568 results for open main PROBLEMGO.com how to make sure customs doesnt open my box Bray

1. [pdf] Do you know Alyssa
2. Equitable Life Group Benefits Bulletin - April 2021

   In this issue:

   • Alberta biosimilar coverage changes*
   • New Humira biosimilars approved*
   • Saskatchewan and Manitoba delist biologics for some conditions*
     *Indicates content that will be shared with your clients

   Update: Alberta biosimilar coverage changes take effect*

    
   In our November 2020 edition of eNews, we announced we are changing coverage for some biologic drugs in Alberta in response to the province’s Biosimilar Initiative.
    
   As of March 15, 2021, several originator biologic drugs are no longer covered for plan members in Alberta. Plan members taking these biologics are required to switch to the biosimilar versions of these drugs to maintain eligibility under their Equitable Life plan.
    
   Affected drugs and conditions – Remicade remains eligible
   We initially announced that Remicade would be among the biologic drugs no longer covered in Alberta.
   We have since determined a method to maintain ongoing eligibility of Remicade while reducing or eliminating any Coordination of Benefit risk associated with the provincial change. As such, Remicade will continue to be eligible for coverage. 
    
   Communication to plan members and plan sponsors
   We communicated directly with affected claimants in January 2021 to allow them ample time to change their prescriptions and avoid any interruptions in their treatment or their coverage. The transition to biosimilars, when required, has been smooth and continues to be successful.
    
   Plan sponsors were notified even earlier to allow ample time to opt-out of this change. The vast majority have accepted the changes and are benefiting from a smooth plan member transition. 
    
   Looking ahead
   We are one of the few insurers taking a comprehensive and proactive response to the Alberta Biosimilars Initiative. We will continue to monitor developments related to the coverage of biologics in Alberta and other provinces and will continue to take steps to protect your clients’ drug plans.
    
   Questions?
   If you have any questions about this change, please contact your Group Account Executive or myFlex Sales Manager.
    
    

   New Humira biosimilars approved*

   Beginning in February, Health Canada approved seven new biosimilars for Humira, a biologic drug for the treatment of rheumatoid arthritis, psoriatic arthritis, Crohn's disease and many other conditions. Most of these biosimilars have already been launched and are available in pharmacies.
    
   Humira is one of the highest ranked drugs in terms of total annual cost. All the Humira biosimilars are priced 40% lower than Humira and represent a savings opportunity for private drug plans.
    
   BC Pharmacare has already announced that, effective October 7, 2021, all claimants for most conditions will only be eligible for Humira biosimilars.
    
   We have implemented national controls to ensure the use of Humira biosimilars for new claimants. As with all biosimilar programs at Equitable Life, they will continuously evolve such that our clients are provided appropriate risk protection. 
    
    
    

   Saskatchewan and Manitoba change coverage for some biologics*

   The Saskatchewan government recently announced that, effective March 1, 2021, new patients will no longer be eligible for coverage of Enbrel under its public plan. New patients will only be eligible for biosimilar versions of Enbrel.
    
   Similarly, the Manitoba government announced changes to its tiered biologics program. Currently, claimants are expected to try biosimilars listed under Tier 1 of the program before they can be considered for coverage under the public plan for either Enbrel or Remicade, which are Tier 2 drugs. Effective April 1, 2021, Brenzys, an Enbrel biosimilar, has been added to Tier 1 for some additional medical conditions. As well, Avsola has been added as another Tier 1 biosimilar for Remicade. These changes further expand the Manitoba government’s utilization of biosimilars as preferred therapies over originator biologics.
    
   Biosimilars are highly similar to the drugs they are based on and Health Canada considers them to be equally safe and effective for approved conditions.
    
   Equitable Life actively monitors and investigates  all biosimilar policy changes and the ongoing evolution of biosimilar drugs entering Canada.  We will keep you informed of any impact on private drug plans and how we are responding.
    
    *Indicates content that will be shared with your clients
    
3. [pdf] WorldCare Medical Second Opinion Service
4. EAMG Market Commentary April 2024 April 2024
    
   Rates & Credit – Interest rates increased in Q1 2024, giving back half of the decline experienced in Q4 2023 amid consistently positive surprises in U.S. economic data.  The positive economic news also drove a strong risk-on tone to the market, with the risk premium on corporate bonds tightening as economic prospects improved.  In Canada, corporate bonds outperformed government bonds and the broader FTSE Canada Universe Index (FTSE) with a slightly positive 0.07% return, verses a loss of 1.66% in government bonds and a loss of 1.22% for the overall index.  More interest rate sensitive long-term bonds experienced the largest decline, which was partially offset in corporate bonds by the risk-on tone to corporate bond spreads.  On a 6-month and 1-year basis, the FTSE remained positive at 6.94% and 2.10%, respectively.  Within corporate bonds, lower-rated BBBs outperformed higher-rated A bonds, while industries with higher interest rate exposure such as infrastructure, energy, and communications underperformed those with less exposure (notably financials and securitization).
   
   
    
    
   Equity Overview – Throughout Q1 2024, concerns about a recession gradually eased as central bankers adopted a more accommodative outlook on monetary policy. Their growing dovishness reflected confidence that the restrictive monetary measures were effectively curbing inflation as anticipated. Underpinned by prospects of an economic soft-landing, global equity markets rallied to start the year with most major North American indices soaring to new all-time highs during the quarter. U.S. equities continued to outperform other major international markets with the S&P 500 returning 10.6% in USD terms. Major developed economies from Europe, Australasia, and the Far East (EAFE) gained 10.1% in local currency terms, while the TSX added 6.6%. Furthermore, the U.S. economy continued to prove more resilient than most major developed economies, with strong employment and robust output data. As such, foreign investors of U.S. denominated securities achieved enhanced returns, benefitting from a stronger Greenback.
   
    
   U.S. Fundamentals – Corporate earnings beat expectations in Q4 2023, triggering a wave of upward earnings revision. Stable operating margins, cash flows and debt loads continue to attract investors into equities. Investors appear focused on the company’s ability to sustain debt levels ahead of renewing debt obligations. We observed that the number of major companies that expect improving financial performance shrunk to ~19%. This suggests that concentration risks are likely brewing in the equity market, yet again.
    
   U.S. Quant Factors
   Optimistic run-up in equity valuations were mostly driven by the momentum factor. A basket of companies with positive price trends intensified concentration risk in the equity market. We note that momentum factor’ performance sharply contrasted fundamental factors, making us cautious on the market’s complacency. For context, high quality companies, which is typically defined by high Return on Equity (ROE), stable earnings variability, and low financial leverage, placed second in our risk-adjusted performance rankings, and is dwarfed by the ~ 17.9% return observed from the momentum factor.
    
   Canadian Fundamentals – Against the backdrop of underwhelming financial results, ROE – a gauge of how efficiently a corporation generates profits – rebounded in Q4, 2023, after declining throughout most of the year. The improved efficiency metric provided a positive catalyst for dividend investors as the inverse movements of ROE relative to financing costs over 2023 kept investors on the sidelines. In addition, the CRB Raw Industrials Index, a measure of price changes of basic commodities, broke out of recent ranges, providing a tailwind for Canada’s energy and materials sector. Concerns with earnings contraction and macro-economic conditions have subsided.
    
   Canadian Quant Factors – Crude prices soared higher in Q1 2024, with ongoing production cuts from OPEC+ and ramifications of geopolitical conflicts keeping oil markets undersupplied. As such, energy companies benefitted, surging higher and outperforming the broader index, while the low volatility basket – with lower exposure to cyclically sensitive business – underperformed into quarter end. Furthermore, Canadian banks underperformed to start the quarter, giving back some of the sharp outperformance witnessed into the end of Q4 2023. That said, soft inflation data increased expectations of impending rate cuts from the Bank of Canada and, as such, banks performed in line with the broader market throughout most of the quarter. Underpinned by expectations of a dovish switch in monetary policy, investors rewarded dividend payers with a history of increasing dividends, boosting confidence in their ability to support future dividend growth. It is important to note that investors should not let dividend growth’s outperformance overshadow high dividend paying companies’ underperformance; more specifically, investors remain attentive to the businesses’ ability to create value relative to financing costs.  
   
   Views From the Frontline
    
   Rates – Interest rates in both Canada and the U.S. increased across all bond tenors in Q1 2024. U.S. inflation data surprised to the upside, remaining stubbornly higher than hoped, while labour market and consumer indicators underscored the economy's continued strength.  In Canada, inflation data fell below forecasts, but early 2024 GDP readings exceeded expectations. The market now anticipates a 'soft landing' for the U.S. economy; however, the Canadian economy continues to slow. North American central banks have signaled that we are at the peak for policy rates. The market is currently pricing in approximately two-to-three, 25 basis point interest rate cuts by the U.S. Federal Reserve in the second half of 2024, much fewer than the six-to-seven 25 basis point interest rate cuts that the market had been anticipating even just three months ago.  As the Swiss central bank led the way with the first rate cut among developed countries, central banks in major developed economies will closely monitor upcoming data and market developments to determine the timing and pace for rate cuts.
    
   Credit – The risk premium for corporate bonds (versus government bonds) continued to tighten over the quarter, with a strong risk-on tone to the market as investors priced in renewed economic growth in 2024 as compared to previous expectations.  Corporate bond supply was robust, with $38.2bn in new issuance, the second strongest first quarter on record.  On the balance, we do not think the current risk premium adequately compensates for downside risk, particularly in longer-dated corporate bonds, and have a bias towards shorter-dated credit where we view the risk / reward dynamic as being more favourable.
    
   Equity – We favour a combination of the Dow Jones and the S&P500 for our broad market exposure. The Dow, a price-weighted index, should have some value and low volatility tilt as it tracks mature large companies.  As explained above, concentration risks are brewing in the equity market, and during Q1 this risk was exacerbated by investors rushing into a basket of companies with positive price trends, thereby pushing valuation metrics further into the expensive territory.  In our view, it is well-suited to use a combination of the Dow Jones Industrial Average and the S&P 500 for broad U.S. market exposure given the heightened concentration risk. Looking forward, we expect companies to exhibit stable operating margins and therefore, we are shifting our focus toward the balance between upcoming corporate debt refinancing requirements and reinvestment in projects intended to drive future growth. In plain words, we are tactically adding to companies with stable cash flows and decreased debt loads outside of the mega-cap group. In Canada, we expect a modest earnings growth and remain attentive to how efficiently a corporation generates profits relative to their financing cost. We caution against the overly optimistic, commodity driven, “catch-up” trade vs. our southern neighbour. Therefore, we tweaked our investment strategy by rotating out of the low volatility factor and adding to higher yielding quality companies in Canada.
    

   Downloadable Copy

    

   Mark Warywoda, CFA VP, Public Portfolio Management	Ian Whiteside, CFA, MBA AVP, Public Portfolio Management	Johanna Shaw, CFA Director, Portfolio Management	Jin Li Director, Equity Portfolio Management
   Tyler Farrow, CFA Senior Analyst, Equity	Andrew Vermeer Senior Analyst, Credit	Elizabeth Ayodele Analyst, Credit	Francie Chen Analyst, Rates

    
   ADVISOR USE ONLY
   
   
   Any statements contained herein that are not based on historical fact are forward-looking statements. Any forward-looking statements represent the portfolio manager’s best judgment as of the present date as to what may occur in the future. However, forward-looking statements are subject to many risks, uncertainties, and assumptions, and are based on the portfolio manager’s present opinions and views. For this reason, the actual outcome of the events or results predicted may differ materially from what is expressed. Furthermore, the portfolio manager’s views, opinions or assumptions may subsequently change based on previously unknown information, or for other reasons. Equitable^® assumes no obligation to update any forward-looking information contained herein. The reader is cautioned to consider these and other factors carefully and not to place undue reliance on forward-looking statements. Investments may increase or decrease in value and are invested at the risk of the investor. Investment values change frequently, and past performance does not guarantee future results. Professional advice should be sought before an investor embarks on any investment strategy.
    
    
5. [pdf] DSC/Transfer Fee Recovery Program – FAQ
6. [pdf] Retirement Realities
7. EZstart
8. [pdf] Invest with Equitable
9. [pdf] Health Care Spending Account - Plan administrators
10. [pdf] Payout Annuities Client Brochure