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[[Definition:UnderwritingArtificial strategyintelligence (AI)]]
[[Definition:GrowthMachine strategylearning (ML)]]
[[Definition:OrganicDeep growthlearning]]
[[Definition:InorganicNatural growthlanguage processing (NLP)]]
[[Definition:MergersComputer and acquisitions (M&A)vision]]
[[Definition:PortfolioPredictive optimizationanalytics]]
[[Definition:LinePredictive of business (LOB)modelling]]
[[Definition:BookAlgorithmic of businessunderwriting]]
[[Definition:MarketAutomated positioningclaims processing]]
[[Definition:CompetitiveFraud advantagedetection]]
[[Definition:BarriersOptical tocharacter entryrecognition (OCR)]]
[[Definition:MarketRobotic shareprocess automation (RPA)]]
[[Definition:Addressable marketChatbot]]
[[Definition:TotalLarge addressablelanguage marketmodel (TAMLLM)]]
[[Definition:MarketGenerative penetrationartificial intelligence (GenAI)]]
[[Definition:DistributionNeural strategynetwork]]
[[Definition:Multi-channelSupervised distributionlearning]]
[[Definition:DigitalUnsupervised transformationlearning]]
[[Definition:InsurTechTraining data]]
[[Definition:StrategicAlgorithmic partnershipbias]]
[[Definition:Joint ventureExplainability]]
[[Definition:CapitalBlack allocationbox model]]
[[Definition:CapitalModel managementvalidation]]
[[Definition:Capital deploymentTelematics]]
[[Definition:CapitalSentiment returnanalysis]]
[[Definition:ShareDecision buybacktree]]
[[Definition:DividendData policymining]]
[[Definition:SpecialStraight-through dividendprocessing (STP)]]
[[Definition:DividendIntelligent payoutdocument ratioprocessing (IDP)]]
[[Definition:DividendDigital yieldtwin]]
[[Definition:Total shareholder return (TSR)]]
[[Definition:Earnings per share (EPS)]]
[[Definition:Diluted earnings per share]]
[[Definition:BookRequest valuefor per shareproposal (BVPSRFP)]]
[[Definition:TangibleRequest bookfor valueinformation per share(RFI)]]
[[Definition:Price-to-bookRequest ratiofor quotation (P/BRFQ)]]
[[Definition:Price-to-earningsVendor ratio (P/E)management]]
[[Definition:ReturnThird-party onrisk equitymanagement (ROETPRM)]]
[[Definition:ReturnService onlevel invested capitalagreement (ROICSLA)]]
[[Definition:Return on assets (ROA)]]
[[Definition:Operating return on equity]]
[[Definition:Adjusted return on equity]]
[[Definition:Net asset value (NAV)]]
[[Definition:Embedded value (EV)]]
[[Definition:European embedded value (EEV)]]
[[Definition:Market consistent embedded value (MCEV)]]
[[Definition:Value of new business (VNB)]]
[[Definition:New business margin]]
[[Definition:Appraisal value]]
[[Definition:Intrinsic value]]
[[Definition:Economic value added (EVA)]]
[[Definition:Operating profit]]
[[Definition:Underlying operating profit]]
[[Definition:Adjusted operating earnings]]
[[Definition:Net income]]
[[Definition:Comprehensive income]]
[[Definition:Revenue growth]]
[[Definition:Top-line growth]]
[[Definition:Gross written premiums (GWP)]]
[[Definition:Net written premiums (NWP)]]
[[Definition:Net earned premiums (NEP)]]
[[Definition:Premium growth rate]]
[[Definition:Combined ratio (CR)]]
[[Definition:Operating ratio]]
[[Definition:Loss ratio (LR)]]
[[Definition:Expense ratio (ER)]]
[[Definition:Attritional loss ratio]]
[[Definition:Underlying combined ratio]]
[[Definition:Accident year combined ratio]]
[[Definition:Calendar year combined ratio]]
[[Definition:Prior year reserve development]]
[[Definition:Investment income]]
[[Definition:Net investment income]]
[[Definition:Investment yield]]
[[Definition:Total investment return]]
[[Definition:Asset-liability management (ALM)]]
[[Definition:Investment portfolio duration]]
[[Definition:Strategic asset allocation]]
[[Definition:Float]]
[[Definition:Cash flow underwriting]]
[[Definition:Free cash flow]]
[[Definition:Cash generation]]
[[Definition:Remittance]]
[[Definition:Holding company liquidity]]
[[Definition:Financial leverage]]
[[Definition:Debt-to-capital ratio]]
[[Definition:Debt-to-equity ratio]]
[[Definition:Interest coverage ratio]]
[[Definition:Fixed charge coverage ratio]]
[[Definition:Financial strength rating]]
[[Definition:Credit rating]]
[[Definition:Rating agency outlook]]
[[Definition:Solvency ratio]]
[[Definition:Solvency capital requirement (SCR)]]
[[Definition:Minimum capital requirement (MCR)]]
[[Definition:Risk-based capital (RBC)]]
[[Definition:Own funds]]
[[Definition:Eligible own funds]]
[[Definition:Capital surplus]]
[[Definition:Capital buffer]]
[[Definition:Economic capital]]
[[Definition:Regulatory capital]]
[[Definition:Capital adequacy]]
[[Definition:Tiered capital structure]]
[[Definition:Subordinated debt]]
[[Definition:Hybrid capital]]
[[Definition:Restricted tier 1 capital (RT1)]]
[[Definition:Tier 2 capital]]
[[Definition:Catastrophe bond (Cat bond)]]
[[Definition:Insurance-linked securities (ILS)]]
[[Definition:Sidecars]]
[[Definition:Contingent capital]]
[[Definition:Internal model]]
[[Definition:Standard formula]]
[[Definition:Own risk and solvency assessment (ORSA)]]
[[Definition:Risk appetite]]
[[Definition:Risk appetite framework]]
[[Definition:Risk tolerance]]
[[Definition:Risk-adjusted return]]
[[Definition:Risk-adjusted return on capital (RAROC)]]
[[Definition:Enterprise risk management (ERM)]]
[[Definition:Emerging risk]]
[[Definition:Stress testing]]
[[Definition:Scenario analysis]]
[[Definition:Reverse stress test]]
[[Definition:Sensitivity analysis]]
[[Definition:Key risk indicator (KRI)]]
[[Definition:Diversification benefit]]
[[Definition:Risk concentration]]
[[Definition:Correlation assumption]]
[[Definition:Investor relations (IR)]]
[[Definition:Investor day]]
[[Definition:Capital markets day (CMD)]]
[[Definition:Earnings call]]
[[Definition:Quarterly earnings release]]
[[Definition:Annual report]]
[[Definition:Investor presentation]]
[[Definition:Analyst consensus]]
[[Definition:Earnings guidance]]
[[Definition:Forward-looking statement]]
[[Definition:Profit warning]]
[[Definition:Shareholder engagement]]
[[Definition:Institutional investor]]
[[Definition:Retail investor]]
[[Definition:Activist investor]]
[[Definition:Proxy advisory firm]]
[[Definition:Annual general meeting (AGM)]]
[[Definition:Proxy statement]]
[[Definition:Shareholder vote]]
[[Definition:Board composition]]
[[Definition:Corporate governance]]
[[Definition:Executive compensation]]
[[Definition:Long-term incentive plan (LTIP)]]
[[Definition:Key performance indicator (KPI)]]
[[Definition:ManagementDue stretch targetdiligence]]
[[Definition:Environmental, social and governance (ESG)Outsourcing]]
[[Definition:Sustainability reportingInsourcing]]
[[Definition:ResponsiblePreferred investmentsupplier]]
[[Definition:ClimateSupplier risk disclosureevaluation]]
[[Definition:TaskTotal Forcecost onof Climate-related Financial Disclosuresownership (TCFDTCO)]]
[[Definition:NetProcurement zero commitmentlifecycle]]
[[Definition:StrandedContract assetmanagement]]
[[Definition:StewardshipMaster service agreement (MSA)]]
[[Definition:Statement of work (SOW)]]
[[Definition:Spend analysis]]
[[Definition:Category management]]
[[Definition:Strategic sourcing]]
[[Definition:Competitive tendering]]
[[Definition:Vendor lock-in]]
[[Definition:Subcontracting]]
[[Definition:Non-disclosure agreement (NDA)]]
[[Definition:Purchase order (PO)]]
[[Definition:Procure-to-pay (P2P)]]
[[Definition:Supplier onboarding]]
[[Definition:Benchmarking]]
[[Definition:Tail spend]]
[[Definition:Business continuity planning (BCP)]]
[[Definition:Sole sourcing]]
[[Definition:Single sourcing]]
[[Definition:Multi-sourcing]]
[[Definition:Nearshoring]]
[[Definition:Offshoring]]
[[Definition:Onshoring]]
[[Definition:Managed service provider (MSP)]]
[[Definition:Business process outsourcing (BPO)]]
[[Definition:Information technology outsourcing (ITO)]]
[[Definition:Vendor consolidation]]
[[Definition:Supplier diversity]]
[[Definition:Framework agreement]]
[[Definition:Blanket purchase agreement (BPA)]]
[[Definition:Rate card]]
[[Definition:Cost-benefit analysis (CBA)]]
[[Definition:Return on investment (ROI)]]
[[Definition:Value for money (VFM)]]
[[Definition:Negotiation strategy]]
[[Definition:Best and final offer (BAFO)]]
[[Definition:Invitation to tender (ITT)]]
[[Definition:Evaluation criteria]]
[[Definition:Weighted scoring model]]
[[Definition:Proof of concept (POC)]]
[[Definition:Pilot programme]]
[[Definition:Vendor risk assessment]]
[[Definition:Supplier scorecard]]
[[Definition:Contract renewal]]
[[Definition:Auto-renewal clause]]
[[Definition:Termination for convenience]]
[[Definition:Exit strategy]]
[[Definition:Transition plan]]
[[Definition:Change control]]
[[Definition:Scope creep]]
[[Definition:Escalation procedure]]
[[Definition:Governance framework]]
[[Definition:Steering committee]]
[[Definition:Stakeholder management]]
[[Definition:StrategicDemand planmanagement]]
[[Definition:Medium-term financial targetSpecification]]
[[Definition:Long-termCompliance value creationrequirement]]
[[Definition:VisionRegulatory statementoutsourcing obligation]]
[[Definition:MissionMaterial statementoutsourcing]]
[[Definition:CoreCritical competencyservice provider]]
[[Definition:OperationalConcentration efficiencyrisk]]
[[Definition:CostFourth-to-incomeparty ratiorisk]]
[[Definition:ExpenseSupply reductionchain initiativerisk]]
[[Definition:ScaleRight advantageto audit clause]]
[[Definition:SynergyData processing agreement (DPA)]]
[[Definition:IntegrationIntellectual riskproperty rights (IPR)]]
[[Definition:Run-offIndemnification portfolioclause]]
[[Definition:LegacyLimitation bookof managementliability]]
[[Definition:PortfolioForce transfermajeure]]
[[Definition:InitialLiquidated public offering (IPO)damages]]
[[Definition:SecondaryPenalty offeringclause]]
[[Definition:De-listingEarnback mechanism]]
[[Definition:TakeGain-privatesharing transactionarrangement]]
[[Definition:MarketFixed-price capitalisationcontract]]
[[Definition:EnterpriseTime-and-materials valuecontract (EVT&M)]]
[[Definition:FreeCost-plus floatcontract]]
[[Definition:WeightedOutcome-based average cost of capital (WACC)contract]]
[[Definition:CostMaverick of equityspend]]
[[Definition:HurdleSpend rateunder management]]
[[Definition:PeerSavings group benchmarkingtarget]]
[[Definition:SectorBudget valuation multipleholder]]
[[Definition:Sum-of-the-partsApproval valuation (SOTP)workflow]]
[[Definition:ConglomerateDelegated discountauthority]]
[[Definition:Spin-offProcurement policy]]
[[Definition:DivestitureEthical sourcing]]
[[Definition:Bolt-onEnvironmental, acquisitionsocial, and governance criteria (ESG)]]
[[Definition:TransformationalSustainable acquisitionprocurement]]
[[Definition:StrategicVendor performance review]]
[[Definition:PortfolioContinuous simplificationimprovement]]
[[Definition:GeographicMarket diversificationanalysis]]
[[Definition:ProductMake-or-buy diversificationdecision]]
[[Definition:CycleIncumbent managementsupplier]]
[[Definition:Hard market]]
[[Definition:SoftGross marketwritten premiums (GWP)]]
[[Definition:RateCombined adequacyratio (CR)]]
[[Definition:PricingUnderlying disciplineearnings]]
[[Definition:ReservingUnderlying philosophyearnings per share (UEPS)]]
[[Definition:ReserveUnderlying marginreturn on equity (URoE)]]
[[Definition:LossNet reserve sufficiencyincome]]
[[Definition:ReinsuranceSolvency purchasingII strategyratio]]
[[Definition:RetrocessionEligible strategyown funds (EOF)]]
[[Definition:Net retention]]
[[Definition:Gross-to-net ratio]]
[[Definition:Ceded premium ratio]]
[[Definition:Risk transfer]]
[[Definition:Quota share arrangement]]
[[Definition:Excess of loss treaty (XoL)]]
[[Definition:Whole account stop loss]]
[[Definition:Aggregate deductible]]
[[Definition:Customer retention rate]]
[[Definition:Policyholder lifetime value]]
[[Definition:Cross-selling ratio]]
[[Definition:Claims transformation]]
[[Definition:Underwriting margin]]
[[Definition:Technical profitability]]
[[Definition:Non-operating item]]
[[Definition:Normalised earnings]]
[[Definition:Run-rate earnings]]
[[Definition:Pro forma financials]]
[[Definition:Reconciliation to GAAP (or IFRS)]]
[[Definition:Operating earnings bridge]]
[[Definition:Deferred acquisition cost (DAC)]]
[[Definition:Present value of future profits (PVFP)]]
[[Definition:Contractual service margin (CSM)]]
[[Definition:RiskNew adjustmentbusiness value (RANBV)]]
[[Definition:InsuranceNew revenuebusiness value margin]]
[[Definition:InsurancePresent servicevalue resultof expected premiums (PVEP)]]
[[Definition:InternationalNew Financialbusiness Reportingcontractual Standardservice 17margin (IFRSNB 17CSM)]]
[[Definition:GenerallyCSM accepted accounting principles (GAAP)release]]
[[Definition:StatutoryTechnical accountingmargin]]
[[Definition:DoubleTechnical leverageexperience]]
[[Definition:FungibilityNet of capitalflows]]
[[Definition:Capital mobilityUnit-linked]]
[[Definition:DividendGeneral capacityaccount (GA)]]
[[Definition:UpstreamProperty dividendand casualty insurance (P&C)]]
[[Definition:TrappedLife capitaland health insurance (L&H)]]
[[Definition:RegulatoryCommercial ring-fencinglines]]
[[Definition:GroupPersonal supervisionlines]]
[[Definition:Solo entity solvencyReinsurance]]
[[Definition:MacroprudentialManaging supervisiongeneral agent (MGA)]]
[[Definition:SystemicallyNatural importantcatastrophe insurercharges (Nat Cat)]]
[[Definition:RatingsPrior transitionyears' analysisreserve development]]
[[Definition:FinancialClaims flexibilityreserve]]
[[Definition:ContingencyUnwind planningof discount]]
[[Definition:BusinessLoss continuityratio]]
[[Definition:OperationalExpense resilienceratio]]
[[Definition:TechnologyCurrent strategyyear loss]]
[[Definition:DataShort-tail and analytics strategylines]]
[[Definition:ArtificialLong-tail intelligence strategylines]]
[[Definition:PlatformCasualty modernisationinsurance]]
[[Definition:OutsourcingFinancial strategylines]]
[[Definition:Third-party capital managementProtection]]
[[Definition:InvestorSavings sentimentinsurance]]
[[Definition:ConsensusEndowment estimateproduct]]
[[Definition:EarningsSingle surprisepremium]]
[[Definition:ShareWhole-life price performanceproduct]]
[[Definition:Relative performanceBancassurance]]
[[Definition:IndexDirect inclusioninsurance]]
[[Definition:LiquidityMotor of sharesinsurance]]
[[Definition:AnalystFire coverageinsurance]]
[[Definition:Buy-sideWorkers' analystcompensation]]
[[Definition:Sell-sideGroup analystlife insurance]]
[[Definition:TargetHealth priceinsurance]]
[[Definition:InvestmentComplementary thesishealth insurance]]
[[Definition:DisclosureRetail frameworkmotor]]
[[Definition:MaterialSocial informationinflation]]
[[Definition:RegulatoryMarket filingsoftening]]
[[Definition:ContinuousPricing disclosure obligationcycle]]
[[Definition:QuietCapital-light periodproduct]]
[[Definition:Insider trading policySurrender]]
[[Definition:Market abuse regulationPersistency]]
[[Definition:Dual-class share structureUnderwriting]]
[[Definition:Voting rightsPruning]]
[[Definition:Minority shareholder protectionEarn-through]]
[[Definition:TakeoverDebt defence mechanismgearing]]
[[Definition:ShareholderRestricted rightsTier plan1 (poisoncapital pill(RT1)]]
[[Definition:SoftTier capital2 eventcapital]]
[[Definition:Loss absorption mechanism]]
[[Definition:Write-down]]
[[Definition:Credit spread]]
[[Definition:Investment grade]]
[[Definition:High yield]]
[[Definition:Corporate spread]]
[[Definition:Solvency capital requirement (SCR)]]
[[Definition:Organic cash upstream]]
[[Definition:Dividend payout ratio]]
[[Definition:Total payout ratio]]
[[Definition:Share buy-back]]
[[Definition:Normalized own funds generation]]
[[Definition:Operating return]]
[[Definition:Foreseeable dividend]]
[[Definition:Comparable basis]]
[[Definition:Constant exchange rate basis]]
[[Definition:Scope effect]]
[[Definition:Intercompany elimination]]
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