NewzIntel.com

Category: Farming

  • MIL-OSI USA: Harriet Hageman to Join Trump Administration Officials For a Press Conference in Support of the Maude Family Upon USDA Announcing Criminal Charges Dropped

    Source: United States House of Representatives – Wyoming Congresswoman Harriet Hageman

    Washington, D.C. – Congresswoman Hageman will join U.S. Secretary of Agriculture Brooke Rollins, Attorney General Pam Bondi, U.S. Secretary of Homeland Security Krisi Noem and Charles and Heather Maude on Wednesday, April 30th following the USDA’s announcement to drop criminal charges against the ranching family.   

    Charles Maude and his wife Heather, who is a Wyoming native, were served with separate federal grand jury indictments on June 24, 2024 for alleged theft of government property. The Maudes, like many ag producers in very similar situations, had a portion of federal grasslands that has been incorporated in their ranching operation since the early 1900’s which was the focus of the dispute.   

    This is the culmination of a case that will set precedent for the relationship between the federal land-management agencies and their agricultural partners moving forward.   
     

    WHAT: Press conference in support of Maude family following announcement that U.S. government has dropped all criminal charges against the family.   
    WHEN: Wednesday, April 30th, 7:00am MT/9:00am ET.  
    WHERE:  The livestream link is here: www.usda.gov/live 

    ### 

    MIL OSI USA News –

  • MIL-OSI Security: FBI: Wyoming Ranks 3rd Per Capita in Losses to Scammers

    Source: Federal Bureau of Investigation FBI Crime News (b)

    Scammers stole $43,502,744 from Wyoming victims in 2024, according to the latest report from the FBI’s Internet Crime Complaint Center (IC3). Those losses made Wyoming the No. 3 state in the nation in terms of per capita losses. People filed 1,377 IC3 complaints in 2024.

    Reported losses in the state increased nearly $30 million over the 2023 dollar amount.

    The top schemes with the largest dollar amount losses in 2024 in Wyoming were data breach ($21 million) and investment fraud ($13 million).

    The top schemes in terms of numbers of reports from Wyoming were extortion (193) and personal data breach (89).

    The age group that made the most reports was people 40-49 years old, with 479 complaints. The age group with the most reported losses was those 60 and older, with $8,648,675.

    “This report is a sobering reminder that people in Wyoming remain prime targets for scammers who will jump at every opportunity to defraud potential victims,” said Special Agent in Charge Mark Michalek, who oversees FBI operations in the Cowboy State. “It’s important for the public to remain vigilant to guard against ever-increasing cyber-enabled threats both at places of employment and in personal life.”

    In 2024, the IC3 received 859,532 complaints nationally of suspected Internet crime with reported losses of $16.6 billion. That is a 33 percent increase in losses from 2023.

    These are only the reports made to IC3; not every victim files a complaint—or even realizes he or she is a victim—so the actual numbers are probably higher in terms of victims and losses.

    Nationwide, the top three scams most frequently reported by victims were phishing/spoofing, extortion, and personal data breaches. Victims of investment fraud, specifically those involving cryptocurrency, reported the most losses—totaling more than $6.5 billion.

    Cryptocurrency investment fraud increased 29 percent over 2023. Ransomware complaints were up 9 percent across the country

    As a group, people 60 and older suffered the most reported losses in 2024 at nearly $5 billion and submitted the greatest number of complaints.

    If you feel you have been a victim of a cyber-enabled crime, file a complaint at IC3.gov.

    Read the full IC3 report here: https://www.ic3.gov/AnnualReport/Reports/2024_IC3Report.pdf

    Breakdowns by state are here: https://www.ic3.gov/AnnualReport/Reports/2024State/

    MIL Security OSI –

  • MIL-OSI USA: Cortez Masto Highlights Pain Trump’s First 100 Days Have Caused Nevada Working Families and Businesses

    US Senate News:

    Source: United States Senator for Nevada Cortez Masto
     ***VIDEO AVAILABLE***
    FTPs for TV stations is available here.
    Washington, D.C. – U.S. Senator Catherine Cortez Masto (D-Nev.) spoke on the Senate floor on the 100th day of President Donald Trump’s second term to highlight the disastrous impacts President Trump’s agenda have had on hardworking Nevadans and their businesses.
    Throughout the start of Trump’s term, the Senator Cortez Masto has pushed multiple Departments under the Trump Administration for detailed, public information regarding the impacts of President Trump’s federal funding freeze, hiring freeze, and terminations on Nevada – including to the Department of the Interior, the U.S. Forest Service, the National Nuclear Security Administration, the Department of Veterans Affairs, Department of Agriculture, General Services Administration, Department of Health and Human Services, and Consumer Finance Protection Bureau.
    Senator Cortez Masto has also repeatedly called out President Trump and Congressional Republican’s attempts to slash Medicaid to pay for tax cuts for billionaires. And she has continued to push the Trump Administration to address the impacts of Trump’s tariffs on working families, small businesses, and Nevada’s travel and tourism economy.
    Below are her remarks as prepared for delivery:
    While campaigning last year in Bozeman, Montana, Donald Trump said, “Starting on day one, we will end inflation and make America affordable again, to bring down the prices of all goods.”
    Well, it’s been 100 days since he entered the White House, and here’s what he’s given us so far:
    His tariffs are increasing costs for the average family by more than $4,000 a year.
    He has slashed billions from programs that everyday Americans rely on, including $1 Billion for mental health care services.
    He has directed Elon Musk and his unqualified loyalists to fire more than 121,000 federal employees delivering essential services – everyone from to Park Rangers tasked with keeping Americans safe to scientists researching cures to deadly diseases.
    He’s pushing House and Senate Republicans to rubber stamp a plan to cut nearly $1 trillion dollars from Medicaid in order to give tax cuts to billionaires.
    And he’s created endless chaos and uncertainty.
    I could go on and on – that’s just how much damage President Trump has caused to our country in 100 days – but I want to take some time to focus on the impact his economic agenda is having on our small businesses.
    I’m from Nevada, where there are almost 300,000 small businesses.
    These mom-and-pop shops are the lifeblood of our economy and are a part of the fabric of every community.
    And it’s these small businesses that are bearing the brunt of President Trump’s destructive tariffs.
    Now, I believe targeted tariffs on our adversaries can be a useful tool to protect American jobs and support our national security.
    But these blanket tariffs are the opposite of that.
    These last two weeks – while back home in Nevada – I got a first-hand account of what small businesses are having to deal with.
    I heard these concerns from three small business owners in Las Vegas: Juanny, Santy, and Kristen. All three of these women own shops that serve specialty drinks and incredible food to Nevadans – from coffee and boba to tacos.
    In Vegas – as you may know – travel and tourism are the backbone of our economy.
    When people come to Las Vegas they don’t just visit the Strip. They go to Chinatown, and the arts district, and all over the valley to patronize our small businesses.
    For many business owners – like Juanny, like Santy, like Kristen – their margins are already razor-thin, and tourism is key to meeting their bottom line.
    But because of President Trump’s tariffs, we’re already seeing a decline in visitors coming to Las Vegas. 
    Whether people are staying home because they don’t have any room in their budgets for a vacation, or international tourists are choosing other destinations – Trump’s economic agenda is threatening to crater our $2 trillion tourism economy. 
    That hurts our small businesses!
    And when they can’t keep up because costs are rising, because they have fewer patrons, or because of the higher cost of importing their supplies – they’re forced to raise their prices and pass the burden onto customers.
    It’s unsustainable.
    And this same sentiment is echoed in the Northern part of our state.
    In Reno, I spoke to Mark, a small coffee shop owner who is already asking himself how he can continue to navigate everyday operations amid the uncertainty.
    He doesn’t want to pass higher costs onto customers, but if Trump’s erratic tariff agenda continues, he may have no choice.
    Trump says Americans must accept short-term pain for long-term gain, but what is there to be gained if hardworking Nevadans have to close the doors of their businesses?
    I think to myself, if it’s only been 100 days, how much damage is he going to potentially cause in the next 100?
    In the 1361 days left in his term?
    It’s been 100 days, and small businesses across the United States may soon be faced with having to close up shop.
    What’s going to happen to Juanny, to Mark, to Santy, to Kristen?
    Will they make it through the rest of Trump’s term?
    I don’t know the answer.
    But I hope my Republican colleagues stop rubber stamping Trump’s harmful agenda and actually stand up for working families and small businesses.

    MIL OSI USA News –

  • MIL-OSI United Kingdom: Kanga power! Homegrown cotton for a homegrown economy – UK & Kenya launch Lamu cotton processing facility.

    Source: United Kingdom – Executive Government & Departments

    World news story

    Kanga power! Homegrown cotton for a homegrown economy – UK & Kenya launch Lamu cotton processing facility.

    A partnership between Kenya, the UK and private sector to deliver growth and jobs by reducing reliance on foreign imports, supporting women and the environment.

    The (L-R) Lamu County Governor, H.E Issa Timamy; Hon. Lee Kinyanjui, CS Trade Investments and Industry, Kenya; Principal Secretary for Investments – Mr. Abubakar Hassan Abubakar, Kenya; and Ms. Tejal Dodhia, Managing Director, Thika Cotton Mills; officially lay the foundation stone at the Lamu cotton ginnery, Lamu County, Kenya.

    The UK, Kenya, and the County Government of Lamu have joined forces to lay the foundation stone at a new cotton processing facility in Lamu County. 

    This four-way partnership between the UK, national government, local government and the private sector is a great example of the how the UK and Kenya are working together to deliver homegrown economic growth and jobs – a standout example of the tangible results that collaboration can achieve. 

    Construction will begin immediately and is hoped to be completed by November 2025. The project is expected to support up to 5000 jobs in the next three years. 

    The Hon. Lee Kinyanjui, Cabinet Secretary for Ministry of Investments, Trade and Industry, said:

    The ginnery, by Thika Cloth Mills, will boost cotton uptake and thus earn farmers more income, create jobs, and provide raw material for the textile industry. 

    With the infrastructure supporting export including a special economic zone, Lamu Port and LAPPSET, Lamu will be the hub for investors in the region.

    British Deputy High Commissioner to Kenya, Ed Barnett, said:

    The UK is a long-term partner for long-term economic growth in Kenya. This project is a testament to the power of partnerships – the UK, national government, and county governments have joined forces with the private sector to deliver 5,000 jobs and future economic growth. 

    This partnership will reduce reliance on imports, put money in the pockets of farmers. It will strengthen, stabilise and support a sustainable homegrown cotton industry in Kenya. Long live Kenya kanga!

    This partnership directly supports the Government of Kenya’s textiles and garments national development priority, by reducing reliance on foreign imports – which currently make up around 90% of cotton in the country. Kenya currently produces 3,000 bales of cotton per year, whilst the total demand ranges between 140,000 – 260,000. This partnership will develop a homegrown cotton industry and allow Kenyan businesses to capitalise on economic opportunities within their own country. 

    The processing plant will create jobs and stimulate economic growth in Lamu County. It is hoped the facility will triple cotton production in Lamu from 2,000 bales per year to 6,000 over the next three years. This will also support local cotton farmers as the facility will be built close to farms, reducing transportation costs as well as providing them with a larger market for their produce. The proposed plant will not only source cotton from Lamu County but from Kilifi, Tana River, Kwale, and Taita Taveta counties. 

    The reduced need for transportation is expected to decrease the carbon footprint of the textile production process by 262 metric tons of carbon dioxide every year, supporting Kenya’s climate ambitions. 

    This project will also have a positive social impact and place a significant emphasis on providing substantial economic opportunities to women and promoting gender equality, as the employees at the processing plant are expected to be at least 50% women.  

    The programme falls under the UK’s Sustainable Urban Economic Development programme (SUED), which aims to add value to Kenyan agricultural produce before export. 

    The UK has provided seed-funding to de-risk the investment for all partners involved. The Government of Kenya has provided additional funding, with the remaining funds being provided by Thika Cotton Mills. Lamu County sealed the deal by providing land for the ginnery. 

    SUED has been operational in Lamu for four years, and this is the programme’s fourth value-chain project in the county. It has secured investors for the cotton ginnery as well as fish processing, coconut processing, and cashew nut processing facilities. Across Kenya, our £8 million seed fund investments through SUED have helped unlock £48 million in private capital and supported the creation of more than 10,000 jobs. 

    The UK Government partners with Kenya across multiple sectors in Lamu County. The UK supports: trade and investment though the development of infrastructure and customs processes at Lamu Port; regional security through programmes to counter violent extremism; and environmental programmes to reduce plastic pollution and increase biodiversity. 

    Notes for Editors

    Photo and video content

    Google Drive link

    The UK-Kenya Strategic Partnership

    The UK-Kenya strategic partnership joint statement can be found here. 

    Funding

    • The UK has provided seed funding to de-risk a private sector investment project. 

    • The Government of Kenya has subsequently provided additional financing to further support the investment through the Kenya Development Corporation (KDC) 

    • The Lamu county government has supported the venture with land acquisition and created an enabling local operating environment.  

    What is the SUED program?

    SUED is a seven year, £43m programme that seeks to create jobs and promote inclusive economic growth in selected municipalities across Kenya, through better urban planning and by attracting increased investment – including both investments in climate resilient infrastructure and agricultural processing projects 

    Thika Cotton Mills

    • Thika Cloth Mills Limited (TCM) was established in 1958 and is one of the leading Kenyan textile manufacturers. 

    • The mission of the company is “Bringing textiles home”, and the vision is “Creation of employment to improve livelihoods and alleviate poverty in Kenya”.  

    • The company has been an active participant in the “Buy Kenya Build Kenya”3 initiative, sourcing most of their raw materials locally. 

    • TCM owns and operates a plant in Thika that employs 700 staff and manufactures 100% cotton fabrics, polyester cotton fabric and blended polyester viscose. 

    • TCM currently sources raw cotton lint from ginneries in Makueni, Kitui, Rift Valley, and Meru. 

    • They work with over 10,000 farmers covering approximately 50% of Kenya’s cotton growing region   

    Contact

    British High Commission: Tom Walker tom.walker2@fcdo.gov.uk  

    SUED: Louisa Nandege Ssennyonga louisa.nandegessennyonga@tetratech.com

    Updates to this page

    Published 30 April 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Reports of a new UK-EU strategic partnership is a ‘welcome boost’ for Welsh producers – Plaid Cymru

    Source: Party of Wales

    Reducing trade barriers will help Welsh producers who make vital contribution to Wales’ economy – Liz Saville Roberts MP

    During Wales Questions in the House of Commons today (Wednesday 30 April), Plaid Cymru Westminster leader Liz Saville Roberts MP said that the reports of a new UK-EU strategic partnership to reduce trade barriers will be a ‘welcome boost’ to Wales’s food and drinks producers.  

    75% of the sector’s exports currently go to the EU.  

    Ms Saville Roberts outlined the vital contribution that Welsh producers make to Wales’ economy and asked Jo Stevens MP to join her in celebrating producers and farmers from across Wales. The Dwyfor Meirionnydd MP gave a special mention to those at Nefyn Show in her constituency and to those from Carmarthenshire who were visiting Parliament today for Carmarthenshire Day. 

     

    Speaking in the House of Commons, Liz Saville Roberts MP said:   

    “Reports of a new UK-EU strategic partnership to reduce trade barriers will at last be a welcome boost to Wales’s food and drinks producers, given that 75% of the sector’s exports go to the EU.  

    “All producers, from farm to fork, of our wonderful Welsh produce make a vital contribution to Wales’s economy.  

    “Will the Secretary of State join me in celebrating all of Wales’s producers and farmers, especially those at Nefyn Show on Monday and even more so those from Carmarthenshire here today?” 

    MIL OSI United Kingdom –

  • MIL-OSI Global: Bees, fish and plants show how climate change’s accelerating pace is disrupting nature in 2 key ways

    Source: The Conversation – USA – By Courtney McGinnis, Professor of Biology, Medical Sciences and Environmental Sciences, Quinnipiac University

    A bee enjoys lunch on a flower in Hillsboro, Ore. HIllsboro Parks & Rec, CC BY-NC-ND

    The problem with climate change isn’t just the temperature – it’s also how fast the climate is changing today.

    Historically, Earth’s climate changes have generally happened over thousands to millions of years. Today, global temperatures are increasing by about 0.36 degrees Fahrenheit (0.2 degrees Celsius) per decade.

    Imagine a car speeding up. Over time, human activities such as burning fossil fuels have increased the amount of greenhouse gases in the atmosphere. These gases trap heat from the Sun. This is like pressing the gas pedal. The faster the driver adds gas, the faster the car goes.

    The 21st century has seen a dramatic acceleration in the rate of climate change, with global temperatures rising more than three times faster than in the previous century.

    The faster pace and higher temperatures are changing habitat ranges for plants and animals. In some regions, the pace of change is also throwing off the delicate timing of pollination, putting plants and pollinators such as bees at risk.

    Some species are already migrating

    Most plant and animal species can tolerate or at least recover from short-term changes in climate, such as a heat wave. When the changes last longer, however, organisms may need to migrate into new areas to adapt for survival.

    Some species are already moving toward higher latitudes and altitudes with cooler temperatures, altering their geographic territory to stay within their optimal climate. Fish populations, for example, have shifted toward the poles as ocean temperatures have risen.

    Pollinators such as bees can also shift their ranges.

    Bumblebees, for example, are adapted for cooler regions because of their fuzzy bodies. Some bumblebee populations have been disappearing from the southern parts of their geographic range and have been found in cooler regions to the north and in more mountainous areas. That could increase competition with existing bumblebee populations.

    Plants and pollinators can get out of sync

    Plants and their pollinators face another problem as the rate of climate change increases: Many plants rely on insects and other animals for seed and pollen dispersal.

    Much of that pollen dispersal is accomplished by native pollinators. About 75% of plant species in North America require an insect pollinator – bees, butterflies, moths, flies, beetles, wasps, birds and bats. In fact, 1 in 3 bites of food you eat depend on a pollinator, according to the U.S. Department of Agriculture.

    So, even if a species successfully migrates into a new territory, it can face a mismatch of pollination timing. This is known as phenological mismatch.

    Monarch butterflies migrate each year and rely on plants blooming along their path to provide food.
    Clint Wirick/U.S. Fish and Wildlife Service

    During the winter, insects go into a hibernation known as diapause, migrate or take up shelter underground, under rocks or in leaf litter. These insect pollinators use temperature and daylight length as cues for when to emerge or when to migrate to their spring and summer habitats.

    As the rate of climate change increases, the chances of a timing mismatch between pollinators and the plants they pollinate rise.

    With an increase in temperature, many plants are blooming earlier in the spring. If bees or other pollinators emerge at their “normal” time, flowers may already be blooming, reducing their chance for pollination.

    If pollinators emerge too early, they may struggle to survive if their normal food sources are not yet available. Native bees, for example, rely on pollen for much of the protein they need for growing and thriving.

    Wild bees are emerging earlier

    This kind of shift in timing is already happening with bees in the U.S.

    Studies have shown that the date wild bees emerge in the U.S. has shifted by 10.4 days earlier over the past 130 years, and the pace is accelerating.

    One study found wild bees across species have been changing their phenology, or timing of seasonal activities, and over the past 50 years the emergence date is four times faster. That means wild bees were emerging roughly eight days earlier in 2020 than they did in 1970.

    A bee pollinates an almond tree in an orchard.
    David Kosling/U.S. Department of Agriculture, CC BY

    This trend of earlier emergence is generally consistent across organisms with the accelerating rate of climate change. If the timing mismatches continue to worsen, it could exacerbate the decline of pollinator populations and result in inadequate pollination for plants that rely on them.

    Pollinator decline and inadequate pollination already account for a 3% to 5% decline in global fruit, vegetable, spice and nut production annually, a recent study found.

    Without pollinators, ecosystems are less resilient − they are unable to absorb disturbances such as wildfires, adapt to changes, and recover from environmental stressors such as pollution, drought or floods.

    Managing climate change

    Pollinators face many other risks from human activities, including habitat loss from development and harm from pesticide use. Climate change adds to that list.

    Taking steps to reduce the activities driving global warming can help keep these species thriving and carrying out their roles in nature into the future.

    Courtney McGinnis is affiliated with You Got This Kid Leadership Foundation. She receives funding from Community Foundation for Greater New Haven.

    – ref. Bees, fish and plants show how climate change’s accelerating pace is disrupting nature in 2 key ways – https://theconversation.com/bees-fish-and-plants-show-how-climate-changes-accelerating-pace-is-disrupting-nature-in-2-key-ways-255384

    MIL OSI – Global Reports –

  • MIL-OSI Russia: Country of migrants: the role of migration in regional development

    Translation. Region: Russian Federal

    Source: State University Higher School of Economics – State University Higher School of Economics –

    Major socio-political events, such as collectivization, caused mass internal migration in the USSR. Tens of thousands of people moved to new places to establish their daily lives and find work. These processes significantly changed the social, national and religious composition of the population of the regions, influenced economic development and the formation of healthcare and education infrastructure. Common features and characteristics of migration in the Perm region and Tuva were discussed at the round table of the “Mirror Laboratories” of the Yasinsky scientific conference.

    Internal migration in the USSR

    At the anniversary XXV Yasinsky (April) Conference The HSE hosted a round table discussion entitled “The History of Migration in the USSR: Regional Aspect.” It was organized as part of the Mirror Laboratories project, which brings together scientists from the HSE Perm campus and Tuva State University. The round table was moderated by Professor Faculty of Social, Economic and Computer Sciences, National Research University Higher School of Economics in Perm Sergey Kornienko.

    Vera Damdynchap, Head of the Department of General History, Archaeology and Documentation of the Faculty of History of Tuva State University, and Arzhana Nurzat, Senior Lecturer of the Department, presented a report entitled “Migration, Urbanization and Collectivization: Key Aspects of Social Transformation in Tuva (1944–1959).” Vera Damdynchap noted that Tuva’s accession to the USSR in 1944 accelerated the transformation of the economic structure.

    She said that by 1944 collectivization was not completed, and a significant part of the population was engaged in personal nomadic farming. Collectivization became an important element in the formation of the social structure of the population: by its end in 1955, the share of collective farmers reached 61.5% of the rural population of Tuva.

    At the same time, coal mining began in the autonomous region and enterprises in other industries began operating. This also changed the settlement structure of the population: the share of the urban population in 1944-58 increased from 6% to 33%. A particularly significant influx was recorded in the capital of the region, Kyzyl, as well as in the new cities and workers’ settlements of Chadan, Turan and Shagonar. It is significant that the total urban population increased by 1.4 times over 15 years, while its part from migrants increased by 7.6 times due to the relocation of rural residents and the arrival in Tuva of engineering and technical personnel and workers of new enterprises.

    The rapid growth of the urban population exacerbated the housing problem, which they tried to solve through temporary housing and rapid construction. It is curious that about 30% of collective farmers were involved in construction, having built 1,660 houses and cultural and household facilities.

    At the same time, the development of virgin and fallow lands began, which increased the role of farming in agriculture and the economy as a whole.

    In the post-war years, the number of Russians and Ukrainians who came to Tuva increased approximately 4 times, and their share in the population increased to 41%.

    Vera Damdynchap noted that in the autonomous region, collectivization was less dramatic than in neighboring Russian regions or, for example, in Buryatia.

    The role of forced migrants

    Associate Professor Departments of Humanities Anna Kimerling, a professor at the Faculty of Social, Economic and Computer Sciences at the National Research University Higher School of Economics in Perm, presented a report entitled “Social Technologies of Integrating Forced Migrants into the Territorial Community of the Molotov Region in the 1940s and 1950s,” prepared jointly with Sergei Kornienko.

    She said that the study is based on archival documents and interviews, including those recorded by the German society “Renaissance”. The number of residents of the Molotov (Perm) region between the censuses of 1939 and 1959 increased by 37.5%, and the regional center – by two times. For comparison: during this period, the population of the USSR increased by 9.5%.

    Among the forced migrants were about 40,000 Soviet Germans – special settlers and labor army soldiers. Until the Decree “On the lifting of restrictions on the legal status of Germans and their family members in special settlements” was adopted on December 13, 1955, they could not leave their places of residence and work.

    Economic adaptation played an important role. By the early 1950s, 11% of forced migrants had built their own homes, half had vegetable gardens, and a third had small cattle. Social and cultural factors also played a significant role. The chances of adaptation were increased by the marriage of a forced migrant to a local resident or a deportee, as well as the birth of children in the new family. This and joint work at an enterprise increased the chances of receiving housing and rations, which were used not only by workers, but also by older family members.

    Former forced migrants recalled that the attitude towards “Russian Germans” was wary. The local population was not always ready to help them, but in places of special settlements, where most of the residents were repressed, rapprochement was faster.

    The speaker named another adaptation factor as education, cultural and human capital, or a skill valued at the place of work. A labor army soldier who knew how to operate a tractor received a good ration at the logging sites. Another exile drove the head of the settlement and, thanks to personal communication, received the position of manager of a bread store, which dramatically improved the living conditions of his family.

    Over time, forced migrants played a significant role in the development of the region. For example, one of the exiled Germans later became the chief architect of the Solikamsk region, Yevgeny Wagner became the rector of the regional medical institute, and Anatoly Bartolomey became the rector of the polytechnic.

    Professor of the Department of Documentation and Information Support of the Department of History of the Ural Federal University Oleg Gorbachev asked whether individual examples of successful careers of exiled settlers can be considered a reflection of the liberalization of the regime in relation to them. According to Anna Kimerling, cases of transfer to a responsible position are few and they occurred mainly in the post-Stalin period, which reflected a certain evolution of the authorities’ attitude towards the repressed.

    Ethnic and religious aspects

    Head of the Department of Russian History at Tuva University Zoya Dorzhu and Associate Professor of the Department Alena Storozhenko presented a report on “Migration Processes in Tuva in the 1920s-50s. Ethno-confessional Aspect”. State sovereignty and autonomy formed a special state-political context of relations with neighboring regions, which also influenced migration.

    The speakers highlighted several periods of the authorities’ attitude to migration. With the establishment of the independent Tuvan People’s Republic in 1921, the authorities sought to limit the influx of Russians into its territory. Thus, checkpoints were established on the border, which, however, did not stop migration. As the country drew closer to the USSR in the 1930s, migration controls on the border were relaxed. Migration was also accelerated by the TPR authorities’ request to Moscow to send specialists. Often, the resettlements of the 1920s and 1930s were caused by the desire of some residents of nearby regions of the USSR to avoid repression and, at the same time, the desire to find a place for productive agriculture. After joining the USSR in 1944, the restrictions were lifted.

    Tuvans remained in the majority, but their share in the total population of the republic and the region fluctuated significantly. In 1921 and 1931 it was about 80%, in 1945 – 85%, and by 1959 due to mass migration it had dropped to 57%.

    Migration had a significant impact on the ethnic and religious composition of the population. Buddhists, shamanists, Orthodox Christians and pagans were represented in the republic. Moreover, the Old Believers, who appeared in Tuva back in the 19th century, integrated into its territory, and at the time of the creation of the TNR they constituted a third of the Russian-speaking residents of the republic.

    Sergey Kornienko wondered whether it was possible to find common themes in studying the migration processes of Tuva and the Perm (Molotov) region. According to Alena Storozhenko, the Uralians made up a significant portion of the Old Believers who moved to Tuva, but it is still difficult to accurately determine their share in the number of migrants.

    Organized labor migration

    Associate Professor of the Department of Humanities of the Faculty of Social, Economic and Computer Sciences of the National Research University Higher School of Economics in Perm Alexander Glushkov and Master’s student of the National Research University Higher School of Economics in Moscow Kristina Kozlova presented a report “Attracting Labor Migrant Workers to the USSR in the Late 1940s – 1950s: A Comparative Analysis of Agitation (Based on the Example of Enterprises in the Molotov Region of the RSFSR).” Alexander Glushkov recalled that in 1947, organized labor migrations resumed in the USSR. In the Molotov Region, workers were attracted to work in the coal industry, in logging enterprises and collective farms.

    Kristina Kozlova said that regional and republican authorities were engaged in agitation. In 1952, the regional executive committee issued a resolution defining the rules for selecting recruiters for resettlement and preparing agitation and reference materials.

    Among them, visual (posters) and written materials and oral propaganda can be singled out. Films were another form of propaganda. An important role was also played by materials in newspapers and magazines, including special issues of large-circulation newspapers, as well as brochures about the region, which included information about the region, as well as letters and stories from settlers.

    The recruiters’ lectures were devoted to the state and prospects of the region’s economy, as well as the international position of the USSR. Aleksandr Glushkov reported that the agitation did not cease even after the resettlement: the new residents of the region were explained the labor tasks facing them, and the authors of articles and posters also sought to reduce the number of resettlers returning home.

    The speakers compared the newspapers of two large enterprises of the region — the KamGESstroy and Molotovles trusts — before and after Stalin’s death, the forms of agitation and key narratives. The analysis showed that in the late Stalin period, non-material motives stood out: prestige, the call of the party and the desire to be useful to the Motherland. After Stalin’s death, material motivation increased: workers were offered to earn money, quickly improve their living conditions, including by acquiring a new profession. Agitation aimed at securing the settlers was focused on money and privileges.

    Kristina Kozlova summed up: a comparative analysis of the agitation of the late 1940s and mid-1950s allows us to identify common motives and a gradual transition to the prevalence of material incentives over ideological ones, although the latter did not disappear. This reflected the gradual transformation of Soviet society during the thaw.

    AI to the rescue

    Sergey Kornienko presented the report “Studying the History of Migration in the Digital Environment: Regional Aspect” (based on the materials of the joint project of HSE Perm and Tuva State University “Migration in the Socio-Economic, Demographic, Cultural and Human Dimensions”. HSE Mirror Laboratories Program, 2024-26).

    He identified three areas of digital scientific humanities research: creation and organization of digital versions of historical and historiographic sources; development and adaptation of methods, technologies and tools for digital research; representation of data and research results.

    During the project, its participants create digital versions of historical sources on the history of migration, including in the form of tables and data sets, information systems and databases.

    The professor said that rather complex types of sources have to be converted into digital format, in particular, lists of settlers, echelon lists, as well as household books describing the dwellings, livestock and inventory of settlers. Despite the development of technology, it is often necessary to resort to manual or semi-automatic digitization. Students are involved in this work, acquiring useful skills in digitizing documents. Digitized sources are convenient for conversion into tabular and matrix forms.

    Digital processing of document complexes allows us to eliminate gaps in some points of individual materials (for example, the absence of the year of birth or previous place of residence of a migrant), and to create metadata.

    To study propaganda materials for settlers of the 1940s and 50s, full-text resources were created, prepared for processing by computer methods and tools. In particular, this form of processing was used for the corpus of memoirs of settlers who moved to the Kaliningrad and Molotov regions.

    In addition, scientists conduct corpus studies using linguistic methods.

    Sergey Kornienko emphasized that digital methods allow increasing the reliability of research, introducing elements of novelty, introducing new sources more fully and processing old ones more effectively. This helps to better understand the impact of migration processes on the social structure and other components of migrants’ lives.

    The project participants will continue to use Data Science methods and apply neural network modeling – variants of artificial intelligence, the professor concluded.

    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 –

  • MIL-OSI Economics: Samsung TV Plus Scores Big as It Becomes a Top Destination for Sports Fans

    Source: Samsung

    Samsung TV Plus has expanded its industry-leading sports offering and now gives fans live access to select local and national games from top sports leagues and governing bodies, delivering extensive sports coverage. During the 2024-25 season, fans in Southern California were the first to experience Victory+ Anaheim, an exclusive FAST channel featuring live, local Anaheim Ducks games, and fans will soon be able to tune into the upcoming 2025-26 and 2026-27 seasons. As Samsung TV Plus expands its regional lineup to bring subscription-free hometown action front and center, Dallas Stars fans will be able to enjoy live games for the 2025-26 season on a new Victory+ Dallas channel that will premiere on the service later this year.
    On a national level, Samsung TV Plus has also added NASCAR, featuring original programming and continuous race coverage, as well as The Roku Sports Channel, which will broadcast live MLB games, Formula E races, X games, among others.
    With the launch of these new channels, and more exciting additions on the horizon this year, Samsung TV Plus further cements its position as the leading destination for sports fans to watch live games, extensive archives, and legendary replays with coverage across major sports leagues such as NFL, NHL, and MLB, as well as UFC, PGA TOUR, Formula 1, and FIFA.
    “We’re tearing down the paywalls that have kept fans from the sports they love,” said Salek Brodsky, Senior Vice President and Global Head of Samsung TV Plus. “By teaming up with top leagues and bringing live games and iconic moments to our platform, we’re giving every fan a front-row seat.”
    New sports channels include:
    Victory+ Anaheim: Local viewers can stream live Anaheim Ducks games, along with additional sports entertainment including highlights, recaps, and epic match-ups that bring fans closer to the action.
    Victory+ Dallas: Local viewers can stream live Dallas Stars games, along with additional sports entertainment including highlights, recaps, and epic match-ups that bring fans closer to the action.
    Roku Sports Channel: Catch everything from live MLB games to Formula E races to X Games, among others. Plus, stream daily sports talk from Rich Eisen and Good Morning Football: Overtime.
    NASCAR: Watch the latest news from around the sport, original programming, and race replays.
    PBR RidePass: Live and on-demand action from the PBR (Professional Bull Riders) Unleash The Beast Tour, PBR Team Series, Ultimate Bull Fighting, rodeo and other western sports events, plus original series and news.
    These five new channels join the over 50 that are already streaming on Samsung TV Plus today. Highlights below:
    Sports Leagues:
    NFL Channel: 24/7, always-on access to NFL content featuring Game Center on live game days, with real-time scoring updates, stats, highlights and more, as well as NFL Game Replays, Original Shows, Emmy-Award winning series and more.
    MLB: Brings the best of baseball coverage, allowing viewers to enjoy the MLB FAST channel with daily programming and features covering the latest baseball highlights, MLB and MiLB game replays, original shows, documentaries, and more!
    FIFA+: Brings fans into the heart of football with the iconic World Cup Archive, Live football from around the globe and documentaries bring the stories behind the beautiful game. Go behind the scenes with spotlights on global stars, fans and influencers and relive iconic football moments with full match replays from past FIFA World Cup and FIFA Women’s World Cup tournaments.
    Formula 1 Channel: The ultimate destination for fans to catch up on all the action from F1, F2, F3 and F1 Academy races throughout the season, including analysis, replays and documentaries.
    PGA TOUR: Delivers total coverage on all things PGA TOUR, with behind-the-scenes programming, documentaries, tournament recaps, highlights, competitions, and more.
    UFC: Delivers nonstop combat sports action—from historic title clashes to highlight-reel knockouts—featuring iconic athletes, rivalries, and moments from the world’s premier MMA organization.
    Live Sports:
    ION: Returning in May, the State Farm® WNBA Friday Night Spotlight showcases marquee games from across the league throughout the regular season. ION also features National Women’s Soccer League (NWSL) action, and this fall, debuts the biennial SI Women’s Games all-star competition and the Elevance Health Women’s Fort Myers Tip-Off women’s college basketball tournament.
    Tennis Channel 2: Tennis Channel’s second network, airing select live tournament coverage from both the women’s and men’s professional tours. The network also features original series and unique storylines & interviews from shows like Second Serve.
    Women’s Sports Network: The new home for women’s sports featuring exclusive live volleyball matches, breaking news, and inspiring stories across all sports. The best leagues. The best athletes. The best of Women’s Sports all in one place. Featuring our studio show GAME ON, live game action, signature originals, countdowns, highlights and more.
    PickleballTV: A 24-hour streaming network covering 1,000+ hours of live tournament matches features the game’s top professionals & biggest stars.  PBTV also includes first-class instruction, lifestyle shows and pickleball news.
    Sports Talk & Highlights:
    CBS Sports HQ: A 24/7 sports network delivering everything that matters most to sports fans. With nonstop breaking news, highlights, instant reactions, picks and more, CBS Sports HQ is your ultimate sports destination.
    FOX Sports: Stream the best moments from FS1weekday studio shows, gripping documentaries and captivating podcasts, featuring well-known FOX Sports talent and media personalities.
    NBC Sports NOW: Offers daily sports talk, live events and highlights. Watch Dan Patrick, Mike Florio, Dan Le Batard, Matthew Berry and Chris Simms cover the biggest stories on and off the field. And this month, NBC Sports NOW went big with 113 hours of original NFL Draft content.
    DraftKings Network: “The Action Spot”. Built for passionate fans and bettors, DraftKings Network is the one spot to get all-in on NBA, NFL, MLB, NHL & more sports content and celebrate the thrill of action.
    FanDuel TV Extra: Your new home for live sports and professional poker action. Watch live horse racing, international basketball, soccer, darts, and much more. Make every moment more with FanDuel!
    For a full list of the Sports lineup, visit samsungtvplus.com.
    How to Watch
    Samsung TV Plus offers the best of TV – and is available exclusively across the Samsung TV, Galaxy, Smart Monitor, and Family Hub lineups. This includes the Samsung Neo QLED 8K, Neo QLED 4K, OLED, and The Frame, which are designed with advanced AI that can upscale your favorite shows and movies on Samsung TV Plus into stunning 4K and 8K quality.
    About Samsung TV Plus
    Samsung TV Plus is a premium global entertainment service and is the most used streaming app on Samsung Smart TVs. As a leader in FAST, Samsung TV Plus offers hundreds of channels and thousands of shows and movies on-demand in the U.S. Globally, the streaming service carries over 3,500 ad-supported linear channels in 30 countries and is accessible on over 630M active devices. Samsung TV Plus is the exclusive home of Conan O’Brien TV, Letterman TV, and hundreds of additional exclusive channels available worldwide. Samsung TV Plus is available on Samsung TVs, Galaxy devices, Samsung Smart Monitor, and Family Hub. To learn more, visit samsungtvplus.com. Follow us on LinkedIn.

    MIL OSI Economics –

  • MIL-OSI Asia-Pac: Cabinet approves Fair and Remunerative Price of sugarcane payable by Sugar Mills to sugarcane farmers for sugar season 2025-26

    Source: Government of India

    Cabinet  approves Fair and Remunerative Price of sugarcane payable by Sugar Mills to sugarcane farmers for sugar season 2025-26

    Fair and Remunerative Price of Rs. 355/qtl approved for Sugarcane Farmers  

    Decision will benefit 5 crore sugarcane farmers  and their dependents, as well as 5 lakh workers employed in the sugar mills and related ancillary activities

    Posted On: 30 APR 2025 4:09PM by PIB Delhi

    Keeping in view interest of sugarcane farmers (GannaKisan), the Cabinet Committee on Economic Affairs chaired by the Prime Minister Shri Narendra Modi has approved Fair and Remunerative Price (FRP) of sugarcane for sugar season 2025-26 (October – September) at Rs.355/qtl for a basic recovery rate of 10.25%, providing a premium of Rs.3.46/qtl for each 0.1% increase in recovery over and above 10.25%, & reduction in FRP by Rs.3.46/qtl for every 0.1% decrease in recovery.

    However, the Government with a view to protect interest of sugarcane farmers has also decided that there shall not be any deduction in case of sugar mills where recovery is below 9.5%. Such farmers will get Rs.329.05/qtl for sugarcane in ensuing sugar season 2025-26.

    The cost of production (A2 +FL) of sugarcane for the sugar season 2025-26 is Rs.173/qtl. This FRP of Rs.355/qtl at a recovery rate of 10.25% is higher by 105.2% over production cost. The FRP for sugar season 2025-26 is 4.41% higher than current sugar season 2024-25.

    The FRP approved shall be applicable for purchase of sugarcane from the farmers in the sugar season 2025-26 (starting w.e.f. 1st October, 2025) by sugar mills. The sugar sector is an important agro-based sector that impacts the livelihood of about 5 crore sugarcane farmers and their dependents and around 5 lakh workers directly employed in sugar mills, apart from those employed in various ancillary activities including farm labour and transportation.

    Background:

    The FRP has been determined on the basis of recommendations of Commission for Agricultural Costs and Prices (CACP) and after consultation with State Governments and other stake-holders.

    In the previous sugar season 2023-24, out of cane dues payable of ₹ 1,11,782 crores about Rs.1,11,703 crores cane dues have been paid to farmers, as on 28.04.2025; thus, 99.92% cane dues have been cleared. In the current sugar season 2024-25, out of cane dues payable of Rs.97,270 crore about Rs.85,094 crores cane dues have been paid to farmers, as on 28.04.2025; thus, 87% cane dues have been cleared.

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    MIL OSI Asia Pacific News –

  • MIL-OSI United Kingdom: Roundtable to help turbo-charge Scotland’s agriculture industry

    Source: United Kingdom – Executive Government & Departments

    News story

    Roundtable to help turbo-charge Scotland’s agriculture industry

    Scotland Office Minister Kirsty McNeill to hear from sector experts on barriers to growth in the Scottish agri-food supply chain

    Leading members of Scotland’s agriculture sector will join the UK and Scottish Governments in Edinburgh today (April 30) to investigate key issues facing the agri-food supply chain – and help identify potential solutions.

    Minister McNeill pledged to host a food and farming roundtable with industry when she attended the NFU Scotland (NFUS) conference earlier this year.

    The Minister will be joined by Defra and Department for Business and Trade representatives as well as Scottish Government Agriculture Minister, Jim Fairlie

    It’s part of ongoing extensive engagement with a sector crucial to the UK Government’s Plan for Change to deliver security and renewal by kick-starting economic growth to create jobs, put more money in working people’s pockets, boost economic growth and improve living standards right across the UK, including rural communities which are vital to feeding the UK and achieving net zero.

    Up for discussion will be: immigration and access to labour; fairness in the supply chain; and supporting economic growth.

    While the topics for discussion are policy areas reserved to the UK Government, agriculture is almost entirely devolved to the Scottish Government.

    UK Government Scotland Office Minister Kirsty McNeill said:

    Food and farming are vital to the country and this is an important opportunity for the industry and government to discuss issues and identify creative solutions.

    There is much we can and are doing for the sector through the UK Government’s Plan for Change to turbo-charge economic growth and deliver a decade of national renewal and opportunity for all. But I appreciate that there are a number of highly complex issues facing Scottish agriculture and I look forward to a constructive discussion.

    We will continue to engage with this vital industry and we will continue to strengthen relations with the Scottish Government, respecting the fact that agriculture policy is largely devolved.

    Scottish Government Agriculture Minister Jim Fairlie said:

    The Scottish Government is committed to supporting our agriculture sector in sustainable food production whilst also contributing to nature and climate targets. We are reforming how we support farming and food production, towards our Vision for Agriculture for Scotland to become a global leader in sustainable and regenerative agriculture.

    Recent and ongoing global events show the fragility of food security, and we are taking action to improve Scotland’s food resilience and strengthen our supply chains. We will continue to work with the UK Government and across the sector to monitor the threats to the supply chain and mitigate against future shocks and impacts on food security.

    NFU Scotland President Andrew Connon said:

    NFU Scotland is pleased to attend the Scotland Office Food and Farming Roundtable this week and represent our members across the country. We will be discussing important issues such as barriers to growth, seasonal workers and immigration and fairness in the supply chain – each critical for a profitable and sustainable future agricultural sector in Scotland.

    We look forward to underlining the importance of farmers and crofters to the food and drink industry and to rural communities and hearing what actions the UK Government will take to help address the issues seriously impacting our sector currently.

    The Scottish food and drink manufacturing sector has grown by more than 35% over the last decade and now contributes £5.2 billion to the Scottish economy, while accounting for over one third of Scotland’s manufacturing turnover.

    Office for National Statistics data, analysed by the Food and Drink Federation, also showed that the industry provides around 47,000 jobs in Scotland’s 1,220 food and drink businesses.

    Industry attendees expected at Queen Elizabeth House are:
    NFUS
    Quality Meat Scotland
    Scottish Crofters’ Federation
    Scotland Food & Drink
    Food and Drink Federation
    Scottish Association of Meat Wholesalers
    Agricultural Industries Confederation
    Aberdeen & Northern Marts Group
    James Hutton Institute
    SRUC
    Scottish Agricultural Organisation Society
    Angus Growers
    Scottish Land & Estates
    Food & Agriculture Stakeholder Taskforce
    Scottish Tenant Farmers’ Association

    Updates to this page

    Published 30 April 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: New Chief Executives appointed to lead TRA

    Source: United Kingdom – Executive Government & Departments

    News story

    New Chief Executives appointed to lead TRA

    The UK Trade Remedies Authority has confirmed the appointment of Jessica Blakely and Carmen Suarez as Chief Executives in a jobshare arrangement.

    The UK Trade Remedies Authority (TRA) has today confirmed the appointment of Jessica Blakely and Carmen Suarez as Chief Executives in a jobshare arrangement. They will take up the role from 2 June.

    The Trade Remedies Authority is the UK’s independent public body responsible for investigating allegations of unfair trading practices and unforeseen surges in imports that cause injury to UK industry. It makes evidence-based recommendations to the Secretary of State for Business and Trade. 

    The TRA’s Chair Nick Baird recently met with the Secretary of State for Business and Trade to agree how during the current global trade turmoil, the TRA will be stepping up its active data monitoring of emerging trade risks to help the Government spot and tackle the potential dumping of unfairly low-priced goods into the UK.

    New leadership on trade remedies

    Jessica and Carmen join the TRA from the Ministry of Housing, Communities and Local Government (MHCLG) and have held a number of senior roles both within and outside government, with a particular focus on trade, investment and regulation.

    Business and Trade Secretary Jonathan Reynolds said:  

    “This Government is standing up for our national interest, and as part of our Plan for Change, creating a level playing field where UK businesses can thrive and grow.

    The work of the TRA has never been more important in achieving this objective, and I’m delighted to welcome Jessica and Carmen to their new role. Their skills will be vital to ensure the TRA continues to protect British producers from unfairly low-priced imports.”

    Jessica and Carmen have jobshared since 2017. Their senior roles together have included: leading the Department for Business’ (BEIS) analytical work on EU Exit and international trade; the coordination of the UK Government work on no-deal business readiness; Senior Responsible Officers (SROs) for the level playing field chapter of the UK/EU trade negotiations (including subsidy control and remedial measures); establishing the UK’s domestic subsidy control regime; leading on Brexit Opportunities and regulatory reform in Cabinet Office; and most recently, leading the delivery of local growth funds and Freeports in MHCLG.

    Before joining the Civil Service, Jessica’s career featured 12 years working in Investment Banking, providing strategic and financial advice to CEOs and boards of directors on mergers, acquisitions and capital raisings in London, Singapore and Sydney. After joining the Civil Service in 2010, she led analytical work in BEIS’ Better Regulation Executive and then the Europe Directorate.

    Carmen joined the Civil Service in 2017 from the Financial Conduct Authority, where she led on embedding competition in financial regulation. Previously, she worked at the Competition and Markets Authority and Office of Fair Trading. including as lead on a number of market studies and head of evaluation. Before these Civil Service roles, she was Chief Economist at the National Farmers Union of England and Wales.

    TRA Chair Nick Baird said: ‘I am delighted that two leaders of Jessica and Carmen’s quality have joined us at this turbulent time in the international trade environment. They have exactly the skills and experience to lead the TRA through the changes that are needed to help UK business navigate this new world.’

    New appointees Carmen and Jessica said: “We are thrilled to be joining the TRA and look forward to working with its Board, staff and stakeholders to ensure that trade remedies, particularly at this crucial time, are a cornerstone of the UK’s international standing and growth ambitions.”

    Background Information

    • Trade remedy measures are a trade defence tool to protect domestic industries against injury caused by unfair trade practices or unforeseen increases in imports. They are a specific type of tariffs allowed under World Trade Organization rules when specific criteria are met (evidence of dumping, subsidy or a surge in imports). They usually take the form of an additional duty placed on imports of specific products, which are collected by HMRC prior to a good entering into free circulation.
    • The TRA has been led by Steve O’Donoghue as interim Chief Executive since March 2025, when the TRA’s previous Chief Executive Oliver Griffiths left to take up a new role – TRA announces interim CEO and confirms board leadership – GOV.UK.

    Updates to this page

    Published 30 April 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Experienced practitioners vital for educating youngest children

    Source: United Kingdom – Executive Government & Departments

    Press release

    Experienced practitioners vital for educating youngest children

    Delivering high-quality care and education for babies and toddlers takes skill and expertise, meaning experience and qualifications among early years workers matter when it comes to the youngest children’s development, new research by Ofsted shows.

    Ofsted’s report, published today, looks at how early years practitioners care for and educate babies and toddlers up until they are 2 years old. The aim of the report is to help early years leaders and staff refine their approach to supporting the youngest children.   

    Read the full report: Getting it right from the start: how early years practitioners work with babies and toddlers

    The report highlights the importance of practitioner experience and qualifications, finding that those with greater experience and a higher level of qualifications had better knowledge of child development.  

    The research also considered to what extent practitioners use the early years foundation stage (EYFS) statutory framework when educating and caring for toddlers and babies. It found that the ‘key person’ role is a strength of many providers, with early years practitioners recognising that this role is vital for babies and toddlers.    

    Ofsted also found: 

    • most practitioners recognise the importance of positive relationships with parents in helping them support children more effectively 

    • communication and language, and personal, social and emotional development were well understood by practitioners, but they did not always understand how they could support physical development as well 

    • there is some work to do in understanding how routine times can be used for high-quality interactions, particularly where mixed ages are grouped together   

    • some survey responses reflected a misconception that babies and toddlers are too young to be taught anything  

    • some of the challenges considered in the research may be partly influenced by ongoing difficulties in recruiting and retaining experienced practitioners  

    The report sets out a series of recommendations for practitioners, managers and policy-makers to achieve the best possible outcomes for babies and toddlers. Foremost is support for practitioners to take part in professional development specific to babies and toddlers to improve their qualifications and experience. 

    Jayne Coward, Ofsted’s Deputy Director of Early Years Regulatory Policy and Practice, said:

    We know that a child’s first few years are crucial to their future learning and development. By providing children with an excellent start in those first two years, we can ensure that they gain the foundation they need to thrive throughout school and beyond.  

    With the government’s childcare reforms, we can expect to see an increase in the number of babies and toddlers accessing early education. It’s vital we get it right for all of these children from the very start. I hope that this report helps early years practitioners to continue reflecting on and refining their approach to supporting our very youngest children.

    Press office

    8.30am to 6pm Monday to Friday 0300 013 0415

    Notes to editors 

    1. The report draws on a series of visits to early years settings, a survey, inspector focus groups and a literature review. 
    2. Ofsted will be considering these findings when developing inspector training.

    Updates to this page

    Published 30 April 2025

    MIL OSI United Kingdom –

  • MIL-OSI: Credit Agricole Sa: Results first quarter 2025 – INCREASED REVENUES, STRONG PROFITABILITY DESPITE EXCEPTIONAL HIGH TAX IMPACT

    Source: GlobeNewswire (MIL-OSI)

                                       INCREASED REVENUES, STRONG PROFITABILITY
                                             DESPITE EXCEPTIONAL HIGH TAX IMPACT    		  
               
      CRÉDIT AGRICOLE S.A. CRÉDIT AGRICOLE GROUP    
      Q1 2025 Var. Q1/Q1 Q1 2025 Var Q1/Q1    
    Revenues 7,256 +6.6% 10,048 +5.5%    
    Expenses -3,991 +8.8% -5,992 +7.2%    
    Gross Operating Income 3,266 +4.1% 4,056 +3.0%    
    Cost of risk -413 +3.4% -735 +12.9%    
    Net pre-tax income 2,900 +4.6% 3,399 +1.6%    
    Net income group share 1,824 -4.2% 2,165 -9.2%    
    C/I ratio 55.0% +1.1 pp 59.6% +1.0 pp    
    NET PRE-TAX INCOME UP

    • Record quarterly revenues and strong growth, fuelled by the excellent performance by Asset Gathering and Large Customers
    • High profitability: contained cost/income ratio (increase in expenses of +3.2% Q1/Q1 excluding exceptional elements) and 15.9% return on tangible equity
    • Stable cost of risk
    • Results impacted by additional corporate tax charge

    EXCELLENT PERFORMANCE IN CIB AND ASSET GATHERING DIVISION

    • High CIB, asset management and insurance business, reflected in the increased level of insurance revenues with contributions from all activities, net inflows (medium-long term) and a record level of assets under management, as well as a new record reached by CIB
    • Loan production in France recovered compared with the low point in early 2024 without

    confirming the end-of-year momentum and consumer finance down, impacted by

    decreased activity in automotive financing; international credit activity at a high level.

    CAPITAL OPERATIONS AND STRATEGIC PROJECTS

    • Creation of the GAC Sofinco Leasing joint venture
      • Partnership created between Amundi and Victory Capital
    • Stake in the capital of Banco BPM increased to 19.8%
      • Planned acquisition of Banque Thaler announced by Indosuez Wealth Management

    AS EXPECTED, SOLVENCY RATIOS BENEFITING FROM THE POSITIVE IMPACT OF CRR3.

    • Crédit Agricole S.A.’s phased-in CET1 at 12.1% and Group phased-in CET1 at 17.6%

    CONTINUED SUPPORT FOR THE ENERGY TRANSITION

    • Continued withdrawal from fossil energies and reallocation to low-carbon energy sources
    • Support for the transition of households and businesses
     

    Dominique Lefebvre,
    Chairman of SAS Rue La Boétie and Chairman of the Crédit Agricole S.A. Board of Directors

    “Quarter after quarter, Crédit Agricole continues its action to support the major societal, environmental, agricultural and agri-food transitions, which are solid development levers for the entire Group. I would like to thank each of our employees for their daily commitment to serving our customers.“
     
     

    Philippe Brassac,
    Chief Executive Officer of Crédit Agricole S.A.

    “The Group has published high-level results this quarter, driven by strong revenue growth, despite exceptional taxation. Crédit Agricole S.A. posted record revenues this quarter and high profitability.”

    		  

    This press release comments on the results of Crédit Agricole S.A. and those of Crédit Agricole Group, which comprises the Crédit Agricole S.A. entities and the Crédit Agricole Regional Banks, which own 62.8% of Crédit Agricole S.A.

    All financial data are now presented stated for Crédit Agricole Group, Crédit Agricole S.A. and the business lines results, both for the income statement and for the profitability ratios.

    Crédit Agricole Group

    Group activity

    The Group’s commercial activity during the quarter continued at a steady pace across all business lines, with a good level of customer capture. In the first quarter of 2025, the Group recorded +550,000 new customers in retail banking. More specifically, over the year, the Group gained +433,000 new customers for Retail Banking in France and 117,000 new International Retail Banking customers (Italy and Poland).

    At 31 March 2025, in retail banking, on-balance sheet deposits totalled €835 billion, up +1.3% year-on-year in France and Italy (+1.6% for Regional Banks and LCL and -2.1% in Italy). Outstanding loans totalled €881 billion, up +1.0% year-on-year in France and Italy (+1.0% for Regional Banks and LCL and +1.6% in Italy). The upturn in home loan production continued in France compared to the low point observed at the beginning of 2024, without confirming the end-of-year momentum, partly explained by the seasonal effect, recording an increase of +37% for the Regional Banks and +46% for LCL compared to the first quarter of 2024, and -4.3% and -34% respectively compared to the fourth quarter of 2024. Home loan production by CA Italia is high and up +19% compared with the first quarter of 2024. The property and casualty insurance equipment rate1 rose to 44.2% for the Regional Banks (+0.8 percentage points compared to the first quarter of 2024), 28.0% for LCL (+0.2 percentage point) and 20.3% for CA Italia (+1.0 percentage point).

    In asset management, quarterly inflows remained strong at +€31.1 billion, fuelled by strong medium/long-term assets, excluding JVs (+€37 billion). In insurance, savings/retirement gross inflows rose to a record €10.8 billion over the quarter (+27% year-on-year), with the unit-linked rate in production staying at a high 34.3%. Net inflows were positive at +€4 billion, growing for both euro-denominated and unit-linked contracts. The strong performance in property and casualty insurance was driven by price changes and portfolio growth (16.8 million contracts at end-March 2025, +5% year-on-year). Assets under management totalled €2,878 billion, up +8.7% in the year for all three segments: asset management rose +6.2% over the year to €2,247 billion; life insurance was up +5.2% to €352 billion; and wealth management (Indosuez Wealth Management and LCL Private Banking) increased +41.3% year-on-year to €278 billion, notably with the positive impact of the consolidation of Degroof Petercam (€69 billion in assets under management consolidated in the second quarter of 2024).

    Business in the SFS division decreased. At CAPFM, consumer finance outstandings increased to €120.7 billion, up +5.6% compared with the end of March 2024, with car loans representing 54%2 of total outstandings, while new loan production decreased slightly, by -6.4% compared with end-March 2024, mainly due to the economic context negatively impacting the automotive market in Europe and China. Regarding Crédit Agricole Leasing & Factoring (CAL&F), production of lease financing outstandings was up +5.7% compared to March 2024 to €20.5 billion, with a particularly strong contribution from property leasing and renewable energy financing in France.

    Large Customers again posted record revenues for the quarter in Corporate and Investment Banking. Capital Markets and Investment Banking was driven by all activities, supported by high volatility, while Financing activities reaped the benefits of growth in commercial activities. Asset Servicing recorded a high level of assets under custody of €5,467 billion and assets under administration of €3,575 billion (+9% and +4.7%, respectively, compared with the end of March 2024), with good sales momentum and positive market effects over the year.

    Continued support for the energy transition

    The Group is continuing the mass roll-out of financing and investment to promote the transition. The Crédit Agricole Group increased its exposure to low-carbon energy financing3 by +141% between the end of 2020 and the end of 2024, with €26.3 billion in financing at 31 December 2024. Investments in low-carbon energy4 totalled €6 billion at 31 December 2024.

    At the same time, as a universal bank, Crédit Agricole is supporting the transition of all its customers. Thus, outstandings related to the environmental transition5 amounted to €111.7 billion at 31 December 2024, including €86.7 billion for energy-efficient buildings and €5.3 billion for clean transport and mobility.

    In addition, the Group is continuing its exit path from carbon-based energy financing and disclosed its exposure to hydrocarbon extraction project financing6, down to $0.96 billion at the end of 2024, i.e. -30% compared to 2020. The target of a -25% reduction of exposure to oil extraction at the end of 2025 compared to 2020 was greatly exceeded at the end of 2024 and stands at -56%.

    Group results

    In the first quarter of 2025, Crédit Agricole Group’s net income Group share came to €2,165 million, down

    -9.2% compared to the first quarter of 2024.

    Credit Agricole Group, Income statement Q1-25 and Q1-2024

    €m Q1-25 Q1-24 ∆ Q1/Q1  
    Revenues 10,048 9,525 +5.5%  
    Operating expenses (5,992) (5,589) +7.2%  
    Gross operating income 4,056 3,936 +3.0%  
    Cost of risk (735) (651) +12.9%  
    Equity-accounted entities 75 68 +9.5%  
    Net income on other assets 4 (7) n.m.  
    Change in value of goodwill – – n.m.  
    Income before tax 3,399 3,347 +1.6%  
    Tax (1,041) (755) +37.9%  
    Net income from discont’d or held-for-sale ope. (0) – n.m.  
    Net income 2,358 2,592 (9.0%)  
    Non controlling interests (193) (208) (7.2%)  
    Net income Group Share 2,165 2,384 (9.2%)  
    Cost/Income ratio (%) 59.6% 58.7% +1.0 pp  

    In the first quarter of 2025, revenues amounted to €10,048 million, up +5.5% compared to the first quarter of 2024, driven by favourable results from most of the business lines. Revenues were up in French Retail Banking, while the Asset Gathering division benefited from good business momentum and the integration of Degroof Petercam, the Large Customers division enjoyed a high level of revenues across all of its business lines and the Specialised Financial Services division benefited from a positive price effect, compensating slightly down revenues in international retail banking. Operating expenses were up +7.2% in the first quarter of 2025, totalling €5,992 million. Overall, Credit Agricole Group saw its cost/income ratio reach 59.6% in the first quarter of 2025, up by +1.0 percentage point. As a result, the gross operating income stood at €4,056 million, up +3.0% compared to the first quarter of 2024.

    The cost of credit risk stood at -€735 million, a year-on-year increase of +12.9% compared to the first quarter of 2024. This figure comprises an amount of -€47 million to prudential provisions on performing loans (stages 1 and 2) and an amount of -€677 million for the cost of proven risk (stage 3). There was also an addition of -€11 million for other risks. The provisioning levels were determined by taking into account several weighted economic scenarios and by applying some flat-rate adjustments on sensitive portfolios. The weighted economic scenarios for the first quarter are the same used for the previous quarter. The cost of risk/outstandings7reached 27 basis points over a four rolling quarter period and 24 basis points on an annualised quarterly basis8.

    Pre-tax income stood at €3,399 million, a year-on-year increase of +1.6% compared to first quarter 2024. This includes the contribution from equity-accounted entities for €75 million (up +9.5%) and net income on other assets, which came to +€4 million over this quarter. The tax charge was -€1,041 million, up +37.9% over the period, with the tax rate this quarter rising by +8.3 percentage points to 31.3%. This increase is related to the exceptional corporate income tax of €-207 million at the Crédit Agricole Group level, corresponding to an estimation of €-330 million in 2025 (assuming 2025 fiscal result being equal to 2024 fiscal result). Net income before non-controlling interests was down -9.0% to €2,358 million. Non-controlling interests decreased -7.2%.

    Regional banks

    Gross customer capture stands at +319,000 new customers. The percentage of customers using demand deposits as their main account is stable and those who use digital tools continued to increase. Credit market share (total credits) stood at 22.7% (at the end of December 2024, source Banque de France), up by 0.1 percentage point compared to December 2023. Loan production was up +19.4% compared to the first quarter of 2024, reflecting the +37% rise in home loans and 8% in specialised markets. However, home loan production has slowed compared to the strong activity at the end of the year (-4.8% compared to the fourth quarter of 2024). The average lending production rate for home loans stood at 3.18%9 over January and February 2025, -17 basis points lower than in the fourth quarter of 2024. By contrast, the global loan stock rate showed a gradual improvement (+11 basis points compared to the first quarter of 2024). Outstanding loans totalled €649 billion at the end of March 2025, up by 0.8% year-on-year across all markets and up slightly by +0.2% over the quarter.   
    Customer assets were up +2.5% year-on-year to reach €915.7 billion at the end of March 2025. This growth was driven both by on-balance sheet deposits, which reached €603.2 billion (+1.3% year-on-year), and off-balance sheet deposits, which reached €312.6 billion (+5% year-on-year) benefiting from strong inflows in life insurance. Over the quarter, demand deposits slightly decreased by -1.1% compared to the fourth quarter of 2024, while term deposits are stable. The market share of on-balance sheet deposits is up compared to last year and stands at 20.1% (Source Banque de France, data at the end of December 2024, i.e. +0.2 percentage points compared to December 2023). The equipment rate for property and casualty insurance10 was 44.2% at the end of March 2025 and continues to rise (up +0.8 percentage point compared to March 2024). In terms of payment instruments, the number of cards rose by +1.8% year-on-year, as did the percentage of premium cards in the stock, which increased by 1.8 percentage point year-on-year to account for 17% of total cards.
    In the first quarter of 2025, the Regional Banks’ consolidated revenues stood at €3,339 million, up +1.3% compared to the first quarter of 2024, notably impacted by a base effect of +€41 million related to the reversal of the Home Purchase Savings Plan provision in the first quarter of 202411. Excluding this item, revenues were up +2.6% compared to the first quarter of 2024, benefiting from the increase in the intermediation margin and stable fee and commission income, mainly driven by account management and payment instruments (+3.3%). Operating expenses posted a contained increase (+1.8%). Gross operating income was stable year-on-year (+5.2% excluding the base effect11). The cost of risk increased by +28.7% compared to the first quarter of 2024 to -€318 million. The cost of risk/outstandings (over four rolling quarters) remained under control at 21 basis points (a 1 basis point increase compared to fourth quarter 2024).
    Thus, the net pre-tax income was down -11.6% and stood at €522 million. The Regional Banks’ consolidated net income was €346 million, down -21.2% compared to the first quarter of 2024, especially impacted by the corporate income tax surcharge (-15.3% excluding the base effect 11).
    The Regional Banks’ contribution to net income Group share was €341 million in the first quarter of 2025, up -23% compared to the first quarter of 2024 (-17% excluding base effect11).

    Crédit Agricole S.A.

    Results

    Crédit Agricole S.A.’s Board of Directors, chaired by Dominique Lefebvre, met on 29 April 2025 to examine the financial statements for the first quarter of 2025.

    Credit Agricole S.A. – Income statement, Q1-25 and Q1-24

    En m€ T1-25 T1-24 ∆ T1/T1
    Revenues 7,256 6,806 +6.6%
    Operating expenses (3,991) (3,669) +8.8%
    Gross operating income 3,266 3,137 +4.1%
    Cost of risk (413) (400) +3.4%
    Equity-accounted entities 47 43 +9.2%
    Net income on other assets 1 (6) n.m.
    Change in value of goodwill – – n.m.
    Income before tax 2,900 2,773 +4.6%
    Tax (827) (610) +35.5%
    Net income from discont’d or held-for-sale ope. 0 – n.m.
    Net income 2,073 2,163 (4.1%)
    Non controlling interests (249) (259) (3.9%)
    Net income Group Share 1,824 1,903 (4.2%)
    Earnings per share (€) 0.56 0.50 +11.4%
    Cost/Income ratio (%) 55.0% 53.9% +1.1 pp

    In the first quarter of 2025, Crédit Agricole S.A.’s net income Group share amounted to €1,824 million, a decrease of -4.2% from the first quarter of 2024. The results of the first quarter of 2025 are based on high revenues, a cost/income ratio maintained at a low level and a controlled cost of risk, but are impacted by the corporate income tax surcharge. Pre-tax income is high, up +4.6% compared to the first quarter of 2024.

    In the first quarter of 2025, revenues were at a record level, standing at €7,256 million. They were up sharply (+6.6%) compared to the first quarter of 2024. This growth was driven by growth in the Asset Gathering division (+15%) which in turn was driven by strong activity and the rise in outstandings across all business lines, including the integration of Degroof Petercam12. Large Customer division revenues (+6.3%) were driven by good results from all business lines with continued revenue growth in corporate and investment banking (with a record revenue level for Crédit Agricole CIB) in the first quarter, in addition to an improvement in the net interest margin and fee and commission income within CACEIS. Specialised Financial Services division revenues (+2.6%) benefited mainly from positive price effects in the Personal Finance and Mobility business line. French Retail Banking growth (+1.0%) was driven by the rise in fee and commission income, and International Retail Banking revenues (-3.0%) were impacted by a base effect related to exceptional foreign exchange activity in Egypt in the first quarter of 2024. Revenues from the Corporate Centre recorded an increase of +€40 million, favourably impacted by the revaluation of the stake in Banco BPM.

    Operating expenses totalled -€3,991 million in the first quarter of 2025, an increase of +8.8% compared to the first quarter of 2024, reflecting the support given to business line development. The increase in expenses of -€322 million between the first quarter of 2024 and the first quarter of 2025 is partly made up of a scope effect and integration costs of -€138 million13 and IFRIC impact of -€72 million. Other expenses increase by -€113 million (+3.2%).

    The cost/income ratio thus stood at 55.0% in the first quarter 2025, increasing by +1.1 percentage point compared to the first quarter of 2024.

    Gross operating income in the first quarter of 2025 stood at €3,266 million, an increase of +4.1% compared to the first quarter of 2024.

    As at 31 March 2025, risk indicators confirm the high quality of Crédit Agricole S.A.’s assets and risk coverage level. The diversified loan book is mainly geared towards home loans (26% of gross outstandings) and corporates (45% of Crédit Agricole S.A. gross outstandings). The Non Performing Loans ratio showed little change from the previous quarter and remained low at 2.3%. The coverage ratio14 was high at 74.9%, up +0.8 percentage points over the quarter. Loan loss reserves amounted to €9.4 billion for Crédit Agricole S.A., a -€0.2 billion decline from end-December 2024. Of those loan loss reserves, 36.6% were for performing loans (percentage up +0.8% from the previous quarter).

    The cost of risk was a net charge of -€413 million, up +3.4% compared to the first quarter of 2024, and came mainly from a provision for non-performing loans (level 3) of -€411 million (compared to a provision of -€384 million in the first quarter of 2024). Net provisioning on performing loans (levels 1 and 2) was almost zero this quarter, compared to a provision of -€12 million in the first quarter of 2024. Also noteworthy is a provision of -€2 million for other items (legal provisions) versus -€5 million in the first quarter of 2024. By business line, 60% of the net provision for the quarter came from Specialised Financial Services (55% at end-March 2024), 22% from LCL (30% at end-March 2024), 16% from International Retail Banking (20% at end-March 2024), 5% from the Corporate Centre (3% at end-March 2024) and recovered for Large Customers (same as end-March 2024). The provisioning levels were determined by taking into account several weighted economic scenarios and by applying some flat-rate adjustments on sensitive portfolios. The weighted economic scenarios for the first quarter are the same used for the previous quarter. In the first quarter of 2025, the cost of risk/outstandings was 34 basis points over a rolling four-quarter period15 and 30 basis points on an annualised quarterly basis16 (a decrease of one basis point, versus the first quarter of 2024).

    The contribution from equity-accounted entities amounted to €47 million in the first quarter of 2025, up +9.2% compared to the first quarter of 2024, mainly due to the growth of equity-accounted entities in the Personal finance and mobility business line.

    Pre-tax income, discontinued operations and non-controlling interests therefore increased by +4.6% to €2,900 million.

    The effective tax rate stood at 29.0%, up +6.6 percentage points compared to the first quarter of 2024. The tax charge was -€827 million, up +35.5% in connection with the impact in the first quarter of 2025 of the exceptional corporate tax surcharge of €-123 million, corresponding to an estimation of -€200 million in 2025 (assuming 2025 fiscal result being equal to 2024 fiscal result). Net income before non-controlling interests was down -4.1% to €2,073 million. Non-controlling interests amounted to -€249 million in first quarter 2025, down -3.9%.

    Earnings per share in the first quarter of 2025 reached €0.56, increasing by +11.4% compared to the first quarter of 2024.
    RoTE17, which is calculated on the basis of an annualised Net Income Group Share 18 and IFRIC charges and additional corporate tax charge linearised over the year, net of annualised Additional Tier 1 coupons (return on equity Group share excluding intangibles) and net of foreign exchange impact on reimbursed AT1, and restated for certain volatile items recognised in equity (including unrealised gains and/or losses), reached 15.9% in the first quarter of 2025, decreasing of 0.1 percentage point compared to the first quarter of 2024.

    Analysis of the activity and the results of Crédit Agricole S.A.’s divisions and business lines

    Activity of the Asset Gathering division

    In the first quarter of 2025, the assets under management of the Asset gathering (AG) division stood at €2,878 billion, up +€11 billion over the quarter (i.e. +0.4%), mainly due to positive net inflows in the three insurance, asset management, and wealth management businesses, offset by an unfavourable market and foreign exchange impact effect over the period. Over the year, assets under management rose by +8.7%.

    Insurance activity (Crédit Agricole Assurances) was very strong, with total premium income of €14.8 billion, up +20.7% compared to the first quarter of 2024 and up in all three segments: savings/retirement, property and casualty, and death & disability/creditor/group insurance.

    In Savings/Retirement, first quarter 2025 premium income stood at €10.8 billion, up +27% compared to the first quarter of 2024. Activity was driven by the success of euro payment bonus campaigns in France (full effect of commercial events over the quarter), which boosted gross euro inflows. As a result, unit-linked rate in gross inflows is down -4.7 percentage points over the year at 34.3%19.The quarter’s record net inflows totalled +€4.0 billion (up +€1.5 billion compared to the fourth quarter of 2024), comprised of +€2.0 billion net inflows from unit-linked contracts and +€1.9 billion from euro funds.

    Assets under management (savings, retirement and funeral insurance) continued to grow and came to €352.4 billion (up +€17.5 billion year-on-year, or +5.2%). The growth in outstandings was driven by the very high level of quarterly net inflows and favourable market effects. Unit-linked contracts accounted for 30% of outstandings, up +0.5 percentage point compared to the end of March 2024.

    In property and casualty insurance, premium income stood at €2.6 billion in the first quarter of 2025, up +8%20 compared to the first quarter of 2024. Growth stemmed from a price effect, with the increase in the average premium benefiting from revised rates and changes in the product mix, and a volume effect, with a portfolio of over €16.8 million21 policies at the end of March 2025 (an increase of +5% over the year). Lastly, the combined ratio at the end of March 2025 stood at 93.2%22, an improvement of -0.6 percentage point year-on-year.

    In death & disability/creditor insurance/group insurance, premium income for the first quarter of 2025 stood at €1.4 billion, up +4% compared to the first quarter of 2024. The strong year-on-year activity was driven by an excellent quarter in group insurance (+24% compared to the first quarter of 2024) due to the entry into effect of the collective health contract with the Ministry of Agriculture and Food Sovereignty23. Creditor (+2%) and individual death & disability (+3%) activities were resilient.

    In Asset Management (Amundi), assets under management by Amundi increased by +0.3% and +6.2% respectively over the quarter and the year, reaching a new record of 2,247 billion at the end of March 2025, benefiting from a high level of inflows over 12 months (+€70 billion), and despite a significantly negative foreign exchange impact this quarter (-€26 billion). Over the quarter, net inflows in asset management (Amundi) stood at +€31.1 billion, driven by a record quarterly inflow of medium-long term assets24(+€37 billion). This good performance is illustrated in particular by the continued dynamic in the strategic aeras (ETF +€10 billion, Third Party Distribution +€8 billion, Asia +€8 billion). In the institutional segment, net inflows of €22.4 billion over the quarter continued their strong commercial activity, driven by medium-long term assets, mainly the acquisition of a large ESG equity index mandate with The People’s Pension in the United Kingdom (+€21 billion). In return, Corporates recorded a seasonal outflow in treasury products. Finally, JVs posted a net inflow of €2.9 billion over the period, with good inflows in Korea, stabilisation in China and an outflow in India related to the end of the financial year and the local market correction from the fourth quarter of 2024. Furthermore, the finalisation of the partnership with Victory Capital was announced on 1 April 2025.

    In Wealth management, total assets under management (CA Indosuez Wealth Management and LCL Private Banking) amounted to €278 billion at the end of March 2025, and were up +41.3% compared to March 2024 and stable compared to December 2024.

    For Indosuez Wealth Management, outstandings at the end of March stood at €213 billion25, down -0.7% compared to end-December 2024. Despite activity remaining positive with positive net inflows of €0.8 billion, the market and foreign exchange impact for the quarter was unfavourable by -€2 billion. Compared to the end of March 2024, assets under management were up by +€80 billion (or +60.2%), taking into account a scope effect of €69 billion (integration of Degroof Petercam in June 2024). The announcement on 4 April 2025 of the planned acquisition of Banque Thaler in Switzerland is also noteworthy.

    Results of the Asset Gathering division

    In the first quarter of 2025, the Asset Gathering division generated €2,058 million in revenues, up +15.0% compared to the first quarter of 2024, driven by all the division’s business lines. Expenses increased +24.1% to -€936 million and gross operating income came to €1,123 million, +8.4% compared to first quarter of 2024. The cost/income ratio for the first quarter of 2025 stood at 45.5%, up +3.3 percentage points compared to the same period in 2024. As a result, pre-tax income increased by +8.2% to €1,139 million in the first quarter of 2025. Net income Group share recorded a drop of 5%, taking into account corporate tax additional charge in France.

    In the first quarter of 2025, the Asset Gathering division contributed by 35% to the net income Group share of the Crédit Agricole S.A. core businesses and 28% to revenues (excluding the Corporate Centre division).

    As at 31 March 2025, equity allocated to the division amounted to €13.4 billion, including €10.8 billion for Insurance, €1.8 billion for Asset Management, and €0.8 billion for Wealth Management. The division’s risk-weighted assets amounted to €51.7 billion, including €24.3 billion for Insurance, €19.2 billion for Asset Management and €8.2 billion for Wealth Management.

    Insurance results

    In first quarter 2025, insurance revenues stood at €727 million, a slight increase of +0.7% compared to the first quarter of 2024, supported by Savings/Retirement (related to the increase in outstandings) and property and casualty insurance, offsetting a narrowing of technical margins in Creditor insurance combined with methodological effects. Revenues for the quarter included €505 million from savings/retirement and funeral insurance26, €103 million from personal protection27 and €122 million from property and casualty insurance28.

    The Contractual Service Margin (CSM) totalled €25.8 billion at the end of March 2025, an increase of +2% compared to the end of December 2024.

    Non-attributable expenses for the quarter stood at -€96 million, up +4.7% over the first quarter of 2024. As a result, gross operating income reached €632 million, stable (+0.1%) compared to the same period in 2024. Net pre-tax income was stable, amounting to €631 million. Excluding the effect of replacing Tier 1 debt with Tier 2 debt in September 202429, it was up by +2%. For the same reason, non-controlling interests amounted to -€3 million compared to -€14 million in the first quarter of 2024, due to the inclusion of accounting items on the redemption of Tier 1 instruments29. Net income Group share stood at €439 million, down -11.0% compared to the first quarter of 2024, taking into account the corporate tax additional charge in France.

    Insurance contributed 23% to the net income Group share of Crédit Agricole S.A.’s business lines (excluding the Corporate Centre division) at end-March 2025 and 10% to their revenues (excluding the Corporate Centre division).

    Asset Management results

    In the first quarter of 2025, revenues amounted to €892 million, showing double-digit growth of +11.0% compared to the first quarter of 2024. Net management fee and commission income showed a sustained increase of +7.7% on the first quarter of 2024 in a context of market appreciation. Performance fee and commission income was also up by +30.7% compared to the first quarter of 2024. Amundi Technology’s revenues continued their sustained growth and increased by +46.2% compared to the first quarter of 2024, thanks to the integration of aixigo, a European leader in Wealth Tech, whose acquisition was finalised in November 2024, amplifying organic growth, which remained strong (+21%). Operating expenses amounted to -€496 million, up +10.6% compared to the first quarter of 2024. They include the scope effects related to Alpha Associates and aixigo, as well as the integration costs related to Victory Capital. Apart from these effects, expenses increased by +6.3% over the period. The cost/income ratio at 55.6%, is down -0.2 percentage points despite Victory Capital30 integration costs. Restated from the latter, the cost/income ratio stood at 54.8%. Gross operating income stood at €396 million, an increase of +11.6% compared to the first quarter of 2024. The contribution of equity-accounted entities, including the contribution of Amundi’s Asian joint ventures, amounted to €28 million, down slightly compared to the first quarter of 2024. Consequently, pre-tax income came to €419 million, a +9.3% increase compared to the first quarter of 2024. Net income Group share stood at €183 million, down -7.3% compared to the first quarter of 2024, taking into account the impact of the corporate tax additional charge in France. 

    Wealth Management results31

    In the first quarter of 2025, revenues from wealth management amounted to €439 million, up +66.4% compared to the first quarter of 2024, benefiting from the impact of the integration of Degroof Petercam in June 202432. Apart from this effect, revenues were supported by the strong activity of transactional fee and commission income, and the net interest margin held up well over the period. Expenses for the quarter amounted to -€344 million, up +60.7% compared to the first quarter of 2024, impacted by a Degroof Petercam scope effect32 and -€13 million in integration costs. Restated for these impacts, growth in expenses was stable compared to the first quarter of 2024. The cost/income ratio for the first quarter of 2025 stood at 78.4%, down -2.8 percentage points compared to the same period in 2024. Restated for integration costs, it amounted to 75.5%. Gross operating income reached €95 million, up sharply (+91.3%) compared to the first quarter of 2024. Cost of risk remained moderate at -€6 million. Net income Group share reached €58 million, up sharply (x 2.3) compared to the first quarter of 2024.

    Wealth Management contributed 3% to the net income Group share of Crédit Agricole S.A.’s business lines (excluding the Corporate Centre division) at end-March 2025 and 6% of their revenues (excluding the Corporate Centre division).

    At 31 March 2025, equity allocated to Wealth management was €0.8 billion and risk-weighted assets totalled €8.2 billion.  

    Activity of the Large Customers division

    The large customers division posted good activity in the first quarter of 2025, thanks to very good performance from Corporate and Investment banking (CIB) and strong activity in asset servicing.

    Corporate and Investment Banking’s first quarter 2025 revenues rose sharply to €1,887 million, an increase of +7.3% compared to the first quarter of 2024, driven by growth in its two business lines. Capital Markets and Investment Banking grew its revenues to €1,017 million, an increase of +10.0% compared with the first quarter of 2024. This was fuelled by new growth in revenues across all Capital Market activities (+5.9% compared to the first quarter of 2024) in a context of high volatility, and by the good level of activity in Investment Banking (+31.6% compared to the first quarter of 2024) thanks to the good dynamics of Structured Equities activities. Financing activity revenues were also up at €870 million, an increase of +4.4% relative to the first quarter of 2024. This was mainly due to the performance of Commercial Banking (+1.7% compared to the first quarter of 2024), driven by the performance of assets financing and project financing, particularly in Green Energy and Aerospace, and by Trade and Export Finance activities. The structured finance activity also recorded an increase in revenues of +9.4% compared to the first quarter of 2024.

    Financing activities consolidated its leading position in syndicated loans (#1 in France33 and #2 in EMEA33). Crédit Agricole CIB reaffirmed its strong position in bond issues (#2 All bonds in EUR Worldwide33) and was ranked #1 in Green, Social & Sustainable bonds in EUR34. Average regulatory VaR stood at €10.5 million in the first quarter of 2025, up slightly from €9.5 million in the fourth quarter of 2024, reflecting changes in positions and financial markets. It remained at a level that reflected prudent risk management.

    For Asset servicing, business growth was supported by strong commercial activity and favourable market effects, which offset the planned exit of ISB customers.

    Assets under custody (AuC) rose by +3.3% at end-March 2025 compared to end-December 2024, up +9.0% from end-March 2024, to reach €5,467 billion. Assets under administration also increased by +5.3% this quarter and were up +4.7% year-on-year, totalling €3,575 billion at end-March 2025.

    Results of the Large Customers division

    In the first quarter of 2025, revenues of the Large Customers division once again reached a record level, with €2,408 million, up +6.3% compared with the first quarter of 2024, buoyed by an excellent performance in the Corporate and Investment Banking and Asset Servicing business lines.

    Operating expenses increased by +4.9% due to IT investments and business line development. As a result, the division’s gross operating income was up +8.2% from the first quarter of 2024 to €1,048 million. The business line recorded a net reversal in the cost of risk of +€25 million, compared to a reversal of +33 million in the first quarter of 2024. Pre-tax income amounted to €1,078 million, up +7.2% compared to the first quarter of 2024. The tax charge stood at -€305 million in the first quarter of 2025, taking into account the additional corporate income tax charge. Finally, net income Group share totalled €723 million in the first quarter of 2025, stable (+0.2%) compared to the first quarter of 2024.

    The business line contributed 38% to the net income Group share of Crédit Agricole S.A.’s core businesses (excluding the Corporate Centre division) at end-March 2025 and 33% to revenues excluding the Corporate Centre.

    At 31 March 2025, the equity allocated to the division was €13.5 billion and its risk-weighted assets were €141.7 billion.

    Corporate and Investment Banking results

    In the first quarter of 2025, Corporate and Investment Banking revenues reached a record of €1,887 million, up +7.3% compared to the first quarter of 2024. This was the best quarter recorded for Corporate and Investment Banking.

    Operating expenses rose by +7.5% to -€992 million, mainly due to IT investments and the development of business line activities. Gross operating income rose sharply by +7.1% compared to the first quarter 2024, taking it to a high level of +€895 million. The cost/income ratio was stable at 52.6% (+0.1 percentage point over the period). The cost of risk recorded a net reversal of +€24 million, notably related to new synthetic securitisation transactions. Lastly, pre-tax income in the first quarter of 2025 stood at €919 million, up +5.3% compared to the first quarter of 2024. Finally, net income Group share recorded a decrease of -0.5%, impacted by the additional corporate tax charge, to reach €648 million in the first quarter of 2025.

    Asset servicing results

    In the first quarter of 2025, the revenues of Asset Servicing were up +2.7% compared to the first quarter of 2024, standing at €522 million. This increase was driven by the favourable evolution of the net interest margin and fee and commission income on flow activities and transactions. Operating expenses were down by -1.6% to
    -€368 million, due to the decrease in ISB integration costs compared to the first quarter of 202435. Apart from this effect, expenses were up slightly pending the acceleration of synergies. As a result, gross operating income was up by +14.7 and stood at €153 million in the first quarter of 2025. The cost/income ratio for the first quarter of 2025 stood at 70.6%, down -3.1 percentage points compared to the same period in 2024. Consequently, pre-tax income was up by +19.1% and stood at €160 million in the first quarter of 2025. Net income Group share recorded an increase of +6% taking into account the additional corporate tax charge.

    Specialised financial services activity

    The commercial production of Crédit Agricole Personal Finance & Mobility (CAPFM) totalled €11.0 billion in the first quarter of 2025. It was down by -6.4% compared to the first quarter of 2024, related to the economic context negatively impacting the automotive market in Europe and China. The share of automotive financing36 in quarterly new business production stood at 48.5%. The average customer rate for production was up slightly by +3 basis points from the fourth quarter of 2024. As a result, CAPFM’s assets under management stood at €120.7 billion at end-March 2025, up +5.6% compared to end-March 2024, driven by all scopes: Automotive +8.6%37, LCL and Regional Bank +4.4%, Other Entities +3.0%. Automotive benefited from the consolidation of GAC Leasing this quarter as well as the development of car rental activities. Lastly, consolidated outstandings totalled €68.7 billion at end-March 2025, up 0.8% compared to the first quarter of 2024.

    Crédit Agricole Leasing & Factoring (CAL&F) commercial production increased by +3.0% in leasing, compared to the first quarter of 2024. This was driven by property leasing and renewable energy financing in France. Leasing outstandings rose +5.7% year-on-year, both in France (+4.5%) and internationally (+10.6%), to reach €20.5 billion at end-March 2025 (of which €16.1 billion in France and €4.4 billion internationally). Commercial production in factoring was down by -5.1% compared to the first quarter of 2024; International sales were down -31.6% due to a base effect linked to Germany, which recorded significant deals in the first quarter of 2024; France was up +16%, benefiting from significant contracts this quarter. Factoring outstandings at end-March 2025 were up +14.4% compared to end-March 2024, and factored revenues were up by +5.4% compared to the same period in 2024.

    Specialised financial services’ results

    The revenues of the Specialised Financial Services division were €868 million in the first quarter of 2025, up +2.6% compared to the first quarter of 2024. Expenses stood at -€474 million, up +4.4% compared to the first quarter of 2024. The cost/income ratio stood at 54.5%, up +0.9 percentage points compared to the same period in 2024. Gross operating income thus came to €395 million, up +0.6% compared to the first quarter of 2024. Cost of risk amounted to -€249 million, up +13.8% compared to the third quarter of 2024. The results of equity-accounted entities amounted to €36 million, up +18.5% compared to the first quarter of 2024; restated for non-recurring items from the first quarter of 2025 for €12 million, it was down -21.0%. Pre-tax income for the division amounted to €182 million, down -10.6% compared to the same period in 2024. Net income Group share includes the corporate tax additional charge in France and amounted to €148 million, up +4.1% compared to the same period in 2024.

    The business line contributed 8% to the net income Group share of Crédit Agricole S.A.’s core businesses (excluding the Corporate Centre division) at end-March 2025 and 12% to revenues excluding the Corporate Centre.

    At 31 March 2025, the equity allocated to the division was €7.5 billion and its risk-weighted assets were €79.0 billion.

    Personal Finance and Mobility results

    CAPFM revenues reached €683 million in the first quarter of 2025, up +2.0% compared to the first quarter of 2024, with a positive price effect thanks in particular to the production margin rate, which improved by +32 basis points in the first quarter of 2025 compared to the first quarter of 2024 (up +9 basis points compared to the fourth quarter of 2024). Expenses amounted to -€370 million, an increase of +4.3% due to employee expenses and IT expenses and compared to the first quarter of 2024, which was low. Gross operating income therefore stood at €313 million, stable compared to the first quarter of 2024 (-0.5%). The cost/income ratio stood at 54.2%, up +1.2 percentage points compared to the same period in 2024. The cost of risk stood at -€225 million, up +13.0% from the first quarter of 2024. The cost of risk/outstandings thus stood at 130 basis points38, a deterioration of +13 basis points compared to the first quarter of 2024, especially in international subsidiaries. The Non-Performing Loans ratio was 4.5% at the end of March 2025, down -0.2 percentage point compared to the end of December 2024, while the coverage ratio reached 73.5%, up +0.3 percentage points compared to the end of December 2024. The contribution from equity-accounted entities rose by +18.1% compared to the same period in 2024. Restated for non-recurring items from the first quarter of 2025 for €12 million, the results for equity-accounted entities dropped by -19.3% in connection with the Chinese market. Pre-tax income amounted to €126 million, down -14.3% compared to the same period in 2024. The net income Group share includes the corporate tax additional charge in France and reached €106 million, up +7.5% compared to the previous year.

    Leasing & Factoring results

    CAL&F’s revenues totalled €185 million, up +4.8% compared to the first quarter 2024. This increase was driven by equipment leasing and factoring. Expenses stood at -€104 million, up +4.6% in connection with the growth of the system, and the cost/income ratio stood at 56.0%, an improvement of -0.1 percentage point compared to the first quarter of 2024. Gross operating income stood at €82 million, up +5.0% compared to the first quarter of 2024. Cost of risk totalled -€24 million, up +21.5% compared to the same period in 2024. This rise was due to the small business and SME markets. Cost of risk/outstandings stood at 25 basis points38, up +3 basis points compared to first quarter 2024. Pre-tax income amounted to €56 million, stable (-0.7%) compared to the same period in 2024. Net income Group share includes the corporate tax additional charge in France and amounted to €42 million, down -3.7% compared to the previous year.

    Crédit Agricole S.A. Retail Banking activity

    In retail banking at Crédit Agricole S.A. this quarter, loan production in France continued its upturn compared to the first half of 2024 and the dynamic momentum continues in Italy. The number of customers with insurance is progressing.

    Retail banking activity in France

    In the first quarter of 2025, activity remained steady, albeit with a slowdown in property loans compared to the previous quarter and a stability in inflows and non-remunerated demand deposits over the quarter. Customer acquisition remained dynamic, with 67,000 new customers this quarter.

    The equipment rate for car, multi-risk home, health, legal, all mobile phones or personal accident insurance rose by +0.2 percentage points to stand at 28.0% at end-March 2025.

    Loan production totalled €6.7 billion, representing a year-on-year increase of +32%. The first quarter of 2025 recorded a slowdown in the production of property loans(+46% compared to the first quarter of 2024 and -34% compared to the fourth quarter of 2024), partially due to the seasonal effect. The average production rate for home loans came to 3.18%, down -6 basis points from the fourth quarter of 2024 and -102 basis points year on year. The home loan stock rate improved by +5 basis points over the quarter and by +19 basis points year on year. The strong momentum continued in the corporate market (+49% year on year) and the small business market (+6.4% year on year) but slowed for the consumer credit segment (-10.3%), in a challenging economic environment.

    Outstanding loans stood at €171 billion at end-March 2025, stable over the quarter and increasing by +1.6% year-on-year (of which +1.7% for home loans, +1.1% for loans to professionals, +2.0% for loans to corporates). Customer assets totalled €256.5 billion at end-March 2025, up +2.2% year on year, driven by interest-earning deposits and off-balance sheet funds. Over the quarter, customer assets were also up by +0.6%, including term deposits by +0.9%, in an environment that remains uncertain. Off-balance sheet deposits benefited from a positive year-on-year (unfavourable in the quarter) market effect across all segments and positive net inflows in life insurance.

    Retail banking activity in Italy

    In the first quarter of 2025, CA Italia posted gross customer capture of 53,000.

    Loan outstandings at CA Italia stood at €61.1 billion at end-March 202539, up +1.6% compared with end-March 2024, in a stable Italian market40, driven by the retail segment, which posted an increase in outstandings of +3.0%, and with a stable corporate segment. The loan stock rate was down -34 basis points compared to the fourth quarter of 2024, in line with the evolution in market rates. Loan production, buoyed by the solid momentum in all markets, rose +19.2% compared with the first quarter of 2024.

    Customer assets at end-March 2025 totalled €118.2 billion, up +1.7% compared with end-March 2024; on-balance sheet deposits were down -2.1% compared to end-March 2024, while the cost of on-balance sheet deposits decreased. Finally, off-balance sheet deposits increased by +6.5% over the same period and benefited from net flows and a positive market effect.

    CA Italia’s equipment rate in car, multi-risk home, health, legal, all mobile phones or personal accident insurance exceeded 20.0%, at 20.3%, up +1.0 percentage point compared with the first quarter of 2024.

    International Retail Banking activity excluding Italy

    For International Retail Banking excluding Italy, loan outstandings were €7.4 billion, up +5.8% at current exchange rates at end-March 2025 compared with end-March 2024 (+4.7% at constant exchange rates). Customer assets rose by +€12 billion and were up +11.1% over the same period at current exchange rates (+11.5% at constant exchange rates).

    In Poland in particular, loan outstandings increased by +3.6% compared to end-March 2024 (+0.7% at constant exchange rates) driven by the retail segment and on-balance sheet deposits of +17.0% (+13.8% at constant exchange rates). Loan production in Poland was stable this quarter compared to the first quarter of 2024 (+3.4% at current exchange rates and +0.3% at constant exchange rates). In addition, gross customer capture in Poland reached 64,000 new customers this quarter.

    In Egypt, commercial activity was strong in all markets. Loan outstandings rose +19.7% between end-March 2025 and end-March 2024 (+27.8% at constant exchange rates). Over the same period, on-balance sheet deposits increased by +5.4%% and were up +12.5% at constant exchange rates.

    Liquidity is still very strong with a net surplus of deposits over loans in Poland and Egypt amounting to +€2.3 billion at 31 March 2025, and reached €3.9 billion including Ukraine.

    French retail banking results

    In the first quarter of 2025, LCL revenues amounted to €963 million, up (+1.0%) compared to the first quarter of 2024. The increase in fee and commission income (+3.6% Q1/Q1) was driven by all activities (excluding securities management), but mainly by strong momentum in insurance (life and non-life). NIM is down by -1.7% Q1/Q1 and benefited from the increase in credit yields (stock repricing +19 bp Q1/Q1 and +5 bp Q1/Q4) and the reduction in the cost of resources, making it possible to mitigate the lower contribution of macro-hedging.

    Expenses are up by +3.8% and stood at -€625 million linked to the acceleration of investments (IT and employee expenses). The cost/income ratio stood at 64.9%, an increase by 1.8 percentage point compared to first quarter 2024. Gross operating income fell by -3.9% to €338 million.

    The cost of risk was down -22.9% compared to the first quarter of 2024 and stood at -€92 million (including a provision of -€95 million on proven risk and a recovery of €3 for contingent liabilities). The cost of risk/outstandings therefore stood at 20 basis points, with its level still high on the professional market. The coverage ratio stood at 63.0% at end-March 2025 (+0.4 percentage points compared to end-December 2024). The Non-Performing Loans ratio reached 2.0% at the end of March 2025, stable compared to the end of December 2024.

    In the end, pre-tax income stood at €247 million, up +5.3% compared to the first quarter of 2024, and net income Group share was down -25.6% compared to the first quarter 2024, impacted by the corporate income tax.

    In the end, the business line contributed 7% to the net income Group share of Crédit Agricole S.A.’s core businesses (excluding the Corporate Centre division) in the first quarter of 2025 and 13% to revenues excluding the Corporate Centre division.

    At 31 March 2025, the equity allocated to the business line stood at €5.1 billion and risk-weighted assets amounted to €53.9 billion.

    International Retail Banking results41

    In the first quarter of 2025, revenues for International Retail Banking totalled €1,025 million, down compared with the fourth quarter of 2024 (-3.0% at current exchange rates, -0.7% at constant exchange rates). Operating expenses were under control at -€515 million, an increase of +1.8% (+2.6% at constant exchange rates). Gross operating income consequently totalled €511 million, down -7.5% (-3.9% at constant exchange rates) for the period. Cost of risk amounted to -€66 million, down -18.9% compared to first quarter 2024 (-19.0% at constant exchange rates).

    All in all, net income Group share for CA Italia, CA Egypt, CA Poland and CA Ukraine amounted to €246 million in the first quarter of 2025, down -4.3% (and stable at -0.4% at constant exchange rates).

    At 31 March 2025, the capital allocated to International Retail Banking was €4.1 billion and risk-weighted assets totalled €43.4 billion.

    Results in Italy

    In the first quarter of 2025, Crédit Agricole Italia revenues stood at €777 million, stable (+0.3%) compared to the first quarter of 2024. The decrease in net interest margin (-5.8% compared to the first quarter of 2024) is offset by the increase in fee and commission income (+7.4% compared to the first quarter of 2024), which was driven by fee and commission income on assets under management (+11.6% compared to the first quarter of 2024). Operating expenses were -€384 million, contained and stable at +0.5% over the first quarter of 2024.

    Cost of risk amounted to -€56 million in first quarter 2025, down -7.9% compared to first quarter 2024, and corresponded almost entirely to provisions for proven risk. Cost of risk/outstandings42 stood at 39 basis points, up 1 basis point compared to the fourth quarter of 2024. The NPL ratio stood at 2.8%, improved compared to the fourth quarter of 2024, while the coverage ratio stood at 77.9% (+2.8 percentage points compared to the fourth quarter of 2024). Net income Group share for CA Italia was therefore €178 million, stable (-0.8%) compared to the first quarter of 2024.

    International Retail Banking results – excluding Italy

    In the first quarter of 2025, revenues for International Retail Banking excluding Italy totalled €248 million, down -12.2% (+3.9% at constant exchange rates) compared to the first quarter of 2024. Revenues in Poland were up +8.6% compared to the first quarter of 2024 (+5.3% at constant exchange rates), with a higher net interest margin. Revenues in Egypt were down -35.7% (-13.2% at constant exchange rates) with a base effect related to the exceptional foreign exchange activity of the first quarter of 2024, but benefited from an increased net interest margin. Operating expenses for International Retail Banking excluding Italy amounted to €131 million, up +5.8% compared to the first quarter of 2024 (+9.4% at constant exchange rates) due to the effect of employee expenses and taxes in Poland as well as employee expenses and inflation in Egypt. Gross operating income amounted to €117 million, down -26.3% (+15.3% at constant exchange rates) compared to the first quarter of 2024. The cost of risk remained contained at -€10 million, versus -€21 million in the first quarter of 2024. Furthermore, at end-March 2025, the coverage ratio for loan outstandings remained high in Poland and Egypt, at 122% and 144% respectively. In Ukraine, the local coverage ratio remains prudent (450%). All in all, the contribution of International Retail Banking excluding Italy to net income Group share was €67 million, down -12.4% compared with the first quarter of 2024 at current exchange rates and stable at constant exchange rates (+0.8%).  

    At 31 March 2025, the entire Retail Banking business line contributed 19% to the net income Group share of Crédit Agricole S.A.’s core businesses (excluding the Corporate Centre division) and 27% to revenues excluding the Corporate Centre.

    At 31 March 2025, the division’s equity amounted to €9.2 billion. Its risk-weighted assets totalled €97.2 billion.

    Corporate Centre results

    The net income Group share of the Corporate Centre was -€102 million in first quarter 2025, up +€5 million compared with first quarter 2024. The positive contribution of the Corporate Centre division can be analysed by distinguishing between the “structural” contribution (-€55 million) and other items (-€48 million).
    The contribution of the “structural” component (-€55 million) was up by +€52 million compared with the first quarter of 2024 and can be broken down into three types of activity:

    • The activities and functions of the Corporate Centre of the Crédit Agricole S.A. Parent Company. This contribution was -€315 million in the first quarter of 2025, down -€20 million, mainly explained by the accounting of the IFRIC tax in a single payment this quarter, whereas it had been spread over two quarters last year
    • The business lines that are not part of the core businesses, such as CACIF (private equity), CA Immobilier, CATE and BforBank (equity-accounted). Their contribution, at +€252 million in the first quarter of 2025, was up +€67 million compared to the first quarter of 2024, including a positive impact of the revaluation of Banco BPM shares.
    • Group support functions. Their contribution amounted to +€9 million this quarter (+€4 million compared with first quarter 2024).

    The contribution from “other items” amounted to -€48 million, down -€47 million compared to the first quarter of 2024, mainly explained by a negative variance related to ESTER/BOR volatility.

    At 31 March 2025, risk-weighted assets stood at €35.1 billion.

    Financial strength

    Crédit Agricole Group has the best level of solvency among European Global Systemically Important Banks.

    Capital ratios for Crédit Agricole Group are well above regulatory requirements. At 31 March 2025, the phased Common Equity Tier 1 ratio (CET1) for Crédit Agricole Group stood at 17.6%, or a substantial buffer of 780 basis points above regulatory requirements. The change in the CET1 ratio over the quarter is explained by the impacts of (a) +56 basis points linked to CRR3 impact (b) +25 basis points linked to retained earnings, (c) -17 bp related to the organic growth of the business lines and (d) -17 basis points for methodological effects, M&A and other effects, taking into account in the -9 basis points of the latest IFRS 9 phasing and -8 basis points related to the purchase of shares in Crédit Agricole S.A.

    Crédit Agricole S.A., in its capacity as the corporate center of the Crédit Agricole Group, fully benefits from the internal legal solidarity mechanism as well as the flexibility of capital circulation within the Crédit Agricole Group. The phased-in CET1 capital ratio stood at 12.1% at 31 March 2025, or a buffer of 350 basis points above regulatory requirements. The change in the CET1 ratio over the quarter is explained by the impacts of (a) +44 basis points linked to CRR3 impact (b) +21 basis points linked to retained earnings, (c) -9 bp related to the organic growth of the business lines and (d) -10 basis points for methodological effects, M&A and other effects, taking into account in the -5 basis points of the latest IFRS 9 phasing. Including M&A transactions completed after March 31, 2025 and the estimated impact from the crossing of the exemption threshold in Q2 2025, the proforma CET1 ratio would be 11.8%.

    The breakdown in risk weighted assets for Crédit Agricole S.A. by business line resulted from the combined effects of (a) -€12.9 billion related to the impact of CRR3 and, excluding this effect, (b) -€0.2 billion in the Retail Banking divisions, (c) +€1.4 billion in Asset Gathering, in particular in connection with the increase in the Equity Accounted Value of insurance (d) +€1.9 billion in specialized financial services, (e) -€0.8 billion in Large Customers and (f) +€0.1 billion in Corporate Center.

    For the Crédit Agricole Group, the impact of CRR3 was -€18.2 billion and the increase in risk weighted assets at the Retail Banking divisions was +€1.3 billion excluding the CRR3 effect. The evolution of the other businesses follows the same trend as for Crédit Agricole S.A.

    Crédit Agricole Group’s financial structure

        Crédit Agricole Group   Crédit Agricole S.A.
        31/03/25 31/12/24 Requirements
    31/03/25    		   31/03/25 31/12/24 Requirements
    31/03/25
    Phased-in CET1 ratio43   17.6% 17.2% 9.8%   12.1% 11.7% 8.6%
    Tier1 ratio43   19.0% 18.3% 11.7%   14.3% 13.4% 10.4%
    Total capital ratio43   21.8% 20.9% 14.1%   18,4% 17.4% 12.8%
    Risk-weighted assets (€bn)   641 653     405 415  
    Leverage ratio   5.6% 5.5% 3.5%   4.0% 3.9% 3.0%
    Leverage exposure (€bn)   2,173 2,186     1,434 1,446  
    TLAC ratio (% RWA) 43,44   28.5% 26.9% 22,32%        
    TLAC ratio (% LRE)44   8.4% 8.0% 6.75%        
    Subordinated MREL ratio (% RWA) 43   28.5% 26.9% 22.57%        
    Subordinated MREL ratio (% LRE)   8.4% 8.0% 6.25%        
    Total MREL ratio (% RWA) 43   34.0% 32.4% 26.33%        
    Total MREL ratio (% LRE)   10.0% 9.7% 6.25%        
    Distance to the distribution restriction trigger (€bn)45   46 43     14 12  

    For Crédit Agricole S.A., the distance to the trigger for distribution restrictions is the distance to the MDA trigger45, i.e. 354 basis points, or €14 billion of CET1 capital at 31 March 2025. Crédit Agricole S.A. is not subject to either the L-MDA (distance to leverage ratio buffer requirement) or the M-MDA (distance to MREL requirements).

    For Crédit Agricole Group, the distance to the trigger for distribution restrictions is the distance to the L-MDA trigger at 31 March 2025. Crédit Agricole Group posted a buffer of 210 basis points above the L-MDA trigger, i.e. €46 billion in Tier 1 capital.

    At 31 March 2025, Crédit Agricole Group’s TLAC and MREL ratios are well above requirements44. Crédit Agricole Group posted a buffer of 590 basis points above the M-MDA trigger, i.e. €38 billion in CET1 capital. At this date, the distance to the M-MDA trigger corresponded to the distance between the subordinated MREL ratio and the corresponding requirement. The Crédit Agricole Group’s 2025 target is to maintain a TLAC ratio greater than or equal to 26% of RWA excluding eligible senior preferred debt.

    Liquidity and Funding

    Liquidity is measured at Crédit Agricole Group level.

    As of 31 December 2024, changes have been made to the presentation of the Group’s liquidity position (liquidity reserves and balance sheet, breakdown of long term debt). These changes are described in the 2024 Universal Registration Document.

    Diversified and granular customer deposits remain stable compared to December 2024 (€1,148 billion at end-March 2025).

    The Group’s liquidity reserves, at market value and after haircuts46, amounted to €487 billion at 31 March 2025, up +€14 billion compared to 31 December 2024.

    Liquidity reserves covered more than twice the short term debt net of treasury assets.

    This increase in liquidity reserves is notably explained by:

    • The increase in the securities portfolio (HQLA and non-HQLA) for +€6 billion;
    • The increase in collateral already pledged to Central Banks and unencumbered for +€5 billion, including a €2 billion increase in self-securitisations;
    • The increase in central bank deposits for €3 billion.

    Crédit Agricole Group also continued its efforts to maintain immediately available reserves (after recourse to ECB financing). Central bank eligible non-HQLA assets after haircuts amounted to €144 billion.

    Standing at €1,691 billion at 31 March 2025, the Group’s liquidity balance sheet shows a surplus of stable funding resources over stable application of funds of €197 billion, up +€20 billion compared with end-December 2024. This surplus remains well above the Medium-Term Plan target of €110bn-€130bn.

    Long term debt was €315 billion at 31 March 2025, up compared with end-December 2024. This included:

    • Senior secured debt of €89 billion, up +€5 billion;
    • Senior preferred debt of €162 billion, up +€3 billion due to the increase in entities’ issuances;
    • Senior non-preferred debt of €40 billion, up +€3 billion due to the MREL/TLAC eligible debt;
    • And Tier 2 securities of €24 billion, down -€1 billion.

    Credit institutions are subject to a threshold for the LCR ratio, set at 100% on 1 January 2018.

    At 31 March 2025, the average LCR ratios (calculated on a rolling 12-month basis) were 139% for Crédit Agricole Group (representing a surplus of €92 billion) and 144% for Crédit Agricole S.A. (representing a surplus of €89 billion). They were higher than the Medium-Term Plan target (around 110%).

    In addition, the NSFR of Crédit Agricole Group and Crédit Agricole S.A. exceeded 100%, in accordance with the regulatory requirement applicable since 28 June 2021 and above the Medium-Term Plan target (>100%).

    The Group continues to follow a prudent policy as regards medium-to-long-term refinancing, with a very diversified access to markets in terms of investor base and products.

    At 31 March 2025, the Group’s main issuers raised the equivalent of €15.6 billion47in medium-to-long-term debt on the market, 82% of which was issued by Crédit Agricole S.A.

    In particular, the following amounts are noted for the Group excluding Crédit Agricole S.A.:  

    • Crédit Agricole Assurances issued €750 million in RT1 Perpetual NC10.75 year;
    • Crédit Agricole Personal Finance & Mobility issued:
      • €500 million in EMTN issuances through Crédit Agricole Auto Bank (CAAB);
      • €420 million in securitisations through Agos;
    • Crédit Agricole Italia issued one senior secured debt issuance for a total of €1 billion;
    • Crédit Agricole next bank (Switzerland) issued two tranches in senior secured format for a total of 200 million Swiss francs, of which 100 million Swiss francs in Green Bond format.

    At 31 March 2025, Crédit Agricole S.A. raised the equivalent of €11.2 billion through the market48,49.

    The bank raised the equivalent of €11.2 billion, of which €4.7 billion in senior non-preferred debt and €1.4 billion in Tier 2 debt, as well as €1.3 billion in senior preferred debt and €3.8 billion in senior secured debt at end-March. The financing comprised a variety of formats and currencies, including:

    • €1.75 billion50,51;
    • 3.5 billion US dollars (€3.4 billion equivalent);
    • 0.8 billion pounds sterling (€1 billion equivalent);
    • 94.3 billion Japanese yen (€0.6 billion equivalent);
    • 0.4 billion Singapore dollars (€0.3 billion equivalent);
    • 0.6 billion Australian dollars (€0.4 billion equivalent).

    At end-March, Crédit Agricole S.A. had issued 76%52,53 of its funding plan in currencies other than the euro.

    In addition, on 13 February 2025, Crédit Agricole S.A. issued a PerpNC10 AT1 bond for €1.5 billion at an initial rate of 5.875% and announced on 30 April 2025 the regulatory call exercise for the AT1 £ with £103m outstanding (XS1055037920) – ineligible, grandfathered until 28/06/2025 – to be redeemed on 30/06/2025.

    The 2025 MLT market funding programme was set at €20 billion, with a balanced distribution between senior preferred or senior secured debt and senior non-preferred or Tier 2 debt.

    The programme was 56% completed at 31 March 2025, with:

    • €3.8 billion in senior secured debt;
    • €1.3 billion equivalent in senior preferred debt;
    • €4.7 billion equivalent in senior non-preferred debt;
    • €1.4 billion equivalent in Tier 2 debt.

    Appendix 1 – Credit Agricole Group : income statement by business line

    Credit Agricole Group – Results by business line, Q1-25 and Q1-24

      Q1-25
    €m RB LCL IRB AG SFS LC CC Total
                     
    Revenues 3,352 963 1,048 2,049 868 2,408 (640) 10,048
    Operating expenses (2,530) (625) (535) (936) (474) (1,360) 468 (5,992)
    Gross operating income 822 338 513 1,113 395 1,047 (172) 4,056
    Cost of risk (319) (92) (67) (11) (249) 25 (22) (735)
    Equity-accounted entities 6 – – 28 36 6 – 75
    Net income on other assets 3 1 (0) (0) 0 0 0 4
    Income before tax 511 247 445 1,130 182 1,078 (194) 3,399
    Tax (170) (112) (137) (351) (12) (305) 46 (1,041)
    Net income from discont’d or held-for-sale ope. – – 0 – – – (0) (0)
    Net income 341 135 308 779 170 773 (148) 2,358
    Non controlling interests 0 (0) (42) (101) (21) (36) 7 (193)
    Net income Group Share 341 135 266 679 148 738 (141) 2,165
      Q1-24
    €m RB LCL IRB AG SFS LC CC Total
                     
    Revenues 3,314 954 1,081 1,793 846 2,266 (728) 9,525
    Operating expenses (2,484) (602) (524) (754) (454) (1,297) 527 (5,589)
    Gross operating income 830 351 556 1,039 392 969 (201) 3,936
    Cost of risk (247) (119) (84) (3) (219) 33 (13) (651)
    Equity-accounted entities 5 – – 29 30 4 – 68
    Net income on other assets 2 2 (0) (8) (0) 0 (2) (7)
    Income before tax 589 234 472 1,056 203 1,006 (216) 3,347
    Tax (147) (53) (143) (220) (42) (235) 85 (755)
    Net income from discont’d or held-for-sale ope. – – – – – – – –
    Net income 442 181 330 837 161 772 (131) 2,592
    Non controlling interests (0) (0) (51) (112) (19) (34) 7 (208)
    Net income Group Share 442 181 279 725 142 738 (123) 2,384

    Appendix 2 – Credit Agricole S.A. : Income statement by business line

    Crédit Agricole S.A. – Résults by business line, Q1-25 and Q1-24

      Q1-25
    En m€ AG LC SFS FRB (LCL) IRB CC Total
                   
    Revenues 2,058 2,408 868 963 1,025 (67) 7,256
    Operating expenses (936) (1,360) (474) (625) (515) (81) (3,991)
    Gross operating income 1,123 1,048 395 338 511 (148) 3,266
    Cost of risk (11) 25 (249) (92) (66) (21) (413)
    Equity-accounted entities 28 6 36 – – (22) 47
    Net income on other assets (0) 0 0 1 (0) 0 1
    Income before tax 1,139 1,078 182 247 444 (191) 2,900
    Tax (352) (305) (12) (112) (137) 92 (827)
    Net income from discontinued or held-for-sale operations – – – – 0 – 0
    Net income 787 774 170 135 308 (99) 2,073
    Non controlling interests (107) (50) (21) (6) (62) (3) (249)
    Net income Group Share 680 723 148 129 246 (102) 1,824
      Q1-24  
    En m€ AG LC SFS FRB (LCL) IRB CC Total  
                   
    Revenues 1,789 2,266 846 954 1,057 (107) 6,806
    Operating expenses (754) (1,297) (454) (602) (505) (56) (3,669)
    Gross operating income 1,035 969 392 351 552 (163) 3,137
    Cost of risk (3) 33 (219) (119) (82) (11) (400)
    Equity-accounted entities 29 4 30 – – (20) 43
    Net income on other assets (8) 0 (0) 2 (0) – (6)
    Income before tax 1,053 1,006 203 234 470 (194) 2,773
    Tax (220) (235) (42) (53) (142) 82 (610)
    Net income from discontinued or held-for-sale operations – – – – – – –
    Net income 834 772 161 181 328 (112) 2,163
    Non controlling interests (117) (50) (19) (8) (71) 5 (259)
    Net income Group Share 716 722 142 173 257 (107) 1,903

    Appendix 3 – Data per share

    Credit Agricole S.A. – Earnings p/share, net book value p/share and RoTE

    (€m)

    Q1-2025
    Q1-2024

    Net income Group share

    1,824
    1,903

    – Interests on AT1, including issuance costs, before tax

    (129)
    (138)

    – Foreign exchange impact on reimbursed AT1

    –
    (247)

    NIGS attributable to ordinary shares

    [A]
    1,695
    1,518

    Average number shares in issue, excluding treasury shares (m)

    [B]
    3,025
    3,018

    Net earnings per share

    [A]/[B]
    0.56 €
    0.50 €

    (€m)

    31/03/2025
    31/03/2024

    Shareholder’s equity Group share

    77,378
    72,429

    – AT1 issuances

    (8,726)
    (7,184)

    – Unrealised gains and losses on OCI – Group share

    1,222
    1,021

    – Payout assumption on annual results*

    (3,327)
    (3,181)

    Net book value (NBV), not revaluated, attributable to ordin. sh.

    [D]
    66,546
    63,086

    – Goodwill & intangibles** – Group share

    (17,764)
    (17,280)

    Tangible NBV (TNBV), not revaluated attrib. to ordinary sh.

    [E]
    48,783
    45,807

    Total shares in issue, excluding treasury shares (period end, m)

    [F]
    3,025
    3,026

    NBV per share , after deduction of dividend to pay (€)
    + Dividend to pay (€)

    TNBV per share, after deduction of dividend to pay (€)
    TNBV per sh., before deduct. of divid. to pay (€)

    [D]/[F]
    22.0 €
    20.9 €

    [H]
    1.10 €
    1.05 €

    [G]=[E]/[F]
    16.1 €
    15.1 €

    [G]+[H]
    17.2 €
    16.2 €

    * dividend proposed to the Board meeting to be paid
    ** including goodwill in the equity-accounted entities

    (€m)

    Q1-25
    Q1-24

    Net income Group share

    [K]
    1,824
    1,903

    Impairment of intangible assets

    [L]
    0
    0

    Additional corporate tax

    [LL]
    -123
    – 

    IFRIC

    [M]
    -173
    -110

    NIGS annualised (1)

    [N]
    8,111
    7,944

    Interests on AT1, including issuance costs, before tax, foreign exchange impact, annualised

    [O]
    -515
    -799

    Result adjusted

    [P] = [N]+[O]
    7,596
    7,145

    Tangible NBV (TNBV), not revaluated attrib. to ord. sh. – avg *** (2)

    [J]
    47,752
    44,671

    Stated ROTE adjusted (%)

    = [P] / [J]
    15.9%
    16.0%

    *** including assumption of dividend for the current exercice

    (1) ROTE calculated on the basis of an annualised net income Group share and linearised IFRIC costs over the year
    (2) Average of the NTBV not revalued attributable to ordinary shares, calculated between 31/12/2024 and 21/03/2025 (line [E]), restated with an assumption of dividend for current exercises

    Alternative Performance Indicators54

    NBV Net Book Value (not revalued)
    The Net Book Value not revalued corresponds to the shareholders’ equity Group share from which the amount of the AT1 issues, the unrealised gains and/or losses on OCI Group share and the pay-out assumption on annual results have been deducted.

    NBV per share Net Book Value per share – NTBV Net Tangible Book Value per share
    One of the methods for calculating the value of a share. This represents the Net Book Value divided by the number of shares in issue at end of period, excluding treasury shares.

    Net Tangible Book Value per share represents the Net Book Value after deduction of intangible assets and goodwill, divided by the number of shares in issue at end of period, excluding treasury shares.

    EPS Earnings per Share
    This is the net income Group share, from which the AT1 coupon has been deducted, divided by the average number of shares in issue excluding treasury shares. It indicates the portion of profit attributable to each share (not the portion of earnings paid out to each shareholder, which is the dividend). It may decrease, assuming the net income Group share remains unchanged, if the number of shares increases.

    Cost/income ratio
    The cost/income ratio is calculated by dividing operating expenses by revenues, indicating the proportion of revenues needed to cover operating expenses.

    Cost of risk/outstandings
    Calculated by dividing the cost of credit risk (over four quarters on a rolling basis) by outstandings (over an average of the past four quarters, beginning of the period). It can also be calculated by dividing the annualised cost of credit risk for the quarter by outstandings at the beginning of the quarter. Similarly, the cost of risk for the period can be annualised and divided by the average outstandings at the beginning of the period.

    Since the first quarter of 2019, the outstandings taken into account are the customer outstandings, before allocations to provisions.

    The calculation method for the indicator is specified each time the indicator is used.

    Doubtful loan
    A doubtful loan is a loan in default. The debtor is considered to be in default when at least one of the following two conditions has been met:

    • a payment generally more than 90 days past due, unless specific circumstances point to the fact that the delay is due to reasons independent of the debtor’s financial situation.
    • the entity believes that the debtor is unlikely to settle its credit obligations unless it avails itself of certain measures such as enforcement of collateral security right.

    Impaired loan
    Loan which has been provisioned due to a risk of non-repayment.

    Impaired (or non-performing) loan coverage ratio 
    This ratio divides the outstanding provisions by the impaired gross customer loans.

    Impaired (or non-performing) loan ratio 
    This ratio divides the impaired gross customer loans on an individual basis, before provisions, by the total gross customer loans.

    Net income Group share
    Net income/(loss) for the financial year (after corporate income tax). Equal to net income Group share, less the share attributable to non-controlling interests in fully consolidated subsidiaries.

    Net income Group share attributable to ordinary shares
    The net income Group share attributable to ordinary shares represents the net income Group share from which the AT1 coupon has been deducted, including issuance costs before tax.

    RoTE Return on Tangible Equity
    The RoTE (Return on Tangible Equity) measures the return on tangible capital by dividing the Net income Group share annualised by the Group’s NBV net of intangibles and goodwill. The annualised Net income Group share corresponds to the annualisation of the Net income Group share (Q1x4; H1x2; 9Mx4/3) excluding impairments of intangible assets and restating each period of the IFRIC impacts in order to linearise them over the year.

    Disclaimer

    The financial information on Crédit Agricole S.A. and Crédit Agricole Group for first quarter 2025 comprises this presentation and the attached appendices and press release which are available on the website: https://www.credit-agricole.com/finance/publications-financieres.

    This presentation may include prospective information on the Group, supplied as information on trends. This data does not represent forecasts within the meaning of EU Delegated Act 2019/980 of 14 March 2019 (Chapter 1, article 1, d).

    This information was developed from scenarios based on a number of economic assumptions for a given competitive and regulatory environment. Therefore, these assumptions are by nature subject to random factors that could cause actual results to differ from projections. Likewise, the financial statements are based on estimates, particularly in calculating market value and asset impairment.

    Readers must take all these risk factors and uncertainties into consideration before making their own judgement.

    Applicable standards and comparability

    The figures presented for the three-months period ending 31 March 2025 have been prepared in accordance with IFRS as adopted in the European Union and applicable at that date, and with regulations currently in force. This financial information does not constitute a set of financial statements for an interim period as defined by IAS 34 “Interim Financial Reporting” and has not been audited.

    Note: The scopes of consolidation of the Crédit Agricole S.A. and Crédit Agricole groups have not changed materially since the Crédit Agricole S.A. 2024 Universal Registration Document and its A.01 update (including all regulatory information about the Crédit Agricole Group) were filed with the AMF (the French Financial Markets Authority).

    The sum of values contained in the tables and analyses may differ slightly from the total reported due to rounding.

    Other information

    Crédit Agricole S.A.’s Combined General Meeting will take place on 14 May 2025 in Paris.

    As announced at the time of the publication of Crédit Agricole S.A.’s 2024 results, the Board of Directors will propose to the General Meeting a cash dividend of €1.10 per share

    26 May 2025: ex-dividend date
    27 May 2025: Record date
    28 May 2025: Dividend payment

    Financial Agenda

    14 May 2025                General Meeting
    31 July 2025                Publication of the 2025 second quarter and the first half-year results
    30 October 2025                Publication of the 2025 third quarter and first nine months results

    Contacts

    CREDIT AGRICOLE PRESS CONTACTS

    CRÉDIT AGRICOLE S.A. INVESTOR RELATIONS CONTACTS

    Institutional investors + 33 1 43 23 04 31 investor.relations@credit-agricole-sa.fr
    Individual shareholders + 33 800 000 777 (freephone number – France only) relation@actionnaires.credit-agricole.com
         
    Cécile Mouton + 33 1 57 72 86 79 cecile.mouton@credit-agricole-sa.fr
     

    Equity investor relations:

    		    
    Jean-Yann Asseraf
    Fethi Azzoug    		 + 33 1 57 72 23 81
    + 33 1 57 72 03 75    		 jean-yann.asseraf@credit-agricole-sa.fr fethi.azzoug@credit-agricole-sa.fr
    Oriane Cante + 33 1 43 23 03 07 oriane.cante@credit-agricole-sa.fr
    Nicolas Ianna + 33 1 43 23 55 51 nicolas.ianna@credit-agricole-sa.fr
    Leila Mamou + 33 1 57 72 07 93 leila.mamou@credit-agricole-sa.fr
    Anna Pigoulevski + 33 1 43 23 40 59 anna.pigoulevski@credit-agricole-sa.fr
         
         
    Debt investor and rating agency relations:  
    Gwenaëlle Lereste + 33 1 57 72 57 84 gwenaelle.lereste@credit-agricole-sa.fr
    Florence Quintin de Kercadio + 33 1 43 23 25 32 florence.quintindekercadio@credit-agricole-sa.fr
    Yury Romanov + 33 1 43 23 86 84 yury.romanov@credit-agricole-sa.fr
         
         

    See all our press releases at: www.credit-agricole.com – www.creditagricole.info

               

    1 Car, home, health, legal, all mobile phones or personal accident insurance.
    2 CA Auto Bank, automotive JVs and automotive activities of other entities
    3 Low-carbon energy outstandings made up of renewable energy produced by the clients of all Crédit Agricole Group entities, including nuclear energy outstandings for Crédit Agricole CIB.
    4CAA outstandings (listed investments managed directly, listed investments managed under mandate and unlisted investments managed directly) and Amundi Transition Energétique.
    5 Crédit Agricole Group outstandings, directly or via the EIB, dedicated to the environmental transition according to the Group’s internal sustainable assets framework, as of 31/12/2024. Change of method compared with the outstandings reported at 30/09/2024: with the same method, the outstandings at 31/12/2024 would be €115.5 billion.
    6 Direct exposure to project financing of hydrocarbon extraction (gross exposure excl. export credit cover).

    7 The cost of risk/outstandings (in basis points) on a four-quarter rolling basis is calculated on the cost of risk of the past four quarters divided by the average outstandings at the start of each of the four quarters
    8 The cost of risk/outstandings (in basis points) on an annualised basis is calculated on the cost of risk of the quarter multiplied by four and divided by the outstandings at the start of the quarter
    9 Average rate of loans to monthly production for January and February 2025.
    10 Equipment rate – Home-Car-Health policies, Legal, All Mobile/Portable or personal accident insurance
    11 Home Purchase Savings Plan base effect (reversal of the Home Purchase Savings Plan provision) in Q1-24 totalling +€41m in revenues and +€30m in net income Group share 
    12 Scope effect of Degroof Petercam revenues: +€164 million in the first quarter of 2025
    13 Includes -€115 million in scope effect on Degroof Petercam

    14 Provisioning rate calculated with outstandings in Stage 3 as denominator, and the sum of the provisions recorded in Stages 1, 2 and 3 as numerator.
    15 The cost of risk/outstandings (in basis points) on a four-quarter rolling basis is calculated on the cost of risk of the past four quarters divided by the average outstandings at the start of each of the four quarters
    16 The cost of risk/outstandings (in basis points) on an annualised basis is calculated on the cost of risk of the quarter multiplied by four and divided by the outstandings at the start of the quarter
    17 See Appendixes for details on the calculation of the RoTE (return on tangible equity)
    18 The annualised net income Group share corresponds to the annualisation of the net income Group share (Q1x4; H1x2; 9Mx4/3) by restating each period for IFRIC impacts and the corporate income tax surcharge to linearise them over the year
    19 In local standards
    20 Property and casualty insurance premium income includes a scope effect linked to the initial consolidation in Q2-24 of CATU (a property and casualty insurance entity in Poland) with retroactive effect at 1 January 2024: +7.7% Q1/Q1 increase in premium income at constant scope

    21 Scope: property and casualty in France and abroad
    22 Combined property & casualty ratio in France (Pacifica) including discounting and excluding undiscounting, net of reinsurance: (claims + operating expenses + fee and commission income)/gross premiums earned. Undiscounted ratio: 95.9% (-0.4 pp over the year)
    23 The Agrica – Crédit Agricole Assurances – Groupama consortium chosen to ensure the new health care scheme for employees as of 01/01/25
    24 Excluding JV
    25 Excluding assets under custody for institutional clients
    26 Amount of allocation of Contractual Service Margin (CSM), loss component and Risk Adjustment (RA), and operating variances net of reinsurance, in particular
    27 Amount of allocation of CSM, loss component and RA, and operating variances net of reinsurance, in particular.
    28 Net of reinsurance cost, including financial results
    29 The charge on Tier 1 debt is recorded as a non-controlling interest while that of Tier 2 debt is deducted from the revenues.
    30 Integration costs of -€7m in Q1-25 vs. -€13m in Q4-24, related to Victory and aixigo
    31 Indosuez Wealth Management scope
    32 Degroof Petercam data for the quarter included in Wealth Management results: Revenues of €164m and expenses of -€115m (excluding integration costs partly borne by Degroof Petercam)
    33 Refinitiv LSEG
    34 Bloomberg in EUR
    35 ISB integration costs: -€9m in Q1-25 (€20m in Q1-24)
    36 CA Auto Bank, automotive JVs and auto activities of other entities
    37 CA Auto Bank and automotive JVs
    38 Cost of risk for the last four quarters as a proportion of the average outstandings at the beginning of the period for the last four quarters.
    39 Net of POCI outstandings
    40 Source Abi Monthly Outlook April 2025: stable +0.0% March/March for all loans
    41 At 31 March 2025 this scope includes the entities CA Italia, CA Polska, CA Egypt and CA Ukraine.

    42 Over a rolling four quarter period.
    43 SREP requirement applicable at 31 March 2025, including the combined capital buffer requirement (a) for Crédit Agricole Group a 2.5% capital conservation buffer, a 1% G-SIB buffer (which will increase to 1.5% on 1 January 2026 following the notification received from the ACPR on 27 November 2024), the countercyclical buffer set at 0.75%, as well as the 0.06% systemic risk buffer and (b) for Crédit Agricole S.A., a 2.5% capital conservation buffer, the countercyclical buffer set at 0.58% as well as the 0.09% systemic risk buffer.  
    44 As part of its annual resolvability assessment, Crédit Agricole Group has chosen to continue waiving the possibility offered by Article 72ter(3) of the Capital Requirements Regulation (CRR) to use senior preferred debt for compliance with its TLAC requirements in 2025.
    45 In the event of non-compliance with the combined capital buffer requirement. The distributable elements of Crédit Agricole S.A. amounted to €42.9 billion, including €29.6 billion in distributable reserves and €13.3 billion in share premiums at 31 December 2024.
    46From December 2024, securities within liquidity reserves are valued after discounting idiosyncratic stress (previously systemic stress) to better reflect the economic reality of central bank value.
    47 Gross amount before buy-backs and amortisations
    48 Gross amount before buy-backs and amortisations
    49 Excl. AT1 issuances
    50 Excl. AT1 issuances
    51 Excl. senior secured issuances
    52 Excl. AT1 issuances
    53 Excl. senior secured issuances
    54 APMs are financial indicators not presented in the financial statements or defined in accounting standards but used in the context of financial communications, such as net income Group share or RoTE. They are used to facilitate the understanding of the company’s actual performance. Each APM indicator is matched in its definition to accounting data.

    Attachment

    The MIL Network –

  • MIL-OSI United Kingdom: Consultation launched for plans to transform Derby’s Market Place

    Source: City of Derby

    The partners behind the re-development of the area around Derby city centre’s Market Place have announced a consultation on a visionary new, multi-use community building on the site of the former Assembly Rooms.

    VINCI UK Developments and Ion Developments are inviting local communities to give their views on the project, which the partners have described as a “landmark community building”, provisionally named “Derby MADE”.

    Derby MADE is intended to provide a vibrant and safe place for all communities to come together. With a combined 60,000 sq ft of public spaces to gather, learn, share ideas, play and work, it is envisaged that it will become the city’s “living room” and become a natural place for the people of Derby to meet and visit. 

    The vision for the building, which would operate throughout the day and evening, includes spaces for families, meeting rooms, co-working spaces, library area, exhibition spaces, a roof-top bar, office and retail units. Derby MADE would form the first phase of the Market Place redevelopment, utilising the entire site of the Assembly Rooms.

    Graham Lambert, Managing Director VINCI UK Developments said:

    Derby MADE is at the heart of our shared initiative, designed to shape the vision for the city centre around a newly bustling Market Place, and this is the first opportunity we have had to share some of those plans. We are only too aware of our responsibility in transforming the site of the former Assembly Rooms, with something that is equally iconic, but also of equal or greater relevance to Derby’s citizens. We have assembled what we think is an amazing project and we would love to hear feedback to help us shape the vision as it moves forward.

     Steve Parry, Managing Director at Ion Developments added:

    We are delighted to be involved with this project which is designed to celebrate civic pride and the city’s identity. The building is intended to give the people of Derby a reason for visiting the heart of the City Centre and to help build the visitor economy building up the Vaillant Live and Derby Market Hall. We have taken inspiration from similarly transformational and successful projects at Storyhouse in Chester, and in Culture House in Sunderland. We are hoping to draw over three quarters of a million visitors a year to the Market Place, we expect that will be a new lease of life for the square and hopefully for the businesses that are understandably relying on its careful rejuvenation.

    Councillor Nadine Peatfield, Leader of Derby City Council and Cabinet Member for City Centre, Regeneration, Strategy and Policy said:

    Redeveloping the Market Place, combined with the opening of Vaillant Live and revitalised Market Hall, will reinforce our efforts to transform Derby City Centre into a vibrant and welcoming place, with culture at its heart.

    This is a huge step forwards for this site and I’m really excited to hear what the public think of the plans.  It’s vital that we create a space that matters to the people of Derby and attracts visitors from further afield. By creating a multi-use, flexible building, we believe we can strike that balance and give Derby residents somewhere they can call home, but at the same time creating a central visitor destination through a variety of attractions and activity.

    Derby has been eagerly anticipating the next steps for this site, and we’re confident that our preferred strategic development partners, VINCI UK Developments and Ion Developments have taken the time to get this right for the people of Derby and future-proof the site for generations to come.

    Derby residents, businesses owners, and stakeholders are invited to participate in the consultation as it launches with drop-in exhibitions at the City Lab space in the Derbion Shopping Centre. The drop-ins will run on 7 May 2pm – 5.30pm and 8 May 3pm – 6.30pm and members of the team will be on hand to discuss the vision.

    As well as the consultation events, members of the public can find out more about Derby MADE on the consultation website.

    This website will have all the consultation material and feedback survey on from the 7 May and residents will be able to feedback on the vision for a number of weeks.

    MIL OSI United Kingdom –

  • MIL-OSI USA: WATCH: Senator Baldwin Calls Out Trump’s Broken Promises 100 Days In

    US Senate News:

    Source: United States Senator for Wisconsin Tammy Baldwin
    WASHINGTON, D.C. – U.S. Senator Tammy Baldwin (D-WI) today took to the Senate floor calling out Trump’s broken promises and what she’s been hearing from Wisconsin farmers, small businesses, veterans, seniors, and families throughout his first 100 days.
    Baldwin’s remarks, as prepared for delivery are below and can be watched here.
    M. President –
    I rise today to reflect on the last 100 days – and the unimaginable amount of havoc and harm President Donald Trump has caused for Wisconsinites. While on the campaign trail and even once in office, the President made a number of promises. Promises to end wars on Day One; promises to lower costs at the grocery store; promises to make health care more affordable; and the list goes on and on and on.
    Look, I was on the campaign trail and listening to Wisconsinites at the same time as Mr. Trump, and truly, I get why he was making some of these promises. Wisconsin families were facing high costs. Workers felt they were being ripped off by their big corporate employers. Democracy felt broken and voices were drowned out by special interest money. People were sick and tired of endless wars. Mr. Trump claimed he had the solution.
    Well, so far, he’s broken these promises and lied to the American people.
    But, here is the kicker: Donald Trump not only broke these promises, but many of the things he promised to fix, he has actively made worse. Grocery store bills are up. I have yet to even see a concept of a health care plan, while Medicaid coverage for 1 million Wisconsinites is on the chopping block to pay for tax breaks for billionaires. Wars are raging in Ukraine and Gaza. Corporations have a friend in the White House who has their backs.
    It is one of the greatest bait-and-switches of our time. And at the end of the day, it’s Wisconsin families paying the price.
    For the last 100 days, I’ve heard from constituents in all 72 Wisconsin counties who fear what this Administration’s actions will mean for them and their families.  
    I’ve heard from dairy farmers like Linda in Viroqua who barely survived Donald Trump’s last trade war. Family farms like hers are scared they will be put out of business entirely as punishing tariffs and a new trade war jack up the cost of fertilizer and farming equipment while cutting off their access to markets. 
    I’ve heard from seniors like Renee in Milwaukee who are scared that cuts to Medicaid will force them to choose between protecting their life’s savings and getting the lifesaving treatment they need to stay alive.
    I’ve heard from veterans like James in Southeastern Wisconsin who are out of a job because Donald Trump fired them from the only place they’ve ever felt like they belonged in civilian life: helping their fellow veterans at the VA.
    I’ve heard from businesses like Lakefront Brewery, local roofers, small retailers, and auto part sellers in Milwaukee who are considering raising their prices and laying off workers because President Trump’s trade war is tightening their margins and making it harder to plan for the future.  
    I’ve heard from families – from Ozaukee County to the St. Croix Valley – who have had their childcare or food assistance threatened because this president is choosing to prioritize tax breaks for his wealthy friends over working families.
    Dairy farmers saw millions in funding they were promised to grow their businesses frozen. Alzheimer’s researchers at Wisconsin’s universities are making do with less because of arbitrary cuts that threaten the next breakthrough for our loved ones. Seniors accessing their earned Social Security benefits now have fewer places to turn as field offices shutter and staff is let go. Public schools in Milwaukee with children who have been exposed to lead paint have fewer resources because President Trump fired the experts at CDC.
    I hear it every day from constituents calling into my office. Last year around this time, my office would get anywhere from 50 to 100 calls a day. Since January, we’ve regularly passed 1,000 calls a day from Wisconsinites. There isn’t a corner of my state that isn’t being impacted by this President’s often illegal overreach of his presidential powers. 
    These Wisconsinites are not alone. Poll after poll shows the same thing: this president is reaching historically low approval ratings. More Americans are giving him an F than any other grade.
    It’s hard to state all the ways President Trump’s second term is already impacting folks in Wisconsin. His actions have made things more expensive and the future less certain – whether you are a Wisconsin farmer, small business, veteran, senior, or just a family looking to make ends meet.
    In January, I said I’d work with anyone to deliver for Wisconsin. I also promised that I’d stand up to anyone who hurts Wisconsinites. Those things remain true. And right now, our country is not on the right course, and Americans agree.
    Wisconsinites want lower costs, our veterans and farmers to be respected, and working families to have a fair shot. Donald Trump’s chaos isn’t delivering any of that.  It’s about damn time Congress step up and act as a true check and balance on this President before it’s too late for our economy, working families, and the future of our nation.
    I yield. 

    MIL OSI USA News –

  • MIL-OSI USA News: ICYMI: Celebrating President Trump’s Incredible First 100 Days

    Source: The White House

    President Donald J. Trump has accomplished more in 100 days than most presidents do over an entire term — and he’s still just getting started. President Trump’s unprecedented work in the first 100 days has earned praise from across Capitol Hill and beyond.

    Here’s what they’re saying:

    Speaker Mike Johnson: “@POTUS has been able to do far more for the American people in the first 100 days than the Biden Administration did in four years. Thanks to the Trump White House, AMERICA IS BACK – and we’re just getting started.”

    Senate Majority Leader John Thune: “It’s been 100 days of the new Trump administration, and @POTUS is delivering. Securing our southern border, restoring American strength, extending tax relief for Americans, unleashing American energy, saving taxpayer dollars, and restoring common sense.”

    Senate Majority Whip John Barrasso: “In the first 100 days under @POTUS Trump, Republicans are fighting for the American people. Secure the border. Rebuild the economy. Restore peace through strength. Unleash American energy.”

    Senate Republican Conference Chair Tom Cotton: “Joe Biden unleashed mass illegal migration across our nation during his time in office. In his first 100 days, President Trump ended the Biden Border Crisis by cracking down on criminals and following the law.”

    Sen. Jim Banks: “100 days of securing the border… Thanks to President Trump’s strong leadership, the invasion along our borders is over!”

    Sen. Marsha Blackburn: “Congratulations to President Trump on 100 days of Making America Great Again.”

    Sen. Katie Britt: “President Trump has kept his promises in the first 100 days.”

    Sen. Ted Budd: “From day one: clear goals, hard work, concrete results. At Day 100, @POTUS has built real momentum to deliver long-term prosperity for the American people — and he’s just getting started.”

    Sen. Shelley Moore Capito: “Real leadership leads to real results. @SenateGOP and @POTUS are delivering on our promises in these 100 days to protect and secure our country.”

    Sen. Bill Cassidy: “After 100 days, the results are clear: America is safer and the border is secure.”

    Sen. John Cornyn: “I’ve worked hand-in-glove with President Trump to accomplish his agenda during his first 100 days.”

    Sen. Mike Crapo: “President Trump has had phenomenal successes in his first 100 days. He has closed the border, revitalized our energy production, brought trillions of dollars of capital investment into the United States.”

    Sen. Steve Daines: “In just 100 days, @POTUS has delivered win after win. Border crossings are at an all-time low, American energy is thriving & we’re kicking Biden and the left’s woke agenda to the curb. If this is what 100 days of progress looks like, can’t wait for what the future brings!”

    Sen. Joni Ernst: “From a wide-open southern border to complete border security in just 100 days. That is the Trump effect.”

    Sen. Chuck Grassley: “2day marks 100 days of Pres Trumps return 2 White House Ive seen the President working hard 2 KEEP HIS PROMISES + RESTORE COMMON SENSE Praise the Lord we hv a Commander in Chief who is standing on the platform he ran on& getting things done for the American ppl.”

    Sen. Lindsay Graham: “In just 100 days, President Trump has delivered historic results for the American people… I look forward to continue working with the President and his team in the Senate to make sure we DELIVER his historic agenda to the American people.”

    Sen. Bill Hagerty: “This has been the most effective, most impactful in a positive sense 100 days in my lifetime.”

    Sen. Josh Hawley: “For the first time in decades, working Americans have a President who stands with them. Trump’s giving Americans their country back”

    Sen. John Hoeven: “#100Days in, @POTUS has secured the border and now he’s empowering our energy producers to make the country energy dominant—removing barriers, driving growth, and restoring America’s place as the world’s energy leader.”

    Sen. Jon Husted: “Daily border apprehensions have dropped 95% since @POTUS took office. Pres. Trump is following through on his promise to secure the border and safeguard Americans.”

    Sen. Cindy Hyde-Smith: “Just 100 days in, @POTUS and the Senate Republicans are delivering for the American people – securing our border, rolling back harmful Biden policies, confirming Trump nominees, passing common-sense laws, and locking in a strong budget.”

    Sen. Jim Justice: “100 days under @POTUS:
    ✔️American Energy Unleashed
    ✔️Border is secure
    ✔️Manufacturing is coming back to the states
    ✔️ West Virginia Coal making a comeback
    President Trump is just getting started and I will keep working alongside him to get results for Americans!”

    Sen. John Kennedy: “In just 100 days, President Trump has secured the border, fought racial quotas, and totally changed the national conversation about the budget.”

    Sen. James Lankford: “An unprecedented 100 days under President Trump!” Let’s continue this moment for the American people—great job @POTUS.”

    Sen. Mike Lee: “A HISTORIC FIRST 100 DAYS.”

    Sen. Cynthia Lummis: “100 days of a stronger and safer America.”

    Sen. Roger Marshall: “The President’s first 100 days is a return to American greatness.”

    Sen. Dave McCormick: “We’re 100 days into the Trump Administration and we’re already seeing enormous change on behalf of the American people, just like the president promised.”

    Sen. Ashley Moody: “Today marks President Trump’s first 100 days, and the country is already stronger and safer than it has ever been before.”

    Sen. Jerry Moran: “In his first 100 days in office, President Trump has made our southern border safer by ending catch & release, signing the Laken Riley Act into law & reinstating Remain in Mexico. Illegal encounters at the southern border are down 95% thanks to these commonsense policies.”

    Sen. Markwayne Mullin: “100 DAYS: PROMISES MADE, PROMISES KEPT.”

    Sen. Rand Paul: “100 days of cutting government waste, securing the border, pursuing peace abroad, and simply restoring sanity to the American people.”

    Sen. Pete Ricketts: “In his first 100 days in office, President Trump has delivered for the American people.”

    Sen. Jim Risch: “100 days of America First”

    Sen. Rick Scott: “President Trump is delivering on his promises to make our country safer, our economy stronger, and America Great Again!”

    Sen. Tim Scott: “How do you describe 100 days of President Trump? Promises made, promises kept.”

    Sen. Eric Schmitt: “100 days of putting America first. Us”

    Sen. Tim Sheehy: “Whether it’s ending Biden’s border crisis, unleashing American energy, bolstering our military and restoring American strength, or securing better deals for hardworking families, @POTUS has delivered win after win in his first 100 days.”

    Sen. Dan Sullivan: “Congratulations @POTUS on 100 days in office and thank you in particular for working to unleash Alaska’s extraordinary resource potential!”

    Sen. Tommy Tuberville: “He’s done an outstanding job A+, we continue to even get better because he’s solving more problems everyday Thank you, President Trump for what you’ve done!”

    Sen. Roger Wicker: “Mr. President you’re bringing the kind of peace through strength our children will talk about fifty years from now- we thank you.”

    House Majority Leader Steve Scalise: “Today marks 100 DAYS of President Trump and Republican majorities in Congress. … America First and common sense are BACK. And we’re just getting started. Promises made. Promises kept.”

    House Majority Whip Tom Emmer: “100 days in, President Trump is delivering for the people of Minnesota.”

    House Republican Conference Chair Lisa McClain: “Today, @HouseGOP celebrates POTUS’ historic first 100 days in office. He has delivered on his promises to secure the borders, restore energy independence, show peace through strength, and make America COMPETITIVE.”

    House Republican Leadership Chair Elise Stefanik: “President @realDonaldTrump is securing our borders, reining in inflation, unleashing American energy dominance, combatting antisemitism, supporting the rule of law, and restoring American greatness and peace through strength on the world stage.”

    Rep. Mark Alford: “100 days ago, America was on the brink. Today, because of President Trump: Hope is back. Strength is back. America is BACK.”

    Rep. Rick Allen: “Promises made, promises kept. In just 100 days, @POTUS has delivered:
    ✅ A secure border
    ✅ Safer communities
    ✅ Energy independence
    ✅ Job growth
    ✅ Lowers costs for essentials like gas and eggs
    The list goes on and we’re just getting started!”

    Rep. Jodey Arrington: “In the first 100 days of President Trump’s second term our nation has experienced unprecedented achievements in a new era of American politics defined by competent leadership, common sense policies, and a commitment to America first.”

    Rep. Brian Babin: “100 days in and America is roaring back to life. The economy is up. The border is secure. Our pride is restored. The American comeback is here. FIGHT, FIGHT, FIGHT!”

    Rep. Don Bacon: “I commend the Trump Administration for tackling these campaign promises in the first 100 days:
    ✅ Restoring energy independence & bringing prices under control
    ✅ Securing our border with 95% drop in illegal crossings
    ✅ Taking decisive action against the Houthis
    The border and energy independence were top priorities this past Nov.”

    Rep. Jim Baird: “In 100 days, POTUS and his administration have been reversing the disastrous Biden-era policies and are working hard to usher in the Golden Age of America. Promises made. Promises kept.”

    Rep. Troy Balderson: “In President Trump’s first 100 days, he has…
    us Secured the border
    Unleashed American energy
    Rooted out government waste
    Added 345,000 jobs
    …and we’re just getting started”

    Rep. Andy Barr: “President @realDonaldTrump’s first 100 days have been nothing short of historic. I’m honored to stand with him as we secure the border, unleash American energy, rebuild our economy, and put America First again. Together, we’re delivering the results the American people demanded.”

    Rep. Tom Barrett: “In President Trump’s first 100 days, we’ve teamed up to secure the border, bring manufacturing jobs back, and unleash American energy.
    🚨 Illegal border crossings are at historic lows.
    The Laken Riley Act is signed into law.
    📉 Inflation and energy prices are falling..
    🚔 We are making our communities safe again.
    America First is back and we’re just getting started. #100Days”

    Rep. Michael Baumgartner: “On National Fentanyl Awareness Day, we celebrate the progress made with record low border crossings. President Trump’s first 100 days in office set the stage for this success. Let’s continue the fight to eradicate fentanyl and protect our communities.”

    Rep. Aaron Bean: “We’re celebrating #100Days of President Trump in office, and one thing is abundantly clear: America’s future is looking up! Since day one, POTUS  has understood the assignment: undo the damage done by the previous administration and usher in the Golden Age of America.  Working together at historic speed, we are securing our border, slashing wasteful spending, reviving our economy, and defending our American values.”

    Rep. Stephanie Bice: “100 days of bringing back America first policies.”

    Rep. Gus Bilirakis: “One of President Trump’s biggest success stories in his first 100 days is enhanced border security.  U. S. Customs and Border Protection now has total control of the border, with daily border encounters down by 93%.  March of 2025 saw the lowest monthly number of border encounters in recorded history.  Also, in March of 2025, fentanyl traffic at the southern border fell by 54% compared to March of 2024.  To date, the Trump Administration has also arrested more than 151,000 illegal aliens and has deported over 135,000. This includes 600 members of Tren De Aragua and thousands of MS-13 and 18thStreet Gang members.   We will continue to get dangerous predators off our streets!”

    Rep. Andy Biggs: “President Trump has done more for our country in his first 100 days than Democrats could dream of accomplishing in four years. Countless nations have already reached out to amend unfair trade practices.”

    Rep. Sheri Biggs: “100 Days of Results: President Trump promised to secure our border—and he’s delivered. Illegal crossings are down 94%, catch & release is over, and the border is finally under control.”

    Rep. Mike Bost: “What a difference 100 days make! Border apprehensions dropped by 94%, gas prices are down 6.3%, and egg prices have fallen by 56%. Over 100,000 illegal aliens have been deported, and U.S. manufacturing is roaring back.”

    Rep. Josh Brecheen: “We have seen tremendous progress at our borders due to President
    @realDonaldTrump taking decisive action in his first 100 days:
    • Daily border encounters are DOWN by 93%.
    • Over 135,000 illegal aliens have been DEPORTED.
    • Illegal alien crossings are DOWN by 99.99%.
    Promises made, promises kept!”

    Rep. Vern Buchanan: “In his first 100 days, POTUS has delivered on his promises.”

    Rep. Eric Burlison: “✅ Illegal crossings down 94%
    ✅ $Trillions in private investments
    ✅ Ended the Green New Scam
    ✅ Peace Through Strength
    ✅ Protecting women in sports
    Still not tired of winning.”

    Rep. Ken Calvert: “In the four years of Joe Biden’s presidency the border was in chaos as illegal immigrants and deadly drugs flowed unchecked into America. In the first 100 days of Donald Trump’s presidency order and security has been restored at the border.”

    Rep. Kat Cammack: “In 100 days, President Trump has protected women and girls’ sports, reduced illegal border crossings by 95%, removed dangerous criminals from the U.S., protected our children, enhanced transparency, and more!”

    Rep. Buddy Carter: “It’s been a historic and productive first 100 days of the second Trump Administration. From securing the southern border to reestablishing fair trade deals and unleashing American energy dominance, this presidency can be defined by one word: efficiency.”

    Rep. Juan Ciscomani: “.@POTUS Trump delivered on his promise to secure the border in his first 100 days – and it’s making a real difference for families in #AZ06.Just ask Jim and Sue Chilton. Under President Biden, their ranch saw 5,640 illegal crossings in April 2024. Under President Trump, things have changed for the better. In April 2025, they recorded ZERO crossings in a span of three weeks — a direct result of President Trump’s strong border policies. ✅Promises made, promises kept!”

    Rep. Ben Cline: “Trump’s first 100 days are a new era of American renewal”

    Rep. Michael Cloud: “The difference is undeniable. In just 100 days, President Trump has reversed the failures of the Biden administration and put America back on the path to greatness.”

    Rep. Andrew Clyde: “Today marks 100 days of President Trump putting America FIRST!”

    Rep. Mike Collins: “This has been the most consequential first 100 days in any American presidency.
    ✅The border crisis is solved.
    ✅Domestic manufacturing is back.
    ✅America is respected again.
    ✅DEI is dead.
    100 down and 1362 to go.”

    Rep. James Comer: “100 Days. President Trump has delivered on dozens of promises made to the American people… America’s future is bright under President Trump’s leadership.”

    Rep. Eli Crane: “Thank you, President Trump, for ending the premeditated border invasion. We didn’t need new legislation. We just needed a new President.”

    Rep. Dan Crenshaw: “Today marks President Trump’s 100th day back in office. He promised action, and he’s delivering it. If you listened during the campaign, you knew this was coming — promises made, promises kept”

    Rep. Warren Davidson: “President Trump in his first 100 days:
    – Secured the border
    – Removed woke ideology from the military
    – Eliminated billions in fraud and abuse
    – Deported over 100K illegal aliens
    Best sequel EVER”

    Rep. Monica De La Cruz: “During his first 100 days, President Trump stood up for South Texas farmers and ranchers — demanding Mexico honor its water delivery commitments, and he has delivered. Thank you, @POTUS! #PromisesMadePromisesKept”

    Rep. Mario Diaz-Balart: “100 days of SUCCESS with President Trump back in the White House—leading with strength, and laying the foundation for prosperity and peace for America to be the global powerhouse for generations to come.”

    Rep. Byron Donalds: “THE BEST IS YET TO COME”

    Rep. Troy Downing: “President Trump in his first term talked about promises made, promises kept. This time, it’s on steroids.”

    Rep. Neal Dunn: “100 days in, and the Trump administration has already achieved countless victories! From plummeting illegal border crossings to swift downsizing of the bloated federal bureaucracy, President Trump is delivering for the American people!”

    Rep. Ron Estes: “Today marks 100 days of President Trump’s second term. @POTUS and House Republicans have been hard at work to turn the page on four years of open borders, a sluggish economy and runaway federal spending. In just 100 days, border encounters are down 95%, hostages have returned home, violent criminals are being deported, more than $5 trillion in new investments have been secured, and the Department of Government Efficiency has saved taxpayers $160 billion (that’s an average saving of $1.6 billion every day). But we’re just getting started – we’re working to extend the 2017 Tax Cuts and Jobs Act, preserve and protect Social Security, reduce wasteful spending and restore our energy independence.”

    Rep. Mike Ezell: “During @POTUS’s first 100 days, the Coast Guard has worked around the clock to defend our maritime borders and stop the flow of illegal drugs and migrants. I’m proud that President Trump is recognizing their hard work—service that too often goes unnoticed but is vital to our national security.”

    Rep. Pat Fallon: “President Trump’s border security measures have yielded incredible results in 100 days. With 113,000 arrests, over 100,000 deportations, and a 94% reduction in illegal crossings, his policies are in the best interest of all Americans and public safety.”

    Rep. Julie Fedorchak: “Today is the 100 day marker for @POTUS Trump. He is tackling big issues that have long been ignored.
    ✅ Illegal border crossings are down 95%. Turns out we didn’t need new laws. We needed a new President that would actually enforce them.
    ✅ American energy is on the move. We are aggressively and responsibly developing our nation’s abundant, diverse natural resources.
    ✅ President Biden’s stifling regulations are being rolled back—lifting burdens off our farmers, businesses, and energy producers.
    ✅ Government waste, fraud and abuse is being identified and eliminated.
    Promises made. Promises kept.”

    Rep. Randy Feenstra: “In just 100 days, President Trump has achieved incredible victories for our country. He locked down our border, deported violent criminals, repealed ridiculous Biden-era regulations, and rooted our waste, fraud, and abuse in our government.”

    Rep. Brad Finstad: “In his first 100 days in office, President Trump has delivered on his promises, with over 300,000 new jobs created, strengthened border security, and an improved economic outlook for our nation. Together, we will continue working to restore the American Dream by making our communities safer and addressing the kitchen-table issues that matter most to the American people.”

    Rep. Michelle Fischbach: “In his first 100 days, @POTUS has signed the Laken Riley Act into law, has dangerous gangs and cartels shaking in their boots, and has shut our borders to illegal immigrants.”

    Rep. Scott Fitzgerald: “Only 100 days in, and @POTUS has delivered real results… I’m proud to stand with President Trump and the America First agenda!”

    Rep. Chuck Fleischmann: “In his first 100 Days, @POTUS is taking strong action to get America back on track! President Trump has:
    Secured our borders.
    Ended the war on American-made energy.
    Begun rebuilding our economy.
    Signed the Laken Riley Act into law.
    Restored commonsense in government.”

    Rep. Vince Fong: “In his first 100 days, President Trump has relentlessly pursued policies that are delivering on his promises to Central Valley families and the American people as we speak.”

    Rep. Scott Franklin: “100 days back in the White House and the results speak for themselves… America is back on the path to strength, security and prosperity!”

    Rep. Russell Fry: “President Trump’s first 100 days in office have been the MOST SUCCESSFUL IN THE HISTORY OF THE COUNTRY.”

    Rep. Brandon Gill: “President Trump’s historic presidency delivered major wins for the American people in his first 100 days.”

    Rep. Craig Goldman:” For years, we had a President who allowed millions of illegal aliens to flood across our borders. In 100 days, @POTUS has secured the border. The difference is clear:
    ✅ Daily apprehensions are down 94%
    ✅ Known gotaways are down 90%
    ✅ 100,000+ illegal aliens have been deported”

    Rep. Tony Gonzales: “Illegal Border Crossings⬇️95%
    Unleashing American Energy
    Water Deliveries from Mexico to South Texas
    Empowering LEOs to Tackle Crime & Protect our Communities
    And we’re just getting started! #100Days”

    Rep. Lance Gooden: “Just 100 days into President Donald Trump’s second term, the answer is resounding: Yes, we are better off.”

    Rep. Sam Graves: “In his first 100 days, President Trump has moved quickly to secure the border, unleash American energy production, and get rid of burdensome regulations… It’s exactly what the American people voted for.”

    Rep. Mark Green: “In less than three months, President Trump has restored law and order to our nation’s borders, removed criminal illegal aliens from our communities, and helped ensure the safety of the American people by empowering DHS law enforcement to do their jobs.”

    Rep. Marjorie Taylor Greene: “The American people & I are SO happy with the work President Trump has done the last 100 days! Our nation is safer, common sense has been restored, and America is being put first!”

    Rep. Glenn Grothman: “In his first 100 days, President Trump delivered more for the American people than Joe Biden had in four years. He’s keeping his promises, prioritizing American interests, securing our border, and leading with transparency. In the House, we’re building on that momentum to deliver real results that honor the American people’s electoral mandate.”

    Rep. Brett Guthrie: “Today marks the first 100 days of President Trump’s Administration. @POTUS has delivered on his promises of securing our border, unleashing American energy and repealing burdensome red tape. Promises made, promises kept.”

    Rep. Harriet Hageman: “In his first 100 days, President Trump has fixed a lot of what Biden and Kamala Harris broke and he’s on track to do a lot more.”

    Rep. Abe Hamadeh: “Promises made. Promises kept. Congratulations to @POTUS on an incredibly successful First 100 Days!”

    Rep. Mike Haridopolos: “President Trump is keeping the promises that he made to the American people. Just 100 days in, we’re already seeing the RESULTS.”

    Rep. Pat Harrigan: “100 days in, the Trump Doctrine holds firm: American interests first, American sovereignty always.”

    Rep. Mark Harris: “It’s been 100 days of:
    ✅Restoring common sense
    ✅Protecting Americans from criminal illegals
    ✅Rooting out government waste, fraud, and abuse
    Looking forward to the next 1361 days!!”

    Rep. Diana Harshbarger: “100 days of investing in America… Promises Made, Promises Kept.”

    Rep. Kevin Hern: “The last 100 days have gone by quickly but so much has happened. POTUS is moving at record pace to RESTORE American strength, SAVE taxpayers’ money, and PROTECT our national security and sovereignty.”

    Rep. Clay Higgins: “100 days of MAGA. President Trump’s administration is restoring common sense, securing our border, unleashing America’s energy potential, and attacking waste, fraud, abuse, and theft in the bureaucracy.”

    Rep. Ashley Hinson: “Closing in on 100 days of President Trump back in the Oval, and the results speak for themselves: strong and CLOSED borders, American energy back on top, peace through strength restored on the world stage, and a more competitive America. Promises made, promises kept.”

    Rep. French Hill: “100 days into his second term, and President Trump continues to move with unprecedented speed to deliver on the promises made to the American people. America is back on the path to restoring our strength, security, and prosperity. I’m looking forward to building on these early wins to lower costs, expand opportunity, and make the Trump tax cuts permanent for working families, small businesses, and the middle class.”

    Rep. Erin Houchin: “President Trump is off to a strong start! In just 100 days, he’s delivering on his promises to secure our border, rebuild our economy, and restore law and order. Proud to stand with him as we fight to put America First again!”

    Rep. Bill Huizenga: “President Trump is delivering on promise after promise for the American people. In just 100 days, he has secured our border, unleashed American energy, and restored common-sense regulatory policies to Washington. And we are just getting started!”

    Rep. Wesley Hunt: “100 Days in and Trump is keeping his promises.
    – 345,000 New Jobs
    – 4th highest Payroll Growth in 2 years
    – 9,000 New Manufacturing Jobs
    – Unemployment Rate Decreased
    – Consumer Price Decline
    – Hourly Wage Growth”

    Rep. Jeff Hurd: “I commend @POTUS and @HouseGOP for delivering on key promises in the first 100 days:
    ✅ Establishing energy dominance for rural America
    ✅ Securing our borders with a significant drop in illegal crossings
    ✅ Reviving the coal industry and identifying coal resources on federal lands”

    Rep. Darrell Issa: “In only 100 days, @realDonaldTrump ended the Biden border crisis, extended economic opportunity, slashed billions in government waste, and restored our standing in the world. This is setting the pace for the next four years as we Make America Great Again.”

    Rep. Jim Jordan: “President Trump said he’d stop federal censorship, defend religious liberty, and promote school choice. He’s done all of it. Promises made. Promises kept.”

    Rep. Mike Kelly: “In just his first 100 days, President Trump has:
    – Cracked down on illegal immigration – Compared to March 2024, Southwest border apprehensions have decreased by 94% and Northern border land encounters have decreased by 73%.
    – Expanded American energy production
    – Secured trillions of dollars in new U.S.-based economic investment
    – Brought jobs back to the U.S. and restructured trade negotiations
    – Restored accountability and transparency in government
    – Secured the release of Butler County native Marc Fogel and freed hostages

    @POTUS and @HouseGOP are putting America first!”

    Rep. Trent Kelly: “Today marks the 100th day in office for President Donald Trump. During this time, the Trump administration has made significant progress and worked quickly to fulfill his promises by securing the border, restoring energy independence, strengthening national defense, and boosting American competitiveness.”

    Rep. Brad Knott: “Never have the first 100 days of a presidency been so consequential. Following four years of disastrous and destructive policy from Biden-Harris, Americans were eager to see big, sweeping change and @POTUS delivered.”

    Rep. David Kustoff: “President Trump Has Kept His Promises in the First 100 Days!
    1. Strengthened border security, slashing illegal crossings to record lows 🚓
    2. Fueled growth in U.S. manufacturing and industrial production 🏭
    3. Curbed inflation, easing the cost-of-living crisis for Americans 💸
    4. Enacted the Laken Riley Act to ensure justice for crime victims ⚖️
    5. Combatted Tren de Aragua and MS-13 gangs in American communities 🚨
    6. Cracked down on sanctuary cities, upholding federal immigration laws 🔒
    7. Championed energy independence through robust oil and gas expansion ⛽️
    8. Lifted the natural gas export ban, cementing U.S. energy dominance 🛢️
    9. Dismantled DEI policies in government and DoD, recognized only male/female genders 🚻
    10. Declassified JFK and RFK records for transparency 📂
    11. Reduced the amount of federal bureaucracy 🏛️”

    Rep. Darin LaHood: “President Trump’s first 100 days have secured our border, made our communities safer, and put U.S. foreign adversaries on notice.”

    Rep. Doug LaMalfa: “In just 100 days, President Trump has delivered the most secure border this country has seen in modern history. Illegal crossings are down 95%, gotaways have dropped by 99%, and catch-and-release is over. Over 139,000 illegal immigrants have been deported, construction on the border wall is back underway, and Kamala Harris’ migrant app has been shut down for good. Violent gangs like Tren de Aragua and MS-13 are being dismantled, sanctuary cities are finally being held accountable, and the Trump administration is making clear that migrant crime will not be ignored — signing the Laken Riley Act into law to deliver justice for American families. Promises made, promises kept.”

    Rep. Bob Latta: “Today marks @POTUS’s first 100 days in office. From day one, he has prioritized the American people, working to eliminate waste, fraud, and abuse. Proud to work with
    @HouseGOP and President Trump to make life better for people in Ohio and across the country. Promises made, promises kept.”

    Rep. Nick Langworthy: “100 days of President Trump putting America First… and we are just getting started.”

    Rep. Laurel Lee: “In his first 100 days in office, President Trump is driving the American dream forward at a historic rate by securing American manufacturing, unleashing American energy, and supporting American-owned businesses.”

    Rep. Julia Letlow: “In 100 days President Trump has: reduced illegal border encounters by 95%, reduced total migrant crossings by nearly 100%, ended the Biden Border Crisis.”

    Rep. Barry Loudermilk: “Marking 100 days into his presidency, @POTUS continues to deliver on his promises to Make America Great Again.
    • 26 hostages freed from adversarial nations
    • Women’s sports protected
    • Unleashing the American worker and industry
    • $5 trillion in new investments/trade commitments secured
    All we needed was a different President.”

    Rep. Anna Paulina Luna: “In 100 days, President Trump has: Secured our border, declassified the JFK+RFK files, deported thousands of illegal alien thugs, protected American manufacturing & workers, started eliminating rampant waste, fraud, and abuse, crushed DEI in academia & business.”

    Rep. Morgan Luttrell: “President Trump is ushering in a Golden Age of America.

    ✅ 100k+ illegal aliens deported
    ✅ Gas prices down
    ✅ Border crossings down 94%
    ✅ Eggs down 56%
    ✅ 228,000 jobs in March”

    Rep. Nancy Mace: “100 days of holding the line. Thank you President Donald J. Trump.”

    Rep. Tracey Mann: “On Inauguration Day, President Trump promised he would usher in the Golden Age of America. 100 days into his historic second term, he is delivering just that for the American people. Promises made, promises kept.”

    Rep. Brian Mast: “Today marks 100 days of President Trump’s historic second term. We’re closing the border, bringing investments and manufacturing back to America, and reducing inflation. But we’re just getting started.”

    Rep. Nicolle Malliotakis: “From securing our border and deporting criminals to attracting trillions in private investment to negotiating the release of dozens of hostages, it’s been a fast & furious first 100 days!”

    Rep. Michael McCaul: “The American people gave a mandate to secure the border, and
    @POTUS delivered. Today, on his 100th day in office, @HomelandGOP is working to fully fund his border security agenda & protect the homeland for years to come.”

    Rep. Addison McDowell: “During President Trump’s first hundred days, the Coast Guard has defended our maritime border and stood on the front lines against illegal drugs and migrants. President Trump has made it clear—their hard work matters, and it won’t go unnoticed.”

    Rep. John McGuire: “President Trump promised a secure border. In his first 100 days, border encounters are down 95%.”

    Rep. Mark Messmer: “In just 100 days, @POTUS is restoring American Greatness with…
    ✅ Secure borders
    ✅ Energy independence
    ✅ Lower grocery prices
    ✅ Peace through strength”

    Rep. Dan Meuser: “In just 100 days President @realDonaldTrump has worked to strengthen our national security, create an America-First economy, deliver savings for taxpayers, restore global leadership, and bring commonsense back to Washington. The border is secure, American energy is recovering, jobs are coming back, inflation is falling, and our military recruitment is surging — among much more. President Trump has a plan that will lead to long-term success for the United States.”

    Rep. Mary Miller: “As we reach the first 100 days of President Donald Trump’s second term in the White House, it is abundantly clear: Christians across America once again have a powerful, unapologetic advocate in the Oval Office.”

    Rep. Mariannette Miller-Meeks: “Today marks 100 days since @POTUS returned to the White House, and @HouseGOP is hard at work delivering on his America First agenda!”

    Rep. Riley Moore: “It’s been an incredible first 100 days for @POTUS
    ✅ Sealed the border
    ✅ Deporting violent criminals
    ✅ Lowering prices & reversing inflation
    ✅ Only 2 genders
    ✅ Over $5 trillion in private investment
    ✅ Negotiating free and fair trade relationships
    Commonsense is back!”

    Rep. Tim Moore: “Since Day 1, President Trump has made it clear that rebuilding Western North Carolina and helping Hurricane Helene victims was one of his top priorities. 100 days in, there’s still a lot of work to do, but President Trump has completely turned around the federal response.”

    Rep. Nathaniel Moran: “Great visiting with local and national media to highlight @POTUS successes during his first 100 days in office. We’ve delivered real results as a party—but there’s still more work to do for the American people. I look forward to advancing President Trump’s agenda in the days ahead and keeping our commitment to putting America First.”

    Rep. Troy Nehls: “Today marks President Trump’s first 100 days back in the White House.
    Border is secured.
    Gas prices are dropping.
    DEI is dead.
    Historic investments secured.
    American energy is back.
    Common sense is restored.
    Protected women’s sports.
    We just keep winning!”

    Rep. Ralph Norman: “Within a mere 100 days – Gas prices have dropped 7%, energy prices are down 2%, egg prices dropped over 50%. @POTUS has delivered for the American people!! Welcome to the GOLDEN AGE!”

    Rep. Zach Nunn: “After 100 days of Biden: 451,063 CBP Apprehensions
    After 100 days of Trump: 21,528 CBP Apprehensions
    ⬇️ Apprehensions down 95%
    ⬇️ Migrant crossings down 99.99%
    ✅ Iowa communities safer & more secure”

    Rep. Andy Ogles: “It’s working — thanks to President Trump, ‘Made in Middle Tennessee’ is back and stronger than ever.”

    Rep. Burgess Owens: “President @realDonaldTrump brought back something Washington had lost: America First leadership. 100 Days of historic and unprecedented wings for our nation. Promises made. Promises kept. us”

    Rep. Gary Palmer: “In his first 100 days, President Trump has brought common sense back to the White House.”

    Rep. Jimmy Patronis: “Since @POTUS took office and reversed Biden’s burdensome regulations, Americans have enjoyed 100 days of lower prices.
    📉A/Cs
    📉Gas Stoves
    📉Water Heaters
    📉Lightbulbs
    📈WINNING
    Having a strong quarterback in the White House matters; and it’s just the first quarter”

    Rep. August Pfluger: “The first 100 days have set the foundation, the next 100 days will build the framework, and the next 100 years will showcase the lasting legacy of conservative governance done right.”

    Rep. Guy Reschenthaler: “100 days of American greatness — and many more to come”

    Rep. Hal Rogers: “Celebrating @POTUS ‘s first 100 days in office and the positive impact he is having in our country, including: 
    -Securing our borders
    -Putting drug cartels on the run
    -Ending unfair trade policies
    -Restoring commonsense, conservative policies that protect the American people
    -Strengthening our domestic energy supply, and much more.”

    Rep. Mike Rogers: “President Trump has accomplished more in 100 days than Biden did in his entire presidency. I am proud to see an America that is stronger and safer than it was 100 days ago.”

    Rep. John Rose: “In just 100 days, President Trump and his administration have accomplished more than Joe Biden did in four years.”

    Rep. David Rouzer: “President Trump is ushering in a new Golden Age of America!
    ✅ Restarted construction of the southern border wall
    ✅ Created 345,000 jobs
    ✅ Unlocked America’s Energy potential—bringing gas prices down 6.3%
    ✅ Reversed Biden-era rules – saving the average family of four $11,000
    ✅ Ended DEI in the military and government”

    Rep. Mike Rulli: “100 Days of Action. 100 Days of Results.
    President Trump is keeping his promises to the American people:
    🛑 Secured the border & ended catch-and-release
    🧱 Restarted the wall & deported criminal illegals
    ⚡ Declared a National Energy Emergency
    💸 Slashed waste, fraud & DEI bloat
    🏗️ Bringing jobs back through smarter trade”

    Rep. Maria Elvira Salazar: “Biden left us an open border. Now, border crossings are down 99 percent, criminals are being held accountable, and American manufacturing is coming back. It’s only the beginning.”

    Rep. Derek Schmidt: “✅ Secured the border
    ✅ Lowered inflation
    ✅ Unleashed American energy
    ✅ Eliminated waste, fraud, & abuse
    ✅ Reestablished peace through strength
    @POTUS’ first 100 days have been success after success- and he’s just getting started. us”

    Rep. Keith Self: “President Trump’s first 100 days embody the spirit of leadership, strength, and America First values. By upholding Reagan’s legacy of peace through strength, he fights to secure our nation and defend our freedoms. Thank you, @realDonaldTrump!”

    Rep. Jefferson Shreve: “Today, we mark 100 days of promises made and promises kept. .@HouseGOP
     and the @WhiteHouse  have been delivering — for the American people.

    ✅Securing our southern border
    ✅Unleashing American energy dominance
    ✅Deporting terrorists and illegal criminals
    ✅Investing in American manufacturing
    ✅Saving billions of dollars for the American taxpayers”

    Rep. Mike Simpson: “100 Days: @POTUS has delivered promise after promise to make America safer, more prosperous, and stronger. From securing our southern border to reducing regulations and restoring government transparency, President Trump has followed through for the American people.”

    Rep. Jason Smith: “President Trump’s first 100 days in office have been 100 days of promises made, promises kept.”

    Rep. Lloyd Smucker: “Promises made, promises kept. I’m proud to work alongside the Trump administration to extend tax relief for hardworking families and small businesses, cut government waste, secure our border, unleash American energy dominance, and achieve peace through strength.”

    Rep. Pete Stauber: “In his first 100 days, President Trump has delivered major wins for the American people:
    ✅Secured the border.
    ✅Deported violent illegal gang members.
    ✅Unleashed American energy and lowered gas prices.
    ✅Reduced government waste.
    ✅Protected women’s sports.
    ✅Boosted military recruitment.
    ✅Brought hostages home.
    Promises made, promises kept!”

    Rep. Greg Steube: “They laughed. They doubted. They lied. But President Trump DELIVERED. The border is secure. DEI is DEAD. Women’s sports are protected. This is what fighting for America looks like. And we’re just getting started.”

    Rep. Dale Strong: “In his first 100 days, @POTUS has delivered real results for the people of North Alabama. From strengthening national security to fueling job growth and reinvigorating American industry, Trump is taking action to push back against the failed policies of the radical left that weakened America’s economy, values, and institutions.”

    Rep. Dave Taylor: “President Trump is on a roll. In his first 100 days in office he has:
    – Lowered border encounters by 95%
    – Created 345,000 jobs
    – Signed the Laken Riley Act into law
    – Invested in American energy & manufacturing
    – Repealed restrictive Biden-era regulations
    Republicans are ready to work with President Trump to deliver on his mandate. And we’re just getting started!”

    Rep. Claudia Tenney: “President Trump has had a more productive first 100 days than any other president in history!”

    Rep. Tom Tiffany: “President Trump delivered in just 100 days.
    Secured the border.
    Lowered gas prices.
    Ended DEI programs.
    Boosted investments.
    Cut government waste.
    Brought hostages home.
    Deported gang members.
    Protected women’s sports.
    Revived military recruitment.
    Promises made. Promises kept.”

    Rep. Glenn Thompson: “Over the past 100 days, President Trump has worked tirelessly to secure our border, unleash American energy, and root out waste, fraud, and abuse in our government. Promises made, promises kept.”

    Rep. William Timmons: “President Trump did more in 100 days than Joe Biden did in four years.”

    Rep. Jeff Van Drew: “In just 100 days, President Trump did what Biden wouldn’t in four years:
    ✅ Laken Riley Act: signed
    ✅ Remain in Mexico: reinstated
    ✅ CBP One App: shut down
    ✅ Catch and Release: ended
    ✅ Criminal illegals: deported
    Biden opened the floodgates and Trump slammed them shut.”

    Rep. Beth Van Duyne: “100 days in and we are not tired of winning!
    ✅ Secured the border.
    ✅ $5+ trillion in new private U.S. investment
    ✅ Unleashed American Energy
    ✅ Lowered prices
    ✅ Negotiating for free and fair trade”

    Rep. Derrick Van Orden: “Over 77 million Americans and 1.7 million Wisconsinites put their trust in President Trump to get our nation back on track after four years of disastrous policy from the Biden administration. In just 100 days, President Trump has delivered on his promises to the American people.”

    Rep. Tim Walberg: “100 days in, Trump creating new Golden Age.”

    Rep. Randy Weber: “President Trump has been in office 100 GREAT days. Thank you for finally putting Americans FIRST. A new era of greatness has begun for our great country.”

    Rep. Daniel Webster: “President Trump is getting our country back on track. In just the first 100 days, @POTUS:
    ✅ Secured the border – 94% drop in illegal crossings.
    ✅ Unleashed American energy – gas prices have fallen 6.3%.
    ✅ Secured trillions in new U.S. based investments, and brought back American jobs.
    ✅ Restored peace through Strength.
    ✅ Cut waste, fraud, and abuse in the federal government.
    The Golden Age of America has only just begun.”

    Rep. Tony Wied: “100 days of a secure border, 100 days of eliminating waste in our government, 100 days of unleashing American energy, 100 days of putting America First.”

    Rep. Roger Williams: “In just 100 days under @POTUS, Illegal border encounters are DOWN by 95% and gotaways are DOWN by 99%.”

    Rep. Joe Wilson: “Today marks 100 days since President Donald Trump took back the White House, and along with the Republican-led House and Senate, immediately began Promises Made, Promises Kept, delivering for American families. In just 100 days, the Trump administration has secured the borders, restored energy independence, began Peace Through Strength, and brought massive investments and jobs, making America competitive again. President Trump is keeping his promises to families, making the country strong, safe, and secure.”

    Rep. Steve Womack: “In the first 100 days, @POTUS Trump has delivered huge wins for our nation, securing our borders and halting the surge of illegal crossings witnessed under Biden. National security begins with strong border policies, and I’m pleased to see this administration making it a top priority.”

    Rep. Rudy Yakym: “100 days of promises made, promises kept
    ✅Illegal border crossings down 95%
    ✅Deporting violent criminals
    ✅Bringing dozens of hostages home
    ✅Restoring peace through strength
    ✅Unleashing American energy”

    Rep. Ryan Zinke: “First 100 days of @POTUS by the numbers:
    📉Border encounters down 88% since last year
    📉Gas Prices down 6.3%
    📉Eggs prices down 56%
    📈10,000 new manufacturing jobs
    📈 8,900 new auto jobs
    ➡️ over 100,000 illegal aliens deported”

    Vice President JD Vance: “President Trump has made historic progress in the first 100 days of his presidency, but he’s also revealed the ways in which the entrenched bureaucracy in Washington is working to undermine the will of the American people. Thank God, we have a president who is fighting back.”

    Secretary of the Treasury Scott Bessent: “Bringing down persistent Bidenflation has been a priority for the first 100 days of the Trump administration, and @POTUS has done a great job of leading that effort.”

    Attorney General Pam Bondi: “This is all at Donald Trump’s directive, and this is what all of us have been doing, as a team, since Day One when he took office – Make America Safe Again.”

    Secretary of Energy Doug Burgum: “100 Days of promises made, promises kept! This administration is bolstering our national security, reducing inflation, ending our reliance on foreign adversaries, & cementing this country as a global energy powerhouse.”

    Secretary of Veterans Affairs Doug Collins: “The first 100 days of the second Trump Administration have been full of great news for America’s Veterans. Under @POTUS’ leadership, we are putting Veterans first!”

    Secretary of Labor Lori Chavez-DeRemer: “In just the first 100 days, we’re witnessing a resurgence of the grit, determination, and ingenuity that built our country into a shining city on a hill.”

    Secretary of Transportation Sean Duffy: “From zero to 100 days: How Donald Trump is revolutionizing transportation.”

    Director of National Intelligence Tulsi Gabbard: “President Trump’s first 100 days have delivered historic change for the American people, to make our country more safe, secure, and free.”

    Secretary of Health and Human Services Robert F. Kennedy, Jr.: “The first 100 days of the Trump administration have been historic—a critical course correction for a nation suffering from chronic disease and the stranglehold of corporate power.”

    Small Business Administration Administrator Kelly Loeffler: “No better place to celebrate the wins of President Trump’s first 100 Days than with America’s small businesses and workers. In record time, he’s delivering the strongest pro-growth agenda in modern history– to help Main Street hire, build, and boom again.”

    Secretary of Education Linda McMahon: “The American people gave us a historic mandate to restore our education system. We’re 100 days in, and we’re just getting started.”

    Secretary of Homeland Security Kristi Noem: “Under the leadership of President Donald J. Trump, we have the most secure border in American history. In less than 100 days, daily border encounters are down 93%… The world is hearing our message: do not come to this country illegally. If you do, we will arrest you, deport you and you will not be allowed to return.”

    Secretary of Agriculture Brooke Rollins: “As President Donald J. Trump ushers in a new golden age of prosperity for our economy, we are fighting to give farmers and ranchers a seat at the table. For far too long, the hardworking Americans who feed, fuel, and clothe the world were left on the sidelines. At USDA, I am reversing the policies of the Biden Administration that actively made life harder for America’s farmers and ranchers and instead pushing to expand market access and unleash prosperity for generations to come.”

    Secretary of Housing and Urban Development Scott Turner: “After 100 Days of President Trump’s leadership, we are well on our way to restoring the American Dream.”

    National Security Advisor Mike Waltz: “One hundred days into President Trump’s historic second term, America is far safer than it was during Joe Biden’s disastrous presidency.”

    Secretary of Energy Chris Wright: “100 days in—President Trump’s leadership is turning policy into power.”

    MIL OSI USA News –

  • MIL-OSI New Zealand: Chris Swasbrook appointed as Chair of Te Papa

    Source: New Zealand Government

    Chris Swasbrook has been appointed as Chair of the Te Papa Board says Chris Bishop, Acting Minister for Arts, Culture and Heritage.

    “Chris Swasbrook is a prominent New Zealand investor with more than 25 years’ experience working in finance. He has an extensive resume in executive and governance roles in many large-scale New Zealand businesses and organisations,” Mr Bishop says.

    “Born in Auckland, he has been a long-time supporter of local business and arts communities. Chris is Chair of the Auckland Future Fund and an Inaugural Member and current Chair of the Auckland Art Gallery Toi o Tamaki Advisory Committee – roles which have shown his commitment to thriving arts infrastructure in New Zealand.

    “Chris will bring valuable commercial, financial and investment governance experience to Te Papa. His strategic insights and international perspective will undoubtedly prove valuable to our national museum.

    “I would like to thank Jackie Lloyd who has stepped up as acting Chair following the departure of Hon Dame Fran Wilde. Both Jackie and Dame Fran have made immense contributions to the leadership of Te Papa which have enhanced the museum’s standing on the world stage.”

    Media contact: Mikaela Bossley Clark: +64 21 275 0454

    Biography:

    Chris Swasbrook has more than 25 years’ experience in stockbroking and funds management. He is currently Managing Director of Elevation Capital and Co-Founder and Director of NZX-listed New Zealand Rural Land Company. He is also Chair of the Auckland Future Fund, Executive Chair of McCashin’s Brewery, a board member of the Financial Markets Authority (FMA) and member of the NZX Listing Sub-Committee.

    Mr Swasbrook is also an Inaugural Member and current Chair of the Auckland Art Gallery Toi o Tamaki Advisory Committee.

    He was previously a partner at Goldman Sachs, JBWere, and was Chair of Allied Farmers, Chair of Bethunes Investments, Director of NZX-listed Mowbray Collectables, Director of Ruapehu Alpine Lifts and Director of NZX-listed Satara Co-Operative Group.

    MIL OSI New Zealand News –

  • MIL-OSI USA: VIDEO: Cornyn Praises New Water Treaty Agreement with Mexico

    US Senate News:

    Source: United States Senator for Texas John Cornyn
    WASHINGTON – Today on the floor, U.S. Senator John Cornyn (R-TX) praised Agriculture Secretary Brooke Rollins and Deputy Secretary of State Christopher Landau’s successful efforts to broker a new agreement on the Treaty Relating to the Utilization of Waters of the Colorado and Tijuana Rivers and of the Rio Grande that secures water for farmers and ranchers in Texas. Excerpts of Sen. Cornyn’s remarks are below, and video can be found here.
    “I want to start my remarks today by thanking President Trump, Secretary Rollins, Secretary Rubio, and Deputy Secretary of State Landau for their efforts in securing a new agreement with the country of Mexico to send much-needed water to South Texas.”
    “This has been a long-standing problem.”
    “Their habit has been to delay the delivery of that water until the end of the five-year period of the treaty.”
    “In the interim, Mexican farmers have the water they need to grow the crops they need to grow and leave Texas agriculture high and dry.” 
    “I remember talking to Secretary Blinken and introducing legislation, talking to my colleagues across the aisle about coming with up some carrots and sticks that we might be able use to get Mexico to live up to its responsibilities, but the Biden administration wasn’t particularly interested in solving the problem.”
    “I’ve been working here in the Congress, as have my colleagues both in the Senate and the House, particularly our Texas delegation in the House of Representatives, to get them to live up to their responsibilities.”
    “We’ve come to realize that the current treaty, which was signed back in 1944, has become obsolete – that we need some interim measures and metrics to ensure that there are regular annual water deliveries for Texas and our agricultural industry.”
    “Yesterday’s announcement was an important step toward to doing just that.”
    “I thank the President, the Secretary of Agriculture, the Deputy Secretary of State, and the Secretary of State for their efforts to secure this important and long overdue payment of water to South Texas.” 

    MIL OSI USA News –

  • MIL-OSI New Zealand: Construction to start on new average speed safety cameras in Auckland

    Source: New Zealand Transport Agency

    New Zealand Transport Agency Waka Kotahi (NZTA) will begin construction of a new pair of average speed safety cameras to improve safety on Pine Valley Road, in Dairy Flat Auckland, from next week.

    NZTA Auckland and Northland Director of Regional Relationships, Steve Mutton, says the safety cameras aim to significantly reduce the number of people traveling over the speed limit on this road and lessen the likelihood of a serious or fatal crash.

    “The types of crashes that happen and are likely to happen on this stretch of road, the volume of traffic, and driver behaviour all tell us that there is a serious risk of people being killed or seriously injured in crashes on Pine Valley Road. We also know that risk can be significantly reduced if more people drive to the speed limit. By installing safety cameras here we can encourage just that.

    “In June 2024 we ran a speed survey on this stretch of road that showed around 74 percent of drivers were speeding. Despite the 80 km/h speed limit, the average speed vehicles were travelling was almost 90 km/h. 

    “There were three crashes between 2018 and 2023 that resulted in people receiving serious, and potentially life changing, injuries.”

    One camera will be installed near the Kahikatea Flat Road intersection and the other near the Pine Valley Road roundabout. 

    When installed, the two cameras will work together, measuring the average speed drivers travel between them. Drivers will only be ticketed if their average travel speed over the entire distance between the two cameras is over the limit – they aren’t ‘pinged’ by a single camera or at a single point where they are over the speed limit.

    “We know that average speed safety cameras are more effective at reducing deaths and serious injuries than the traditional speed cameras we’ve had in New Zealand. We expect they will reduce deaths and serious injuries by around 48 percent,” says Mr Mutton.

    “Safety cameras will reduce speeding, ensuring that if crashes do happen, the people involved are far more likely to walk away unharmed.” 

    Initial construction works will include installing an underground power supply, completing foundation works and installing a metal barrier that will protect maintenance workers and any vehicle that leaves the road in a crash.  

    The poles and cameras will not be installed until later this year. Before the cameras begin operating ‘Average speed camera area’ signs will be installed, giving drivers a reminder to check their speed and slow down if needed.

    NZTA is expecting to begin operating its first average speed safety cameras at Matakana Road, Warkworth, later this year, and will progressively bring other average speed safety cameras online in the following months. 

    Find out more about NZTA’s safety camera work.

    MIL OSI New Zealand News –

  • MIL-Evening Report: Sick of eating the same things? 5 ways to boost your nutrition and keep meals interesting and healthy

    Source: The Conversation (Au and NZ) – By Clare Collins, Laureate Professor in Nutrition and Dietetics, University of Newcastle

    Loquellano/Pexels

    Did you start 2025 with a promise to eat better but didn’t quite get there? Or maybe you want to branch out from making the same meal every week or the same lunch for work almost every day?

    Small dietary changes can make a big difference to how you feel, how your body functions and health indicators such as blood pressure, blood sugar and cholesterol levels.

    You can meet your nutrient needs by eating a range of foods from the key food groups:

    • vegetables and fruit
    • protein (legumes, beans, tofu, meats, poultry, fish, eggs, nuts, seeds)
    • grains (mostly wholegrain and high-fibre)
    • calcium-rich foods (milk, yoghurt, cheese, non-dairy alternatives).

    But you also need a variety of foods to get enough vitamins, minerals and phytonutrients from plant foods. Phytonutrients have antioxidant, anti-inflammatory, anti-cancer and other functions that help keep you healthy.

    Use these five dietary tweaks to boost your nutrient intake and add variety to what you eat.

    1. Include different types of bran to boost your fibre intake

    Different types of dietary fibre help improve bowel function through fermentation by gut microbes in the colon, or large bowel. This creates larger, softer bowel motions that then stimulate the colon to contract, leading to more regular bowel movements.

    Add different types of dietary fibre – such as oat bran, wheat bran or psyllium husk – to breakfast cereal or add some into recipes that use white flour:

    • psyllium husk is high in soluble fibre. It dissolves in water forming viscous gel that binds to bile salts, which get excreted and your body is then not able to convert them into cholesterol. This helps lower blood cholesterol levels as well as with retaining water in your colon, making bowel motions softer. Soluble fibre also helps slow the digestive process, making you feel full and slows the normal rise in blood sugar levels after you eat

    • wheat bran is an insoluble fibre, also called roughage. It adds bulk to bowel motions, which helps keep your bowel function regular

    • oat bran contains beta-glucan, a soluble fibre, as well as some insoluble fibre.

    Try keeping small containers topped up with the different fibres so you don’t forget to add them regularly to your breakfast.

    Psyllium husk is high in soluble fibre, which dissolves in water and slows digestion.
    Shawn Hempel/Shutterstock

    2. Add a different canned bean to your shopping list

    Dried beans are a type of legume. From baked beans to red kidney beans and chickpeas, the canned varieties are easy to use and inexpensive. Different colours and varieties have slightly different nutrient and phytonutrient profiles.

    Canned beans are very high in total dietary fibre, including soluble fibre and resistant starch, a complex carbohydrate that resists digestion in the small intestine and then passes into the colon where it gets fermented.

    The body digests and absorbs the nutrients in legumes slowly, contributing to their low glycemic index. So eating them makes you feel full.

    Regularly eating more legumes lowers blood sugar levels, and total and LDL (bad) cholesterol.

    Add legumes to dishes such as bolognese, curry, soups and salads (our No Money No Time website has some great recipes).

    3. Try a different wholegrain, like buckwheat or 5-grain porridge

    Wholegrain products contain all three layers of the grain. Both the inner germ layer and outer bran layer are rich in fibre, vitamins and minerals, while the inner endosperm contains mostly starch (think white flour).

    Wholegrains include oats, corn (yes, popcorn too), rye, barley, buckwheat, quinoa, brown rice and foods made with wholegrains, like some breads and breakfast cereals such as rolled oats, muesli and five-grain porridge.

    Wholegrains aren’t just breakfast and lunch foods. Dinner recipe ideas include tuna and veggie pasta bake,
    chicken quesadillas and buckwheat mushroom risotto.

    4. Try a different vegetable or salad mix every week

    A review of the relationship between plant-based diets and dying of any cause followed more than half a million people across 12 long-term studies.

    It found people who ate the most plants had a lower risk of dying during the study and follow-up period than those who ate hardly any.

    Add a rainbow coleslaw to your meal.
    Kiian Oksana/Shutterstock

    Try adding a new or different vegetable or salad item to your weekly meals, such as rainbow coleslaw, canned beetroot, raw carrot, red onion, avocado or tomatoes.

    Or try a stir-fry with bok choy, celery, capsicum, carrot, zucchini and herbs.

    The more variety, the more colour, flavour and textures – not to mention phytonutrients.

    5. Go nuts

    Cashews, walnuts, almonds, macadamias, pecans and mixed nuts make a great snack.

    (Peanuts are technically a legume because they grow in the ground but we count them as nuts because their nutrient profile is very similar to the tree nuts.)

    You have to chew nuts well, which means your brain receives messages that you are eating and should expect to soon feel full.

    Nuts are energy-dense, due to their high fat content. A matchbox portion size (30 grams) contains about 15 grams of fat, 5 grams of protein and 740 kilojoules.

    While some people think you need to avoid nuts to lose weight, a review of energy restricted diets found people who ate nuts lost as much weight as those who didn’t.

    My colleagues and I at the University of Newcastle have created a free Healthy Eating Quiz where you can check your diet quality score, see how healthy your usual eating patterns are and how your score compares to others. You can also get some great ideas to make your meals more interesting .

    Clare Collins AO is a Laureate Professor in Nutrition and Dietetics at the University of Newcastle, NSW and a Hunter Medical Research Institute (HMRI) affiliated researcher. She is a National Health and Medical Research Council (NHMRC) Leadership Fellow and has received research grants from NHMRC, ARC, MRFF, HMRI, Diabetes Australia, Heart Foundation, Bill and Melinda Gates Foundation, nib foundation, Rijk Zwaan Australia, WA Dept. Health, Meat and Livestock Australia, and Greater Charitable Foundation. She has consulted to SHINE Australia, Novo Nordisk, Quality Bakers, the Sax Institute, Dietitians Australia and the ABC. She was a team member conducting systematic reviews to inform the 2013 Australian Dietary Guidelines update, the Heart Foundation evidence reviews on meat and dietary patterns and current Co-Chair of the Guidelines Development Advisory Committee for Clinical Practice Guidelines for Treatment of Obesity.

    – ref. Sick of eating the same things? 5 ways to boost your nutrition and keep meals interesting and healthy – https://theconversation.com/sick-of-eating-the-same-things-5-ways-to-boost-your-nutrition-and-keep-meals-interesting-and-healthy-245672

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI USA: Wicker, Feenstra Introduce Legislation to Continue Safe Exports of Agricultural Products in Event of Foreign Animal Disease Outbreak

    US Senate News:

    Source: United States Senator for Mississippi Roger Wicker
    WASHINGTON – U.S. Senator Roger Wicker, R-Miss., joined Congressman Randy Feenstra, R-Iowa, in introducing the Safe American Food Exports (SAFE) Act. This legislation would codify USDA’s role in negotiating regionalization agreements that allow livestock, poultry, and other animal products from unaffected areas of the country to be exported in the event of an animal disease outbreak. Although the U.S. Department of Agriculture (USDA) already works with the United States Trade Representative to develop these agreements, this legislation would establish regionalization agreements and promoting robust agricultural trade policies before any animal disease impacts our nation.
    This bill would also create a notification system within the Import and Export Library to prevent our producers from being impacted by changes in trade status of agricultural commodities and alert the proper agencies, organizations, and State Departments of Agriculture that there have been changes in import or export status.
    “Mississippi’s poultry exporters and producers have suffered during the bird flu. Animal diseases often cause trade disruptions, and the government should help protect American agriculture exports in these situations,” said Senator Wicker. “The Safe American Food Exports Act would help do that. The bill would give the USDA authority to negotiate regionalization agreements to ensure America’s agricultural producers are not shut off from the global market.”
    “Iowa farmers are the backbone of our economy and the breadbasket of our country and the world. However, an animal disease outbreak can be devastating for our producers, majorly disrupt trade with foreign countries, and close important export markets that our farmers depend on,” said Congressman Feenstra. “Understanding the dire financial and animal health consequences of a disease outbreak, I introduced the Safe American Food Exports Act so that we can negotiate comprehensive agreements with our trading partners and ensure that a disease outbreak in one part of the country does not impact Iowa’s ability to produce and export our agricultural goods. By working proactively on regionalization agreements and prioritizing farm biosecurity, we can safely ship our agricultural commodities around the globe, prevent massive trade disruptions, and mitigate the negative impacts of animal disease on our farmers, producers, and rural communities.”
    Joining Senator Wicker and Congressman Feenstra in introducing the SAFE Act are Senators Katie Britt, R-Ala., Tina Smith, D-Minn., Chris Coons, D-Del., and Congressman Jimmy Panetta, D-Calif. 
    Click HERE for bill text.

    MIL OSI USA News –

  • MIL-OSI USA: Tuberville Advocates for More Oversight at the VA

    US Senate News:

    Source: United States Senator Tommy Tuberville (Alabama)

    WASHINGTON – Today, U.S. Senator Tommy Tuberville (R-AL) participated in a Senate Veterans’ Affairs Committee (SVAC) hearing. During his remarks, Senator Tuberville advocated for alternative treatments for veterans who are suffering from PTSD, including Hyperbaric Oxygen Therapy. Senator Tuberville also called for more oversight of the Staff Sergeant Parker Gordon Fox Suicide Prevention Grant Program disbursed through the Department of Veterans Affairs (VA) to ensure our veterans are receiving the best care possible.

    The hearing featured several witnesses, including Jim Lorraine, President and CEO of America’s Warrior Partnership.

    Read excerpts below or watch the full clip on YouTube or Rumble.

    TUBERVILLE: “Good morning, everybody. Thanks for being here, and thanks for those of you that have served this great country. Thanks for your service. Since I’ve been on this committee now going on five years, we have not improved prevention of [veterans’] suicide. As a matter of fact, in a lot of areas it has gotten worse. I know in my state of Alabama, you know, you can throw all the money at it you want. But at the end of the day, it’s about attitude, it’s about the people that work in these hospitals and these care units that show care and humility for the veteran. I’ve had friends that have committed suicide. I’ve had friends that have almost committed suicide. It’s a sad state of affairs. But again, I think it’s more about people. We have to have people that’s gonna do the right thing. Veterans—there’s no area that we need to concentrate more in our country—other than, obviously, our economy and [other important] things that are going on—but the care of people that have put their life on the line for our country. Mr. Lorraine, [you have the] opportunity for oversight on these grants. Do we have enough oversight in your eyes for the grants that we’re putting out?” […]

    LORRAINE: “Thank you, Senator. I think if there is oversight, it’s not transparent. We do participate—America’s Warrior Partnership participates in all the meetings that the VA holds. We provide our reports. We just don’t know how we rack up against others, and we don’t understand where we are, you know, how we can improve what we’re doing. So, if the outcome of oversight is to change the process and improve the process, we’re seeing it a little bit. The technology system that the VA was using previously has improved greatly. But I would say it’s not exceeding expectations.” […]

    TUBERVILLE: “How can this VA and this administration stop the bad actors from taking these grants away from people [who] actually need these grants?”

    LORRAINE: “Well, sir, you know, there is an example of a grantee in the Northeast who was prosecuted for $50,000, taking $50,000 from the grant. I think that type of oversight is needed. We just went through our audit. We did very well with it. But I think more audits—I hate to say that—but, I mean, I think more audits for organizations with clear guidelines that don’t just look at ‘how many hours are you spending doing the work,’ but ‘what are the outcomes of the work that you’re doing?’”

    Senator Tommy Tuberville represents Alabama in the United States Senate and is a member of the Senate Armed Services, Agriculture, Veterans’ Affairs, HELP and Aging Committees.

    MIL OSI USA News –

  • MIL-OSI New Zealand: We want to be here long-term: A 20-year journey towards sustainable dairy farming

    Source: Environment Canterbury Regional Council

    Reducing nitrate in the water

    And slowly but surely, it’s paid off. The 221ha property with 630 cows, located on the outskirts of Culverden in the Amuri Basin, had seen a significant reduction in nitrate in the water and a dramatic improvement to the health of its ecosystem. But those results didn’t come overnight.

    The team at Pukatea Dairy Farm had spent the last two decades investing in:

    • draining systems
    • sediment traps
    • riparian planting, particularly around the wetlands.

    Water testing showed that the level of nitrogen that came into the farm was reduced by 95 per cent after it was filtered through the drains and wetland.

    Stuart said they wanted to be sustainable, resilient and offer a meaningful experience for everyone involved in the operation.

    “I think sometimes there’s a bit too much focus on short-term profit in farming and I get that, I used to be a sharemilker, but what we’ve learnt is you can forgo a little profit to make yourself more resilient later.”

    In the last few years, the weather demonstrated that. The farm produced results even in years with challenging conditions.

    The farm was fortunate to have heavier soils than other parts of the basin, which meant they had greater drought resilience. But heavier soils meant keeping a careful balance with soil moisture monitoring.

    “We worked out that our pasture doesn’t like being wet all the time,” Stuart said.

    Reducing the farm’s carbon emissions

    Another significant change was steering away from a more intensive farm system. This move was driven by a desire to prioritise animal welfare and create a more enjoyable work environment. In return, it has improved both the herd’s health and the farm’s overall sustainability.

    Stuart said one of the big issues with dairy farming was intensity, which translated to how many cows and how much brought-in feed you had in your system.

    “[It’s] about your carbon footprint, your environmental effects and what we are trying to do is run within the capacity of the land. I think the data is showing that we are not far away.”

    Over the last ten years, Stuart reduced the number of cows in his paddock from 700 to 630. Three years ago, he took deintensification further by decreasing the number of weekly milkings from 14 to ten.  

    In turn, this decreased his replacement rate (the number of cows he kept as a buffer to replace the cows that couldn’t get pregnant) from 25 to 18 per cent and halved the farm’s empty cow rate. 

    Recognition for sustainable and ethical farming

    Ballance Farm Environment Awards (BFEA) judges commended Stuart and his team for creating an outstanding operation that consistently chose the right path over the easy one.

    The judges said the farm’s long-term environmental initiatives, strategic grazing practices, and unwavering commitment to ethical, sustainable farming served as an inspiration to others in the industry.

    Stuart also took home:

    • The Environment Canterbury Water Quality Award
    • The Dairynz Sustainability and Stewardship Award
    • The FMG Risk Management Award.

    Our Water and Land Northern Team Leader, Andrew Arps, said what stood out to him was the enduring nature of their efforts, as it hadn’t been a quick or easy journey.

    “It’s been about consistent, thoughtful improvements, with a focus on sustainable land management that goes well beyond regulatory requirements.”

    “One of the powerful things about Stuart’s approach is that it recognises how small actions, when done collectively and consistently, can make a real and lasting difference for water quality and land health. It’s a mindset that doesn’t chase short-term fixes but looks at the bigger picture, and it’s clear that this way of working is paying off.”

    Award winner Stuart Neill, Water and Land Northern Team Leader Andrew Arps, Mike Hennessy from Amuri Irrigation and Ross Bishop from DairyNZ at the Pukatea Dairy Farm

    Andrew said Stuart’s success reflected the input of those around him as he was open to advice, willing to consider different perspectives, and not afraid of robust discussions to find the best way forward.

    “That kind of leadership and collaboration is exactly what we need more of across the region.

    “All of this made Stuart a very deserving recipient of our water quality award. His work sets a great example for others.”

    Further reading

    MIL OSI New Zealand News –

  • MIL-OSI Security: Former USDA Program Director Pleads Guilty in $400,000 Kickback Scheme

    Source: Office of United States Attorneys

    WASHINGTON – Kirk Perry, 60, a former United States Department of Agriculture (USDA) program director, pleaded guilty today in connection with a kickback scheme in which he and his nephew, Jamarea Grant, 31, of Cleveland, Ohio, conspired to bill the government nearly $400,000 for work that Grant did not actually perform.  

    The plea was announced by U.S. Attorney Edward R. Martin Jr. and Acting Inspector General Janet M. Sorensen of the U.S. Department of Agriculture Office of Inspector General.

    Perry, of Lorain, Ohio, pleaded guilty before U.S. District Court Judge Colleen Kollar-Kotelly to conspiracy to commit money, property, and honest services wire fraud. Grant previously pleaded guilty on Nov. 27, 2024, to the same charge. Judge Kollar-Kotelly will determine any sentences for Perry and Grant after considering the U.S. Sentencing Guidelines and other statutory factors. Perry is scheduled to be sentenced on Dec. 4, 2025. Grant’s sentencing is pending.

    In pleading guilty, Perry and Grant admitted that, from August 2015 through November 2022, Perry, who at the time was serving as a USDA Program Director, arranged for Grant to be hired by two companies under contract with the USDA Office for Civil Rights. Grant reported directly to Perry, who also approved the invoices billing for Grant’s time, and the two of them conspired to bill the government for work that Grant did not perform.

    Grant received nearly $400,000 for work he did not do. Perry also had access to Grant’s bank account. As part of the criminal scheme Perry transferred approximately $125,000 of the USDA payments from Grant’s account to his own account.

    This case was investigated by the USDA Office of Inspector General Sensitive Investigations Office. The matter is being prosecuted by Assistant U.S. Attorneys Brian P. Kelly and Maeghan Mikorski.

    24cr223

    MIL Security OSI –

  • MIL-OSI USA: Cortez Masto Joins Senators Pressing Administration on How Mass CFPB Firings Will Hurt Working Nevadans

    US Senate News:

    Source: United States Senator for Nevada Cortez Masto

    Washington, D.C. – Today, U.S. Senator Catherine Cortez Masto (D-Nev.) joined 40 Democratic Senators in a letter to Consumer Financial Protection Bureau (CFPB) Acting Director Russell Vought outlining more than 80 congressionally mandated functions of the CFPB and pressing for answers on how the agency would be able to protect hardworking Americans from scams and fraud after firing almost the entire staff.

    Senator Cortez Masto has been a longstanding champion for the CFPB and has consistently fought to protect Nevadans from fraud. Last year, she called out the Navy Federal Credit Union for its racial disparities in mortgage lending. Following a push from Cortez Masto, the CFPB created new consumer protections for homeowners who apply for Property Assessed Clean Energy loans to help them make energy-efficient upgrades to their homes. She has also introduced legislation to incentivize whistleblowers to report consumer fraud to the CFPB.

    “Last week, you tried to fire nearly all of the agency’s remaining 1,700 employees—the staff responsible for fulfilling the CFPB’s mission and statutory requirements to prevent Americans from getting scammed by big banks and giant corporations,” wrote the senators. “Your hasty and unjustified mass firings are an illegal shutdown of the CFPB that will leave it unable to conduct agency actions that are required by law.”

    “You directed the gutting of entire divisions—including departments created by Congress to protect servicemembers and older Americans—attempting to leave a shell of only 200 employees to supervise and examine large financial institutions across the country, respond to millions of consumer complaints, answer the phone for hundreds of thousands of people seeking help, monitor emergency financial risks, and run all of the agency’s other operations,” they continued.

    The Senators laid out in detail the impact the mass layoffs would have on specific functions of the CFPB––including firing all but one employee helping victims of scams in the offices focused on our nation’s two million servicemembers and tens of millions of older Americans.

    “We request that you provide—by April 30, 2025—a detailed accounting of each of the more than 80 statutory obligations of the CFPB, the number of employees assigned to each of those functions as of December 2024, the number of employees who would be assigned to each function if your rushed reduction in force were to go into effect, the immediate impact of such a reduction on the agency’s ability to perform each function consistent with federal law and federal court orders, and copies of any individualized or particularized analysis of those planned reductions on the agency’s work,” they concluded.

    The full text of the letter can be found here.

    Senator Cortez Masto has pushed multiple Departments under the Trump Administration for detailed, public information regarding the impacts of President Trump’s federal funding freeze, hiring freeze, and terminations on Nevada – including to the Department of the Interior, the U.S. Forest Service, the National Nuclear Security Administration, the Department of Veterans Affairs, Department of Agriculture, General Services Administration, and Department of Health and Human Services.

    MIL OSI USA News –

  • MIL-Evening Report: State of the states: the campaign is almost over, so how has it played out across Australia?

    Source: The Conversation (Au and NZ) – By David Clune, Honorary Associate, Government and International Relations, University of Sydney

    While many Australians have already voted at pre-poll stations and by post, the politicking continues right up until May 3.

    So what’s happened across the country over the past five weeks?

    Here, six experts analyse how the campaign has looked in New South Wales, Queensland, South Australia, Tasmania, Victoria and Western Australia.

    New South Wales

    David Clune, honorary associate, government and international relations, University of Sydney

    The campaign in NSW is concluding much as it began, largely mirroring the Australia-wide trend with little evidence of localism.

    The main themes of both sides remain similar: cost-of-living alleviation, improved health care and housing affordability. Both leaders quickly matched each other’s promises: it could be described as the “Albanutton” campaign.

    Opposition Leader Peter Dutton’s campaign continued to be hampered by slip-ups and a lack of focus, detail and discipline. Although the government’s record had given him plenty of scope, Dutton struggled to land a blow.

    Prime Minister Anthony Albanese had his share of gaffes, but appeared more coherent and convincing. Labor’s negative campaign to portray Dutton as a local Trump clone seems to have been effective.

    Some in the Liberal Party argue there’s pent-up resentment against the government in Western Sydney that hasn’t been picked up by opinion polls. Whether this hypothetical backlash turns into seats on polling day remains to be seen.

    Bennelong (notionally Liberal after the redistribution) and Gilmore, seem the most likely Liberal gains. Parramatta, Reid, Paterson, Robertson and Werriwa are also in play. There is speculation about an independent threat in the safe Labor seat of McMahon.

    The Coalition has a fight on its hands to retain Cowper and Bradfield, with strong independent challenges in both seats. There is a tight three-way contest in Calare between former National turned independent, Andrew Gee, a National and a Teal.

    As there is little real policy differentiation between the major parties; it seems to come down to which side the voters find more credible and trustworthy in uncertain times.

    According to a Newspoll published on April 27, Albanese led Dutton as preferred prime minister by 51% to 35%. Only 39% of those surveyed believed the government deserved to be re-elected. However, 62% believed the Coalition was not ready to govern.

    An aggregate of polling data showed in NSW, as at April 28, Labor’s two-party preferred vote was 53.0%, an increase since the March Budget of 2.8% and of 1.6% since the 2022 election.

    Queensland

    Paul Williams, associate professor of politics and journalism, Griffith University

    In the campaign’s closing week, Queensland remains largely inconsequential as to whether Albanese or Dutton will call The Lodge home.

    But that doesn’t mean the Liberal National Party (LNP) isn’t concerned about its prospects north of the Tweed.

    While the LNP still leads Labor in the two party-preferred vote, 54 to 46, across Queensland – roughly the 2022 result – last week’s YouGov poll found that result to be a three-point fall for the LNP from the previous week.

    While Labor is hardly going to blitz Queensland, some LNP seats are nonetheless more vulnerable than at any time over the past decade. These include the regional seats of Leichhardt (3.4 %) and Flynn (3.8%), the outer suburban seats of Dickson (held by Dutton by just 1.7%), Longman (3.1%), Forde (4.2%) and Petrie (4.4%), and the middle-suburb mortgage-belt seat of Bonner (3.4%).

    Independent Suzie Holt might also worry the LNP in the usually safe seat of Groom, around Toowoomba.
    But the last-minute “rescue” of the LNP by Pauline Hanson’s One Nation (PHON) – Hanson (reciprocating the LNP’s preferencing of PHON) pulped existing how to vote cards and printed new ones placing the LNP second in most seats – might just save the opposition.

    However, the campaign has offered little clarity on the prospects in other key Queensland contests: the battles for three Greens-held inner-urban seats of Brisbane, Ryan and Griffith.

    But a mid-April DemosAU poll found the Greens’ primary vote falling by 1.7 points to 29%, a figure exactly tied with Labor’s, which has risen 2.7% since 2022.

    Problematically for Dutton, the LNP, whose primary vote remains locked at 36%, appears not to have capitalised on cost-of-living angst in inner Brisbane.

    Despite 58% of inner Brisbane leaning centre-left, these figures suggest the LNP may fail to win any Greens seats, with the contest a close one between the Greens and Labor only. The result rests on who runs third: Labor or the Greens. There could be a mere 100 votes in these must-watch seats.

    In the Northern Territory, the seat of Lingiari, which takes in Alice Springs and Katherine, is held by Labor’s Marion Scrymgour by 1.7%. In 2022, just one in three enrolled voters cast a ballot in the electorate, prompting the Australian Electoral Commission to try to increase voter turnout. In the wash-up, it will be interesting to see if this improves.

    South Australia

    Rob Manwaring, associate professor of politics and public policy, Flinders University

    Given SA is home to only a handful of marginal seats, it’s not a well-trodden part of the campaign trail. That’s typical of most federal elections.

    What’s not so typical is the overall feel of the campaign. The rhythms of Australian elections are changing. On one level, there are the familiar tropes and activities; TV debates, campaign launches and letter box blitzes in key marginal seats.

    Yet, on the other hand, voters behave differently than they used to. Data from the Australian Election Study(AES) tells us far fewer voters have made their decision “a long time ago” (55% in 2007, down to 36% in 2022).

    This means the number of “soft” voters is probably much higher as major parties have fewer “lifetime voters”. Voters are much more transactional.

    Voters are more distanced from parties, too. The study shows fewer voters use how to vote cards (51% used them in 2007, 31% in 2022). We can’t rely on traditional metrics in the same way, such as the national two-party preferred vote given the number of “non-traditional seats”.

    In short, it’s now harder to more know how the campaigns are tracking. So while the Coalition campaign has been beset by a number of mis-steps, how this is playing out is far less clear.

    Further, a strange paradox of the emergence of the Teals and other independents is there is a stronger local focus on representation, rather than broader policy debates. Again, AES data suggests most voters tend to vote for policy reasons (like the economy or health) but the current media focus on the major parties, especially through the TV debates, actually seems to narrow the broader policy discussions.

    So while the proof will be in the pudding when the votes are counted, it may be high time to reflect on what campaign strategies work best for politics in 2025.

    Tasmania

    Robert Hortle, deputy director of the Tasmanian Policy Exchange, University of Tasmania

    On Australia’s South Island, most of the campaign focus has been on Lyons, Franklin and Braddon.

    In Lyons, Tassie’s most marginal electorate (ALP by 0.9%), the latest polls have swung behind the ALP’s Rebecca White. Her popularity as a state MP for the electorate has been bolstered by some crucial slip ups from Liberal candidate Susie Bower.

    One potentially vote-winning policy announcement that has gone under the radar nationally is Labor’s commitment of $24 million to guarantee the continued operation of the Boyer Paper Mill in Lyons, an important employer and regional symbol of economic activity.

    Franklin has been full of drama. 19-year-old Greens candidate Owen Fitzgerald had to withdraw his candidacy after it emerged that he is likely to still be a New Zealand citizen. It seemed like the Greens would encourage their voters to preference independent anti-salmon candidate Peter George.

    However, when the party’s how to vote cards were published, they said “Vote 1 – Owen Fitzgerald”.

    According to the Greens, this was to make sure that voters completed their ballot correctly. The Liberal Party argued the Greens were just trying to secure public funding.

    There have also been billboard shenanigans and various other dirty (or should that be clean?) tricks.

    The result is likely to rest on how Liberal voters feel about salmon farming and how this influences their preferences. Are they so anti-Labor that they will preference Peter George ahead of Julie Collins despite his anti-salmon stance? Or will they put Collins ahead of George based on Labor’s support for the industry?

    In Braddon, where salmon farming is again a key issue, Labor’s Anne Urquhart has been more visible on the campaign trail than Liberal Mal Hingston. Although the margin at the last election was 8% in favour of the Liberals, last-minute polling (albeit with a small sample size) has offered Labor hope of winning the crucial seat.

    Bridget Archer, Liberal MP for Bass, has had a solid if unspectacular campaign. She was helped by Labor selecting a low-profile first-time candidate, Jess Teesdale, who the party sees as “one for the future”. Teesdale revealed her “greenness” – in both senses of the word – by accidentally contradicting the ALP’s position on native forest logging, which is always a flashpoint in Tassie.

    Victoria

    Zareh Ghazarian, senior lecturer in politics, school of social sciences, Monash University

    With just days to go in this campaign, Victoria still looks like a key state that will determine who governs for the next three years. Many seats across the state have new boundaries following the AEC redistribution.

    Victoria is also home to the most marginal seat in the country. Deakin, which covers the eastern suburbs of Melbourne, is held by Liberal Michael Sukkar with a margin of just 0.02%, according to ABC Election Analyst Antony Green.

    Deakin will be the seat to watch on election night. If the Liberal Party can’t hold on to Deakin, it would be unlikely to be able to win government.

    There are also other seats that will provide a fascinating contest on Saturday night. Labor will face its own test in trying to retain Chisholm and Aston, both in the eastern suburbs of Melbourne.

    Chisholm is a swinging seat. It has been won by both Labor and Liberal parties over the past 40 years and is currently held by Labor with a margin of 3.3%. It has had a significant redistribution, losing strong Labor booths in the north and south parts of the electorate.

    Aston is also on a similarly slim margin of 3.6% and was famously won by Labor at the by-election in 2023. Holding onto Aston will be a crucial test for Labor. Losing this seat may threaten Labor’s chances of forming a majority government after the election.

    There are also the two seats held by the independents which promise to be tight contests. The previously safe Liberal seats of Kooyong and Goldstein, which were won by Monique Ryan and Zoe Daniel respectively, have been targeted by the Liberal Party. The independents will face a significant battle and, if successful, will demonstrate a significant shift in voting behaviour has occurred in these electorates.

    Western Australia

    Narelle Miragliotta, associate professor in politics, Murdoch University

    The idea that WA would determine the outcome of government has been a persistent theme throughout the campaign, reinforced by four visits from Albanese and three from Dutton. The amount of attention WA has received from the major party leaders was more than any state or territory other than the three big population states: NSW, Victoria and Queensland. Even then, Albanese made one more visit to WA than he did Queensland at the time of writing.

    Both major parties brought their big guns on the campaign trail. Former Liberal PM John Howard visited Curtin, Tangney and Bullwinkel. The newly re-elected WA Labor Premier Roger Cook campaigned heavily with Albanese during his visits. And in the final days of the campaign, Mark McGowan, the popular former premier, was seen on the hustings with Labor candidates in four marginal seats.

    Neither major party leader ventured to places where they might receive an unwelcome reception. Dutton’s intention to steer clear of the Shire of Collie, particularly the town of Muja, the proposed site of the one of the seven nuclear power plants, was signalled early in the campaign. Albanese avoided electorates in the state’s southwest opposed to coastal wind farms.

    There were no significant candidate blunders. However, questions were raised about the whereabouts of Andrew Hastie, shadow defence minister and (putative) future Liberal leader. Hastie was also questioned about the missing party logo (as against party authorisations) on his campaign materials.

    The competition between the Nationals and Liberals in the seat of Bullwinkel was without major media incident. This includes when the Nationals’ candidate, Mia Davies, broke with the federal coalition over support for Labor’s production tax credits plan.

    The contest for Curtin attracted outsized local media attention. In the final days of the campaign, there were renewed efforts to link the independent incumbent, Kate Chaney, to the Greens. All the proof the West Australian newspaper required was Chaney’s connection to a senior Greens party official, evidenced by a 2024 donation totalling $104, a photo and an author’s credit.

    To what extent has the leader visits and the campaign moved the needle? A recent study found party leader visits make only a modest impact on the vote. Polling for Labor and the Liberals in WA has remained very steady. This doesn’t mean some seats won’t change, but to which party or candidate remains unclear.

    Paul Williams is a research associate with the T.J. Ryan Foundation.

    David Clune, Narelle Miragliotta, Rob Manwaring, Robert Hortle, and Zareh Ghazarian do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

    – ref. State of the states: the campaign is almost over, so how has it played out across Australia? – https://theconversation.com/state-of-the-states-the-campaign-is-almost-over-so-how-has-it-played-out-across-australia-253125

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI: NMI Holdings, Inc. Reports Record First Quarter 2025 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    EMERYVILLE, Calif., April 29, 2025 (GLOBE NEWSWIRE) — NMI Holdings, Inc. (Nasdaq: NMIH) today reported net income of $102.6 million, or $1.28 per diluted share, for the first quarter ended March 31, 2025, compared to $86.2 million, or $1.07 per diluted share, for the fourth quarter ended December 31, 2024 and $89.0 million, or $1.08 per diluted share, for the first quarter ended March 31, 2024. Adjusted net income for the quarter was $102.5 million, or $1.28 per diluted share, compared to $86.1 million, or $1.07 per diluted share, for the fourth quarter ended December 31, 2024 and $89.0 million, or $1.08 per diluted share, for the first quarter ended March 31, 2024.

    Adam Pollitzer, President and Chief Executive Officer of National MI, said, “In the first quarter, we again delivered standout operating performance, continued growth in our high-quality insured portfolio and record financial results. We have a strong customer franchise, a talented team driving us forward every day, an exceptionally high-quality book covered by a comprehensive set of risk transfer solutions, and a robust balance sheet supported by the significant earnings power of our platform. We continue to manage our business with discipline and a focus on through-the-cycle performance, and looking forward, we’re well positioned to continue to serve our customers and their borrowers, support our talented team, and deliver sustained performance and long-term value for our shareholders.”

    Selected first quarter 2025 highlights include:

    • Primary insurance-in-force at quarter end was $211.3 billion, compared to $210.2 billion at the end of the fourth quarter and $199.4 billion at the end of the first quarter of 2024.
    • Net premiums earned were $149.4 million, compared to $143.5 million in the fourth quarter and $136.7 million in the first quarter of 2024.
    • Total revenue was $173.2 million, compared to $166.5 million in the fourth quarter and $156.3 million in the first quarter of 2024.
    • Insurance claims and claim expenses were $4.5 million, compared to $17.3 million in the fourth quarter and $3.7 million in the first quarter of 2024. Loss ratio was 3.0%, compared to 12.0% in the fourth quarter and 2.7% in the first quarter of 2024.
    • Underwriting and operating expenses were $30.2 million, compared to $31.1 million in the fourth quarter and $29.8 million in the first quarter of 2024. Expense ratio was 20.2%, compared to 21.7% in the fourth quarter and 21.8% in the first quarter of 2024.
    • Net income was $102.6 million, compared to $86.2 million in the fourth quarter and $89.0 million in the first quarter of 2024. Diluted EPS was $1.28, compared to $1.07 in the fourth quarter and $1.08 in the first quarter of 2024.
    • Shareholders’ equity was $2.3 billion at quarter end and book value per share was $29.65. Book value per share excluding the impact of net unrealized gains and losses in the investment portfolio was $30.85, up 4% compared to $29.80 in the fourth quarter and 17% compared to $26.42 in the first quarter of 2024.
    • Annualized return on equity for the quarter was 18.1%, compared to 15.6% in the fourth quarter and 18.2% in the first quarter of 2024.
    • At quarter-end, total PMIERs available assets were $3.2 billion and net risk-based required assets were $1.9 billion.
      Quarter Ended Quarter Ended Quarter Ended Change(1) Change(1)
      3/31/2025 12/31/2024 3/31/2024 Q/Q Y/Y
    INSURANCE METRICS ($billions)
    Primary Insurance-in-Force $ 211.3   $ 210.2   $ 199.4   1 % 6 %
    New Insurance Written – NIW   9.2     11.9     9.4   (23) % (2)%
               
    FINANCIAL HIGHLIGHTS (Unaudited, $millions, except per share amounts)
    Net Premiums Earned $ 149.4   $ 143.5   $ 136.7   4 % 9 %
    Net Investment Income   23.7     22.7     19.4   4 % 22 %
    Insurance Claims and Claim Expenses   4.5     17.3     3.7   (74) % 21 %
    Underwriting and Operating Expenses   30.2     31.1     29.8   (3) %  1 %
    Net Income   102.6     86.2     89.0   19 % 15 %
    Diluted EPS $ 1.28   $ 1.07   $ 1.08   20 % 18 %
    Book Value per Share (excluding net unrealized gains and losses)(2) $ 30.85   $ 29.80   $ 26.42   4 % 17 %
    Loss Ratio   3.0 %   12.0 %   2.7 %    
    Expense Ratio   20.2 %   21.7 %   21.8 %    
                           
    (1) Percentages may not be replicated based on the rounded figures presented in the table.
    (2) Book value per share (excluding net unrealized gains and losses) is defined as total shareholders’ equity, excluding the after-tax effects of unrealized gains and losses on our investment portfolio, divided by shares outstanding.
     

    Conference Call and Webcast Details

    The company will hold a conference call, which will be webcast live today, April 29, 2025, at 2:00 p.m. Pacific Time / 5:00 p.m. Eastern Time. The webcast will be available on the company’s website, www.nationalmi.com, in the “Investor Relations” section. The conference call can also be accessed by dialing (844) 481-2708 in the U.S., or (412) 317-0664 internationally, by referencing NMI Holdings, Inc.

    About NMI Holdings, Inc.

    NMI Holdings, Inc. (NASDAQ: NMIH), is the parent company of National Mortgage Insurance Corporation (National MI), a U.S.-based, private mortgage insurance company enabling low down payment borrowers to realize home ownership while protecting lenders and investors against losses related to a borrower’s default. To learn more, please visit www.nationalmi.com.

    Cautionary Note Regarding Forward-Looking Statements

    Certain statements contained in this press release or any other written or oral statements made by or on behalf of the Company in connection therewith may constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the U.S. Private Securities Litigation Reform Act of 1995 (the “PSLRA”). The PSLRA provides a “safe harbor” for any forward-looking statements. All statements other than statements of historical fact included in or incorporated by reference in this release are forward-looking statements, including any statements about our expectations, outlook, beliefs, plans, predictions, forecasts, objectives, assumptions or future events or performance. These statements are often, but not always, made through the use of words or phrases such as “anticipate,” “believe,” “can,” “could,” “may,” “predict,” “assume,” “potential,” “should,” “will,” “estimate,” “perceive,” “plan,” “project,” “continuing,” “ongoing,” “expect,” “intend” and similar words or phrases. All forward-looking statements are only predictions and involve estimates, known and unknown risks, assumptions and uncertainties that may turn out to be inaccurate and could cause actual results to differ materially from those expressed in them. Many risks and uncertainties are inherent in our industry and markets. Others are more specific to our business and operations. Important factors that could cause actual events or results to differ materially from those indicated in such statements include, but are not limited to: changes in general economic, market and political conditions and policies (including changes in interest rates and inflation) and investment results or other conditions that affect the U.S. housing market or the U.S. markets for home mortgages, mortgage insurance, reinsurance and credit risk transfer markets, including the risk related to geopolitical instability, inflation, an economic downturn (including any decline in home prices) or recession, and their impacts on our business, operations and personnel; changes in the charters, business practices, policies, pricing or priorities of Fannie Mae and Freddie Mac (collectively, the GSEs), which may include decisions that have the impact of decreasing or discontinuing the use of mortgage insurance as credit enhancement generally, or with first time homebuyers or on very high loan-to-value mortgages; or changes in the direction of housing policy objectives of the Federal Housing Finance Agency (“FHFA”), such as the FHFA’s priority to increase the accessibility to and affordability of homeownership for low-and-moderate income borrowers and underrepresented communities; our ability to remain an eligible mortgage insurer under the private mortgage insurer eligibility requirements (“PMIERs”) and other requirements imposed by the GSEs, which they may change at any time; retention of our existing certificates of authority in each state and the District of Columbia (“D.C.”) and our ability to remain a mortgage insurer in good standing in each state and D.C.; our future profitability, liquidity and capital resources; actions of existing competitors, including other private mortgage insurers and government mortgage insurers such as the Federal Housing Administration, the U.S. Department of Agriculture’s Rural Housing Service and the U.S. Department of Veterans Affairs, and potential market entry by new competitors or consolidation of existing competitors; adoption of new or changes to existing laws, rules and regulations that impact our business or financial condition directly or the mortgage insurance industry generally or their enforcement and implementation by regulators, including the implementation of the final rules defining and/or concerning “Qualified Mortgage” and “Qualified Residential Mortgage”; U.S. federal tax reform and other potential changes in tax law and their impact on us and our operations; legislative or regulatory changes to the GSEs’ role in the secondary mortgage market or other changes that could affect the residential mortgage industry generally or mortgage insurance industry in particular; potential legal and regulatory claims, investigations, actions, audits or inquiries that could result in adverse judgements, settlements, fines or other reliefs that could require significant expenditures or have other negative effects on our business; our ability to successfully execute and implement our capital plans, including our ability to access the equity, credit and reinsurance markets and to enter into, and receive approval of, reinsurance arrangements on terms and conditions that are acceptable to us, the GSEs and our regulators; lenders, the GSEs, or other market participants seeking alternatives to private mortgage insurance; our ability to implement our business strategy, including our ability to write mortgage insurance on high quality low down payment residential mortgage loans, implement successfully and on a timely basis, complex infrastructure, systems, procedures, and internal controls to support our business and regulatory and reporting requirements of the insurance industry; our ability to attract and retain a diverse customer base, including the largest mortgage originators; failure of risk management or pricing or investment strategies; decrease in the length of time our insurance policies are in force; emergence of unexpected claim and coverage issues, including claims exceeding our reserves or amounts we had expected to experience; potential adverse impacts arising from natural disasters including, with respect to affected areas, a decline in new business, adverse effects on home prices, and an increase in notices of default on insured mortgages; climate risk and efforts to manage or regulate climate risk by government agencies could affect our business and operations; potential adverse impacts arising from the occurrence of any man-made disasters or public health emergencies, including pandemics; the inability of our counter-parties, including third party reinsurers, to meet their obligations to us; failure to maintain, improve and continue to develop necessary information technology systems or the failure of technology providers to perform; effectiveness and security of our information technology systems and digital products and services, including the risks these systems, products or services may fail to operate as expected or planned, or expose us to cybersecurity or third-party risks (including the exposure of our confidential customer and other information); and ability to recruit, train and retain key personnel. These risks and uncertainties also include, but are not limited to, those set forth under the heading “Risk Factors” detailed in Item 1A of Part I of our Annual Report on Form 10-K for the year ended December 31, 2024, as subsequently updated through other reports we file with the SEC. All subsequent written and oral forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. We caution you not to place undue reliance on any forward-looking statement, which speaks only as of the date on which it is made, and we undertake no obligation to publicly update or revise any forward-looking statement to reflect new information, future events or circumstances that occur after the date on which the statement is made or to reflect the occurrence of unanticipated events except as required by law.

    Use of Non-GAAP Financial Measures

    We believe the use of the non-GAAP measures of adjusted income before tax, adjusted net income, adjusted diluted EPS, adjusted return-on-equity, adjusted expense ratio, adjusted combined ratio and book value per share (excluding net unrealized gains and losses) enhances the comparability of our fundamental financial performance between periods, and provides relevant information to investors. These non-GAAP financial measures align with the way the company’s business performance is evaluated by management. These measures are not prepared in accordance with GAAP and should not be viewed as alternatives to GAAP measures of performance. These measures have been presented to increase transparency and enhance the comparability of our fundamental operating trends across periods. Other companies may calculate these measures differently; their measures may not be comparable to those we calculate and present.

    Adjusted income before tax is defined as GAAP income before tax, excluding the pre-tax effects of net realized gains or losses from our investment portfolio, periodic costs incurred in connection with capital markets transactions, and other infrequent, unusual or non-operating items in the periods in which such items are incurred.

    Adjusted net income is defined as GAAP net income, excluding the after-tax effects of net realized gains or losses from our investment portfolio, periodic costs incurred in connection with capital markets transactions, and other infrequent, unusual or non-operating items in the periods in which such items are incurred. Adjustments to components of pre-tax income are tax effected using the applicable federal statutory tax rate for the respective periods.

    Adjusted diluted EPS is defined as adjusted net income divided by adjusted weighted average diluted shares outstanding. Adjusted weighted average diluted shares outstanding is defined as weighted average diluted shares outstanding, adjusted for changes in the dilutive effect of non-vested shares that would otherwise have occurred had GAAP net income been calculated in accordance with adjusted net income. There will be no adjustment to weighted average diluted shares outstanding in the periods that non-vested shares are anti-dilutive under GAAP.

    Adjusted return on equity is calculated by dividing adjusted net income on an annualized basis by the average shareholders’ equity for the period.

    Adjusted expense ratio is defined as GAAP underwriting and operating expenses, excluding the pre-tax effects of periodic costs incurred in connection with capital markets transactions, divided by net premiums earned.

    Adjusted combined ratio is defined as the total of GAAP underwriting and operating expenses, excluding the pre-tax effects of periodic costs incurred in connection with capital markets transactions and insurance claims and claims expenses, divided by net premiums earned.

    Book value per share (excluding net unrealized gains and losses) is defined as total shareholders’ equity, excluding the after-tax effects of unrealized gains and losses on investments, divided by shares outstanding.

    Although adjusted income before tax, adjusted net income, adjusted diluted EPS, adjusted return-on-equity, adjusted expense ratio, adjusted combined ratio and book value per share (excluding net unrealized gains and losses) exclude certain items that have occurred in the past and are expected to occur in the future, the excluded items: (1) are not viewed as part of the operating performance of our primary activities; or (2) are impacted by market, economic or regulatory factors and are not necessarily indicative of operating trends, or both. These adjustments, and the reasons for their treatment, are described below.

    (1) Net realized investment gains and losses. The recognition of net realized investment gains or losses can vary significantly across periods as the timing is highly discretionary and is influenced by factors such as market opportunities, tax and capital profile, and overall market cycles that do not reflect our current period operating results.

    (2) Capital markets transaction costs. Capital markets transaction costs result from activities that are undertaken to improve our debt profile or enhance our capital position through activities such as debt refinancing and capital markets reinsurance transactions that may vary in their size and timing due to factors such as market opportunities, tax and capital profile, and overall market cycles.

    (3) Other infrequent, unusual or non-operating items. Items that are the result of unforeseen or uncommon events, and are not expected to recur with frequency in the future. Identification and exclusion of these items provides clarity about the impact special or rare occurrences may have on our current financial performance. Past adjustments under this category include infrequent, unusual or non-operating adjustments related to severance, restricted stock modification and other expenses incurred in connection with the CEO transition announced in September 2021 and the effects of the release of the valuation allowance recorded against our net federal and certain state net deferred tax assets in 2016 and the re-measurement of our net deferred tax assets in connection with tax reform in 2017. We believe such items are infrequent or non-recurring in nature, and are not indicative of the performance of, or ongoing trends in, our primary operating activities or business.

    (4) Net unrealized gains and losses on investments. The recognition of net unrealized gains or losses on investment can vary significantly across periods and is influenced by factors such as interest rate movement, overall market and economic conditions, and tax and capital profiles. These valuation adjustments may not necessarily result in economic gains or losses and not reflective of ongoing operations.

    Investor Contact
    Gregory Epps
    Senior Manager, Investor Relations and Treasury
    Investor.relations@nationalmi.com

    Consolidated statements of operations and comprehensive income (unaudited) For the three months ended March 31,
        2025       2024  
      (In Thousands, except for per share data)
    Revenues      
    Net premiums earned $ 149,366     $ 136,657  
    Net investment income   23,686       19,436  
    Net realized investment gains   24       —  
    Other revenues   170       160  
    Total revenues   173,246       156,253  
    Expenses      
    Insurance claims and claim expenses   4,478       3,694  
    Underwriting and operating expenses   30,175       29,815  
    Service expenses   116       137  
    Interest expense   7,106       8,040  
    Total expenses   41,875       41,686  
           
    Income before income taxes   131,371       114,567  
    Income tax expense   28,812       25,517  
    Net income $ 102,559     $ 89,050  
           
    Earnings per share      
    Basic $ 1.31     $ 1.10  
    Diluted $ 1.28     $ 1.08  
           
    Weighted average common shares outstanding      
    Basic   78,407       80,726  
    Diluted   79,858       82,099  
           
    Loss ratio(1)   3.0 %     2.7 %
    Expense ratio(2)   20.2 %     21.8 %
    Combined ratio   23.2 %     24.5 %
           
    Net income $ 102,559     $ 89,050  
    Other comprehensive income (loss), net of tax:      
    Unrealized gains (losses) in accumulated other comprehensive loss, net of tax expense (benefit) of $8,186 and $(2,729) for the quarters ended March 31, 2025 and 2024, respectively   30,795       (9,905 )
    Reclassification adjustment for realized gains included in net income, net of tax expense of $5 for the quarter ended March 31, 2025   (19 )     —  
    Other comprehensive income (loss), net of tax   30,776       (9,905 )
    Comprehensive income $ 133,335     $ 79,145  
                   
    (1) Loss ratio is calculated by dividing insurance claims and claim expenses by net premiums earned.
    (2) Expense ratio is calculated by dividing underwriting and operating expenses by net premiums earned.
                   
    Consolidated balance sheets (unaudited) March 31, 2025   December 31, 2024
    Assets (In Thousands, except for share data)
    Fixed maturities, available-for-sale, at fair value (amortized cost of $2,923,088 and $2,876,343 as of March 31, 2025 and December 31, 2024, respectively) $ 2,809,247     $ 2,723,541  
    Cash and cash equivalents (including restricted cash of $90 as of December 31, 2024)   74,209       54,308  
    Premiums receivable, net   84,153       82,804  
    Accrued investment income   23,641       22,386  
    Deferred policy acquisition costs, net   64,013       64,327  
    Software and equipment, net   24,960       25,681  
    Intangible assets and goodwill   3,634       3,634  
    Reinsurance recoverable   31,379       32,260  
    Prepaid federal income taxes   322,175       322,175  
    Other assets   18,785       18,857  
    Total assets $ 3,456,196     $ 3,349,973  
           
    Liabilities      
    Debt $ 415,606     $ 415,146  
    Unearned premiums   59,176       65,217  
    Accounts payable and accrued expenses   78,937       103,164  
    Reserve for insurance claims and claim expenses   151,847       152,071  
    Deferred tax liability, net   418,916       386,192  
    Other liabilities   10,143       10,751  
    Total liabilities   1,134,625       1,132,541  
           
    Shareholders’ equity      
    Common stock – $0.01 par value; 88,321,226 shares issued and 78,301,469 shares outstanding as of March 31, 2025 and 87,902,626 shares issued and 78,600,726 shares outstanding as of December 31, 2024 (250,000,000 shares authorized)   883       879  
    Additional paid-in capital   1,001,545       1,004,692  
    Treasury Stock, at cost: 10,019,757 and 9,301,900 common shares as of March 31, 2025 and December 31, 2024, respectively   (272,647 )     (246,594 )
    Accumulated other comprehensive loss, net of tax   (94,028 )     (124,804 )
    Retained earnings   1,685,818       1,583,259  
    Total shareholders’ equity   2,321,571       2,217,432  
    Total liabilities and shareholders’ equity $ 3,456,196     $ 3,349,973  
                   
    Non-GAAP Financial Measure Reconciliations (unaudited)
      As of and for the three months ended
      3/31/2025   12/31/2024   3/31/2024
    As Reported (In Thousands, except for per share data)
    Revenues          
    Net premiums earned $ 149,366     $ 143,520     $ 136,657  
    Net investment income   23,686       22,718       19,436  
    Net realized investment gains   24       33       —  
    Other revenues   170       233       160  
    Total revenues   173,246       166,504       156,253  
    Expenses          
    Insurance claims and claim expenses   4,478       17,253       3,694  
    Underwriting and operating expenses   30,175       31,092       29,815  
    Service expenses   116       184       137  
    Interest expense   7,106       7,102       8,040  
    Total expenses   41,875       55,631       41,686  
               
    Income before income taxes   131,371       110,873       114,567  
    Income tax expense   28,812       24,706       25,517  
    Net income $ 102,559     $ 86,167     $ 89,050  
               
    Adjustments:          
    Net realized investment gains   (24 )     (33 )     —  
    Adjusted income before taxes   131,347       110,840       114,567  
               
    Income tax benefit on adjustments(1)   5       7       —  
    Adjusted net income $ 102,540     $ 86,141     $ 89,050  
               
    Weighted average diluted shares outstanding   79,858       80,623       82,099  
               
    Diluted EPS $ 1.28     $ 1.07     $ 1.08  
    Adjusted diluted EPS $ 1.28     $ 1.07     $ 1.08  
               
    Return on equity   18.1 %     15.6 %     18.2 %
    Adjusted return on equity   18.1 %     15.6 %     18.2 %
               
    Expense ratio(2)   20.2 %     21.7 %     21.8 %
    Adjusted expense ratio(3)   20.2 %     21.7 %     21.8 %
               
    Combined ratio(4)   23.2 %     33.7 %     24.5 %
    Adjusted combined ratio(5)   23.2 %     33.7 %     24.5 %
               
    Book value per share(6) $ 29.65     $ 28.21     $ 24.56  
    Book value per share (excluding net unrealized gains and losses)(7) $ 30.85     $ 29.80     $ 26.42  
                           
    (1) Marginal tax impact of non-GAAP adjustments is calculated based on our statutory U.S. federal corporate income tax rate of 21%, except for those items that are not eligible for an income tax deduction.
    (2) Expense ratio is calculated by dividing underwriting and operating expenses by net premiums earned.
    (3) Adjusted expense ratio is calculated by dividing adjusted underwriting and operating expense (underwriting and operating expenses excluding costs related to capital markets reinsurance transactions) by net premiums earned.
    (4) Combined ratio is calculated by dividing the total of underwriting and operating expenses and insurance claims and claim expenses by net premiums earned.
    (5) Adjusted combined ratio is calculated by dividing the total of adjusted underwriting and operating expenses (underwriting and operating expenses excluding costs related to capital market reinsurance transaction) and insurance claims and claim expenses by net premiums earned.
    (6) Book value per share is calculated by dividing total shareholders’ equity by shares outstanding.
    (7) Book value per share (excluding net unrealized gains and losses) is defined as total shareholders’ equity, excluding the after-tax effects of unrealized gains and losses on our investment portfolio, divided by shares outstanding.
                           
    Historical Quarterly Data   2025       2024  
      March 31   December 31   September 30   June 30   March 31
      (In Thousands, except for per share data)
    Revenues                  
    Net premiums earned $ 149,366     $ 143,520     $ 143,343     $ 141,168     $ 136,657  
    Net investment income   23,686       22,718       22,474       20,688       19,436  
    Net realized investment gains (losses)   24       33       (10 )     —       —  
    Other revenues   170       233       285       266       160  
    Total revenues   173,246       166,504       166,092       162,122       156,253  
    Expenses                  
    Insurance claims and claim expenses   4,478       17,253       10,321       276       3,694  
    Underwriting and operating expenses   30,175       31,092       29,160       28,330       29,815  
    Service expenses   116       184       208       194       137  
    Interest expense   7,106       7,102       7,076       14,678       8,040  
    Total expenses   41,875       55,631       46,765       43,478       41,686  
                       
    Income before income taxes   131,371       110,873       119,327       118,644       114,567  
    Income tax expense   28,812       24,706       26,517       26,565       25,517  
    Net income $ 102,559     $ 86,167     $ 92,810     $ 92,079     $ 89,050  
                       
    Earnings per share                  
    Basic $ 1.31     $ 1.09     $ 1.17     $ 1.15     $ 1.10  
    Diluted $ 1.28     $ 1.07     $ 1.15     $ 1.13     $ 1.08  
                       
    Weighted average common shares outstanding                  
    Basic   78,407       78,997       79,549       80,117       80,726  
    Diluted   79,858       80,623       81,045       81,300       82,099  
                       
    Other data                  
    Loss ratio(1)   3.0 %     12.0 %     7.2 %     0.2 %     2.7 %
    Expense ratio(2)   20.2 %     21.7 %     20.3 %     20.1 %     21.8 %
    Combined ratio   23.2 %     33.7 %     27.5 %     20.3 %     24.5 %
                                           
    (1) Loss ratio is calculated by dividing insurance claims and claim expenses by net premiums earned.
    (2) Expense ratio is calculated by dividing underwriting and operating expenses by net premiums earned.
                                           

    Portfolio Statistics

    The table below highlights trends in our primary portfolio as of the date and for the periods indicated.

    Primary portfolio trends As of and for the three months ended
      March 31, 2025   December 31, 2024   September 30, 2024   June 30, 2024   March 31, 2024
      ($ Values In Millions, except as noted below)
    New insurance written (NIW) $ 9,221     $ 11,925     $ 12,218     $ 12,503     $ 9,398  
    New risk written   2,428       3,134       3,245       3,335       2,486  
    Insurance-in-force (IIF)(1)   211,308       210,183       207,538       203,501       199,373  
    Risk-in-force (RIF)(1)   56,515       56,113       55,253       53,956       52,610  
    Policies in force (count)(1)   661,490       659,567       654,374       645,276       635,662  
    Average loan size($ value in thousands)(1) $ 319     $ 319     $ 317     $ 315     $ 314  
    Coverage percentage(2)   26.7 %     26.7 %     26.6 %     26.5 %     26.4 %
    Loans in default (count)(1)   6,859       6,642       5,712       4,904       5,109  
    Default rate(1)   1.04 %     1.01 %     0.87 %     0.76 %     0.80 %
    Risk-in-force on defaulted loans(1) $ 567     $ 545     $ 468     $ 401     $ 414  
    Average net premium yield(3)   0.28 %     0.27 %     0.28 %     0.28 %     0.28 %
    Earnings from cancellations $ 0.6     $ 0.8     $ 0.8     $ 1.0     $ 0.6  
    Annual persistency(4)   84.3 %     84.6 %     85.5 %     85.4 %     85.8 %
    Quarterly run-off(5)   3.9 %     4.5 %     4.0 %     4.2 %     3.6 %
                                           
    (1) Reported as of the end of the period.
    (2) Calculated as end of period RIF divided by end of period IIF.
    (3) Calculated as net premiums earned, divided by average primary IIF for the period, annualized.
    (4) Defined as the percentage of IIF that remains on our books after a given twelve-month period.
    (5) Defined as the percentage of IIF that is no longer on our books after a given three-month period.
                                           

    NIW, IIF and Premiums

    The tables below present NIW and primary IIF, as of the dates and for the periods indicated.

    NIW For the three months ended
      March 31, 2025   December 31, 2024   September 30, 2024   June 30, 2024   March 31, 2024
      (In Millions)
    Monthly $ 9,049   $ 11,688   $ 11,978   $ 12,288   $ 9,175
    Single   172     237     240     215     223
    Total $ 9,221   $ 11,925   $ 12,218   $ 12,503   $ 9,398
                                 
    Primary IIF As of
      March 31, 2025   December 31, 2024   September 30, 2024   June 30, 2024   March 31, 2024
      (In Millions)
    Monthly $ 193,856   $ 192,228   $ 189,241   $ 184,862   $ 180,343
    Single   17,452     17,955     18,297     18,639     19,030
    Total $ 211,308   $ 210,183   $ 207,538   $ 203,501   $ 199,373
                                 

            The following table presents the amounts related to the company’s quota-share reinsurance transactions (the 2016 QSR Transaction, 2018 QSR Transaction, 2020 QSR Transaction, 2021 QSR Transaction, 2022 QSR Transaction, 2022 Seasoned QSR Transaction, 2023 QSR Transaction, 2024 QSR Transaction, and 2025 QSR Transaction and collectively, the QSR Transactions), insurance-linked note transactions (the 2021-1 ILN Transaction, and 2021-2 ILN Transaction and collectively, the ILN Transactions), and traditional reinsurance transactions (the 2022-1 XOL Transaction, 2022-2 XOL Transaction, 2022-3 XOL Transaction, 2023-1 XOL Transaction, 2023-2 XOL Transaction, 2024 XOL Transaction, and 2025 XOL Transaction and collectively, the XOL Transactions) for the periods indicated.

      For the three months ended
      March 31, 2025   December 31, 2024   September 30, 2024   June 30, 2024   March 31, 2024
      (In Thousands)
    The QSR Transactions                  
    Ceded risk-in-force $ 12,888,870     $ 13,024,200     $ 12,968,039     $ 12,815,434     $ 12,669,207  
    Ceded premiums earned   (41,011 )     (41,596 )     (41,761 )     (41,555 )     (41,269 )
    Ceded claims and claim expenses (benefits)   523       4,075       2,449       (138 )     659  
    Ceding commission earned   9,768       9,997       10,152       10,222       10,292  
    Profit commission   23,398       20,149       21,883       24,351       23,407  
    The ILN Transactions(1)                  
    Ceded premiums $ (3,311 )   $ (4,217 )   $ (4,302 )   $ (5,858 )   $ (5,976 )
    The XOL Transactions                  
    Ceded Premiums $ (10,168 )   $ (9,969 )   $ (9,760 )   $ (9,403 )   $ (9,223 )
                                           
    (1) Effective July 25, 2024 and December 27, 2024, NMIC exercised its optional termination rights to terminate and commute its previously outstanding excess-of-loss reinsurance agreements with Oaktown Re III Ltd. and Oaktown Re V Ltd., respectively. In connection with the terminations and commutations, the insurance-linked notes issued by Oaktown Re III Ltd. and Oaktown Re V Ltd. were redeemed in full with a distribution of remaining collateral assets.
                                           

    The tables below present our total NIW by FICO, loan-to-value (LTV) ratio, and purchase/refinance mix for the periods indicated.

    NIW by FICO For the three months ended
      March 31, 2025   December 31, 2024   March 31, 2024
      (In Millions)
    >= 760 $ 4,971   $ 6,508   $ 4,888
    740-759   1,753     2,090     1,797
    720-739   1,177     1,621     1,220
    700-719   665     890     780
    680-699   413     575     530
    <=679   242     241     183
    Total $ 9,221   $ 11,925   $ 9,398
    Weighted average FICO   758     758     757
                     
    NIW by LTV For the three months ended
      March 31, 2025   December 31, 2024   March 31, 2024
      (In Millions)
    95.01% and above $ 1,147     $ 1,510     $ 1,062  
    90.01% to 95.00%   4,274       5,370       4,414  
    85.01% to 90.00%   2,751       3,740       2,931  
    85.00% and below   1,049       1,305       991  
    Total $ 9,221     $ 11,925     $ 9,398  
    Weighted average LTV   92.2 %     92.1 %     92.3 %
                           
    NIW by purchase/refinance mix For the three months ended
      March 31, 2025   December 31, 2024   March 31, 2024
      (In Millions)
    Purchase $ 8,822   $ 10,799   $ 9,157
    Refinance   399     1,126     241
    Total $ 9,221   $ 11,925   $ 9,398
                     

    The table below presents a summary of our primary IIF and RIF by book year as of March 31, 2025.

    Primary IIF and RIF As of March 31, 2025
      IIF   RIF
    Book Year (In Millions)
    2025 $ 9,152   $ 2,409
    2024   42,379     11,242
    2023   33,286     8,789
    2022   46,203     12,356
    2021   48,162     13,049
    2020 and before   32,126     8,670
    Total $ 211,308   $ 56,515
               

            The tables below present our total primary IIF and RIF by FICO and LTV, and total primary RIF by loan type as of the dates indicated.

    Primary IIF by FICO As of
      March 31, 2025   December 31, 2024   March 31, 2024
      (In Millions)
    >= 760 $ 106,004   $ 105,315   $ 99,195
    740-759   37,716     37,321     35,416
    720-739   29,430     29,343     28,033
    700-719   19,737     19,766     18,904
    680-699   13,324     13,374     13,002
    <=679   5,097     5,064     4,823
    Total $ 211,308   $ 210,183   $ 199,373
                     
    Primary RIF by FICO As of
      March 31, 2025   December 31, 2024   March 31, 2024
      (In Millions)
    >= 760 $ 28,117   $ 27,883   $ 25,935
    740-759   10,132     10,006     9,392
    720-739   7,966     7,926     7,484
    700-719   5,384     5,383     5,089
    680-699   3,610     3,615     3,479
    <=679   1,306     1,300     1,231
    Total $ 56,515   $ 56,113   $ 52,610
                     
    Primary IIF by LTV As of
      March 31, 2025   December 31, 2024   March 31, 2024
      (In Millions)
    95.01% and above $ 24,167   $ 23,555   $ 20,277
    90.01% to 95.00%   104,312     103,472     97,028
    85.01% to 90.00%   64,298     64,290     61,169
    85.00% and below   18,531     18,866     20,899
    Total $ 211,308   $ 210,183   $ 199,373
                     
    Primary RIF by LTV As of
      March 31, 2025   December 31, 2024   March 31, 2024
      (In Millions)
    95.01% and above $ 7,546   $ 7,345   $ 6,275
    90.01% to 95.00%   30,804     30,563     28,663
    85.01% to 90.00%   15,957     15,956     15,174
    85.00% and below   2,208     2,249     2,498
    Total $ 56,515   $ 56,113   $ 52,610
                     
    Primary RIF by Loan Type As of
      March 31, 2025   December 31, 2024   March 31, 2024
    Fixed 98 %   98 %   98 %
    Adjustable rate mortgages:          
    Less than five years —     —     —  
    Five years and longer 2     2     2  
    Total 100 %   100 %   100 %
                     

    The table below presents a summary of the change in total primary IIF for the dates and periods indicated.

    Primary IIF As of and for the three months ended
      March 31, 2025   December 31, 2024   March 31, 2024
      (In Millions)
    IIF, beginning of period $ 210,183     $ 207,538     $ 197,029  
    NIW   9,221       11,925       9,398  
    Cancellations, principal repayments and other reductions   (8,096 )     (9,280 )     (7,054 )
    IIF, end of period $ 211,308     $ 210,183     $ 199,373  
                           

    Geographic Dispersion

    The following table shows the distribution by state of our primary RIF as of the periods indicated.

    Top 10 primary RIF by state As of
      March 31, 2025   December 31, 2024   March 31, 2024
    California 10.1 %   10.1 %   10.2 %
    Texas 8.5     8.6     8.8  
    Florida 7.3     7.3     7.5  
    Georgia 4.1     4.1     4.2  
    Washington 3.9     3.9     3.9  
    Illinois 3.8     3.8     3.9  
    Virginia 3.7     3.7     3.9  
    Pennsylvania 3.4     3.4     3.4  
    Ohio 3.3     3.3     3.0  
    North Carolina 3.2     3.2     3.1  
    Total 51.3 %   51.4 %   51.9 %
                     

    The table below presents selected primary portfolio statistics, by book year, as of March 31, 2025.

      As of March 31, 2025    
    Book Year Original Insurance Written   Remaining Insurance in Force   % Remaining of Original Insurance   Policies Ever in Force   Number of Policies in Force   Number of Loans in Default   # of Claims Paid   Incurred Loss Ratio (Inception to Date)(1)   Cumulative Default Rate(2)   Current default rate(3)
      ($ Values In Millions)    
    2016 and prior $ 37,222   $ 2,133   6 %   151,615   11,572   237   398   2.1 %   0.4 %   2.0 %
    2017   21,582     1,753   8 %   85,897   10,007   263   189   1.8 %   0.5 %   2.6 %
    2018   27,295     2,306   8 %   104,043   12,534   403   191   2.6 %   0.6 %   3.2 %
    2019   45,141     5,923   13 %   148,423   26,358   509   99   2.1 %   0.4 %   1.9 %
    2020   62,702     20,011   32 %   186,174   70,620   575   57   1.3 %   0.3 %   0.8 %
    2021   85,574     48,162   56 %   257,972   160,946   1,704   95   3.3 %   0.7 %   1.1 %
    2022   58,734     46,203   79 %   163,281   135,610   2,014   112   16.2 %   1.3 %   1.5 %
    2023   40,473     33,286   82 %   111,994   96,394   836   17   14.0 %   0.8 %   0.9 %
    2024   46,044     42,379   92 %   120,747   113,636   318   —   7.9 %   0.3 %   0.3 %
    2025   9,221     9,152   99 %   23,956   23,813   —   —   — %   — %   — %
    Total $ 433,988   $ 211,308       1,354,102   661,490   6,859   1,158            
                                               
    (1) Calculated as total claims incurred (paid and reserved) divided by cumulative premiums earned, net of reinsurance.
    (2) Calculated as the sum of the number of claims paid ever to date and number of loans in default divided by policies ever in force.
    (3) Calculated as the number of loans in default divided by number of policies in force.
                                               

    The following table provides a reconciliation of the beginning and ending reserve balances for insurance claims and claim expenses:

      For the three months ended March 31,
        2025       2024  
      (In Thousands)
    Beginning balance $ 152,071     $ 123,974  
    Less reinsurance recoverables(1)   (32,260 )     (27,514 )
    Beginning balance, net of reinsurance recoverables   119,811       96,460  
           
    Add claims incurred:      
    Claims and claim expenses incurred:      
    Current year(2)   34,559       32,976  
    Prior years(3)   (30,081 )     (29,282 )
    Total claims and claim expenses incurred   4,478       3,694  
           
    Less claims paid:      
    Claims and claim expenses paid:      
    Current year(2)   —       —  
    Prior years(3)   4,076       852  
    Reinsurance terminations(4)   (255 )     —  
    Total claims and claim expenses paid   3,821       852  
           
    Reserve at end of period, net of reinsurance recoverables   120,468       99,302  
    Add reinsurance recoverables(1)   31,379       27,880  
    Ending balance $ 151,847     $ 127,182  
                   
    (1) Related to ceded losses recoverable under the QSR Transactions.
    (2) Related to insured loans with their most recent defaults occurring in the current year. For example, if a loan defaulted in a prior year and subsequently cured and later re-defaulted in the current year, the default would be included in the current year. Amounts are presented net of reinsurance and included $25.9 million attributed to net case reserves and $8.1 million attributed to net IBNR reserves for the three months ended March 31, 2025 and $25.9 million attributed to net case reserves and $6.6 million attributed to net IBNR reserves for the three months ended March 31, 2024.
    (3) Related to insured loans with defaults occurring in prior years, which have been continuously in default before the start of the current year. Amounts are presented net of reinsurance and included $21.8 million attributed to net case reserves and $8.1 million attributed to net IBNR reserves for the three months ended March 31, 2025 and $22.4 million attributed to net case reserves and $6.3 million attributed to net IBNR reserves for the three months ended March 31, 2024.
    (4) Represents the settlement of reinsurance recoverables in conjunction with the termination of one reinsurer under the 2016, 2018 and 2021 QSR Transactions by mutual agreement on a cut-off basis with no termination fee.
     

    The following table provides a reconciliation of the beginning and ending count of loans in default:

      For the three months ended March 31,
      2025     2024  
    Beginning default inventory 6,642     5,099  
    Plus: new defaults 2,421     1,876  
    Less: cures (2,094 )   (1,817 )
    Less: claims paid (95 )   (42 )
    Less: rescission and claims denied (15 )   (7 )
    Ending default inventory 6,859     5,109  
               

    The following table provides details of our claims paid, before giving effect to claims ceded under the QSR Transactions, for the periods indicated:

      For the three months ended March 31,
        2025       2024  
      ($ Values In Thousands)
    Number of claims paid(1)   95       42  
    Total amount paid for claims $ 5,225     $ 1,145  
    Average amount paid per claim $ 55     $ 27  
    Severity(2)   69 %     54 %
                   
    (1) Count includes 20 and 16 claims settled without payment during the three months ended March 31, 2025 and 2024, respectively.
    (2) Severity represents the total amount of claims paid including claim expenses divided by the related RIF on the loan at the time the claim is perfected, and is calculated including claims settled without payment.
                   

    The following table shows our average reserve per default, before giving effect to reserves ceded under the QSR Transactions, as of the dates indicated:

      As of March 31,
    Average reserve per default:   2025     2024
      (In Thousands)
    Case(1) $ 20.3   $ 22.9
    IBNR(1)(2)   1.8     2.0
    Total $ 22.1   $ 24.9
               
    (1) Defined as the gross reserve per insured loan in default.
    (2) Amount includes claims adjustment expenses.
               

     The following table provides a comparison of the PMIERs available assets and net risk-based required asset amount as reported by NMIC as of the dates indicated:

      As of
      March 31, 2025   December 31, 2024   March 31, 2024
      (In Thousands)
    Available assets $ 3,230,653   $ 3,108,211   $ 2,821,803
    Net risk-based required assets   1,867,414     1,828,807     1,561,655
                     

    The MIL Network –

  • MIL-OSI USA: Bilirakis Bill to Protect Consumers Passes Out of House of Representatives

    Source: United States House of Representatives – Representative Gus Bilirakis (FL-12)

    WASHINGTON:  This week, the TICKET Act, bipartisan legislation sponsored by Congressman Gus Bilirakis (R-FL-12) and Representative Jan Schakowsky (D-IL-09) passed the House.  It will improve transparency in the entertainment industry by requiring all event ticket sellers to display the total ticket price—including all required fees—upfront, provide refunds for cancelled or postponed events, and protect consumers from deceptive ticketing websites. The TICKET Act mirrors current advertising guidelines for airline tickets, requiring that consumers can see the full price of the ticket before purchasing. This ensures that when American consumers are buying tickets (for concerts, theater, sporting events, etc.), they have full transparency throughout the process. Studies by the New York Attorney General’s office and the Government Accountability Office (GAO) show that fees can contribute anywhere from 21% to as much as 58% of the total cost of tickets.

    “There is nothing more disappointing for an avid fan than being lured into the prospect of an affordable ticket to see his or her favorite sports team or band only to learn later in the check-out process that the final price tag is significantly higher.  Our pro-consumer bill brings much needed transparency to the whole ticketing industry, and I’m committed to working towards reforms that protect consumers and provide certainty in the marketplace,” said Congressman Gus Bilirakis. “I appreciate my colleagues’ support of this bill in the House and urge the Senate to expedite its final passage.” 

    “Fans are incredibly frustrated by how hard it has become to buy event tickets. With every ticketing debacle, from Taylor Swift’s Eras Tour, to more recently with Beyoncé’s Cowboy Carter tour, and so many more, their frustration grows,” said Congresswoman Jan Schakowsky. “By introducing the bipartisan TICKET Act, we are proud to be responding to the voices of so many fans to make this process easier and more transparent. Consumers deserve to be protected from fraudulent tickets, surprise costs, and excessive fees.”

    Specifically, the TICKET Act requires all event ticket sellers, including primary and secondary market event ticket sellers to:

    1. Show consumers the total price of an event ticket upfront, inclusive of all fees
    2. Ban the sale of a ticket that a seller does not have (“speculative ticketing”)
    3. Guarantee refunds for event cancellations
    4. Guarantee replacement tickets or a refund, whichever the consumer chooses, for event postponements
    5. Protect consumers from fraudulent ticketing websites with clear disclosures and no deceptive URLs

    A bipartisan companion of the TICKET Act is being championed in the United States Senate by Senator Eric Schmitt (R-MO) and Ed Markey (D-MA). Click here to listen to Congressman Bilirakis speak in support of his bill on the House Floor.  

    MIL OSI USA News –

  • MIL-OSI USA: Van Orden Statement on President Trump’s First 100 Days

    Source: United States House of Representatives – Congressman Derrick Van Orden (Wisconsin 3rd)

    WASHINGTON, D.C. – Today, Congressman Derrick Van Orden (WI-03) released the following statement on President Trump’s first 100 days in office:

    “Over 77 million Americans and 1.7 million Wisconsinites put their trust in President Trump to get our nation back on the right track after four years of disastrous policy from the Biden administration. In just 100 days, President Trump has delivered on his promises to the American people.

    “Our borders are secure and over 100,000 illegal aliens have been deported. The first bill President Trump signed into law was the Laken Riley Act to require illegal aliens who commit crimes in the U.S. be detained instead of released back into our communities and put Americans at risk.

    “He has reopened domestic energy production, rescinding every one of the Biden administration’s job-killing, America-last “green” environmental policies.

    “After decades of being taken advantage of by our foreign trade partners, the president is putting America’s workers first and leveling the playing field for our farmers, manufacturers, and producers. Investments are being made, and jobs are returning to the U.S. at record pace.

    “He has saved taxpayers billions by cutting wasteful and fraudulent programs within the federal government and is working to ensure Americans can keep more of their hard earned dollars and provide for their families.

    “I am proud of the work accomplished thus far and look forward to working in Congress to further advance President Trump’s America First Agenda.”

    MIL OSI USA News –

  • MIL-OSI USA: Luján: President Trump’s First 100 Days Have Brought Costs, Chaos, and Corruption

    US Senate News:

    Source: United States Senator Ben Ray Luján (D-New Mexico)
    100 Days In, President Trump’s Approval Rating At A Historic Low
    Washington, D.C. – Today, U.S. Senator Ben Ray Luján (D-N.M.) issued the following statement in response to President Trump’s first 100 days in office:
    “In just 100 days, President Trump has driven up costs for New Mexicans, attacked essential programs like Social Security, and put our nation’s public health at risk. The American people are rejecting the increased costs, chaos, and corruption caused by this administration. I’ve heard from New Mexicans in every corner of our state who are deeply concerned about their livelihoods due to these reckless policies and hateful politics.
    “Since day one, I’ve made it clear that I will stand up to protect New Mexicans from this administration’s harmful attacks. Over the past 100 days, I’ve fought for everyday New Mexicans — our teachers, farmers, postal workers, restaurant workers, parents, and veterans.
    “I opposed the Republican budget that slashes essential programs like Medicaid and SNAP to fund another Tax Scam, defended Social Security, and pushed for urgent action to protect public health. With Elon Musk’s unprecedented control over the federal government — and his firing of hardworking New Mexicans — I have stood with my Democratic colleagues to hold him accountable and expose wrongdoing.
    “My commitment is to all New Mexicans. I will continue working to lower costs for families, protect essential programs like Social Security, Medicaid, and SNAP, and defend the rule of law.”
    More information on how Senator Luján is standing up for New Mexicans can be found here. 

    MIL OSI USA News –