CFA　FSA　メモ

The expense for the year = Options granted × Option price on grant date/6-year service period, but only for half the year (1 July to 31 December).
The expense for the year = 872,000 × £0.390/6 × 0.5 = £28,340

The Other Comprehensive Income (OCI) loss consists of actuarial gains and losses and the net return on plan asset

The underwriting expense ratio is an indicator of the efficiency of money spent on obtaining new premiums. The underwriting loss ratio is an indicator of the quality of a company’s underwriting activities—the degree of success an underwriter has achieved in estimating the risks insured.
The combined ratio, a measure of the overall underwriting profitability and efficiency of an underwriting operation, is the sum of these two ratios.

A combined ratio of less than 100% is considered efficient; a combined ratio greater than 100% indicates an underwriting loss.

Ratios involving:
Effect on financial statement and ratios under the current rate method

Only income statement items
すべての収入および費用は、その年の平均レートで換算されています。したがって、営業利益率など損益計算書の数値のみを含む比率は、換算による影響を受けません。

Balance sheet items (other than equity)
すべての資産および負債は、決算日レートで換算されます。したがって、流動比率のような資産・負債の数値のみを対象とする比率は、すべて換算の影響を受けません。

Both income statement and balance sheet items
2つの財務諸表は異なるレートで為替変換されているため、固定資産回転率（売上高/固定資産）は、偶然にも平均レートが決算レートと同じにならない限り、変換の前と後で同じ結果を提供することはほとんどありません。