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1、OntheCalculationofEmbeddedValueSummaryInthepastinSwitzerlandtheperformanceoflifeinsurancecompanieswasjudgedprimarily,bothwithinthecompanyandexternally,onthebasisofitspublished,statutoryresults.Withtheincreasedfocusonearningsonthepartofmanagementandshareholders,andw
2、iththegrowingdemandonallsidesfortransparencyanddetailedinformation,amoreappropriateanalysisandassessmentofaninsurancecompany’sperformancehasbecomenecessary.Suchanexaminationshouldlookcloselyatthecompany’sproductsandtheirprofitability.Itshouldalsoincorporatetheso-ca
3、lled“embeddedvalue”ofacompany.Thisfigurerepresentsthevalueofthecompany,takingintoaccountitscurrentbusiness(i.e.withoutgoodwillorfuturenewproduction)undercurrentexpectations,andamongotherthings,alsoservesstockmarketanalystsasanadditionalelementofinformationfortheeva
4、luationandcomparisonofdifferentinsurancecompanies.Sincesuchfiguresarehighlydependentonthespecificmodelusedandtheoverallconditionsassumed,asubcommissionhasbeensetupbytheBoardoftheSVVwiththeaimofdrawingupspecificguidelinesforthecalculationofembeddedvaluestofacilitate
5、improvedcomparisonoftheresultsofdifferentcompanies.Thepresentdocumentsetsoutrequirementsforamodelforthecalculationofembeddedvalues.Atthesametime,recommendationsareofferedconcerningthesettingofparameters.Companieswantingtopublishtheirembeddedvaluefigurecanrefertothe
6、seguidelines.Especiallyinthecaseofdeviationsfromtheseguidelines,agreatneedexiststoexplainthedifferingmethodsbywhichtheparameterswerefixedaswellastheindividualproceduresfollowed.Finally,itisalsotheaimofthisdocumenttoproposeusefulstandards,whichshouldbetakenintoaccou
7、ntinthecaseofapublicpresentation(oraninternalcompanypublication).TableofContents1.INTRODUCTION...........................................................................................................................31.1SUBDIVISIONOFEMBEDDEDVALUE..................
8、....................................................................41.2PRESENTVALUEOFFUTUREPROFITS..............................................