Glossary of Terms
Ultimate net loss (UNL) – New Zealand
Financial obligation when an insured event occurs, net of the catastrophe treaty
Underlying Insurance Services Ratio (UISR)
The insurance services ratio is adjusted for reported prior year reserve releases and natural hazard claims costs above/below expectations, risk adjustment, loss component and any abnormal expenses
Underlying Insurance Services Result
The insurance services result is adjusted for reported prior year reserve releases and natural hazard claims costs above/below expectations, risk adjustment, loss component and any abnormal expenses.
Underlying Insurance Trading Ratio (Underlying ITR)
The insurance trading ratio is adjusted for reported prior year reserve releases and natural hazards claims costs above/below long-run expectations, investment income mismatch and any abnormal expenses.