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[[Definition:Gross written premium (GWP)]]
[[Definition:Net written premium (NWP)]]
[[Definition:Gross earned premium (GEP)]]
[[Definition:Net earned premium (NEP)]]
[[Definition:Unearned premium reserve (UPR)]]
[[Definition:Unearned premium]]
[[Definition:Earned premium]]
[[Definition:Written premium]]
[[Definition:Premium deficiency reserve]]
[[Definition:Additional unexpired risk reserve (AURR)]]
[[Definition:Deferred acquisition cost (DAC)]]
[[Definition:Acquisition cost]]
[[Definition:Acquisition cost ratio]]
[[Definition:Loss ratio (L/R)]]
[[Definition:Combined ratio (CR)]]
[[Definition:Expense ratio]]
[[Definition:Operating ratio]]
[[Definition:Underwriting result]]
[[Definition:Underwriting profit]]
[[Definition:Underwriting year]]
[[Definition:Accident year]]
[[Definition:Calendar year]]
[[Definition:Policy year]]
[[Definition:Year of account (YOA)]]
[[Definition:Incurred but not reported reserve (IBNR)]]
[[Definition:Incurred but not enough reported reserve (IBNER)]]
[[Definition:Outstanding claim reserve]]
[[Definition:Case reserve]]
[[Definition:Bulk reserve]]
[[Definition:Claims incurred]]
[[Definition:Paid loss]]
[[Definition:Loss development]]
[[Definition:Loss development factor (LDF)]]
[[Definition:Loss triangle]]
[[Definition:Run-off triangle]]
[[Definition:Ultimate loss]]
[[Definition:Ultimate loss ratio]]
[[Definition:Reserve adequacy]]
[[Definition:Reserve redundancy]]
[[Definition:Reserve deficiency]]
[[Definition:Reserve release]]
[[Definition:Reserve strengthening]]
[[Definition:Prior-year reserve development]]
[[Definition:Discounted reserve]]
[[Definition:Undiscounted reserve]]
[[Definition:Technical provision]]
[[Definition:Best estimate liability (BEL)]]
[[Definition:Risk margin]]
[[Definition:Claims provision]]
[[Definition:Premium provision]]
[[Definition:Provision for outstanding claims]]
[[Definition:Equalization reserve]]
[[Definition:Catastrophe reserve]]
[[Definition:Net asset value (NAV)]]
[[Definition:Embedded value (EV)]]
[[Definition:European embedded value (EEV)]]
[[Definition:Market-consistent embedded value (MCEV)]]
[[Definition:Appraisal value]]
[[Definition:Value of in-force business (VIF)]]
[[Definition:Adjusted net asset value]]
[[Definition:Present value of future profits (PVFP)]]
[[Definition:Solvency margin]]
[[Definition:Solvency capital requirement (SCR)]]
[[Definition:Minimum capital requirement (MCR)]]
[[Definition:Own funds]]
[[Definition:EligibleRisk-based own fundscapital (EOFRBC)]]
[[Definition:Basic own fundsSurplus]]
[[Definition:AncillaryPolicyholders' own fundssurplus]]
[[Definition:TierFree 1 capitalreserves]]
[[Definition:Tier 2Available capital]]
[[Definition:TierEligible 3own capitalfunds]]
[[Definition:TechnicalTiered provisionscapital]]
[[Definition:BestTechnical estimate liability (BEL)result]]
[[Definition:MarketNon-technical value margin (MVM)account]]
[[Definition:RiskInvestment marginincome]]
[[Definition:Risk-freeInvestment interest rate term structurereturn]]
[[Definition:VolatilityRealized adjustment (VA)gain]]
[[Definition:MatchingUnrealized adjustment (MA)gain]]
[[Definition:TransitionalFair measure on technical provisions (TMTP)value]]
[[Definition:TransitionalAmortized measure on risk-free interest ratescost]]
[[Definition:StandardAvailable-for-sale formulafinancial asset (AFS)]]
[[Definition:InternalHeld-to-maturity modelfinancial asset]]
[[Definition:PartialFair internalvalue modelthrough profit or loss (FVTPL)]]
[[Definition:Undertaking-specificFair parametervalue through other comprehensive income (USPFVOCI)]]
[[Definition:OwnImpairment risk and solvency assessment (ORSA)loss]]
[[Definition:PillarReinsurance 1recoverable]]
[[Definition:PillarReinsurance 2asset]]
[[Definition:PillarReinsurance 3payable]]
[[Definition:SolvencyReinsurance and financial condition report (SFCR)deposit]]
[[Definition:RegularFunds supervisory report (RSR)withheld]]
[[Definition:QuantitativeCeded reporting template (QRT)premium]]
[[Definition:MarketCeded risk moduleloss]]
[[Definition:CounterpartyCeded default risk modulecommission]]
[[Definition:LifeReinsurer's underwritingshare riskof moduletechnical provisions]]
[[Definition:Non-lifeSliding underwritingscale risk modulecommission]]
[[Definition:HealthProfit underwriting risk modulecommission]]
[[Definition:OperationalOverride risk modulecommission]]
[[Definition:InterestOverriding rate risk sub-modulecommission]]
[[Definition:EquityCeding risk sub-modulecommission]]
[[Definition:PropertyContingent risk sub-modulecommission]]
[[Definition:Spread risk sub-moduleBordereaux]]
[[Definition:CurrencyPremium risk sub-modulebordereaux]]
[[Definition:ConcentrationClaims risk sub-modulebordereaux]]
[[Definition:Premium and reserve risk sub-modulereceivable]]
[[Definition:LapseAgent's risk sub-modulebalance]]
[[Definition:CatastropheInsurance risk sub-modulereceivable]]
[[Definition:MortalityInsurance risk sub-modulepayable]]
[[Definition:LongevityInsurance riskcontract sub-moduleliability]]
[[Definition:MorbidityPolicyholder risk sub-moduleliability]]
[[Definition:RevisionPolicyholder risk sub-moduledividend]]
[[Definition:ExpenseParticipating riskpolicy sub-modulesurplus]]
[[Definition:Loss-absorbingDeferred capacitytax of technical provisions (LACTP)asset]]
[[Definition:Loss-absorbingDeferred capacitytax of deferred taxes (LACDT)liability]]
[[Definition:Symmetric adjustment to equity riskGoodwill]]
[[Definition:Look-throughIntangible approachasset]]
[[Definition:PrudentValue personof principlebusiness acquired (VOBA)]]
[[Definition:ContractContractual boundaryservice margin (CSM)]]
[[Definition:SolvencyRisk IIadjustment balance sheet(RA)]]
[[Definition:EconomicFulfilment balancecash sheetflow]]
[[Definition:ValuationCoverage hierarchyunit]]
[[Definition:Mark-to-marketPremium valuationallocation approach (PAA)]]
[[Definition:Mark-to-modelBuilding valuationblock approach (BBA)]]
[[Definition:CorrelationGeneral matrixmeasurement model (GMM)]]
[[Definition:DiversificationVariable benefitfee approach (VFA)]]
[[Definition:RiskLiability mitigationfor techniqueremaining coverage (LRC)]]
[[Definition:SpecialLiability purposefor vehicleincurred claims (SPVLIC)]]
[[Definition:Insurance-linkedLoss security (ILS)component]]
[[Definition:FitOnerous and proper requirementscontract]]
[[Definition:SystemOnerous ofcontract governanceloss]]
[[Definition:KeyPortfolio functionof holderinsurance contracts]]
[[Definition:ActuarialGroup functionof insurance contracts]]
[[Definition:RiskInsurance managementcontract functionrevenue]]
[[Definition:ComplianceInsurance functionservice expense]]
[[Definition:InternalInsurance auditservice functionresult]]
[[Definition:OutsourcingInsurance policyfinance income or expense]]
[[Definition:GroupOther solvencycomprehensive income (OCI)]]
[[Definition:GroupDiscount supervisorrate]]
[[Definition:CollegeLocked-in ofdiscount supervisorsrate]]
[[Definition:AccountingCurrent consolidationdiscount methodrate]]
[[Definition:DeductionYield and aggregation methodcurve]]
[[Definition:IntraRisk-groupfree transactionrate]]
[[Definition:RiskGross concentrationpremium valuation (GPV)]]
[[Definition:SupervisoryNet ladderpremium ofvaluation intervention(NPV)]]
[[Definition:CapitalStatutory add-onaccounting]]
[[Definition:UndertakingGenerally accepted accounting principles (GAAP)]]
[[Definition:InsuranceInternational undertakingFinancial Reporting Standard (IFRS)]]
[[Definition:ReinsuranceIFRS undertaking17]]
[[Definition:CaptiveIFRS insurance undertaking9]]
[[Definition:CaptiveStatutory reinsurance undertakingsurplus]]
[[Definition:Third-countryAdmitted equivalenceasset]]
[[Definition:DelegatedNon-admitted regulationasset]]
[[Definition:ImplementingSalvage technicaland standard (ITS)subrogation]]
[[Definition:RegulatorySubrogation technical standard (RTS)recoverable]]
[[Definition:EuropeanSalvage Insurance and Occupational Pensions Authority (EIOPA)recoverable]]
[[Definition:NationalLoss competentadjustment authorityexpense (NCALAE)]]
[[Definition:FreedomAllocated ofloss servicesadjustment expense (ALAE)]]
[[Definition:FreedomUnallocated ofloss establishmentadjustment expense (ULAE)]]
[[Definition:PassportingDefence cost]]
[[Definition:HomeClaims statehandling supervisionexpense]]
[[Definition:HostManagement stateexpense ratio (MER)]]
[[Definition:SolvencyTotal IIexpense directiveratio (TER)]]
[[Definition:OmnibusReturn IIon directiveequity (ROE)]]
[[Definition:LineReturn ofon businesscapital (LoBROC)]]
[[Definition:HomogeneousEconomic risk group (HRG)capital]]
[[Definition:UnbundlingCapital of insurance contractsadequacy]]
[[Definition:ProfitRetrocession sharing (discretionary benefits)accounting]]
[[Definition:FutureAggregate discretionary benefit (FDB)stop-loss]]
[[Definition:SurplusAggregate fundsexcess of loss]]
[[Definition:Ring-fencedDeposit fundaccounting]]
[[Definition:SubordinatedFinite liabilityreinsurance]]
[[Definition:ValueRisk attransfer risk (VaR)test]]
[[Definition:Significant insurance risk]]
[[Definition:Actuarial liability]]
[[Definition:Actuarial reserve]]
[[Definition:Net income]]
[[Definition:Comprehensive income]]
[[Definition:Retained earnings]]
[[Definition:Shareholders' equity]]
[[Definition:Book value]]
[[Definition:Tangible book value]]
[[Definition:Loss reserve to surplus ratio]]
[[Definition:Premium to surplus ratio]]
[[Definition:Net leverage ratio]]
[[Definition:Investment leverage]]
[[Definition:Float]]
[[Definition:Insurance float]]
[[Definition:Cash flow underwriting]]
[[Definition:Profit and loss account (P&L)]]
[[Definition:Balance sheet]]
[[Definition:Statement of comprehensive income]]
[[Definition:Statement of financial position]]
[[Definition:Technical account]]
[[Definition:Revenue account]]
[[Definition:Syndicate annual account]]
[[Definition:Funds at Lloyd's (FAL)]]
[[Definition:Premium trust fund]]
[[Definition:Insurance contract boundary]]
[[Definition:Cohort]]
[[Definition:Annual cohort]]
[[Definition:Transition approach]]
[[Definition:Full retrospective approach]]
[[Definition:Modified retrospective approach]]
[[Definition:Fair value approach]]
[[Definition:Experience adjustment]]
[[Definition:Confidence level]]
[[Definition:One-yearProbability timeof horizonsufficiency]]
[[Definition:UltimateChain-ladder time horizonmethod]]
[[Definition:ProbabilityBornhuetter-Ferguson of defaultmethod]]
[[Definition:LossExpected givenloss defaultratio (LGD)method]]
[[Definition:ProportionalityLoss principlereserving]]
[[Definition:MaterialityClaim thresholdfrequency]]
[[Definition:ExpertClaim judgmentseverity]]
[[Definition:DataAverage qualitycost per claim]]
[[Definition:ValidationWritten ofto internalearned modelratio]]
[[Definition:UsePremium testearning pattern]]
[[Definition:StatisticalDeferred qualityreinsurance standardpremium]]
[[Definition:CalibrationPrepaid standardreinsurance premium]]
[[Definition:ProfitAccrued and loss attributionpremium]]
[[Definition:Pre-applicationReturn process for internal modelspremium]]
[[Definition:ModelPortfolio change policytransfer]]
[[Definition:ScenarioLoss analysisportfolio transfer (LPT)]]
[[Definition:StressAdverse testdevelopment cover (ADC)]]
[[Definition:ReverseRetrospective stresspremium testadjustment]]
[[Definition:SensitivityAudit analysispremium]]
[[Definition:ReinsuranceMinimum recoverablesand deposit premium]]
[[Definition:AdjustmentReinstatement for expected losses due to counterparty defaultpremium]]
[[Definition:CashIntercompany flow projectionelimination]]
[[Definition:DiscountingConsolidated of technical provisionsaccount]]
[[Definition:ExpenseSolo allocationaccount]]
[[Definition:GoingSegmental concern assumptionreporting]]
[[Definition:Winding-upLine assumptionof business]]
[[Definition:SolvencyClass ratioof (solvency coverage ratio)business]]
[[Definition:EligibleFunctional own funds to meet SCRcurrency]]
[[Definition:EligibleForeign ownexchange funds to meet MCRreserve]]
[[Definition:MCRCurrency lineartranslation formulaadjustment]]
[[Definition:MCRHedging combined calculationreserve]]
[[Definition:AbsoluteMatching floor of the MCRadjustment]]
[[Definition:RecoveryVolatility planadjustment]]
[[Definition:FinanceSurplus schemerelief]]
[[Definition:Participations]]
[[Definition:Related undertaking]]
[[Definition:Strategic equity investment]]
[[Definition:Duration-based equity risk sub-module]]
[[Definition:Transitional equity risk sub-module]]
[[Definition:Credit quality step (CQS)]]
[[Definition:External credit assessment institution (ECAI)]]
[[Definition:Liquidity premium]]
[[Definition:Smith-Wilson extrapolation method]]
[[Definition:Last liquid point (LLP)]]
[[Definition:Ultimate forward rate (UFR)]]
[[Definition:Convergence period]]
[[Definition:Fundamental spread]]
[[Definition:Assigned asset portfolio]]
[[Definition:Expected profit included in future premiums (EPIFP)]]
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