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   2000年度巴非特写给股东的信(中英文对照)      ★★★ 【字体: 】  
2000年度巴非特写给股东的信(中英文对照)
收集整理:佚名    来源:本站整理  时间:2009-01-09 23:04:07   点击数:[]    

不小,而也由於這類的交易往往會嚴
重影響到我們的損益數字,所以只要發生我一定會向各位報告。


     Other reinsurers have little taste for this insurance. They simply
can’t
stomach what huge underwriting losses do to their reported results,
even though these losses are produced by policies whose overall
economics are certain to be favorable. You should be careful, therefore,
in comparing our underwriting results with those of other insurers.

其他再保業者對這類業務往往沒有多大興趣,因為他們根本就無法接受其財務報
表突然出現重大的損失,即便可以確定這類業務長期的結果都相當不錯,所以各
位在拿我們的數字跟其他同業做比較時,要特別注意這一點。

     An even more significant item in our numbers - which, again, you
won’t find much of elsewhere - arises from transactions in which we
assume past losses of a company that wants to put its troubles behind
it. To illustrate, the XYZ insurance company might have last year bought
a policy obligating us to pay the first $1 billion of losses and loss
adjustment expenses from events that happened in, say, 1995 and
earlier years. These contracts can be very large, though we always
require a cap on our exposure. We entered into a number of such
transactions in 2000 and expect to close several more in 2001.

另外還有一個影響更大的因素,也是你在別的地方找不到的,那就是有些公司想
要把過去發生但卻不確定的損失解決掉,簡單的說,有家XYZ保險公司在去年
向我們買了一張保單,約定我們必須支付頭10億美元的損失再加上以前年度,
比如說1995年後續的損失調整費用,這些合約的金額有可能相當大,當然不論
如何,我們還是會定一個上限,我們在2000年簽了幾件這類的合約,到了2001
年也會再簽下幾件。


     Under GAAP accounting, this "retroactive" insurance neither
benefits
nor penalizes our current earnings. Instead, we set up an asset called
"deferred charges applicable to assumed reinsurance," in an amount
reflecting the difference between the premium we receive and the
(higher) losses we expect to pay (for which reserves are immediately
established). We then amortize this asset by making annual charges to
earnings that create equivalent underwriting losses. You will find the
amount of the loss that we incur from these transactions in both our
quarterly and annual management discussion. By their nature, these
losses will continue for many years, often stretching into decades. As an
offset, though, we have the use of float - lots of it.


依據一般公認會計原則,這類追溯型的保險對於當年度的盈餘不會有任何的影
響,反倒是我們的報表因此增加了一項叫做"再保遞延支出"的會計科目,將收到
的保費收入與估計將支付的理賠損失(當然在此之前已先提列準備)的差額計
入,之後我們再將分年攤銷在這個科目項下的金額列為承保的損失,大家可以在
季報與年報的經營說明中看到相關的資訊,依其特性,這類的損失會持續發生很
多年,甚至達幾十年,當然相對的我們可以得到大筆浮存金的運用權利。

     Clearly, float carrying an annual cost of this kind is not as
desirable
as float we generate from policies that are expected to produce an
underwriting profit (of which we have plenty). Nevertheless, this
retroactive insurance should be decent business for us.

很明顯的,這類浮存金所負擔的成本不像其他一般業務能夠為我們帶來承保利益
(這種好康的我們可是有很多),儘管如此,追溯保險對我們來說,仍然算是不錯
的買賣。

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