National Fuel Gas Company (National Fuel or the Company) (NYSE: NFG) announced that Ronald C. Kraemer, Chief Operating Officer of National Fuel Gas Company and President of National Fuel’s pipeline and storage subsidiaries, has indicated his intention to retire effective Feb. 1, 2025, after more than 46 years with the Company.

Joseph N. Del Vecchio, Executive Vice President of National Fuel Gas Supply Corporation, will succeed him in the role of President of National Fuel Gas Supply Corporation and Empire Pipeline, Inc.

“Throughout his 46-year career, Ron has served with distinction, driving significant innovation and accomplishments across a range of senior roles in various capacities,” said David P. Bauer, President and Chief Executive Officer at National Fuel Gas Company. “Ron’s impact extends far beyond National Fuel, and we applaud him for his unwavering commitment.”

Having joined National Fuel in the management training program in 1978, Kraemer has been employed by various subsidiaries of National Fuel, including National Fuel Gas Distribution Corporation, Horizon Energy Development, and the two pipeline subsidiaries, holding numerous management and executive-level positions in engineering, operations, marketing, business development, and international business development. These companies represent a cross-section of the energy industry including utility, interstate pipeline and storage, international power, and natural gas project development.

“On behalf of our Board of Directors and the Company, I want to express my deepest appreciation to Ron for his contributions to National Fuel as an integral part of the executive team. His leadership, practical expertise and wisdom have contributed to the overall growth and success of the Company. I wish him and his family all the best in his well-deserved retirement,” Bauer said.

Del Vecchio, who holds undergraduate and master’s degrees in Mechanical Engineering as well as a degree in law from the University at Buffalo, began his career with the Company as a law clerk in 1995. He was hired as a Distribution Corporation Attorney in 1998. Throughout the years his responsibilities increased as he worked in the Utility’s Legal and Risk Management departments. In 2007 he was promoted to Assistant Vice President and then Vice President of National Fuel Resources, Inc. He transitioned back to the Utility in 2015 as Vice President and Chief Regulatory Counsel. Del Vecchio was named Senior Vice President of Supply Corporation in 2021, expanding his career into pipeline and storage operations, and was promoted to Executive Vice President in 2023.

National Fuel is an integrated energy company reporting financial results for four operating segments: Exploration and Production, Pipeline and Storage, Gathering, and Utility. Additional information about National Fuel is available at www.nationalfuel.com.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/0a907c05-1df8-4b37-9ed3-565acaf2ac37

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/735ff87e-b7a3-4b10-991e-c660d7ad0e2c

The MIL Network –

January 25, 2025

MIL-OSI: Bread Financial Reports Third Quarter 2024 Results

Source: GlobeNewswire (MIL-OSI)

COLUMBUS, Ohio, Oct. 24, 2024 (GLOBE NEWSWIRE) — Bread Financial Holdings, Inc.^® (NYSE: BFH), a tech-forward financial services company that provides simple, flexible payment, lending and saving solutions, today announced its third quarter 2024 financial results. All earnings-related materials are now available at the company’s investor relations website, here.

Bread Financial President and Chief Executive Officer Ralph Andretta and Chief Financial Officer Perry Beberman will host a conference call at 8:30 a.m. ET today to discuss results. A link to the conference call will be available at the company’s investor relations website, and a replay will also be available there following the call.

About Bread Financial^®
Bread Financial ^® (NYSE: BFH) is a tech-forward financial services company providing simple, personalized payment, lending and saving solutions. The company creates opportunities for its customers and partners through digitally enabled choices that offer ease, empowerment, financial flexibility and exceptional customer experiences. Driven by a digital-first approach, data insights and white-label technology, Bread Financial delivers growth for its partners through a comprehensive suite of payment solutions that includes private label and co-brand credit cards and Bread Pay ^® buy now, pay later products. Bread Financial also offers direct-to-consumer products that give customers more access, choice and freedom through its branded Bread Cashback ^® American Express ^® Credit Card, Bread Rewards™ American Express ^® Credit Card and Bread Savings ^® products.

Headquartered in Columbus, Ohio, Bread Financial is powered by its approximately 7,000 global associates and is committed to sustainable business practices. To learn more about Bread Financial, visit breadfinancial.com or follow us on Facebook, LinkedIn, X and Instagram.

Contacts
Brian Vereb — Investor Relations
Brian.Vereb@breadfinancial.com

Susan Haugen — Investor Relations
Susan.Haugen@breadfinancial.com

Rachel Stultz — Media
Rachel.Stultz@breadfinancial.com

The MIL Network –

January 25, 2025

MIL-OSI United Kingdom: Report 11/2024: Collision between on-track machines near to Strood

Source: United Kingdom – Executive Government & Departments

RAIB has today released its report into a collision between on-track machines near to Strood, Kent, 16 November 2023.

The site of the accident (courtesy of Babcock Rail).

R112024_241024_Strood

PDF, 7.15 MB, 37 pages

This file may not be suitable for users of assistive technology.

Request an accessible format.

If you use assistive technology (such as a screen reader) and need a version of this document in a more accessible format, please email enquiries@raib.gov.uk. Please tell us what format you need. It will help us if you say what assistive technology you use.

Summary

At about 04:15 on 16 November 2023, an on-track machine driver was injured while coupling a multi-purpose vehicle (MPV) to a tamper on the High Speed 1 (HS1) line near Strood, in Kent. The tamper, which had been stationary, moved and struck the driver after a second MPV collided with the other end of it at a speed of about 20 km/h (12 mph). This second MPV was being driven towards the tamper with the intention of coupling all three vehicles together at the end of a night shift.

RAIB’s investigation found that it had become normal practice for this coupling operation to be undertaken with another vehicle approaching the other end of the tamper. The established method of working was for the approaching vehicle to come to a stand at a ‘holding point’ situated around 50 to 100 metres away from the stationary vehicles. The final movement would then be made at very slow speed and under control of the driver responsible for the coupling operation.

However, on this occasion the second MPV did not stop at the holding point. This was because the driver propelling (reversing) the second MPV did not have a view of the railway in the direction of travel of the vehicle and was reliant on radio messages from a machine controller at the rear to know when to slow or stop the vehicle. On the night of the accident, the radio being used by the machine controller had developed an intermittent fault, which led to a breakdown in communication with the driver. Due to the design of the radio, neither the driver nor the machine controller were initially aware that communications had been lost. Although the machine controller subsequently realised that the radio was not working and alerted the driver that they needed to brake by a shouted warning, this occurred too late to avoid the collision.

RAIB found that the type of radios being used during the movement did not transmit a constant ‘confidence tone’ which would have alerted staff to the loss of communications. It was also not normal practice for machine controllers to communicate constantly on long transit moves. In addition, RAIB found that the type of MPVs used on HS1 were not fitted with any facility for machine controllers riding on the rear deck to brake the vehicle, despite an internal recommendation to fit this facility after a previous similar accident in 2021.

An underlying factor in this accident was that Network Rail High Speed, the infrastructure manager for HS1, did not have safe systems of work for propelling moves or working on track when engineering vehicles were running during a possession. A possible underlying factor was that the strategic safety assurance undertaken by HS1 Ltd, which has the concession to operate HS1, did not identify that the recommendation to fit a braking facility to the rear deck had been closed with no actions being taken.

Since the accident, Network Rail High Speed has fitted its MPV fleet with emergency stop buttons adjacent to the rear deck, secure communications systems and is due to install a rearwards-facing camera, connected to an in-cab monitor.

Recommendations

RAIB has made four recommendations. The first three are addressed to Network Rail High Speed and the fourth to HS1 Ltd. The first recommendation aims to control the risks of engineering vehicle operation on HS1, while the second looks to keep staff working on the line safe by implementing a robust procedural framework. The third recommendation is that Network Rail High Speed ensures that internal recommendations and local actions are reviewed and implemented in a way that reflects their intent, and in a way that can be tracked and used to support safety decision‑making. The final recommendation is for HS1 Ltd to exercise effective strategic safety assurance of its suppliers.

Notes to editors

The sole purpose of RAIB investigations is to prevent future accidents and incidents and improve railway safety. RAIB does not establish blame, liability or carry out prosecutions.
RAIB operates, as far as possible, in an open and transparent manner. While our investigations are completely independent of the railway industry, we do maintain close liaison with railway companies and if we discover matters that may affect the safety of the railway, we make sure that information about them is circulated to the right people as soon as possible, and certainly long before publication of our final report.
For media enquiries, please call 01932 440015.

Newsdate: 22 October 2024

Published 24 October 2024

MIL OSI United Kingdom –

January 25, 2025

MIL-OSI USA: Deputy Administrator Coleman at the Partnership for Global Infrastructure and Investment (PGI) Session

Source: USAID

DEPUTY ADMINISTRATOR ISOBEL COLEMAN: First, I want to thank the Italian Presidency for its strong focus on the Partnership for Global Infrastructure and Investment over the past year.

I want to commend our collective efforts to make PGI an initiative built to last. The standing Secretariat sets PGI up for longevity and success, and we expect that PGI will remain an on-going G7 priority across multiple presidencies. The United States has marshaled multiple agencies, including USAID, the Department of State, the U.S. International Development Finance Corporation (DFC), the U.S. Export-Import Bank, from across the U.S. government to support our contributions.

Over the last four years, we’ve witnessed significant progress. Notably, the U.S. announced our support for three important economic corridors, Lobito in Southern Africa, Luzon in the Philippines, and the Trans-Caspian in Central Asia, which have received tremendous support from our G7 partners. The European Union and Italy have signed an MoU to cooperate on developing the Lobito Corridor; we are cooperating with the EU in Central Asia on the Trans-Caspian Corridor; and we are working closely with Japan on the Luzon Corridor.

But even as we celebrate this progress, we acknowledge that there is much left to be done. The gap for infrastructure financing continues to grow; our partners in Africa and the Indo-Pacific face unsustainable debt levels; and threats like climate change, global conflict, and market instability create additional challenges to navigate.

So, we are doubling down on our efforts. Just this year, the United States approved a loan of over $550 million from the Development Finance Corporation to support the rehabilitation of the Lobito Atlantic Railroad, building on our support earlier in 2022 to help put together the private sector consortium responsible for operating the railroad. USAID is also providing support to the Angolan Ministry of Transportation to create a full-time public-private partnership unit dedicated to helping the government partner more deeply with the private sector for infrastructure development.

This is the comparative advantage of the PGI approach: by creating sustainable sources of financing, ones that ideally do not add to a country’s debt burden, and prioritizing supporting investments in agriculture, digital services, health, and other critical sectors, PGI is creating the conditions for the long-term success of these infrastructure investments.

When I travel abroad – and I’m sure it’s the same when you all travel abroad – the number one request we receive from our partners is more support for trade, investment, and infrastructure. So, through PGI, we’re putting those local voices in the lead, and meeting a priority demand.

When President Biden travels to Angola in December, the first sitting U.S. president to visit that country, the Lobito Corridor will be a focus of his historic visit. PGI is the framework through which we can collectively coordinate our investments in such strategic initiatives as these economic corridors to harness maximal benefit: for developing clean energy; expanding access to digital finance; supporting female smallholder farmers as engines of local growth; and providing the communities in the region with a full range of opportunities to benefit from the investments. Through PGI, the U.S. and G7 are not just trying to get the job done, but we’re committed to getting the job done right, with openness and transparency, in partnership with local communities, and with an eye toward building sustainable progress.

The U.S. is pleased to be contributing to the development of critical infrastructure around the world, and we know we cannot do this work alone: we rely on the leadership and contributions of our G7 partners. We also know that to meet global needs, we must play the long game. We look forward to our continued collaboration on PGI in the years to come as we seek to advance this critical global priority.

MIL OSI USA News –

January 25, 2025

MIL-OSI China: Announcement on Open Market Operations No.210 [2024]

Source: Peoples Bank of China

Announcement on Open Market Operations No.210 [2024]

(Open Market Operations Office, October 24, 2024)

In order to offset the impact of factors such as tax peak, and to keep liquidity adequate at a reasonable level in the banking system, the People’s Bank of China conducted reverse repo operations in the amount of RMB798.9 billion through quantity bidding at a fixed interest rate on October 24, 2024.

Details of the Reverse Repo Operations

Maturity	Volume	Rate
7 days	RMB798.9 billion	1.50%

Date of last update Nov. 29 2018

2024年10月24日

MIL OSI China News –

January 25, 2025

MIL-OSI: Visteon Announces Third Quarter 2024 Results

Source: GlobeNewswire (MIL-OSI)

VAN BUREN TOWNSHIP, Mich., Oct. 24, 2024 (GLOBE NEWSWIRE) — Visteon Corporation (NASDAQ: VC) today reported third quarter financial results. Highlights include:

Sales of $980 million with Growth-over-Market of 6%¹
Net income of $39 million and adjusted net income of $63 million
Adjusted EBITDA of $119 million
Launched 30 new products in the quarter and 71 year-to-date
New business wins of $4.9 billion year-to-date
Net cash of $229 million at quarter end

Visteon reported solid net sales of $980 million in a challenging production environment. We delivered 6% outperformance relative to customer vehicle production, driven by strong demand for digital cockpit and electrification products. Our market outperformance was offset by lower customer production and reduced customer recoveries resulting from improved semiconductor supply.

Gross margin in the third quarter was $131 million. Net income attributable to Visteon was $39 million or $1.40 per diluted share and adjusted net income, a non-GAAP measure defined below, was $63 million or $2.26 per diluted share. Net income, as compared to the prior year, includes the favorable impact of strong operational performance and lower net engineering, partially offset by restructuring expense incurred in the third quarter of 2024. Adjusted EBITDA, a non-GAAP measure defined below, was $119 million in the third quarter and reflects the Company’s strong focus on operational execution, commercial excellence, and cost discipline.

For the first nine months, cash from operations was $224 million, capital expenditures were $96 million and adjusted free cash flow, a non-GAAP measure defined below, was $135 million. The company ended the third quarter with cash of $553 million and debt of $324 million. Our strong balance sheet, with a net cash position of $229 million, provides the flexibility to deliver on our capital allocation priorities.

Visteon launched 30 new products in the third quarter, with launches across each of its product lines. Key third quarter launches include an infotainment display system on the Tata Punch, highlighting our continued momentum in India; SmartCore⁽^TM) on an electric SUV for Lynk & Co for the European market and the Renault Grand Koleos hybrid for the Korean market; a digital cluster on the Nissan Qashqai, a popular SUV in Europe; and a wireless BMS for the all-electric Jeep Wagoneer.

Visteon secured $4.9 billion in new business through the first nine months of the year, including $2.5 billion of wins with OEMs in Asia excluding China. Our success in diversifying into adjacent end-markets also continued, with further momentum with two-wheeler and commercial vehicle OEMs. Third quarter wins included a large, curved display for multiple mass market vehicles in Europe for a global OEM, SmartCore™ and display wins for a SUV model for an Indian OEM and for an electric vehicle for a domestic China OEM. We also had a follow-on win for a digital cluster with a two-wheeler OEM in India.

“Visteon delivered solid sales and growth-over-market in the third quarter, demonstrating our ability to navigate a challenging customer production environment,” said President and CEO Sachin Lawande. “Demand from our customers remains robust for our diverse product portfolio targeting automotive megatrends of digitalization and electrification. Our continued success in securing new business wins and our momentum with two-wheeler and commercial vehicle OEMs provide a strong foundation for future growth.”

Based on our year-to-date performance and outlook for the fourth quarter, Visteon is updating its full-year 2024 guidance and anticipates sales in the range of $3.85 – $3.90 billion, adjusted EBITDA in the range of $465 – $480 million, and adjusted free cash flow in the range of $165 – $185 million.

About Visteon

Visteon is advancing mobility through innovative technology solutions that enable a software-defined and electric future. With next-generation digital cockpit and electrification products, Visteon leverages the strength and agility of its global network with a local footprint to deliver a cleaner, safer and more connected vehicle experience. Headquartered in Van Buren Township, Michigan, Visteon operates in 17 countries worldwide, recorded approximately $3.95 billion in annual sales and booked $7.2 billion of new business in 2023. Learn more at investors.visteon.com/.

Conference Call and Presentation
Today, Thursday, October 24, at 9 a.m. ET, the company will host a conference call for the investment community to discuss the quarter’s results and other related items. The conference call is available to the general public via a live audio webcast.

The dial-in numbers to participate in the call are:

U.S./Canada: 1-888-330-2508
Outside U.S./Canada: 1-240-789-2735
Conference ID: 8897485

(Call approximately 10 minutes before the start of the conference.)

The conference call and live audio webcast, related presentation materials and other supplemental information will be accessible in the Investors section of Visteon’s website.

Use of Non-GAAP Financial Information

Because not all companies use identical calculations, adjusted EBITDA, adjusted net income, adjusted EPS, free cash flow and adjusted free cash flow used throughout this press release may not be comparable to other similarly titled measures of other companies.

In order to provide the forward-looking non-GAAP financial measures for full-year 2024, the company provides reconciliations to the most directly comparable GAAP financial measures on the subsequent slides. The provision of these comparable GAAP financial measures is not intended to indicate that the company is explicitly or implicitly providing projections on those GAAP financial measures, and actual results for such measures are likely to vary from those presented. The reconciliations include all information reasonably available to the company at the date of this press release and the adjustments that management can reasonably predict.

Forward-looking Information

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. The words “will,” “may,” “designed to,” “outlook,” “believes,” “should,” “anticipates,” “plans,” “expects,” “intends,” “estimates,” “forecasts” and similar expressions identify certain of these forward-looking statements. Forward-looking statements are not guarantees of future results and conditions but rather are subject to various factors, risks and uncertainties that could cause our actual results to differ materially from those expressed in these forward-looking statements, including, but not limited to:

continued and future impacts of the geopolitical conflicts and related supply chain disruptions, including but not limited to the conflicts in the Middle East, Russia and East Asia and the possible imposition of sanctions;
significant or prolonged shortage of critical components from our suppliers, including but not limited to semiconductors, and particularly those who are our sole or primary sources;
failure of the Company’s joint venture partners to comply with contractual obligations or to exert influence or pressure in China;
conditions within the automotive industry, including (i) the automotive vehicle production volumes and schedules of our customers, (ii) the financial condition of our customers and the effects of any restructuring or reorganization plans that may be undertaken by our customers, including work stoppages at our customers, and (iii) possible disruptions in the supply of commodities to us or our customers due to financial distress, work stoppages, natural disasters or civil unrest;
our ability to satisfy future capital and liquidity requirements; including our ability to access the credit and capital markets at the times and in the amounts needed and on terms acceptable to us; our ability to comply with financial and other covenants in our credit agreements; and the continuation of acceptable supplier payment terms;
our ability to access funds generated by foreign subsidiaries and joint ventures on a timely and cost-effective basis;
general economic conditions, including changes in interest rates and fuel prices; the timing and expenses related to internal restructurings, employee reductions, acquisitions or dispositions and the effect of pension and other post-employment benefit obligations;
disruptions in information technology systems including, but not limited to, system failure, cyber-attack, malicious computer software (malware including ransomware), unauthorized physical or electronic access, or other natural or man-made incidents or disasters;
increases in raw material and energy costs and our ability to offset or recover these costs; increases in our warranty, product liability and recall costs or the outcome of legal or regulatory proceedings to which we are or may become a party;
changes in laws, regulations, policies or other activities of governments, agencies and similar organizations, domestic and foreign, that may tax or otherwise increase the cost of, or otherwise affect, the manufacture, licensing, distribution, sale, ownership or use of our products or assets; and
those factors identified in our filings with the SEC (including our Annual Report on Form 10-K for the fiscal year ended December 31, 2023, as updated by our subsequent filings with the Securities and Exchange Commission).

Caution should be taken not to place undue reliance on our forward-looking statements, which represent our view only as of the date of this release, and which we assume no obligation to update. The financial results presented herein are preliminary and unaudited; final financial results will be included in the company’s Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 2024. New business wins and re-wins do not represent firm orders or firm commitments from customers, but are based on various assumptions, including the timing and duration of product launches, vehicle production levels, customer price reductions and currency exchange rates.

Follow Visteon:

https://www.linkedin.com/company/visteon
https://twitter.com/visteon
https://www.facebook.com/VisteonCorporation
https://www.youtube.com/user/Visteon
https://www.instagram.com/visteon/
https://mp.weixin.qq.com/?lang=en_US
https://m.weibo.cn/u/6605315328
http://i.youku.com/u/UNDgyMjA1NjUxNg==?spm=a2h0k.8191407.0.0

VISTEON CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (In millions except per share amounts) (Unaudited)

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
		2024			2023			2024			2023

Net sales	$	980		$	1,014		$	2,927		$	2,964
Cost of sales		(849	)		(871	)		(2,530	)		(2,607	)
Gross margin		131			143			397			357
Selling, general and administrative expenses		(51	)		(52	)		(152	)		(156	)
Restructuring, net		(28	)		—			(31	)		(2	)
Interest expense, net		—			(1	)		—			(7	)
Equity in net income (loss) of non-consolidated affiliates		(3	)		(1	)		(7	)		(8	)
Other income (expense), net		2			3			7			(4	)
Income (loss) before income taxes		51			92			214			180
Provision for income taxes		(11	)		(21	)		(55	)		(48	)
Net income (loss)		40			71			159			132
Less: Net (income) loss attributable to non-controlling interests		(1	)		(5	)		(7	)		(12	)
Net income (loss) attributable to Visteon Corporation	$	39		$	66		$	152		$	120

Comprehensive income (loss)	$	69		$	58		$	153		$	114
Less: Comprehensive (income) loss attributable to non-controlling interests		(7	)		(4	)		(10	)		(6	)
Comprehensive income (loss) attributable to Visteon Corporation	$	62		$	54		$	143		$	108

Basic earnings (loss) per share attributable to Visteon Corporation	$	1.41		$	2.35		$	5.51		$	4.26

Diluted earnings (loss) per share attributable to Visteon Corporation	$	1.40		$	2.32		$	5.45		$	4.20

Average shares outstanding (in millions)
Basic		27.6			28.1			27.6			28.2
Diluted		27.9			28.5			27.9			28.6

VISTEON CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (In millions)

	*(Unaudited)*
	September 30,			December 31,
		2024			2023
ASSETS
Cash and equivalents	$	550		$	515
Restricted cash		3			3
Accounts receivable, net		719			666
Inventories, net		321			298
Other current assets		109			134
Total current assets		1,702			1,616

Property and equipment, net		438			418
Intangible assets, net		157			90
Right-of-use assets		103			109
Investments in non-consolidated affiliates		27			35
Deferred tax assets		387			384
Other non-current assets		79			75
Total assets	$	2,893		$	2,727

LIABILITIES AND EQUITY
Short-term debt	$	18		$	18
Accounts payable		547			551
Accrued employee liabilities		98			99
Current lease liability		29			30
Other current liabilities		245			233
Total current liabilities		937			931

Long-term debt, net		306			318
Employee benefits		143			160
Non-current lease liability		79			79
Deferred tax liabilities		46			31
Other non-current liabilities		109			85

Stockholders’ equity:
Common stock		1			1
Additional paid-in capital		1,369			1,356
Retained earnings		2,426			2,274
Accumulated other comprehensive loss		(263	)		(254	)
Treasury stock		(2,348	)		(2,339	)
Total Visteon Corporation stockholders’ equity		1,185			1,038
Non-controlling interests		88			85
Total equity		1,273			1,123
Total liabilities and equity	$	2,893		$	2,727

VISTEON CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions) (Unaudited)

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
		2024			2023			2024			2023
OPERATING
Net income (loss)	$	40		$	71		$	159		$	132
Adjustments to reconcile net income (loss) to net cash provided from (used by) operating activities:
Depreciation and amortization		25			24			71			79
Non-cash stock-based compensation		10			9			31			26
Equity in net loss (income) of non-consolidated affiliates, net of dividends remitted		3			1			7			8
Tax valuation allowance benefit		(7	)		—			(7	)		—
Other non-cash items		3			1			10			(3	)
Changes in assets and liabilities:
Accounts receivable		(6	)		(12	)		(55	)		(19	)
Inventories		—			6			(23	)		23
Accounts payable		(5	)		35			3			(54	)
Other assets and other liabilities		35			(8	)		28			(23	)
Net cash provided from (used by) operating activities		98			127			224			169
INVESTING
Capital expenditures, including intangibles		(28	)		(31	)		(96	)		(82	)
Acquisition of business, net of cash acquired		(48	)		—			(48	)		—
Contributions to equity method investments		(1	)		(1	)		(1	)		(1	)
Loan provided to non-consolidated affiliate		—			—			(5	)		—
Other		1			1			2			3
Net cash used by investing activities		(76	)		(31	)		(148	)		(80	)
FINANCING
Dividends to non-controlling interests		—			(12	)		—			(27	)
Short-term debt, net		—			(3	)		—			—
Repurchase of common stock		—			(46	)		(20	)		(76	)
Stock based compensation tax withholding payments		—			(1	)		(7	)		(16	)
Proceeds from the exercise of stock options		—			4			—			8
Principal repayment of term debt facility		(4	)		(4	)		(13	)		(8	)
Net cash used by financing activities		(4	)		(62	)		(40	)		(119	)
Effect of exchange rate changes on cash		27			(8	)		(1	)		(8	)
Net decrease in cash, equivalents, and restricted cash		45			26			35			(38	)
Cash, equivalents, and restricted cash at beginning of the period		508			459			518			523
Cash, equivalents, and restricted cash at end of the period	$	553		$	485		$	553		$	485

VISTEON CORPORATION AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(In millions except per share amounts)
(Unaudited)

Adjusted EBITDA: Adjusted EBITDA is presented as a supplemental measure of the Company’s performance that management believes is useful to investors because the excluded items may vary significantly in timing or amounts and/or may obscure trends useful in evaluating and comparing the Company’s operating activities across reporting periods. The Company defines adjusted EBITDA as net income attributable to the Company adjusted to eliminate the impact of depreciation and amortization, provision for (benefit from) income taxes, non-cash stock-based compensation expense, net interest expense, net income attributable to non-controlling interests, net restructuring expense, equity in net (income)/loss of non-consolidated affiliates, gain on non-consolidated affiliate transactions, and other gains and losses not reflective of the Company’s ongoing operations. Because not all companies use identical calculations, this presentation of adjusted EBITDA may not be comparable to similarly titled measures of other companies.

	Three Months Ended				Nine Months Ended				Estimated
	September 30,				September 30,				Full Year
Visteon:		2024		2023		2024		2023		2024
Net income attributable to Visteon Corporation	$	39	$	66	$	152	$	120		202
Depreciation and amortization		25		24		71		79		96
Provision for income taxes		11		21		55		48		75
Non-cash, stock-based compensation expense		10		9		31		26		42
Restructuring, net		28		—		31		2		34
Interest expense, net		—		1		—		7		—
Net income attributable to non-controlling interests		1		5		7		12		10
Equity in net loss (income) of non-consolidated affiliates		3		1		7		8		9
Other		2		1		3		15		5
Adjusted EBITDA	$	119	$	128	$	357	$	317	$	473²

Adjusted EBITDA is not a recognized term under U.S. GAAP and does not purport to be a substitute for net income as an indicator of operating performance or cash flows from operating activities as a measure of liquidity. Adjusted EBITDA has limitations as an analytical tool and is not intended to be a measure of cash flow available for management’s discretionary use, as it does not consider certain cash requirements such as interest payments, tax payments and debt service requirements. In addition, the Company uses adjusted EBITDA (i) as a factor in incentive compensation decisions, (ii) to evaluate the effectiveness of the Company’s business strategies, and (iii) because the Company’s credit agreements use similar measures for compliance with certain covenants.

VISTEON CORPORATION AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(In millions except per share amounts)
(Unaudited)

Free Cash Flow and Adjusted Free Cash Flow: Free cash flow and adjusted free cash flow are presented as supplemental measures of the Company’s liquidity that management believes are useful to investors in analyzing the Company’s ability to service and repay its debt. The Company defines free cash flow as cash flow provided from operating activities less capital expenditures, including intangibles. The Company defines adjusted free cash flow as cash flow provided from operating activities less capital expenditures, including intangibles as further adjusted for restructuring related payments. Because not all companies use identical calculations, this presentation of free cash flow and adjusted free cash flow may not be comparable to other similarly titled measures of other companies.

	Three Months Ended						Nine Months Ended						Estimated
	September 30,						September 30,						Full Year
Visteon:		2024			2023			2024			2023			2024
Cash provided from (used by) operating activities	$	98		$	127		$	224		$	169			305
Capital expenditures, including intangibles		(28	)		(31	)		(96	)		(82	)		(145	)
Free cash flow	$	70		$	96		$	128		$	87		$	160
Restructuring related payments		3			2			7			6			15
Adjusted free cash flow	$	73		$	98		$	135		$	93		$	175³

Free cash flow and adjusted free cash flow are not recognized terms under U.S. GAAP and do not purport to be a substitute for cash flows from operating activities as a measure of liquidity. Free cash flow and adjusted free cash flow have limitations as analytical tools as they do not reflect cash used to service debt and do not reflect funds available for investment or other discretionary uses. In addition, the Company uses free cash flow and adjusted free cash flow (i) as factors in incentive compensation decisions and (ii) for planning and forecasting future periods.

VISTEON CORPORATION AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(In millions except per share amounts)
(Unaudited)

Adjusted Net Income and Adjusted Earnings Per Share: Adjusted net income and adjusted earnings per share are presented as supplemental measures that management believes are useful to investors in analyzing the Company’s profitability, providing comparability between periods by excluding certain items that may not be indicative of recurring business operating results. The Company believes management and investors benefit from referring to these supplemental measures in assessing company performance and when planning, forecasting and analyzing future periods. The Company defines adjusted net income as net income attributable to Visteon adjusted to eliminate the impact of restructuring expense, loss on divestiture, gain on non-consolidated affiliate transactions, other gains and losses not reflective of the Company’s ongoing operations and related tax effects. The Company defines adjusted earnings per share as adjusted net income divided by diluted shares. Because not all companies use identical calculations, this presentation of adjusted net income and adjusted earnings per share may not be comparable to other similarly titled measures of other companies.

	Three Months Ended					Nine Months Ended
	September 30,					September 30,
		2024			2023		2024			2023
Net income attributable to Visteon	$	39		$	66	$	152		$	120

Diluted earnings per share:
Net income attributable to Visteon	$	39		$	66	$	152		$	120
Average shares outstanding, diluted		27.9			28.5		27.9			28.6
Diluted earnings per share	$	1.40		$	2.32	$	5.45		$	4.20

Adjusted net income and adjusted earnings per share:
Net income attributable to Visteon	$	39		$	66	$	152		$	120
Restructuring, net		28			—		31			2
Other		2			1		3			15
Tax impacts of adjustments		(6	)		—		(7	)		—
Adjusted net income	$	63		$	67	$	179		$	137
Average shares outstanding, diluted		27.9			28.5		27.9			28.6
Adjusted earnings per share	$	2.26		$	2.35	$	6.42		$	4.79

Adjusted net income and adjusted earnings per share are not recognized terms under U.S. GAAP and do not purport to be a substitute for profitability. Adjusted net income and adjusted earnings per share have limitations as analytical tools as they do not consider certain restructuring and transaction-related payments and/or expenses. In addition, the Company uses adjusted net income and adjusted earnings per share for internal planning and forecasting purposes.

¹ Excludes Y/Y impact of currency fluctuations
² Based on mid-point of the range of the Company’s financial guidance
³ Based on mid-point of the range of the Company’s financial guidance

The MIL Network –

January 25, 2025

Category: Business

Images in the ether

What does ‘ghost’ mean?

Rethinking support

Learning from other countries

What’s next

The Union Minister Shri Nitin Gadkari Emphasizes Use of AI and Advanced Technology to Improve Road SafetyShri Gadkari Pushes for Innovation in Road Safety Technology and Collaboration with Startups

MoU signed between National Financial Reporting Authority (NFRA) and Indian Institute of Corporate Affairs (IICA) to collaborate on capacity building programs for professionals A four-month course to commence from last week of December 2024 for the 1st batch under this MoU

ITU Kaleidoscope-2024 Concludes with Focus on Connectivity and InclusivityCollaboration with international community will further future-proof our communications systems: Mr. Rohit Sharma, Member (Services), Digital Communications Commission, DoT

Summary

Recommendations

Notes to editors

Newsdate: 22 October 2024

Share this page

Updates to this page

The Union Minister Shri Nitin Gadkari Emphasizes Use of AI and Advanced Technology to Improve Road Safety

Shri Gadkari Pushes for Innovation in Road Safety Technology and Collaboration with Startups

MoU signed between National Financial Reporting Authority (NFRA) and Indian Institute of Corporate Affairs (IICA) to collaborate on capacity building programs for professionals

A four-month course to commence from last week of December 2024 for the 1st batch under this MoU

ITU Kaleidoscope-2024 Concludes with Focus on Connectivity and Inclusivity

Collaboration with international community will further future-proof our communications systems: Mr. Rohit Sharma, Member (Services), Digital Communications Commission, DoT