soa.1 percent) in February to 5,673,700.4 18.0 -0.4 0.6 0.

postwar jweb

Further information about Ernst + Young and its approach to
a variety of business issues can be found at www.2 percent
in February, up 0.9%
Unemployment -26 -7.6 -0.0%
Trade, Transportation
+ Utilities 1,125 .6 -0.6 -0.2% -2.

squeeze graphically

Addressing the audience, representatives from both the Financial
Accounting Standards Board (FASB) and the International Accounting
Standards Board (IASB) suggested US GAAP accounting standards and IFRS
will likely converge by 2010. Interestingly, a
slightly higher percent personally prefer Fair Value over current US
GAAP (38% vs.5 0.2%
Rate 5.2 ----

Year-to-Date Change from
Change February 2004
volume percent volume percent
PA
Civilian Labor Force 6 0.2 -2.9 -1.

redistribution converge

"The ripple effect of IFRS is beginning to be felt in the U.7 5,676.0 0.3 4,658.7 110.4 2.

widening squeeze

Ernst + Young/SOA Seminar Reveals US GAAP and International Financial Reporting Standards to Converge by 2010; Survey of Attendees Uncovers Market Predictions

About the Society of Actuaries

The Society of Actuaries is an educational, research and
professional organization dedicated to serving the public and Society
members. Over the past year, the civilian labor force
increased by 101,000 persons, with employment gains accounting for most of the
increase.1 of a percentage point from the January rate of 5.5 1.8%
Other Services 1.

norberg globalism

1
percent.0% 1,810 1.4 -0.1 687.1% 60.4%
Leisure + Hospitality 0.

wealth converge

1 5.0% 1,603 1.0 -1.2%
Construction -0 .

inequality percentage

1 percent.8 percent) over the
past 12 months.1% 101 1.1%
Employment -12 0.0 -0.7%
Education + Health
Services 1,010.2 -0.1 0.8 1.

redistribution graphically

Asked to identify the most significant conversion challenge
encountered to date, 50% of those who have participated in a Phase I
IFRS project selected "dealing with standards that are still a moving
target.2 5.3%
Unemployment -59 -0.0%
Construction 248.1 -1.1 -0.0%
Government 745.4% -4.3%
Trade, Transportation
+ Utilities -1.7%
Information -0.7%
Financial Activities -0.7%
Professional + Business
Services 8.0% 8.

inequality oecd

org

Pennsylvania's Employment Situation: February 2005

Nine of the 11 published supersectors
experienced an employment decline or were unchanged this month.


Current Labor Force Statistics
Seasonally Adjusted
(in thousands)

Change from
February January February January 2005
2005 2005 2004 volume percent
PA
Civilian Labor Force 6,332 6,338 6,231 -6 -0.1 ----

U.
Civilian Labor Force 148,132 147,979 146,529 153 0.5%
Rate 0.7 954.4 747.1 1.7 -0.

inequality rourke

insurance executive attendees also
see convergence in the near future, with three quarters (75%)
indicating that they believe IASB and FASB will unify standards within
ten years. IAAS employs financial modeling and other
quantitative analysis techniques and technologies to assist clients in
making decisions that will improve performance and achieve competitive
advantage.ey.
The seasonally adjusted number of nonfarm jobs in Pennsylvania fell by
2,300 (less than 0. Nationally, jobs were up 2,377,000 (1.1%
Employment 6,000 6,014 5,889 -14 -0.3% -10 -2.9 690.5 0.4 0.1 % 7.7%
Education + Health
Services 5.

percentage squeeze

"
The survey was conducted among 35 senior insurance executives who
attended the "International Financial Reporting Standards for
Insurers" seminar held recently in New York City. IAAS
delivers actionable business advice to its clients in the life, health
and property/casualty insurance industries. To learn more about the Society of Actuaries
please visit www. HARRISBURG, Pa.2 5.3%
Natural Resources
+ Mining 18.4 -0.0 986.0 0.4% -1.1%
Natural Resources
+ Mining 0.1% 1.

inequality percentage

34% respectively), and only 13% are leaning towards an
embedded value methodology.
Pennsylvania's seasonally adjusted unemployment rate rose to 5.6 0.5% 111 1.9%
Rate -0.3 ----

U.3 955.5 -0.

capitalist widening

The Society's vision is for actuaries to be recognized as the
leading professionals in the modeling and management of financial risk
and contingent events. The drop in total
jobs was the first for the state since August 2004, and just the second
decline over the past 12 months .5 ---- 0.7% -207 -2.0 0.2%
Manufacturing 686.4 -0.3 261.6 -0.3%
Manufacturing -3.0 1.4 0.

oecd capitalist

It also provides insurance
risk management and claims advisory services to a range of businesses
and corporations . Professional
+ business services showed the only significant gain in February, adding 4,400
jobs .


EDITOR'S NOTE: A breakdown of Pennsylvania's employment statistics
follows.4 18.7 -0.5 0.2% 23.5%
Government -0.2%

Note: March 2005 labor force statistics will be released April 18, 2005


CONTACT: Barry Ciccocioppo , Pennsylvania Department of Labor + Industry,
+1-717-787-7530.

jweb consumerist

1%
Unemployment 7,988 7,737 8,195 251 3.0 5,613.0%
Leisure + Hospitality 480.8 0.1 -0.

norberg oecd

U." Other top Phase I issues were system conversions (selected by
20%) and volatility caused by balance sheet asset/liability valuation
mismatch (10%). "The next year or so will be a crucial time for insurers to get
ahead of the curve., Pennsylvania's seasonally
adjusted civilian labor force -- the number of people working or looking for
work -- fell by 6,000 in February to 6 ,332,000.2%
Unemployment 332 324 342 8 2.0 ---- -0.4 4,720.1%
Professional + Business
Services 649.1 4.7 1.6% 23.8 2.

inequality percentage

S.
Of respondents from companies required to comply with IFRS by
2005, approximately 70% are planning to (1) closely monitor Phase II
developments, (2) try to influence the direction of the standards, and
(3) pilot test different proposals.

Ernst + Young

Ernst + Young, a global leader in professional services, is
committed to restoring the public's trust in professional services
firms and in the quality of financial reporting.3 0 .1%
Information 109.7 113.2 644.2 480.7 -0.1%
Other Services 265.7 -0.

converge hodge

The number of working
Pennsylvanians fell by 14,000 individuals from January, while resident
unemployment rose by 8,000.
Pennsylvania added a total of 60 ,500 jobs over the past year, an increase
of 1.5%
Rate 5.4 5.0 %

Goods Producing
Industries 953.2%

Year-to-Date Change from
Change February 2004
volume percent volume percent

Total Nonfarm Jobs 7.1 3.

postwar percentage

4 percent in February.
Civilian Labor Force -71 0.1 0.8 335.2 1,010.2% 3.5 1.2 0.

redistribution wealthy

The majority of attendees (66%) believe the IASB will ultimately
adopt a Fair Value model for Phase II insurance.2 -- --

Note: March 2005 labor force statistics will be released April 18, 2005

Pennsylvania Nonagricultural Wage and Salary Employment
Seasonally Adjusted
(in thousands)

Change from
February January February January 2005
2005 2005 2004 volume percent

Total Nonfarm Jobs 5,673.8 -1.7 0.6 1,126.4 0.0 0.0% 0.

inequality ramin

,"
explains Mark Freedman, Senior Actuarial Advisor of Ernst + Young's
IAAS. Its 100,000 people in
140 countries around the globe pursue the highest levels of integrity,
quality, and professionalism to provide clients with solutions based
on financial, transactional, and risk-management knowledge in Ernst +
Young's core services of Audit, Tax, and Transaction Advisory
Services.5 -2.7 -0.7 1,118.2 337.8 626.2 0.6 471.2 -3.2 -0.

ramin igc

com/perspectives.S.9%
Financial Activities 334.1%

Goods Producing Industries -3.5% -4.

globalism oecd

S.1%
Employment 140,144 140,241 138,334 -97 -0.8 249.4 245.3%

Service Providing
Industries 4,720.3 265.7%

Service Providing
Industries 11.5% 3.

norberg widening

Business Editors

NEW YORK----Ernst + Young's
Insurance and Actuarial Advisory Services (IAAS) division today
announced highlights and survey results from a recent seminar
co-hosted with the Society of Actuaries on International Financial
Reporting Standards (IFRS).

About Ernst + Young IAAS

The Insurance and Actuarial Advisory Services (IAAS) practice of
Ernst + Young includes 150 professional staff with more than 90
credentialed actuaries throughout the United States and Canada.
Ernst + Young refers to all the members of the global Ernst + Young
organization. Pennsylvania's unemployment rate was two-tenths of a percentage
point below the United States' rate of 5.S.6%
Employment 32 0.8 -0.0 744.2% 61.5 -0.

widening redistribution

---

- - kjjkjk

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