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Embedded Value Calculation for. a Life Insurance Company

Embedded Value Calculation for. a Life Insurance Company

An assumption is also required to determine the appropriate level of locked- in capital. As we saw in the section 3.3 above, OSFI expects each institution to keep a capital level at no less than the supervisory target of 150 percent MCCSR. Therefore, the locked-in capital should be set to produce a solvency ratio at least equal to 150 percent. Currently, the companies that publish their embedded value in Canada are setting their locked-in capital to have a ratio of 150 percent. For the sake of consistency and to allow comparisons between companies, a target ratio of 150 percent should be used.
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Risk Management Metrics Subgroup. Embedded Value Definition

Risk Management Metrics Subgroup. Embedded Value Definition

2) There is another way to break down the embedded value. The Adjusted Net Worth is the value assigned to any assets in excess of the specific assets assigned to support the liabilities. Such excess assets include the assets assigned to support the Required Capital used in the calculation of the Cost of Capital. The Value of In Force Business then becomes the value of future profits less the cost of Required capital.

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Fubon Financial 2015 Q1 Interim Results and 2014 Embedded Value of Fubon Life

Fubon Financial 2015 Q1 Interim Results and 2014 Embedded Value of Fubon Life

• We note that taking a view on the future capital market is not uncommon under the traditional Embedded Value methodology. On a macro-economic level the arguments put forward for rising interest rates are plausible, and we note that the expected future rise in yields is spread out over a reasonably long period of 10 years.

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ING GROUP EMBEDDED VALUE REPORT 2007

ING GROUP EMBEDDED VALUE REPORT 2007

Strategic restructuring expenses will be allocated to the business units but will pass directly through EV Profit in the period in which they are incurred. Expenses qualifying for treatment should meet at a minimum the following criteria: Represent a fundamental restructuring of the business, leading to fundamental consolidation of IT platforms, personnel, etc., which cannot be considered part of on-going operational improvements, are not consistent with standard IT systems amortisation and renewal processes and are one-off and exceptional in character, and material in an absolute sense. If these expenses had been eliminated in the 2007 reporting, the reported Embedded Value and VNB would have been EUR 169 million and EUR 14 million higher, respectively.
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UNIQA Group Group Embedded Value May 2013 Kurt Svoboda, CRO

UNIQA Group Group Embedded Value May 2013 Kurt Svoboda, CRO

• Adjusted Net Asset Value (ANAV) for Property and Casualty, Life and Health businesses excluded from scope of MCEV on the basis of adjusted IFRS equity.. • Independent review of method[r]

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& Embedded value 2009

& Embedded value 2009

This press release includes certain non-GAAP financial measures: underlying earnings before tax and value of new business. The reconciliation of underlying earnings before tax to the most comparable IFRS measure is provided in Note 3 "Segment information" of our Condensed consolidated interim financial statements. Value of new business is not based on IFRS, which are used to report AEGON's quarterly statements and should not viewed as a substitute for IFRS financial measures. AEGON believes that these non-GAAP measures, together with the IFRS information, provide a meaningful measure for the investment community to evaluate AEGON’s business relative to the businesses of our peers.
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Embedded, added, co-created: Re-visiting the value of information in an age of data

Embedded, added, co-created: Re-visiting the value of information in an age of data

This paper proposes that the value of information is a topic worth re-visiting in the contemporary era. While the topic has been of perennial interest to information professionals and others, since at the least the early 1980s, we believe that it is timely to re-revisit this question in the context of a more connected and networked environment of data, information, and knowledge. The principal argument is that existing models of information exchange and use do not sufficiently take account of the multiplicity of networked users as a source of value, e.g. their implicit and explicit interactions with other users, and with the information system. We briefly review existing kinds of value that have been theorised, operationalized, and measured in the information science literature. Principally, these are the notions of information as embedded value; and information and information systems as adding value. To these notions we add the further notion of connected or co-created value. We conclude our opinion paper with a set of questions intended to orient future research into the question of the value of information in the contemporary era.
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Interior and exterior solutions for boundary value problems in composite elastic and viscous media

Interior and exterior solutions for boundary value problems in composite elastic and viscous media

In this paper we first present the solutions for boundary value problems of elastostatics when a homogeneous and isotropic solid of an arbitrary shape is embedded in an infinite homogene[r]

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Value Co-Creation: Exploring the Effects of Collaborating with a Proactive Generation of Customers

Value Co-Creation: Exploring the Effects of Collaborating with a Proactive Generation of Customers

This FP was added by Vargo and Lusch (2006) in a subsequent book chapter in order to provide a ‘framework for a theory of the firm’ (Vargo & Lusch, 2006, p. 53) and recognise the increasingly specialisation of service providers and the role of the organisation in packaging these micro-specialism’s into services. In recognition of the work of Arnould (2006) this FP was refined to recognise the role that individuals and households play in resource integration (Vargo & Lusch, 2008b). Actors will create value unique to their context through the process of integrating their own resources (Arnould, Price, & Malshe, 2006; Baron & Warnaby, 2011) and those of their own networks (Vargo & Lusch, 2011a). Baron and Warnaby (2011, p. 211) suggest that individuals possess stocks of operant resources which Arnould et al (2006) classify in terms of physical, social and cultural. Physical resources would include energy, emotions and strength and levels of physical resources which ‘may prompt the customer to adopt different strategies in employing their own and the firms [resources]’ (Arnould, et al., 2006, p. 93). Social resources would include family relationships, involvement with brand communities or customer tribes and commercial friendships, customers ‘deploy these social resources to others which affects word of mouth ...[and] outcomes for other consumers such as brand choice’ furthermore ‘participation in co-consuming groups provides and reinforces
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Employer branding: strategic implications for staff recruitment

Employer branding: strategic implications for staff recruitment

Applying utility theory in the context of branding (Meffert, Burmann & Koers 2002) to the job market, provides a basis for viewing the employer brand as a signal that has the potential to create utility for both the prospective employer and potential employee. From the perspective of the potential employee the employer brand serves several functions. It provides orientation during the selection process as strong employer brands give rise to a position of ‘Employer of Choice’, and serves as a quality indicator to the employment market. Consequently potential employees consider statements given by such companies to be more trustworthy. Furthermore, once having joined the organisation, the brand can serve as a mechanism to help employees to identify with the employer; working for a prestigious company makes employees proud and may result in higher work morale. For the prospective employer, the employer brand can increase the perceived value of the company as an employer, enabling segment specific recruitment strategies to be developed, supporting employee retention, differentiating the firm from other employers, and affecting preferences for other employers in the job market. In order to achieve this, employers must invest in clear and consistent brand signals to ensure that their position as ‘employer of choice’ is understood by potential employees.
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An Invisible, Reversible, Robust and Efficient Image Watermarking Algorithm Based on Adaptive Prediction Method

An Invisible, Reversible, Robust and Efficient Image Watermarking Algorithm Based on Adaptive Prediction Method

used conditional local prediction and give better results. General idea of the digital watermarking is to insert the data into media cover to allow security to the data. The technique of watermarking that is fulfilling these needs known as the Reversible watermarking. K. Hung [6] proposed a watermarking algorithm based on 4x4 Integer DCT and AC prediction technique. The tamper localization is done using AC prediction i.e. AC (1, 1) coefficient is modified in each 4x4 pixel block of 3x3 neighborhood. The formula for quantization of AC (1, 1) is modified. 4x4 Integer DCT reduces the blocking artifacts which are caused by 8x8 DCT. The PSNR for Lena image is found to be 42.98dB. AC prediction value is used as an error checking code. Jinal H. Mehta & Vishakha Kelkar[7] presents a comparison between classical Prediction error expansion based reversible watermarking and proposed prediction error expansion scheme considering region of interest for gray scale medical images. In classical prediction error expansion the augmentation of the predicted error values is used for data embedding. In the proposed scheme, prediction error expansion by preserving the Region of Interest is used. Both the schemes focus on Reversible data hiding where the original primary image can be remodeled listlessly after extracting the payload. A performance evaluation based on Peak Signal to Noise ratio (PSNR), total payload capacity is carried out. Additional capacity and less distortion of the primary image in comparison to the basic method is obtained through the results.
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Transformational Learning In Business Education:  The Pivotal Role Of Experiential Learning Projects

Transformational Learning In Business Education: The Pivotal Role Of Experiential Learning Projects

The new AACSB directives represent a paradigm shift in business education where rigor and relevance are equally valued and where value creation is the core standard for curricula and teaching methods. These standards are the essence of what we labeled as transformational learning. For business faculty, the paradigm shift toward transformational, active learning methods requires a revision of their role - instead of the traditional, sometimes insular professorial role of business lecturers, business faculty now need to function as academic instructors, coaches, leaders, and role models as they deliver not only academic, but also professional and moral value. During the experiential learning projects, instructors have to function as the “invisible” hand that guides and supports students without overly directing or constraining their learning experience. The goal is to empower students to become mindful learners and to take control of their own educational outcomes. This new role might initially be challenging for faculty members without practical business or leadership experience. Langer (1997) suggests that it is a necessity for professors to become comfortable with adopting the role of guide-on-the-side role rather than the traditional sage-on-the-stage. Under the new paradigm, faculty’s professional experience and external connectedness become significant assets for business programs 3 .
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Image Tampering Detection and Repairing

Image Tampering Detection and Repairing

Here the example of the circuit diagram is taken to illustrate the system with a detailed result analysis. The sender side algorithm is applied on images which creates a stego image which is visually nearly same to the cover image. To check the system, attacks are performed on the stego image. Then depending on the tampered area analysis is done. As the size of tampering increases the repairing result decreases, because the embedded authentication signal is not enough for the

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Morality in intergroup conflict

Morality in intergroup conflict

Intergroup conflict encompasses a broad range of situations with moral relevance. The current review is organized around four types of moral encounters embedded in the context of intergroup conflict: (a) value-expressive and identity-expressive endorsements of conflict- related actions and policies; (b) helping and harming in-group and out-group members; (c) reacting to transgressions committed by in-group or out-group members; and (d) reacting to the suffering of in-group or out-group members. Addressing these four types of moral encounters, we discuss how sacred values, social motives, moral emotions, and the physiological processes underlying them, shape moral behavior in intergroup conflict.
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The Environmental Management Accounting Control as a Practice

The Environmental Management Accounting Control as a Practice

As environmental challenges are growing, environmental engagement is becoming inevitable. The engagement itself takes many forms, e.g. environmental reporting, accounting innovations, and implementation of certain environmental management systems. As environmental engagements in accounting literature have existed since the 1970s, the knowledge that helps the undertaking of such environmental engagements is developing significantly. However, the deep process of engagements and the sense- making of these engagements still remain understudied. Moreover, most of the environmental engagements in practice are not substantial and losing their authenticity. As substantial engagement depends on the actor and the relevant structure, this research aims to define substantial environmental engagement in the context of management accounting. Therefore, this study focuses on the research in environmental management accounting control (EMAC) as a practice informed by the practice theory and site ontology from Schatzki. This thesis research investigates two case studies: the plantation company (CP plantation) and the agrochemical company (CM manufacture). The study focuses on the key actors: the department or division managers, factory plant managers, and relevant section heads. The important findings are that EMAC practice is an integrated practice governed by the understandings that combine the management accounting control and environmental management knowledge, the rules, and teleoaffectivity. The substantial environmental engagement is not merely about the EMAC structures, it also lies upon the embeddedness of environmental value into daily doings and sayings of the key actors. The embeddedness of environmental value supports the key actors in normativising them in prioritising the hierarchical order of environmental and business ends.
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Our path with resolve and rigour.

Our path with resolve and rigour.

than the carrying amount, Commerzbank initially recognises an impairment on the goodwill of the cash-generating unit, which is reported under impairments of goodwill in the income statement. Any additional impairment required is divided pro-rata between the remaining assets in the unit. The expected results of the cash- generating units are generally based on the segments’ multi-year planning, which has a horizon of four years. In addition the impact of a potential change in interest rates including associated mitigation measures is taken into account in the detailed planning horizon. A perpetuity is applied to financial years beyond this. For the calculation of perpetuity, a sustainable growth rate of 1.5% is assumed for the Private Customers, Mittelstandsbank and Corporates & Markets segments and 1.75% for the Central & Eastern Europe segment (previous year: 2.0% for all segments). In addition to results projections the multi-year planning involves forecasts for risk-weighted assets and capital employed. The main value drivers are receivables volumes, net interest income after loan loss provisions and net commission income. Risk assets are a further sensitive planning parameter. The projections are based on forecasts from the economic research department for the macroeconomic outlook as well as other significant parameters such as movements in interest rates, exchange rates, equity and bond markets. Planning is based both on management’s past experience and an assessment of risks and opportunities based on the forecasts. The main management assumptions on which the cash flow forecasts for each cash-generating unit are based, and the management approach chosen are set out in the table below:
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4 Level Encryption Using DWT in Image Steganography

4 Level Encryption Using DWT in Image Steganography

The high frequency part of the signal contain details about the edge components, whereas the low frequency part contains most of the signal information of the image which is again split into higher and lower frequency parts. For each level of decomposition in two dimensional applications, first DWT is performed in the vertical direction followed by horizontal For a Neural Net, the Hebb Learning Rule is simple one.According to the Hebb rule, the weight vector is found to ase proportionately to the product of the input and the learning signal. Here the learning signal is equal to the neuron’s output. The weight updating formula can also be (new) =w (old) +xy, Here the expressed as ∆w=xy. As a result, w ∆w. In this paper, The Hebb learning rule is applied to hide the original information and to get the new information in which the input bit string is represented as a w , x is the column value of the corresponding bit information and y is the sign value of the every DWT value.
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A Research on the Evolution of Politic Business Network, Relational Embedded and Family Enterprise Value: Regarding SAMSUNG Group as Example

A Research on the Evolution of Politic Business Network, Relational Embedded and Family Enterprise Value: Regarding SAMSUNG Group as Example

with the development of era, Samsung largely invested steel, chemical, biological engi- neering, electronics, financial and other sunrise industry. On the other hand, in order to maintain a good and mutual benefit, mutual support relations with government, the Samsung group intentionally was interested in politics penetration through marriage to establish in-law relations. Lee Kun-Hee was married with the daughter of Hong Jin Ji who was legal-interior minister [22]. At this point, the embedded in P-B network “equivalent”, which was equality dialogue, mutual benefit. The pay of Samsung was to donate political capital. South Korea had a lot of political election including the election of president, congress members and local parliament. Successfully elected needs huge amounts of money and the enterprise will provide candidates with a lot of political cap- ital at all costs. Once the candidate came to power, he would give huge returns to the enterprises supporting the votes and providing political contributions including conve- nient financing, tax breaks and policy guidance [24]. It was reported that during presi- dential campaign of Roh Moo-Hyun, his camp accepted 7.2 billion won among which 1 billion won belongs to Samsung [22]. In addition, before a big political figure was elected, each subsidiary of Samsung built factories and aggressively recruited employees to support him win. In turn, it also obtained corresponding returns including dynamic policy guidance, Interpersonal trust and market access.
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A Novel Blend of DWT and SVD for Medical Images Using Digital Watermarking

A Novel Blend of DWT and SVD for Medical Images Using Digital Watermarking

The medical images considered are CT, MRI and PET images. Initially the watermark is embedded in the image by setting an initial value of scaling factor α. The original image is reconstructed by extraction of the watermark. Optimum value of scaling factor is found by iteration of the above and tabulating the results to obtain desirable values of PSNR, MSE and NC.

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A fuzzy real option approach for investment project valuation

A fuzzy real option approach for investment project valuation

DCF-based approaches to project valuation implicitly assume that a project will be undertaken immediately and operated con- tinuously until the end of its expected useful life, even though the future is uncertain. By treating projects as independent invest- ment opportunities, decisions are made to accept projects with positive computed NPVs. Traditional NPV techniques only focus on current predictable cash flows and ignore future managerial flexibilities, therefore, may undervalue the projects and mislead the decision makers. Furthermore, for high-risk investment pro- jects, the traditional NPV method may adopt higher discount rates to discount project cash flows for trade-off or compensation. How- ever, higher discount rates may result in the underestimation of project value and the rejection of a potential project. For instance, investments such as new drug development or crude oil exploita- tion may carry high risk, but may also bring higher returns.
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