NO.PZ2022122801000007
问题如下：
Channel is a leading
property and casualty insurer based in a developed European country. It is
financially strong and the industry outlook is stable. Channel’s profitability
is high, primarily driven by robust underwriting results and favorable
investment returns on its large reserve of assets.
Channel’s
investment group is focused on matching premium reserve assets to projected
policyholder claims, investing excess assets for growth. The reserve currently
has sufficient surplus to support its liabilities. Regulators impose a maximum
limit of 10% of total reserve assets (which include matched and excess assets)
on non-publicly traded securities. Mukasa’s new assistant, Samiah Pai, presents
three possible allocation options for total reserve assets, as shown in Exhibit
1.
Exhibit 1: Possible Allocations
Which allocation
in Exhibit is most appropriate for Channel’s insurance reserve assets?
选项：
A.
Allocation 1
B.
Allocation 2
C.
Allocation 3
解释：
P&C insurers such as Channel are primarily focused on matching assets to the projected, probabilistic cash flows of the risks they are underwriting. Therefore, fixed-income assets are likely the largest component of their asset base. An allocation to higher risk assets, such as equity, is likely much smaller. Thus, Allocation 1 is more appropriate than either Allocation 2 or 3.
In addition, the regulation limits non-publicly traded securities such as real estate and private equity, to 10%, which would eliminate Allocation 2 from consideration. Allocation 3 is less appropriate than Allocation 1, given the small allocation to fixed income and relatively large allocations to equity and cash.
也是主要投固收，是因为10%比例选错项目的原因吗？
