NO.PZ2023091802000190
问题如下：
The CFO of a property and casualty insurance company is stress testing the impact of different management decisions on the company's operating results and its operating ratio for the coming year. In one of the tested scenarios, the loss ratio increases by 1% and the company pays an additional 1% of its premiums received as dividends. Which of the following correctly describes the impact of this scenario on the company’s operating ratio?
选项：
A.The operating ratio will decrease by 1%.
The operating ratio will decrease by 2%.
The operating ratio will increase by 1%.
The operating ratio will increase by 2%.
解释：
D is correct. The operating ratio is a broad measure of profitability and describes how net expenses compare to the premiums collected. Both increases in losses (e.g., payouts on policies) and increases in dividends increase such expenses and therefore the operating ratio will increase. operating ratio = loss ratio + expense ratio + dividends − investment income.
A, B, C are incorrect as per explanation to D above.
老师当时讲的公式是 operating ratio=gross profit/premium 如国expense和payout都升高了，那gross profit应该降低啊？
