Definition:Broken links

Definition:Underwriting strategy Definition:Growth strategy Definition:Organic growth Definition:Inorganic growth Definition:Mergers and acquisitions (M&A) Definition:Portfolio optimization Definition:Line of business (LOB) Definition:Book of business Definition:Market positioning Definition:Competitive advantage Definition:Barriers to entry Definition:Market share Definition:Addressable market Definition:Total addressable market (TAM) Definition:Market penetration Definition:Distribution strategy Definition:Multi-channel distribution Definition:Digital transformation Definition:InsurTech Definition:Strategic partnership Definition:Joint venture Definition:Capital allocation Definition:Capital management Definition:Capital deployment Definition:Capital return Definition:Share buyback Definition:Dividend policy Definition:Special dividend Definition:Dividend payout ratio Definition:Dividend yield Definition:Total shareholder return (TSR) Definition:Earnings per share (EPS) Definition:Diluted earnings per share Definition:Book value per share (BVPS) Definition:Tangible book value per share Definition:Price-to-book ratio (P/B) Definition:Price-to-earnings ratio (P/E) Definition:Return on equity (ROE) Definition:Return on invested capital (ROIC) 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:Management stretch target Definition:Environmental, social and governance (ESG) Definition:Sustainability reporting Definition:Responsible investment Definition:Climate risk disclosure Definition:Task Force on Climate-related Financial Disclosures (TCFD) Definition:Net zero commitment Definition:Stranded asset Definition:Stewardship Definition:Stakeholder management Definition:Strategic plan Definition:Medium-term financial target Definition:Long-term value creation Definition:Vision statement Definition:Mission statement Definition:Core competency Definition:Operational efficiency Definition:Cost-to-income ratio Definition:Expense reduction initiative Definition:Scale advantage Definition:Synergy Definition:Integration risk Definition:Run-off portfolio Definition:Legacy book management Definition:Portfolio transfer Definition:Initial public offering (IPO) Definition:Secondary offering Definition:De-listing Definition:Take-private transaction Definition:Market capitalisation Definition:Enterprise value (EV) Definition:Free float Definition:Weighted average cost of capital (WACC) Definition:Cost of equity Definition:Hurdle rate Definition:Peer group benchmarking Definition:Sector valuation multiple Definition:Sum-of-the-parts valuation (SOTP) Definition:Conglomerate discount Definition:Spin-off Definition:Divestiture Definition:Bolt-on acquisition Definition:Transformational acquisition Definition:Strategic review Definition:Portfolio simplification Definition:Geographic diversification Definition:Product diversification Definition:Cycle management Definition:Hard market Definition:Soft market Definition:Rate adequacy Definition:Pricing discipline Definition:Reserving philosophy Definition:Reserve margin Definition:Loss reserve sufficiency Definition:Reinsurance purchasing strategy Definition:Retrocession strategy 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:Risk adjustment (RA) Definition:Insurance revenue Definition:Insurance service result Definition:International Financial Reporting Standard 17 (IFRS 17) Definition:Generally accepted accounting principles (GAAP) Definition:Statutory accounting Definition:Double leverage Definition:Fungibility of capital Definition:Capital mobility Definition:Dividend capacity Definition:Upstream dividend Definition:Trapped capital Definition:Regulatory ring-fencing Definition:Group supervision Definition:Solo entity solvency Definition:Macroprudential supervision Definition:Systemically important insurer Definition:Ratings transition analysis Definition:Financial flexibility Definition:Contingency planning Definition:Business continuity Definition:Operational resilience Definition:Technology strategy Definition:Data and analytics strategy Definition:Artificial intelligence strategy Definition:Platform modernisation Definition:Outsourcing strategy Definition:Third-party capital management Definition:Investor sentiment Definition:Consensus estimate Definition:Earnings surprise Definition:Share price performance Definition:Relative performance Definition:Index inclusion Definition:Liquidity of shares Definition:Analyst coverage Definition:Buy-side analyst Definition:Sell-side analyst Definition:Target price Definition:Investment thesis Definition:Disclosure framework Definition:Material information Definition:Regulatory filing Definition:Continuous disclosure obligation Definition:Quiet period Definition:Insider trading policy Definition:Market abuse regulation Definition:Dual-class share structure Definition:Voting rights Definition:Minority shareholder protection Definition:Takeover defence mechanism Definition:Shareholder rights plan (poison pill) Definition:Soft capital event