2012 Q17 Feldblum IRR

IRR looks at the cash flow between insurer and shareholder,



There are 3 model solutions,

the first one assuming no reserve set up, but the cash flow of 0.2P at time 0.25 is not between shareholder and insurer, therefore I don't understand why it's entering into the IRR calculation

the second one assume reserve set up for loss & expense, and only include the cash flow between shareholder and insurer, I get this

the 3rd one assume reserve set up for loss, and still taking into account of the poss payment into account in IRR calculation, which made the same mistake as solution1



Could you help me on this? or i miss something

Thanks

2012 Q17 Feldblum IRR