Can someone please help confirming if both of the following statements are correct?
Under Statutory Accounting, we have an underwriting loss (-ve income) in the year in which loss occurs (i-e during the policy term or during the 1st year), and then +ve investment income in following years.
Under tax accounting, we have an "Economic Income (PV of future profits)" in the 1st year (or during policy term), and then no income in following years.
Under Statutory Accounting, we have an underwriting loss (-ve income) in the year in which loss occurs (i-e during the policy term or during the 1st year), and then +ve investment income in following years.
Under tax accounting, we have an "Economic Income (PV of future profits)" in the 1st year (or during policy term), and then no income in following years.
Statutory vs. Tax Accounting - Feldblum Loss Reserve Discounting
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