Latest news with #IAG
Daily Mail
11 hours ago
- Business
- Daily Mail
Centrelink recipient wins massive $250,000 payout after his insurer refused to pay up when his $65,000 BMW was wrecked
A Centrelink recipient has been awarded $250,000 after his insurer refused to pay him out when his $65,000 BMW was damaged while parked on a street. Insurer IAG had rejected the man's claim after his BMW was written off following a collision, but the owner of the vehicle hit back and filed a case with the Australian Financial Complaints Authority (AFCA). IAG rejected the man's case on the basis the collision scenario was 'implausible', the Daily Telegraph reported. In the case filed with the AFCA, the man refuted every allegation made against him and won. The insurance giant said the man, who has not been identified, claimed the driver had 'motive' to make a false claim because he stood to benefit financially from the claim and Centrelink benefits appeared to be his main income. Hitting back at the insurer, the man said he earned up to $40,000 a month trading on the stock market and with cryptocurrencies. The man had purchased the BMW for $65,000 days before initially insuring the vehicle for $280,000 and subsequently lowering it to $250,000. AFCA's adjudicator revealed phone recordings showed the man hadn't known how much to insure the car for, with the insurer informing him the average value for his BMW was between $175,000 and $325,000. The collision took place seven months later after the man and his partner had left it parked on a street and taken an Uber to a restaurant. IAG said the man had 'opportunity' and questioned why he hadn't taken the car to the restaurant or found a secure car park for the vehicle. The man said that he and his partner had decided they would have a drink at the restaurant. He also explained that because the street had no parking restrictions he saw no reason why he should waste time driving his car home before the meal. Although the adjudicator accepted these explanations, the insurer continued to lodge further allegations. IAG said the man had not been frank as he failed to mention he was disqualified from driving, he had a previous claim and he didn't call the police after discovering his car was damaged. The insurer also said the damage to the BMW was 'malicious'. A report from the insurer's crash investigator said the collision likely occurred due to a reversing truck doing a three-point turn on an unsuitable stretch of road. 'The report does not provide any specific information as to why the roadway is not conducive to a three-point turn being conducted,' the adjudicator said. The unnamed adjudicator ruled in the complainant's favour and the man received $250,000 plus interest. 'I accept there are inconsistencies, but I am not persuaded these alone, even when considered together, satisfy the burden of proof to establish the complainant has acted fraudulently or failed to be truthful and frank, to the degree where it would allow the insurer to decline the claim,' the adjudicator said. An IAG spokesman said an investigation can be required for certain claims due to the cost and importance of identifying possible fraudulent claims. But the financial settlement was immediately awarded to the man in question as soon as AFCA stated the decision.
Yahoo
2 days ago
- Business
- Yahoo
APFC Board Examines Asset Allocation, Approves Targeted Portfolio Adjustments
SITKA, Alaska, May 30, 2025--(BUSINESS WIRE)--The Board of Trustees of the Alaska Permanent Fund Corporation (APFC) held its quarterly meeting and the Ethics, Audit, & Cybersecurity Committee meeting in Sitka and via webinar on May 28 and 29. During the Board meeting, the Trustees reviewed the Fund's asset allocation study, approved the FY26 operating budget alongside Board Resolution 25-01, and advanced strategic shifts within the Real Estate portfolio, as well as the Public Equities and Fixed Income portfolios. The APFC Board conducts one meeting a year in a rural or remote area to broaden public engagement and increase awareness of the Permanent Fund. The Board appreciated Senator Stedman's and Representative Himschoot's participation, reflecting the importance of legislative partnership in advancing stakeholder accountability and support for the proposed single-fund endowment constitutional amendment. "We thank the community of Sitka for their hospitality, the local legislative delegation for their attendance, and the opportunity to present to the Sitka Assembly. By holding meetings in communities throughout our great state, we reaffirm our responsibility to be accountable and accessible stewards of Alaska's greatest financial resource," said Chair Jason Brune. Performance The Permanent Fund's total value was $80.8 billion at the quarter's close, reflecting steady growth amid ongoing market complexity. As of March 31, 2025, the Fund returned 4.55% for the fiscal year, outperforming its performance benchmark by 29 basis points (bps), matching the passive benchmark, and trailing the Return Objective of 5.50%. Over the 5-year period, the Total Fund's performance delivered strong relative results at 10.49%. The Fund outperformed its three benchmarks: the passive index of 9.71%, the performance benchmark of 9.93%, and the Real Return Objective of 9.38%. "Our focus has always been on building a resilient portfolio that performs over time, not chasing short-term trends or looking backwards with the benefit of hindsight," said Chief Investment Officer Marcus Frampton. "We are committed to a disciplined, forward-looking strategy designed to meet the needs of Alaskans." APFC's Investment Consultant, Callan, reviewed the Fund's performance, offering insights into current market conditions, benchmark comparisons, and broader macroeconomic trends, noting that trailing quarter performance places the total Fund above median relative to large public funds and the large endowments/foundations peer group. Investment Advisory Group The Board values the Investment Advisory Group's (IAG) guidance, expertise, and its important role in supporting the Fund's long-term stewardship. The Board voted to appoint Janet Becker-Wold, CFA, to the IAG and appreciates the interest of all the candidates in response to the competitive state procurement. Britt Harris concluded his IAG service in May 2025, expressing appreciation and gratitude. Chair Brune noted, "We are very grateful to Britt Harris for his service and contributions to the Board. And, we are excited to welcome Janet Becker-Wold to the IAG, whose expertise will support the Board's oversight and strengthen our commitment to informed, disciplined governance." Risk & Compliance Chief Risk & Compliance Officer Sebastian Vadakumcherry delivered a comprehensive Risk & Compliance overview. The report affirmed the Fund remains well within its approved risk tolerances, with key indicators showing healthy margins relative to established thresholds. The presentation also included an analysis of asset class contributions to risk, geographic and currency exposures, and compliance monitoring activity. Private Income: Asset Class Overview Ross Alexander, Senior Portfolio Manager, and Terek Rutherford, Associate, provided an update on APFC's Private Income portfolio, covering recent activity, performance, and thematic trends across Infrastructure and Private Credit. In line with the asset class's strategic direction, APFC continues to increase co-investment activity to capture higher returns and reduce fee burdens. Since its inception, the portfolio has generated more than $5.4 billion, underscoring its role in delivering stable, enduring value. Real Estate: Asset Class Strategic Updates Allen Waldrop, APFC Deputy CIO of Private Markets, and Eric Ritchie, Senior Portfolio Manager, who now leads the Real Estate portfolio, provided an update on the asset class, highlighting its role in the Fund, drivers of recent performance, and strategic shifts to enhance long-term performance and resilience. Annual Asset Allocation Review In considering the portfolio's asset allocation, the Board and staff affirmed APFC's mandate to manage the portfolio for a maximum risk-adjusted return, while acknowledging the state of Alaska's dependence on an annual 5% market draw from the Fund's earnings under the current two-account structure. After thoughtful review and discussion, the APFC Board of Trustees unanimously elected to maintain the existing asset allocation targets for the portfolio, citing continued uncertainty and volatility in global markets. Vice Chair Adam Crum and Trustees Ethan Schutt and Craig Richards were appointed to a working group to further explore a multi-year approach to asset allocation, recognizing the importance of purposeful planning in light of an evolving market environment. The following asset allocation targets for FY26 were adopted by the Board of Trustees effective July 1, 2025: • Public Equities 32% (no change) • Fixed Income 20% (no change) • Private Equity 18% (no change) • Real Estate 11% (no change) • Private Income 10% (no change) • Absolute Return 7% (no change) • Tactical Opportunities 1% (no change) • Cash 1% (no change) • TOTAL: 100% While the Board is responsible for setting asset allocation, APFC staff are tasked with executing the Investment Policy to optimize risk-adjusted returns within established guidelines and make specific investments. The policy allows staff to respond to market conditions dynamically through allocation bands. "The Board's direction to maintain the current asset allocation targets into FY26 continues to provide a strong strategic foundation for the Fund," said Frampton. "We are focused on executing with discipline and precision to meet our long-term return goals, and we believe the Fund is well-positioned to navigate a complex market environment." Alongside the asset allocation discussion, the Board voted to affirm a staff proposal for a phased reduction in Tracking Error (TE) limits for both the Public Equities and Fixed Income asset classes – aiming to reduce high levels of volatility while maintaining flexibility to outperform. The plan reduces TE limits for the portfolios as follows: Public Equities: 350 to 200 bps (by Dec. 31, 2025) and then to 100 bps (by Dec. 31, 2026). Fixed Income: 250 to 150 bps (by Dec. 31, 2025) and then to 75 bps (by Dec. 31, 2026). Additionally, the Board unanimously approved staff recommendations to expand the Real Estate asset class benchmark to 'Expanded NPI,' remove REITs from the benchmark, and adopt a 10% limit to REITs in the portfolio. The Board also directed that staff work to reduce exposure to direct real estate holdings by 50% over the next 5 years. Updates will be effective as of July 1, 2025, and will be reflected in the Investment Policy. Budget Review and Approval The Board unanimously approved the FY26 proposed budget in alignment with its strategic plan initiatives and previously established guidance. Trustees reaffirmed the importance of annual rules-based statutory inflation-proofing of the Permanent Fund's Principal and their position that the $4 billion special appropriation in FY22 to the Principal cannot be retroactively labeled as such. The Board encouraged the Legislature to honor its commitment to annual inflation-proofing under the two-account structure, emphasizing the importance of consistent rules-based discipline for intergenerational equity. Trustees look forward to working further with the Legislature on this issue. Ethics, Audit, & Cybersecurity Committee The Ethics, Audit & Cybersecurity Committee reviewed the FY25 Audit Plan with KPMG and considered the internal operational risk assessment, reaffirming APFC's commitment to governance transparency, robust financial oversight, and strong internal controls. Chief Financial Officer Valerie Mertz and Senior Portfolio Accountant Jacki Mallinger presented the fiscal year-to-date financial performance updates, and Chief Risk & Compliance Officer Sebastian Vadakumcherry provided a detailed Internal Controls Review. The Committee also held an executive session for a cybersecurity update with Chief Information Technology Officer Scott Balovich, reinforcing the ongoing diligence to protect assets. The next meeting of the Board of Trustees and Ethics, Audit & Cybersecurity Committee Meeting will be on September 2, 2025, virtually via Teams Webinar. About APFC The Alaska Permanent Fund Corporation (APFC) manages the assets of the Alaska Permanent Fund, a globally recognized sovereign wealth fund. Established in 1976, the Fund preserves Alaska's nonrenewable mineral and oil wealth as a renewable financial resource for current and future generations of Alaskans. The Fund also serves as the primary source of revenue for Alaska's unrestricted general funds, supporting the state's economic stability and prosperity. APFC is a quasi-independent state agency with one mission: to manage and invest the assets of the Alaska Permanent Fund and other funds designated by law. The Alaska Permanent Fund is the largest sovereign wealth fund in the U.S., with $81.4 billion in assets as of April 30, 2025. For more information, visit View source version on Contacts Paulyn Swanson 907.796.1520 – pswanson@ Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Wire
2 days ago
- Business
- Business Wire
APFC Board Examines Asset Allocation, Approves Targeted Portfolio Adjustments
SITKA, Alaska--(BUSINESS WIRE)--The Board of Trustees of the Alaska Permanent Fund Corporation (APFC) held its quarterly meeting and the Ethics, Audit, & Cybersecurity Committee meeting in Sitka and via webinar on May 28 and 29. During the Board meeting, the Trustees reviewed the Fund's asset allocation study, approved the FY26 operating budget alongside Board Resolution 25-01, and advanced strategic shifts within the Real Estate portfolio, as well as the Public Equities and Fixed Income portfolios. The APFC Board conducts one meeting a year in a rural or remote area to broaden public engagement and increase awareness of the Permanent Fund. The Board appreciated Senator Stedman's and Representative Himschoot's participation, reflecting the importance of legislative partnership in advancing stakeholder accountability and support for the proposed single-fund endowment constitutional amendment. 'We thank the community of Sitka for their hospitality, the local legislative delegation for their attendance, and the opportunity to present to the Sitka Assembly. By holding meetings in communities throughout our great state, we reaffirm our responsibility to be accountable and accessible stewards of Alaska's greatest financial resource,' said Chair Jason Brune. Performance The Permanent Fund's total value was $80.8 billion at the quarter's close, reflecting steady growth amid ongoing market complexity. As of March 31, 2025, the Fund returned 4.55% for the fiscal year, outperforming its performance benchmark by 29 basis points (bps), matching the passive benchmark, and trailing the Return Objective of 5.50%. Over the 5-year period, the Total Fund's performance delivered strong relative results at 10.49%. The Fund outperformed its three benchmarks: the passive index of 9.71%, the performance benchmark of 9.93%, and the Real Return Objective of 9.38%. 'Our focus has always been on building a resilient portfolio that performs over time, not chasing short-term trends or looking backwards with the benefit of hindsight,' said Chief Investment Officer Marcus Frampton. 'We are committed to a disciplined, forward-looking strategy designed to meet the needs of Alaskans.' APFC's Investment Consultant, Callan, reviewed the Fund's performance, offering insights into current market conditions, benchmark comparisons, and broader macroeconomic trends, noting that trailing quarter performance places the total Fund above median relative to large public funds and the large endowments/foundations peer group. Investment Advisory Group The Board values the Investment Advisory Group's (IAG) guidance, expertise, and its important role in supporting the Fund's long-term stewardship. The Board voted to appoint Janet Becker-Wold, CFA, to the IAG and appreciates the interest of all the candidates in response to the competitive state procurement. Britt Harris concluded his IAG service in May 2025, expressing appreciation and gratitude. Chair Brune noted, 'We are very grateful to Britt Harris for his service and contributions to the Board. And, we are excited to welcome Janet Becker-Wold to the IAG, whose expertise will support the Board's oversight and strengthen our commitment to informed, disciplined governance.' Risk & Compliance Chief Risk & Compliance Officer Sebastian Vadakumcherry delivered a comprehensive Risk & Compliance overview. The report affirmed the Fund remains well within its approved risk tolerances, with key indicators showing healthy margins relative to established thresholds. The presentation also included an analysis of asset class contributions to risk, geographic and currency exposures, and compliance monitoring activity. Private Income: Asset Class Overview Ross Alexander, Senior Portfolio Manager, and Terek Rutherford, Associate, provided an update on APFC's Private Income portfolio, covering recent activity, performance, and thematic trends across Infrastructure and Private Credit. In line with the asset class's strategic direction, APFC continues to increase co-investment activity to capture higher returns and reduce fee burdens. Since its inception, the portfolio has generated more than $5.4 billion, underscoring its role in delivering stable, enduring value. Real Estate: Asset Class Strategic Updates Allen Waldrop, APFC Deputy CIO of Private Markets, and Eric Ritchie, Senior Portfolio Manager, who now leads the Real Estate portfolio, provided an update on the asset class, highlighting its role in the Fund, drivers of recent performance, and strategic shifts to enhance long-term performance and resilience. Annual Asset Allocation Review In considering the portfolio's asset allocation, the Board and staff affirmed APFC's mandate to manage the portfolio for a maximum risk-adjusted return, while acknowledging the state of Alaska's dependence on an annual 5% market draw from the Fund's earnings under the current two-account structure. After thoughtful review and discussion, the APFC Board of Trustees unanimously elected to maintain the existing asset allocation targets for the portfolio, citing continued uncertainty and volatility in global markets. Vice Chair Adam Crum and Trustees Ethan Schutt and Craig Richards were appointed to a working group to further explore a multi-year approach to asset allocation, recognizing the importance of purposeful planning in light of an evolving market environment. The following asset allocation targets for FY26 were adopted by the Board of Trustees effective July 1, 2025: • Public Equities 32% (no change) • Fixed Income 20% (no change) • Private Equity 18% (no change) • Real Estate 11% (no change) • Private Income 10% (no change) • Absolute Return 7% (no change) • Tactical Opportunities 1% (no change) • Cash 1% (no change) • TOTAL: 100% While the Board is responsible for setting asset allocation, APFC staff are tasked with executing the Investment Policy to optimize risk-adjusted returns within established guidelines and make specific investments. The policy allows staff to respond to market conditions dynamically through allocation bands. 'The Board's direction to maintain the current asset allocation targets into FY26 continues to provide a strong strategic foundation for the Fund,' said Frampton. 'We are focused on executing with discipline and precision to meet our long-term return goals, and we believe the Fund is well-positioned to navigate a complex market environment.' Alongside the asset allocation discussion, the Board voted to affirm a staff proposal for a phased reduction in Tracking Error (TE) limits for both the Public Equities and Fixed Income asset classes – aiming to reduce high levels of volatility while maintaining flexibility to outperform. The plan reduces TE limits for the portfolios as follows: Public Equities: 350 to 200 bps (by Dec. 31, 2025) and then to 100 bps (by Dec. 31, 2026). Fixed Income: 250 to 150 bps (by Dec. 31, 2025) and then to 75 bps (by Dec. 31, 2026). Additionally, the Board unanimously approved staff recommendations to expand the Real Estate asset class benchmark to 'Expanded NPI,' remove REITs from the benchmark, and adopt a 10% limit to REITs in the portfolio. The Board also directed that staff work to reduce exposure to direct real estate holdings by 50% over the next 5 years. Updates will be effective as of July 1, 2025, and will be reflected in the Investment Policy. Budget Review and Approval The Board unanimously approved the FY26 proposed budget in alignment with its strategic plan initiatives and previously established guidance. Trustees reaffirmed the importance of annual rules-based statutory inflation-proofing of the Permanent Fund's Principal and their position that the $4 billion special appropriation in FY22 to the Principal cannot be retroactively labeled as such. The Board encouraged the Legislature to honor its commitment to annual inflation-proofing under the two-account structure, emphasizing the importance of consistent rules-based discipline for intergenerational equity. Trustees look forward to working further with the Legislature on this issue. Ethics, Audit, & Cybersecurity Committee The Ethics, Audit & Cybersecurity Committee reviewed the FY25 Audit Plan with KPMG and considered the internal operational risk assessment, reaffirming APFC's commitment to governance transparency, robust financial oversight, and strong internal controls. Chief Financial Officer Valerie Mertz and Senior Portfolio Accountant Jacki Mallinger presented the fiscal year-to-date financial performance updates, and Chief Risk & Compliance Officer Sebastian Vadakumcherry provided a detailed Internal Controls Review. The Committee also held an executive session for a cybersecurity update with Chief Information Technology Officer Scott Balovich, reinforcing the ongoing diligence to protect assets. The next meeting of the Board of Trustees and Ethics, Audit & Cybersecurity Committee Meeting will be on September 2, 2025, virtually via Teams Webinar. About APFC The Alaska Permanent Fund Corporation (APFC) manages the assets of the Alaska Permanent Fund, a globally recognized sovereign wealth fund. Established in 1976, the Fund preserves Alaska's nonrenewable mineral and oil wealth as a renewable financial resource for current and future generations of Alaskans. The Fund also serves as the primary source of revenue for Alaska's unrestricted general funds, supporting the state's economic stability and prosperity. APFC is a quasi-independent state agency with one mission: to manage and invest the assets of the Alaska Permanent Fund and other funds designated by law. The Alaska Permanent Fund is the largest sovereign wealth fund in the U.S., with $81.4 billion in assets as of April 30, 2025. For more information, visit
Daily Mail
2 days ago
- Business
- Daily Mail
British Airways owner IAG tops FTSE 100 monthly risers
International Airlines Group (IAG) is the best-performing FTSE 100 stock over the past month, spurred by strong results and easing tariffs. British Airways' parent company has risen by 25.6 per cent to 326.6p, taking their gains over the last year to around 91 per cent. Earlier this month, IAG revealed that its operating profits nearly tripled to a forecast-beating €198million in the opening three months of 2025. The London-based business, which also owns Aer Lingus and Iberia, benefited from lower fuel costs, bumper demand for leisure travel, and favourable foreign exchange movements. This compensated for the Easter weekend falling in late April, having taken place the prior year much earlier than usual in late March. IAG also announced plans to purchase 53 new aircraft as part of a UK-US trade deal, with the airplanes due for delivery between 2028 and 2033. Early this week, the firm's shares received a boost after US President Donald Trump postponed plans to slap a 50 per cent tariff on the European Union. Air travel between the US and the EU has declined since Trump's inauguration owing mainly to concerns about the president's immigration policies. However, IAG noted in its first-quarter results that demand for premium cabins on its North Atlantic routes had partially offset softer US economy ticket sales. Another group which has experienced relatively limited impact from trade-related uncertainty is Diploma, whose shares have grown by 18.4 per cent in the last month. Growth: British Airways' parent company, International Airlines Group (IAG), is the best-performing FTSE 100 stock over the past month Diploma shares soared to a record high last week after the products supplier raised its full-year guidance on the back of a robust first-half performance. It partially credited the result to orders for digital antenna systems and data centres in its Windy City Wire division, as well as rising sales in core building markets. Not far behind the business is gambling giant Entain (up 17.7 per cent) and explosive detectors maker Smiths Group (up 16.8 per cent); the latter predicted its annual sales would be at the top end of its guidance range. Meanwhile, two mining giants have both expanded by 16.2 per cent: Glencore, one of the world's largest mining firms, and Fresnillo, which has reaped the tailwind of surging gold prices. Geopolitical and economic uncertainty stemming from US tariff measures have driven more investors to back safe-haven assets, such as gold. Fresnillo shares have been further elevated by silver prices increasing in response to strong demand for the metal's use in eco-friendly technologies, such as solar panels and electric vehicles. Other companies among the top ten monthly risers include Hiscox and EasyJet (both up 16 per cent), M&G (up 15 per cent) and Rolls-Royce Holdings (up 13.8 per cent).
Time of India
3 days ago
- Business
- Time of India
British Airways CEO sells over £2 million of parent IAG shares
British Airways CEO Sean Doyle sold £2.1 million ($2.8 million) worth of shares in the airline's parent company IAG. Doyle sold 650,000 shares at about £3.30 each on May 22, IAG said on Wednesday in a stock exchange filing. The move was part of the 2022 long-term incentive plan, mostly awarded in shares, that vests in 2025 and the transaction represented "business as usual", an IAG spokesman said. IAG has been the top performer on the Bloomberg World Airlines Index for the last 12 months, and shares have more than doubled in the last year and a half. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Don't Miss The Top Packaging Trends Of 2024, Enhnace Your Brand With The Latest Insights Packaging Machines | Search Ads Search Now Undo
