hljg aldf joj;fo ug]{ aldssf] ljqlo ljj/0f ;dagwl lgb]{zg
TRANSCRIPT
![Page 1: hLjg aLdf Joj;fo ug]{ aLdssf] ljQLo ljj/0f ;DaGwL lgb]{zg](https://reader033.vdocuments.site/reader033/viewer/2022053020/6291631db7b57c39db6663d6/html5/thumbnails/1.jpg)
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hLjg aLdf Jojfo ug] aLdssf]
ljQLo ljj0f DaGwL lgb]zg
aLdf P]g)$( sf]] bkmf -3_ n] lbPsf] clwsf k|of]u uL hLjg aLdf Jojfo ug]aLdssf] laQLo ljj0f DaGwdf aLdf ldltn] b]xfosf] lgb]zg lbPsf] 5
1 lgb]zg adf]lhd xg kg ] M
= aLdsn] n]vf fVbf ljQLo ljj0f tof ubf k|sflzt ubf k]z ubf o lgb]zgadf]lhd ug kg]5
= o lgb]zgdf pNn]v ePsf]df f]xL adf]lhd pNn]v gePsf] ljifodf k|rlnt sfggtyf n]vfdfg fdfGotM jLsfo n]vf l4fGt (Generally Accepted AccountingPrinciples) adf]lhd ug kg]5
= o lgb]zgdf hgs sf n]lvPsf] eP tfklg aLdssf] cfGtls k|of]hgsf] lgldQcGo ljj0f tof ug o lgb]zgn]] sg afwf kyenofPsf] dflgg] 5g
2 ljQLo ljj0f tof ug kg] M aLdsn] k|To]s cflys jifsf] ljQLo ljj0f tof ugkg]5
3 ljQLo ljj0fdf dfj]z xg kg] M aLdssf] ljQLo ljj0fdf jfnft gfkmf gf]Sfglxfa cfo Joo lxfa (Revenue Account) gub k|jfx ljj0f OSo6Ldf ePsf]kljtg tyf cgrLx n]vf DaGwL gLlt tyf l6Kk0fLx dfj]z xg kg]5
4 5sectfndash5sect cfo Joo lxfa tof ug kg] M aLdsn] k|To]s lsldsf] aLdfsf] nflu b]xfoadf]lhd 5sectfndash5sect cfo Joo lxfa tof ug kg]5
-s_ fjlws hLjg aLdf dgfkmfdf ls xg]dividegxg]
-v_ clu|d eQmfgL fjlws hLjg aLdf dgfkmfdf ls xg]dividegxg]
-u_ kfGtlt fjlws hLjg aLdf dgfkmfdf ls xg]dividegxg]
-3_ cfhLjg hLjg aLdf dgfkmfdf ls xg]dividegxg]
-ordf_ fdfGo DofbL hLjg aLdf
-r_ laz]if DofbL hLjg aLdf
-5_ cGo hLjg aLdf
kli6s0f M -_ kfGtlt fjlws hLjg aLdf eGgfn] fjlws hLjg aLdf+ucfhLjg hLjg yk ulPsf] aLdf Demg k5
2
-_ laz]if DofbL hLjg aLdf eGgfn] cjlw eQmfgL jfkt bfjL eQmfgLug kg] DofbL hLjg aLdf Demg k5
-_ v08 -s_ b]lv -r_ Dd gkg] hLjg aLdfnfO cGo hLjg aLdfDemg kg]5
5 ljQLo ljj0f+u Jojyfkgsf] k|ltj]bg +nUg ug kg ] M aLdssf] ljQLo ljj0f+ukllzi6ndash adf]lhdsf] Jojyfkgsf] k|ltj]bg +nUg ug kg]5 Totf] k|ltj]bg aLdssf]+rfns ldltsf] a7saf6 cgdf]lbt xg kg]5
6 tf]lsPsf] 9fFrfdf ljj0f tof ug kg] M
^= aLdsn] cfˆgf] jfnft gfkmf gf]Sfg lxfa cfo Joo lxfa gub k|jfx ljj0fOSo6Ldf ePsf] kljtg tyf cgrLx cGo ljj0fx o lgb]zgdf tf]lsPsf]9fFrf tlsf cgf tof ug kg]5
^= aLdssf] jfnft gfkmf gf]Sfg lxfa cfo Joo lxfa gub k|jfx ljj0f OSo6LdfePsf] kljtg tyf cgrLxdf tf]lsPsf] sg zLifs cGtut sd gx]sf] eP tfklgf] zLifs sfod fVg kg]5 tf]lsPsf] 9fFrfdf sg kljtg ug kfOg] 5g
t cgrLsf] aeligcGoAElig zLifs leq cfjZostfgf yk zLifsx dfj]zug sg afwf kg] 5g
^= cfos lgwf0fsf nflu aLdsn] k|rlnt cfos P]g tyf lgodfjnL adf]lhd 5sect9fFrfdf lxfa tof ug o lgb]zgn] afwf kyenofPsf] dflgg] 5g
7 aLdf ldltsf] jLs[lt adf]lhd ug kg ] M
amp= aLdsn] k|To]s cflys jifsf] n]vf kLIf0f ufO o lgb]zg adf]lhdsf] ljQLo ljj0fcflys aif dfKt ePsf] 5 dlxgf leq aLdf ldltsf] jLs[ltsf] nflu k]z ug kg]5
amp= lgb]zg amp= adf]lhd aLdf ldltdf k]z ugkg] ljQLo ljj0f+u Jojyfkgsf]k|ltj]bg cfGtls n]vf kLIf0f k|ltj]bg n]vf klIfssf] k|flDes k|ltj]bg f] pkaLdssf] +rfns ldltsf] k|ltlqmof tyf n]vf klIfssf] ljt[t k|ltj]bg -LongForm Audit Report) lxt n]vf klIfssf] k|ltj]bg +nUg ugkg]5
amp= lgb]zg amp= jdf]lhd aLdf ldltdf k]z ePsf] ljQLo ljj0f 5fgljg uL aLdfldltn] jLs[lt lbg jf lgb]zg zt tyf cfb]z lxt jLs[lt lbg jf Totf]ljj0fdf ulDe q6L b]lvPdf kldfhg lxt kgM k]z ug lgb]zg lbg Sg]5
amp=$ lgb]zg amp= jdf]lhd kldfhg lxt kgM k]z ug aLdf ldltn] lgb]zg lbPsf] tL -)_ lbg leq aLdsn] kldflht ljQLo ljj0f jLs[ltsf] nflu aLdf ldltdf k]z ugkg]5 ToL jLs[ltsf] nflu kgM k]z ePsf] ljQLo ljj0fnfO lgb]zg amp= adf]lhdjLs[lt lbg jf lgb]zg zt tyf cfb]z lxt jLs[lt lbg jf aLdf ldltaf6cf+NofOPsf] ulDe q6L gRofOPsf] cjyfdf kldfhg lxt kgM k]z ug aLdfldltn] lgb]zg lbg Sg]5
3
amp= lgb]zg amp= adf]lhd ljQLo ljj0f DaGwdf aLdf ldltaf6 lbOPsf] jLs[lt lgb]zgzt tyf cfb]z +nUg uL aLdsn] jflifs k|ltj]bg tof ug kg]5
amp=^ lgb]zg amp= adf]lhd gePDd aLdsn] cfˆgf] jflifs k|ltj]bg cGo lgsfodf k]z ugk|sflzt ug jf jflifs fwf0f ef cfJxfg ug x+bg
t k|rlnt sfggL Aojyf adf]lhd cGo lgsfodf k]z ug kg] jf k|sflztug kg ] ljj0f k]z ug jf k|sflzt ug o lgb]zgn] afwf kyenofPsf] dflgg]5g
amp=amp lgb]zg amp= adf]lhd tof ePsf] jflifs k|ltj]bg j fwf0fsf] hfgsfLsf] nfluaLdsn] cfˆgf] j]efO6 -Web-site_ df fVg kg]5 fy aLdf ldltaf6 tf]lsPadf]lhdsf] +lIfKt cflys laj0f fli6laquoo blgs klqsfdf k|sflzt ug kg]5
8 aLdfzNs cfDbfgL afWg kg] M
= aLdsn] gub k|flKtsf] cfwfdf aLdfzNs cfDbfgL afFWg kg]5 t gub k|flKt ldlteGbf aLdfzNs eQmfgL ug kg] ldlt kl5 ePdf kl5Nnf] ldltdf aLdfzNs cfDbfgLafFWg kg]5
= lgb]zg = df hgs sf n]lvPsf] ePtf klg aLdsn] kgaLdf jLsf u] afktk|fKt xg] aLdfzNs cfDbfgL k|f]befjL (Accural) cfwfdf afFWg Sg]5
= lgb]zg = adf]lhdsf] aLdfzNs Ps jif eGbf a9L cjlwsf] nflu Psdi7 k|fKt ePdfklxnf] jifsf] nflu xg cfpg] aLdfzNs cfDbfgL afFwL afFsL x]sf] sd wf6Lsf] kdffVg kg]5
t Psn aLdfzNs tf]lsPsf] aLdfsf] xsdf of] Jojyf nfu xg] 5g
=$ lgb]zg = adf]lhd wf6Lsf] kdf flvPsf] sdaf6 kl5Nnf jifxdf aLdf cjlwsf]dfgkflts kdf aLdfzNs cfDbfgL afFWg kg]5
9 clestf sldzg vr n]Vg kg] M aLdf clestf dfkmt k|fKt aLdf Jojfosf] hgcflys jifdf aLdfzNs cfDbfgL afFlwPsf] xf] f]xL cflys jifdf clestf sldzg vrn]Vg kg]5
10 gub k|flKtsf] cfwfdf cfDbfgL afFWg kg] M kgaLdsaf6 k|fKt dgfkmf sldzg -Profit
Commission_ nfO gub k|flKtsf] cfwfdf cfDbfgL afFWg kg]5 t dgfkmf sldzgDaGwdf kgaLdsaf6 lnlvt dyg k|fKt ePsf] cjyfnfO gub k|flKt x dfGglsg]5
11 sn cfDbfgL afWg kg] M aLdsn] cfDbfgL afFWbf k|rlnt cfos P]g adf]lhd gtf]tdf sssectf xg] aLdfzNs Aofh tyf ef8f htf cfDbfgLx -nfef+z afx]s_ nfO sn sddfn]vfIacuteg uL gtf]tdf ssectf ePsf] snfO clu|d s eQmfgL zLifsdf dfj]z ug kg]5
4
12 aLdf bfjLsf] nfutdf dfj]z ug kg] M aLdsn] bfjLsf] nfut u0fgf ubf aLdfn]vadf]lhd eQmfgL ug kg] sd tyf f] bfjL km5of6sf] nflu cfjZos kfdz tyfcgGwfg vr dfj]z ug kg]5
t aLdssf] kbflwsfL jf sdrfLn] u]sf] sfdsf] kflgtlds cGo vr afktsf]sd dfj]z ug kfOg] 5g
13 aLdssf] cfosf] afF8kFmf8 ug kg] M aLdsn] aLdfzNs tyf cGo k|ToIf cfDbfgL afx]ssfcfDbfgL DaGwdf b]xfo adf]lhd ug kg]5 M
-s_ aLdssf] nufgLaf6 k|fKt cfDbfgL aLdssf] DkQL ef8fdf lbP afkt k|fKtcfDbfgL cGo shf -aLdfn]vsf] lwtf]df lbPsf] shf afx]s_ af6 k|fKt Aofhnufot kllzi6 sf] cgrL adf]lhdsf cfDbfgLxnfO afF8kmFf8 ug kg]sn cfDbfgLsf] kdf lng kg]5
-v_ v08 -s_ adf]lhdsf] sn cfDbfgLnfO b]xfosf] q k|of]u uL k|To]s aLdfsf]cfo Joo lxfa tyf gfkmf gf]Sfg lxfadf afF8kmFf8 ug kg]5
cfDbfgL = ef x sn cfDbfgL
sn ef
kli6s0f M _ k|To]s lsldsf] aLdfsf] cfo Joo lxfasf] ef = cflysjifsf] zsf] hLjg aLdf sf]if plusmn cflys jifsf] zsf] cdfKt hf]lvdafkt Jojyf plusmn cflys aifsf] zsf] eQmfgL ug afFsL bfjL afkt Jojyfplusmn vb aLdfzNs plusmn kgaLdf sldzg cfo plusmn aLdfn]vsf] lwtf]df k|bfgulPsf] shfdf Aofh - clestf sldzg ndash kgaLdf sldzg vr ndash jfYokLIf0f zNs ndash bfjL eQmfgL -vb_
_ kli6s0f -_ adf]lhd u0fgf ulPsf] ef C0ffTds ePdf zGo Demgkg]5
_ gfkmf gf]Sfg lxfasf] ef = cflys jifsf] zsf] g]6 jy -Net Worth_
$_ sn ef = k|To]s lsldsf] aLdfsf] cfo Joo lxfasf] efsf] of]ukmnplusmn gfkmf gf]Sfg lxfasf] ef
14 Jojyfkg vrsf] afF8kmFf8 ug kg] M
$= Jojyfkg vrdf kllzi6ndash sf] cgrL amp adf]lhdsf vrx dfj]z ug kg]5
$= lgb]zg $= adf]lhdsf] sn Jojyfkg vrnfO b]xfo adf]lhd afF8kmFf8 ug kg]5 M-s_ sn Jojyfkg vrsf] )Uuml sd gfkmf gf]Sfg lxfadf fg kg]5
-v_ v08 -s_ adf]lhd f] afFsL x]sf] Jojyfkg vrnfO b]xfosf] q k|of]u uLk|To]s lsldsf] aLdfsf] cfo Joo lxfadf fg kg]5
Jojyfkg vr = ef x sn Jojyfkg vr x )=()
sn ef
5
kli6s0f M _ ef = DalGwt aLdfsf] k|ToIf aLdfzNs - clestf sldzg- jfYo kLIf0f zNs
_ sn ef = k|To]s lsldsf] aLdfsf] efsf] of]ukmn
$= lgb]zg $= df hgs sf n]lvPsf] ePtfklg k|rlnt sfggL Aojyfn] tf]lslbPsf]xbeGbf al9 Aojyfkg vr ePsf] cjyfdf Totf] al9 Aojyfkg vrnfO gfkmfgf]Sfg lxfjdf fL aFfsL x]sf] Aojyfkg vrnfO lgb]zg $= adf]lhd jf8kmfF8ug kg]5
15 cfossf] afF8kmFf8 ug kg] M aLdsnfO nfUg] sn cfosnfO b]xfosf] q k|of]u uLgfkmf gf]Sfg lxfa tyf cfo Joo lxfadf afF8kmFf8 ug kg]5
cfos = ef x sn cfos
sn ef
kli6s0f M _ sn ef = lgb]zg adf]lhdsf] sn cfDbfgL - lgb]zg$= adf]lhdsf] sn Jojyfkg vr
_ gfkmf gf]Sfg lxfasf] ef = lgb]zg sf] v08 -v_ sf] kli6s0f -_adf]lhdsf] cfDbfgL - lgb]zg $= sf] v08 -s_ adf]lhdsf] Jojyfkgvr
_ cfo Joo lxfasf] ef = lgb]zg sf] v08 -v_ sf] kli6s0f -_adf]lhdsf] cfDbfgL - lgb]zg $= sf] v08 -v_ adf]lhdsf] Jojyfkgvr
$_ kli6s0f -_ jf -_ adf]lhd u0fgf ulPsf] ef C0ffTds ePdf zGoDemg kg]5
16 nufgLsf] n]vfIacuteg ug kg] M
^= aLdssf] nufgLsf] n]vfIacuteg b]xfo adf]lhd ug kg]5 M
-s_ g]kfn sfsf] artkq jf C0fkq jf g]kfn sfsf] hdfgt k|fKt C0fkqdfulPsf] nufgLnfO clIacutet dNo -Face Value_ jf kn dNo dWo] hg 36L 5f]xL dNodf b]vfpg kg]5
-v_ v08 -s_ adf]lhd ulPsf] nufgLsf] clIacutet dNo eGbf kn dNo a9L ePdfTotf] a9L sdnfO yug ulPsf] vr (Deferred Expenditure) sf] kdfn]vfIacuteg uL f] vrnfO Totf] nufgLsf] cjlw leq dfgkflts cfwfdf (Pro-rata Basis) df ckn]vg ug kg]5
-u_ v08 -s_ jdf]lhd ulPsf] nufgLsf] clIacutet dNo eGbf kn dNo sd ePdfTotf] kms sdnfO nufgL cjlw leq dfgkflts cfwfdf nufgLaf6cfosf] kdf n]vfIacuteg ug kg]5 AElig
6
-3_ v08 -s_ adf]lhdsf art kq jf C0fkqsf] n]vfIacuteg ulPsf] dNo eGbf ahfdNo sd xg uPdf Totf] kms sdsf] afa Jojyf -Provision_ ug kg]5
-ordf_ a+sdivideljQLo +yfsf] d2tL lgIf]k jf gfuls nufgL sf]ifsf] nufgL of]hgfxdfulPsf] nufgLnfO fFjf sddf b]vfpg kg]5
t Totf] nufgLsf] Dofb dfKtL kl5 sg sf0fjz tTsfn lkmtf xggSg] cjyf gt[hgf ePdf Totf] nufgL sdsf] afa Jojyf ug kg]5
-r_ klAns lnld6]8 sDkgLsf] z]odf ulPsf] nufgLnfO kn dNo jf ahf dNodWo] hg 36L 5 f]xL dNodf b]vfpg kg]5
-5_ klAns lnld6]8 sDkgLsf] +yfks z]odf nufgL ulPsf] z]o k|rlnt sfggadf]lhd lwtf]kq ahfdf lrs[t gePdf b]xfo adf]lhd ug kg]5 M
c_ aLdsn] z]odf nufgL u]sf] klAns lnld6]8 sDkgLn] sff]af ug]Ohfhtkq kfPsf] ldltn] tLg jifDd Totf] nufgLnfO kn dNodfb]vfpg kg]5
cf_ aLdsn] z]odf nufgL u]sf] klAns lnld6]8 sDkgLn] sff]af ug]Ohfhtkq kfPsf] ldltn] tLg jif kl5 Totf] nufgLnfO kn dNodf b]vfOf] nufgL afasf] Jojyf ug kg]5
-h_ v08 -r_ adf]lhd nufgL ulPsf] z]o k|rlnt sfgg adf]lhd lwtf]kq ahfsf]rLaf6 x6]df -Delisted ePdf_ f] nufgL afasf] Jojyf ug kg]5
^= k|rlnt sfgg adf]lhd aLdssf] jfldTjdf gcfPsf] jf gx]sf] z]o artkqC0fkq jf cGo DklQnfO nufgLdf dfj]z ug kfOg] 5g
17 shf n]vfIacuteg ug kg] M
amp= k|rlnt sfggL Jojyf adf]lhd aLdsn] shf k|bfg ubf Totf] shf cnL xg]kofKt cfwf v8f uL shfnfO fF+jf sddf b]vfpg kg]5
amp= lgb]zg amp= adf]lhd k|bfg ulPsf] shf lgis[o ePdf f] shf afa sd Jojyfug kg]5 t aLdsn] aLdfn]vsf] lwtf]df k|bfg u]sf] shfsf] xsdf of] Jojyf nfuxg] 5g
ki6Ls0f M o lgb]zgsf] k|of]hgsf] nflu nuftf tLg dlxgf jf f] eGbf a9Lcjlwsf] efsf gf3]sf] shfnfO lgs[o shf Demgk5
amp= aLdsn] aLdfn]vsf] lwtf]df k|bfg u]sf] shfsf] xsdf aLdfn]vsf] zt adf]lhd Totf]shf+u DalGwt aLdfn]v hkmt xg kg] dofjlw Plsg uL hkmt xg kg]aLdfn]vsf] lwtf]df k|bfg ulPsf] shfnfO shf zLifsaf6 x6fO dfof]hg ugkg]5
amp=$ lgb]zg amp= adf]lhd slDtdf k|To]s cflys jifsf] cGTodf hkmt xg] aLdfn]v Plsgug kg]5
7
18 5sectfndash5sect hLjg aLdf sf]if fVg kg] M
= aLdsn] k|To]s lsldsf] aLdfsf] nflu 5sectfndash5sect hLjg aLdf sf]if fVg kg]5 t dnaLdfn]vsf] ks sf afktsf] sf]ifnfO f]xL lsldsf] aLdfsf] nflu v8f ulPsf]sf]ifdf dfj]z ug lsg]5
= aLdf cjlw dfKtL afkt bfjL eQmfgL ug gkg] lsldsf] aLdfsf] nflu lgb]zg= adf]lhd v8f ulPsf] sf]ifdf aLdf P]g )$( sf] bkmf adf]lhd tf]lsPsf]sd hDdf ug kg]5
= aLdf cjlw dfKtL (Maturity) afkt bfjL eQmfgL ug kg] lsldsf] aLdfsf] nflulgb]zg = adf]lhd v8f ulPsf] sf]ifdf b]xfosf] sd hDdf ug kg]5 M
-s_ aLdf P]g )$( sf] bkmf adf]lhd tf]lsPsf] sd
-v_ aLdfIacuteLsf] dNofIacuteg gePsf] cflys jifxsf] cfo Joo lxfaaf6 cfPsf] Dk0fart (Surplus) sd
-u_ aLdf ldltn] dondashdodf tf]lslbP adf]lhdsf] f]Ne]GL dflhg afktsf] yksd
=$ aLdfIacuteLsf] dNofIacuteg k|ltj]bg DaGwdf aLdf ldltaf6 lbOPsf] lgb]zg cgf hLjgaLdf sf]ifdf x]sf] sd aFf8kFmf8 ug kg]5
19 cdfKt hf]lvdsf] nflu Jojyf M
(= aLdf cjlw dfKtL jfkt bfjL eQmfgL ug gkg] lsldsf] aLdfsf] cdfKt hf]lvdjfkt aLdfIacuteLn] lgwf0f ullbPsf] bfloTj sd eGbf sd gxg] sd Aojyf ug kg]5
(= cf=a=)^divide^^ sf] ljQLo ljj0f tof ubf lgb]zg (= adf]lhd aLdfIacuteLaf6 bfloTjlgwf0f gePsf] cjyfdf aflifs jf f] eGbf sd cjlwsf] aLdfzNs b tf]lsPsf] aLdf cjlw dfKtL afkt bfjL eQmfgL ug gkg] lsldsf] aLdfsf] cdfKt hf]lvdafkt vb aLdfzNssf] slDtdf krf k|ltzt sd Jojyf ug lsg]5
(= cf=a=)^divide^^ sf] ljQLo ljj0f tof ubf lgb]zg (= adf]lhd aLdfIacuteLaf6 bfloTjlgwf0f gePsf] cjyfdf Psn aLdfzNs b tf]lsPsf] aLdf cjlw dfKtL afktbfjL eQmfgL ug gkg] lsldsf] aLdfsf] aLdf cjlwsf] dfgkflts xg]uL cdfKthf]lvd afkt sd Jojyf ug lsg]5
(=$ lgb]zg (= jf (= adf]lhd cdfKt hf]lvdsf] nflu cf=a= )^divide^^ df Jojyfu]sf] sdnfO cf=a= )^^divide^amp df cfDbfgL hgfpg kg]5
ki6Ls0f M o lgb]zgsf] k|of]hgsf] nflu aLdf cjlwsf] dfgkflts eGgfn]eQmfgL ePsf] aLdf cjlw -dlxgfdf_ eQmfgL xg afFsL aLdf cjlw -dlxgfdf_sf] dfgkflts eGg] Demgk5
(= lgb]zg (= adf]lhd cdfKt hf]lvdsf] nflu Aojyf u]sf] cjyfdf jfx]s aLdfcjlw dfKtL jfkt bfjL eQmfgL ug gkg] lsldsf] aLdf Aojfosf] cfo Aoolxfjaf6 xg cfPsf] jrtnfO hLjg aLdf sf]ifdf fg kg] 5
8
20 sfggL ljjfb ePsf] bfloTjsf] nflu Jojyf ug kg] M sfggL ljjfb ePsf] sg klgbfloTjsf] nflu aLdsn] kofKt Jojyf ug kg]5
21 ljQLo ljj0fsf] 9fFrf M aLdssf] ljQLo ljj0fsf] 9fFrf kllzi6ndash adf]lhd xg]5
22 ljQLo ljj0fsf] zLifsxsf] JofVof M aLdssf] ljQLo ljj0fdf dfj]z xg] zLifsxsf]+lIfKt JofVof kllzi6 ndash adf]lhd xg]5
23 dxf ljkQL kgaLdfzNs n]vfIacuteg ug kg] M
= aLdsn] k|To]s lsldsf] aLdf Aojfosf] nflu 5sectf 5sect dxf ljkQL kgaLdf Aojyfu]sf] cjyfdf dxf ljkQL kgaLdf zNsnfO DalGwt aLdf Aojfosf] cfo Aoolxfj -cgrL _ sf] kgaLdfzNs eQmfgL lzifs cGtut vr hgfpg kg] 5
= aLdsn] bO jf bO eGbf al9 lsldsf] aLdf Aojfosf] nflu Pp6 dxf ljkQLkgaLdf Aojyf u]sf] cjYffdf dxf ljkQL kgaLdf zNsnfO b]xfosf] q k|of]u ulDalGwt aLdf Aojfosf] cfo Aoo lxfjdf afF8kmfF8 ug kg] 5
dxf ljkQL kgaLdf zNs = ef x sn dxf ljkQL kgaLdfzNs
sn ef
kli6s0f M
-_ ef = DalGwt aLdf Aojfo cGtut aLdsn] wf0f u]sf] d of6 ls(Sum at Risk)
-_ sn ef = k|To]s DalGwt aLdf Aojfosf] kli6s0f -_ adf]lhdsf] efsf]of]ukmn
24 k|rlnt sfgg adf]lhd b08 hfo xg] M
o lgb]zgdf ulPsf] Aojyfn] k|rlnt sfgg adf]lhd xg] b08 hfoaf6 aLdsn]pGdQmL kfPsf] dflgg] 5g
9
kllzi6ndash
-lgb]zg +u DalGwt_
Jojyfkg k|ltj]bgdf vnfpg kg] aFbfx M
-s_ aLds DaGwL fdfGo hfgsfL M o zLifs cGtut b]xfosf aFbfx dfj]z ugkg]5 M
-_ +yfkgf ldlt
-_ aLds btfsf] k|df0fkq kfPsf] ldlt
-_ aLdsn] cgdtL kfPsf] aLdf Jojfosf] lsld k|sf
-$_ aLdsn] Jojfo k|fDe u]sf] ldlt
-_ aLdsn] cfjZos 7fg]sf] cGo ljj0f
-v_ aLdssf] +rfns ldltn] b]xfosf aFbfx k|dfl0ft ug kg]5 M
= aLdf Jojfo ug aLdf ldltaf6 hfL ePsf] k|df0f kqsf] jBtf sfod x]sf]
= sfgg adf]lhd aLdsn] ltg aemfpg kg] s ]jf zNs b08 hljfgf DalGwtlgsfodf aemfpg afFsL x]dividegx]sf]
= aLdssf] z]o jfldTjsf] +rgf Todf ePsf] x]k]msf] ljj0f tyf sfod x]sf]+rgf k|rlnt sfggL Jojyf cgk x]sf]
$= aLdf ldltn] tf]lslbP adf]lhdsf] f]Ne]GL dflhg -Solvency Margin_ sfod x]sf]
= -s_ jftljs kdf k|fKt xg Sg] dNodivideahf dNo eGbf jfnftsf] ldltdfaLdssf] ljQLo ljj0fdf dfj]z ulPsf Dk0f DklQxsf] dNo a9Lgx]sf]
-v_ aFbf -s_ adf]lhdsf] DklQsf] dNo tngf ug cjnDag ulPsf] ljlwsf] vnff
^= aLdsn] u]sf] nufgL k|rlnt sfggL Jojyfsf] klwL leq x]sf] pb3f]if0f tyf f]gePsf] eP sf0f lxtsf] ljj0f
amp= aLdsnfO cfO kg Sg] Dk0f hf]lvdx tyf f]sf] lgfs0fsf nflu cjnDagulPsf gLltxsf] vnff
= aLdssf] cGo dnsdf x]sf] k|wfg sfofnodividesfofnosf] ljj0f tyf Totf] g]kfnaflxsf] sfofnon] +rfng u]sf] aLdf Jojfoaf6 aLdsnfO cfO kg Sg] Dk0fhf]lvdx tyf f]sf] lgfs0fsf nflu cjnDag ulPsf gLltxsf] vnff
(= o jif km5of6 ePsf] aLdf bfjLsf] +Vof tyf km5of6 xg afFsL aLdf bfjLsf] +Vof dofjlwsf] vnff
)=ljQLo ljj0f tof ubf k|rlnt aLdf P]g )$( aLdf lgodfjnL )$( f]cGtut hfL ulPsf aLdf ldltsf cfb]z jf lgb]zg sDkgL P]g )^ tyf cGosfggx tyf n]vfdfg n]vfsf] l4fGt gLltx kfngf ulPsf] pb3f]if0f TotfJojyfx kfngf xg gs]sf] eP f]sf] sf0f lxtsf] vnff
10
=-s_ aLdsn] pkoQm n]vf gLlt cjnDag u]sf] f]sf] k|of]udf Psktf sfod u]sf] Totf] gLltsf] kLIf0f uL pkoQmtf Plsg u]sf] 5 eGg] pb3f]if0f
-v_ aLdssf] ljQLo ljj0fn] jfnftsf] ldltdf aLdssf] gfkmf gf]Sfg nufotsfljQLo cjyfsf] oyfy tyf jftljs lrq0f ub5 eGg] pb3f]if0f
=aLdssf] +rfns ldltn] aLdssf] DklQsf] Iffsf] nflu tyf hfnfhL jf cGoclgoldttf kQf nufpg f]Sgsf nflu pkoQm kofKt Jojyf u]sf] 5 eGg]pb3f]if0f
=aLdsn] aeliggoing concern basisAElig df cfˆgf] ljQLo ljj0f tof u]sf] xf] eGg]pb3f]if0f
$=aLdssf] Jojfosf] cfsf k|s[lt cgksf] cfGtls n]vf kLIf0f k|0ffnL ljBdfgx]sf] f] k|0ffnL k|efjsfL x]sf] 5 eGg] pb3f]if0f
=k|rlnt aLdf P]g )$( tyf sDkgL P]g )^ f] cGtutsf lgodfjnL cfb]zjf lgb]zgsf] k|ltsn xg] uL sg JolQm kmd sDkgL tyf aLdssf] +rfns jf+rfnssf] jfy x]sf] +yf+u sff]af ulPsf] 5g eGg] pb3f]if0f
^=hg aifsf] aflifs k|ltj]bg tof ulPsf] xf] f] aifdf aLdf ldltn] aLdsnfO sgb08 hljfgf tf]s]sf] eP f] DaGwL ljj0f
amp= Jojyfkgn] cfjZos 7fg]sf cGo sfx
11
kllzi6ndash
-lgb]zg +u DalGwt_
= aLdssf] cfo Joo lxfasf] 9fFrf M
aLdssf] gfd M
cflys aif ======================= sf] ================================== aLdfsf] cfo Joo lxfa
qm=+= ljj0f cgrL o aif ut aif
cfo
1 aLdfzNs -vb_
2 kgaLdf sldzg cfo
3 nufgL shf tyf cGoaf6 cfo
4 aLdfn]vsf] lwtf]df shfaf6 cfo
5 cGo k|ToIf cfo
6 cflys aifsf] zsf] eQmfgL xg afFsL bfjL afktJojyf
7 cflys aifsf] zsf] cdfKt hf]]lvd afkt Jojyf
hDdf cfo -s_
Joo
8 bfjL eQmfgL -vb_ $
9 clestf sldzg
10 jfYo kLIf0f zNs
11 kgaLdf sldzg vr
12 ]jf zNs -vb_ ^
13 cGo k|ToIf vr
14 Jojyfkg vr amp
15 cfos
16 cflys aifsf] cGTodf eQmfgL xg afFsL bfjL afktJojyf
(
17 cflys aifsf] cGTodf cdfKt hf]lvd afkt Jojyf
hDdf Joo -v_
18 hLjg aLdf sf]ifdividegfkmf gf]Sfg lxfadf f]sf]artdivide -gf]Sfg_ = -s_ - -v_
cgrL b]lv ( Dd osf cleGg c+u xg
12
= gfkmf gf]Sfg lxfasf] 9fFrf M
aLdssf] gfd M
cflys aif ======================= sf] gfkmf gf]Sfg lxfa
qm=+= ljj0f cgrL o aif ut aif
cfDbfgL
1 cfo Joo lxfaaf6 f]sf] )
2 hLjg aLdf sf]ifaf6 f]sf]
3 nufgL shf tyf cGoaf6 cfo
4 Jojyf lkmtf
5 cGo cfDbfgL -ljj0f vnfpg]_
hDdf cfDbfgL -s_
vr
6 Jojyfkg vr amp
7 ckn]vg vr
8 cGo vrx $
9 gf]SfgLsf] nflu Jojyf
10 sdrfL cfjf Aojyf
11 sdrfL af]g Jojyf
12 cfos
13 hLjg aLdf sf]ifdf f]sf]
hDdf vr -v_
14 vb gfkmf divide-gf]Sfg_ -u_ = -s_ ndash -v_
15 cl3Nnf] jif+u DalGwt vr
16 cl3Nnf] aifaf6 flPsf] gfkmfdivide-gf]Sfg_
afF8kmfF8sf] nflu pknAw sd
-s_ kFhLut hu]8f amp
-v_ ljz]if hu]8f amp
-u_ cGo hu]8f -ljj0f vnfpg]_ amp
-3_ k|tfljt nfef+z amp
17
-ordf_ dxfndashljkQL hu]8f
18 jfnftdf f]sf] gfkmfdivide-gf]Sfg_
cgrL amp tyf ) b]lv amp Dd osf cleGg c+u xg
13
= aLdssf] jfnftsf] 9fFrf M
====================== sf] jfnft
qm=+= ljj0f cgrL o aif ut aifgtf]t
1 rQmf kFhL ^2 hu]8f tyf sf]if amp3 hLjg aLdf sf]if 4 dxfndashljkQL hu]8f 5 ltg afFsL bL3sflng C0f tyf fk6L (
sn gtf]tpkof]u
6 ly DkQL -vb_ )7 lb3sflng nufgL 8 aLdfn]vsf] lwtf]df shf 9 cGo bL3sflng shf
10 11 12 13
Rffn DkQL shf tyf k]ZsLx Mgub tyf a+s dfHbftcNksflng nufgLcGo cNksflng shfcGo DkQL $hDdf -s_ -)plusmnplusmnplusmn_
14 15 ^16 (17
rfn bfloTj tyf JojYffx Mrfn bfloTjcdfKt hf]lvd jfkt JojyfeQmfgL xg afFsL bfjL afkt JojyfcGo Aojyf ^shDdf -v_ -$plusmnplusmn^plusmnamp_
18 vb rfn DkQL -u_ = -s_ ndash -v_19 ckn]vg jf dfof]hg xg afFsL ljljw vrx amp20 gfkmf gf]Sfg lxfaaf6 f]sf] gf]Sfg
sn pkof]u -^+amp++(++(+)_
+efljt bfloTjx tyf cgrL ( tyf ^ b]lv ( Dd osf cleGg c+u xg
+efljt bfloTjx
qm=+= ljj0f o aif ut aif1 rQmf jf eQmfgL xg afFsL nufgL2 k|Tofelt k|lta4tf3 aLdfn]v cGtut eGbf afx]saf6 aLds pk bfjL k]sf] t
aLdsn] bfloTj jLsf gu]sf]
aLdsn] bfloTj jLsf gu]sf]
4 aLdsn] jf aLdssf] tkmaf6 lbOPsf] Uof]06L5 cGo -ljj0f vnfpg]_
hDdf
aLdssf] gfd M
14
$= OSo6Ldf ePsf] kljtg DaGwL ljj0fsf] 9fFrf M
aLdssf] gfd M
cf=j==============df OSo6Ldf ePsf] kljtg DaGwL ljj0f
ljj0f z]o kFhL +lrt gfkmfdividegf]Sfg
k|tfljtaf]g z]o
kFhLuthu]8f sf]if
z]olk|ldod
ljz]if hu]8fsf]if
cGo hu]8f tyfsf]if
dxfljkQLhu]8f
sn sd
zdfHbft
dfof]hg
=============
=============
============
============
clGtddfHbft
15
= gub k|jfxsf] ljj0fsf] 9fFrf
aLdssf] gfd M
=====================b]lv========================Ddsf] gub k|jfxsf] ljj0f
qm=+= ljj0f o jif ut jifsff]af +rfngaf6 gub k|jfx MaLdf zNs cfDbfgLljnDa zNs cfDbfgLkgaLdf zNs cfDbfgLkgaLdf sldzg cfDbfgLcGo k|ToIf cfDbfgLkgaLdsaf6 k|fKt bfjL lseLkgaLdf zNs eQmfgLkgaLdf sldzg eQmfgLclestf sldzg eQmfgLjfYo kLIf0f zNs eQmfgLd[To bfjL eQmfgLcjlw dfKtL bfjL eQmfgLcf+lzs cjlw dfKtL bfjL eQmfgLdk0f dNo bfjL eQmfgLcGo bfjL eQmfgL]jf zNs eQmfgLJojyfkg vr eQmfgLsdrfL af]g eQmfgLcfos eQmfgLRffn DklQdf -j[l4_dividesdLRffn bfloTjdf j[l4divide-sdL_
s
sff]af +rfngaf6 vb gub k|jfx -s_nufgL ultljwLaf6 gub k|jfxly DklQdf -j[l4_ sdLsfL sfsf] hdfgt k|fKt ]Sol6Ldf nufgLdf -j[l4_ sdLa+s tyf ljQLo +yfsf] d2tL lgIf]kdf nufgLdf -j[l4_ sdLa+s tyf ljQLo +yfsf] cGo lgIf]k nufgLdf -j[l4_ sdLOSo6L z]o nufgLdf -j[l4_ sdLcu|flwsf z]odividel8j]Grdf nufgLdf -j[l4_ sdLcGo nufgLdf -j[l4_ sdLaLdfn]vsf] lwtf]df shfdf -j[l4_ sdLk]ZsL tyf cGo shfdf -j[l4_ sdLeQmfgL k|fKt Aofh cfDbfgL -nufgLdf_eQmfgL k|fKt l8le8]G8ef8f cfDbfgLeQmfgL k|fKt Aofh cfDbfgL -shfdf_cGo ck|ToIf cfDbfgLdividevr
v
nufgL ultljwLaf6 vb gub k|jfx -v_ljQLo gtf]t sff]afaf6 gub k|jfxz]oaf6 k|fKt sdltg afFsL fk6Ldf -j[l4_dividesdLcNksflng C0fdf -j[l4_dividesdLC0f fk6Ldf Aofh eQmfgLnfef+z eQmfgL
u
ljQLo gtf]t sff]afaf6 vb gub k|jfx -u_o jifsf] Dk0f ultljwLaf6 vb gub k|jfx = -s_plusmn-v_plusmn-u_gub tyf a+sdf x]sf] z dfHbftgub tyf a+sdf x]sf] clGtd dfHbft
16
^ ljQLo ljj0fsf] cleGg c+usf] kdf xg] cgrLx
cgrLndash
-s_ aLdfzNs -vb_
sn aLdfzNs kgaLdf zNs eQmfgL-Ceded_
aLdfzNs -vb_qm=+= aLdfsf]lsld
o jif ut jif o jif ut jif o jif ut jif
hDdf
-v_ sn aLdfzNs
k|ToIf aLdfzNs k|fKt kgaLdf zNs
-accepted_
sn aLdfzNsqm=+= aLdfsf]lsld
o jif ut jif o jif ut jif o jif ut jif
hDdf
-u_ k|ToIf aLdfzNs
k|yd aifsf]aLdfzNs
gjLs0f aLdfzNs Psn aLdfzNs hDdf k|ToIfaLdfzNs
qm=+= aLdfsf]lsld
o aif ut aif o aif ut aif o aif ut aif o aif ut aif
hDdf
17
cgrLndash
nufgL shf tyf cGoaf6 cfoqm=+= ljj0f o aif ut aif1 sfL sfsf] hdfgt k|fKt ]Sol6Laf6 cfo2 jfl0fHo a+ssf] d2tL lgIf]kaf6 cfo3 ljsf a+ssf] d2tL lgIf]kaf6 cfo4 gfuls nufgL of]hgfaf6 cfo5 ljQLo +yfsf] d2tL lgIf]kaf6 cfo6 cfjf ljQ sDkgLsf] fwf0f z]oaf6 nfef+z7 cGo klAns sDkgLsf] fwf0f z]oaf6 nfef+z8 a+s tyf ljQLo +yfsf] cu|flwsf z]oaf6 nfef+z9 a+s tyf ljQLo +yfsf] l8j]Graf6 cfo10 cGo -ljj0f vnfpg]_ af6 cfo11 shfaf6 cfo12 cGo lgIf]kaf6 -d2tL afx]s_ cfo13 nufgL laqmLdf gfkmf
Gog nufgL laqmLdf gf]Sfg14 nufgL -vLb_ df gfkmf
Gog nufgL -vLb_ df gf]Sfg15 ly DkQL laqmLaf6 gfkmf
Gog ly DkQL laqmLaf6 gf]Sfg16 vftf ckn]vg17 cl3Nnf jif+u DalGwt cfo18 cGo cfo
hDdfnufgL shf tyf cGoaf6 cfosf] afF8kmfF8
gfkmf gf]Sfg lxfadf f]sf]============ sf] cfo Joo lxfadf f]sf]============ sf] cfo Joo lxfadf f]sf]
hDdfcgrLndash
aLdfn]vsf] lwtf]df shf cfo
aLdfn]vsf] lwtf]df shf aLdfn]vsf] lwtf]df shfaf6 cfoqm=+= aLdfsf] lsld
o aif ut aif o aif ut aif
============= aLdf
============= aLdf
============= aLdf
18
cgrL ndash $bfjL eQmfgL
d[To bfjLeQmfgL
cjlw dfKtLbfjL eQmfgL
cf+lzs cjlwdfKtL bfjL
eQmfgL
dk0f dNo bfjLeQmfgL
cGo bfjLeQmfgL
sn bfjL eQmfgL sn bfjLeQmfgLdfkgaLdssf]
lxf
bfjL eQmfgL-vb_
qm=+= aLdfsf]lsld
o jif ut jif o jif ut jif o jif ut jif o jif ut jif o jif ut jif o jif ut jif o jif ut jif o jif ut jif
===
===
hDdf
19
cgrLndash
clestf sldzg
k|yd aifsf]aLdfzNsdf
clestf sldzg
gjLs0f aLdfzNsdfclestf sldzg
Psn aLdfzNsdfclestf sldzg
hDdf clestfsldzg
qm=+= aLdfsf]lsld
o jif ut jif o jif ut jif o jif ut jif o jif ut jif
hDdf
cgrLndash^
]jf zNs -vb_
sn ]jf zNs sn ]jf zNsdfkgaLdssf] lxf
]jf zNs -vb_qm=+= aLdfsf] lsld
o jif ut jif o jif ut jif o jif ut jif
========aLdf
========aLdf
hDdf
cgrLndash amp
Jojyfkg vr
qm=+= ljj0f o aif ut aif1 sdrfL vr -cgrL amp= adf]lhd_2 3 ef8f3 lahnL tyf kfgL4 ddt tyf Def
-s_ ejg-v_ jfL fwg-u_ sfofno pks0f-3_ cGo
5 +rf6 5kfO tyf dnGb7 vr xg] sfofno fdfg8 kljxg9 e|d0f vr -eQf d]t_
-s_ cfGtls-v_ jb]lzs
10 clestf tflnd11 clestf cGo12 aLdfzNs13 Iff vr14 sfggL tyf kfdz zNs15 kq klqsf tyf kts
20
16 lj1fkg tyf k|rf k|f17 Jofkf k|j4g18 cltyL Tsf19 rGbf tyf pkxf20 +rfns ldlt DaGwL vr
-s_ a7s eQf-v_ cGo
21 cGo ldltdividepkndashldlt DaGwL vr-s_ a7s eQf-v_ cGo
22 fwf0f ef DaGwL vr
23-s_ aLdfIacuteLo ]jf zNs-v_ aLdfIacuteLo vr
24 n]vf kLIf0f DaGwL vr-s_ n]vf kLIf0f zNs-v_ s n]vf kLIf0f zNs-u_ ljt[t n]vf kLIf0f k|ltj]bg zNs-3_ cGo zNs-ordf_ cfGtls n]vf kLIf0f vr-r_ cGo vr
25 Aofh26 as rfh27 zNs tyf bt28 Xf ssectL29 xnfs l6s630 cGo
afF8 kmfF8sf] nflu hDdfgfkmf gf]Sfg lxfadf f]sf]================aLdfsf] cfo Joo lxfadf f]sf]================aLdfsf] cfo Joo lxfadf f]sf]
hDdfcgrL amp=
sdrfL vr
qm=+= ljj0f o aif ut aif= tna= eQf= bz+ vr$= ~rosf]ifdf yk= tflnd vr^= kf]zfsamp= cfifwf]krf= aLdf(= k]Gg tyf pkbfg vr tyf Jojyf)= ljbf afktsf] vr tyf Jojyf= cGo ljwf afkt vr tyf Jojyf -ljj0f vnfpg]_ cGo -ljj0f vnfpg]_
hDdf M
21
cgrLndash
cfos
qm=+= ljj0f o aif ut aif
= o aifsf] cfos
= cl3Nnf aifxsf] cfos
= afF8kmfF8sf] nflu cfossf] hDdf
afF8kmfF8
gfkmf gf]Sfg lxfadf f]sf]
==============aLdfsf] cfo Joo lxfadf f]sf]
==============aLdfsf] cfo Joo lxfadf f]sf]
hDdf
22
cgrL ndash (
cflys jifsf] cGTodf eQmfgL xg afFsL bfjL afkt Jojyf
eQmfgL xgafFsL d[To bfjL
eQmfgL xgafFsL cjlwdfKtL bfjL
eQmfgL xgafFsL cf+lzscjlw dfKtL
bfjL
eQmfgL xgafFsL dk0fdNo bfjL
eQmfgL xgafFsL cGo
bfjL
[hgf ePsf]t hfgsfLdfgcfPsf] bfjL
-cgdflgt_
eQmfgL xgafFsL hDdf
bfjL
eQmfgL xgafFsL hDdf
bfjLdfkgaLdssf]
lxf
eQmfgL xgafFsL bfjL
afkt Jojyf
qm=+= aLdfsf] lsld
ojif
ut jif ojif
utjif
ojif
utjif
ojif
utjif
ojif
utjif
ojif
utjif
ojif
utjif
ojif
utjif
ojif
utjif
=
=
=
$=
hDdf M
23
cgrLndash)
cfo Joo lxfaxaf6 gfkmf gf]Sfg lxfadf f]sf] sd
qm=+= ljj0f o aif ut aif
= ==================== sf] cfo Joo lxfaaf6 f]sf]
= ==================== sf] cfo Joo lxfaaf6 f]sf]
=
$=
hDdf
cgrLndash
hLjg aLdf sf]if
dfof]hg cuf8Lsf]hLjg aLdf sf]if-jifsf] zdf_
cfo Joolxfaaf6 f]sf]
gfkmf gf]Sfglxfaaf6 f]sf]
dfof]hg cuf8Lsf]hLjg aLdfsf]if-jifsf] cGTodf_
qm=+= aLdfsf]lsld
o jif ut jif o jif ut jif o jif ut jif o jif ut jif
=
=
=
$=
hDdf M
hLjg aLdf sf]ifdf dfof]hg
dfof]hgcuf8Lsf]
hLjg aLdfsf]if
-jifsf]cGTodf_
gfkmfgf]Sfglxfadff]sf]
aLdfn]vcGtutbfloTj
af]gsf]nflu
Jojyf
f]Ne]GLdflhgsf]nflu
Jojyf
afF8kmfF8gulPsf]sd
jifsf]cGTodfhLjg
aLdf sf]if
qm=+= aLdfsf]lsld
oaif
utaif
oaif
utaif
oaif
utaif
oaif
utaif
oaif
utaif
oaif
utaif
oaif
utaif
=
=
=
hDdf M
24
cgrLndash
Jojyf lkmtfqm=+= ljj0f o aif ut aif= nufgLdf gf]SfgLsf] nflu Jojyf lkmtf= shfdf gf]SfgLsf] nflu Jojyf lkmtf= z+sfkb cffdL Jojyf lkmtf$ cGo Jojyf lkmtf
hDdf
cgrLndash
ckn]vg vrx
qm=+= ljj0f o aif ut aif1 k|flDes vrx2 kj +rfng vrx3 k flPsf vrx4 ckn]vg ulPsf] nufgL5 ckn]vg ulPsf] shf6 ckn]vg ulPsf] cffdL7 cGo ckn]vg
hDdf
cgrLndash$
cGo vrx
qm=+= ljj0f o aif ut aif
1 b08 hljfgf
2 ljnDa zNs hljfgf
3 cGo -ljj0f vnfpg]_
hDdf
cgrLndash
gf]SfgLsf] nflu Jojyfqm=+= ljj0f o aif ut aif= nufgLdf gf]SfgLsf] nflu Jojyf= shfdf gf]SfgLsf] nflu Jojyf= z+sfkb cffdL Jojyf$ cGo Jojyf
hDdf
25
cgrLndash^
-s_ z]o kFhL
qm=+= ljj0f o aif ut aifclws[t kFhLs_ ================= bsf] ======== yfg fwf0f z]ov_ ============ bsf] ====yfg ckljtgLo cu|flwsfz]o
=
u_ ========== bsf] ====== yfg kljtgLo cu|flwsfz]ohfL kFhLs_ ================= bsf] ======== yfg fwf0f z]ov_ ============ bsf] ====yfg ckljtgLo cu|flwsfz]o
=
u_ ========== bsf] ====== yfg kljtgLo cu|flwsfz]orQmf kFhLs_ ================= bsf] ======== yfg fwf0f z]oGog eQmfgL k|fKt xg afFsL ==== bsf] ===yfg fwf0fz]ov_ ============ bsf] ====yfg ckljtgLo cu|flwsfz]o
=
u_ ========== bsf] ====== yfg kljtgLo cu|flwsfz]o
hDdf-v_ z]o jfldTjsf] +rgf
o aif ut aifz]owgL
fwf0f z]o+Vof
jfldTjsf] Uuml fwf0fz]o +Vof
jfldTjsf] Uuml
g]kfnL +ul7t +yfx
g]kfnL gfuls
ljb]zL+y
fks
hDdf
jfwf0f
cGo -ljj0f vnfpg]_
sn
-u_ Ps k|ltzt jf a9L z]o jfldTj ePsf z]owgLxsf] ljj0f
o aif ut aifqm=+= ljj0f
jfldTjsf] Uuml sd jfldTjsf] Uuml sd
=
=
=
26
cgrLndashamp
hu]8f tyf sf]if
qm=+= ljj0f o aif ut aif
1 kFhLut hu]8f
2 ljz]if hu]8f
3 cGo hu]8f -ljj0f vnfpg]_
4 z]o lk|ldod
5 k|tfljt af]gz z]o
6 Gffkmf gf]Sfg lxfaaf6 f]sf] gfkmf
hDdf
cgrLndash
dxfndashljklQ hu]8fjifsf] zdf dxfndashljklQ hu]8f gfkmf gf]Sfg lxfaaf6 f]sf] jifsf] cGTodf dxfndashljklQ
hu]8fo jif ut jif o jif ut jif o jif ut jif
cgrLndash(
ltg afFsL bL3sflng C0f tyf fk6L
qm=+= ljj0f o aif ut aif
l8j]Gr divide a08
a+s
ljQLo +yf
$ cGo -ljj0f vnfpg]_
hDdf
27
cgrLndash)
ly DklQ
ljj0f kn df]n Xf ssectL vb df]n
zdfHbft
ojif
yk]sf]
ojif
36]sf]
hDdf utjifDd
ojif
laqmLdivide
dfof]hg
hDdf ojifDdsf]
UftjifDdsf]
lk|m xf]N8hldg
ejg
kmlgrtyf
lkmSr
sfofnofdfg
sDKo6tyfrgfk|ljwLpks0f
cb[ZoDklQ-ljj0fvnfpg]_
jfLfwg
lnh xf]N8DklQ
cGo-k|s[ltvnfpg]_
hDdf
lgdf0fflwgkFhLutvr
sn
ut jif
28
cgrLndash
nufgL
qm=+= ljj0f o aif ut aif-s_ bL3sflng nufgL M sfL sfsf] hdfgt k|fKt ]Sol6L jfl0fHo a+ssf] d2tL lgIf]k ljsf a+ssf] d2tL lgIf]k$ gfuls nufgL of]hgf ljQLo +yfsf] d2tL lgIf]k^ cfjf ljQ sDkgLsf] fwf0f z]o -cgrL = adf]lhd_amp cGo sDkgLsf] fwf0f z]o -cgrL = adf]lhd_ a+s tyf ljQLo +yfsf] cu|flwsf z]odividel8j]Gr( cGo -ljj0f vnfpg]_
hDdf M-v_ cNksflng nufgL M sfL sfsf] hdfgt k|fKt ]Sol6L jfl0fHo a+ssf] d2tL lgIf]k ljsf a+ssf] d2tL lgIf]k$ gfuls nufgL of]hgf ljQLo +yfsf] d2tL lgIf]k^ a+s tyf ljQLo +yfsf] cu|flwsf z]odividel8j]Gramp jfl0fHo a+ssf] Aofh k|fKt xg] cGo lgIf]k ljsf a+ssf] Aofh k|fKt xg]] cGo lgIf]k( ljQLo +yfsf] Aofh k|fKt xg] cGo lgIf]k) cGo Aofh k|fKt xg] nufgL -ljj0f vnfpg]_
hDdf McgrLndash=
z]odf nufgL
qm=+= sDkgL vb sd c+lst dNo kn dNo ahf dNo
= ======sDkgLsf]=============yfg====z]o
= ======sDkgLsf]=============yfg=====z]o
= ======sDkgLsf]=============yfg=====z]o
hDdf
gf]6 M = aLdssf] xfos sDkgLdividexf]lN8Euml sDkgL tyf +oQm nufgL ePsf] sDkgLsf] z]odf ePsf]nufgLnfO
5sectfndash5sect vnfpg kg]5
= lgodfgf lrs[t gePsf z]odf ePsf] nufgLnfO 5sect vnfpg kg]5
= +yfks z]o cGo z]odf ePsf] nufgLnfO 5sectf5sect vnfpg kg]5
29
cgrLndash
gub tyf a+s dfHbft
qm=+= ljj0f o aif ut aifgub dfHbft
hDdfa+s dfHbftjfl0fHo a+sxsf] dfHbftljsf a+sxsf] dfHbftljQLo +yfxsf] dfHbft
cGo -ljj0f vnfpg]_hDdfsn
cgrLndash
cGo shf
qm=+= ljj0f o aif ut aif-s_ bL3sflng shf= clestfnfO shf= sdrfLnfO shf= cGo -ljj0f vnfpg]_
hDdf-v_ cNksflng shf= clestfnfO shf= sdrfLnfO shf= cGo -ljj0f vnfpg]_
hDdfcgrLndash$
cGo DklQqm=+= ljj0f o aif ut aif1 nufgLaf6 k|fKt xg afFsL cfo2 aLdfn]vsf] lwtf]df shfaf6 k|fKt xg afFsL Aofh3 cGo -aLdfn]vsf] lwtf]df afx]s_ shfaf6 k|fKt xg afFsL
Aofh4 cGo aLdsaf6 k|fKt xg afFsL5 kgaLdsaf6 k|fKt xg afFsL6 ljljw cffdL7 clu|d eQmfgL8 sdrfL k]ZsL9 cGo k]ZsL10 wf6L11 cn xg afFsL aLdfzNs
Gog M cn xg afFsL aLdfzNs dNtjL -suspense_12 cGo ljj0f vnfpg]
hDdf M
30
cgrLndash
rfn bfloTj
qm=+= ljj0f o aif ut aif1 clestfnfO lbg afFsL2 cGo aLdsnfO lbg afFsL3 kgaLdsnfO lbg afFsL4 cNksflng shf5 aLdfzNs wf6L6 k0f ljj0f gvn]sf] aLdfzNs7 ljljw fx8 xfosdividexf]lN8Euml sDkgLnfO lbg afFsL9 gtf]tdf ssectf ulPsf] s ltg afFsL10 dNo clea[l4 s ltg afFsL11 cfos ltg afFsL12 ]jf zNs ltg afFsL13 sdrfLnfO lbg afFsL14 +rfnsnfO lbg afFsL15 eQmfgL lbg afFsL nfef+z -l8le8]08_16 cGo -ljj0f vnfpg]_
hDdf
cgrLndash^
cdfKt hf]lvd Jojyfqm=+= ljj0f o aif ut aif= ===========aLdfsf] cdfKt hf]lvd hu]8f= ===========aLdfsf] cdfKt hf]lvd hu]8f= ===========aLdfsf] cdfKt hf]lvd hu]8f
===========aLdfsf] cdfKt hf]lvd hu]8f
hDdf
31
cgrL ^scGo Aojyf
aifsf] zdf Aojyfrfn cf=a=df yk ulPsf]
Aojyfrfn cf=a=df ckn]vg
ulPsf] Aojyfrfn cf=a=df lkmtfulPsf] Aojyf
aifsf] cGtdf sfodx]sf] Aojyf
qm=+=
ljj0fo jif ut jif o jif ut jif o jif ut jif o jif ut jif o jif ut jif
nfef+z -l8le8]08_ sf] nflu Aojyf
nufgLdf gf]SfgLsf] nflu Aojyf
shfdf gf]SfgLsf] nflu Aojyf
$ z+sfZkb cffdLsf] nflu Aojyf
cGo gf]SfgLsf] nflu Aojyf
^ sdrfL DaGwL Aojyf-s_ k]Gg tyf pkbfg Aojyf-v_ ljbf jfkt Aojyf-u_ cfjf tyf cGo ljwf Aojyf-3_ sdrfL af]g Aojyf-ordf_ cGo
amp cGo Aojyf -ljj0f vnfpg]_
hDdf
32
cgrLndashamp
ckn]vgdividedfof]hg xg afFsL ljljw vrxqm=+= ljj0f o aif ut aif1 ckn]vg ug afFsL k|flDes vr2 ckn]vg ug afFsL kj +rfng vr3 ckn]vg ug afFsL yug ulPsf vr4 cGo -ljj0f vnfpg]_
hDdf
cgrL ndash
ljQLo ljj0f+u DalGwt k|dv n]vf gLltx
n]vf DaGwL gLltdf vnfpg kg] aFbfx M aLdsn] n]vf DaGwL gLltdf b]xfosf aFbfxvnfpg kg]5
1 ljQLo ljj0f tofLsf cfwfx M sg sg cjwf0ff -concept_ tyf n]vfdfgx sfgg tyf aLdf ldltsf lgb]zgxsf] clwgdf xL ljQLo ljj0f tof ulPsf] xf]f]sf] Joxf]f
ljQLo ljj0f tof ubf sg sfgg aLdf ldltsf] lgb]zg jf n]vfdfg kfngf gePsf]eP f]sf] sf0f lxt Joxf]f
2 ly DklQ n]vfIacuteg gLlt M ly DklQ n]vfIacuteg ubf cjnDag ulPsf] gLlt
3 Xf ssectL gLlt M aLdssf] +rfns ldltaf6 kflt uL nfu ulPsf] Xf ssectL gLlt
4 kFhLs[t gulg] DklQx DaGwL n]vfIacuteg gLlt M aLdssf] +rfns ldltn] sg lglZrtdf]nDd kg] pks0f fdfgx kFhLs[t gug] gLlt lnPsf] 5 eg] f]sf] Joxf]f
5 cfos Jojyf tyf afF8kmFf8 gLlt M cfos Jojyf DaGwdf aLdsn] cjnDag u]sf]gLlt aLdsn] gfkmf gf]Sfg lxfa tyf cfo Joo lxfadf Totf] Jojyf sdafF8kmFf8 ubf cjnDag u]sf] gLlt
6 nufgL n]vfIacuteg gLlt M nufgL n]vfIacutegsf] DaGwdf aLdsn] cjnDag u]sf] gLltxnfOb]xfosf zLifsx cGtut vnfpg kg]5
-s_ sfL artkqdivideC0fkqdf nufgL n]vfIacuteg gLlt
-v_ a+sdivideljQLo +yfsf] d2tL lgIf]kdf nufgL n]vfIacuteg gLlt
-u_ klAns lnld6]8 sDkgLsf] z]odf nufgL n]vfIacuteg gLlt
-3_ klAns lnld6]8 sDkgLn] hfL u]sf] C0fkqxdf nufgL n]vfIacuteg gLlt
7 6xL 36a9 dfof]hg gLlt M ljb]zL db|f+u DalGwt DklQ bfloTj tyf 6xL36a9 cfDbfgL tyf vrxsf] n]vfIacuteg gLlt
8 aLdfzNs cfDbfgL n]vfIacuteg gLlt M aLdsn] aLdfzNs cfDbfgL n]vfIacuteg ubf cjnDagu]sf] gLlt
33
9 kgaLdf sldzg cfDbfgL n]vfIacuteg gLlt M aLdsn] kgaLdf u] afkt k|fKt ug] sldzgsf]n]vfIacuteg ubf cjnDag u]sf] gLlt
10 cGo cfo n]vfIacuteg tyf afF8kmFf8 gLlt M aLdsn] ef8f -Rent_ tyf cGo zLifsaf6 ePsf]cfo n]vfIacuteg tyf afF8kmFf8 ubf cjnDag u]sf] gLlt
11 shf n]vfIacuteg gLlt M aLdsn] aLdfn]vsf] lwtf]df k|bfg u]sf] shf tyf cGo shfn]vfIacuteg ubf cjnDag u]sf] gLlt
12 Jojyfkg vr afF8kmFf8 gLlt M aLdsn] gfkmf gf]Sfg lxfa tyf cfo Joo lxfaxdfJojyfkg vr afF8kmFf8 ubf cjnDag u]sf] gLlt
13 aLdf bfjL eQmfgL vr n]vfIacuteg gLlt M aLdsn] aLdf bfjL eQmfgL vr n]vfIacuteg ubfcjnDag u]sf] gLlt
14 aLdf bfjL afkt bfloTj Jojyf n]vfIacuteg gLlt M -s_ gt[hgf ePsf] t hfgsfLdfgcfPsf] -IBNR_ aLdf bfjL afkt bfloTj Jojyf n]vfIacuteg ubf aLdsn] cjnDagu]sf] gLlt
-v_ aLdsn] aLdf bfjL bfloTj afkt Jojyf ubf cjnDag u]sf] gLlt
15 aLdf Jojfodf art afF8kmFf8 gLlt M aLdsn] gfkmf gf]Sfg lxfa tyf cfo Joolxfaxdf art afF8kmFf8 ubf cjnDag u]sf] gLlt
16 sdrfL pkbfg ljbf tyf cGo ljwf afkt Jojyf gLlt M aLdsn] sdrfL pkbfgljbf tyf cGo ljwf afkt Jojyf ubf cjnDag u]sf] n]vfIacuteg gLlt
17 z+sfkb cffdL Jojyf gLlt M aLdsn] z+sfkb cffdL Jojyf ubf cjnDag u]sf]gLlt
18 ckn]vg vr n]vfIacuteg gLlt M aLdsn] cjnDag u]sf] ckn]vg vr DaGwL gLlt
19 cGo gLltx M plNnlvt gLltx afx]s jfnft gfkmf gf]Sfg lxfa cfo Joo lxfanufotsf ljQLo ljj0fnfO apermilg ljZn]if0f ug 3fp kUg] uL cGo sg] n]vf gLltsf]hfgsfL lbg cfjZos b]lvPdf f] Joxf]f
34
cgrLndash(
ljQLo ljj0f+u DalGwt n]vf DaGwL l6Kk0fLx
n]vf DaGwL l6Kk0fLdf vnfpg kg] aFbfx M aLdsn] n]vf DaGwL l6Kk0fLdf b]xfosf aFbfxvnfpg kg]5
= Defljt bfloTjx M
c_ rQmf jf eQmfgL xg afFsL nufgL
cf_ k|Tofelt k|lta4tf -underwriting commitments_
O_ aLdfn]v cGtut eGbf afx]saf6 aLds pk bfjL k]sf] t aLdsn] bfloTj jLsfgu]sf]
O_ aLdsn] jf aLdssf] tkmaf6 lbOPsf] Uof]06L
p_ cGo bfloTj -ljj0f vnfpg]_
= aLdfIacuteLn] aLdssf] bfloTj dNofIacuteg ubf cjnDag u]sf] cfwfx
= aLdssf] DklQdf cfPsf] Lldttf tyf ljjfbx
$= shf nufgL tyf ly DklQsf] nflu ulPsf] k|lta4tf
= nufgL+u DalGwt b]xfosf vLb laqmL Demftfxsf] dNo M
c_ vLb ulPsf] DklQsf] jfldTj k|fKt gePsf]
cf_ laqmL ulPsf] DklQsf] eQmfgL k|fKt gePsf]
^= o jifeL ulPsf] nufgL tyf laqmLdividelkmtf lnPsf] nufgLsf] DaGwdf +yf ldltkldf0f sd d]t vn]sf] ljj0f
amp= a+s dfHbft lxfa DaGwdf DalGwt a+sdivideljQLo +yfsf] 6]6d]06 lxtsf] lxfaldnfg DaGwL Joxf]f
= aLdsdividekgaLds+u lng lbg afFsL lxfa DaGwdf DalGwt aLdsdividekgaLdssf]dyg lxtsf] lxfa ldnfg DaGwL Joxf]f
gf]6 Mndash bnfn (Broker) dfkmt ePsf] kgaLdfsf] xsdf fdfGot DalGwt bnfnn]kgaLdssf] tkmaf6 dyg lbg Sg]5
(= aLdsn] u]sf] nufgL k|rlnt aLdf P]g lgodfjnL tyf aLdf ldltaf6 tf]lsP adf]lhdx] gx]sf]
)= aLdssf] +rfns jf +rfns+u DalGwt JolQm jf +yf+u ePsf] sff]af
= aLdsn] cfˆgf] DklQsf] If0fdf lnPsf] C0fsf] lwtf] zt tyf cflrTo
= aLdsn] s rQmf k|df0fkq k|fKt u]sf] cf=j=tyf Totf] rQmf k|df0fkq k|fKt xg afFsLcf=j= f] DaGwL ljj0fsf fy] cl3Nnf] cf=j=xsf] s hljfgf Aofh afkt bfjLk]sf] o cf=j=df eQmfgL ePsf] sd
= lkmtf u]sf] aLdfzNssf] kldf0f sf0f
35
$=aLdsn] aLldtnfO k|bfg ug] 3f]lift tyf cGtld af]gsf] b
=l9nf] aLdfzNs eQmfgLdf lanDa zNsdivideAofhsf] b tyf aLdfn]vsf] lwtf]df k|bfg ulg]shfdf Aofhsf] b
^=ckn]vg xg afFsL vrsf] ljj0f
amp=rQmf kFhL dWo] clu|d eQmfgL k|fKt -Paid in advance_ eQmfgL k|fKt xg afFsL -Call inarrears_ hkmt ulPsf t kgM lgisfzg gulPsf z]osf] ljj0f
=lnh xf]N8 DklQdf ut jifDd o jif vr (Amortization) n]lvPsf] sdsf]ljj0f
(= jifeldf ePsf] jfnft aflxsf] sff]afsf] ljj0f
)= cl3Nnf aifx+u DalGwt cfDbfgL tyf vrxsf] 5sectf5sect ljj0f
=plNnlvt aFbfx afx]s jfnft gfkmf gf]Sfg lxfa cfo Joo lxfa nufotsfljQLo ljj0fxnfO apermilg ljZn]if0f ug 3fp kUg] cGo sg hfgsfL lbg cfjZosb]lvPdf cGo Joxf]f d]t vnfpg kg]5
36
cgrL )k|dv rsfIacutex
cf=a=qm=+= ljj0f rsfIacute
g]6 jy = z]o +Vof +Vof k|lt z]o lstfjL dNo =$ vb gfkmf = k|lt z]o cfo (EPS) =^ k|lt z]o nfef+z (DPS) =amp k|lt z]o ahf dNo (MPPS) = dNo cfDbfgL cgkft (PE Ratio) cgkft( k|yd aifsf] aLdfzNs =) sn aLdfzNs = vb aLdfzNsdividesn aLdfzNs k|ltzt vb gfkmfdividesn aLdfzNs k|ltzt sn aLdfzNsdividesn DklQ k|ltzt$ nufgL shfaf6 cfodividesn nufgL shf k|ltzt sn nufgL shfdividehLjg aLdfsf]if k|ltzt^ kgaLdf sldzg cfodividesn kgaLdfzNs k|ltztamp Jojyfkg vrdividesn aLdfzNs k|ltzt aLdf clestf DalGw vrdividesn aLdfzNs k|ltzt( aLdf clestf +Vof +Vof) sdrfL +Vof +Vof sfofnosf] +Vof +Vof sdrfL vrdivideJojyfkg vr k|ltzt sdrfL vrdividesdrfL +Vof =$ eQmfgL xg aFfsL bfjL sddivideeQmfgL ePsf] bfjL
sdk|ltzt
sn sfod x]sf] aLdfn]vsf] +Vof +Vofdf^ o jif gjLs0f ePsf] aLdfn]vsf] +Vofdivideut
jif sfod x]sf] aLdfn]vsf] +Vofk|ltzt
amp bfjL k]sf] aLdfn]vsf] +Vofdividesn sfod x]sf]aLdfn]vsf] +Vof
k|ltzt
f]Ne]GL dflhg k|ltzt( 3f]lift af]g b =
k|ltxhf) cGtld af]g b =
k|ltxhf
37
cgrL ndash
aLdfIacutesf] ljj0f
sfod x]sf]aLdfn]vsf] +Vof
sfod x]sf]aLdfn]v cGtut
hDdf aLdfIacute
d of6 ls(Sum at Risk)
kgaLdsnfOxtfGt0f ulPsf]
d of6 ls(Sum at Risk)
aLdsn] wf0fu]sf] d of6ls (Sum at
Risk)
qm=+= aLdfsf] lsld
o jif ut jif o jif ut jif o jif ut jif o jif ut jif o jif ut jif
hDdf
38
kllzi6 ndash
-lgb]zg +u DalGwt_
ljQLo ljj0fsf zLifsxsf] +lIfKt JofVof
-s_ cfo Joo lxfa tyf f] DaGwL cgrLsf zLifsxsf] +lIfKt JofVof M
1 k|ToIf aLdfzNs M aLdsn] kgaLdf jLsf u] afkt k|fKt aLdfzNs afx]s k|ydjifsf] aLdfzNs gjLs0f aLdfzNs Psn aLdfzNssf] of]ukmnaf6 lgodfgflkmtf u]sf] aLdfzNs ssectf uL o zLifsdf hgfpg kg]5
2 sn aLdfzNs M k|ToIf aLdfzNs aLdsn] kgaLdf jLsf u] afkt k|fKtaLdfzNssf] of]ukmnnfO o zLifsdf hgfpg kg]5
3 aLdfzNs -vb_ M sn aLdfzNsaf6 kgaLdf lbP afktsf] kgaLdf zNs ssectf uLafFsL sdnfO o zLifsdf hgfpg kg]5
4 kgaLdf sldzg cfo M -s_ aLdsn] kgaLdf lbP afkt k|fKt xg] kgaLdfsldzgnfO o zLifsdf hgfpg kg]5
-v_ aFbf g+=-s_ sf] cltlQm kgaLdsaf6 dgfkmf sldzg -Profit Commission_k|fKt ePdf f]nfO o zLifsdf dfj]z uL f]sf] Joxf]f n]vf DaGwLl6Kk0fLdf vnfpg kg]5
5 nufgL shf tyf cGoaf6 cfo M sfL ]Sol6Laf6 cfo d2tL lgIf]kaf6 cfoklAns sDkgLsf] z]odividel8j]Graf6 cfo ef8faf6 cfo shfaf6 cfo -aLdfn]vsf]lwtf]df shf afx]s_ cGo lgIf]kaf6 -d2tL afx]s_ cfo nufgL laqmLdf gfkmf -GognufgL laqmLdf gf]Sfg_ nufgL -vLb_ df gfkmf -Gog nufgL vLbdf gf]Sfg_ly DklQ laqmLaf6 gfkmf -Gog ly DklQ laqmLaf6 gf]Sfg_ vftf ckn]vgaf6cfo tyf cGo cfosf] of]ukmnnfO lgb]zg adf]lhd afF8kFmf8 uL cfPsf]sdnfO o zLifsdf hgfpg kg]5
6 aLdfn]vsf] lwtf]df shfaf6 cfo M aLdfn]vsf] lwtf]df shf k|bfg u] afkt k|fKt xg]Aofh lanDa zNs htf cfonfO o zLifsdf hgfpg kg]5
7 cGo k|ToIf cfoM aLldtn] tf]lsPsf] cjlwleq aLdfzNs gaemfP afkt aLdsn]eQmfgL k|fKt u]sf] hljfgfdivideAofhdivideljnDa zNs tyf aLdfn]vsf] k|ltlnkL btcfo l6s6 bt htf f]xL aLdfsf] lsld+u k|ToIf kdf DalGwt cfonfO ozLifsdf hgfpg kg]5
8 bfjL eQmfgL -vb_ M aLdsn] eQmfgL u]sf] d[To bfjL cjlw dfKtL bfjL cf+lzscjlw dfKtL bfjL dk0f dNo tyf cGo bfjLsf] of]ukmnnfO o zLifsdfhgfpg kg]5
9 clestf sldzg M k|yd jifsf] aLdfzNsdf clestf sldzg gjLs0f aLdfzNsdfclestf sldzg Psn aLdfzNsdf clestf sldzgsf] of]ukmnaf6 kgaLdssf]lxf ssectf uL afFsL sd o zLifsdf hgfpg kg]5
10 jfYo kLIf0f zNs M aLdf hf]lvdfIacutegsf] nflu jfYo kLIf0f ufP afkt aLdsn]Joxf]g k]sf] jfYo kLIf0f zNsnfO o zLifsdf hgfpg kg]5
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11 kgaLdf sldzg vr M aLdsn] kgaLdf jLsf u] afkt eQmfgL ug kg] sldzgsdnfO o zLifsdf hgfpg kg]5
12 ]jf zNs -vb_ M aLdf ldltnfO aemfpg kg] sn ]jf zNsaf6 kgaLdssf] lxfssectf uL afFsL sdnfO o zLifsdf hgfpg kg]5
13 cGo k|ToIf vr M aLdfsf] lsld+u k|ToIf kn] DalGwt x]sf] cGo vrnfO ozLifsdf hgfpg kg]5
14 Jojyfkg vr M lgb]zg $ adf]lhd afF8kmFf8 uL cfPsf] sdnfO o zLifsdfhgfpg kg]5
15 cfos M -_ aLdssf] cfos bfloTjnfO lgb]zg adf]lhd afF8kmFf8 uL cfPsf]sdnfO o zLifsdf hgfpg kg]5 osf] ljj0f kllzi6 sf] cgrL adf]lhd xg kg]5
-_ cl3Nnf jif-x_ sf] cfos bfloTjnfO kllzi6 sf] cgrL sf] aeligcl3Nnfjifxsf] cfosAElig zLifsdf hgfpg kg]5 t Totf] cfosdf nfu]sf]b08dividehljfgfdivideljnDa zNsnfO gfkmf gf]Sfg lxfasf] aeligcl3Nnf jif+uDalGwt vrAElig zLifsdf hgfpg kg]5
16 cflys jifsf] cGTodf eQmfgL xg afFsL bfjL afkt Jojyf M cflys jifsf] cGTodfeQmfgL xg afFsL d[To bfjL cjlw dfKtL bfjL cf+lzs cjlw dfKtL bfjL dk0fdNo bfjL cGo bfjL tyf gt[hgf ePsf] t hfgsfLdf gcfPsf] bfjLsf] of]ukmndfaLdf lgodfjnL )$( sf] lgod sf] v08 -3_ adf]lhdsf] sd yk ubf xgcfpg] sdnfO o zLifsdf hgfpg kg]5
aLdssf] cgejsf] cfwfdf [hgf ePsf] t hfgsfLdf gcfPsf] bfjLsf] nflusd Aojyf ug kg]5
17 cflys jifsf] cGTodf cdfKt hf]lvd afkt Jojyf M aLdf cjlw dfKtL afktbfjL eQmfgL ug gkg] lsldsf] aLdfsf] cdfKt hf]lvd afkt lgb]zg ( adf]lhdJojyf uL cfPsf] sd o zLifsdf hgfpg kg]5
18 hLjg aLdf sf]ifdividegfkmf gf]Sfg lxfadf f]sf] artdivide-gf]Sfg_ M -_ aLdf cjlwdfKtL afkt bfjL eQmfgL ug kg] lsldsf] aLdfsf] cfo Joo lxfaaf6 art -surplus_ ePsf] cjyfdf o zLifsnfO aelighLjg aLdf sf]ifdf f]sf] artAElig sfoduL Totf] art sdnfO o zLifsdf hgfpg kg]5
-_ aLdf cjlw dfKtL afkt bfjL eQmfgL ug kg] lsldsf] aLdfsf] cfo Joolxfaaf6 gf]Sfg ePsf] cjyfdf o zLifsnfO aeliggfkmf gf]Sfg lxfadff]sf] gf]SfgAElig sfod uL Totf] gf]Sfg sdnfO o zLifsdf C0ffTdskdf hgfpg kg]5
-_ aLdf cjlw dfKtL afkt bfjL eQmfgL ug gkg] lsldsf] aLdfsf] cfo Joolxfasf] nflu o zLifsnfO aelighLjg aLdf sf]ifdf f]sf] sdAElig aeliggfkmfgf]Sfg lxfadf f]sf] artdivide-gf]Sfg_AElig uL bOj6f zLifs sfod uL aelighLjgaLdf sf]ifdf f]sf] sdAElig zLifsdf lgb]zgndash adf]lhdsf] sd hgfO afFsLsdnfO aeliggfkmf gf]Sfg lxfadf f]sf] artdivide-gf]Sfg_AElig zLifsdf hgfpgkg]5 tf]lsP adf]lhd hLjg aLdf sf]ifdf f]sf] sd hgfp+bf gf]Sfg ePdf
40
aeliggfkmf gf]Sfg lxfadf f]sf] artdivide-gf]Sfg_AElig zLifsdf Totf] gf]Sfg ePsf]sdnfO C0ffTds kdf hgfpg kg]5
-v_ gfkmf gf]Sfg lxfa tyf DalGwt cgrLsf zLifsxsf] +lIfKt JofVof M
1 cfo Joo lxfaaf6 f]sf] M aLdf cjlw dfKtL afkt bfjL eQmfgL ug gkg]lsldsf] aLdfxsf] cfo Joo lxfaaf6 aeliggfkmf gf]Sfg lxfadf f]sf] artdivide-gf]Sfg_AElig sdxsf] of]ukmnnfO o zLifsdf hgfpg kg]5
2 hLjg aLdf sf]ifaf6 f]sf] M k|rlnt sfggL Jojyf adf]lhd aLdssf] bfloTjsf]n]vfhf]vf DaGwL aLdfIacuteLsf] k|ltj]bg d]tsf] cfwfdf hLjg aLdf sf]ifaf6 gfkmfgf]Sfg lxfadf fgsf nflu ldltn] jLs[lt k|bfg u]sf] sdnfO o zLifsdfhgfpg kg]5
3 nufgL shf tyf cGoaf6 cfo M lgb]zg adf]lhd afF8kFmf8 uL cfPsf] sdnfOo zLifsdf hgfpg kg]5
4 Jojyf lkmtf M nufgLdf gf]SfgLsf] nflu ulPsf] Jojyf shfdf gf]SfgLsf] nfluulPsf] Jojyf z+sfkb cffdLsf] nflu ulPsf] Jojyf tyf cGosf] nfluulPsf] Jojyf sd cf+lzs jf k0fkn] sfod fVg kg] cjyf gx]df TotfsdxnfO o zLifsdf hgfpg kg]5
5 cGo cfDbfgL M aLdf Aojfo+u f]sf gePsf] kj +rfng cfDbfgL htfcfDbfgLxsf] of]ukmnnfO o zLifsdf hgfpg kg]5
6 Jojyfkg vr M lgb]zg $ adf]lhd afF8kmFf8 uL cfPsf] sdnfO o zLifsdfhgfpg kg]5
7 ckn]vg vr M k|flDes vrx kj +rfng vrx k flPsf vrx nufgLshf cffdL tyf cGo ckn]vg ulPsf] vrnfO o zLifsdf hgfpg kg]5 t+yfks +rfns tyf pRr Jojyfks jf lghx+u DalGwt JolQmdivide+yfDaGwL cffdL ckn]vg ug kfOg] 5g
8 cGo vrx M k|rlnt sfgg adf]lhd aLdf ldlt tyf cGo lgsfon] aLdsnfOtf]s]sf] b08 hljfgf aLdsn] pkof]u u]sf] ]jfsf] aemfpg kg] zNs dodfgaemfP afkt ltg kg] ljnDa zNs hljfgf nufotsf vrx o zLifsdfhgfpg kg]5
9 gf]SfgLsf] nflu Jojyf M nufgLdf gf]SfgLsf] nflu Jojyf shfdf gf]SfgLsf]nflu Jojyf z+sfkb cffdL Jojyf tyf cGo JojyfnfO o zLifsdf hgfpgkg]5
10 cfos M aLdssf] cfos bfloTjnfO lgb]zg adf]lhd afF8kmFf8 uL cfPsf]sdnfO o zLifsdf hgfpg kg]5
11 hLjg aLdf sf]ifdf f]sf] M aLdssf] bfloTjsf] n]vf hf]vf uL aLdfIacuteLn] lbPsf]dNofIacuteg k|ltj]bg d]tsf] cfwfdf ldltn] lbPsf] cfb]zdividelgb]zg adf]lhd hLjg
41
aLdf sf]ifdf f]sf] sdnfO o zLifsdf b]vfpg kg]5 oL hLjg aLdf sf]ifdff]sf] sd gfkmf gf]Sfg lxfadf lkmtf ug kfOg] 5g
12 cl3Nnf jif+u DalGwt vr M cl3Nnf jif-x_sf] cfosdf nfu]sf]b08dividehljfgfdivideljnDa zNs tyf cl3Nnf jifxdf n]vfIacuteg ug 56]sf vrxnufotsf cl3Nnf jif+u DalGwt vrnfO o zLifsdf hgfpg kg]5
-u_ jfnft tyf DalGwt cgrLsf zLifsxsf] +lIfKt JofVof M
1 rQmf kFhL M eQmfgL k|fKt ePsf] fwf0f z]o ckljtgLo cu|flws z]o tyfkljtgLo cu|flwsf z]o afktsf] sdsf] of]ukmnnfO o zLifsdf hgfpg kg]5
2 hu]8f tyf sf]if M aLdsn] hu]8f sfod ug] lnlnfdf gfkmfaf6 afF8kmfF8 ecfPsf jf cGo sg] k|lqmofaf6 gt[hgf ePsf tyf gfkmf gf]Sfg lxfadf afF8kmFf8guL +ro uL flvPsf] sdxnfO o zLifsdf hgfpg kg]5 oL hu]8f k|of]uubf DalGwt hu]8f tyf sf]if lxfadf vr hgfpg kg]5
-s_ kFhLut hu]8f M rQmf gePsf] z]osf] afFsL sd dfu ubf eQmfgL gu]sf]sf0fn] pQm z]onfO hkmt uL k|fKt xg cfPsf] sd kFhLut cgbfg afktk|fKt xg cfPsf] lhGL tyf gub sd tyf aLdssf] kFhL j[l4 ug] p2]Zon]gfkmfaf6 flPsf] sdnfO o zLifsdf hgfpg kg]5
-v_ z]o lk|ldod M aLdsn] cfˆgf] z]o hfL ubf z]osf] clIacutet dNo eGbf a9Lbn] hfL u]sf] x]5 eg] pQm al9 sd hlt o zLifsdf hgfpg kg]5 ozLifsdf hgfOPsf] sd nfef+z ljt0f k|of]hgsf] nflu of]Uo dflgg] 5g
-u_ k|tfljt af]gz z]o M aLdsn] k|tfj uL fwf0f efn] kflt u]sf] t hfLuL gs]sf] af]gz z]onfO o zLifsdf hgfpg kg]5
-3_ ljz]if hu]8f M aLdf ldltsf] lgb]zg adf]lhd sg cGo hu]8f sf]if v8f ugkbf Totf] sdnfO o zLifsdf hgfpg kg]5
-ordf_ cGo hu]8f M aLdsn] cGo k|of]hgsf] nflu v8f u]sf] hu]8fnfO o zLifsdfhgfpg kg]5
-r_ gfkmf gf]Sfg lxfaaf6 f]sf] M aLdssf] gfkmf gf]Sfg lxfaaf6 jfnftdff]sf] gfkmf sdnfO o zLifsdf hgfpg kg]5
3 hLjg aLdf sf]if M lgb]zg adf]lhd fVg kg] hLjg aLdfsf]ifxsf] of]ukmnnfOo zLifsdf hgfpg kg]5
4 dxfndashljkQL hu]8f M 7nf] kldf0fdf aLdf bfjL pTkGg xg Sg] dxfndashljkQL -catastrophy_ sf] cjyfdf aLdssf] ljQLo Ifdtfdf kg Sg] k|ltsn c sd ug]p2]Zon] gfkmfaf6 flPsf] sdnfO o zLifsdf hgfpg kg]5 o zLifsdfhgfOPsf] sd nfef+z ljt0f k|of]hgsf] nflu of]Uo dflgg] 5g
5 ltg afFsL bL3sflng C0f tyf fk6L M jfnftsf] ldltdf eQmfgL ug afFsLbL3sflng fk6LnfO o zLifsdf hgfpg kg]5
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6 ly DkQL -vb_ MyfoL k|s[ltsf DkQLxsf] sn dNodf Xf ssectf uL afFsL x]sf]sdnfO o zLifsdf hgfpg kg]5
7 bL3sflng nufgL M aLdsn] lgb]zg ^ adf]lhd u]sf] bL3sflng nufgLnfO ozLifsdf hgfpg kg]5
kli6s0f M = jfnftsf] ldltaf6 Ps jif eGbf al9 cjwL kl5 eQmfgLk|fKt xg] sfL sfsf] hdfgt k|fKt ]Sol6Ld2tL lgIf]k gfuls nufgL of]hgf z]o a+s tyfljQLo +yfsf] cu|flwsf z]odividel8j]Gr tyf cGo f]xLk|s[ltsf nufgLxnfO bL3sflng nufgL Demg k5
= aLdsn] klAns sDkgLsf] z]odf nufgL u] afkt k|fKtxg] af]gz z]onfO z]o +Vofdf dfq b]vfO kn df]ndfsg kljtg ug x+bg
amp=s cNksflng nufgL M aLdsn] lgb]zg ^ adf]lhd u]sf] cNksflng nufgLnfO ozLifsdf hgfpg kg]5
kli6s0f M jfnftsf] ldltaf6 Ps jif leq eQmfgL k|fKt xg] sfL sfsf] hdfgt k|fKt ]Sol6L d2tL lgIf]k gfulsnufgL of]hgf a+s tyf ljQLo +yfsf] cu|flwsfz]odividel8j]Gr tyf cGo f]xL k|s[ltsf nufgLxnfOcNksflng nufgL Demg k5
8 aLdfn]vsf] lwtf]df shf M aLdsn] lgb]zg amp adf]lhd k|To]s lsldsf] aLdfsf]aLdfn]vsf] lwtf]df k|bfg u]sf] shfsf] of]ukmnnfO o zLifsdf hgfpg kg]5
9 gub tyf a+s dfHbft M -_ aLds+u x]sf] sn gub dfHbft sd tyf aLdssf]a+sdivideljQLo +yfsf] Aofh k|fKt gxg] vftfdf x]sf] sn sdnfO o zLifsdfhgfpg kg]5
10 cGo bL3sflng shf M lgb]zg amp adf]lhd n]vfIacuteg ulPsf] clestfnfO k|bfgulPsf] bL3sflng shf sdrfLnfO k|bfg ulPsf] bL3sflng shf tyf cGobL3sflng shfsf] of]ukmnnfO o zLifsdf hgfpg kg]5
kli6s0f M jfnftsf] ldltaf6 Ps jif eGbf al9 cjwL kl5 eQmfgLk|fKt xg] clestfnfO k|bfg ulPsf] shf sdrfLnfO k|bfgulPsf] shf tyf cGo f]xL k|s[tLsf shfxnfO bL3sflngshf Demg k5
)s= cGo cNksflng shf M lgb]zg amp adf]lhd n]vfIacuteg ulPsf] clestfnfO k|bfgulPsf] cNksflng shf sdrfLnfO k|bfg ulPsf] cNksflng shf tyf cGocNksflng shfsf] of]ukmnnfO o zLifsdf hgfpg kg]5
kli6s0f M jfnftsf] ldltaf6 Ps jif leq eQmfgL k|fKtxg] clestfnfO k|bfg ulPsf] shf sdrfLnfO k|bfgulPsf] shf tyf cGo f]xL k|s[tLsf shfxnfOcNksflng shf Demg k5
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11 cGo DkQL M -_ o lgb]zg adf]lhd n]vfIacuteg ulPsf] aLdssf] nufgLaf6 k|fKt xgafFsL cfo aLdfn]vsf] lwtf]df shfaf6 k|fKt xg afFsL Aofh cGo shfaf6 k|fKt xgafFsL Aofh cGo aLdsaf6 k|fKt xg afFsL kgaLdsaf6 k|fKt xg aFfsL ljljwcffdL clu|d eQmfgL sdrfL k]ZsL cGo k]ZsL wf6L tyf cGosf] of]ukmnnfOo zLifsdf hgfpg kg]5
-_ cGo DkQLsf] ljj0f kllzi6 sf] cgrL $ adf]lhd xg kg]5
-_ cn xg afFsL aLdfzNs eP f]sf] of]ukmn kllzi6 sf] cgrL $ dfb]vfpg kg]5 f] cn xg afFsL aLdfzNs afasf] dNtjL -Suspense_ b]vfOvb k|efj (Net effect) zGo agfpg kg]5
12 rfn bfloTj M clestfnfO lbg afFsL cGo aLdsnfO lbg afFsL kgaLdsnfO lbgafFsL aLdfzNs wf6L k0f ljj0f gvn]sf] aLdfzNs ljljw fx xfosdividexf]lN8EumlsDkgLnfO lbg afFsL gtf]tdf ssectf ulPsf] s ltg afFsL cfos ltg afFsL]jfzNs ltg afFsL sdrfLnfO ltg afFsL +rfnsnfO ltg afFsL tyf cGo ltgafFsL sdxsf] of]ukmnnfO o zLifsdf hgfpg kg]5
13 cdfKt hf]lvd jfkt Jojyf M lgb]zg ( adf]lhdsf] cdfKt hf]lvd Jojyfsf]of]ukmnnfO o zLifsdf hgfpg kg]5
14 eQmfgL xg afFsL bfjL jfkt Jojyf M k|To]s lsldsf] aLdfsf] eQmfgL xg afFsLbfjLsf] nflu ulPsf] Jojyfsf] of]ukmnnfO o zLifsdf hgfpg kg]5
15 ckn]vg jf dfof]hg xg afFsL ljljw vrx M ckn]vg ug afFsL k|flDes vrckn]vg ug afFsL kj +rfng vr ckn]vg ug afFsL yug ulPsf vr tyfcGo ckn]vg jf dfof]hg gePsf vrxsf] of]ukmnnfO o zLifsdf hgfpgkg]5
-3_ k|dv rsfIacutexdf +nUg zLifsxsf] +lIfKt JofVof
1 g]6 jy = rQmf kFhL plusmn hu]8f tyf sf]if plusmn dxf ljkQL hu]8f ndashckn]vg jfdfof]hg xg afFsL ljljw vrx ndash gfkmf gf]Sfg lxfaaf6 f]sf] gf]Sfg
2 k|lt z]o lstfaL dNo = g]6 jydividefwf0f z]o +Vof
3 k|lt z]o cfo = vb gfkmfdividefwf0f z]o +Vof
4 dNo cfDbfgL cgkft = k|lt z]o ahf dNodividek|lt z]o cfo
5 sn DklQ = ly DklQ plusmn nufgL plusmn aLdfn]vsf] lwtf]df shf plusmn rfnDklQ shf tyf k]ZsLx
![Page 2: hLjg aLdf Joj;fo ug]{ aLdssf] ljQLo ljj/0f ;DaGwL lgb]{zg](https://reader033.vdocuments.site/reader033/viewer/2022053020/6291631db7b57c39db6663d6/html5/thumbnails/2.jpg)
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-_ laz]if DofbL hLjg aLdf eGgfn] cjlw eQmfgL jfkt bfjL eQmfgLug kg] DofbL hLjg aLdf Demg k5
-_ v08 -s_ b]lv -r_ Dd gkg] hLjg aLdfnfO cGo hLjg aLdfDemg kg]5
5 ljQLo ljj0f+u Jojyfkgsf] k|ltj]bg +nUg ug kg ] M aLdssf] ljQLo ljj0f+ukllzi6ndash adf]lhdsf] Jojyfkgsf] k|ltj]bg +nUg ug kg]5 Totf] k|ltj]bg aLdssf]+rfns ldltsf] a7saf6 cgdf]lbt xg kg]5
6 tf]lsPsf] 9fFrfdf ljj0f tof ug kg] M
^= aLdsn] cfˆgf] jfnft gfkmf gf]Sfg lxfa cfo Joo lxfa gub k|jfx ljj0fOSo6Ldf ePsf] kljtg tyf cgrLx cGo ljj0fx o lgb]zgdf tf]lsPsf]9fFrf tlsf cgf tof ug kg]5
^= aLdssf] jfnft gfkmf gf]Sfg lxfa cfo Joo lxfa gub k|jfx ljj0f OSo6LdfePsf] kljtg tyf cgrLxdf tf]lsPsf] sg zLifs cGtut sd gx]sf] eP tfklgf] zLifs sfod fVg kg]5 tf]lsPsf] 9fFrfdf sg kljtg ug kfOg] 5g
t cgrLsf] aeligcGoAElig zLifs leq cfjZostfgf yk zLifsx dfj]zug sg afwf kg] 5g
^= cfos lgwf0fsf nflu aLdsn] k|rlnt cfos P]g tyf lgodfjnL adf]lhd 5sect9fFrfdf lxfa tof ug o lgb]zgn] afwf kyenofPsf] dflgg] 5g
7 aLdf ldltsf] jLs[lt adf]lhd ug kg ] M
amp= aLdsn] k|To]s cflys jifsf] n]vf kLIf0f ufO o lgb]zg adf]lhdsf] ljQLo ljj0fcflys aif dfKt ePsf] 5 dlxgf leq aLdf ldltsf] jLs[ltsf] nflu k]z ug kg]5
amp= lgb]zg amp= adf]lhd aLdf ldltdf k]z ugkg] ljQLo ljj0f+u Jojyfkgsf]k|ltj]bg cfGtls n]vf kLIf0f k|ltj]bg n]vf klIfssf] k|flDes k|ltj]bg f] pkaLdssf] +rfns ldltsf] k|ltlqmof tyf n]vf klIfssf] ljt[t k|ltj]bg -LongForm Audit Report) lxt n]vf klIfssf] k|ltj]bg +nUg ugkg]5
amp= lgb]zg amp= jdf]lhd aLdf ldltdf k]z ePsf] ljQLo ljj0f 5fgljg uL aLdfldltn] jLs[lt lbg jf lgb]zg zt tyf cfb]z lxt jLs[lt lbg jf Totf]ljj0fdf ulDe q6L b]lvPdf kldfhg lxt kgM k]z ug lgb]zg lbg Sg]5
amp=$ lgb]zg amp= jdf]lhd kldfhg lxt kgM k]z ug aLdf ldltn] lgb]zg lbPsf] tL -)_ lbg leq aLdsn] kldflht ljQLo ljj0f jLs[ltsf] nflu aLdf ldltdf k]z ugkg]5 ToL jLs[ltsf] nflu kgM k]z ePsf] ljQLo ljj0fnfO lgb]zg amp= adf]lhdjLs[lt lbg jf lgb]zg zt tyf cfb]z lxt jLs[lt lbg jf aLdf ldltaf6cf+NofOPsf] ulDe q6L gRofOPsf] cjyfdf kldfhg lxt kgM k]z ug aLdfldltn] lgb]zg lbg Sg]5
3
amp= lgb]zg amp= adf]lhd ljQLo ljj0f DaGwdf aLdf ldltaf6 lbOPsf] jLs[lt lgb]zgzt tyf cfb]z +nUg uL aLdsn] jflifs k|ltj]bg tof ug kg]5
amp=^ lgb]zg amp= adf]lhd gePDd aLdsn] cfˆgf] jflifs k|ltj]bg cGo lgsfodf k]z ugk|sflzt ug jf jflifs fwf0f ef cfJxfg ug x+bg
t k|rlnt sfggL Aojyf adf]lhd cGo lgsfodf k]z ug kg] jf k|sflztug kg ] ljj0f k]z ug jf k|sflzt ug o lgb]zgn] afwf kyenofPsf] dflgg]5g
amp=amp lgb]zg amp= adf]lhd tof ePsf] jflifs k|ltj]bg j fwf0fsf] hfgsfLsf] nfluaLdsn] cfˆgf] j]efO6 -Web-site_ df fVg kg]5 fy aLdf ldltaf6 tf]lsPadf]lhdsf] +lIfKt cflys laj0f fli6laquoo blgs klqsfdf k|sflzt ug kg]5
8 aLdfzNs cfDbfgL afWg kg] M
= aLdsn] gub k|flKtsf] cfwfdf aLdfzNs cfDbfgL afFWg kg]5 t gub k|flKt ldlteGbf aLdfzNs eQmfgL ug kg] ldlt kl5 ePdf kl5Nnf] ldltdf aLdfzNs cfDbfgLafFWg kg]5
= lgb]zg = df hgs sf n]lvPsf] ePtf klg aLdsn] kgaLdf jLsf u] afktk|fKt xg] aLdfzNs cfDbfgL k|f]befjL (Accural) cfwfdf afFWg Sg]5
= lgb]zg = adf]lhdsf] aLdfzNs Ps jif eGbf a9L cjlwsf] nflu Psdi7 k|fKt ePdfklxnf] jifsf] nflu xg cfpg] aLdfzNs cfDbfgL afFwL afFsL x]sf] sd wf6Lsf] kdffVg kg]5
t Psn aLdfzNs tf]lsPsf] aLdfsf] xsdf of] Jojyf nfu xg] 5g
=$ lgb]zg = adf]lhd wf6Lsf] kdf flvPsf] sdaf6 kl5Nnf jifxdf aLdf cjlwsf]dfgkflts kdf aLdfzNs cfDbfgL afFWg kg]5
9 clestf sldzg vr n]Vg kg] M aLdf clestf dfkmt k|fKt aLdf Jojfosf] hgcflys jifdf aLdfzNs cfDbfgL afFlwPsf] xf] f]xL cflys jifdf clestf sldzg vrn]Vg kg]5
10 gub k|flKtsf] cfwfdf cfDbfgL afFWg kg] M kgaLdsaf6 k|fKt dgfkmf sldzg -Profit
Commission_ nfO gub k|flKtsf] cfwfdf cfDbfgL afFWg kg]5 t dgfkmf sldzgDaGwdf kgaLdsaf6 lnlvt dyg k|fKt ePsf] cjyfnfO gub k|flKt x dfGglsg]5
11 sn cfDbfgL afWg kg] M aLdsn] cfDbfgL afFWbf k|rlnt cfos P]g adf]lhd gtf]tdf sssectf xg] aLdfzNs Aofh tyf ef8f htf cfDbfgLx -nfef+z afx]s_ nfO sn sddfn]vfIacuteg uL gtf]tdf ssectf ePsf] snfO clu|d s eQmfgL zLifsdf dfj]z ug kg]5
4
12 aLdf bfjLsf] nfutdf dfj]z ug kg] M aLdsn] bfjLsf] nfut u0fgf ubf aLdfn]vadf]lhd eQmfgL ug kg] sd tyf f] bfjL km5of6sf] nflu cfjZos kfdz tyfcgGwfg vr dfj]z ug kg]5
t aLdssf] kbflwsfL jf sdrfLn] u]sf] sfdsf] kflgtlds cGo vr afktsf]sd dfj]z ug kfOg] 5g
13 aLdssf] cfosf] afF8kFmf8 ug kg] M aLdsn] aLdfzNs tyf cGo k|ToIf cfDbfgL afx]ssfcfDbfgL DaGwdf b]xfo adf]lhd ug kg]5 M
-s_ aLdssf] nufgLaf6 k|fKt cfDbfgL aLdssf] DkQL ef8fdf lbP afkt k|fKtcfDbfgL cGo shf -aLdfn]vsf] lwtf]df lbPsf] shf afx]s_ af6 k|fKt Aofhnufot kllzi6 sf] cgrL adf]lhdsf cfDbfgLxnfO afF8kmFf8 ug kg]sn cfDbfgLsf] kdf lng kg]5
-v_ v08 -s_ adf]lhdsf] sn cfDbfgLnfO b]xfosf] q k|of]u uL k|To]s aLdfsf]cfo Joo lxfa tyf gfkmf gf]Sfg lxfadf afF8kmFf8 ug kg]5
cfDbfgL = ef x sn cfDbfgL
sn ef
kli6s0f M _ k|To]s lsldsf] aLdfsf] cfo Joo lxfasf] ef = cflysjifsf] zsf] hLjg aLdf sf]if plusmn cflys jifsf] zsf] cdfKt hf]lvdafkt Jojyf plusmn cflys aifsf] zsf] eQmfgL ug afFsL bfjL afkt Jojyfplusmn vb aLdfzNs plusmn kgaLdf sldzg cfo plusmn aLdfn]vsf] lwtf]df k|bfgulPsf] shfdf Aofh - clestf sldzg ndash kgaLdf sldzg vr ndash jfYokLIf0f zNs ndash bfjL eQmfgL -vb_
_ kli6s0f -_ adf]lhd u0fgf ulPsf] ef C0ffTds ePdf zGo Demgkg]5
_ gfkmf gf]Sfg lxfasf] ef = cflys jifsf] zsf] g]6 jy -Net Worth_
$_ sn ef = k|To]s lsldsf] aLdfsf] cfo Joo lxfasf] efsf] of]ukmnplusmn gfkmf gf]Sfg lxfasf] ef
14 Jojyfkg vrsf] afF8kmFf8 ug kg] M
$= Jojyfkg vrdf kllzi6ndash sf] cgrL amp adf]lhdsf vrx dfj]z ug kg]5
$= lgb]zg $= adf]lhdsf] sn Jojyfkg vrnfO b]xfo adf]lhd afF8kmFf8 ug kg]5 M-s_ sn Jojyfkg vrsf] )Uuml sd gfkmf gf]Sfg lxfadf fg kg]5
-v_ v08 -s_ adf]lhd f] afFsL x]sf] Jojyfkg vrnfO b]xfosf] q k|of]u uLk|To]s lsldsf] aLdfsf] cfo Joo lxfadf fg kg]5
Jojyfkg vr = ef x sn Jojyfkg vr x )=()
sn ef
5
kli6s0f M _ ef = DalGwt aLdfsf] k|ToIf aLdfzNs - clestf sldzg- jfYo kLIf0f zNs
_ sn ef = k|To]s lsldsf] aLdfsf] efsf] of]ukmn
$= lgb]zg $= df hgs sf n]lvPsf] ePtfklg k|rlnt sfggL Aojyfn] tf]lslbPsf]xbeGbf al9 Aojyfkg vr ePsf] cjyfdf Totf] al9 Aojyfkg vrnfO gfkmfgf]Sfg lxfjdf fL aFfsL x]sf] Aojyfkg vrnfO lgb]zg $= adf]lhd jf8kmfF8ug kg]5
15 cfossf] afF8kmFf8 ug kg] M aLdsnfO nfUg] sn cfosnfO b]xfosf] q k|of]u uLgfkmf gf]Sfg lxfa tyf cfo Joo lxfadf afF8kmFf8 ug kg]5
cfos = ef x sn cfos
sn ef
kli6s0f M _ sn ef = lgb]zg adf]lhdsf] sn cfDbfgL - lgb]zg$= adf]lhdsf] sn Jojyfkg vr
_ gfkmf gf]Sfg lxfasf] ef = lgb]zg sf] v08 -v_ sf] kli6s0f -_adf]lhdsf] cfDbfgL - lgb]zg $= sf] v08 -s_ adf]lhdsf] Jojyfkgvr
_ cfo Joo lxfasf] ef = lgb]zg sf] v08 -v_ sf] kli6s0f -_adf]lhdsf] cfDbfgL - lgb]zg $= sf] v08 -v_ adf]lhdsf] Jojyfkgvr
$_ kli6s0f -_ jf -_ adf]lhd u0fgf ulPsf] ef C0ffTds ePdf zGoDemg kg]5
16 nufgLsf] n]vfIacuteg ug kg] M
^= aLdssf] nufgLsf] n]vfIacuteg b]xfo adf]lhd ug kg]5 M
-s_ g]kfn sfsf] artkq jf C0fkq jf g]kfn sfsf] hdfgt k|fKt C0fkqdfulPsf] nufgLnfO clIacutet dNo -Face Value_ jf kn dNo dWo] hg 36L 5f]xL dNodf b]vfpg kg]5
-v_ v08 -s_ adf]lhd ulPsf] nufgLsf] clIacutet dNo eGbf kn dNo a9L ePdfTotf] a9L sdnfO yug ulPsf] vr (Deferred Expenditure) sf] kdfn]vfIacuteg uL f] vrnfO Totf] nufgLsf] cjlw leq dfgkflts cfwfdf (Pro-rata Basis) df ckn]vg ug kg]5
-u_ v08 -s_ jdf]lhd ulPsf] nufgLsf] clIacutet dNo eGbf kn dNo sd ePdfTotf] kms sdnfO nufgL cjlw leq dfgkflts cfwfdf nufgLaf6cfosf] kdf n]vfIacuteg ug kg]5 AElig
6
-3_ v08 -s_ adf]lhdsf art kq jf C0fkqsf] n]vfIacuteg ulPsf] dNo eGbf ahfdNo sd xg uPdf Totf] kms sdsf] afa Jojyf -Provision_ ug kg]5
-ordf_ a+sdivideljQLo +yfsf] d2tL lgIf]k jf gfuls nufgL sf]ifsf] nufgL of]hgfxdfulPsf] nufgLnfO fFjf sddf b]vfpg kg]5
t Totf] nufgLsf] Dofb dfKtL kl5 sg sf0fjz tTsfn lkmtf xggSg] cjyf gt[hgf ePdf Totf] nufgL sdsf] afa Jojyf ug kg]5
-r_ klAns lnld6]8 sDkgLsf] z]odf ulPsf] nufgLnfO kn dNo jf ahf dNodWo] hg 36L 5 f]xL dNodf b]vfpg kg]5
-5_ klAns lnld6]8 sDkgLsf] +yfks z]odf nufgL ulPsf] z]o k|rlnt sfggadf]lhd lwtf]kq ahfdf lrs[t gePdf b]xfo adf]lhd ug kg]5 M
c_ aLdsn] z]odf nufgL u]sf] klAns lnld6]8 sDkgLn] sff]af ug]Ohfhtkq kfPsf] ldltn] tLg jifDd Totf] nufgLnfO kn dNodfb]vfpg kg]5
cf_ aLdsn] z]odf nufgL u]sf] klAns lnld6]8 sDkgLn] sff]af ug]Ohfhtkq kfPsf] ldltn] tLg jif kl5 Totf] nufgLnfO kn dNodf b]vfOf] nufgL afasf] Jojyf ug kg]5
-h_ v08 -r_ adf]lhd nufgL ulPsf] z]o k|rlnt sfgg adf]lhd lwtf]kq ahfsf]rLaf6 x6]df -Delisted ePdf_ f] nufgL afasf] Jojyf ug kg]5
^= k|rlnt sfgg adf]lhd aLdssf] jfldTjdf gcfPsf] jf gx]sf] z]o artkqC0fkq jf cGo DklQnfO nufgLdf dfj]z ug kfOg] 5g
17 shf n]vfIacuteg ug kg] M
amp= k|rlnt sfggL Jojyf adf]lhd aLdsn] shf k|bfg ubf Totf] shf cnL xg]kofKt cfwf v8f uL shfnfO fF+jf sddf b]vfpg kg]5
amp= lgb]zg amp= adf]lhd k|bfg ulPsf] shf lgis[o ePdf f] shf afa sd Jojyfug kg]5 t aLdsn] aLdfn]vsf] lwtf]df k|bfg u]sf] shfsf] xsdf of] Jojyf nfuxg] 5g
ki6Ls0f M o lgb]zgsf] k|of]hgsf] nflu nuftf tLg dlxgf jf f] eGbf a9Lcjlwsf] efsf gf3]sf] shfnfO lgs[o shf Demgk5
amp= aLdsn] aLdfn]vsf] lwtf]df k|bfg u]sf] shfsf] xsdf aLdfn]vsf] zt adf]lhd Totf]shf+u DalGwt aLdfn]v hkmt xg kg] dofjlw Plsg uL hkmt xg kg]aLdfn]vsf] lwtf]df k|bfg ulPsf] shfnfO shf zLifsaf6 x6fO dfof]hg ugkg]5
amp=$ lgb]zg amp= adf]lhd slDtdf k|To]s cflys jifsf] cGTodf hkmt xg] aLdfn]v Plsgug kg]5
7
18 5sectfndash5sect hLjg aLdf sf]if fVg kg] M
= aLdsn] k|To]s lsldsf] aLdfsf] nflu 5sectfndash5sect hLjg aLdf sf]if fVg kg]5 t dnaLdfn]vsf] ks sf afktsf] sf]ifnfO f]xL lsldsf] aLdfsf] nflu v8f ulPsf]sf]ifdf dfj]z ug lsg]5
= aLdf cjlw dfKtL afkt bfjL eQmfgL ug gkg] lsldsf] aLdfsf] nflu lgb]zg= adf]lhd v8f ulPsf] sf]ifdf aLdf P]g )$( sf] bkmf adf]lhd tf]lsPsf]sd hDdf ug kg]5
= aLdf cjlw dfKtL (Maturity) afkt bfjL eQmfgL ug kg] lsldsf] aLdfsf] nflulgb]zg = adf]lhd v8f ulPsf] sf]ifdf b]xfosf] sd hDdf ug kg]5 M
-s_ aLdf P]g )$( sf] bkmf adf]lhd tf]lsPsf] sd
-v_ aLdfIacuteLsf] dNofIacuteg gePsf] cflys jifxsf] cfo Joo lxfaaf6 cfPsf] Dk0fart (Surplus) sd
-u_ aLdf ldltn] dondashdodf tf]lslbP adf]lhdsf] f]Ne]GL dflhg afktsf] yksd
=$ aLdfIacuteLsf] dNofIacuteg k|ltj]bg DaGwdf aLdf ldltaf6 lbOPsf] lgb]zg cgf hLjgaLdf sf]ifdf x]sf] sd aFf8kFmf8 ug kg]5
19 cdfKt hf]lvdsf] nflu Jojyf M
(= aLdf cjlw dfKtL jfkt bfjL eQmfgL ug gkg] lsldsf] aLdfsf] cdfKt hf]lvdjfkt aLdfIacuteLn] lgwf0f ullbPsf] bfloTj sd eGbf sd gxg] sd Aojyf ug kg]5
(= cf=a=)^divide^^ sf] ljQLo ljj0f tof ubf lgb]zg (= adf]lhd aLdfIacuteLaf6 bfloTjlgwf0f gePsf] cjyfdf aflifs jf f] eGbf sd cjlwsf] aLdfzNs b tf]lsPsf] aLdf cjlw dfKtL afkt bfjL eQmfgL ug gkg] lsldsf] aLdfsf] cdfKt hf]lvdafkt vb aLdfzNssf] slDtdf krf k|ltzt sd Jojyf ug lsg]5
(= cf=a=)^divide^^ sf] ljQLo ljj0f tof ubf lgb]zg (= adf]lhd aLdfIacuteLaf6 bfloTjlgwf0f gePsf] cjyfdf Psn aLdfzNs b tf]lsPsf] aLdf cjlw dfKtL afktbfjL eQmfgL ug gkg] lsldsf] aLdfsf] aLdf cjlwsf] dfgkflts xg]uL cdfKthf]lvd afkt sd Jojyf ug lsg]5
(=$ lgb]zg (= jf (= adf]lhd cdfKt hf]lvdsf] nflu cf=a= )^divide^^ df Jojyfu]sf] sdnfO cf=a= )^^divide^amp df cfDbfgL hgfpg kg]5
ki6Ls0f M o lgb]zgsf] k|of]hgsf] nflu aLdf cjlwsf] dfgkflts eGgfn]eQmfgL ePsf] aLdf cjlw -dlxgfdf_ eQmfgL xg afFsL aLdf cjlw -dlxgfdf_sf] dfgkflts eGg] Demgk5
(= lgb]zg (= adf]lhd cdfKt hf]lvdsf] nflu Aojyf u]sf] cjyfdf jfx]s aLdfcjlw dfKtL jfkt bfjL eQmfgL ug gkg] lsldsf] aLdf Aojfosf] cfo Aoolxfjaf6 xg cfPsf] jrtnfO hLjg aLdf sf]ifdf fg kg] 5
8
20 sfggL ljjfb ePsf] bfloTjsf] nflu Jojyf ug kg] M sfggL ljjfb ePsf] sg klgbfloTjsf] nflu aLdsn] kofKt Jojyf ug kg]5
21 ljQLo ljj0fsf] 9fFrf M aLdssf] ljQLo ljj0fsf] 9fFrf kllzi6ndash adf]lhd xg]5
22 ljQLo ljj0fsf] zLifsxsf] JofVof M aLdssf] ljQLo ljj0fdf dfj]z xg] zLifsxsf]+lIfKt JofVof kllzi6 ndash adf]lhd xg]5
23 dxf ljkQL kgaLdfzNs n]vfIacuteg ug kg] M
= aLdsn] k|To]s lsldsf] aLdf Aojfosf] nflu 5sectf 5sect dxf ljkQL kgaLdf Aojyfu]sf] cjyfdf dxf ljkQL kgaLdf zNsnfO DalGwt aLdf Aojfosf] cfo Aoolxfj -cgrL _ sf] kgaLdfzNs eQmfgL lzifs cGtut vr hgfpg kg] 5
= aLdsn] bO jf bO eGbf al9 lsldsf] aLdf Aojfosf] nflu Pp6 dxf ljkQLkgaLdf Aojyf u]sf] cjYffdf dxf ljkQL kgaLdf zNsnfO b]xfosf] q k|of]u ulDalGwt aLdf Aojfosf] cfo Aoo lxfjdf afF8kmfF8 ug kg] 5
dxf ljkQL kgaLdf zNs = ef x sn dxf ljkQL kgaLdfzNs
sn ef
kli6s0f M
-_ ef = DalGwt aLdf Aojfo cGtut aLdsn] wf0f u]sf] d of6 ls(Sum at Risk)
-_ sn ef = k|To]s DalGwt aLdf Aojfosf] kli6s0f -_ adf]lhdsf] efsf]of]ukmn
24 k|rlnt sfgg adf]lhd b08 hfo xg] M
o lgb]zgdf ulPsf] Aojyfn] k|rlnt sfgg adf]lhd xg] b08 hfoaf6 aLdsn]pGdQmL kfPsf] dflgg] 5g
9
kllzi6ndash
-lgb]zg +u DalGwt_
Jojyfkg k|ltj]bgdf vnfpg kg] aFbfx M
-s_ aLds DaGwL fdfGo hfgsfL M o zLifs cGtut b]xfosf aFbfx dfj]z ugkg]5 M
-_ +yfkgf ldlt
-_ aLds btfsf] k|df0fkq kfPsf] ldlt
-_ aLdsn] cgdtL kfPsf] aLdf Jojfosf] lsld k|sf
-$_ aLdsn] Jojfo k|fDe u]sf] ldlt
-_ aLdsn] cfjZos 7fg]sf] cGo ljj0f
-v_ aLdssf] +rfns ldltn] b]xfosf aFbfx k|dfl0ft ug kg]5 M
= aLdf Jojfo ug aLdf ldltaf6 hfL ePsf] k|df0f kqsf] jBtf sfod x]sf]
= sfgg adf]lhd aLdsn] ltg aemfpg kg] s ]jf zNs b08 hljfgf DalGwtlgsfodf aemfpg afFsL x]dividegx]sf]
= aLdssf] z]o jfldTjsf] +rgf Todf ePsf] x]k]msf] ljj0f tyf sfod x]sf]+rgf k|rlnt sfggL Jojyf cgk x]sf]
$= aLdf ldltn] tf]lslbP adf]lhdsf] f]Ne]GL dflhg -Solvency Margin_ sfod x]sf]
= -s_ jftljs kdf k|fKt xg Sg] dNodivideahf dNo eGbf jfnftsf] ldltdfaLdssf] ljQLo ljj0fdf dfj]z ulPsf Dk0f DklQxsf] dNo a9Lgx]sf]
-v_ aFbf -s_ adf]lhdsf] DklQsf] dNo tngf ug cjnDag ulPsf] ljlwsf] vnff
^= aLdsn] u]sf] nufgL k|rlnt sfggL Jojyfsf] klwL leq x]sf] pb3f]if0f tyf f]gePsf] eP sf0f lxtsf] ljj0f
amp= aLdsnfO cfO kg Sg] Dk0f hf]lvdx tyf f]sf] lgfs0fsf nflu cjnDagulPsf gLltxsf] vnff
= aLdssf] cGo dnsdf x]sf] k|wfg sfofnodividesfofnosf] ljj0f tyf Totf] g]kfnaflxsf] sfofnon] +rfng u]sf] aLdf Jojfoaf6 aLdsnfO cfO kg Sg] Dk0fhf]lvdx tyf f]sf] lgfs0fsf nflu cjnDag ulPsf gLltxsf] vnff
(= o jif km5of6 ePsf] aLdf bfjLsf] +Vof tyf km5of6 xg afFsL aLdf bfjLsf] +Vof dofjlwsf] vnff
)=ljQLo ljj0f tof ubf k|rlnt aLdf P]g )$( aLdf lgodfjnL )$( f]cGtut hfL ulPsf aLdf ldltsf cfb]z jf lgb]zg sDkgL P]g )^ tyf cGosfggx tyf n]vfdfg n]vfsf] l4fGt gLltx kfngf ulPsf] pb3f]if0f TotfJojyfx kfngf xg gs]sf] eP f]sf] sf0f lxtsf] vnff
10
=-s_ aLdsn] pkoQm n]vf gLlt cjnDag u]sf] f]sf] k|of]udf Psktf sfod u]sf] Totf] gLltsf] kLIf0f uL pkoQmtf Plsg u]sf] 5 eGg] pb3f]if0f
-v_ aLdssf] ljQLo ljj0fn] jfnftsf] ldltdf aLdssf] gfkmf gf]Sfg nufotsfljQLo cjyfsf] oyfy tyf jftljs lrq0f ub5 eGg] pb3f]if0f
=aLdssf] +rfns ldltn] aLdssf] DklQsf] Iffsf] nflu tyf hfnfhL jf cGoclgoldttf kQf nufpg f]Sgsf nflu pkoQm kofKt Jojyf u]sf] 5 eGg]pb3f]if0f
=aLdsn] aeliggoing concern basisAElig df cfˆgf] ljQLo ljj0f tof u]sf] xf] eGg]pb3f]if0f
$=aLdssf] Jojfosf] cfsf k|s[lt cgksf] cfGtls n]vf kLIf0f k|0ffnL ljBdfgx]sf] f] k|0ffnL k|efjsfL x]sf] 5 eGg] pb3f]if0f
=k|rlnt aLdf P]g )$( tyf sDkgL P]g )^ f] cGtutsf lgodfjnL cfb]zjf lgb]zgsf] k|ltsn xg] uL sg JolQm kmd sDkgL tyf aLdssf] +rfns jf+rfnssf] jfy x]sf] +yf+u sff]af ulPsf] 5g eGg] pb3f]if0f
^=hg aifsf] aflifs k|ltj]bg tof ulPsf] xf] f] aifdf aLdf ldltn] aLdsnfO sgb08 hljfgf tf]s]sf] eP f] DaGwL ljj0f
amp= Jojyfkgn] cfjZos 7fg]sf cGo sfx
11
kllzi6ndash
-lgb]zg +u DalGwt_
= aLdssf] cfo Joo lxfasf] 9fFrf M
aLdssf] gfd M
cflys aif ======================= sf] ================================== aLdfsf] cfo Joo lxfa
qm=+= ljj0f cgrL o aif ut aif
cfo
1 aLdfzNs -vb_
2 kgaLdf sldzg cfo
3 nufgL shf tyf cGoaf6 cfo
4 aLdfn]vsf] lwtf]df shfaf6 cfo
5 cGo k|ToIf cfo
6 cflys aifsf] zsf] eQmfgL xg afFsL bfjL afktJojyf
7 cflys aifsf] zsf] cdfKt hf]]lvd afkt Jojyf
hDdf cfo -s_
Joo
8 bfjL eQmfgL -vb_ $
9 clestf sldzg
10 jfYo kLIf0f zNs
11 kgaLdf sldzg vr
12 ]jf zNs -vb_ ^
13 cGo k|ToIf vr
14 Jojyfkg vr amp
15 cfos
16 cflys aifsf] cGTodf eQmfgL xg afFsL bfjL afktJojyf
(
17 cflys aifsf] cGTodf cdfKt hf]lvd afkt Jojyf
hDdf Joo -v_
18 hLjg aLdf sf]ifdividegfkmf gf]Sfg lxfadf f]sf]artdivide -gf]Sfg_ = -s_ - -v_
cgrL b]lv ( Dd osf cleGg c+u xg
12
= gfkmf gf]Sfg lxfasf] 9fFrf M
aLdssf] gfd M
cflys aif ======================= sf] gfkmf gf]Sfg lxfa
qm=+= ljj0f cgrL o aif ut aif
cfDbfgL
1 cfo Joo lxfaaf6 f]sf] )
2 hLjg aLdf sf]ifaf6 f]sf]
3 nufgL shf tyf cGoaf6 cfo
4 Jojyf lkmtf
5 cGo cfDbfgL -ljj0f vnfpg]_
hDdf cfDbfgL -s_
vr
6 Jojyfkg vr amp
7 ckn]vg vr
8 cGo vrx $
9 gf]SfgLsf] nflu Jojyf
10 sdrfL cfjf Aojyf
11 sdrfL af]g Jojyf
12 cfos
13 hLjg aLdf sf]ifdf f]sf]
hDdf vr -v_
14 vb gfkmf divide-gf]Sfg_ -u_ = -s_ ndash -v_
15 cl3Nnf] jif+u DalGwt vr
16 cl3Nnf] aifaf6 flPsf] gfkmfdivide-gf]Sfg_
afF8kmfF8sf] nflu pknAw sd
-s_ kFhLut hu]8f amp
-v_ ljz]if hu]8f amp
-u_ cGo hu]8f -ljj0f vnfpg]_ amp
-3_ k|tfljt nfef+z amp
17
-ordf_ dxfndashljkQL hu]8f
18 jfnftdf f]sf] gfkmfdivide-gf]Sfg_
cgrL amp tyf ) b]lv amp Dd osf cleGg c+u xg
13
= aLdssf] jfnftsf] 9fFrf M
====================== sf] jfnft
qm=+= ljj0f cgrL o aif ut aifgtf]t
1 rQmf kFhL ^2 hu]8f tyf sf]if amp3 hLjg aLdf sf]if 4 dxfndashljkQL hu]8f 5 ltg afFsL bL3sflng C0f tyf fk6L (
sn gtf]tpkof]u
6 ly DkQL -vb_ )7 lb3sflng nufgL 8 aLdfn]vsf] lwtf]df shf 9 cGo bL3sflng shf
10 11 12 13
Rffn DkQL shf tyf k]ZsLx Mgub tyf a+s dfHbftcNksflng nufgLcGo cNksflng shfcGo DkQL $hDdf -s_ -)plusmnplusmnplusmn_
14 15 ^16 (17
rfn bfloTj tyf JojYffx Mrfn bfloTjcdfKt hf]lvd jfkt JojyfeQmfgL xg afFsL bfjL afkt JojyfcGo Aojyf ^shDdf -v_ -$plusmnplusmn^plusmnamp_
18 vb rfn DkQL -u_ = -s_ ndash -v_19 ckn]vg jf dfof]hg xg afFsL ljljw vrx amp20 gfkmf gf]Sfg lxfaaf6 f]sf] gf]Sfg
sn pkof]u -^+amp++(++(+)_
+efljt bfloTjx tyf cgrL ( tyf ^ b]lv ( Dd osf cleGg c+u xg
+efljt bfloTjx
qm=+= ljj0f o aif ut aif1 rQmf jf eQmfgL xg afFsL nufgL2 k|Tofelt k|lta4tf3 aLdfn]v cGtut eGbf afx]saf6 aLds pk bfjL k]sf] t
aLdsn] bfloTj jLsf gu]sf]
aLdsn] bfloTj jLsf gu]sf]
4 aLdsn] jf aLdssf] tkmaf6 lbOPsf] Uof]06L5 cGo -ljj0f vnfpg]_
hDdf
aLdssf] gfd M
14
$= OSo6Ldf ePsf] kljtg DaGwL ljj0fsf] 9fFrf M
aLdssf] gfd M
cf=j==============df OSo6Ldf ePsf] kljtg DaGwL ljj0f
ljj0f z]o kFhL +lrt gfkmfdividegf]Sfg
k|tfljtaf]g z]o
kFhLuthu]8f sf]if
z]olk|ldod
ljz]if hu]8fsf]if
cGo hu]8f tyfsf]if
dxfljkQLhu]8f
sn sd
zdfHbft
dfof]hg
=============
=============
============
============
clGtddfHbft
15
= gub k|jfxsf] ljj0fsf] 9fFrf
aLdssf] gfd M
=====================b]lv========================Ddsf] gub k|jfxsf] ljj0f
qm=+= ljj0f o jif ut jifsff]af +rfngaf6 gub k|jfx MaLdf zNs cfDbfgLljnDa zNs cfDbfgLkgaLdf zNs cfDbfgLkgaLdf sldzg cfDbfgLcGo k|ToIf cfDbfgLkgaLdsaf6 k|fKt bfjL lseLkgaLdf zNs eQmfgLkgaLdf sldzg eQmfgLclestf sldzg eQmfgLjfYo kLIf0f zNs eQmfgLd[To bfjL eQmfgLcjlw dfKtL bfjL eQmfgLcf+lzs cjlw dfKtL bfjL eQmfgLdk0f dNo bfjL eQmfgLcGo bfjL eQmfgL]jf zNs eQmfgLJojyfkg vr eQmfgLsdrfL af]g eQmfgLcfos eQmfgLRffn DklQdf -j[l4_dividesdLRffn bfloTjdf j[l4divide-sdL_
s
sff]af +rfngaf6 vb gub k|jfx -s_nufgL ultljwLaf6 gub k|jfxly DklQdf -j[l4_ sdLsfL sfsf] hdfgt k|fKt ]Sol6Ldf nufgLdf -j[l4_ sdLa+s tyf ljQLo +yfsf] d2tL lgIf]kdf nufgLdf -j[l4_ sdLa+s tyf ljQLo +yfsf] cGo lgIf]k nufgLdf -j[l4_ sdLOSo6L z]o nufgLdf -j[l4_ sdLcu|flwsf z]odividel8j]Grdf nufgLdf -j[l4_ sdLcGo nufgLdf -j[l4_ sdLaLdfn]vsf] lwtf]df shfdf -j[l4_ sdLk]ZsL tyf cGo shfdf -j[l4_ sdLeQmfgL k|fKt Aofh cfDbfgL -nufgLdf_eQmfgL k|fKt l8le8]G8ef8f cfDbfgLeQmfgL k|fKt Aofh cfDbfgL -shfdf_cGo ck|ToIf cfDbfgLdividevr
v
nufgL ultljwLaf6 vb gub k|jfx -v_ljQLo gtf]t sff]afaf6 gub k|jfxz]oaf6 k|fKt sdltg afFsL fk6Ldf -j[l4_dividesdLcNksflng C0fdf -j[l4_dividesdLC0f fk6Ldf Aofh eQmfgLnfef+z eQmfgL
u
ljQLo gtf]t sff]afaf6 vb gub k|jfx -u_o jifsf] Dk0f ultljwLaf6 vb gub k|jfx = -s_plusmn-v_plusmn-u_gub tyf a+sdf x]sf] z dfHbftgub tyf a+sdf x]sf] clGtd dfHbft
16
^ ljQLo ljj0fsf] cleGg c+usf] kdf xg] cgrLx
cgrLndash
-s_ aLdfzNs -vb_
sn aLdfzNs kgaLdf zNs eQmfgL-Ceded_
aLdfzNs -vb_qm=+= aLdfsf]lsld
o jif ut jif o jif ut jif o jif ut jif
hDdf
-v_ sn aLdfzNs
k|ToIf aLdfzNs k|fKt kgaLdf zNs
-accepted_
sn aLdfzNsqm=+= aLdfsf]lsld
o jif ut jif o jif ut jif o jif ut jif
hDdf
-u_ k|ToIf aLdfzNs
k|yd aifsf]aLdfzNs
gjLs0f aLdfzNs Psn aLdfzNs hDdf k|ToIfaLdfzNs
qm=+= aLdfsf]lsld
o aif ut aif o aif ut aif o aif ut aif o aif ut aif
hDdf
17
cgrLndash
nufgL shf tyf cGoaf6 cfoqm=+= ljj0f o aif ut aif1 sfL sfsf] hdfgt k|fKt ]Sol6Laf6 cfo2 jfl0fHo a+ssf] d2tL lgIf]kaf6 cfo3 ljsf a+ssf] d2tL lgIf]kaf6 cfo4 gfuls nufgL of]hgfaf6 cfo5 ljQLo +yfsf] d2tL lgIf]kaf6 cfo6 cfjf ljQ sDkgLsf] fwf0f z]oaf6 nfef+z7 cGo klAns sDkgLsf] fwf0f z]oaf6 nfef+z8 a+s tyf ljQLo +yfsf] cu|flwsf z]oaf6 nfef+z9 a+s tyf ljQLo +yfsf] l8j]Graf6 cfo10 cGo -ljj0f vnfpg]_ af6 cfo11 shfaf6 cfo12 cGo lgIf]kaf6 -d2tL afx]s_ cfo13 nufgL laqmLdf gfkmf
Gog nufgL laqmLdf gf]Sfg14 nufgL -vLb_ df gfkmf
Gog nufgL -vLb_ df gf]Sfg15 ly DkQL laqmLaf6 gfkmf
Gog ly DkQL laqmLaf6 gf]Sfg16 vftf ckn]vg17 cl3Nnf jif+u DalGwt cfo18 cGo cfo
hDdfnufgL shf tyf cGoaf6 cfosf] afF8kmfF8
gfkmf gf]Sfg lxfadf f]sf]============ sf] cfo Joo lxfadf f]sf]============ sf] cfo Joo lxfadf f]sf]
hDdfcgrLndash
aLdfn]vsf] lwtf]df shf cfo
aLdfn]vsf] lwtf]df shf aLdfn]vsf] lwtf]df shfaf6 cfoqm=+= aLdfsf] lsld
o aif ut aif o aif ut aif
============= aLdf
============= aLdf
============= aLdf
18
cgrL ndash $bfjL eQmfgL
d[To bfjLeQmfgL
cjlw dfKtLbfjL eQmfgL
cf+lzs cjlwdfKtL bfjL
eQmfgL
dk0f dNo bfjLeQmfgL
cGo bfjLeQmfgL
sn bfjL eQmfgL sn bfjLeQmfgLdfkgaLdssf]
lxf
bfjL eQmfgL-vb_
qm=+= aLdfsf]lsld
o jif ut jif o jif ut jif o jif ut jif o jif ut jif o jif ut jif o jif ut jif o jif ut jif o jif ut jif
===
===
hDdf
19
cgrLndash
clestf sldzg
k|yd aifsf]aLdfzNsdf
clestf sldzg
gjLs0f aLdfzNsdfclestf sldzg
Psn aLdfzNsdfclestf sldzg
hDdf clestfsldzg
qm=+= aLdfsf]lsld
o jif ut jif o jif ut jif o jif ut jif o jif ut jif
hDdf
cgrLndash^
]jf zNs -vb_
sn ]jf zNs sn ]jf zNsdfkgaLdssf] lxf
]jf zNs -vb_qm=+= aLdfsf] lsld
o jif ut jif o jif ut jif o jif ut jif
========aLdf
========aLdf
hDdf
cgrLndash amp
Jojyfkg vr
qm=+= ljj0f o aif ut aif1 sdrfL vr -cgrL amp= adf]lhd_2 3 ef8f3 lahnL tyf kfgL4 ddt tyf Def
-s_ ejg-v_ jfL fwg-u_ sfofno pks0f-3_ cGo
5 +rf6 5kfO tyf dnGb7 vr xg] sfofno fdfg8 kljxg9 e|d0f vr -eQf d]t_
-s_ cfGtls-v_ jb]lzs
10 clestf tflnd11 clestf cGo12 aLdfzNs13 Iff vr14 sfggL tyf kfdz zNs15 kq klqsf tyf kts
20
16 lj1fkg tyf k|rf k|f17 Jofkf k|j4g18 cltyL Tsf19 rGbf tyf pkxf20 +rfns ldlt DaGwL vr
-s_ a7s eQf-v_ cGo
21 cGo ldltdividepkndashldlt DaGwL vr-s_ a7s eQf-v_ cGo
22 fwf0f ef DaGwL vr
23-s_ aLdfIacuteLo ]jf zNs-v_ aLdfIacuteLo vr
24 n]vf kLIf0f DaGwL vr-s_ n]vf kLIf0f zNs-v_ s n]vf kLIf0f zNs-u_ ljt[t n]vf kLIf0f k|ltj]bg zNs-3_ cGo zNs-ordf_ cfGtls n]vf kLIf0f vr-r_ cGo vr
25 Aofh26 as rfh27 zNs tyf bt28 Xf ssectL29 xnfs l6s630 cGo
afF8 kmfF8sf] nflu hDdfgfkmf gf]Sfg lxfadf f]sf]================aLdfsf] cfo Joo lxfadf f]sf]================aLdfsf] cfo Joo lxfadf f]sf]
hDdfcgrL amp=
sdrfL vr
qm=+= ljj0f o aif ut aif= tna= eQf= bz+ vr$= ~rosf]ifdf yk= tflnd vr^= kf]zfsamp= cfifwf]krf= aLdf(= k]Gg tyf pkbfg vr tyf Jojyf)= ljbf afktsf] vr tyf Jojyf= cGo ljwf afkt vr tyf Jojyf -ljj0f vnfpg]_ cGo -ljj0f vnfpg]_
hDdf M
21
cgrLndash
cfos
qm=+= ljj0f o aif ut aif
= o aifsf] cfos
= cl3Nnf aifxsf] cfos
= afF8kmfF8sf] nflu cfossf] hDdf
afF8kmfF8
gfkmf gf]Sfg lxfadf f]sf]
==============aLdfsf] cfo Joo lxfadf f]sf]
==============aLdfsf] cfo Joo lxfadf f]sf]
hDdf
22
cgrL ndash (
cflys jifsf] cGTodf eQmfgL xg afFsL bfjL afkt Jojyf
eQmfgL xgafFsL d[To bfjL
eQmfgL xgafFsL cjlwdfKtL bfjL
eQmfgL xgafFsL cf+lzscjlw dfKtL
bfjL
eQmfgL xgafFsL dk0fdNo bfjL
eQmfgL xgafFsL cGo
bfjL
[hgf ePsf]t hfgsfLdfgcfPsf] bfjL
-cgdflgt_
eQmfgL xgafFsL hDdf
bfjL
eQmfgL xgafFsL hDdf
bfjLdfkgaLdssf]
lxf
eQmfgL xgafFsL bfjL
afkt Jojyf
qm=+= aLdfsf] lsld
ojif
ut jif ojif
utjif
ojif
utjif
ojif
utjif
ojif
utjif
ojif
utjif
ojif
utjif
ojif
utjif
ojif
utjif
=
=
=
$=
hDdf M
23
cgrLndash)
cfo Joo lxfaxaf6 gfkmf gf]Sfg lxfadf f]sf] sd
qm=+= ljj0f o aif ut aif
= ==================== sf] cfo Joo lxfaaf6 f]sf]
= ==================== sf] cfo Joo lxfaaf6 f]sf]
=
$=
hDdf
cgrLndash
hLjg aLdf sf]if
dfof]hg cuf8Lsf]hLjg aLdf sf]if-jifsf] zdf_
cfo Joolxfaaf6 f]sf]
gfkmf gf]Sfglxfaaf6 f]sf]
dfof]hg cuf8Lsf]hLjg aLdfsf]if-jifsf] cGTodf_
qm=+= aLdfsf]lsld
o jif ut jif o jif ut jif o jif ut jif o jif ut jif
=
=
=
$=
hDdf M
hLjg aLdf sf]ifdf dfof]hg
dfof]hgcuf8Lsf]
hLjg aLdfsf]if
-jifsf]cGTodf_
gfkmfgf]Sfglxfadff]sf]
aLdfn]vcGtutbfloTj
af]gsf]nflu
Jojyf
f]Ne]GLdflhgsf]nflu
Jojyf
afF8kmfF8gulPsf]sd
jifsf]cGTodfhLjg
aLdf sf]if
qm=+= aLdfsf]lsld
oaif
utaif
oaif
utaif
oaif
utaif
oaif
utaif
oaif
utaif
oaif
utaif
oaif
utaif
=
=
=
hDdf M
24
cgrLndash
Jojyf lkmtfqm=+= ljj0f o aif ut aif= nufgLdf gf]SfgLsf] nflu Jojyf lkmtf= shfdf gf]SfgLsf] nflu Jojyf lkmtf= z+sfkb cffdL Jojyf lkmtf$ cGo Jojyf lkmtf
hDdf
cgrLndash
ckn]vg vrx
qm=+= ljj0f o aif ut aif1 k|flDes vrx2 kj +rfng vrx3 k flPsf vrx4 ckn]vg ulPsf] nufgL5 ckn]vg ulPsf] shf6 ckn]vg ulPsf] cffdL7 cGo ckn]vg
hDdf
cgrLndash$
cGo vrx
qm=+= ljj0f o aif ut aif
1 b08 hljfgf
2 ljnDa zNs hljfgf
3 cGo -ljj0f vnfpg]_
hDdf
cgrLndash
gf]SfgLsf] nflu Jojyfqm=+= ljj0f o aif ut aif= nufgLdf gf]SfgLsf] nflu Jojyf= shfdf gf]SfgLsf] nflu Jojyf= z+sfkb cffdL Jojyf$ cGo Jojyf
hDdf
25
cgrLndash^
-s_ z]o kFhL
qm=+= ljj0f o aif ut aifclws[t kFhLs_ ================= bsf] ======== yfg fwf0f z]ov_ ============ bsf] ====yfg ckljtgLo cu|flwsfz]o
=
u_ ========== bsf] ====== yfg kljtgLo cu|flwsfz]ohfL kFhLs_ ================= bsf] ======== yfg fwf0f z]ov_ ============ bsf] ====yfg ckljtgLo cu|flwsfz]o
=
u_ ========== bsf] ====== yfg kljtgLo cu|flwsfz]orQmf kFhLs_ ================= bsf] ======== yfg fwf0f z]oGog eQmfgL k|fKt xg afFsL ==== bsf] ===yfg fwf0fz]ov_ ============ bsf] ====yfg ckljtgLo cu|flwsfz]o
=
u_ ========== bsf] ====== yfg kljtgLo cu|flwsfz]o
hDdf-v_ z]o jfldTjsf] +rgf
o aif ut aifz]owgL
fwf0f z]o+Vof
jfldTjsf] Uuml fwf0fz]o +Vof
jfldTjsf] Uuml
g]kfnL +ul7t +yfx
g]kfnL gfuls
ljb]zL+y
fks
hDdf
jfwf0f
cGo -ljj0f vnfpg]_
sn
-u_ Ps k|ltzt jf a9L z]o jfldTj ePsf z]owgLxsf] ljj0f
o aif ut aifqm=+= ljj0f
jfldTjsf] Uuml sd jfldTjsf] Uuml sd
=
=
=
26
cgrLndashamp
hu]8f tyf sf]if
qm=+= ljj0f o aif ut aif
1 kFhLut hu]8f
2 ljz]if hu]8f
3 cGo hu]8f -ljj0f vnfpg]_
4 z]o lk|ldod
5 k|tfljt af]gz z]o
6 Gffkmf gf]Sfg lxfaaf6 f]sf] gfkmf
hDdf
cgrLndash
dxfndashljklQ hu]8fjifsf] zdf dxfndashljklQ hu]8f gfkmf gf]Sfg lxfaaf6 f]sf] jifsf] cGTodf dxfndashljklQ
hu]8fo jif ut jif o jif ut jif o jif ut jif
cgrLndash(
ltg afFsL bL3sflng C0f tyf fk6L
qm=+= ljj0f o aif ut aif
l8j]Gr divide a08
a+s
ljQLo +yf
$ cGo -ljj0f vnfpg]_
hDdf
27
cgrLndash)
ly DklQ
ljj0f kn df]n Xf ssectL vb df]n
zdfHbft
ojif
yk]sf]
ojif
36]sf]
hDdf utjifDd
ojif
laqmLdivide
dfof]hg
hDdf ojifDdsf]
UftjifDdsf]
lk|m xf]N8hldg
ejg
kmlgrtyf
lkmSr
sfofnofdfg
sDKo6tyfrgfk|ljwLpks0f
cb[ZoDklQ-ljj0fvnfpg]_
jfLfwg
lnh xf]N8DklQ
cGo-k|s[ltvnfpg]_
hDdf
lgdf0fflwgkFhLutvr
sn
ut jif
28
cgrLndash
nufgL
qm=+= ljj0f o aif ut aif-s_ bL3sflng nufgL M sfL sfsf] hdfgt k|fKt ]Sol6L jfl0fHo a+ssf] d2tL lgIf]k ljsf a+ssf] d2tL lgIf]k$ gfuls nufgL of]hgf ljQLo +yfsf] d2tL lgIf]k^ cfjf ljQ sDkgLsf] fwf0f z]o -cgrL = adf]lhd_amp cGo sDkgLsf] fwf0f z]o -cgrL = adf]lhd_ a+s tyf ljQLo +yfsf] cu|flwsf z]odividel8j]Gr( cGo -ljj0f vnfpg]_
hDdf M-v_ cNksflng nufgL M sfL sfsf] hdfgt k|fKt ]Sol6L jfl0fHo a+ssf] d2tL lgIf]k ljsf a+ssf] d2tL lgIf]k$ gfuls nufgL of]hgf ljQLo +yfsf] d2tL lgIf]k^ a+s tyf ljQLo +yfsf] cu|flwsf z]odividel8j]Gramp jfl0fHo a+ssf] Aofh k|fKt xg] cGo lgIf]k ljsf a+ssf] Aofh k|fKt xg]] cGo lgIf]k( ljQLo +yfsf] Aofh k|fKt xg] cGo lgIf]k) cGo Aofh k|fKt xg] nufgL -ljj0f vnfpg]_
hDdf McgrLndash=
z]odf nufgL
qm=+= sDkgL vb sd c+lst dNo kn dNo ahf dNo
= ======sDkgLsf]=============yfg====z]o
= ======sDkgLsf]=============yfg=====z]o
= ======sDkgLsf]=============yfg=====z]o
hDdf
gf]6 M = aLdssf] xfos sDkgLdividexf]lN8Euml sDkgL tyf +oQm nufgL ePsf] sDkgLsf] z]odf ePsf]nufgLnfO
5sectfndash5sect vnfpg kg]5
= lgodfgf lrs[t gePsf z]odf ePsf] nufgLnfO 5sect vnfpg kg]5
= +yfks z]o cGo z]odf ePsf] nufgLnfO 5sectf5sect vnfpg kg]5
29
cgrLndash
gub tyf a+s dfHbft
qm=+= ljj0f o aif ut aifgub dfHbft
hDdfa+s dfHbftjfl0fHo a+sxsf] dfHbftljsf a+sxsf] dfHbftljQLo +yfxsf] dfHbft
cGo -ljj0f vnfpg]_hDdfsn
cgrLndash
cGo shf
qm=+= ljj0f o aif ut aif-s_ bL3sflng shf= clestfnfO shf= sdrfLnfO shf= cGo -ljj0f vnfpg]_
hDdf-v_ cNksflng shf= clestfnfO shf= sdrfLnfO shf= cGo -ljj0f vnfpg]_
hDdfcgrLndash$
cGo DklQqm=+= ljj0f o aif ut aif1 nufgLaf6 k|fKt xg afFsL cfo2 aLdfn]vsf] lwtf]df shfaf6 k|fKt xg afFsL Aofh3 cGo -aLdfn]vsf] lwtf]df afx]s_ shfaf6 k|fKt xg afFsL
Aofh4 cGo aLdsaf6 k|fKt xg afFsL5 kgaLdsaf6 k|fKt xg afFsL6 ljljw cffdL7 clu|d eQmfgL8 sdrfL k]ZsL9 cGo k]ZsL10 wf6L11 cn xg afFsL aLdfzNs
Gog M cn xg afFsL aLdfzNs dNtjL -suspense_12 cGo ljj0f vnfpg]
hDdf M
30
cgrLndash
rfn bfloTj
qm=+= ljj0f o aif ut aif1 clestfnfO lbg afFsL2 cGo aLdsnfO lbg afFsL3 kgaLdsnfO lbg afFsL4 cNksflng shf5 aLdfzNs wf6L6 k0f ljj0f gvn]sf] aLdfzNs7 ljljw fx8 xfosdividexf]lN8Euml sDkgLnfO lbg afFsL9 gtf]tdf ssectf ulPsf] s ltg afFsL10 dNo clea[l4 s ltg afFsL11 cfos ltg afFsL12 ]jf zNs ltg afFsL13 sdrfLnfO lbg afFsL14 +rfnsnfO lbg afFsL15 eQmfgL lbg afFsL nfef+z -l8le8]08_16 cGo -ljj0f vnfpg]_
hDdf
cgrLndash^
cdfKt hf]lvd Jojyfqm=+= ljj0f o aif ut aif= ===========aLdfsf] cdfKt hf]lvd hu]8f= ===========aLdfsf] cdfKt hf]lvd hu]8f= ===========aLdfsf] cdfKt hf]lvd hu]8f
===========aLdfsf] cdfKt hf]lvd hu]8f
hDdf
31
cgrL ^scGo Aojyf
aifsf] zdf Aojyfrfn cf=a=df yk ulPsf]
Aojyfrfn cf=a=df ckn]vg
ulPsf] Aojyfrfn cf=a=df lkmtfulPsf] Aojyf
aifsf] cGtdf sfodx]sf] Aojyf
qm=+=
ljj0fo jif ut jif o jif ut jif o jif ut jif o jif ut jif o jif ut jif
nfef+z -l8le8]08_ sf] nflu Aojyf
nufgLdf gf]SfgLsf] nflu Aojyf
shfdf gf]SfgLsf] nflu Aojyf
$ z+sfZkb cffdLsf] nflu Aojyf
cGo gf]SfgLsf] nflu Aojyf
^ sdrfL DaGwL Aojyf-s_ k]Gg tyf pkbfg Aojyf-v_ ljbf jfkt Aojyf-u_ cfjf tyf cGo ljwf Aojyf-3_ sdrfL af]g Aojyf-ordf_ cGo
amp cGo Aojyf -ljj0f vnfpg]_
hDdf
32
cgrLndashamp
ckn]vgdividedfof]hg xg afFsL ljljw vrxqm=+= ljj0f o aif ut aif1 ckn]vg ug afFsL k|flDes vr2 ckn]vg ug afFsL kj +rfng vr3 ckn]vg ug afFsL yug ulPsf vr4 cGo -ljj0f vnfpg]_
hDdf
cgrL ndash
ljQLo ljj0f+u DalGwt k|dv n]vf gLltx
n]vf DaGwL gLltdf vnfpg kg] aFbfx M aLdsn] n]vf DaGwL gLltdf b]xfosf aFbfxvnfpg kg]5
1 ljQLo ljj0f tofLsf cfwfx M sg sg cjwf0ff -concept_ tyf n]vfdfgx sfgg tyf aLdf ldltsf lgb]zgxsf] clwgdf xL ljQLo ljj0f tof ulPsf] xf]f]sf] Joxf]f
ljQLo ljj0f tof ubf sg sfgg aLdf ldltsf] lgb]zg jf n]vfdfg kfngf gePsf]eP f]sf] sf0f lxt Joxf]f
2 ly DklQ n]vfIacuteg gLlt M ly DklQ n]vfIacuteg ubf cjnDag ulPsf] gLlt
3 Xf ssectL gLlt M aLdssf] +rfns ldltaf6 kflt uL nfu ulPsf] Xf ssectL gLlt
4 kFhLs[t gulg] DklQx DaGwL n]vfIacuteg gLlt M aLdssf] +rfns ldltn] sg lglZrtdf]nDd kg] pks0f fdfgx kFhLs[t gug] gLlt lnPsf] 5 eg] f]sf] Joxf]f
5 cfos Jojyf tyf afF8kmFf8 gLlt M cfos Jojyf DaGwdf aLdsn] cjnDag u]sf]gLlt aLdsn] gfkmf gf]Sfg lxfa tyf cfo Joo lxfadf Totf] Jojyf sdafF8kmFf8 ubf cjnDag u]sf] gLlt
6 nufgL n]vfIacuteg gLlt M nufgL n]vfIacutegsf] DaGwdf aLdsn] cjnDag u]sf] gLltxnfOb]xfosf zLifsx cGtut vnfpg kg]5
-s_ sfL artkqdivideC0fkqdf nufgL n]vfIacuteg gLlt
-v_ a+sdivideljQLo +yfsf] d2tL lgIf]kdf nufgL n]vfIacuteg gLlt
-u_ klAns lnld6]8 sDkgLsf] z]odf nufgL n]vfIacuteg gLlt
-3_ klAns lnld6]8 sDkgLn] hfL u]sf] C0fkqxdf nufgL n]vfIacuteg gLlt
7 6xL 36a9 dfof]hg gLlt M ljb]zL db|f+u DalGwt DklQ bfloTj tyf 6xL36a9 cfDbfgL tyf vrxsf] n]vfIacuteg gLlt
8 aLdfzNs cfDbfgL n]vfIacuteg gLlt M aLdsn] aLdfzNs cfDbfgL n]vfIacuteg ubf cjnDagu]sf] gLlt
33
9 kgaLdf sldzg cfDbfgL n]vfIacuteg gLlt M aLdsn] kgaLdf u] afkt k|fKt ug] sldzgsf]n]vfIacuteg ubf cjnDag u]sf] gLlt
10 cGo cfo n]vfIacuteg tyf afF8kmFf8 gLlt M aLdsn] ef8f -Rent_ tyf cGo zLifsaf6 ePsf]cfo n]vfIacuteg tyf afF8kmFf8 ubf cjnDag u]sf] gLlt
11 shf n]vfIacuteg gLlt M aLdsn] aLdfn]vsf] lwtf]df k|bfg u]sf] shf tyf cGo shfn]vfIacuteg ubf cjnDag u]sf] gLlt
12 Jojyfkg vr afF8kmFf8 gLlt M aLdsn] gfkmf gf]Sfg lxfa tyf cfo Joo lxfaxdfJojyfkg vr afF8kmFf8 ubf cjnDag u]sf] gLlt
13 aLdf bfjL eQmfgL vr n]vfIacuteg gLlt M aLdsn] aLdf bfjL eQmfgL vr n]vfIacuteg ubfcjnDag u]sf] gLlt
14 aLdf bfjL afkt bfloTj Jojyf n]vfIacuteg gLlt M -s_ gt[hgf ePsf] t hfgsfLdfgcfPsf] -IBNR_ aLdf bfjL afkt bfloTj Jojyf n]vfIacuteg ubf aLdsn] cjnDagu]sf] gLlt
-v_ aLdsn] aLdf bfjL bfloTj afkt Jojyf ubf cjnDag u]sf] gLlt
15 aLdf Jojfodf art afF8kmFf8 gLlt M aLdsn] gfkmf gf]Sfg lxfa tyf cfo Joolxfaxdf art afF8kmFf8 ubf cjnDag u]sf] gLlt
16 sdrfL pkbfg ljbf tyf cGo ljwf afkt Jojyf gLlt M aLdsn] sdrfL pkbfgljbf tyf cGo ljwf afkt Jojyf ubf cjnDag u]sf] n]vfIacuteg gLlt
17 z+sfkb cffdL Jojyf gLlt M aLdsn] z+sfkb cffdL Jojyf ubf cjnDag u]sf]gLlt
18 ckn]vg vr n]vfIacuteg gLlt M aLdsn] cjnDag u]sf] ckn]vg vr DaGwL gLlt
19 cGo gLltx M plNnlvt gLltx afx]s jfnft gfkmf gf]Sfg lxfa cfo Joo lxfanufotsf ljQLo ljj0fnfO apermilg ljZn]if0f ug 3fp kUg] uL cGo sg] n]vf gLltsf]hfgsfL lbg cfjZos b]lvPdf f] Joxf]f
34
cgrLndash(
ljQLo ljj0f+u DalGwt n]vf DaGwL l6Kk0fLx
n]vf DaGwL l6Kk0fLdf vnfpg kg] aFbfx M aLdsn] n]vf DaGwL l6Kk0fLdf b]xfosf aFbfxvnfpg kg]5
= Defljt bfloTjx M
c_ rQmf jf eQmfgL xg afFsL nufgL
cf_ k|Tofelt k|lta4tf -underwriting commitments_
O_ aLdfn]v cGtut eGbf afx]saf6 aLds pk bfjL k]sf] t aLdsn] bfloTj jLsfgu]sf]
O_ aLdsn] jf aLdssf] tkmaf6 lbOPsf] Uof]06L
p_ cGo bfloTj -ljj0f vnfpg]_
= aLdfIacuteLn] aLdssf] bfloTj dNofIacuteg ubf cjnDag u]sf] cfwfx
= aLdssf] DklQdf cfPsf] Lldttf tyf ljjfbx
$= shf nufgL tyf ly DklQsf] nflu ulPsf] k|lta4tf
= nufgL+u DalGwt b]xfosf vLb laqmL Demftfxsf] dNo M
c_ vLb ulPsf] DklQsf] jfldTj k|fKt gePsf]
cf_ laqmL ulPsf] DklQsf] eQmfgL k|fKt gePsf]
^= o jifeL ulPsf] nufgL tyf laqmLdividelkmtf lnPsf] nufgLsf] DaGwdf +yf ldltkldf0f sd d]t vn]sf] ljj0f
amp= a+s dfHbft lxfa DaGwdf DalGwt a+sdivideljQLo +yfsf] 6]6d]06 lxtsf] lxfaldnfg DaGwL Joxf]f
= aLdsdividekgaLds+u lng lbg afFsL lxfa DaGwdf DalGwt aLdsdividekgaLdssf]dyg lxtsf] lxfa ldnfg DaGwL Joxf]f
gf]6 Mndash bnfn (Broker) dfkmt ePsf] kgaLdfsf] xsdf fdfGot DalGwt bnfnn]kgaLdssf] tkmaf6 dyg lbg Sg]5
(= aLdsn] u]sf] nufgL k|rlnt aLdf P]g lgodfjnL tyf aLdf ldltaf6 tf]lsP adf]lhdx] gx]sf]
)= aLdssf] +rfns jf +rfns+u DalGwt JolQm jf +yf+u ePsf] sff]af
= aLdsn] cfˆgf] DklQsf] If0fdf lnPsf] C0fsf] lwtf] zt tyf cflrTo
= aLdsn] s rQmf k|df0fkq k|fKt u]sf] cf=j=tyf Totf] rQmf k|df0fkq k|fKt xg afFsLcf=j= f] DaGwL ljj0fsf fy] cl3Nnf] cf=j=xsf] s hljfgf Aofh afkt bfjLk]sf] o cf=j=df eQmfgL ePsf] sd
= lkmtf u]sf] aLdfzNssf] kldf0f sf0f
35
$=aLdsn] aLldtnfO k|bfg ug] 3f]lift tyf cGtld af]gsf] b
=l9nf] aLdfzNs eQmfgLdf lanDa zNsdivideAofhsf] b tyf aLdfn]vsf] lwtf]df k|bfg ulg]shfdf Aofhsf] b
^=ckn]vg xg afFsL vrsf] ljj0f
amp=rQmf kFhL dWo] clu|d eQmfgL k|fKt -Paid in advance_ eQmfgL k|fKt xg afFsL -Call inarrears_ hkmt ulPsf t kgM lgisfzg gulPsf z]osf] ljj0f
=lnh xf]N8 DklQdf ut jifDd o jif vr (Amortization) n]lvPsf] sdsf]ljj0f
(= jifeldf ePsf] jfnft aflxsf] sff]afsf] ljj0f
)= cl3Nnf aifx+u DalGwt cfDbfgL tyf vrxsf] 5sectf5sect ljj0f
=plNnlvt aFbfx afx]s jfnft gfkmf gf]Sfg lxfa cfo Joo lxfa nufotsfljQLo ljj0fxnfO apermilg ljZn]if0f ug 3fp kUg] cGo sg hfgsfL lbg cfjZosb]lvPdf cGo Joxf]f d]t vnfpg kg]5
36
cgrL )k|dv rsfIacutex
cf=a=qm=+= ljj0f rsfIacute
g]6 jy = z]o +Vof +Vof k|lt z]o lstfjL dNo =$ vb gfkmf = k|lt z]o cfo (EPS) =^ k|lt z]o nfef+z (DPS) =amp k|lt z]o ahf dNo (MPPS) = dNo cfDbfgL cgkft (PE Ratio) cgkft( k|yd aifsf] aLdfzNs =) sn aLdfzNs = vb aLdfzNsdividesn aLdfzNs k|ltzt vb gfkmfdividesn aLdfzNs k|ltzt sn aLdfzNsdividesn DklQ k|ltzt$ nufgL shfaf6 cfodividesn nufgL shf k|ltzt sn nufgL shfdividehLjg aLdfsf]if k|ltzt^ kgaLdf sldzg cfodividesn kgaLdfzNs k|ltztamp Jojyfkg vrdividesn aLdfzNs k|ltzt aLdf clestf DalGw vrdividesn aLdfzNs k|ltzt( aLdf clestf +Vof +Vof) sdrfL +Vof +Vof sfofnosf] +Vof +Vof sdrfL vrdivideJojyfkg vr k|ltzt sdrfL vrdividesdrfL +Vof =$ eQmfgL xg aFfsL bfjL sddivideeQmfgL ePsf] bfjL
sdk|ltzt
sn sfod x]sf] aLdfn]vsf] +Vof +Vofdf^ o jif gjLs0f ePsf] aLdfn]vsf] +Vofdivideut
jif sfod x]sf] aLdfn]vsf] +Vofk|ltzt
amp bfjL k]sf] aLdfn]vsf] +Vofdividesn sfod x]sf]aLdfn]vsf] +Vof
k|ltzt
f]Ne]GL dflhg k|ltzt( 3f]lift af]g b =
k|ltxhf) cGtld af]g b =
k|ltxhf
37
cgrL ndash
aLdfIacutesf] ljj0f
sfod x]sf]aLdfn]vsf] +Vof
sfod x]sf]aLdfn]v cGtut
hDdf aLdfIacute
d of6 ls(Sum at Risk)
kgaLdsnfOxtfGt0f ulPsf]
d of6 ls(Sum at Risk)
aLdsn] wf0fu]sf] d of6ls (Sum at
Risk)
qm=+= aLdfsf] lsld
o jif ut jif o jif ut jif o jif ut jif o jif ut jif o jif ut jif
hDdf
38
kllzi6 ndash
-lgb]zg +u DalGwt_
ljQLo ljj0fsf zLifsxsf] +lIfKt JofVof
-s_ cfo Joo lxfa tyf f] DaGwL cgrLsf zLifsxsf] +lIfKt JofVof M
1 k|ToIf aLdfzNs M aLdsn] kgaLdf jLsf u] afkt k|fKt aLdfzNs afx]s k|ydjifsf] aLdfzNs gjLs0f aLdfzNs Psn aLdfzNssf] of]ukmnaf6 lgodfgflkmtf u]sf] aLdfzNs ssectf uL o zLifsdf hgfpg kg]5
2 sn aLdfzNs M k|ToIf aLdfzNs aLdsn] kgaLdf jLsf u] afkt k|fKtaLdfzNssf] of]ukmnnfO o zLifsdf hgfpg kg]5
3 aLdfzNs -vb_ M sn aLdfzNsaf6 kgaLdf lbP afktsf] kgaLdf zNs ssectf uLafFsL sdnfO o zLifsdf hgfpg kg]5
4 kgaLdf sldzg cfo M -s_ aLdsn] kgaLdf lbP afkt k|fKt xg] kgaLdfsldzgnfO o zLifsdf hgfpg kg]5
-v_ aFbf g+=-s_ sf] cltlQm kgaLdsaf6 dgfkmf sldzg -Profit Commission_k|fKt ePdf f]nfO o zLifsdf dfj]z uL f]sf] Joxf]f n]vf DaGwLl6Kk0fLdf vnfpg kg]5
5 nufgL shf tyf cGoaf6 cfo M sfL ]Sol6Laf6 cfo d2tL lgIf]kaf6 cfoklAns sDkgLsf] z]odividel8j]Graf6 cfo ef8faf6 cfo shfaf6 cfo -aLdfn]vsf]lwtf]df shf afx]s_ cGo lgIf]kaf6 -d2tL afx]s_ cfo nufgL laqmLdf gfkmf -GognufgL laqmLdf gf]Sfg_ nufgL -vLb_ df gfkmf -Gog nufgL vLbdf gf]Sfg_ly DklQ laqmLaf6 gfkmf -Gog ly DklQ laqmLaf6 gf]Sfg_ vftf ckn]vgaf6cfo tyf cGo cfosf] of]ukmnnfO lgb]zg adf]lhd afF8kFmf8 uL cfPsf]sdnfO o zLifsdf hgfpg kg]5
6 aLdfn]vsf] lwtf]df shfaf6 cfo M aLdfn]vsf] lwtf]df shf k|bfg u] afkt k|fKt xg]Aofh lanDa zNs htf cfonfO o zLifsdf hgfpg kg]5
7 cGo k|ToIf cfoM aLldtn] tf]lsPsf] cjlwleq aLdfzNs gaemfP afkt aLdsn]eQmfgL k|fKt u]sf] hljfgfdivideAofhdivideljnDa zNs tyf aLdfn]vsf] k|ltlnkL btcfo l6s6 bt htf f]xL aLdfsf] lsld+u k|ToIf kdf DalGwt cfonfO ozLifsdf hgfpg kg]5
8 bfjL eQmfgL -vb_ M aLdsn] eQmfgL u]sf] d[To bfjL cjlw dfKtL bfjL cf+lzscjlw dfKtL bfjL dk0f dNo tyf cGo bfjLsf] of]ukmnnfO o zLifsdfhgfpg kg]5
9 clestf sldzg M k|yd jifsf] aLdfzNsdf clestf sldzg gjLs0f aLdfzNsdfclestf sldzg Psn aLdfzNsdf clestf sldzgsf] of]ukmnaf6 kgaLdssf]lxf ssectf uL afFsL sd o zLifsdf hgfpg kg]5
10 jfYo kLIf0f zNs M aLdf hf]lvdfIacutegsf] nflu jfYo kLIf0f ufP afkt aLdsn]Joxf]g k]sf] jfYo kLIf0f zNsnfO o zLifsdf hgfpg kg]5
39
11 kgaLdf sldzg vr M aLdsn] kgaLdf jLsf u] afkt eQmfgL ug kg] sldzgsdnfO o zLifsdf hgfpg kg]5
12 ]jf zNs -vb_ M aLdf ldltnfO aemfpg kg] sn ]jf zNsaf6 kgaLdssf] lxfssectf uL afFsL sdnfO o zLifsdf hgfpg kg]5
13 cGo k|ToIf vr M aLdfsf] lsld+u k|ToIf kn] DalGwt x]sf] cGo vrnfO ozLifsdf hgfpg kg]5
14 Jojyfkg vr M lgb]zg $ adf]lhd afF8kmFf8 uL cfPsf] sdnfO o zLifsdfhgfpg kg]5
15 cfos M -_ aLdssf] cfos bfloTjnfO lgb]zg adf]lhd afF8kmFf8 uL cfPsf]sdnfO o zLifsdf hgfpg kg]5 osf] ljj0f kllzi6 sf] cgrL adf]lhd xg kg]5
-_ cl3Nnf jif-x_ sf] cfos bfloTjnfO kllzi6 sf] cgrL sf] aeligcl3Nnfjifxsf] cfosAElig zLifsdf hgfpg kg]5 t Totf] cfosdf nfu]sf]b08dividehljfgfdivideljnDa zNsnfO gfkmf gf]Sfg lxfasf] aeligcl3Nnf jif+uDalGwt vrAElig zLifsdf hgfpg kg]5
16 cflys jifsf] cGTodf eQmfgL xg afFsL bfjL afkt Jojyf M cflys jifsf] cGTodfeQmfgL xg afFsL d[To bfjL cjlw dfKtL bfjL cf+lzs cjlw dfKtL bfjL dk0fdNo bfjL cGo bfjL tyf gt[hgf ePsf] t hfgsfLdf gcfPsf] bfjLsf] of]ukmndfaLdf lgodfjnL )$( sf] lgod sf] v08 -3_ adf]lhdsf] sd yk ubf xgcfpg] sdnfO o zLifsdf hgfpg kg]5
aLdssf] cgejsf] cfwfdf [hgf ePsf] t hfgsfLdf gcfPsf] bfjLsf] nflusd Aojyf ug kg]5
17 cflys jifsf] cGTodf cdfKt hf]lvd afkt Jojyf M aLdf cjlw dfKtL afktbfjL eQmfgL ug gkg] lsldsf] aLdfsf] cdfKt hf]lvd afkt lgb]zg ( adf]lhdJojyf uL cfPsf] sd o zLifsdf hgfpg kg]5
18 hLjg aLdf sf]ifdividegfkmf gf]Sfg lxfadf f]sf] artdivide-gf]Sfg_ M -_ aLdf cjlwdfKtL afkt bfjL eQmfgL ug kg] lsldsf] aLdfsf] cfo Joo lxfaaf6 art -surplus_ ePsf] cjyfdf o zLifsnfO aelighLjg aLdf sf]ifdf f]sf] artAElig sfoduL Totf] art sdnfO o zLifsdf hgfpg kg]5
-_ aLdf cjlw dfKtL afkt bfjL eQmfgL ug kg] lsldsf] aLdfsf] cfo Joolxfaaf6 gf]Sfg ePsf] cjyfdf o zLifsnfO aeliggfkmf gf]Sfg lxfadff]sf] gf]SfgAElig sfod uL Totf] gf]Sfg sdnfO o zLifsdf C0ffTdskdf hgfpg kg]5
-_ aLdf cjlw dfKtL afkt bfjL eQmfgL ug gkg] lsldsf] aLdfsf] cfo Joolxfasf] nflu o zLifsnfO aelighLjg aLdf sf]ifdf f]sf] sdAElig aeliggfkmfgf]Sfg lxfadf f]sf] artdivide-gf]Sfg_AElig uL bOj6f zLifs sfod uL aelighLjgaLdf sf]ifdf f]sf] sdAElig zLifsdf lgb]zgndash adf]lhdsf] sd hgfO afFsLsdnfO aeliggfkmf gf]Sfg lxfadf f]sf] artdivide-gf]Sfg_AElig zLifsdf hgfpgkg]5 tf]lsP adf]lhd hLjg aLdf sf]ifdf f]sf] sd hgfp+bf gf]Sfg ePdf
40
aeliggfkmf gf]Sfg lxfadf f]sf] artdivide-gf]Sfg_AElig zLifsdf Totf] gf]Sfg ePsf]sdnfO C0ffTds kdf hgfpg kg]5
-v_ gfkmf gf]Sfg lxfa tyf DalGwt cgrLsf zLifsxsf] +lIfKt JofVof M
1 cfo Joo lxfaaf6 f]sf] M aLdf cjlw dfKtL afkt bfjL eQmfgL ug gkg]lsldsf] aLdfxsf] cfo Joo lxfaaf6 aeliggfkmf gf]Sfg lxfadf f]sf] artdivide-gf]Sfg_AElig sdxsf] of]ukmnnfO o zLifsdf hgfpg kg]5
2 hLjg aLdf sf]ifaf6 f]sf] M k|rlnt sfggL Jojyf adf]lhd aLdssf] bfloTjsf]n]vfhf]vf DaGwL aLdfIacuteLsf] k|ltj]bg d]tsf] cfwfdf hLjg aLdf sf]ifaf6 gfkmfgf]Sfg lxfadf fgsf nflu ldltn] jLs[lt k|bfg u]sf] sdnfO o zLifsdfhgfpg kg]5
3 nufgL shf tyf cGoaf6 cfo M lgb]zg adf]lhd afF8kFmf8 uL cfPsf] sdnfOo zLifsdf hgfpg kg]5
4 Jojyf lkmtf M nufgLdf gf]SfgLsf] nflu ulPsf] Jojyf shfdf gf]SfgLsf] nfluulPsf] Jojyf z+sfkb cffdLsf] nflu ulPsf] Jojyf tyf cGosf] nfluulPsf] Jojyf sd cf+lzs jf k0fkn] sfod fVg kg] cjyf gx]df TotfsdxnfO o zLifsdf hgfpg kg]5
5 cGo cfDbfgL M aLdf Aojfo+u f]sf gePsf] kj +rfng cfDbfgL htfcfDbfgLxsf] of]ukmnnfO o zLifsdf hgfpg kg]5
6 Jojyfkg vr M lgb]zg $ adf]lhd afF8kmFf8 uL cfPsf] sdnfO o zLifsdfhgfpg kg]5
7 ckn]vg vr M k|flDes vrx kj +rfng vrx k flPsf vrx nufgLshf cffdL tyf cGo ckn]vg ulPsf] vrnfO o zLifsdf hgfpg kg]5 t+yfks +rfns tyf pRr Jojyfks jf lghx+u DalGwt JolQmdivide+yfDaGwL cffdL ckn]vg ug kfOg] 5g
8 cGo vrx M k|rlnt sfgg adf]lhd aLdf ldlt tyf cGo lgsfon] aLdsnfOtf]s]sf] b08 hljfgf aLdsn] pkof]u u]sf] ]jfsf] aemfpg kg] zNs dodfgaemfP afkt ltg kg] ljnDa zNs hljfgf nufotsf vrx o zLifsdfhgfpg kg]5
9 gf]SfgLsf] nflu Jojyf M nufgLdf gf]SfgLsf] nflu Jojyf shfdf gf]SfgLsf]nflu Jojyf z+sfkb cffdL Jojyf tyf cGo JojyfnfO o zLifsdf hgfpgkg]5
10 cfos M aLdssf] cfos bfloTjnfO lgb]zg adf]lhd afF8kmFf8 uL cfPsf]sdnfO o zLifsdf hgfpg kg]5
11 hLjg aLdf sf]ifdf f]sf] M aLdssf] bfloTjsf] n]vf hf]vf uL aLdfIacuteLn] lbPsf]dNofIacuteg k|ltj]bg d]tsf] cfwfdf ldltn] lbPsf] cfb]zdividelgb]zg adf]lhd hLjg
41
aLdf sf]ifdf f]sf] sdnfO o zLifsdf b]vfpg kg]5 oL hLjg aLdf sf]ifdff]sf] sd gfkmf gf]Sfg lxfadf lkmtf ug kfOg] 5g
12 cl3Nnf jif+u DalGwt vr M cl3Nnf jif-x_sf] cfosdf nfu]sf]b08dividehljfgfdivideljnDa zNs tyf cl3Nnf jifxdf n]vfIacuteg ug 56]sf vrxnufotsf cl3Nnf jif+u DalGwt vrnfO o zLifsdf hgfpg kg]5
-u_ jfnft tyf DalGwt cgrLsf zLifsxsf] +lIfKt JofVof M
1 rQmf kFhL M eQmfgL k|fKt ePsf] fwf0f z]o ckljtgLo cu|flws z]o tyfkljtgLo cu|flwsf z]o afktsf] sdsf] of]ukmnnfO o zLifsdf hgfpg kg]5
2 hu]8f tyf sf]if M aLdsn] hu]8f sfod ug] lnlnfdf gfkmfaf6 afF8kmfF8 ecfPsf jf cGo sg] k|lqmofaf6 gt[hgf ePsf tyf gfkmf gf]Sfg lxfadf afF8kmFf8guL +ro uL flvPsf] sdxnfO o zLifsdf hgfpg kg]5 oL hu]8f k|of]uubf DalGwt hu]8f tyf sf]if lxfadf vr hgfpg kg]5
-s_ kFhLut hu]8f M rQmf gePsf] z]osf] afFsL sd dfu ubf eQmfgL gu]sf]sf0fn] pQm z]onfO hkmt uL k|fKt xg cfPsf] sd kFhLut cgbfg afktk|fKt xg cfPsf] lhGL tyf gub sd tyf aLdssf] kFhL j[l4 ug] p2]Zon]gfkmfaf6 flPsf] sdnfO o zLifsdf hgfpg kg]5
-v_ z]o lk|ldod M aLdsn] cfˆgf] z]o hfL ubf z]osf] clIacutet dNo eGbf a9Lbn] hfL u]sf] x]5 eg] pQm al9 sd hlt o zLifsdf hgfpg kg]5 ozLifsdf hgfOPsf] sd nfef+z ljt0f k|of]hgsf] nflu of]Uo dflgg] 5g
-u_ k|tfljt af]gz z]o M aLdsn] k|tfj uL fwf0f efn] kflt u]sf] t hfLuL gs]sf] af]gz z]onfO o zLifsdf hgfpg kg]5
-3_ ljz]if hu]8f M aLdf ldltsf] lgb]zg adf]lhd sg cGo hu]8f sf]if v8f ugkbf Totf] sdnfO o zLifsdf hgfpg kg]5
-ordf_ cGo hu]8f M aLdsn] cGo k|of]hgsf] nflu v8f u]sf] hu]8fnfO o zLifsdfhgfpg kg]5
-r_ gfkmf gf]Sfg lxfaaf6 f]sf] M aLdssf] gfkmf gf]Sfg lxfaaf6 jfnftdff]sf] gfkmf sdnfO o zLifsdf hgfpg kg]5
3 hLjg aLdf sf]if M lgb]zg adf]lhd fVg kg] hLjg aLdfsf]ifxsf] of]ukmnnfOo zLifsdf hgfpg kg]5
4 dxfndashljkQL hu]8f M 7nf] kldf0fdf aLdf bfjL pTkGg xg Sg] dxfndashljkQL -catastrophy_ sf] cjyfdf aLdssf] ljQLo Ifdtfdf kg Sg] k|ltsn c sd ug]p2]Zon] gfkmfaf6 flPsf] sdnfO o zLifsdf hgfpg kg]5 o zLifsdfhgfOPsf] sd nfef+z ljt0f k|of]hgsf] nflu of]Uo dflgg] 5g
5 ltg afFsL bL3sflng C0f tyf fk6L M jfnftsf] ldltdf eQmfgL ug afFsLbL3sflng fk6LnfO o zLifsdf hgfpg kg]5
42
6 ly DkQL -vb_ MyfoL k|s[ltsf DkQLxsf] sn dNodf Xf ssectf uL afFsL x]sf]sdnfO o zLifsdf hgfpg kg]5
7 bL3sflng nufgL M aLdsn] lgb]zg ^ adf]lhd u]sf] bL3sflng nufgLnfO ozLifsdf hgfpg kg]5
kli6s0f M = jfnftsf] ldltaf6 Ps jif eGbf al9 cjwL kl5 eQmfgLk|fKt xg] sfL sfsf] hdfgt k|fKt ]Sol6Ld2tL lgIf]k gfuls nufgL of]hgf z]o a+s tyfljQLo +yfsf] cu|flwsf z]odividel8j]Gr tyf cGo f]xLk|s[ltsf nufgLxnfO bL3sflng nufgL Demg k5
= aLdsn] klAns sDkgLsf] z]odf nufgL u] afkt k|fKtxg] af]gz z]onfO z]o +Vofdf dfq b]vfO kn df]ndfsg kljtg ug x+bg
amp=s cNksflng nufgL M aLdsn] lgb]zg ^ adf]lhd u]sf] cNksflng nufgLnfO ozLifsdf hgfpg kg]5
kli6s0f M jfnftsf] ldltaf6 Ps jif leq eQmfgL k|fKt xg] sfL sfsf] hdfgt k|fKt ]Sol6L d2tL lgIf]k gfulsnufgL of]hgf a+s tyf ljQLo +yfsf] cu|flwsfz]odividel8j]Gr tyf cGo f]xL k|s[ltsf nufgLxnfOcNksflng nufgL Demg k5
8 aLdfn]vsf] lwtf]df shf M aLdsn] lgb]zg amp adf]lhd k|To]s lsldsf] aLdfsf]aLdfn]vsf] lwtf]df k|bfg u]sf] shfsf] of]ukmnnfO o zLifsdf hgfpg kg]5
9 gub tyf a+s dfHbft M -_ aLds+u x]sf] sn gub dfHbft sd tyf aLdssf]a+sdivideljQLo +yfsf] Aofh k|fKt gxg] vftfdf x]sf] sn sdnfO o zLifsdfhgfpg kg]5
10 cGo bL3sflng shf M lgb]zg amp adf]lhd n]vfIacuteg ulPsf] clestfnfO k|bfgulPsf] bL3sflng shf sdrfLnfO k|bfg ulPsf] bL3sflng shf tyf cGobL3sflng shfsf] of]ukmnnfO o zLifsdf hgfpg kg]5
kli6s0f M jfnftsf] ldltaf6 Ps jif eGbf al9 cjwL kl5 eQmfgLk|fKt xg] clestfnfO k|bfg ulPsf] shf sdrfLnfO k|bfgulPsf] shf tyf cGo f]xL k|s[tLsf shfxnfO bL3sflngshf Demg k5
)s= cGo cNksflng shf M lgb]zg amp adf]lhd n]vfIacuteg ulPsf] clestfnfO k|bfgulPsf] cNksflng shf sdrfLnfO k|bfg ulPsf] cNksflng shf tyf cGocNksflng shfsf] of]ukmnnfO o zLifsdf hgfpg kg]5
kli6s0f M jfnftsf] ldltaf6 Ps jif leq eQmfgL k|fKtxg] clestfnfO k|bfg ulPsf] shf sdrfLnfO k|bfgulPsf] shf tyf cGo f]xL k|s[tLsf shfxnfOcNksflng shf Demg k5
43
11 cGo DkQL M -_ o lgb]zg adf]lhd n]vfIacuteg ulPsf] aLdssf] nufgLaf6 k|fKt xgafFsL cfo aLdfn]vsf] lwtf]df shfaf6 k|fKt xg afFsL Aofh cGo shfaf6 k|fKt xgafFsL Aofh cGo aLdsaf6 k|fKt xg afFsL kgaLdsaf6 k|fKt xg aFfsL ljljwcffdL clu|d eQmfgL sdrfL k]ZsL cGo k]ZsL wf6L tyf cGosf] of]ukmnnfOo zLifsdf hgfpg kg]5
-_ cGo DkQLsf] ljj0f kllzi6 sf] cgrL $ adf]lhd xg kg]5
-_ cn xg afFsL aLdfzNs eP f]sf] of]ukmn kllzi6 sf] cgrL $ dfb]vfpg kg]5 f] cn xg afFsL aLdfzNs afasf] dNtjL -Suspense_ b]vfOvb k|efj (Net effect) zGo agfpg kg]5
12 rfn bfloTj M clestfnfO lbg afFsL cGo aLdsnfO lbg afFsL kgaLdsnfO lbgafFsL aLdfzNs wf6L k0f ljj0f gvn]sf] aLdfzNs ljljw fx xfosdividexf]lN8EumlsDkgLnfO lbg afFsL gtf]tdf ssectf ulPsf] s ltg afFsL cfos ltg afFsL]jfzNs ltg afFsL sdrfLnfO ltg afFsL +rfnsnfO ltg afFsL tyf cGo ltgafFsL sdxsf] of]ukmnnfO o zLifsdf hgfpg kg]5
13 cdfKt hf]lvd jfkt Jojyf M lgb]zg ( adf]lhdsf] cdfKt hf]lvd Jojyfsf]of]ukmnnfO o zLifsdf hgfpg kg]5
14 eQmfgL xg afFsL bfjL jfkt Jojyf M k|To]s lsldsf] aLdfsf] eQmfgL xg afFsLbfjLsf] nflu ulPsf] Jojyfsf] of]ukmnnfO o zLifsdf hgfpg kg]5
15 ckn]vg jf dfof]hg xg afFsL ljljw vrx M ckn]vg ug afFsL k|flDes vrckn]vg ug afFsL kj +rfng vr ckn]vg ug afFsL yug ulPsf vr tyfcGo ckn]vg jf dfof]hg gePsf vrxsf] of]ukmnnfO o zLifsdf hgfpgkg]5
-3_ k|dv rsfIacutexdf +nUg zLifsxsf] +lIfKt JofVof
1 g]6 jy = rQmf kFhL plusmn hu]8f tyf sf]if plusmn dxf ljkQL hu]8f ndashckn]vg jfdfof]hg xg afFsL ljljw vrx ndash gfkmf gf]Sfg lxfaaf6 f]sf] gf]Sfg
2 k|lt z]o lstfaL dNo = g]6 jydividefwf0f z]o +Vof
3 k|lt z]o cfo = vb gfkmfdividefwf0f z]o +Vof
4 dNo cfDbfgL cgkft = k|lt z]o ahf dNodividek|lt z]o cfo
5 sn DklQ = ly DklQ plusmn nufgL plusmn aLdfn]vsf] lwtf]df shf plusmn rfnDklQ shf tyf k]ZsLx
![Page 3: hLjg aLdf Joj;fo ug]{ aLdssf] ljQLo ljj/0f ;DaGwL lgb]{zg](https://reader033.vdocuments.site/reader033/viewer/2022053020/6291631db7b57c39db6663d6/html5/thumbnails/3.jpg)
3
amp= lgb]zg amp= adf]lhd ljQLo ljj0f DaGwdf aLdf ldltaf6 lbOPsf] jLs[lt lgb]zgzt tyf cfb]z +nUg uL aLdsn] jflifs k|ltj]bg tof ug kg]5
amp=^ lgb]zg amp= adf]lhd gePDd aLdsn] cfˆgf] jflifs k|ltj]bg cGo lgsfodf k]z ugk|sflzt ug jf jflifs fwf0f ef cfJxfg ug x+bg
t k|rlnt sfggL Aojyf adf]lhd cGo lgsfodf k]z ug kg] jf k|sflztug kg ] ljj0f k]z ug jf k|sflzt ug o lgb]zgn] afwf kyenofPsf] dflgg]5g
amp=amp lgb]zg amp= adf]lhd tof ePsf] jflifs k|ltj]bg j fwf0fsf] hfgsfLsf] nfluaLdsn] cfˆgf] j]efO6 -Web-site_ df fVg kg]5 fy aLdf ldltaf6 tf]lsPadf]lhdsf] +lIfKt cflys laj0f fli6laquoo blgs klqsfdf k|sflzt ug kg]5
8 aLdfzNs cfDbfgL afWg kg] M
= aLdsn] gub k|flKtsf] cfwfdf aLdfzNs cfDbfgL afFWg kg]5 t gub k|flKt ldlteGbf aLdfzNs eQmfgL ug kg] ldlt kl5 ePdf kl5Nnf] ldltdf aLdfzNs cfDbfgLafFWg kg]5
= lgb]zg = df hgs sf n]lvPsf] ePtf klg aLdsn] kgaLdf jLsf u] afktk|fKt xg] aLdfzNs cfDbfgL k|f]befjL (Accural) cfwfdf afFWg Sg]5
= lgb]zg = adf]lhdsf] aLdfzNs Ps jif eGbf a9L cjlwsf] nflu Psdi7 k|fKt ePdfklxnf] jifsf] nflu xg cfpg] aLdfzNs cfDbfgL afFwL afFsL x]sf] sd wf6Lsf] kdffVg kg]5
t Psn aLdfzNs tf]lsPsf] aLdfsf] xsdf of] Jojyf nfu xg] 5g
=$ lgb]zg = adf]lhd wf6Lsf] kdf flvPsf] sdaf6 kl5Nnf jifxdf aLdf cjlwsf]dfgkflts kdf aLdfzNs cfDbfgL afFWg kg]5
9 clestf sldzg vr n]Vg kg] M aLdf clestf dfkmt k|fKt aLdf Jojfosf] hgcflys jifdf aLdfzNs cfDbfgL afFlwPsf] xf] f]xL cflys jifdf clestf sldzg vrn]Vg kg]5
10 gub k|flKtsf] cfwfdf cfDbfgL afFWg kg] M kgaLdsaf6 k|fKt dgfkmf sldzg -Profit
Commission_ nfO gub k|flKtsf] cfwfdf cfDbfgL afFWg kg]5 t dgfkmf sldzgDaGwdf kgaLdsaf6 lnlvt dyg k|fKt ePsf] cjyfnfO gub k|flKt x dfGglsg]5
11 sn cfDbfgL afWg kg] M aLdsn] cfDbfgL afFWbf k|rlnt cfos P]g adf]lhd gtf]tdf sssectf xg] aLdfzNs Aofh tyf ef8f htf cfDbfgLx -nfef+z afx]s_ nfO sn sddfn]vfIacuteg uL gtf]tdf ssectf ePsf] snfO clu|d s eQmfgL zLifsdf dfj]z ug kg]5
4
12 aLdf bfjLsf] nfutdf dfj]z ug kg] M aLdsn] bfjLsf] nfut u0fgf ubf aLdfn]vadf]lhd eQmfgL ug kg] sd tyf f] bfjL km5of6sf] nflu cfjZos kfdz tyfcgGwfg vr dfj]z ug kg]5
t aLdssf] kbflwsfL jf sdrfLn] u]sf] sfdsf] kflgtlds cGo vr afktsf]sd dfj]z ug kfOg] 5g
13 aLdssf] cfosf] afF8kFmf8 ug kg] M aLdsn] aLdfzNs tyf cGo k|ToIf cfDbfgL afx]ssfcfDbfgL DaGwdf b]xfo adf]lhd ug kg]5 M
-s_ aLdssf] nufgLaf6 k|fKt cfDbfgL aLdssf] DkQL ef8fdf lbP afkt k|fKtcfDbfgL cGo shf -aLdfn]vsf] lwtf]df lbPsf] shf afx]s_ af6 k|fKt Aofhnufot kllzi6 sf] cgrL adf]lhdsf cfDbfgLxnfO afF8kmFf8 ug kg]sn cfDbfgLsf] kdf lng kg]5
-v_ v08 -s_ adf]lhdsf] sn cfDbfgLnfO b]xfosf] q k|of]u uL k|To]s aLdfsf]cfo Joo lxfa tyf gfkmf gf]Sfg lxfadf afF8kmFf8 ug kg]5
cfDbfgL = ef x sn cfDbfgL
sn ef
kli6s0f M _ k|To]s lsldsf] aLdfsf] cfo Joo lxfasf] ef = cflysjifsf] zsf] hLjg aLdf sf]if plusmn cflys jifsf] zsf] cdfKt hf]lvdafkt Jojyf plusmn cflys aifsf] zsf] eQmfgL ug afFsL bfjL afkt Jojyfplusmn vb aLdfzNs plusmn kgaLdf sldzg cfo plusmn aLdfn]vsf] lwtf]df k|bfgulPsf] shfdf Aofh - clestf sldzg ndash kgaLdf sldzg vr ndash jfYokLIf0f zNs ndash bfjL eQmfgL -vb_
_ kli6s0f -_ adf]lhd u0fgf ulPsf] ef C0ffTds ePdf zGo Demgkg]5
_ gfkmf gf]Sfg lxfasf] ef = cflys jifsf] zsf] g]6 jy -Net Worth_
$_ sn ef = k|To]s lsldsf] aLdfsf] cfo Joo lxfasf] efsf] of]ukmnplusmn gfkmf gf]Sfg lxfasf] ef
14 Jojyfkg vrsf] afF8kmFf8 ug kg] M
$= Jojyfkg vrdf kllzi6ndash sf] cgrL amp adf]lhdsf vrx dfj]z ug kg]5
$= lgb]zg $= adf]lhdsf] sn Jojyfkg vrnfO b]xfo adf]lhd afF8kmFf8 ug kg]5 M-s_ sn Jojyfkg vrsf] )Uuml sd gfkmf gf]Sfg lxfadf fg kg]5
-v_ v08 -s_ adf]lhd f] afFsL x]sf] Jojyfkg vrnfO b]xfosf] q k|of]u uLk|To]s lsldsf] aLdfsf] cfo Joo lxfadf fg kg]5
Jojyfkg vr = ef x sn Jojyfkg vr x )=()
sn ef
5
kli6s0f M _ ef = DalGwt aLdfsf] k|ToIf aLdfzNs - clestf sldzg- jfYo kLIf0f zNs
_ sn ef = k|To]s lsldsf] aLdfsf] efsf] of]ukmn
$= lgb]zg $= df hgs sf n]lvPsf] ePtfklg k|rlnt sfggL Aojyfn] tf]lslbPsf]xbeGbf al9 Aojyfkg vr ePsf] cjyfdf Totf] al9 Aojyfkg vrnfO gfkmfgf]Sfg lxfjdf fL aFfsL x]sf] Aojyfkg vrnfO lgb]zg $= adf]lhd jf8kmfF8ug kg]5
15 cfossf] afF8kmFf8 ug kg] M aLdsnfO nfUg] sn cfosnfO b]xfosf] q k|of]u uLgfkmf gf]Sfg lxfa tyf cfo Joo lxfadf afF8kmFf8 ug kg]5
cfos = ef x sn cfos
sn ef
kli6s0f M _ sn ef = lgb]zg adf]lhdsf] sn cfDbfgL - lgb]zg$= adf]lhdsf] sn Jojyfkg vr
_ gfkmf gf]Sfg lxfasf] ef = lgb]zg sf] v08 -v_ sf] kli6s0f -_adf]lhdsf] cfDbfgL - lgb]zg $= sf] v08 -s_ adf]lhdsf] Jojyfkgvr
_ cfo Joo lxfasf] ef = lgb]zg sf] v08 -v_ sf] kli6s0f -_adf]lhdsf] cfDbfgL - lgb]zg $= sf] v08 -v_ adf]lhdsf] Jojyfkgvr
$_ kli6s0f -_ jf -_ adf]lhd u0fgf ulPsf] ef C0ffTds ePdf zGoDemg kg]5
16 nufgLsf] n]vfIacuteg ug kg] M
^= aLdssf] nufgLsf] n]vfIacuteg b]xfo adf]lhd ug kg]5 M
-s_ g]kfn sfsf] artkq jf C0fkq jf g]kfn sfsf] hdfgt k|fKt C0fkqdfulPsf] nufgLnfO clIacutet dNo -Face Value_ jf kn dNo dWo] hg 36L 5f]xL dNodf b]vfpg kg]5
-v_ v08 -s_ adf]lhd ulPsf] nufgLsf] clIacutet dNo eGbf kn dNo a9L ePdfTotf] a9L sdnfO yug ulPsf] vr (Deferred Expenditure) sf] kdfn]vfIacuteg uL f] vrnfO Totf] nufgLsf] cjlw leq dfgkflts cfwfdf (Pro-rata Basis) df ckn]vg ug kg]5
-u_ v08 -s_ jdf]lhd ulPsf] nufgLsf] clIacutet dNo eGbf kn dNo sd ePdfTotf] kms sdnfO nufgL cjlw leq dfgkflts cfwfdf nufgLaf6cfosf] kdf n]vfIacuteg ug kg]5 AElig
6
-3_ v08 -s_ adf]lhdsf art kq jf C0fkqsf] n]vfIacuteg ulPsf] dNo eGbf ahfdNo sd xg uPdf Totf] kms sdsf] afa Jojyf -Provision_ ug kg]5
-ordf_ a+sdivideljQLo +yfsf] d2tL lgIf]k jf gfuls nufgL sf]ifsf] nufgL of]hgfxdfulPsf] nufgLnfO fFjf sddf b]vfpg kg]5
t Totf] nufgLsf] Dofb dfKtL kl5 sg sf0fjz tTsfn lkmtf xggSg] cjyf gt[hgf ePdf Totf] nufgL sdsf] afa Jojyf ug kg]5
-r_ klAns lnld6]8 sDkgLsf] z]odf ulPsf] nufgLnfO kn dNo jf ahf dNodWo] hg 36L 5 f]xL dNodf b]vfpg kg]5
-5_ klAns lnld6]8 sDkgLsf] +yfks z]odf nufgL ulPsf] z]o k|rlnt sfggadf]lhd lwtf]kq ahfdf lrs[t gePdf b]xfo adf]lhd ug kg]5 M
c_ aLdsn] z]odf nufgL u]sf] klAns lnld6]8 sDkgLn] sff]af ug]Ohfhtkq kfPsf] ldltn] tLg jifDd Totf] nufgLnfO kn dNodfb]vfpg kg]5
cf_ aLdsn] z]odf nufgL u]sf] klAns lnld6]8 sDkgLn] sff]af ug]Ohfhtkq kfPsf] ldltn] tLg jif kl5 Totf] nufgLnfO kn dNodf b]vfOf] nufgL afasf] Jojyf ug kg]5
-h_ v08 -r_ adf]lhd nufgL ulPsf] z]o k|rlnt sfgg adf]lhd lwtf]kq ahfsf]rLaf6 x6]df -Delisted ePdf_ f] nufgL afasf] Jojyf ug kg]5
^= k|rlnt sfgg adf]lhd aLdssf] jfldTjdf gcfPsf] jf gx]sf] z]o artkqC0fkq jf cGo DklQnfO nufgLdf dfj]z ug kfOg] 5g
17 shf n]vfIacuteg ug kg] M
amp= k|rlnt sfggL Jojyf adf]lhd aLdsn] shf k|bfg ubf Totf] shf cnL xg]kofKt cfwf v8f uL shfnfO fF+jf sddf b]vfpg kg]5
amp= lgb]zg amp= adf]lhd k|bfg ulPsf] shf lgis[o ePdf f] shf afa sd Jojyfug kg]5 t aLdsn] aLdfn]vsf] lwtf]df k|bfg u]sf] shfsf] xsdf of] Jojyf nfuxg] 5g
ki6Ls0f M o lgb]zgsf] k|of]hgsf] nflu nuftf tLg dlxgf jf f] eGbf a9Lcjlwsf] efsf gf3]sf] shfnfO lgs[o shf Demgk5
amp= aLdsn] aLdfn]vsf] lwtf]df k|bfg u]sf] shfsf] xsdf aLdfn]vsf] zt adf]lhd Totf]shf+u DalGwt aLdfn]v hkmt xg kg] dofjlw Plsg uL hkmt xg kg]aLdfn]vsf] lwtf]df k|bfg ulPsf] shfnfO shf zLifsaf6 x6fO dfof]hg ugkg]5
amp=$ lgb]zg amp= adf]lhd slDtdf k|To]s cflys jifsf] cGTodf hkmt xg] aLdfn]v Plsgug kg]5
7
18 5sectfndash5sect hLjg aLdf sf]if fVg kg] M
= aLdsn] k|To]s lsldsf] aLdfsf] nflu 5sectfndash5sect hLjg aLdf sf]if fVg kg]5 t dnaLdfn]vsf] ks sf afktsf] sf]ifnfO f]xL lsldsf] aLdfsf] nflu v8f ulPsf]sf]ifdf dfj]z ug lsg]5
= aLdf cjlw dfKtL afkt bfjL eQmfgL ug gkg] lsldsf] aLdfsf] nflu lgb]zg= adf]lhd v8f ulPsf] sf]ifdf aLdf P]g )$( sf] bkmf adf]lhd tf]lsPsf]sd hDdf ug kg]5
= aLdf cjlw dfKtL (Maturity) afkt bfjL eQmfgL ug kg] lsldsf] aLdfsf] nflulgb]zg = adf]lhd v8f ulPsf] sf]ifdf b]xfosf] sd hDdf ug kg]5 M
-s_ aLdf P]g )$( sf] bkmf adf]lhd tf]lsPsf] sd
-v_ aLdfIacuteLsf] dNofIacuteg gePsf] cflys jifxsf] cfo Joo lxfaaf6 cfPsf] Dk0fart (Surplus) sd
-u_ aLdf ldltn] dondashdodf tf]lslbP adf]lhdsf] f]Ne]GL dflhg afktsf] yksd
=$ aLdfIacuteLsf] dNofIacuteg k|ltj]bg DaGwdf aLdf ldltaf6 lbOPsf] lgb]zg cgf hLjgaLdf sf]ifdf x]sf] sd aFf8kFmf8 ug kg]5
19 cdfKt hf]lvdsf] nflu Jojyf M
(= aLdf cjlw dfKtL jfkt bfjL eQmfgL ug gkg] lsldsf] aLdfsf] cdfKt hf]lvdjfkt aLdfIacuteLn] lgwf0f ullbPsf] bfloTj sd eGbf sd gxg] sd Aojyf ug kg]5
(= cf=a=)^divide^^ sf] ljQLo ljj0f tof ubf lgb]zg (= adf]lhd aLdfIacuteLaf6 bfloTjlgwf0f gePsf] cjyfdf aflifs jf f] eGbf sd cjlwsf] aLdfzNs b tf]lsPsf] aLdf cjlw dfKtL afkt bfjL eQmfgL ug gkg] lsldsf] aLdfsf] cdfKt hf]lvdafkt vb aLdfzNssf] slDtdf krf k|ltzt sd Jojyf ug lsg]5
(= cf=a=)^divide^^ sf] ljQLo ljj0f tof ubf lgb]zg (= adf]lhd aLdfIacuteLaf6 bfloTjlgwf0f gePsf] cjyfdf Psn aLdfzNs b tf]lsPsf] aLdf cjlw dfKtL afktbfjL eQmfgL ug gkg] lsldsf] aLdfsf] aLdf cjlwsf] dfgkflts xg]uL cdfKthf]lvd afkt sd Jojyf ug lsg]5
(=$ lgb]zg (= jf (= adf]lhd cdfKt hf]lvdsf] nflu cf=a= )^divide^^ df Jojyfu]sf] sdnfO cf=a= )^^divide^amp df cfDbfgL hgfpg kg]5
ki6Ls0f M o lgb]zgsf] k|of]hgsf] nflu aLdf cjlwsf] dfgkflts eGgfn]eQmfgL ePsf] aLdf cjlw -dlxgfdf_ eQmfgL xg afFsL aLdf cjlw -dlxgfdf_sf] dfgkflts eGg] Demgk5
(= lgb]zg (= adf]lhd cdfKt hf]lvdsf] nflu Aojyf u]sf] cjyfdf jfx]s aLdfcjlw dfKtL jfkt bfjL eQmfgL ug gkg] lsldsf] aLdf Aojfosf] cfo Aoolxfjaf6 xg cfPsf] jrtnfO hLjg aLdf sf]ifdf fg kg] 5
8
20 sfggL ljjfb ePsf] bfloTjsf] nflu Jojyf ug kg] M sfggL ljjfb ePsf] sg klgbfloTjsf] nflu aLdsn] kofKt Jojyf ug kg]5
21 ljQLo ljj0fsf] 9fFrf M aLdssf] ljQLo ljj0fsf] 9fFrf kllzi6ndash adf]lhd xg]5
22 ljQLo ljj0fsf] zLifsxsf] JofVof M aLdssf] ljQLo ljj0fdf dfj]z xg] zLifsxsf]+lIfKt JofVof kllzi6 ndash adf]lhd xg]5
23 dxf ljkQL kgaLdfzNs n]vfIacuteg ug kg] M
= aLdsn] k|To]s lsldsf] aLdf Aojfosf] nflu 5sectf 5sect dxf ljkQL kgaLdf Aojyfu]sf] cjyfdf dxf ljkQL kgaLdf zNsnfO DalGwt aLdf Aojfosf] cfo Aoolxfj -cgrL _ sf] kgaLdfzNs eQmfgL lzifs cGtut vr hgfpg kg] 5
= aLdsn] bO jf bO eGbf al9 lsldsf] aLdf Aojfosf] nflu Pp6 dxf ljkQLkgaLdf Aojyf u]sf] cjYffdf dxf ljkQL kgaLdf zNsnfO b]xfosf] q k|of]u ulDalGwt aLdf Aojfosf] cfo Aoo lxfjdf afF8kmfF8 ug kg] 5
dxf ljkQL kgaLdf zNs = ef x sn dxf ljkQL kgaLdfzNs
sn ef
kli6s0f M
-_ ef = DalGwt aLdf Aojfo cGtut aLdsn] wf0f u]sf] d of6 ls(Sum at Risk)
-_ sn ef = k|To]s DalGwt aLdf Aojfosf] kli6s0f -_ adf]lhdsf] efsf]of]ukmn
24 k|rlnt sfgg adf]lhd b08 hfo xg] M
o lgb]zgdf ulPsf] Aojyfn] k|rlnt sfgg adf]lhd xg] b08 hfoaf6 aLdsn]pGdQmL kfPsf] dflgg] 5g
9
kllzi6ndash
-lgb]zg +u DalGwt_
Jojyfkg k|ltj]bgdf vnfpg kg] aFbfx M
-s_ aLds DaGwL fdfGo hfgsfL M o zLifs cGtut b]xfosf aFbfx dfj]z ugkg]5 M
-_ +yfkgf ldlt
-_ aLds btfsf] k|df0fkq kfPsf] ldlt
-_ aLdsn] cgdtL kfPsf] aLdf Jojfosf] lsld k|sf
-$_ aLdsn] Jojfo k|fDe u]sf] ldlt
-_ aLdsn] cfjZos 7fg]sf] cGo ljj0f
-v_ aLdssf] +rfns ldltn] b]xfosf aFbfx k|dfl0ft ug kg]5 M
= aLdf Jojfo ug aLdf ldltaf6 hfL ePsf] k|df0f kqsf] jBtf sfod x]sf]
= sfgg adf]lhd aLdsn] ltg aemfpg kg] s ]jf zNs b08 hljfgf DalGwtlgsfodf aemfpg afFsL x]dividegx]sf]
= aLdssf] z]o jfldTjsf] +rgf Todf ePsf] x]k]msf] ljj0f tyf sfod x]sf]+rgf k|rlnt sfggL Jojyf cgk x]sf]
$= aLdf ldltn] tf]lslbP adf]lhdsf] f]Ne]GL dflhg -Solvency Margin_ sfod x]sf]
= -s_ jftljs kdf k|fKt xg Sg] dNodivideahf dNo eGbf jfnftsf] ldltdfaLdssf] ljQLo ljj0fdf dfj]z ulPsf Dk0f DklQxsf] dNo a9Lgx]sf]
-v_ aFbf -s_ adf]lhdsf] DklQsf] dNo tngf ug cjnDag ulPsf] ljlwsf] vnff
^= aLdsn] u]sf] nufgL k|rlnt sfggL Jojyfsf] klwL leq x]sf] pb3f]if0f tyf f]gePsf] eP sf0f lxtsf] ljj0f
amp= aLdsnfO cfO kg Sg] Dk0f hf]lvdx tyf f]sf] lgfs0fsf nflu cjnDagulPsf gLltxsf] vnff
= aLdssf] cGo dnsdf x]sf] k|wfg sfofnodividesfofnosf] ljj0f tyf Totf] g]kfnaflxsf] sfofnon] +rfng u]sf] aLdf Jojfoaf6 aLdsnfO cfO kg Sg] Dk0fhf]lvdx tyf f]sf] lgfs0fsf nflu cjnDag ulPsf gLltxsf] vnff
(= o jif km5of6 ePsf] aLdf bfjLsf] +Vof tyf km5of6 xg afFsL aLdf bfjLsf] +Vof dofjlwsf] vnff
)=ljQLo ljj0f tof ubf k|rlnt aLdf P]g )$( aLdf lgodfjnL )$( f]cGtut hfL ulPsf aLdf ldltsf cfb]z jf lgb]zg sDkgL P]g )^ tyf cGosfggx tyf n]vfdfg n]vfsf] l4fGt gLltx kfngf ulPsf] pb3f]if0f TotfJojyfx kfngf xg gs]sf] eP f]sf] sf0f lxtsf] vnff
10
=-s_ aLdsn] pkoQm n]vf gLlt cjnDag u]sf] f]sf] k|of]udf Psktf sfod u]sf] Totf] gLltsf] kLIf0f uL pkoQmtf Plsg u]sf] 5 eGg] pb3f]if0f
-v_ aLdssf] ljQLo ljj0fn] jfnftsf] ldltdf aLdssf] gfkmf gf]Sfg nufotsfljQLo cjyfsf] oyfy tyf jftljs lrq0f ub5 eGg] pb3f]if0f
=aLdssf] +rfns ldltn] aLdssf] DklQsf] Iffsf] nflu tyf hfnfhL jf cGoclgoldttf kQf nufpg f]Sgsf nflu pkoQm kofKt Jojyf u]sf] 5 eGg]pb3f]if0f
=aLdsn] aeliggoing concern basisAElig df cfˆgf] ljQLo ljj0f tof u]sf] xf] eGg]pb3f]if0f
$=aLdssf] Jojfosf] cfsf k|s[lt cgksf] cfGtls n]vf kLIf0f k|0ffnL ljBdfgx]sf] f] k|0ffnL k|efjsfL x]sf] 5 eGg] pb3f]if0f
=k|rlnt aLdf P]g )$( tyf sDkgL P]g )^ f] cGtutsf lgodfjnL cfb]zjf lgb]zgsf] k|ltsn xg] uL sg JolQm kmd sDkgL tyf aLdssf] +rfns jf+rfnssf] jfy x]sf] +yf+u sff]af ulPsf] 5g eGg] pb3f]if0f
^=hg aifsf] aflifs k|ltj]bg tof ulPsf] xf] f] aifdf aLdf ldltn] aLdsnfO sgb08 hljfgf tf]s]sf] eP f] DaGwL ljj0f
amp= Jojyfkgn] cfjZos 7fg]sf cGo sfx
11
kllzi6ndash
-lgb]zg +u DalGwt_
= aLdssf] cfo Joo lxfasf] 9fFrf M
aLdssf] gfd M
cflys aif ======================= sf] ================================== aLdfsf] cfo Joo lxfa
qm=+= ljj0f cgrL o aif ut aif
cfo
1 aLdfzNs -vb_
2 kgaLdf sldzg cfo
3 nufgL shf tyf cGoaf6 cfo
4 aLdfn]vsf] lwtf]df shfaf6 cfo
5 cGo k|ToIf cfo
6 cflys aifsf] zsf] eQmfgL xg afFsL bfjL afktJojyf
7 cflys aifsf] zsf] cdfKt hf]]lvd afkt Jojyf
hDdf cfo -s_
Joo
8 bfjL eQmfgL -vb_ $
9 clestf sldzg
10 jfYo kLIf0f zNs
11 kgaLdf sldzg vr
12 ]jf zNs -vb_ ^
13 cGo k|ToIf vr
14 Jojyfkg vr amp
15 cfos
16 cflys aifsf] cGTodf eQmfgL xg afFsL bfjL afktJojyf
(
17 cflys aifsf] cGTodf cdfKt hf]lvd afkt Jojyf
hDdf Joo -v_
18 hLjg aLdf sf]ifdividegfkmf gf]Sfg lxfadf f]sf]artdivide -gf]Sfg_ = -s_ - -v_
cgrL b]lv ( Dd osf cleGg c+u xg
12
= gfkmf gf]Sfg lxfasf] 9fFrf M
aLdssf] gfd M
cflys aif ======================= sf] gfkmf gf]Sfg lxfa
qm=+= ljj0f cgrL o aif ut aif
cfDbfgL
1 cfo Joo lxfaaf6 f]sf] )
2 hLjg aLdf sf]ifaf6 f]sf]
3 nufgL shf tyf cGoaf6 cfo
4 Jojyf lkmtf
5 cGo cfDbfgL -ljj0f vnfpg]_
hDdf cfDbfgL -s_
vr
6 Jojyfkg vr amp
7 ckn]vg vr
8 cGo vrx $
9 gf]SfgLsf] nflu Jojyf
10 sdrfL cfjf Aojyf
11 sdrfL af]g Jojyf
12 cfos
13 hLjg aLdf sf]ifdf f]sf]
hDdf vr -v_
14 vb gfkmf divide-gf]Sfg_ -u_ = -s_ ndash -v_
15 cl3Nnf] jif+u DalGwt vr
16 cl3Nnf] aifaf6 flPsf] gfkmfdivide-gf]Sfg_
afF8kmfF8sf] nflu pknAw sd
-s_ kFhLut hu]8f amp
-v_ ljz]if hu]8f amp
-u_ cGo hu]8f -ljj0f vnfpg]_ amp
-3_ k|tfljt nfef+z amp
17
-ordf_ dxfndashljkQL hu]8f
18 jfnftdf f]sf] gfkmfdivide-gf]Sfg_
cgrL amp tyf ) b]lv amp Dd osf cleGg c+u xg
13
= aLdssf] jfnftsf] 9fFrf M
====================== sf] jfnft
qm=+= ljj0f cgrL o aif ut aifgtf]t
1 rQmf kFhL ^2 hu]8f tyf sf]if amp3 hLjg aLdf sf]if 4 dxfndashljkQL hu]8f 5 ltg afFsL bL3sflng C0f tyf fk6L (
sn gtf]tpkof]u
6 ly DkQL -vb_ )7 lb3sflng nufgL 8 aLdfn]vsf] lwtf]df shf 9 cGo bL3sflng shf
10 11 12 13
Rffn DkQL shf tyf k]ZsLx Mgub tyf a+s dfHbftcNksflng nufgLcGo cNksflng shfcGo DkQL $hDdf -s_ -)plusmnplusmnplusmn_
14 15 ^16 (17
rfn bfloTj tyf JojYffx Mrfn bfloTjcdfKt hf]lvd jfkt JojyfeQmfgL xg afFsL bfjL afkt JojyfcGo Aojyf ^shDdf -v_ -$plusmnplusmn^plusmnamp_
18 vb rfn DkQL -u_ = -s_ ndash -v_19 ckn]vg jf dfof]hg xg afFsL ljljw vrx amp20 gfkmf gf]Sfg lxfaaf6 f]sf] gf]Sfg
sn pkof]u -^+amp++(++(+)_
+efljt bfloTjx tyf cgrL ( tyf ^ b]lv ( Dd osf cleGg c+u xg
+efljt bfloTjx
qm=+= ljj0f o aif ut aif1 rQmf jf eQmfgL xg afFsL nufgL2 k|Tofelt k|lta4tf3 aLdfn]v cGtut eGbf afx]saf6 aLds pk bfjL k]sf] t
aLdsn] bfloTj jLsf gu]sf]
aLdsn] bfloTj jLsf gu]sf]
4 aLdsn] jf aLdssf] tkmaf6 lbOPsf] Uof]06L5 cGo -ljj0f vnfpg]_
hDdf
aLdssf] gfd M
14
$= OSo6Ldf ePsf] kljtg DaGwL ljj0fsf] 9fFrf M
aLdssf] gfd M
cf=j==============df OSo6Ldf ePsf] kljtg DaGwL ljj0f
ljj0f z]o kFhL +lrt gfkmfdividegf]Sfg
k|tfljtaf]g z]o
kFhLuthu]8f sf]if
z]olk|ldod
ljz]if hu]8fsf]if
cGo hu]8f tyfsf]if
dxfljkQLhu]8f
sn sd
zdfHbft
dfof]hg
=============
=============
============
============
clGtddfHbft
15
= gub k|jfxsf] ljj0fsf] 9fFrf
aLdssf] gfd M
=====================b]lv========================Ddsf] gub k|jfxsf] ljj0f
qm=+= ljj0f o jif ut jifsff]af +rfngaf6 gub k|jfx MaLdf zNs cfDbfgLljnDa zNs cfDbfgLkgaLdf zNs cfDbfgLkgaLdf sldzg cfDbfgLcGo k|ToIf cfDbfgLkgaLdsaf6 k|fKt bfjL lseLkgaLdf zNs eQmfgLkgaLdf sldzg eQmfgLclestf sldzg eQmfgLjfYo kLIf0f zNs eQmfgLd[To bfjL eQmfgLcjlw dfKtL bfjL eQmfgLcf+lzs cjlw dfKtL bfjL eQmfgLdk0f dNo bfjL eQmfgLcGo bfjL eQmfgL]jf zNs eQmfgLJojyfkg vr eQmfgLsdrfL af]g eQmfgLcfos eQmfgLRffn DklQdf -j[l4_dividesdLRffn bfloTjdf j[l4divide-sdL_
s
sff]af +rfngaf6 vb gub k|jfx -s_nufgL ultljwLaf6 gub k|jfxly DklQdf -j[l4_ sdLsfL sfsf] hdfgt k|fKt ]Sol6Ldf nufgLdf -j[l4_ sdLa+s tyf ljQLo +yfsf] d2tL lgIf]kdf nufgLdf -j[l4_ sdLa+s tyf ljQLo +yfsf] cGo lgIf]k nufgLdf -j[l4_ sdLOSo6L z]o nufgLdf -j[l4_ sdLcu|flwsf z]odividel8j]Grdf nufgLdf -j[l4_ sdLcGo nufgLdf -j[l4_ sdLaLdfn]vsf] lwtf]df shfdf -j[l4_ sdLk]ZsL tyf cGo shfdf -j[l4_ sdLeQmfgL k|fKt Aofh cfDbfgL -nufgLdf_eQmfgL k|fKt l8le8]G8ef8f cfDbfgLeQmfgL k|fKt Aofh cfDbfgL -shfdf_cGo ck|ToIf cfDbfgLdividevr
v
nufgL ultljwLaf6 vb gub k|jfx -v_ljQLo gtf]t sff]afaf6 gub k|jfxz]oaf6 k|fKt sdltg afFsL fk6Ldf -j[l4_dividesdLcNksflng C0fdf -j[l4_dividesdLC0f fk6Ldf Aofh eQmfgLnfef+z eQmfgL
u
ljQLo gtf]t sff]afaf6 vb gub k|jfx -u_o jifsf] Dk0f ultljwLaf6 vb gub k|jfx = -s_plusmn-v_plusmn-u_gub tyf a+sdf x]sf] z dfHbftgub tyf a+sdf x]sf] clGtd dfHbft
16
^ ljQLo ljj0fsf] cleGg c+usf] kdf xg] cgrLx
cgrLndash
-s_ aLdfzNs -vb_
sn aLdfzNs kgaLdf zNs eQmfgL-Ceded_
aLdfzNs -vb_qm=+= aLdfsf]lsld
o jif ut jif o jif ut jif o jif ut jif
hDdf
-v_ sn aLdfzNs
k|ToIf aLdfzNs k|fKt kgaLdf zNs
-accepted_
sn aLdfzNsqm=+= aLdfsf]lsld
o jif ut jif o jif ut jif o jif ut jif
hDdf
-u_ k|ToIf aLdfzNs
k|yd aifsf]aLdfzNs
gjLs0f aLdfzNs Psn aLdfzNs hDdf k|ToIfaLdfzNs
qm=+= aLdfsf]lsld
o aif ut aif o aif ut aif o aif ut aif o aif ut aif
hDdf
17
cgrLndash
nufgL shf tyf cGoaf6 cfoqm=+= ljj0f o aif ut aif1 sfL sfsf] hdfgt k|fKt ]Sol6Laf6 cfo2 jfl0fHo a+ssf] d2tL lgIf]kaf6 cfo3 ljsf a+ssf] d2tL lgIf]kaf6 cfo4 gfuls nufgL of]hgfaf6 cfo5 ljQLo +yfsf] d2tL lgIf]kaf6 cfo6 cfjf ljQ sDkgLsf] fwf0f z]oaf6 nfef+z7 cGo klAns sDkgLsf] fwf0f z]oaf6 nfef+z8 a+s tyf ljQLo +yfsf] cu|flwsf z]oaf6 nfef+z9 a+s tyf ljQLo +yfsf] l8j]Graf6 cfo10 cGo -ljj0f vnfpg]_ af6 cfo11 shfaf6 cfo12 cGo lgIf]kaf6 -d2tL afx]s_ cfo13 nufgL laqmLdf gfkmf
Gog nufgL laqmLdf gf]Sfg14 nufgL -vLb_ df gfkmf
Gog nufgL -vLb_ df gf]Sfg15 ly DkQL laqmLaf6 gfkmf
Gog ly DkQL laqmLaf6 gf]Sfg16 vftf ckn]vg17 cl3Nnf jif+u DalGwt cfo18 cGo cfo
hDdfnufgL shf tyf cGoaf6 cfosf] afF8kmfF8
gfkmf gf]Sfg lxfadf f]sf]============ sf] cfo Joo lxfadf f]sf]============ sf] cfo Joo lxfadf f]sf]
hDdfcgrLndash
aLdfn]vsf] lwtf]df shf cfo
aLdfn]vsf] lwtf]df shf aLdfn]vsf] lwtf]df shfaf6 cfoqm=+= aLdfsf] lsld
o aif ut aif o aif ut aif
============= aLdf
============= aLdf
============= aLdf
18
cgrL ndash $bfjL eQmfgL
d[To bfjLeQmfgL
cjlw dfKtLbfjL eQmfgL
cf+lzs cjlwdfKtL bfjL
eQmfgL
dk0f dNo bfjLeQmfgL
cGo bfjLeQmfgL
sn bfjL eQmfgL sn bfjLeQmfgLdfkgaLdssf]
lxf
bfjL eQmfgL-vb_
qm=+= aLdfsf]lsld
o jif ut jif o jif ut jif o jif ut jif o jif ut jif o jif ut jif o jif ut jif o jif ut jif o jif ut jif
===
===
hDdf
19
cgrLndash
clestf sldzg
k|yd aifsf]aLdfzNsdf
clestf sldzg
gjLs0f aLdfzNsdfclestf sldzg
Psn aLdfzNsdfclestf sldzg
hDdf clestfsldzg
qm=+= aLdfsf]lsld
o jif ut jif o jif ut jif o jif ut jif o jif ut jif
hDdf
cgrLndash^
]jf zNs -vb_
sn ]jf zNs sn ]jf zNsdfkgaLdssf] lxf
]jf zNs -vb_qm=+= aLdfsf] lsld
o jif ut jif o jif ut jif o jif ut jif
========aLdf
========aLdf
hDdf
cgrLndash amp
Jojyfkg vr
qm=+= ljj0f o aif ut aif1 sdrfL vr -cgrL amp= adf]lhd_2 3 ef8f3 lahnL tyf kfgL4 ddt tyf Def
-s_ ejg-v_ jfL fwg-u_ sfofno pks0f-3_ cGo
5 +rf6 5kfO tyf dnGb7 vr xg] sfofno fdfg8 kljxg9 e|d0f vr -eQf d]t_
-s_ cfGtls-v_ jb]lzs
10 clestf tflnd11 clestf cGo12 aLdfzNs13 Iff vr14 sfggL tyf kfdz zNs15 kq klqsf tyf kts
20
16 lj1fkg tyf k|rf k|f17 Jofkf k|j4g18 cltyL Tsf19 rGbf tyf pkxf20 +rfns ldlt DaGwL vr
-s_ a7s eQf-v_ cGo
21 cGo ldltdividepkndashldlt DaGwL vr-s_ a7s eQf-v_ cGo
22 fwf0f ef DaGwL vr
23-s_ aLdfIacuteLo ]jf zNs-v_ aLdfIacuteLo vr
24 n]vf kLIf0f DaGwL vr-s_ n]vf kLIf0f zNs-v_ s n]vf kLIf0f zNs-u_ ljt[t n]vf kLIf0f k|ltj]bg zNs-3_ cGo zNs-ordf_ cfGtls n]vf kLIf0f vr-r_ cGo vr
25 Aofh26 as rfh27 zNs tyf bt28 Xf ssectL29 xnfs l6s630 cGo
afF8 kmfF8sf] nflu hDdfgfkmf gf]Sfg lxfadf f]sf]================aLdfsf] cfo Joo lxfadf f]sf]================aLdfsf] cfo Joo lxfadf f]sf]
hDdfcgrL amp=
sdrfL vr
qm=+= ljj0f o aif ut aif= tna= eQf= bz+ vr$= ~rosf]ifdf yk= tflnd vr^= kf]zfsamp= cfifwf]krf= aLdf(= k]Gg tyf pkbfg vr tyf Jojyf)= ljbf afktsf] vr tyf Jojyf= cGo ljwf afkt vr tyf Jojyf -ljj0f vnfpg]_ cGo -ljj0f vnfpg]_
hDdf M
21
cgrLndash
cfos
qm=+= ljj0f o aif ut aif
= o aifsf] cfos
= cl3Nnf aifxsf] cfos
= afF8kmfF8sf] nflu cfossf] hDdf
afF8kmfF8
gfkmf gf]Sfg lxfadf f]sf]
==============aLdfsf] cfo Joo lxfadf f]sf]
==============aLdfsf] cfo Joo lxfadf f]sf]
hDdf
22
cgrL ndash (
cflys jifsf] cGTodf eQmfgL xg afFsL bfjL afkt Jojyf
eQmfgL xgafFsL d[To bfjL
eQmfgL xgafFsL cjlwdfKtL bfjL
eQmfgL xgafFsL cf+lzscjlw dfKtL
bfjL
eQmfgL xgafFsL dk0fdNo bfjL
eQmfgL xgafFsL cGo
bfjL
[hgf ePsf]t hfgsfLdfgcfPsf] bfjL
-cgdflgt_
eQmfgL xgafFsL hDdf
bfjL
eQmfgL xgafFsL hDdf
bfjLdfkgaLdssf]
lxf
eQmfgL xgafFsL bfjL
afkt Jojyf
qm=+= aLdfsf] lsld
ojif
ut jif ojif
utjif
ojif
utjif
ojif
utjif
ojif
utjif
ojif
utjif
ojif
utjif
ojif
utjif
ojif
utjif
=
=
=
$=
hDdf M
23
cgrLndash)
cfo Joo lxfaxaf6 gfkmf gf]Sfg lxfadf f]sf] sd
qm=+= ljj0f o aif ut aif
= ==================== sf] cfo Joo lxfaaf6 f]sf]
= ==================== sf] cfo Joo lxfaaf6 f]sf]
=
$=
hDdf
cgrLndash
hLjg aLdf sf]if
dfof]hg cuf8Lsf]hLjg aLdf sf]if-jifsf] zdf_
cfo Joolxfaaf6 f]sf]
gfkmf gf]Sfglxfaaf6 f]sf]
dfof]hg cuf8Lsf]hLjg aLdfsf]if-jifsf] cGTodf_
qm=+= aLdfsf]lsld
o jif ut jif o jif ut jif o jif ut jif o jif ut jif
=
=
=
$=
hDdf M
hLjg aLdf sf]ifdf dfof]hg
dfof]hgcuf8Lsf]
hLjg aLdfsf]if
-jifsf]cGTodf_
gfkmfgf]Sfglxfadff]sf]
aLdfn]vcGtutbfloTj
af]gsf]nflu
Jojyf
f]Ne]GLdflhgsf]nflu
Jojyf
afF8kmfF8gulPsf]sd
jifsf]cGTodfhLjg
aLdf sf]if
qm=+= aLdfsf]lsld
oaif
utaif
oaif
utaif
oaif
utaif
oaif
utaif
oaif
utaif
oaif
utaif
oaif
utaif
=
=
=
hDdf M
24
cgrLndash
Jojyf lkmtfqm=+= ljj0f o aif ut aif= nufgLdf gf]SfgLsf] nflu Jojyf lkmtf= shfdf gf]SfgLsf] nflu Jojyf lkmtf= z+sfkb cffdL Jojyf lkmtf$ cGo Jojyf lkmtf
hDdf
cgrLndash
ckn]vg vrx
qm=+= ljj0f o aif ut aif1 k|flDes vrx2 kj +rfng vrx3 k flPsf vrx4 ckn]vg ulPsf] nufgL5 ckn]vg ulPsf] shf6 ckn]vg ulPsf] cffdL7 cGo ckn]vg
hDdf
cgrLndash$
cGo vrx
qm=+= ljj0f o aif ut aif
1 b08 hljfgf
2 ljnDa zNs hljfgf
3 cGo -ljj0f vnfpg]_
hDdf
cgrLndash
gf]SfgLsf] nflu Jojyfqm=+= ljj0f o aif ut aif= nufgLdf gf]SfgLsf] nflu Jojyf= shfdf gf]SfgLsf] nflu Jojyf= z+sfkb cffdL Jojyf$ cGo Jojyf
hDdf
25
cgrLndash^
-s_ z]o kFhL
qm=+= ljj0f o aif ut aifclws[t kFhLs_ ================= bsf] ======== yfg fwf0f z]ov_ ============ bsf] ====yfg ckljtgLo cu|flwsfz]o
=
u_ ========== bsf] ====== yfg kljtgLo cu|flwsfz]ohfL kFhLs_ ================= bsf] ======== yfg fwf0f z]ov_ ============ bsf] ====yfg ckljtgLo cu|flwsfz]o
=
u_ ========== bsf] ====== yfg kljtgLo cu|flwsfz]orQmf kFhLs_ ================= bsf] ======== yfg fwf0f z]oGog eQmfgL k|fKt xg afFsL ==== bsf] ===yfg fwf0fz]ov_ ============ bsf] ====yfg ckljtgLo cu|flwsfz]o
=
u_ ========== bsf] ====== yfg kljtgLo cu|flwsfz]o
hDdf-v_ z]o jfldTjsf] +rgf
o aif ut aifz]owgL
fwf0f z]o+Vof
jfldTjsf] Uuml fwf0fz]o +Vof
jfldTjsf] Uuml
g]kfnL +ul7t +yfx
g]kfnL gfuls
ljb]zL+y
fks
hDdf
jfwf0f
cGo -ljj0f vnfpg]_
sn
-u_ Ps k|ltzt jf a9L z]o jfldTj ePsf z]owgLxsf] ljj0f
o aif ut aifqm=+= ljj0f
jfldTjsf] Uuml sd jfldTjsf] Uuml sd
=
=
=
26
cgrLndashamp
hu]8f tyf sf]if
qm=+= ljj0f o aif ut aif
1 kFhLut hu]8f
2 ljz]if hu]8f
3 cGo hu]8f -ljj0f vnfpg]_
4 z]o lk|ldod
5 k|tfljt af]gz z]o
6 Gffkmf gf]Sfg lxfaaf6 f]sf] gfkmf
hDdf
cgrLndash
dxfndashljklQ hu]8fjifsf] zdf dxfndashljklQ hu]8f gfkmf gf]Sfg lxfaaf6 f]sf] jifsf] cGTodf dxfndashljklQ
hu]8fo jif ut jif o jif ut jif o jif ut jif
cgrLndash(
ltg afFsL bL3sflng C0f tyf fk6L
qm=+= ljj0f o aif ut aif
l8j]Gr divide a08
a+s
ljQLo +yf
$ cGo -ljj0f vnfpg]_
hDdf
27
cgrLndash)
ly DklQ
ljj0f kn df]n Xf ssectL vb df]n
zdfHbft
ojif
yk]sf]
ojif
36]sf]
hDdf utjifDd
ojif
laqmLdivide
dfof]hg
hDdf ojifDdsf]
UftjifDdsf]
lk|m xf]N8hldg
ejg
kmlgrtyf
lkmSr
sfofnofdfg
sDKo6tyfrgfk|ljwLpks0f
cb[ZoDklQ-ljj0fvnfpg]_
jfLfwg
lnh xf]N8DklQ
cGo-k|s[ltvnfpg]_
hDdf
lgdf0fflwgkFhLutvr
sn
ut jif
28
cgrLndash
nufgL
qm=+= ljj0f o aif ut aif-s_ bL3sflng nufgL M sfL sfsf] hdfgt k|fKt ]Sol6L jfl0fHo a+ssf] d2tL lgIf]k ljsf a+ssf] d2tL lgIf]k$ gfuls nufgL of]hgf ljQLo +yfsf] d2tL lgIf]k^ cfjf ljQ sDkgLsf] fwf0f z]o -cgrL = adf]lhd_amp cGo sDkgLsf] fwf0f z]o -cgrL = adf]lhd_ a+s tyf ljQLo +yfsf] cu|flwsf z]odividel8j]Gr( cGo -ljj0f vnfpg]_
hDdf M-v_ cNksflng nufgL M sfL sfsf] hdfgt k|fKt ]Sol6L jfl0fHo a+ssf] d2tL lgIf]k ljsf a+ssf] d2tL lgIf]k$ gfuls nufgL of]hgf ljQLo +yfsf] d2tL lgIf]k^ a+s tyf ljQLo +yfsf] cu|flwsf z]odividel8j]Gramp jfl0fHo a+ssf] Aofh k|fKt xg] cGo lgIf]k ljsf a+ssf] Aofh k|fKt xg]] cGo lgIf]k( ljQLo +yfsf] Aofh k|fKt xg] cGo lgIf]k) cGo Aofh k|fKt xg] nufgL -ljj0f vnfpg]_
hDdf McgrLndash=
z]odf nufgL
qm=+= sDkgL vb sd c+lst dNo kn dNo ahf dNo
= ======sDkgLsf]=============yfg====z]o
= ======sDkgLsf]=============yfg=====z]o
= ======sDkgLsf]=============yfg=====z]o
hDdf
gf]6 M = aLdssf] xfos sDkgLdividexf]lN8Euml sDkgL tyf +oQm nufgL ePsf] sDkgLsf] z]odf ePsf]nufgLnfO
5sectfndash5sect vnfpg kg]5
= lgodfgf lrs[t gePsf z]odf ePsf] nufgLnfO 5sect vnfpg kg]5
= +yfks z]o cGo z]odf ePsf] nufgLnfO 5sectf5sect vnfpg kg]5
29
cgrLndash
gub tyf a+s dfHbft
qm=+= ljj0f o aif ut aifgub dfHbft
hDdfa+s dfHbftjfl0fHo a+sxsf] dfHbftljsf a+sxsf] dfHbftljQLo +yfxsf] dfHbft
cGo -ljj0f vnfpg]_hDdfsn
cgrLndash
cGo shf
qm=+= ljj0f o aif ut aif-s_ bL3sflng shf= clestfnfO shf= sdrfLnfO shf= cGo -ljj0f vnfpg]_
hDdf-v_ cNksflng shf= clestfnfO shf= sdrfLnfO shf= cGo -ljj0f vnfpg]_
hDdfcgrLndash$
cGo DklQqm=+= ljj0f o aif ut aif1 nufgLaf6 k|fKt xg afFsL cfo2 aLdfn]vsf] lwtf]df shfaf6 k|fKt xg afFsL Aofh3 cGo -aLdfn]vsf] lwtf]df afx]s_ shfaf6 k|fKt xg afFsL
Aofh4 cGo aLdsaf6 k|fKt xg afFsL5 kgaLdsaf6 k|fKt xg afFsL6 ljljw cffdL7 clu|d eQmfgL8 sdrfL k]ZsL9 cGo k]ZsL10 wf6L11 cn xg afFsL aLdfzNs
Gog M cn xg afFsL aLdfzNs dNtjL -suspense_12 cGo ljj0f vnfpg]
hDdf M
30
cgrLndash
rfn bfloTj
qm=+= ljj0f o aif ut aif1 clestfnfO lbg afFsL2 cGo aLdsnfO lbg afFsL3 kgaLdsnfO lbg afFsL4 cNksflng shf5 aLdfzNs wf6L6 k0f ljj0f gvn]sf] aLdfzNs7 ljljw fx8 xfosdividexf]lN8Euml sDkgLnfO lbg afFsL9 gtf]tdf ssectf ulPsf] s ltg afFsL10 dNo clea[l4 s ltg afFsL11 cfos ltg afFsL12 ]jf zNs ltg afFsL13 sdrfLnfO lbg afFsL14 +rfnsnfO lbg afFsL15 eQmfgL lbg afFsL nfef+z -l8le8]08_16 cGo -ljj0f vnfpg]_
hDdf
cgrLndash^
cdfKt hf]lvd Jojyfqm=+= ljj0f o aif ut aif= ===========aLdfsf] cdfKt hf]lvd hu]8f= ===========aLdfsf] cdfKt hf]lvd hu]8f= ===========aLdfsf] cdfKt hf]lvd hu]8f
===========aLdfsf] cdfKt hf]lvd hu]8f
hDdf
31
cgrL ^scGo Aojyf
aifsf] zdf Aojyfrfn cf=a=df yk ulPsf]
Aojyfrfn cf=a=df ckn]vg
ulPsf] Aojyfrfn cf=a=df lkmtfulPsf] Aojyf
aifsf] cGtdf sfodx]sf] Aojyf
qm=+=
ljj0fo jif ut jif o jif ut jif o jif ut jif o jif ut jif o jif ut jif
nfef+z -l8le8]08_ sf] nflu Aojyf
nufgLdf gf]SfgLsf] nflu Aojyf
shfdf gf]SfgLsf] nflu Aojyf
$ z+sfZkb cffdLsf] nflu Aojyf
cGo gf]SfgLsf] nflu Aojyf
^ sdrfL DaGwL Aojyf-s_ k]Gg tyf pkbfg Aojyf-v_ ljbf jfkt Aojyf-u_ cfjf tyf cGo ljwf Aojyf-3_ sdrfL af]g Aojyf-ordf_ cGo
amp cGo Aojyf -ljj0f vnfpg]_
hDdf
32
cgrLndashamp
ckn]vgdividedfof]hg xg afFsL ljljw vrxqm=+= ljj0f o aif ut aif1 ckn]vg ug afFsL k|flDes vr2 ckn]vg ug afFsL kj +rfng vr3 ckn]vg ug afFsL yug ulPsf vr4 cGo -ljj0f vnfpg]_
hDdf
cgrL ndash
ljQLo ljj0f+u DalGwt k|dv n]vf gLltx
n]vf DaGwL gLltdf vnfpg kg] aFbfx M aLdsn] n]vf DaGwL gLltdf b]xfosf aFbfxvnfpg kg]5
1 ljQLo ljj0f tofLsf cfwfx M sg sg cjwf0ff -concept_ tyf n]vfdfgx sfgg tyf aLdf ldltsf lgb]zgxsf] clwgdf xL ljQLo ljj0f tof ulPsf] xf]f]sf] Joxf]f
ljQLo ljj0f tof ubf sg sfgg aLdf ldltsf] lgb]zg jf n]vfdfg kfngf gePsf]eP f]sf] sf0f lxt Joxf]f
2 ly DklQ n]vfIacuteg gLlt M ly DklQ n]vfIacuteg ubf cjnDag ulPsf] gLlt
3 Xf ssectL gLlt M aLdssf] +rfns ldltaf6 kflt uL nfu ulPsf] Xf ssectL gLlt
4 kFhLs[t gulg] DklQx DaGwL n]vfIacuteg gLlt M aLdssf] +rfns ldltn] sg lglZrtdf]nDd kg] pks0f fdfgx kFhLs[t gug] gLlt lnPsf] 5 eg] f]sf] Joxf]f
5 cfos Jojyf tyf afF8kmFf8 gLlt M cfos Jojyf DaGwdf aLdsn] cjnDag u]sf]gLlt aLdsn] gfkmf gf]Sfg lxfa tyf cfo Joo lxfadf Totf] Jojyf sdafF8kmFf8 ubf cjnDag u]sf] gLlt
6 nufgL n]vfIacuteg gLlt M nufgL n]vfIacutegsf] DaGwdf aLdsn] cjnDag u]sf] gLltxnfOb]xfosf zLifsx cGtut vnfpg kg]5
-s_ sfL artkqdivideC0fkqdf nufgL n]vfIacuteg gLlt
-v_ a+sdivideljQLo +yfsf] d2tL lgIf]kdf nufgL n]vfIacuteg gLlt
-u_ klAns lnld6]8 sDkgLsf] z]odf nufgL n]vfIacuteg gLlt
-3_ klAns lnld6]8 sDkgLn] hfL u]sf] C0fkqxdf nufgL n]vfIacuteg gLlt
7 6xL 36a9 dfof]hg gLlt M ljb]zL db|f+u DalGwt DklQ bfloTj tyf 6xL36a9 cfDbfgL tyf vrxsf] n]vfIacuteg gLlt
8 aLdfzNs cfDbfgL n]vfIacuteg gLlt M aLdsn] aLdfzNs cfDbfgL n]vfIacuteg ubf cjnDagu]sf] gLlt
33
9 kgaLdf sldzg cfDbfgL n]vfIacuteg gLlt M aLdsn] kgaLdf u] afkt k|fKt ug] sldzgsf]n]vfIacuteg ubf cjnDag u]sf] gLlt
10 cGo cfo n]vfIacuteg tyf afF8kmFf8 gLlt M aLdsn] ef8f -Rent_ tyf cGo zLifsaf6 ePsf]cfo n]vfIacuteg tyf afF8kmFf8 ubf cjnDag u]sf] gLlt
11 shf n]vfIacuteg gLlt M aLdsn] aLdfn]vsf] lwtf]df k|bfg u]sf] shf tyf cGo shfn]vfIacuteg ubf cjnDag u]sf] gLlt
12 Jojyfkg vr afF8kmFf8 gLlt M aLdsn] gfkmf gf]Sfg lxfa tyf cfo Joo lxfaxdfJojyfkg vr afF8kmFf8 ubf cjnDag u]sf] gLlt
13 aLdf bfjL eQmfgL vr n]vfIacuteg gLlt M aLdsn] aLdf bfjL eQmfgL vr n]vfIacuteg ubfcjnDag u]sf] gLlt
14 aLdf bfjL afkt bfloTj Jojyf n]vfIacuteg gLlt M -s_ gt[hgf ePsf] t hfgsfLdfgcfPsf] -IBNR_ aLdf bfjL afkt bfloTj Jojyf n]vfIacuteg ubf aLdsn] cjnDagu]sf] gLlt
-v_ aLdsn] aLdf bfjL bfloTj afkt Jojyf ubf cjnDag u]sf] gLlt
15 aLdf Jojfodf art afF8kmFf8 gLlt M aLdsn] gfkmf gf]Sfg lxfa tyf cfo Joolxfaxdf art afF8kmFf8 ubf cjnDag u]sf] gLlt
16 sdrfL pkbfg ljbf tyf cGo ljwf afkt Jojyf gLlt M aLdsn] sdrfL pkbfgljbf tyf cGo ljwf afkt Jojyf ubf cjnDag u]sf] n]vfIacuteg gLlt
17 z+sfkb cffdL Jojyf gLlt M aLdsn] z+sfkb cffdL Jojyf ubf cjnDag u]sf]gLlt
18 ckn]vg vr n]vfIacuteg gLlt M aLdsn] cjnDag u]sf] ckn]vg vr DaGwL gLlt
19 cGo gLltx M plNnlvt gLltx afx]s jfnft gfkmf gf]Sfg lxfa cfo Joo lxfanufotsf ljQLo ljj0fnfO apermilg ljZn]if0f ug 3fp kUg] uL cGo sg] n]vf gLltsf]hfgsfL lbg cfjZos b]lvPdf f] Joxf]f
34
cgrLndash(
ljQLo ljj0f+u DalGwt n]vf DaGwL l6Kk0fLx
n]vf DaGwL l6Kk0fLdf vnfpg kg] aFbfx M aLdsn] n]vf DaGwL l6Kk0fLdf b]xfosf aFbfxvnfpg kg]5
= Defljt bfloTjx M
c_ rQmf jf eQmfgL xg afFsL nufgL
cf_ k|Tofelt k|lta4tf -underwriting commitments_
O_ aLdfn]v cGtut eGbf afx]saf6 aLds pk bfjL k]sf] t aLdsn] bfloTj jLsfgu]sf]
O_ aLdsn] jf aLdssf] tkmaf6 lbOPsf] Uof]06L
p_ cGo bfloTj -ljj0f vnfpg]_
= aLdfIacuteLn] aLdssf] bfloTj dNofIacuteg ubf cjnDag u]sf] cfwfx
= aLdssf] DklQdf cfPsf] Lldttf tyf ljjfbx
$= shf nufgL tyf ly DklQsf] nflu ulPsf] k|lta4tf
= nufgL+u DalGwt b]xfosf vLb laqmL Demftfxsf] dNo M
c_ vLb ulPsf] DklQsf] jfldTj k|fKt gePsf]
cf_ laqmL ulPsf] DklQsf] eQmfgL k|fKt gePsf]
^= o jifeL ulPsf] nufgL tyf laqmLdividelkmtf lnPsf] nufgLsf] DaGwdf +yf ldltkldf0f sd d]t vn]sf] ljj0f
amp= a+s dfHbft lxfa DaGwdf DalGwt a+sdivideljQLo +yfsf] 6]6d]06 lxtsf] lxfaldnfg DaGwL Joxf]f
= aLdsdividekgaLds+u lng lbg afFsL lxfa DaGwdf DalGwt aLdsdividekgaLdssf]dyg lxtsf] lxfa ldnfg DaGwL Joxf]f
gf]6 Mndash bnfn (Broker) dfkmt ePsf] kgaLdfsf] xsdf fdfGot DalGwt bnfnn]kgaLdssf] tkmaf6 dyg lbg Sg]5
(= aLdsn] u]sf] nufgL k|rlnt aLdf P]g lgodfjnL tyf aLdf ldltaf6 tf]lsP adf]lhdx] gx]sf]
)= aLdssf] +rfns jf +rfns+u DalGwt JolQm jf +yf+u ePsf] sff]af
= aLdsn] cfˆgf] DklQsf] If0fdf lnPsf] C0fsf] lwtf] zt tyf cflrTo
= aLdsn] s rQmf k|df0fkq k|fKt u]sf] cf=j=tyf Totf] rQmf k|df0fkq k|fKt xg afFsLcf=j= f] DaGwL ljj0fsf fy] cl3Nnf] cf=j=xsf] s hljfgf Aofh afkt bfjLk]sf] o cf=j=df eQmfgL ePsf] sd
= lkmtf u]sf] aLdfzNssf] kldf0f sf0f
35
$=aLdsn] aLldtnfO k|bfg ug] 3f]lift tyf cGtld af]gsf] b
=l9nf] aLdfzNs eQmfgLdf lanDa zNsdivideAofhsf] b tyf aLdfn]vsf] lwtf]df k|bfg ulg]shfdf Aofhsf] b
^=ckn]vg xg afFsL vrsf] ljj0f
amp=rQmf kFhL dWo] clu|d eQmfgL k|fKt -Paid in advance_ eQmfgL k|fKt xg afFsL -Call inarrears_ hkmt ulPsf t kgM lgisfzg gulPsf z]osf] ljj0f
=lnh xf]N8 DklQdf ut jifDd o jif vr (Amortization) n]lvPsf] sdsf]ljj0f
(= jifeldf ePsf] jfnft aflxsf] sff]afsf] ljj0f
)= cl3Nnf aifx+u DalGwt cfDbfgL tyf vrxsf] 5sectf5sect ljj0f
=plNnlvt aFbfx afx]s jfnft gfkmf gf]Sfg lxfa cfo Joo lxfa nufotsfljQLo ljj0fxnfO apermilg ljZn]if0f ug 3fp kUg] cGo sg hfgsfL lbg cfjZosb]lvPdf cGo Joxf]f d]t vnfpg kg]5
36
cgrL )k|dv rsfIacutex
cf=a=qm=+= ljj0f rsfIacute
g]6 jy = z]o +Vof +Vof k|lt z]o lstfjL dNo =$ vb gfkmf = k|lt z]o cfo (EPS) =^ k|lt z]o nfef+z (DPS) =amp k|lt z]o ahf dNo (MPPS) = dNo cfDbfgL cgkft (PE Ratio) cgkft( k|yd aifsf] aLdfzNs =) sn aLdfzNs = vb aLdfzNsdividesn aLdfzNs k|ltzt vb gfkmfdividesn aLdfzNs k|ltzt sn aLdfzNsdividesn DklQ k|ltzt$ nufgL shfaf6 cfodividesn nufgL shf k|ltzt sn nufgL shfdividehLjg aLdfsf]if k|ltzt^ kgaLdf sldzg cfodividesn kgaLdfzNs k|ltztamp Jojyfkg vrdividesn aLdfzNs k|ltzt aLdf clestf DalGw vrdividesn aLdfzNs k|ltzt( aLdf clestf +Vof +Vof) sdrfL +Vof +Vof sfofnosf] +Vof +Vof sdrfL vrdivideJojyfkg vr k|ltzt sdrfL vrdividesdrfL +Vof =$ eQmfgL xg aFfsL bfjL sddivideeQmfgL ePsf] bfjL
sdk|ltzt
sn sfod x]sf] aLdfn]vsf] +Vof +Vofdf^ o jif gjLs0f ePsf] aLdfn]vsf] +Vofdivideut
jif sfod x]sf] aLdfn]vsf] +Vofk|ltzt
amp bfjL k]sf] aLdfn]vsf] +Vofdividesn sfod x]sf]aLdfn]vsf] +Vof
k|ltzt
f]Ne]GL dflhg k|ltzt( 3f]lift af]g b =
k|ltxhf) cGtld af]g b =
k|ltxhf
37
cgrL ndash
aLdfIacutesf] ljj0f
sfod x]sf]aLdfn]vsf] +Vof
sfod x]sf]aLdfn]v cGtut
hDdf aLdfIacute
d of6 ls(Sum at Risk)
kgaLdsnfOxtfGt0f ulPsf]
d of6 ls(Sum at Risk)
aLdsn] wf0fu]sf] d of6ls (Sum at
Risk)
qm=+= aLdfsf] lsld
o jif ut jif o jif ut jif o jif ut jif o jif ut jif o jif ut jif
hDdf
38
kllzi6 ndash
-lgb]zg +u DalGwt_
ljQLo ljj0fsf zLifsxsf] +lIfKt JofVof
-s_ cfo Joo lxfa tyf f] DaGwL cgrLsf zLifsxsf] +lIfKt JofVof M
1 k|ToIf aLdfzNs M aLdsn] kgaLdf jLsf u] afkt k|fKt aLdfzNs afx]s k|ydjifsf] aLdfzNs gjLs0f aLdfzNs Psn aLdfzNssf] of]ukmnaf6 lgodfgflkmtf u]sf] aLdfzNs ssectf uL o zLifsdf hgfpg kg]5
2 sn aLdfzNs M k|ToIf aLdfzNs aLdsn] kgaLdf jLsf u] afkt k|fKtaLdfzNssf] of]ukmnnfO o zLifsdf hgfpg kg]5
3 aLdfzNs -vb_ M sn aLdfzNsaf6 kgaLdf lbP afktsf] kgaLdf zNs ssectf uLafFsL sdnfO o zLifsdf hgfpg kg]5
4 kgaLdf sldzg cfo M -s_ aLdsn] kgaLdf lbP afkt k|fKt xg] kgaLdfsldzgnfO o zLifsdf hgfpg kg]5
-v_ aFbf g+=-s_ sf] cltlQm kgaLdsaf6 dgfkmf sldzg -Profit Commission_k|fKt ePdf f]nfO o zLifsdf dfj]z uL f]sf] Joxf]f n]vf DaGwLl6Kk0fLdf vnfpg kg]5
5 nufgL shf tyf cGoaf6 cfo M sfL ]Sol6Laf6 cfo d2tL lgIf]kaf6 cfoklAns sDkgLsf] z]odividel8j]Graf6 cfo ef8faf6 cfo shfaf6 cfo -aLdfn]vsf]lwtf]df shf afx]s_ cGo lgIf]kaf6 -d2tL afx]s_ cfo nufgL laqmLdf gfkmf -GognufgL laqmLdf gf]Sfg_ nufgL -vLb_ df gfkmf -Gog nufgL vLbdf gf]Sfg_ly DklQ laqmLaf6 gfkmf -Gog ly DklQ laqmLaf6 gf]Sfg_ vftf ckn]vgaf6cfo tyf cGo cfosf] of]ukmnnfO lgb]zg adf]lhd afF8kFmf8 uL cfPsf]sdnfO o zLifsdf hgfpg kg]5
6 aLdfn]vsf] lwtf]df shfaf6 cfo M aLdfn]vsf] lwtf]df shf k|bfg u] afkt k|fKt xg]Aofh lanDa zNs htf cfonfO o zLifsdf hgfpg kg]5
7 cGo k|ToIf cfoM aLldtn] tf]lsPsf] cjlwleq aLdfzNs gaemfP afkt aLdsn]eQmfgL k|fKt u]sf] hljfgfdivideAofhdivideljnDa zNs tyf aLdfn]vsf] k|ltlnkL btcfo l6s6 bt htf f]xL aLdfsf] lsld+u k|ToIf kdf DalGwt cfonfO ozLifsdf hgfpg kg]5
8 bfjL eQmfgL -vb_ M aLdsn] eQmfgL u]sf] d[To bfjL cjlw dfKtL bfjL cf+lzscjlw dfKtL bfjL dk0f dNo tyf cGo bfjLsf] of]ukmnnfO o zLifsdfhgfpg kg]5
9 clestf sldzg M k|yd jifsf] aLdfzNsdf clestf sldzg gjLs0f aLdfzNsdfclestf sldzg Psn aLdfzNsdf clestf sldzgsf] of]ukmnaf6 kgaLdssf]lxf ssectf uL afFsL sd o zLifsdf hgfpg kg]5
10 jfYo kLIf0f zNs M aLdf hf]lvdfIacutegsf] nflu jfYo kLIf0f ufP afkt aLdsn]Joxf]g k]sf] jfYo kLIf0f zNsnfO o zLifsdf hgfpg kg]5
39
11 kgaLdf sldzg vr M aLdsn] kgaLdf jLsf u] afkt eQmfgL ug kg] sldzgsdnfO o zLifsdf hgfpg kg]5
12 ]jf zNs -vb_ M aLdf ldltnfO aemfpg kg] sn ]jf zNsaf6 kgaLdssf] lxfssectf uL afFsL sdnfO o zLifsdf hgfpg kg]5
13 cGo k|ToIf vr M aLdfsf] lsld+u k|ToIf kn] DalGwt x]sf] cGo vrnfO ozLifsdf hgfpg kg]5
14 Jojyfkg vr M lgb]zg $ adf]lhd afF8kmFf8 uL cfPsf] sdnfO o zLifsdfhgfpg kg]5
15 cfos M -_ aLdssf] cfos bfloTjnfO lgb]zg adf]lhd afF8kmFf8 uL cfPsf]sdnfO o zLifsdf hgfpg kg]5 osf] ljj0f kllzi6 sf] cgrL adf]lhd xg kg]5
-_ cl3Nnf jif-x_ sf] cfos bfloTjnfO kllzi6 sf] cgrL sf] aeligcl3Nnfjifxsf] cfosAElig zLifsdf hgfpg kg]5 t Totf] cfosdf nfu]sf]b08dividehljfgfdivideljnDa zNsnfO gfkmf gf]Sfg lxfasf] aeligcl3Nnf jif+uDalGwt vrAElig zLifsdf hgfpg kg]5
16 cflys jifsf] cGTodf eQmfgL xg afFsL bfjL afkt Jojyf M cflys jifsf] cGTodfeQmfgL xg afFsL d[To bfjL cjlw dfKtL bfjL cf+lzs cjlw dfKtL bfjL dk0fdNo bfjL cGo bfjL tyf gt[hgf ePsf] t hfgsfLdf gcfPsf] bfjLsf] of]ukmndfaLdf lgodfjnL )$( sf] lgod sf] v08 -3_ adf]lhdsf] sd yk ubf xgcfpg] sdnfO o zLifsdf hgfpg kg]5
aLdssf] cgejsf] cfwfdf [hgf ePsf] t hfgsfLdf gcfPsf] bfjLsf] nflusd Aojyf ug kg]5
17 cflys jifsf] cGTodf cdfKt hf]lvd afkt Jojyf M aLdf cjlw dfKtL afktbfjL eQmfgL ug gkg] lsldsf] aLdfsf] cdfKt hf]lvd afkt lgb]zg ( adf]lhdJojyf uL cfPsf] sd o zLifsdf hgfpg kg]5
18 hLjg aLdf sf]ifdividegfkmf gf]Sfg lxfadf f]sf] artdivide-gf]Sfg_ M -_ aLdf cjlwdfKtL afkt bfjL eQmfgL ug kg] lsldsf] aLdfsf] cfo Joo lxfaaf6 art -surplus_ ePsf] cjyfdf o zLifsnfO aelighLjg aLdf sf]ifdf f]sf] artAElig sfoduL Totf] art sdnfO o zLifsdf hgfpg kg]5
-_ aLdf cjlw dfKtL afkt bfjL eQmfgL ug kg] lsldsf] aLdfsf] cfo Joolxfaaf6 gf]Sfg ePsf] cjyfdf o zLifsnfO aeliggfkmf gf]Sfg lxfadff]sf] gf]SfgAElig sfod uL Totf] gf]Sfg sdnfO o zLifsdf C0ffTdskdf hgfpg kg]5
-_ aLdf cjlw dfKtL afkt bfjL eQmfgL ug gkg] lsldsf] aLdfsf] cfo Joolxfasf] nflu o zLifsnfO aelighLjg aLdf sf]ifdf f]sf] sdAElig aeliggfkmfgf]Sfg lxfadf f]sf] artdivide-gf]Sfg_AElig uL bOj6f zLifs sfod uL aelighLjgaLdf sf]ifdf f]sf] sdAElig zLifsdf lgb]zgndash adf]lhdsf] sd hgfO afFsLsdnfO aeliggfkmf gf]Sfg lxfadf f]sf] artdivide-gf]Sfg_AElig zLifsdf hgfpgkg]5 tf]lsP adf]lhd hLjg aLdf sf]ifdf f]sf] sd hgfp+bf gf]Sfg ePdf
40
aeliggfkmf gf]Sfg lxfadf f]sf] artdivide-gf]Sfg_AElig zLifsdf Totf] gf]Sfg ePsf]sdnfO C0ffTds kdf hgfpg kg]5
-v_ gfkmf gf]Sfg lxfa tyf DalGwt cgrLsf zLifsxsf] +lIfKt JofVof M
1 cfo Joo lxfaaf6 f]sf] M aLdf cjlw dfKtL afkt bfjL eQmfgL ug gkg]lsldsf] aLdfxsf] cfo Joo lxfaaf6 aeliggfkmf gf]Sfg lxfadf f]sf] artdivide-gf]Sfg_AElig sdxsf] of]ukmnnfO o zLifsdf hgfpg kg]5
2 hLjg aLdf sf]ifaf6 f]sf] M k|rlnt sfggL Jojyf adf]lhd aLdssf] bfloTjsf]n]vfhf]vf DaGwL aLdfIacuteLsf] k|ltj]bg d]tsf] cfwfdf hLjg aLdf sf]ifaf6 gfkmfgf]Sfg lxfadf fgsf nflu ldltn] jLs[lt k|bfg u]sf] sdnfO o zLifsdfhgfpg kg]5
3 nufgL shf tyf cGoaf6 cfo M lgb]zg adf]lhd afF8kFmf8 uL cfPsf] sdnfOo zLifsdf hgfpg kg]5
4 Jojyf lkmtf M nufgLdf gf]SfgLsf] nflu ulPsf] Jojyf shfdf gf]SfgLsf] nfluulPsf] Jojyf z+sfkb cffdLsf] nflu ulPsf] Jojyf tyf cGosf] nfluulPsf] Jojyf sd cf+lzs jf k0fkn] sfod fVg kg] cjyf gx]df TotfsdxnfO o zLifsdf hgfpg kg]5
5 cGo cfDbfgL M aLdf Aojfo+u f]sf gePsf] kj +rfng cfDbfgL htfcfDbfgLxsf] of]ukmnnfO o zLifsdf hgfpg kg]5
6 Jojyfkg vr M lgb]zg $ adf]lhd afF8kmFf8 uL cfPsf] sdnfO o zLifsdfhgfpg kg]5
7 ckn]vg vr M k|flDes vrx kj +rfng vrx k flPsf vrx nufgLshf cffdL tyf cGo ckn]vg ulPsf] vrnfO o zLifsdf hgfpg kg]5 t+yfks +rfns tyf pRr Jojyfks jf lghx+u DalGwt JolQmdivide+yfDaGwL cffdL ckn]vg ug kfOg] 5g
8 cGo vrx M k|rlnt sfgg adf]lhd aLdf ldlt tyf cGo lgsfon] aLdsnfOtf]s]sf] b08 hljfgf aLdsn] pkof]u u]sf] ]jfsf] aemfpg kg] zNs dodfgaemfP afkt ltg kg] ljnDa zNs hljfgf nufotsf vrx o zLifsdfhgfpg kg]5
9 gf]SfgLsf] nflu Jojyf M nufgLdf gf]SfgLsf] nflu Jojyf shfdf gf]SfgLsf]nflu Jojyf z+sfkb cffdL Jojyf tyf cGo JojyfnfO o zLifsdf hgfpgkg]5
10 cfos M aLdssf] cfos bfloTjnfO lgb]zg adf]lhd afF8kmFf8 uL cfPsf]sdnfO o zLifsdf hgfpg kg]5
11 hLjg aLdf sf]ifdf f]sf] M aLdssf] bfloTjsf] n]vf hf]vf uL aLdfIacuteLn] lbPsf]dNofIacuteg k|ltj]bg d]tsf] cfwfdf ldltn] lbPsf] cfb]zdividelgb]zg adf]lhd hLjg
41
aLdf sf]ifdf f]sf] sdnfO o zLifsdf b]vfpg kg]5 oL hLjg aLdf sf]ifdff]sf] sd gfkmf gf]Sfg lxfadf lkmtf ug kfOg] 5g
12 cl3Nnf jif+u DalGwt vr M cl3Nnf jif-x_sf] cfosdf nfu]sf]b08dividehljfgfdivideljnDa zNs tyf cl3Nnf jifxdf n]vfIacuteg ug 56]sf vrxnufotsf cl3Nnf jif+u DalGwt vrnfO o zLifsdf hgfpg kg]5
-u_ jfnft tyf DalGwt cgrLsf zLifsxsf] +lIfKt JofVof M
1 rQmf kFhL M eQmfgL k|fKt ePsf] fwf0f z]o ckljtgLo cu|flws z]o tyfkljtgLo cu|flwsf z]o afktsf] sdsf] of]ukmnnfO o zLifsdf hgfpg kg]5
2 hu]8f tyf sf]if M aLdsn] hu]8f sfod ug] lnlnfdf gfkmfaf6 afF8kmfF8 ecfPsf jf cGo sg] k|lqmofaf6 gt[hgf ePsf tyf gfkmf gf]Sfg lxfadf afF8kmFf8guL +ro uL flvPsf] sdxnfO o zLifsdf hgfpg kg]5 oL hu]8f k|of]uubf DalGwt hu]8f tyf sf]if lxfadf vr hgfpg kg]5
-s_ kFhLut hu]8f M rQmf gePsf] z]osf] afFsL sd dfu ubf eQmfgL gu]sf]sf0fn] pQm z]onfO hkmt uL k|fKt xg cfPsf] sd kFhLut cgbfg afktk|fKt xg cfPsf] lhGL tyf gub sd tyf aLdssf] kFhL j[l4 ug] p2]Zon]gfkmfaf6 flPsf] sdnfO o zLifsdf hgfpg kg]5
-v_ z]o lk|ldod M aLdsn] cfˆgf] z]o hfL ubf z]osf] clIacutet dNo eGbf a9Lbn] hfL u]sf] x]5 eg] pQm al9 sd hlt o zLifsdf hgfpg kg]5 ozLifsdf hgfOPsf] sd nfef+z ljt0f k|of]hgsf] nflu of]Uo dflgg] 5g
-u_ k|tfljt af]gz z]o M aLdsn] k|tfj uL fwf0f efn] kflt u]sf] t hfLuL gs]sf] af]gz z]onfO o zLifsdf hgfpg kg]5
-3_ ljz]if hu]8f M aLdf ldltsf] lgb]zg adf]lhd sg cGo hu]8f sf]if v8f ugkbf Totf] sdnfO o zLifsdf hgfpg kg]5
-ordf_ cGo hu]8f M aLdsn] cGo k|of]hgsf] nflu v8f u]sf] hu]8fnfO o zLifsdfhgfpg kg]5
-r_ gfkmf gf]Sfg lxfaaf6 f]sf] M aLdssf] gfkmf gf]Sfg lxfaaf6 jfnftdff]sf] gfkmf sdnfO o zLifsdf hgfpg kg]5
3 hLjg aLdf sf]if M lgb]zg adf]lhd fVg kg] hLjg aLdfsf]ifxsf] of]ukmnnfOo zLifsdf hgfpg kg]5
4 dxfndashljkQL hu]8f M 7nf] kldf0fdf aLdf bfjL pTkGg xg Sg] dxfndashljkQL -catastrophy_ sf] cjyfdf aLdssf] ljQLo Ifdtfdf kg Sg] k|ltsn c sd ug]p2]Zon] gfkmfaf6 flPsf] sdnfO o zLifsdf hgfpg kg]5 o zLifsdfhgfOPsf] sd nfef+z ljt0f k|of]hgsf] nflu of]Uo dflgg] 5g
5 ltg afFsL bL3sflng C0f tyf fk6L M jfnftsf] ldltdf eQmfgL ug afFsLbL3sflng fk6LnfO o zLifsdf hgfpg kg]5
42
6 ly DkQL -vb_ MyfoL k|s[ltsf DkQLxsf] sn dNodf Xf ssectf uL afFsL x]sf]sdnfO o zLifsdf hgfpg kg]5
7 bL3sflng nufgL M aLdsn] lgb]zg ^ adf]lhd u]sf] bL3sflng nufgLnfO ozLifsdf hgfpg kg]5
kli6s0f M = jfnftsf] ldltaf6 Ps jif eGbf al9 cjwL kl5 eQmfgLk|fKt xg] sfL sfsf] hdfgt k|fKt ]Sol6Ld2tL lgIf]k gfuls nufgL of]hgf z]o a+s tyfljQLo +yfsf] cu|flwsf z]odividel8j]Gr tyf cGo f]xLk|s[ltsf nufgLxnfO bL3sflng nufgL Demg k5
= aLdsn] klAns sDkgLsf] z]odf nufgL u] afkt k|fKtxg] af]gz z]onfO z]o +Vofdf dfq b]vfO kn df]ndfsg kljtg ug x+bg
amp=s cNksflng nufgL M aLdsn] lgb]zg ^ adf]lhd u]sf] cNksflng nufgLnfO ozLifsdf hgfpg kg]5
kli6s0f M jfnftsf] ldltaf6 Ps jif leq eQmfgL k|fKt xg] sfL sfsf] hdfgt k|fKt ]Sol6L d2tL lgIf]k gfulsnufgL of]hgf a+s tyf ljQLo +yfsf] cu|flwsfz]odividel8j]Gr tyf cGo f]xL k|s[ltsf nufgLxnfOcNksflng nufgL Demg k5
8 aLdfn]vsf] lwtf]df shf M aLdsn] lgb]zg amp adf]lhd k|To]s lsldsf] aLdfsf]aLdfn]vsf] lwtf]df k|bfg u]sf] shfsf] of]ukmnnfO o zLifsdf hgfpg kg]5
9 gub tyf a+s dfHbft M -_ aLds+u x]sf] sn gub dfHbft sd tyf aLdssf]a+sdivideljQLo +yfsf] Aofh k|fKt gxg] vftfdf x]sf] sn sdnfO o zLifsdfhgfpg kg]5
10 cGo bL3sflng shf M lgb]zg amp adf]lhd n]vfIacuteg ulPsf] clestfnfO k|bfgulPsf] bL3sflng shf sdrfLnfO k|bfg ulPsf] bL3sflng shf tyf cGobL3sflng shfsf] of]ukmnnfO o zLifsdf hgfpg kg]5
kli6s0f M jfnftsf] ldltaf6 Ps jif eGbf al9 cjwL kl5 eQmfgLk|fKt xg] clestfnfO k|bfg ulPsf] shf sdrfLnfO k|bfgulPsf] shf tyf cGo f]xL k|s[tLsf shfxnfO bL3sflngshf Demg k5
)s= cGo cNksflng shf M lgb]zg amp adf]lhd n]vfIacuteg ulPsf] clestfnfO k|bfgulPsf] cNksflng shf sdrfLnfO k|bfg ulPsf] cNksflng shf tyf cGocNksflng shfsf] of]ukmnnfO o zLifsdf hgfpg kg]5
kli6s0f M jfnftsf] ldltaf6 Ps jif leq eQmfgL k|fKtxg] clestfnfO k|bfg ulPsf] shf sdrfLnfO k|bfgulPsf] shf tyf cGo f]xL k|s[tLsf shfxnfOcNksflng shf Demg k5
43
11 cGo DkQL M -_ o lgb]zg adf]lhd n]vfIacuteg ulPsf] aLdssf] nufgLaf6 k|fKt xgafFsL cfo aLdfn]vsf] lwtf]df shfaf6 k|fKt xg afFsL Aofh cGo shfaf6 k|fKt xgafFsL Aofh cGo aLdsaf6 k|fKt xg afFsL kgaLdsaf6 k|fKt xg aFfsL ljljwcffdL clu|d eQmfgL sdrfL k]ZsL cGo k]ZsL wf6L tyf cGosf] of]ukmnnfOo zLifsdf hgfpg kg]5
-_ cGo DkQLsf] ljj0f kllzi6 sf] cgrL $ adf]lhd xg kg]5
-_ cn xg afFsL aLdfzNs eP f]sf] of]ukmn kllzi6 sf] cgrL $ dfb]vfpg kg]5 f] cn xg afFsL aLdfzNs afasf] dNtjL -Suspense_ b]vfOvb k|efj (Net effect) zGo agfpg kg]5
12 rfn bfloTj M clestfnfO lbg afFsL cGo aLdsnfO lbg afFsL kgaLdsnfO lbgafFsL aLdfzNs wf6L k0f ljj0f gvn]sf] aLdfzNs ljljw fx xfosdividexf]lN8EumlsDkgLnfO lbg afFsL gtf]tdf ssectf ulPsf] s ltg afFsL cfos ltg afFsL]jfzNs ltg afFsL sdrfLnfO ltg afFsL +rfnsnfO ltg afFsL tyf cGo ltgafFsL sdxsf] of]ukmnnfO o zLifsdf hgfpg kg]5
13 cdfKt hf]lvd jfkt Jojyf M lgb]zg ( adf]lhdsf] cdfKt hf]lvd Jojyfsf]of]ukmnnfO o zLifsdf hgfpg kg]5
14 eQmfgL xg afFsL bfjL jfkt Jojyf M k|To]s lsldsf] aLdfsf] eQmfgL xg afFsLbfjLsf] nflu ulPsf] Jojyfsf] of]ukmnnfO o zLifsdf hgfpg kg]5
15 ckn]vg jf dfof]hg xg afFsL ljljw vrx M ckn]vg ug afFsL k|flDes vrckn]vg ug afFsL kj +rfng vr ckn]vg ug afFsL yug ulPsf vr tyfcGo ckn]vg jf dfof]hg gePsf vrxsf] of]ukmnnfO o zLifsdf hgfpgkg]5
-3_ k|dv rsfIacutexdf +nUg zLifsxsf] +lIfKt JofVof
1 g]6 jy = rQmf kFhL plusmn hu]8f tyf sf]if plusmn dxf ljkQL hu]8f ndashckn]vg jfdfof]hg xg afFsL ljljw vrx ndash gfkmf gf]Sfg lxfaaf6 f]sf] gf]Sfg
2 k|lt z]o lstfaL dNo = g]6 jydividefwf0f z]o +Vof
3 k|lt z]o cfo = vb gfkmfdividefwf0f z]o +Vof
4 dNo cfDbfgL cgkft = k|lt z]o ahf dNodividek|lt z]o cfo
5 sn DklQ = ly DklQ plusmn nufgL plusmn aLdfn]vsf] lwtf]df shf plusmn rfnDklQ shf tyf k]ZsLx
![Page 4: hLjg aLdf Joj;fo ug]{ aLdssf] ljQLo ljj/0f ;DaGwL lgb]{zg](https://reader033.vdocuments.site/reader033/viewer/2022053020/6291631db7b57c39db6663d6/html5/thumbnails/4.jpg)
4
12 aLdf bfjLsf] nfutdf dfj]z ug kg] M aLdsn] bfjLsf] nfut u0fgf ubf aLdfn]vadf]lhd eQmfgL ug kg] sd tyf f] bfjL km5of6sf] nflu cfjZos kfdz tyfcgGwfg vr dfj]z ug kg]5
t aLdssf] kbflwsfL jf sdrfLn] u]sf] sfdsf] kflgtlds cGo vr afktsf]sd dfj]z ug kfOg] 5g
13 aLdssf] cfosf] afF8kFmf8 ug kg] M aLdsn] aLdfzNs tyf cGo k|ToIf cfDbfgL afx]ssfcfDbfgL DaGwdf b]xfo adf]lhd ug kg]5 M
-s_ aLdssf] nufgLaf6 k|fKt cfDbfgL aLdssf] DkQL ef8fdf lbP afkt k|fKtcfDbfgL cGo shf -aLdfn]vsf] lwtf]df lbPsf] shf afx]s_ af6 k|fKt Aofhnufot kllzi6 sf] cgrL adf]lhdsf cfDbfgLxnfO afF8kmFf8 ug kg]sn cfDbfgLsf] kdf lng kg]5
-v_ v08 -s_ adf]lhdsf] sn cfDbfgLnfO b]xfosf] q k|of]u uL k|To]s aLdfsf]cfo Joo lxfa tyf gfkmf gf]Sfg lxfadf afF8kmFf8 ug kg]5
cfDbfgL = ef x sn cfDbfgL
sn ef
kli6s0f M _ k|To]s lsldsf] aLdfsf] cfo Joo lxfasf] ef = cflysjifsf] zsf] hLjg aLdf sf]if plusmn cflys jifsf] zsf] cdfKt hf]lvdafkt Jojyf plusmn cflys aifsf] zsf] eQmfgL ug afFsL bfjL afkt Jojyfplusmn vb aLdfzNs plusmn kgaLdf sldzg cfo plusmn aLdfn]vsf] lwtf]df k|bfgulPsf] shfdf Aofh - clestf sldzg ndash kgaLdf sldzg vr ndash jfYokLIf0f zNs ndash bfjL eQmfgL -vb_
_ kli6s0f -_ adf]lhd u0fgf ulPsf] ef C0ffTds ePdf zGo Demgkg]5
_ gfkmf gf]Sfg lxfasf] ef = cflys jifsf] zsf] g]6 jy -Net Worth_
$_ sn ef = k|To]s lsldsf] aLdfsf] cfo Joo lxfasf] efsf] of]ukmnplusmn gfkmf gf]Sfg lxfasf] ef
14 Jojyfkg vrsf] afF8kmFf8 ug kg] M
$= Jojyfkg vrdf kllzi6ndash sf] cgrL amp adf]lhdsf vrx dfj]z ug kg]5
$= lgb]zg $= adf]lhdsf] sn Jojyfkg vrnfO b]xfo adf]lhd afF8kmFf8 ug kg]5 M-s_ sn Jojyfkg vrsf] )Uuml sd gfkmf gf]Sfg lxfadf fg kg]5
-v_ v08 -s_ adf]lhd f] afFsL x]sf] Jojyfkg vrnfO b]xfosf] q k|of]u uLk|To]s lsldsf] aLdfsf] cfo Joo lxfadf fg kg]5
Jojyfkg vr = ef x sn Jojyfkg vr x )=()
sn ef
5
kli6s0f M _ ef = DalGwt aLdfsf] k|ToIf aLdfzNs - clestf sldzg- jfYo kLIf0f zNs
_ sn ef = k|To]s lsldsf] aLdfsf] efsf] of]ukmn
$= lgb]zg $= df hgs sf n]lvPsf] ePtfklg k|rlnt sfggL Aojyfn] tf]lslbPsf]xbeGbf al9 Aojyfkg vr ePsf] cjyfdf Totf] al9 Aojyfkg vrnfO gfkmfgf]Sfg lxfjdf fL aFfsL x]sf] Aojyfkg vrnfO lgb]zg $= adf]lhd jf8kmfF8ug kg]5
15 cfossf] afF8kmFf8 ug kg] M aLdsnfO nfUg] sn cfosnfO b]xfosf] q k|of]u uLgfkmf gf]Sfg lxfa tyf cfo Joo lxfadf afF8kmFf8 ug kg]5
cfos = ef x sn cfos
sn ef
kli6s0f M _ sn ef = lgb]zg adf]lhdsf] sn cfDbfgL - lgb]zg$= adf]lhdsf] sn Jojyfkg vr
_ gfkmf gf]Sfg lxfasf] ef = lgb]zg sf] v08 -v_ sf] kli6s0f -_adf]lhdsf] cfDbfgL - lgb]zg $= sf] v08 -s_ adf]lhdsf] Jojyfkgvr
_ cfo Joo lxfasf] ef = lgb]zg sf] v08 -v_ sf] kli6s0f -_adf]lhdsf] cfDbfgL - lgb]zg $= sf] v08 -v_ adf]lhdsf] Jojyfkgvr
$_ kli6s0f -_ jf -_ adf]lhd u0fgf ulPsf] ef C0ffTds ePdf zGoDemg kg]5
16 nufgLsf] n]vfIacuteg ug kg] M
^= aLdssf] nufgLsf] n]vfIacuteg b]xfo adf]lhd ug kg]5 M
-s_ g]kfn sfsf] artkq jf C0fkq jf g]kfn sfsf] hdfgt k|fKt C0fkqdfulPsf] nufgLnfO clIacutet dNo -Face Value_ jf kn dNo dWo] hg 36L 5f]xL dNodf b]vfpg kg]5
-v_ v08 -s_ adf]lhd ulPsf] nufgLsf] clIacutet dNo eGbf kn dNo a9L ePdfTotf] a9L sdnfO yug ulPsf] vr (Deferred Expenditure) sf] kdfn]vfIacuteg uL f] vrnfO Totf] nufgLsf] cjlw leq dfgkflts cfwfdf (Pro-rata Basis) df ckn]vg ug kg]5
-u_ v08 -s_ jdf]lhd ulPsf] nufgLsf] clIacutet dNo eGbf kn dNo sd ePdfTotf] kms sdnfO nufgL cjlw leq dfgkflts cfwfdf nufgLaf6cfosf] kdf n]vfIacuteg ug kg]5 AElig
6
-3_ v08 -s_ adf]lhdsf art kq jf C0fkqsf] n]vfIacuteg ulPsf] dNo eGbf ahfdNo sd xg uPdf Totf] kms sdsf] afa Jojyf -Provision_ ug kg]5
-ordf_ a+sdivideljQLo +yfsf] d2tL lgIf]k jf gfuls nufgL sf]ifsf] nufgL of]hgfxdfulPsf] nufgLnfO fFjf sddf b]vfpg kg]5
t Totf] nufgLsf] Dofb dfKtL kl5 sg sf0fjz tTsfn lkmtf xggSg] cjyf gt[hgf ePdf Totf] nufgL sdsf] afa Jojyf ug kg]5
-r_ klAns lnld6]8 sDkgLsf] z]odf ulPsf] nufgLnfO kn dNo jf ahf dNodWo] hg 36L 5 f]xL dNodf b]vfpg kg]5
-5_ klAns lnld6]8 sDkgLsf] +yfks z]odf nufgL ulPsf] z]o k|rlnt sfggadf]lhd lwtf]kq ahfdf lrs[t gePdf b]xfo adf]lhd ug kg]5 M
c_ aLdsn] z]odf nufgL u]sf] klAns lnld6]8 sDkgLn] sff]af ug]Ohfhtkq kfPsf] ldltn] tLg jifDd Totf] nufgLnfO kn dNodfb]vfpg kg]5
cf_ aLdsn] z]odf nufgL u]sf] klAns lnld6]8 sDkgLn] sff]af ug]Ohfhtkq kfPsf] ldltn] tLg jif kl5 Totf] nufgLnfO kn dNodf b]vfOf] nufgL afasf] Jojyf ug kg]5
-h_ v08 -r_ adf]lhd nufgL ulPsf] z]o k|rlnt sfgg adf]lhd lwtf]kq ahfsf]rLaf6 x6]df -Delisted ePdf_ f] nufgL afasf] Jojyf ug kg]5
^= k|rlnt sfgg adf]lhd aLdssf] jfldTjdf gcfPsf] jf gx]sf] z]o artkqC0fkq jf cGo DklQnfO nufgLdf dfj]z ug kfOg] 5g
17 shf n]vfIacuteg ug kg] M
amp= k|rlnt sfggL Jojyf adf]lhd aLdsn] shf k|bfg ubf Totf] shf cnL xg]kofKt cfwf v8f uL shfnfO fF+jf sddf b]vfpg kg]5
amp= lgb]zg amp= adf]lhd k|bfg ulPsf] shf lgis[o ePdf f] shf afa sd Jojyfug kg]5 t aLdsn] aLdfn]vsf] lwtf]df k|bfg u]sf] shfsf] xsdf of] Jojyf nfuxg] 5g
ki6Ls0f M o lgb]zgsf] k|of]hgsf] nflu nuftf tLg dlxgf jf f] eGbf a9Lcjlwsf] efsf gf3]sf] shfnfO lgs[o shf Demgk5
amp= aLdsn] aLdfn]vsf] lwtf]df k|bfg u]sf] shfsf] xsdf aLdfn]vsf] zt adf]lhd Totf]shf+u DalGwt aLdfn]v hkmt xg kg] dofjlw Plsg uL hkmt xg kg]aLdfn]vsf] lwtf]df k|bfg ulPsf] shfnfO shf zLifsaf6 x6fO dfof]hg ugkg]5
amp=$ lgb]zg amp= adf]lhd slDtdf k|To]s cflys jifsf] cGTodf hkmt xg] aLdfn]v Plsgug kg]5
7
18 5sectfndash5sect hLjg aLdf sf]if fVg kg] M
= aLdsn] k|To]s lsldsf] aLdfsf] nflu 5sectfndash5sect hLjg aLdf sf]if fVg kg]5 t dnaLdfn]vsf] ks sf afktsf] sf]ifnfO f]xL lsldsf] aLdfsf] nflu v8f ulPsf]sf]ifdf dfj]z ug lsg]5
= aLdf cjlw dfKtL afkt bfjL eQmfgL ug gkg] lsldsf] aLdfsf] nflu lgb]zg= adf]lhd v8f ulPsf] sf]ifdf aLdf P]g )$( sf] bkmf adf]lhd tf]lsPsf]sd hDdf ug kg]5
= aLdf cjlw dfKtL (Maturity) afkt bfjL eQmfgL ug kg] lsldsf] aLdfsf] nflulgb]zg = adf]lhd v8f ulPsf] sf]ifdf b]xfosf] sd hDdf ug kg]5 M
-s_ aLdf P]g )$( sf] bkmf adf]lhd tf]lsPsf] sd
-v_ aLdfIacuteLsf] dNofIacuteg gePsf] cflys jifxsf] cfo Joo lxfaaf6 cfPsf] Dk0fart (Surplus) sd
-u_ aLdf ldltn] dondashdodf tf]lslbP adf]lhdsf] f]Ne]GL dflhg afktsf] yksd
=$ aLdfIacuteLsf] dNofIacuteg k|ltj]bg DaGwdf aLdf ldltaf6 lbOPsf] lgb]zg cgf hLjgaLdf sf]ifdf x]sf] sd aFf8kFmf8 ug kg]5
19 cdfKt hf]lvdsf] nflu Jojyf M
(= aLdf cjlw dfKtL jfkt bfjL eQmfgL ug gkg] lsldsf] aLdfsf] cdfKt hf]lvdjfkt aLdfIacuteLn] lgwf0f ullbPsf] bfloTj sd eGbf sd gxg] sd Aojyf ug kg]5
(= cf=a=)^divide^^ sf] ljQLo ljj0f tof ubf lgb]zg (= adf]lhd aLdfIacuteLaf6 bfloTjlgwf0f gePsf] cjyfdf aflifs jf f] eGbf sd cjlwsf] aLdfzNs b tf]lsPsf] aLdf cjlw dfKtL afkt bfjL eQmfgL ug gkg] lsldsf] aLdfsf] cdfKt hf]lvdafkt vb aLdfzNssf] slDtdf krf k|ltzt sd Jojyf ug lsg]5
(= cf=a=)^divide^^ sf] ljQLo ljj0f tof ubf lgb]zg (= adf]lhd aLdfIacuteLaf6 bfloTjlgwf0f gePsf] cjyfdf Psn aLdfzNs b tf]lsPsf] aLdf cjlw dfKtL afktbfjL eQmfgL ug gkg] lsldsf] aLdfsf] aLdf cjlwsf] dfgkflts xg]uL cdfKthf]lvd afkt sd Jojyf ug lsg]5
(=$ lgb]zg (= jf (= adf]lhd cdfKt hf]lvdsf] nflu cf=a= )^divide^^ df Jojyfu]sf] sdnfO cf=a= )^^divide^amp df cfDbfgL hgfpg kg]5
ki6Ls0f M o lgb]zgsf] k|of]hgsf] nflu aLdf cjlwsf] dfgkflts eGgfn]eQmfgL ePsf] aLdf cjlw -dlxgfdf_ eQmfgL xg afFsL aLdf cjlw -dlxgfdf_sf] dfgkflts eGg] Demgk5
(= lgb]zg (= adf]lhd cdfKt hf]lvdsf] nflu Aojyf u]sf] cjyfdf jfx]s aLdfcjlw dfKtL jfkt bfjL eQmfgL ug gkg] lsldsf] aLdf Aojfosf] cfo Aoolxfjaf6 xg cfPsf] jrtnfO hLjg aLdf sf]ifdf fg kg] 5
8
20 sfggL ljjfb ePsf] bfloTjsf] nflu Jojyf ug kg] M sfggL ljjfb ePsf] sg klgbfloTjsf] nflu aLdsn] kofKt Jojyf ug kg]5
21 ljQLo ljj0fsf] 9fFrf M aLdssf] ljQLo ljj0fsf] 9fFrf kllzi6ndash adf]lhd xg]5
22 ljQLo ljj0fsf] zLifsxsf] JofVof M aLdssf] ljQLo ljj0fdf dfj]z xg] zLifsxsf]+lIfKt JofVof kllzi6 ndash adf]lhd xg]5
23 dxf ljkQL kgaLdfzNs n]vfIacuteg ug kg] M
= aLdsn] k|To]s lsldsf] aLdf Aojfosf] nflu 5sectf 5sect dxf ljkQL kgaLdf Aojyfu]sf] cjyfdf dxf ljkQL kgaLdf zNsnfO DalGwt aLdf Aojfosf] cfo Aoolxfj -cgrL _ sf] kgaLdfzNs eQmfgL lzifs cGtut vr hgfpg kg] 5
= aLdsn] bO jf bO eGbf al9 lsldsf] aLdf Aojfosf] nflu Pp6 dxf ljkQLkgaLdf Aojyf u]sf] cjYffdf dxf ljkQL kgaLdf zNsnfO b]xfosf] q k|of]u ulDalGwt aLdf Aojfosf] cfo Aoo lxfjdf afF8kmfF8 ug kg] 5
dxf ljkQL kgaLdf zNs = ef x sn dxf ljkQL kgaLdfzNs
sn ef
kli6s0f M
-_ ef = DalGwt aLdf Aojfo cGtut aLdsn] wf0f u]sf] d of6 ls(Sum at Risk)
-_ sn ef = k|To]s DalGwt aLdf Aojfosf] kli6s0f -_ adf]lhdsf] efsf]of]ukmn
24 k|rlnt sfgg adf]lhd b08 hfo xg] M
o lgb]zgdf ulPsf] Aojyfn] k|rlnt sfgg adf]lhd xg] b08 hfoaf6 aLdsn]pGdQmL kfPsf] dflgg] 5g
9
kllzi6ndash
-lgb]zg +u DalGwt_
Jojyfkg k|ltj]bgdf vnfpg kg] aFbfx M
-s_ aLds DaGwL fdfGo hfgsfL M o zLifs cGtut b]xfosf aFbfx dfj]z ugkg]5 M
-_ +yfkgf ldlt
-_ aLds btfsf] k|df0fkq kfPsf] ldlt
-_ aLdsn] cgdtL kfPsf] aLdf Jojfosf] lsld k|sf
-$_ aLdsn] Jojfo k|fDe u]sf] ldlt
-_ aLdsn] cfjZos 7fg]sf] cGo ljj0f
-v_ aLdssf] +rfns ldltn] b]xfosf aFbfx k|dfl0ft ug kg]5 M
= aLdf Jojfo ug aLdf ldltaf6 hfL ePsf] k|df0f kqsf] jBtf sfod x]sf]
= sfgg adf]lhd aLdsn] ltg aemfpg kg] s ]jf zNs b08 hljfgf DalGwtlgsfodf aemfpg afFsL x]dividegx]sf]
= aLdssf] z]o jfldTjsf] +rgf Todf ePsf] x]k]msf] ljj0f tyf sfod x]sf]+rgf k|rlnt sfggL Jojyf cgk x]sf]
$= aLdf ldltn] tf]lslbP adf]lhdsf] f]Ne]GL dflhg -Solvency Margin_ sfod x]sf]
= -s_ jftljs kdf k|fKt xg Sg] dNodivideahf dNo eGbf jfnftsf] ldltdfaLdssf] ljQLo ljj0fdf dfj]z ulPsf Dk0f DklQxsf] dNo a9Lgx]sf]
-v_ aFbf -s_ adf]lhdsf] DklQsf] dNo tngf ug cjnDag ulPsf] ljlwsf] vnff
^= aLdsn] u]sf] nufgL k|rlnt sfggL Jojyfsf] klwL leq x]sf] pb3f]if0f tyf f]gePsf] eP sf0f lxtsf] ljj0f
amp= aLdsnfO cfO kg Sg] Dk0f hf]lvdx tyf f]sf] lgfs0fsf nflu cjnDagulPsf gLltxsf] vnff
= aLdssf] cGo dnsdf x]sf] k|wfg sfofnodividesfofnosf] ljj0f tyf Totf] g]kfnaflxsf] sfofnon] +rfng u]sf] aLdf Jojfoaf6 aLdsnfO cfO kg Sg] Dk0fhf]lvdx tyf f]sf] lgfs0fsf nflu cjnDag ulPsf gLltxsf] vnff
(= o jif km5of6 ePsf] aLdf bfjLsf] +Vof tyf km5of6 xg afFsL aLdf bfjLsf] +Vof dofjlwsf] vnff
)=ljQLo ljj0f tof ubf k|rlnt aLdf P]g )$( aLdf lgodfjnL )$( f]cGtut hfL ulPsf aLdf ldltsf cfb]z jf lgb]zg sDkgL P]g )^ tyf cGosfggx tyf n]vfdfg n]vfsf] l4fGt gLltx kfngf ulPsf] pb3f]if0f TotfJojyfx kfngf xg gs]sf] eP f]sf] sf0f lxtsf] vnff
10
=-s_ aLdsn] pkoQm n]vf gLlt cjnDag u]sf] f]sf] k|of]udf Psktf sfod u]sf] Totf] gLltsf] kLIf0f uL pkoQmtf Plsg u]sf] 5 eGg] pb3f]if0f
-v_ aLdssf] ljQLo ljj0fn] jfnftsf] ldltdf aLdssf] gfkmf gf]Sfg nufotsfljQLo cjyfsf] oyfy tyf jftljs lrq0f ub5 eGg] pb3f]if0f
=aLdssf] +rfns ldltn] aLdssf] DklQsf] Iffsf] nflu tyf hfnfhL jf cGoclgoldttf kQf nufpg f]Sgsf nflu pkoQm kofKt Jojyf u]sf] 5 eGg]pb3f]if0f
=aLdsn] aeliggoing concern basisAElig df cfˆgf] ljQLo ljj0f tof u]sf] xf] eGg]pb3f]if0f
$=aLdssf] Jojfosf] cfsf k|s[lt cgksf] cfGtls n]vf kLIf0f k|0ffnL ljBdfgx]sf] f] k|0ffnL k|efjsfL x]sf] 5 eGg] pb3f]if0f
=k|rlnt aLdf P]g )$( tyf sDkgL P]g )^ f] cGtutsf lgodfjnL cfb]zjf lgb]zgsf] k|ltsn xg] uL sg JolQm kmd sDkgL tyf aLdssf] +rfns jf+rfnssf] jfy x]sf] +yf+u sff]af ulPsf] 5g eGg] pb3f]if0f
^=hg aifsf] aflifs k|ltj]bg tof ulPsf] xf] f] aifdf aLdf ldltn] aLdsnfO sgb08 hljfgf tf]s]sf] eP f] DaGwL ljj0f
amp= Jojyfkgn] cfjZos 7fg]sf cGo sfx
11
kllzi6ndash
-lgb]zg +u DalGwt_
= aLdssf] cfo Joo lxfasf] 9fFrf M
aLdssf] gfd M
cflys aif ======================= sf] ================================== aLdfsf] cfo Joo lxfa
qm=+= ljj0f cgrL o aif ut aif
cfo
1 aLdfzNs -vb_
2 kgaLdf sldzg cfo
3 nufgL shf tyf cGoaf6 cfo
4 aLdfn]vsf] lwtf]df shfaf6 cfo
5 cGo k|ToIf cfo
6 cflys aifsf] zsf] eQmfgL xg afFsL bfjL afktJojyf
7 cflys aifsf] zsf] cdfKt hf]]lvd afkt Jojyf
hDdf cfo -s_
Joo
8 bfjL eQmfgL -vb_ $
9 clestf sldzg
10 jfYo kLIf0f zNs
11 kgaLdf sldzg vr
12 ]jf zNs -vb_ ^
13 cGo k|ToIf vr
14 Jojyfkg vr amp
15 cfos
16 cflys aifsf] cGTodf eQmfgL xg afFsL bfjL afktJojyf
(
17 cflys aifsf] cGTodf cdfKt hf]lvd afkt Jojyf
hDdf Joo -v_
18 hLjg aLdf sf]ifdividegfkmf gf]Sfg lxfadf f]sf]artdivide -gf]Sfg_ = -s_ - -v_
cgrL b]lv ( Dd osf cleGg c+u xg
12
= gfkmf gf]Sfg lxfasf] 9fFrf M
aLdssf] gfd M
cflys aif ======================= sf] gfkmf gf]Sfg lxfa
qm=+= ljj0f cgrL o aif ut aif
cfDbfgL
1 cfo Joo lxfaaf6 f]sf] )
2 hLjg aLdf sf]ifaf6 f]sf]
3 nufgL shf tyf cGoaf6 cfo
4 Jojyf lkmtf
5 cGo cfDbfgL -ljj0f vnfpg]_
hDdf cfDbfgL -s_
vr
6 Jojyfkg vr amp
7 ckn]vg vr
8 cGo vrx $
9 gf]SfgLsf] nflu Jojyf
10 sdrfL cfjf Aojyf
11 sdrfL af]g Jojyf
12 cfos
13 hLjg aLdf sf]ifdf f]sf]
hDdf vr -v_
14 vb gfkmf divide-gf]Sfg_ -u_ = -s_ ndash -v_
15 cl3Nnf] jif+u DalGwt vr
16 cl3Nnf] aifaf6 flPsf] gfkmfdivide-gf]Sfg_
afF8kmfF8sf] nflu pknAw sd
-s_ kFhLut hu]8f amp
-v_ ljz]if hu]8f amp
-u_ cGo hu]8f -ljj0f vnfpg]_ amp
-3_ k|tfljt nfef+z amp
17
-ordf_ dxfndashljkQL hu]8f
18 jfnftdf f]sf] gfkmfdivide-gf]Sfg_
cgrL amp tyf ) b]lv amp Dd osf cleGg c+u xg
13
= aLdssf] jfnftsf] 9fFrf M
====================== sf] jfnft
qm=+= ljj0f cgrL o aif ut aifgtf]t
1 rQmf kFhL ^2 hu]8f tyf sf]if amp3 hLjg aLdf sf]if 4 dxfndashljkQL hu]8f 5 ltg afFsL bL3sflng C0f tyf fk6L (
sn gtf]tpkof]u
6 ly DkQL -vb_ )7 lb3sflng nufgL 8 aLdfn]vsf] lwtf]df shf 9 cGo bL3sflng shf
10 11 12 13
Rffn DkQL shf tyf k]ZsLx Mgub tyf a+s dfHbftcNksflng nufgLcGo cNksflng shfcGo DkQL $hDdf -s_ -)plusmnplusmnplusmn_
14 15 ^16 (17
rfn bfloTj tyf JojYffx Mrfn bfloTjcdfKt hf]lvd jfkt JojyfeQmfgL xg afFsL bfjL afkt JojyfcGo Aojyf ^shDdf -v_ -$plusmnplusmn^plusmnamp_
18 vb rfn DkQL -u_ = -s_ ndash -v_19 ckn]vg jf dfof]hg xg afFsL ljljw vrx amp20 gfkmf gf]Sfg lxfaaf6 f]sf] gf]Sfg
sn pkof]u -^+amp++(++(+)_
+efljt bfloTjx tyf cgrL ( tyf ^ b]lv ( Dd osf cleGg c+u xg
+efljt bfloTjx
qm=+= ljj0f o aif ut aif1 rQmf jf eQmfgL xg afFsL nufgL2 k|Tofelt k|lta4tf3 aLdfn]v cGtut eGbf afx]saf6 aLds pk bfjL k]sf] t
aLdsn] bfloTj jLsf gu]sf]
aLdsn] bfloTj jLsf gu]sf]
4 aLdsn] jf aLdssf] tkmaf6 lbOPsf] Uof]06L5 cGo -ljj0f vnfpg]_
hDdf
aLdssf] gfd M
14
$= OSo6Ldf ePsf] kljtg DaGwL ljj0fsf] 9fFrf M
aLdssf] gfd M
cf=j==============df OSo6Ldf ePsf] kljtg DaGwL ljj0f
ljj0f z]o kFhL +lrt gfkmfdividegf]Sfg
k|tfljtaf]g z]o
kFhLuthu]8f sf]if
z]olk|ldod
ljz]if hu]8fsf]if
cGo hu]8f tyfsf]if
dxfljkQLhu]8f
sn sd
zdfHbft
dfof]hg
=============
=============
============
============
clGtddfHbft
15
= gub k|jfxsf] ljj0fsf] 9fFrf
aLdssf] gfd M
=====================b]lv========================Ddsf] gub k|jfxsf] ljj0f
qm=+= ljj0f o jif ut jifsff]af +rfngaf6 gub k|jfx MaLdf zNs cfDbfgLljnDa zNs cfDbfgLkgaLdf zNs cfDbfgLkgaLdf sldzg cfDbfgLcGo k|ToIf cfDbfgLkgaLdsaf6 k|fKt bfjL lseLkgaLdf zNs eQmfgLkgaLdf sldzg eQmfgLclestf sldzg eQmfgLjfYo kLIf0f zNs eQmfgLd[To bfjL eQmfgLcjlw dfKtL bfjL eQmfgLcf+lzs cjlw dfKtL bfjL eQmfgLdk0f dNo bfjL eQmfgLcGo bfjL eQmfgL]jf zNs eQmfgLJojyfkg vr eQmfgLsdrfL af]g eQmfgLcfos eQmfgLRffn DklQdf -j[l4_dividesdLRffn bfloTjdf j[l4divide-sdL_
s
sff]af +rfngaf6 vb gub k|jfx -s_nufgL ultljwLaf6 gub k|jfxly DklQdf -j[l4_ sdLsfL sfsf] hdfgt k|fKt ]Sol6Ldf nufgLdf -j[l4_ sdLa+s tyf ljQLo +yfsf] d2tL lgIf]kdf nufgLdf -j[l4_ sdLa+s tyf ljQLo +yfsf] cGo lgIf]k nufgLdf -j[l4_ sdLOSo6L z]o nufgLdf -j[l4_ sdLcu|flwsf z]odividel8j]Grdf nufgLdf -j[l4_ sdLcGo nufgLdf -j[l4_ sdLaLdfn]vsf] lwtf]df shfdf -j[l4_ sdLk]ZsL tyf cGo shfdf -j[l4_ sdLeQmfgL k|fKt Aofh cfDbfgL -nufgLdf_eQmfgL k|fKt l8le8]G8ef8f cfDbfgLeQmfgL k|fKt Aofh cfDbfgL -shfdf_cGo ck|ToIf cfDbfgLdividevr
v
nufgL ultljwLaf6 vb gub k|jfx -v_ljQLo gtf]t sff]afaf6 gub k|jfxz]oaf6 k|fKt sdltg afFsL fk6Ldf -j[l4_dividesdLcNksflng C0fdf -j[l4_dividesdLC0f fk6Ldf Aofh eQmfgLnfef+z eQmfgL
u
ljQLo gtf]t sff]afaf6 vb gub k|jfx -u_o jifsf] Dk0f ultljwLaf6 vb gub k|jfx = -s_plusmn-v_plusmn-u_gub tyf a+sdf x]sf] z dfHbftgub tyf a+sdf x]sf] clGtd dfHbft
16
^ ljQLo ljj0fsf] cleGg c+usf] kdf xg] cgrLx
cgrLndash
-s_ aLdfzNs -vb_
sn aLdfzNs kgaLdf zNs eQmfgL-Ceded_
aLdfzNs -vb_qm=+= aLdfsf]lsld
o jif ut jif o jif ut jif o jif ut jif
hDdf
-v_ sn aLdfzNs
k|ToIf aLdfzNs k|fKt kgaLdf zNs
-accepted_
sn aLdfzNsqm=+= aLdfsf]lsld
o jif ut jif o jif ut jif o jif ut jif
hDdf
-u_ k|ToIf aLdfzNs
k|yd aifsf]aLdfzNs
gjLs0f aLdfzNs Psn aLdfzNs hDdf k|ToIfaLdfzNs
qm=+= aLdfsf]lsld
o aif ut aif o aif ut aif o aif ut aif o aif ut aif
hDdf
17
cgrLndash
nufgL shf tyf cGoaf6 cfoqm=+= ljj0f o aif ut aif1 sfL sfsf] hdfgt k|fKt ]Sol6Laf6 cfo2 jfl0fHo a+ssf] d2tL lgIf]kaf6 cfo3 ljsf a+ssf] d2tL lgIf]kaf6 cfo4 gfuls nufgL of]hgfaf6 cfo5 ljQLo +yfsf] d2tL lgIf]kaf6 cfo6 cfjf ljQ sDkgLsf] fwf0f z]oaf6 nfef+z7 cGo klAns sDkgLsf] fwf0f z]oaf6 nfef+z8 a+s tyf ljQLo +yfsf] cu|flwsf z]oaf6 nfef+z9 a+s tyf ljQLo +yfsf] l8j]Graf6 cfo10 cGo -ljj0f vnfpg]_ af6 cfo11 shfaf6 cfo12 cGo lgIf]kaf6 -d2tL afx]s_ cfo13 nufgL laqmLdf gfkmf
Gog nufgL laqmLdf gf]Sfg14 nufgL -vLb_ df gfkmf
Gog nufgL -vLb_ df gf]Sfg15 ly DkQL laqmLaf6 gfkmf
Gog ly DkQL laqmLaf6 gf]Sfg16 vftf ckn]vg17 cl3Nnf jif+u DalGwt cfo18 cGo cfo
hDdfnufgL shf tyf cGoaf6 cfosf] afF8kmfF8
gfkmf gf]Sfg lxfadf f]sf]============ sf] cfo Joo lxfadf f]sf]============ sf] cfo Joo lxfadf f]sf]
hDdfcgrLndash
aLdfn]vsf] lwtf]df shf cfo
aLdfn]vsf] lwtf]df shf aLdfn]vsf] lwtf]df shfaf6 cfoqm=+= aLdfsf] lsld
o aif ut aif o aif ut aif
============= aLdf
============= aLdf
============= aLdf
18
cgrL ndash $bfjL eQmfgL
d[To bfjLeQmfgL
cjlw dfKtLbfjL eQmfgL
cf+lzs cjlwdfKtL bfjL
eQmfgL
dk0f dNo bfjLeQmfgL
cGo bfjLeQmfgL
sn bfjL eQmfgL sn bfjLeQmfgLdfkgaLdssf]
lxf
bfjL eQmfgL-vb_
qm=+= aLdfsf]lsld
o jif ut jif o jif ut jif o jif ut jif o jif ut jif o jif ut jif o jif ut jif o jif ut jif o jif ut jif
===
===
hDdf
19
cgrLndash
clestf sldzg
k|yd aifsf]aLdfzNsdf
clestf sldzg
gjLs0f aLdfzNsdfclestf sldzg
Psn aLdfzNsdfclestf sldzg
hDdf clestfsldzg
qm=+= aLdfsf]lsld
o jif ut jif o jif ut jif o jif ut jif o jif ut jif
hDdf
cgrLndash^
]jf zNs -vb_
sn ]jf zNs sn ]jf zNsdfkgaLdssf] lxf
]jf zNs -vb_qm=+= aLdfsf] lsld
o jif ut jif o jif ut jif o jif ut jif
========aLdf
========aLdf
hDdf
cgrLndash amp
Jojyfkg vr
qm=+= ljj0f o aif ut aif1 sdrfL vr -cgrL amp= adf]lhd_2 3 ef8f3 lahnL tyf kfgL4 ddt tyf Def
-s_ ejg-v_ jfL fwg-u_ sfofno pks0f-3_ cGo
5 +rf6 5kfO tyf dnGb7 vr xg] sfofno fdfg8 kljxg9 e|d0f vr -eQf d]t_
-s_ cfGtls-v_ jb]lzs
10 clestf tflnd11 clestf cGo12 aLdfzNs13 Iff vr14 sfggL tyf kfdz zNs15 kq klqsf tyf kts
20
16 lj1fkg tyf k|rf k|f17 Jofkf k|j4g18 cltyL Tsf19 rGbf tyf pkxf20 +rfns ldlt DaGwL vr
-s_ a7s eQf-v_ cGo
21 cGo ldltdividepkndashldlt DaGwL vr-s_ a7s eQf-v_ cGo
22 fwf0f ef DaGwL vr
23-s_ aLdfIacuteLo ]jf zNs-v_ aLdfIacuteLo vr
24 n]vf kLIf0f DaGwL vr-s_ n]vf kLIf0f zNs-v_ s n]vf kLIf0f zNs-u_ ljt[t n]vf kLIf0f k|ltj]bg zNs-3_ cGo zNs-ordf_ cfGtls n]vf kLIf0f vr-r_ cGo vr
25 Aofh26 as rfh27 zNs tyf bt28 Xf ssectL29 xnfs l6s630 cGo
afF8 kmfF8sf] nflu hDdfgfkmf gf]Sfg lxfadf f]sf]================aLdfsf] cfo Joo lxfadf f]sf]================aLdfsf] cfo Joo lxfadf f]sf]
hDdfcgrL amp=
sdrfL vr
qm=+= ljj0f o aif ut aif= tna= eQf= bz+ vr$= ~rosf]ifdf yk= tflnd vr^= kf]zfsamp= cfifwf]krf= aLdf(= k]Gg tyf pkbfg vr tyf Jojyf)= ljbf afktsf] vr tyf Jojyf= cGo ljwf afkt vr tyf Jojyf -ljj0f vnfpg]_ cGo -ljj0f vnfpg]_
hDdf M
21
cgrLndash
cfos
qm=+= ljj0f o aif ut aif
= o aifsf] cfos
= cl3Nnf aifxsf] cfos
= afF8kmfF8sf] nflu cfossf] hDdf
afF8kmfF8
gfkmf gf]Sfg lxfadf f]sf]
==============aLdfsf] cfo Joo lxfadf f]sf]
==============aLdfsf] cfo Joo lxfadf f]sf]
hDdf
22
cgrL ndash (
cflys jifsf] cGTodf eQmfgL xg afFsL bfjL afkt Jojyf
eQmfgL xgafFsL d[To bfjL
eQmfgL xgafFsL cjlwdfKtL bfjL
eQmfgL xgafFsL cf+lzscjlw dfKtL
bfjL
eQmfgL xgafFsL dk0fdNo bfjL
eQmfgL xgafFsL cGo
bfjL
[hgf ePsf]t hfgsfLdfgcfPsf] bfjL
-cgdflgt_
eQmfgL xgafFsL hDdf
bfjL
eQmfgL xgafFsL hDdf
bfjLdfkgaLdssf]
lxf
eQmfgL xgafFsL bfjL
afkt Jojyf
qm=+= aLdfsf] lsld
ojif
ut jif ojif
utjif
ojif
utjif
ojif
utjif
ojif
utjif
ojif
utjif
ojif
utjif
ojif
utjif
ojif
utjif
=
=
=
$=
hDdf M
23
cgrLndash)
cfo Joo lxfaxaf6 gfkmf gf]Sfg lxfadf f]sf] sd
qm=+= ljj0f o aif ut aif
= ==================== sf] cfo Joo lxfaaf6 f]sf]
= ==================== sf] cfo Joo lxfaaf6 f]sf]
=
$=
hDdf
cgrLndash
hLjg aLdf sf]if
dfof]hg cuf8Lsf]hLjg aLdf sf]if-jifsf] zdf_
cfo Joolxfaaf6 f]sf]
gfkmf gf]Sfglxfaaf6 f]sf]
dfof]hg cuf8Lsf]hLjg aLdfsf]if-jifsf] cGTodf_
qm=+= aLdfsf]lsld
o jif ut jif o jif ut jif o jif ut jif o jif ut jif
=
=
=
$=
hDdf M
hLjg aLdf sf]ifdf dfof]hg
dfof]hgcuf8Lsf]
hLjg aLdfsf]if
-jifsf]cGTodf_
gfkmfgf]Sfglxfadff]sf]
aLdfn]vcGtutbfloTj
af]gsf]nflu
Jojyf
f]Ne]GLdflhgsf]nflu
Jojyf
afF8kmfF8gulPsf]sd
jifsf]cGTodfhLjg
aLdf sf]if
qm=+= aLdfsf]lsld
oaif
utaif
oaif
utaif
oaif
utaif
oaif
utaif
oaif
utaif
oaif
utaif
oaif
utaif
=
=
=
hDdf M
24
cgrLndash
Jojyf lkmtfqm=+= ljj0f o aif ut aif= nufgLdf gf]SfgLsf] nflu Jojyf lkmtf= shfdf gf]SfgLsf] nflu Jojyf lkmtf= z+sfkb cffdL Jojyf lkmtf$ cGo Jojyf lkmtf
hDdf
cgrLndash
ckn]vg vrx
qm=+= ljj0f o aif ut aif1 k|flDes vrx2 kj +rfng vrx3 k flPsf vrx4 ckn]vg ulPsf] nufgL5 ckn]vg ulPsf] shf6 ckn]vg ulPsf] cffdL7 cGo ckn]vg
hDdf
cgrLndash$
cGo vrx
qm=+= ljj0f o aif ut aif
1 b08 hljfgf
2 ljnDa zNs hljfgf
3 cGo -ljj0f vnfpg]_
hDdf
cgrLndash
gf]SfgLsf] nflu Jojyfqm=+= ljj0f o aif ut aif= nufgLdf gf]SfgLsf] nflu Jojyf= shfdf gf]SfgLsf] nflu Jojyf= z+sfkb cffdL Jojyf$ cGo Jojyf
hDdf
25
cgrLndash^
-s_ z]o kFhL
qm=+= ljj0f o aif ut aifclws[t kFhLs_ ================= bsf] ======== yfg fwf0f z]ov_ ============ bsf] ====yfg ckljtgLo cu|flwsfz]o
=
u_ ========== bsf] ====== yfg kljtgLo cu|flwsfz]ohfL kFhLs_ ================= bsf] ======== yfg fwf0f z]ov_ ============ bsf] ====yfg ckljtgLo cu|flwsfz]o
=
u_ ========== bsf] ====== yfg kljtgLo cu|flwsfz]orQmf kFhLs_ ================= bsf] ======== yfg fwf0f z]oGog eQmfgL k|fKt xg afFsL ==== bsf] ===yfg fwf0fz]ov_ ============ bsf] ====yfg ckljtgLo cu|flwsfz]o
=
u_ ========== bsf] ====== yfg kljtgLo cu|flwsfz]o
hDdf-v_ z]o jfldTjsf] +rgf
o aif ut aifz]owgL
fwf0f z]o+Vof
jfldTjsf] Uuml fwf0fz]o +Vof
jfldTjsf] Uuml
g]kfnL +ul7t +yfx
g]kfnL gfuls
ljb]zL+y
fks
hDdf
jfwf0f
cGo -ljj0f vnfpg]_
sn
-u_ Ps k|ltzt jf a9L z]o jfldTj ePsf z]owgLxsf] ljj0f
o aif ut aifqm=+= ljj0f
jfldTjsf] Uuml sd jfldTjsf] Uuml sd
=
=
=
26
cgrLndashamp
hu]8f tyf sf]if
qm=+= ljj0f o aif ut aif
1 kFhLut hu]8f
2 ljz]if hu]8f
3 cGo hu]8f -ljj0f vnfpg]_
4 z]o lk|ldod
5 k|tfljt af]gz z]o
6 Gffkmf gf]Sfg lxfaaf6 f]sf] gfkmf
hDdf
cgrLndash
dxfndashljklQ hu]8fjifsf] zdf dxfndashljklQ hu]8f gfkmf gf]Sfg lxfaaf6 f]sf] jifsf] cGTodf dxfndashljklQ
hu]8fo jif ut jif o jif ut jif o jif ut jif
cgrLndash(
ltg afFsL bL3sflng C0f tyf fk6L
qm=+= ljj0f o aif ut aif
l8j]Gr divide a08
a+s
ljQLo +yf
$ cGo -ljj0f vnfpg]_
hDdf
27
cgrLndash)
ly DklQ
ljj0f kn df]n Xf ssectL vb df]n
zdfHbft
ojif
yk]sf]
ojif
36]sf]
hDdf utjifDd
ojif
laqmLdivide
dfof]hg
hDdf ojifDdsf]
UftjifDdsf]
lk|m xf]N8hldg
ejg
kmlgrtyf
lkmSr
sfofnofdfg
sDKo6tyfrgfk|ljwLpks0f
cb[ZoDklQ-ljj0fvnfpg]_
jfLfwg
lnh xf]N8DklQ
cGo-k|s[ltvnfpg]_
hDdf
lgdf0fflwgkFhLutvr
sn
ut jif
28
cgrLndash
nufgL
qm=+= ljj0f o aif ut aif-s_ bL3sflng nufgL M sfL sfsf] hdfgt k|fKt ]Sol6L jfl0fHo a+ssf] d2tL lgIf]k ljsf a+ssf] d2tL lgIf]k$ gfuls nufgL of]hgf ljQLo +yfsf] d2tL lgIf]k^ cfjf ljQ sDkgLsf] fwf0f z]o -cgrL = adf]lhd_amp cGo sDkgLsf] fwf0f z]o -cgrL = adf]lhd_ a+s tyf ljQLo +yfsf] cu|flwsf z]odividel8j]Gr( cGo -ljj0f vnfpg]_
hDdf M-v_ cNksflng nufgL M sfL sfsf] hdfgt k|fKt ]Sol6L jfl0fHo a+ssf] d2tL lgIf]k ljsf a+ssf] d2tL lgIf]k$ gfuls nufgL of]hgf ljQLo +yfsf] d2tL lgIf]k^ a+s tyf ljQLo +yfsf] cu|flwsf z]odividel8j]Gramp jfl0fHo a+ssf] Aofh k|fKt xg] cGo lgIf]k ljsf a+ssf] Aofh k|fKt xg]] cGo lgIf]k( ljQLo +yfsf] Aofh k|fKt xg] cGo lgIf]k) cGo Aofh k|fKt xg] nufgL -ljj0f vnfpg]_
hDdf McgrLndash=
z]odf nufgL
qm=+= sDkgL vb sd c+lst dNo kn dNo ahf dNo
= ======sDkgLsf]=============yfg====z]o
= ======sDkgLsf]=============yfg=====z]o
= ======sDkgLsf]=============yfg=====z]o
hDdf
gf]6 M = aLdssf] xfos sDkgLdividexf]lN8Euml sDkgL tyf +oQm nufgL ePsf] sDkgLsf] z]odf ePsf]nufgLnfO
5sectfndash5sect vnfpg kg]5
= lgodfgf lrs[t gePsf z]odf ePsf] nufgLnfO 5sect vnfpg kg]5
= +yfks z]o cGo z]odf ePsf] nufgLnfO 5sectf5sect vnfpg kg]5
29
cgrLndash
gub tyf a+s dfHbft
qm=+= ljj0f o aif ut aifgub dfHbft
hDdfa+s dfHbftjfl0fHo a+sxsf] dfHbftljsf a+sxsf] dfHbftljQLo +yfxsf] dfHbft
cGo -ljj0f vnfpg]_hDdfsn
cgrLndash
cGo shf
qm=+= ljj0f o aif ut aif-s_ bL3sflng shf= clestfnfO shf= sdrfLnfO shf= cGo -ljj0f vnfpg]_
hDdf-v_ cNksflng shf= clestfnfO shf= sdrfLnfO shf= cGo -ljj0f vnfpg]_
hDdfcgrLndash$
cGo DklQqm=+= ljj0f o aif ut aif1 nufgLaf6 k|fKt xg afFsL cfo2 aLdfn]vsf] lwtf]df shfaf6 k|fKt xg afFsL Aofh3 cGo -aLdfn]vsf] lwtf]df afx]s_ shfaf6 k|fKt xg afFsL
Aofh4 cGo aLdsaf6 k|fKt xg afFsL5 kgaLdsaf6 k|fKt xg afFsL6 ljljw cffdL7 clu|d eQmfgL8 sdrfL k]ZsL9 cGo k]ZsL10 wf6L11 cn xg afFsL aLdfzNs
Gog M cn xg afFsL aLdfzNs dNtjL -suspense_12 cGo ljj0f vnfpg]
hDdf M
30
cgrLndash
rfn bfloTj
qm=+= ljj0f o aif ut aif1 clestfnfO lbg afFsL2 cGo aLdsnfO lbg afFsL3 kgaLdsnfO lbg afFsL4 cNksflng shf5 aLdfzNs wf6L6 k0f ljj0f gvn]sf] aLdfzNs7 ljljw fx8 xfosdividexf]lN8Euml sDkgLnfO lbg afFsL9 gtf]tdf ssectf ulPsf] s ltg afFsL10 dNo clea[l4 s ltg afFsL11 cfos ltg afFsL12 ]jf zNs ltg afFsL13 sdrfLnfO lbg afFsL14 +rfnsnfO lbg afFsL15 eQmfgL lbg afFsL nfef+z -l8le8]08_16 cGo -ljj0f vnfpg]_
hDdf
cgrLndash^
cdfKt hf]lvd Jojyfqm=+= ljj0f o aif ut aif= ===========aLdfsf] cdfKt hf]lvd hu]8f= ===========aLdfsf] cdfKt hf]lvd hu]8f= ===========aLdfsf] cdfKt hf]lvd hu]8f
===========aLdfsf] cdfKt hf]lvd hu]8f
hDdf
31
cgrL ^scGo Aojyf
aifsf] zdf Aojyfrfn cf=a=df yk ulPsf]
Aojyfrfn cf=a=df ckn]vg
ulPsf] Aojyfrfn cf=a=df lkmtfulPsf] Aojyf
aifsf] cGtdf sfodx]sf] Aojyf
qm=+=
ljj0fo jif ut jif o jif ut jif o jif ut jif o jif ut jif o jif ut jif
nfef+z -l8le8]08_ sf] nflu Aojyf
nufgLdf gf]SfgLsf] nflu Aojyf
shfdf gf]SfgLsf] nflu Aojyf
$ z+sfZkb cffdLsf] nflu Aojyf
cGo gf]SfgLsf] nflu Aojyf
^ sdrfL DaGwL Aojyf-s_ k]Gg tyf pkbfg Aojyf-v_ ljbf jfkt Aojyf-u_ cfjf tyf cGo ljwf Aojyf-3_ sdrfL af]g Aojyf-ordf_ cGo
amp cGo Aojyf -ljj0f vnfpg]_
hDdf
32
cgrLndashamp
ckn]vgdividedfof]hg xg afFsL ljljw vrxqm=+= ljj0f o aif ut aif1 ckn]vg ug afFsL k|flDes vr2 ckn]vg ug afFsL kj +rfng vr3 ckn]vg ug afFsL yug ulPsf vr4 cGo -ljj0f vnfpg]_
hDdf
cgrL ndash
ljQLo ljj0f+u DalGwt k|dv n]vf gLltx
n]vf DaGwL gLltdf vnfpg kg] aFbfx M aLdsn] n]vf DaGwL gLltdf b]xfosf aFbfxvnfpg kg]5
1 ljQLo ljj0f tofLsf cfwfx M sg sg cjwf0ff -concept_ tyf n]vfdfgx sfgg tyf aLdf ldltsf lgb]zgxsf] clwgdf xL ljQLo ljj0f tof ulPsf] xf]f]sf] Joxf]f
ljQLo ljj0f tof ubf sg sfgg aLdf ldltsf] lgb]zg jf n]vfdfg kfngf gePsf]eP f]sf] sf0f lxt Joxf]f
2 ly DklQ n]vfIacuteg gLlt M ly DklQ n]vfIacuteg ubf cjnDag ulPsf] gLlt
3 Xf ssectL gLlt M aLdssf] +rfns ldltaf6 kflt uL nfu ulPsf] Xf ssectL gLlt
4 kFhLs[t gulg] DklQx DaGwL n]vfIacuteg gLlt M aLdssf] +rfns ldltn] sg lglZrtdf]nDd kg] pks0f fdfgx kFhLs[t gug] gLlt lnPsf] 5 eg] f]sf] Joxf]f
5 cfos Jojyf tyf afF8kmFf8 gLlt M cfos Jojyf DaGwdf aLdsn] cjnDag u]sf]gLlt aLdsn] gfkmf gf]Sfg lxfa tyf cfo Joo lxfadf Totf] Jojyf sdafF8kmFf8 ubf cjnDag u]sf] gLlt
6 nufgL n]vfIacuteg gLlt M nufgL n]vfIacutegsf] DaGwdf aLdsn] cjnDag u]sf] gLltxnfOb]xfosf zLifsx cGtut vnfpg kg]5
-s_ sfL artkqdivideC0fkqdf nufgL n]vfIacuteg gLlt
-v_ a+sdivideljQLo +yfsf] d2tL lgIf]kdf nufgL n]vfIacuteg gLlt
-u_ klAns lnld6]8 sDkgLsf] z]odf nufgL n]vfIacuteg gLlt
-3_ klAns lnld6]8 sDkgLn] hfL u]sf] C0fkqxdf nufgL n]vfIacuteg gLlt
7 6xL 36a9 dfof]hg gLlt M ljb]zL db|f+u DalGwt DklQ bfloTj tyf 6xL36a9 cfDbfgL tyf vrxsf] n]vfIacuteg gLlt
8 aLdfzNs cfDbfgL n]vfIacuteg gLlt M aLdsn] aLdfzNs cfDbfgL n]vfIacuteg ubf cjnDagu]sf] gLlt
33
9 kgaLdf sldzg cfDbfgL n]vfIacuteg gLlt M aLdsn] kgaLdf u] afkt k|fKt ug] sldzgsf]n]vfIacuteg ubf cjnDag u]sf] gLlt
10 cGo cfo n]vfIacuteg tyf afF8kmFf8 gLlt M aLdsn] ef8f -Rent_ tyf cGo zLifsaf6 ePsf]cfo n]vfIacuteg tyf afF8kmFf8 ubf cjnDag u]sf] gLlt
11 shf n]vfIacuteg gLlt M aLdsn] aLdfn]vsf] lwtf]df k|bfg u]sf] shf tyf cGo shfn]vfIacuteg ubf cjnDag u]sf] gLlt
12 Jojyfkg vr afF8kmFf8 gLlt M aLdsn] gfkmf gf]Sfg lxfa tyf cfo Joo lxfaxdfJojyfkg vr afF8kmFf8 ubf cjnDag u]sf] gLlt
13 aLdf bfjL eQmfgL vr n]vfIacuteg gLlt M aLdsn] aLdf bfjL eQmfgL vr n]vfIacuteg ubfcjnDag u]sf] gLlt
14 aLdf bfjL afkt bfloTj Jojyf n]vfIacuteg gLlt M -s_ gt[hgf ePsf] t hfgsfLdfgcfPsf] -IBNR_ aLdf bfjL afkt bfloTj Jojyf n]vfIacuteg ubf aLdsn] cjnDagu]sf] gLlt
-v_ aLdsn] aLdf bfjL bfloTj afkt Jojyf ubf cjnDag u]sf] gLlt
15 aLdf Jojfodf art afF8kmFf8 gLlt M aLdsn] gfkmf gf]Sfg lxfa tyf cfo Joolxfaxdf art afF8kmFf8 ubf cjnDag u]sf] gLlt
16 sdrfL pkbfg ljbf tyf cGo ljwf afkt Jojyf gLlt M aLdsn] sdrfL pkbfgljbf tyf cGo ljwf afkt Jojyf ubf cjnDag u]sf] n]vfIacuteg gLlt
17 z+sfkb cffdL Jojyf gLlt M aLdsn] z+sfkb cffdL Jojyf ubf cjnDag u]sf]gLlt
18 ckn]vg vr n]vfIacuteg gLlt M aLdsn] cjnDag u]sf] ckn]vg vr DaGwL gLlt
19 cGo gLltx M plNnlvt gLltx afx]s jfnft gfkmf gf]Sfg lxfa cfo Joo lxfanufotsf ljQLo ljj0fnfO apermilg ljZn]if0f ug 3fp kUg] uL cGo sg] n]vf gLltsf]hfgsfL lbg cfjZos b]lvPdf f] Joxf]f
34
cgrLndash(
ljQLo ljj0f+u DalGwt n]vf DaGwL l6Kk0fLx
n]vf DaGwL l6Kk0fLdf vnfpg kg] aFbfx M aLdsn] n]vf DaGwL l6Kk0fLdf b]xfosf aFbfxvnfpg kg]5
= Defljt bfloTjx M
c_ rQmf jf eQmfgL xg afFsL nufgL
cf_ k|Tofelt k|lta4tf -underwriting commitments_
O_ aLdfn]v cGtut eGbf afx]saf6 aLds pk bfjL k]sf] t aLdsn] bfloTj jLsfgu]sf]
O_ aLdsn] jf aLdssf] tkmaf6 lbOPsf] Uof]06L
p_ cGo bfloTj -ljj0f vnfpg]_
= aLdfIacuteLn] aLdssf] bfloTj dNofIacuteg ubf cjnDag u]sf] cfwfx
= aLdssf] DklQdf cfPsf] Lldttf tyf ljjfbx
$= shf nufgL tyf ly DklQsf] nflu ulPsf] k|lta4tf
= nufgL+u DalGwt b]xfosf vLb laqmL Demftfxsf] dNo M
c_ vLb ulPsf] DklQsf] jfldTj k|fKt gePsf]
cf_ laqmL ulPsf] DklQsf] eQmfgL k|fKt gePsf]
^= o jifeL ulPsf] nufgL tyf laqmLdividelkmtf lnPsf] nufgLsf] DaGwdf +yf ldltkldf0f sd d]t vn]sf] ljj0f
amp= a+s dfHbft lxfa DaGwdf DalGwt a+sdivideljQLo +yfsf] 6]6d]06 lxtsf] lxfaldnfg DaGwL Joxf]f
= aLdsdividekgaLds+u lng lbg afFsL lxfa DaGwdf DalGwt aLdsdividekgaLdssf]dyg lxtsf] lxfa ldnfg DaGwL Joxf]f
gf]6 Mndash bnfn (Broker) dfkmt ePsf] kgaLdfsf] xsdf fdfGot DalGwt bnfnn]kgaLdssf] tkmaf6 dyg lbg Sg]5
(= aLdsn] u]sf] nufgL k|rlnt aLdf P]g lgodfjnL tyf aLdf ldltaf6 tf]lsP adf]lhdx] gx]sf]
)= aLdssf] +rfns jf +rfns+u DalGwt JolQm jf +yf+u ePsf] sff]af
= aLdsn] cfˆgf] DklQsf] If0fdf lnPsf] C0fsf] lwtf] zt tyf cflrTo
= aLdsn] s rQmf k|df0fkq k|fKt u]sf] cf=j=tyf Totf] rQmf k|df0fkq k|fKt xg afFsLcf=j= f] DaGwL ljj0fsf fy] cl3Nnf] cf=j=xsf] s hljfgf Aofh afkt bfjLk]sf] o cf=j=df eQmfgL ePsf] sd
= lkmtf u]sf] aLdfzNssf] kldf0f sf0f
35
$=aLdsn] aLldtnfO k|bfg ug] 3f]lift tyf cGtld af]gsf] b
=l9nf] aLdfzNs eQmfgLdf lanDa zNsdivideAofhsf] b tyf aLdfn]vsf] lwtf]df k|bfg ulg]shfdf Aofhsf] b
^=ckn]vg xg afFsL vrsf] ljj0f
amp=rQmf kFhL dWo] clu|d eQmfgL k|fKt -Paid in advance_ eQmfgL k|fKt xg afFsL -Call inarrears_ hkmt ulPsf t kgM lgisfzg gulPsf z]osf] ljj0f
=lnh xf]N8 DklQdf ut jifDd o jif vr (Amortization) n]lvPsf] sdsf]ljj0f
(= jifeldf ePsf] jfnft aflxsf] sff]afsf] ljj0f
)= cl3Nnf aifx+u DalGwt cfDbfgL tyf vrxsf] 5sectf5sect ljj0f
=plNnlvt aFbfx afx]s jfnft gfkmf gf]Sfg lxfa cfo Joo lxfa nufotsfljQLo ljj0fxnfO apermilg ljZn]if0f ug 3fp kUg] cGo sg hfgsfL lbg cfjZosb]lvPdf cGo Joxf]f d]t vnfpg kg]5
36
cgrL )k|dv rsfIacutex
cf=a=qm=+= ljj0f rsfIacute
g]6 jy = z]o +Vof +Vof k|lt z]o lstfjL dNo =$ vb gfkmf = k|lt z]o cfo (EPS) =^ k|lt z]o nfef+z (DPS) =amp k|lt z]o ahf dNo (MPPS) = dNo cfDbfgL cgkft (PE Ratio) cgkft( k|yd aifsf] aLdfzNs =) sn aLdfzNs = vb aLdfzNsdividesn aLdfzNs k|ltzt vb gfkmfdividesn aLdfzNs k|ltzt sn aLdfzNsdividesn DklQ k|ltzt$ nufgL shfaf6 cfodividesn nufgL shf k|ltzt sn nufgL shfdividehLjg aLdfsf]if k|ltzt^ kgaLdf sldzg cfodividesn kgaLdfzNs k|ltztamp Jojyfkg vrdividesn aLdfzNs k|ltzt aLdf clestf DalGw vrdividesn aLdfzNs k|ltzt( aLdf clestf +Vof +Vof) sdrfL +Vof +Vof sfofnosf] +Vof +Vof sdrfL vrdivideJojyfkg vr k|ltzt sdrfL vrdividesdrfL +Vof =$ eQmfgL xg aFfsL bfjL sddivideeQmfgL ePsf] bfjL
sdk|ltzt
sn sfod x]sf] aLdfn]vsf] +Vof +Vofdf^ o jif gjLs0f ePsf] aLdfn]vsf] +Vofdivideut
jif sfod x]sf] aLdfn]vsf] +Vofk|ltzt
amp bfjL k]sf] aLdfn]vsf] +Vofdividesn sfod x]sf]aLdfn]vsf] +Vof
k|ltzt
f]Ne]GL dflhg k|ltzt( 3f]lift af]g b =
k|ltxhf) cGtld af]g b =
k|ltxhf
37
cgrL ndash
aLdfIacutesf] ljj0f
sfod x]sf]aLdfn]vsf] +Vof
sfod x]sf]aLdfn]v cGtut
hDdf aLdfIacute
d of6 ls(Sum at Risk)
kgaLdsnfOxtfGt0f ulPsf]
d of6 ls(Sum at Risk)
aLdsn] wf0fu]sf] d of6ls (Sum at
Risk)
qm=+= aLdfsf] lsld
o jif ut jif o jif ut jif o jif ut jif o jif ut jif o jif ut jif
hDdf
38
kllzi6 ndash
-lgb]zg +u DalGwt_
ljQLo ljj0fsf zLifsxsf] +lIfKt JofVof
-s_ cfo Joo lxfa tyf f] DaGwL cgrLsf zLifsxsf] +lIfKt JofVof M
1 k|ToIf aLdfzNs M aLdsn] kgaLdf jLsf u] afkt k|fKt aLdfzNs afx]s k|ydjifsf] aLdfzNs gjLs0f aLdfzNs Psn aLdfzNssf] of]ukmnaf6 lgodfgflkmtf u]sf] aLdfzNs ssectf uL o zLifsdf hgfpg kg]5
2 sn aLdfzNs M k|ToIf aLdfzNs aLdsn] kgaLdf jLsf u] afkt k|fKtaLdfzNssf] of]ukmnnfO o zLifsdf hgfpg kg]5
3 aLdfzNs -vb_ M sn aLdfzNsaf6 kgaLdf lbP afktsf] kgaLdf zNs ssectf uLafFsL sdnfO o zLifsdf hgfpg kg]5
4 kgaLdf sldzg cfo M -s_ aLdsn] kgaLdf lbP afkt k|fKt xg] kgaLdfsldzgnfO o zLifsdf hgfpg kg]5
-v_ aFbf g+=-s_ sf] cltlQm kgaLdsaf6 dgfkmf sldzg -Profit Commission_k|fKt ePdf f]nfO o zLifsdf dfj]z uL f]sf] Joxf]f n]vf DaGwLl6Kk0fLdf vnfpg kg]5
5 nufgL shf tyf cGoaf6 cfo M sfL ]Sol6Laf6 cfo d2tL lgIf]kaf6 cfoklAns sDkgLsf] z]odividel8j]Graf6 cfo ef8faf6 cfo shfaf6 cfo -aLdfn]vsf]lwtf]df shf afx]s_ cGo lgIf]kaf6 -d2tL afx]s_ cfo nufgL laqmLdf gfkmf -GognufgL laqmLdf gf]Sfg_ nufgL -vLb_ df gfkmf -Gog nufgL vLbdf gf]Sfg_ly DklQ laqmLaf6 gfkmf -Gog ly DklQ laqmLaf6 gf]Sfg_ vftf ckn]vgaf6cfo tyf cGo cfosf] of]ukmnnfO lgb]zg adf]lhd afF8kFmf8 uL cfPsf]sdnfO o zLifsdf hgfpg kg]5
6 aLdfn]vsf] lwtf]df shfaf6 cfo M aLdfn]vsf] lwtf]df shf k|bfg u] afkt k|fKt xg]Aofh lanDa zNs htf cfonfO o zLifsdf hgfpg kg]5
7 cGo k|ToIf cfoM aLldtn] tf]lsPsf] cjlwleq aLdfzNs gaemfP afkt aLdsn]eQmfgL k|fKt u]sf] hljfgfdivideAofhdivideljnDa zNs tyf aLdfn]vsf] k|ltlnkL btcfo l6s6 bt htf f]xL aLdfsf] lsld+u k|ToIf kdf DalGwt cfonfO ozLifsdf hgfpg kg]5
8 bfjL eQmfgL -vb_ M aLdsn] eQmfgL u]sf] d[To bfjL cjlw dfKtL bfjL cf+lzscjlw dfKtL bfjL dk0f dNo tyf cGo bfjLsf] of]ukmnnfO o zLifsdfhgfpg kg]5
9 clestf sldzg M k|yd jifsf] aLdfzNsdf clestf sldzg gjLs0f aLdfzNsdfclestf sldzg Psn aLdfzNsdf clestf sldzgsf] of]ukmnaf6 kgaLdssf]lxf ssectf uL afFsL sd o zLifsdf hgfpg kg]5
10 jfYo kLIf0f zNs M aLdf hf]lvdfIacutegsf] nflu jfYo kLIf0f ufP afkt aLdsn]Joxf]g k]sf] jfYo kLIf0f zNsnfO o zLifsdf hgfpg kg]5
39
11 kgaLdf sldzg vr M aLdsn] kgaLdf jLsf u] afkt eQmfgL ug kg] sldzgsdnfO o zLifsdf hgfpg kg]5
12 ]jf zNs -vb_ M aLdf ldltnfO aemfpg kg] sn ]jf zNsaf6 kgaLdssf] lxfssectf uL afFsL sdnfO o zLifsdf hgfpg kg]5
13 cGo k|ToIf vr M aLdfsf] lsld+u k|ToIf kn] DalGwt x]sf] cGo vrnfO ozLifsdf hgfpg kg]5
14 Jojyfkg vr M lgb]zg $ adf]lhd afF8kmFf8 uL cfPsf] sdnfO o zLifsdfhgfpg kg]5
15 cfos M -_ aLdssf] cfos bfloTjnfO lgb]zg adf]lhd afF8kmFf8 uL cfPsf]sdnfO o zLifsdf hgfpg kg]5 osf] ljj0f kllzi6 sf] cgrL adf]lhd xg kg]5
-_ cl3Nnf jif-x_ sf] cfos bfloTjnfO kllzi6 sf] cgrL sf] aeligcl3Nnfjifxsf] cfosAElig zLifsdf hgfpg kg]5 t Totf] cfosdf nfu]sf]b08dividehljfgfdivideljnDa zNsnfO gfkmf gf]Sfg lxfasf] aeligcl3Nnf jif+uDalGwt vrAElig zLifsdf hgfpg kg]5
16 cflys jifsf] cGTodf eQmfgL xg afFsL bfjL afkt Jojyf M cflys jifsf] cGTodfeQmfgL xg afFsL d[To bfjL cjlw dfKtL bfjL cf+lzs cjlw dfKtL bfjL dk0fdNo bfjL cGo bfjL tyf gt[hgf ePsf] t hfgsfLdf gcfPsf] bfjLsf] of]ukmndfaLdf lgodfjnL )$( sf] lgod sf] v08 -3_ adf]lhdsf] sd yk ubf xgcfpg] sdnfO o zLifsdf hgfpg kg]5
aLdssf] cgejsf] cfwfdf [hgf ePsf] t hfgsfLdf gcfPsf] bfjLsf] nflusd Aojyf ug kg]5
17 cflys jifsf] cGTodf cdfKt hf]lvd afkt Jojyf M aLdf cjlw dfKtL afktbfjL eQmfgL ug gkg] lsldsf] aLdfsf] cdfKt hf]lvd afkt lgb]zg ( adf]lhdJojyf uL cfPsf] sd o zLifsdf hgfpg kg]5
18 hLjg aLdf sf]ifdividegfkmf gf]Sfg lxfadf f]sf] artdivide-gf]Sfg_ M -_ aLdf cjlwdfKtL afkt bfjL eQmfgL ug kg] lsldsf] aLdfsf] cfo Joo lxfaaf6 art -surplus_ ePsf] cjyfdf o zLifsnfO aelighLjg aLdf sf]ifdf f]sf] artAElig sfoduL Totf] art sdnfO o zLifsdf hgfpg kg]5
-_ aLdf cjlw dfKtL afkt bfjL eQmfgL ug kg] lsldsf] aLdfsf] cfo Joolxfaaf6 gf]Sfg ePsf] cjyfdf o zLifsnfO aeliggfkmf gf]Sfg lxfadff]sf] gf]SfgAElig sfod uL Totf] gf]Sfg sdnfO o zLifsdf C0ffTdskdf hgfpg kg]5
-_ aLdf cjlw dfKtL afkt bfjL eQmfgL ug gkg] lsldsf] aLdfsf] cfo Joolxfasf] nflu o zLifsnfO aelighLjg aLdf sf]ifdf f]sf] sdAElig aeliggfkmfgf]Sfg lxfadf f]sf] artdivide-gf]Sfg_AElig uL bOj6f zLifs sfod uL aelighLjgaLdf sf]ifdf f]sf] sdAElig zLifsdf lgb]zgndash adf]lhdsf] sd hgfO afFsLsdnfO aeliggfkmf gf]Sfg lxfadf f]sf] artdivide-gf]Sfg_AElig zLifsdf hgfpgkg]5 tf]lsP adf]lhd hLjg aLdf sf]ifdf f]sf] sd hgfp+bf gf]Sfg ePdf
40
aeliggfkmf gf]Sfg lxfadf f]sf] artdivide-gf]Sfg_AElig zLifsdf Totf] gf]Sfg ePsf]sdnfO C0ffTds kdf hgfpg kg]5
-v_ gfkmf gf]Sfg lxfa tyf DalGwt cgrLsf zLifsxsf] +lIfKt JofVof M
1 cfo Joo lxfaaf6 f]sf] M aLdf cjlw dfKtL afkt bfjL eQmfgL ug gkg]lsldsf] aLdfxsf] cfo Joo lxfaaf6 aeliggfkmf gf]Sfg lxfadf f]sf] artdivide-gf]Sfg_AElig sdxsf] of]ukmnnfO o zLifsdf hgfpg kg]5
2 hLjg aLdf sf]ifaf6 f]sf] M k|rlnt sfggL Jojyf adf]lhd aLdssf] bfloTjsf]n]vfhf]vf DaGwL aLdfIacuteLsf] k|ltj]bg d]tsf] cfwfdf hLjg aLdf sf]ifaf6 gfkmfgf]Sfg lxfadf fgsf nflu ldltn] jLs[lt k|bfg u]sf] sdnfO o zLifsdfhgfpg kg]5
3 nufgL shf tyf cGoaf6 cfo M lgb]zg adf]lhd afF8kFmf8 uL cfPsf] sdnfOo zLifsdf hgfpg kg]5
4 Jojyf lkmtf M nufgLdf gf]SfgLsf] nflu ulPsf] Jojyf shfdf gf]SfgLsf] nfluulPsf] Jojyf z+sfkb cffdLsf] nflu ulPsf] Jojyf tyf cGosf] nfluulPsf] Jojyf sd cf+lzs jf k0fkn] sfod fVg kg] cjyf gx]df TotfsdxnfO o zLifsdf hgfpg kg]5
5 cGo cfDbfgL M aLdf Aojfo+u f]sf gePsf] kj +rfng cfDbfgL htfcfDbfgLxsf] of]ukmnnfO o zLifsdf hgfpg kg]5
6 Jojyfkg vr M lgb]zg $ adf]lhd afF8kmFf8 uL cfPsf] sdnfO o zLifsdfhgfpg kg]5
7 ckn]vg vr M k|flDes vrx kj +rfng vrx k flPsf vrx nufgLshf cffdL tyf cGo ckn]vg ulPsf] vrnfO o zLifsdf hgfpg kg]5 t+yfks +rfns tyf pRr Jojyfks jf lghx+u DalGwt JolQmdivide+yfDaGwL cffdL ckn]vg ug kfOg] 5g
8 cGo vrx M k|rlnt sfgg adf]lhd aLdf ldlt tyf cGo lgsfon] aLdsnfOtf]s]sf] b08 hljfgf aLdsn] pkof]u u]sf] ]jfsf] aemfpg kg] zNs dodfgaemfP afkt ltg kg] ljnDa zNs hljfgf nufotsf vrx o zLifsdfhgfpg kg]5
9 gf]SfgLsf] nflu Jojyf M nufgLdf gf]SfgLsf] nflu Jojyf shfdf gf]SfgLsf]nflu Jojyf z+sfkb cffdL Jojyf tyf cGo JojyfnfO o zLifsdf hgfpgkg]5
10 cfos M aLdssf] cfos bfloTjnfO lgb]zg adf]lhd afF8kmFf8 uL cfPsf]sdnfO o zLifsdf hgfpg kg]5
11 hLjg aLdf sf]ifdf f]sf] M aLdssf] bfloTjsf] n]vf hf]vf uL aLdfIacuteLn] lbPsf]dNofIacuteg k|ltj]bg d]tsf] cfwfdf ldltn] lbPsf] cfb]zdividelgb]zg adf]lhd hLjg
41
aLdf sf]ifdf f]sf] sdnfO o zLifsdf b]vfpg kg]5 oL hLjg aLdf sf]ifdff]sf] sd gfkmf gf]Sfg lxfadf lkmtf ug kfOg] 5g
12 cl3Nnf jif+u DalGwt vr M cl3Nnf jif-x_sf] cfosdf nfu]sf]b08dividehljfgfdivideljnDa zNs tyf cl3Nnf jifxdf n]vfIacuteg ug 56]sf vrxnufotsf cl3Nnf jif+u DalGwt vrnfO o zLifsdf hgfpg kg]5
-u_ jfnft tyf DalGwt cgrLsf zLifsxsf] +lIfKt JofVof M
1 rQmf kFhL M eQmfgL k|fKt ePsf] fwf0f z]o ckljtgLo cu|flws z]o tyfkljtgLo cu|flwsf z]o afktsf] sdsf] of]ukmnnfO o zLifsdf hgfpg kg]5
2 hu]8f tyf sf]if M aLdsn] hu]8f sfod ug] lnlnfdf gfkmfaf6 afF8kmfF8 ecfPsf jf cGo sg] k|lqmofaf6 gt[hgf ePsf tyf gfkmf gf]Sfg lxfadf afF8kmFf8guL +ro uL flvPsf] sdxnfO o zLifsdf hgfpg kg]5 oL hu]8f k|of]uubf DalGwt hu]8f tyf sf]if lxfadf vr hgfpg kg]5
-s_ kFhLut hu]8f M rQmf gePsf] z]osf] afFsL sd dfu ubf eQmfgL gu]sf]sf0fn] pQm z]onfO hkmt uL k|fKt xg cfPsf] sd kFhLut cgbfg afktk|fKt xg cfPsf] lhGL tyf gub sd tyf aLdssf] kFhL j[l4 ug] p2]Zon]gfkmfaf6 flPsf] sdnfO o zLifsdf hgfpg kg]5
-v_ z]o lk|ldod M aLdsn] cfˆgf] z]o hfL ubf z]osf] clIacutet dNo eGbf a9Lbn] hfL u]sf] x]5 eg] pQm al9 sd hlt o zLifsdf hgfpg kg]5 ozLifsdf hgfOPsf] sd nfef+z ljt0f k|of]hgsf] nflu of]Uo dflgg] 5g
-u_ k|tfljt af]gz z]o M aLdsn] k|tfj uL fwf0f efn] kflt u]sf] t hfLuL gs]sf] af]gz z]onfO o zLifsdf hgfpg kg]5
-3_ ljz]if hu]8f M aLdf ldltsf] lgb]zg adf]lhd sg cGo hu]8f sf]if v8f ugkbf Totf] sdnfO o zLifsdf hgfpg kg]5
-ordf_ cGo hu]8f M aLdsn] cGo k|of]hgsf] nflu v8f u]sf] hu]8fnfO o zLifsdfhgfpg kg]5
-r_ gfkmf gf]Sfg lxfaaf6 f]sf] M aLdssf] gfkmf gf]Sfg lxfaaf6 jfnftdff]sf] gfkmf sdnfO o zLifsdf hgfpg kg]5
3 hLjg aLdf sf]if M lgb]zg adf]lhd fVg kg] hLjg aLdfsf]ifxsf] of]ukmnnfOo zLifsdf hgfpg kg]5
4 dxfndashljkQL hu]8f M 7nf] kldf0fdf aLdf bfjL pTkGg xg Sg] dxfndashljkQL -catastrophy_ sf] cjyfdf aLdssf] ljQLo Ifdtfdf kg Sg] k|ltsn c sd ug]p2]Zon] gfkmfaf6 flPsf] sdnfO o zLifsdf hgfpg kg]5 o zLifsdfhgfOPsf] sd nfef+z ljt0f k|of]hgsf] nflu of]Uo dflgg] 5g
5 ltg afFsL bL3sflng C0f tyf fk6L M jfnftsf] ldltdf eQmfgL ug afFsLbL3sflng fk6LnfO o zLifsdf hgfpg kg]5
42
6 ly DkQL -vb_ MyfoL k|s[ltsf DkQLxsf] sn dNodf Xf ssectf uL afFsL x]sf]sdnfO o zLifsdf hgfpg kg]5
7 bL3sflng nufgL M aLdsn] lgb]zg ^ adf]lhd u]sf] bL3sflng nufgLnfO ozLifsdf hgfpg kg]5
kli6s0f M = jfnftsf] ldltaf6 Ps jif eGbf al9 cjwL kl5 eQmfgLk|fKt xg] sfL sfsf] hdfgt k|fKt ]Sol6Ld2tL lgIf]k gfuls nufgL of]hgf z]o a+s tyfljQLo +yfsf] cu|flwsf z]odividel8j]Gr tyf cGo f]xLk|s[ltsf nufgLxnfO bL3sflng nufgL Demg k5
= aLdsn] klAns sDkgLsf] z]odf nufgL u] afkt k|fKtxg] af]gz z]onfO z]o +Vofdf dfq b]vfO kn df]ndfsg kljtg ug x+bg
amp=s cNksflng nufgL M aLdsn] lgb]zg ^ adf]lhd u]sf] cNksflng nufgLnfO ozLifsdf hgfpg kg]5
kli6s0f M jfnftsf] ldltaf6 Ps jif leq eQmfgL k|fKt xg] sfL sfsf] hdfgt k|fKt ]Sol6L d2tL lgIf]k gfulsnufgL of]hgf a+s tyf ljQLo +yfsf] cu|flwsfz]odividel8j]Gr tyf cGo f]xL k|s[ltsf nufgLxnfOcNksflng nufgL Demg k5
8 aLdfn]vsf] lwtf]df shf M aLdsn] lgb]zg amp adf]lhd k|To]s lsldsf] aLdfsf]aLdfn]vsf] lwtf]df k|bfg u]sf] shfsf] of]ukmnnfO o zLifsdf hgfpg kg]5
9 gub tyf a+s dfHbft M -_ aLds+u x]sf] sn gub dfHbft sd tyf aLdssf]a+sdivideljQLo +yfsf] Aofh k|fKt gxg] vftfdf x]sf] sn sdnfO o zLifsdfhgfpg kg]5
10 cGo bL3sflng shf M lgb]zg amp adf]lhd n]vfIacuteg ulPsf] clestfnfO k|bfgulPsf] bL3sflng shf sdrfLnfO k|bfg ulPsf] bL3sflng shf tyf cGobL3sflng shfsf] of]ukmnnfO o zLifsdf hgfpg kg]5
kli6s0f M jfnftsf] ldltaf6 Ps jif eGbf al9 cjwL kl5 eQmfgLk|fKt xg] clestfnfO k|bfg ulPsf] shf sdrfLnfO k|bfgulPsf] shf tyf cGo f]xL k|s[tLsf shfxnfO bL3sflngshf Demg k5
)s= cGo cNksflng shf M lgb]zg amp adf]lhd n]vfIacuteg ulPsf] clestfnfO k|bfgulPsf] cNksflng shf sdrfLnfO k|bfg ulPsf] cNksflng shf tyf cGocNksflng shfsf] of]ukmnnfO o zLifsdf hgfpg kg]5
kli6s0f M jfnftsf] ldltaf6 Ps jif leq eQmfgL k|fKtxg] clestfnfO k|bfg ulPsf] shf sdrfLnfO k|bfgulPsf] shf tyf cGo f]xL k|s[tLsf shfxnfOcNksflng shf Demg k5
43
11 cGo DkQL M -_ o lgb]zg adf]lhd n]vfIacuteg ulPsf] aLdssf] nufgLaf6 k|fKt xgafFsL cfo aLdfn]vsf] lwtf]df shfaf6 k|fKt xg afFsL Aofh cGo shfaf6 k|fKt xgafFsL Aofh cGo aLdsaf6 k|fKt xg afFsL kgaLdsaf6 k|fKt xg aFfsL ljljwcffdL clu|d eQmfgL sdrfL k]ZsL cGo k]ZsL wf6L tyf cGosf] of]ukmnnfOo zLifsdf hgfpg kg]5
-_ cGo DkQLsf] ljj0f kllzi6 sf] cgrL $ adf]lhd xg kg]5
-_ cn xg afFsL aLdfzNs eP f]sf] of]ukmn kllzi6 sf] cgrL $ dfb]vfpg kg]5 f] cn xg afFsL aLdfzNs afasf] dNtjL -Suspense_ b]vfOvb k|efj (Net effect) zGo agfpg kg]5
12 rfn bfloTj M clestfnfO lbg afFsL cGo aLdsnfO lbg afFsL kgaLdsnfO lbgafFsL aLdfzNs wf6L k0f ljj0f gvn]sf] aLdfzNs ljljw fx xfosdividexf]lN8EumlsDkgLnfO lbg afFsL gtf]tdf ssectf ulPsf] s ltg afFsL cfos ltg afFsL]jfzNs ltg afFsL sdrfLnfO ltg afFsL +rfnsnfO ltg afFsL tyf cGo ltgafFsL sdxsf] of]ukmnnfO o zLifsdf hgfpg kg]5
13 cdfKt hf]lvd jfkt Jojyf M lgb]zg ( adf]lhdsf] cdfKt hf]lvd Jojyfsf]of]ukmnnfO o zLifsdf hgfpg kg]5
14 eQmfgL xg afFsL bfjL jfkt Jojyf M k|To]s lsldsf] aLdfsf] eQmfgL xg afFsLbfjLsf] nflu ulPsf] Jojyfsf] of]ukmnnfO o zLifsdf hgfpg kg]5
15 ckn]vg jf dfof]hg xg afFsL ljljw vrx M ckn]vg ug afFsL k|flDes vrckn]vg ug afFsL kj +rfng vr ckn]vg ug afFsL yug ulPsf vr tyfcGo ckn]vg jf dfof]hg gePsf vrxsf] of]ukmnnfO o zLifsdf hgfpgkg]5
-3_ k|dv rsfIacutexdf +nUg zLifsxsf] +lIfKt JofVof
1 g]6 jy = rQmf kFhL plusmn hu]8f tyf sf]if plusmn dxf ljkQL hu]8f ndashckn]vg jfdfof]hg xg afFsL ljljw vrx ndash gfkmf gf]Sfg lxfaaf6 f]sf] gf]Sfg
2 k|lt z]o lstfaL dNo = g]6 jydividefwf0f z]o +Vof
3 k|lt z]o cfo = vb gfkmfdividefwf0f z]o +Vof
4 dNo cfDbfgL cgkft = k|lt z]o ahf dNodividek|lt z]o cfo
5 sn DklQ = ly DklQ plusmn nufgL plusmn aLdfn]vsf] lwtf]df shf plusmn rfnDklQ shf tyf k]ZsLx
![Page 5: hLjg aLdf Joj;fo ug]{ aLdssf] ljQLo ljj/0f ;DaGwL lgb]{zg](https://reader033.vdocuments.site/reader033/viewer/2022053020/6291631db7b57c39db6663d6/html5/thumbnails/5.jpg)
5
kli6s0f M _ ef = DalGwt aLdfsf] k|ToIf aLdfzNs - clestf sldzg- jfYo kLIf0f zNs
_ sn ef = k|To]s lsldsf] aLdfsf] efsf] of]ukmn
$= lgb]zg $= df hgs sf n]lvPsf] ePtfklg k|rlnt sfggL Aojyfn] tf]lslbPsf]xbeGbf al9 Aojyfkg vr ePsf] cjyfdf Totf] al9 Aojyfkg vrnfO gfkmfgf]Sfg lxfjdf fL aFfsL x]sf] Aojyfkg vrnfO lgb]zg $= adf]lhd jf8kmfF8ug kg]5
15 cfossf] afF8kmFf8 ug kg] M aLdsnfO nfUg] sn cfosnfO b]xfosf] q k|of]u uLgfkmf gf]Sfg lxfa tyf cfo Joo lxfadf afF8kmFf8 ug kg]5
cfos = ef x sn cfos
sn ef
kli6s0f M _ sn ef = lgb]zg adf]lhdsf] sn cfDbfgL - lgb]zg$= adf]lhdsf] sn Jojyfkg vr
_ gfkmf gf]Sfg lxfasf] ef = lgb]zg sf] v08 -v_ sf] kli6s0f -_adf]lhdsf] cfDbfgL - lgb]zg $= sf] v08 -s_ adf]lhdsf] Jojyfkgvr
_ cfo Joo lxfasf] ef = lgb]zg sf] v08 -v_ sf] kli6s0f -_adf]lhdsf] cfDbfgL - lgb]zg $= sf] v08 -v_ adf]lhdsf] Jojyfkgvr
$_ kli6s0f -_ jf -_ adf]lhd u0fgf ulPsf] ef C0ffTds ePdf zGoDemg kg]5
16 nufgLsf] n]vfIacuteg ug kg] M
^= aLdssf] nufgLsf] n]vfIacuteg b]xfo adf]lhd ug kg]5 M
-s_ g]kfn sfsf] artkq jf C0fkq jf g]kfn sfsf] hdfgt k|fKt C0fkqdfulPsf] nufgLnfO clIacutet dNo -Face Value_ jf kn dNo dWo] hg 36L 5f]xL dNodf b]vfpg kg]5
-v_ v08 -s_ adf]lhd ulPsf] nufgLsf] clIacutet dNo eGbf kn dNo a9L ePdfTotf] a9L sdnfO yug ulPsf] vr (Deferred Expenditure) sf] kdfn]vfIacuteg uL f] vrnfO Totf] nufgLsf] cjlw leq dfgkflts cfwfdf (Pro-rata Basis) df ckn]vg ug kg]5
-u_ v08 -s_ jdf]lhd ulPsf] nufgLsf] clIacutet dNo eGbf kn dNo sd ePdfTotf] kms sdnfO nufgL cjlw leq dfgkflts cfwfdf nufgLaf6cfosf] kdf n]vfIacuteg ug kg]5 AElig
6
-3_ v08 -s_ adf]lhdsf art kq jf C0fkqsf] n]vfIacuteg ulPsf] dNo eGbf ahfdNo sd xg uPdf Totf] kms sdsf] afa Jojyf -Provision_ ug kg]5
-ordf_ a+sdivideljQLo +yfsf] d2tL lgIf]k jf gfuls nufgL sf]ifsf] nufgL of]hgfxdfulPsf] nufgLnfO fFjf sddf b]vfpg kg]5
t Totf] nufgLsf] Dofb dfKtL kl5 sg sf0fjz tTsfn lkmtf xggSg] cjyf gt[hgf ePdf Totf] nufgL sdsf] afa Jojyf ug kg]5
-r_ klAns lnld6]8 sDkgLsf] z]odf ulPsf] nufgLnfO kn dNo jf ahf dNodWo] hg 36L 5 f]xL dNodf b]vfpg kg]5
-5_ klAns lnld6]8 sDkgLsf] +yfks z]odf nufgL ulPsf] z]o k|rlnt sfggadf]lhd lwtf]kq ahfdf lrs[t gePdf b]xfo adf]lhd ug kg]5 M
c_ aLdsn] z]odf nufgL u]sf] klAns lnld6]8 sDkgLn] sff]af ug]Ohfhtkq kfPsf] ldltn] tLg jifDd Totf] nufgLnfO kn dNodfb]vfpg kg]5
cf_ aLdsn] z]odf nufgL u]sf] klAns lnld6]8 sDkgLn] sff]af ug]Ohfhtkq kfPsf] ldltn] tLg jif kl5 Totf] nufgLnfO kn dNodf b]vfOf] nufgL afasf] Jojyf ug kg]5
-h_ v08 -r_ adf]lhd nufgL ulPsf] z]o k|rlnt sfgg adf]lhd lwtf]kq ahfsf]rLaf6 x6]df -Delisted ePdf_ f] nufgL afasf] Jojyf ug kg]5
^= k|rlnt sfgg adf]lhd aLdssf] jfldTjdf gcfPsf] jf gx]sf] z]o artkqC0fkq jf cGo DklQnfO nufgLdf dfj]z ug kfOg] 5g
17 shf n]vfIacuteg ug kg] M
amp= k|rlnt sfggL Jojyf adf]lhd aLdsn] shf k|bfg ubf Totf] shf cnL xg]kofKt cfwf v8f uL shfnfO fF+jf sddf b]vfpg kg]5
amp= lgb]zg amp= adf]lhd k|bfg ulPsf] shf lgis[o ePdf f] shf afa sd Jojyfug kg]5 t aLdsn] aLdfn]vsf] lwtf]df k|bfg u]sf] shfsf] xsdf of] Jojyf nfuxg] 5g
ki6Ls0f M o lgb]zgsf] k|of]hgsf] nflu nuftf tLg dlxgf jf f] eGbf a9Lcjlwsf] efsf gf3]sf] shfnfO lgs[o shf Demgk5
amp= aLdsn] aLdfn]vsf] lwtf]df k|bfg u]sf] shfsf] xsdf aLdfn]vsf] zt adf]lhd Totf]shf+u DalGwt aLdfn]v hkmt xg kg] dofjlw Plsg uL hkmt xg kg]aLdfn]vsf] lwtf]df k|bfg ulPsf] shfnfO shf zLifsaf6 x6fO dfof]hg ugkg]5
amp=$ lgb]zg amp= adf]lhd slDtdf k|To]s cflys jifsf] cGTodf hkmt xg] aLdfn]v Plsgug kg]5
7
18 5sectfndash5sect hLjg aLdf sf]if fVg kg] M
= aLdsn] k|To]s lsldsf] aLdfsf] nflu 5sectfndash5sect hLjg aLdf sf]if fVg kg]5 t dnaLdfn]vsf] ks sf afktsf] sf]ifnfO f]xL lsldsf] aLdfsf] nflu v8f ulPsf]sf]ifdf dfj]z ug lsg]5
= aLdf cjlw dfKtL afkt bfjL eQmfgL ug gkg] lsldsf] aLdfsf] nflu lgb]zg= adf]lhd v8f ulPsf] sf]ifdf aLdf P]g )$( sf] bkmf adf]lhd tf]lsPsf]sd hDdf ug kg]5
= aLdf cjlw dfKtL (Maturity) afkt bfjL eQmfgL ug kg] lsldsf] aLdfsf] nflulgb]zg = adf]lhd v8f ulPsf] sf]ifdf b]xfosf] sd hDdf ug kg]5 M
-s_ aLdf P]g )$( sf] bkmf adf]lhd tf]lsPsf] sd
-v_ aLdfIacuteLsf] dNofIacuteg gePsf] cflys jifxsf] cfo Joo lxfaaf6 cfPsf] Dk0fart (Surplus) sd
-u_ aLdf ldltn] dondashdodf tf]lslbP adf]lhdsf] f]Ne]GL dflhg afktsf] yksd
=$ aLdfIacuteLsf] dNofIacuteg k|ltj]bg DaGwdf aLdf ldltaf6 lbOPsf] lgb]zg cgf hLjgaLdf sf]ifdf x]sf] sd aFf8kFmf8 ug kg]5
19 cdfKt hf]lvdsf] nflu Jojyf M
(= aLdf cjlw dfKtL jfkt bfjL eQmfgL ug gkg] lsldsf] aLdfsf] cdfKt hf]lvdjfkt aLdfIacuteLn] lgwf0f ullbPsf] bfloTj sd eGbf sd gxg] sd Aojyf ug kg]5
(= cf=a=)^divide^^ sf] ljQLo ljj0f tof ubf lgb]zg (= adf]lhd aLdfIacuteLaf6 bfloTjlgwf0f gePsf] cjyfdf aflifs jf f] eGbf sd cjlwsf] aLdfzNs b tf]lsPsf] aLdf cjlw dfKtL afkt bfjL eQmfgL ug gkg] lsldsf] aLdfsf] cdfKt hf]lvdafkt vb aLdfzNssf] slDtdf krf k|ltzt sd Jojyf ug lsg]5
(= cf=a=)^divide^^ sf] ljQLo ljj0f tof ubf lgb]zg (= adf]lhd aLdfIacuteLaf6 bfloTjlgwf0f gePsf] cjyfdf Psn aLdfzNs b tf]lsPsf] aLdf cjlw dfKtL afktbfjL eQmfgL ug gkg] lsldsf] aLdfsf] aLdf cjlwsf] dfgkflts xg]uL cdfKthf]lvd afkt sd Jojyf ug lsg]5
(=$ lgb]zg (= jf (= adf]lhd cdfKt hf]lvdsf] nflu cf=a= )^divide^^ df Jojyfu]sf] sdnfO cf=a= )^^divide^amp df cfDbfgL hgfpg kg]5
ki6Ls0f M o lgb]zgsf] k|of]hgsf] nflu aLdf cjlwsf] dfgkflts eGgfn]eQmfgL ePsf] aLdf cjlw -dlxgfdf_ eQmfgL xg afFsL aLdf cjlw -dlxgfdf_sf] dfgkflts eGg] Demgk5
(= lgb]zg (= adf]lhd cdfKt hf]lvdsf] nflu Aojyf u]sf] cjyfdf jfx]s aLdfcjlw dfKtL jfkt bfjL eQmfgL ug gkg] lsldsf] aLdf Aojfosf] cfo Aoolxfjaf6 xg cfPsf] jrtnfO hLjg aLdf sf]ifdf fg kg] 5
8
20 sfggL ljjfb ePsf] bfloTjsf] nflu Jojyf ug kg] M sfggL ljjfb ePsf] sg klgbfloTjsf] nflu aLdsn] kofKt Jojyf ug kg]5
21 ljQLo ljj0fsf] 9fFrf M aLdssf] ljQLo ljj0fsf] 9fFrf kllzi6ndash adf]lhd xg]5
22 ljQLo ljj0fsf] zLifsxsf] JofVof M aLdssf] ljQLo ljj0fdf dfj]z xg] zLifsxsf]+lIfKt JofVof kllzi6 ndash adf]lhd xg]5
23 dxf ljkQL kgaLdfzNs n]vfIacuteg ug kg] M
= aLdsn] k|To]s lsldsf] aLdf Aojfosf] nflu 5sectf 5sect dxf ljkQL kgaLdf Aojyfu]sf] cjyfdf dxf ljkQL kgaLdf zNsnfO DalGwt aLdf Aojfosf] cfo Aoolxfj -cgrL _ sf] kgaLdfzNs eQmfgL lzifs cGtut vr hgfpg kg] 5
= aLdsn] bO jf bO eGbf al9 lsldsf] aLdf Aojfosf] nflu Pp6 dxf ljkQLkgaLdf Aojyf u]sf] cjYffdf dxf ljkQL kgaLdf zNsnfO b]xfosf] q k|of]u ulDalGwt aLdf Aojfosf] cfo Aoo lxfjdf afF8kmfF8 ug kg] 5
dxf ljkQL kgaLdf zNs = ef x sn dxf ljkQL kgaLdfzNs
sn ef
kli6s0f M
-_ ef = DalGwt aLdf Aojfo cGtut aLdsn] wf0f u]sf] d of6 ls(Sum at Risk)
-_ sn ef = k|To]s DalGwt aLdf Aojfosf] kli6s0f -_ adf]lhdsf] efsf]of]ukmn
24 k|rlnt sfgg adf]lhd b08 hfo xg] M
o lgb]zgdf ulPsf] Aojyfn] k|rlnt sfgg adf]lhd xg] b08 hfoaf6 aLdsn]pGdQmL kfPsf] dflgg] 5g
9
kllzi6ndash
-lgb]zg +u DalGwt_
Jojyfkg k|ltj]bgdf vnfpg kg] aFbfx M
-s_ aLds DaGwL fdfGo hfgsfL M o zLifs cGtut b]xfosf aFbfx dfj]z ugkg]5 M
-_ +yfkgf ldlt
-_ aLds btfsf] k|df0fkq kfPsf] ldlt
-_ aLdsn] cgdtL kfPsf] aLdf Jojfosf] lsld k|sf
-$_ aLdsn] Jojfo k|fDe u]sf] ldlt
-_ aLdsn] cfjZos 7fg]sf] cGo ljj0f
-v_ aLdssf] +rfns ldltn] b]xfosf aFbfx k|dfl0ft ug kg]5 M
= aLdf Jojfo ug aLdf ldltaf6 hfL ePsf] k|df0f kqsf] jBtf sfod x]sf]
= sfgg adf]lhd aLdsn] ltg aemfpg kg] s ]jf zNs b08 hljfgf DalGwtlgsfodf aemfpg afFsL x]dividegx]sf]
= aLdssf] z]o jfldTjsf] +rgf Todf ePsf] x]k]msf] ljj0f tyf sfod x]sf]+rgf k|rlnt sfggL Jojyf cgk x]sf]
$= aLdf ldltn] tf]lslbP adf]lhdsf] f]Ne]GL dflhg -Solvency Margin_ sfod x]sf]
= -s_ jftljs kdf k|fKt xg Sg] dNodivideahf dNo eGbf jfnftsf] ldltdfaLdssf] ljQLo ljj0fdf dfj]z ulPsf Dk0f DklQxsf] dNo a9Lgx]sf]
-v_ aFbf -s_ adf]lhdsf] DklQsf] dNo tngf ug cjnDag ulPsf] ljlwsf] vnff
^= aLdsn] u]sf] nufgL k|rlnt sfggL Jojyfsf] klwL leq x]sf] pb3f]if0f tyf f]gePsf] eP sf0f lxtsf] ljj0f
amp= aLdsnfO cfO kg Sg] Dk0f hf]lvdx tyf f]sf] lgfs0fsf nflu cjnDagulPsf gLltxsf] vnff
= aLdssf] cGo dnsdf x]sf] k|wfg sfofnodividesfofnosf] ljj0f tyf Totf] g]kfnaflxsf] sfofnon] +rfng u]sf] aLdf Jojfoaf6 aLdsnfO cfO kg Sg] Dk0fhf]lvdx tyf f]sf] lgfs0fsf nflu cjnDag ulPsf gLltxsf] vnff
(= o jif km5of6 ePsf] aLdf bfjLsf] +Vof tyf km5of6 xg afFsL aLdf bfjLsf] +Vof dofjlwsf] vnff
)=ljQLo ljj0f tof ubf k|rlnt aLdf P]g )$( aLdf lgodfjnL )$( f]cGtut hfL ulPsf aLdf ldltsf cfb]z jf lgb]zg sDkgL P]g )^ tyf cGosfggx tyf n]vfdfg n]vfsf] l4fGt gLltx kfngf ulPsf] pb3f]if0f TotfJojyfx kfngf xg gs]sf] eP f]sf] sf0f lxtsf] vnff
10
=-s_ aLdsn] pkoQm n]vf gLlt cjnDag u]sf] f]sf] k|of]udf Psktf sfod u]sf] Totf] gLltsf] kLIf0f uL pkoQmtf Plsg u]sf] 5 eGg] pb3f]if0f
-v_ aLdssf] ljQLo ljj0fn] jfnftsf] ldltdf aLdssf] gfkmf gf]Sfg nufotsfljQLo cjyfsf] oyfy tyf jftljs lrq0f ub5 eGg] pb3f]if0f
=aLdssf] +rfns ldltn] aLdssf] DklQsf] Iffsf] nflu tyf hfnfhL jf cGoclgoldttf kQf nufpg f]Sgsf nflu pkoQm kofKt Jojyf u]sf] 5 eGg]pb3f]if0f
=aLdsn] aeliggoing concern basisAElig df cfˆgf] ljQLo ljj0f tof u]sf] xf] eGg]pb3f]if0f
$=aLdssf] Jojfosf] cfsf k|s[lt cgksf] cfGtls n]vf kLIf0f k|0ffnL ljBdfgx]sf] f] k|0ffnL k|efjsfL x]sf] 5 eGg] pb3f]if0f
=k|rlnt aLdf P]g )$( tyf sDkgL P]g )^ f] cGtutsf lgodfjnL cfb]zjf lgb]zgsf] k|ltsn xg] uL sg JolQm kmd sDkgL tyf aLdssf] +rfns jf+rfnssf] jfy x]sf] +yf+u sff]af ulPsf] 5g eGg] pb3f]if0f
^=hg aifsf] aflifs k|ltj]bg tof ulPsf] xf] f] aifdf aLdf ldltn] aLdsnfO sgb08 hljfgf tf]s]sf] eP f] DaGwL ljj0f
amp= Jojyfkgn] cfjZos 7fg]sf cGo sfx
11
kllzi6ndash
-lgb]zg +u DalGwt_
= aLdssf] cfo Joo lxfasf] 9fFrf M
aLdssf] gfd M
cflys aif ======================= sf] ================================== aLdfsf] cfo Joo lxfa
qm=+= ljj0f cgrL o aif ut aif
cfo
1 aLdfzNs -vb_
2 kgaLdf sldzg cfo
3 nufgL shf tyf cGoaf6 cfo
4 aLdfn]vsf] lwtf]df shfaf6 cfo
5 cGo k|ToIf cfo
6 cflys aifsf] zsf] eQmfgL xg afFsL bfjL afktJojyf
7 cflys aifsf] zsf] cdfKt hf]]lvd afkt Jojyf
hDdf cfo -s_
Joo
8 bfjL eQmfgL -vb_ $
9 clestf sldzg
10 jfYo kLIf0f zNs
11 kgaLdf sldzg vr
12 ]jf zNs -vb_ ^
13 cGo k|ToIf vr
14 Jojyfkg vr amp
15 cfos
16 cflys aifsf] cGTodf eQmfgL xg afFsL bfjL afktJojyf
(
17 cflys aifsf] cGTodf cdfKt hf]lvd afkt Jojyf
hDdf Joo -v_
18 hLjg aLdf sf]ifdividegfkmf gf]Sfg lxfadf f]sf]artdivide -gf]Sfg_ = -s_ - -v_
cgrL b]lv ( Dd osf cleGg c+u xg
12
= gfkmf gf]Sfg lxfasf] 9fFrf M
aLdssf] gfd M
cflys aif ======================= sf] gfkmf gf]Sfg lxfa
qm=+= ljj0f cgrL o aif ut aif
cfDbfgL
1 cfo Joo lxfaaf6 f]sf] )
2 hLjg aLdf sf]ifaf6 f]sf]
3 nufgL shf tyf cGoaf6 cfo
4 Jojyf lkmtf
5 cGo cfDbfgL -ljj0f vnfpg]_
hDdf cfDbfgL -s_
vr
6 Jojyfkg vr amp
7 ckn]vg vr
8 cGo vrx $
9 gf]SfgLsf] nflu Jojyf
10 sdrfL cfjf Aojyf
11 sdrfL af]g Jojyf
12 cfos
13 hLjg aLdf sf]ifdf f]sf]
hDdf vr -v_
14 vb gfkmf divide-gf]Sfg_ -u_ = -s_ ndash -v_
15 cl3Nnf] jif+u DalGwt vr
16 cl3Nnf] aifaf6 flPsf] gfkmfdivide-gf]Sfg_
afF8kmfF8sf] nflu pknAw sd
-s_ kFhLut hu]8f amp
-v_ ljz]if hu]8f amp
-u_ cGo hu]8f -ljj0f vnfpg]_ amp
-3_ k|tfljt nfef+z amp
17
-ordf_ dxfndashljkQL hu]8f
18 jfnftdf f]sf] gfkmfdivide-gf]Sfg_
cgrL amp tyf ) b]lv amp Dd osf cleGg c+u xg
13
= aLdssf] jfnftsf] 9fFrf M
====================== sf] jfnft
qm=+= ljj0f cgrL o aif ut aifgtf]t
1 rQmf kFhL ^2 hu]8f tyf sf]if amp3 hLjg aLdf sf]if 4 dxfndashljkQL hu]8f 5 ltg afFsL bL3sflng C0f tyf fk6L (
sn gtf]tpkof]u
6 ly DkQL -vb_ )7 lb3sflng nufgL 8 aLdfn]vsf] lwtf]df shf 9 cGo bL3sflng shf
10 11 12 13
Rffn DkQL shf tyf k]ZsLx Mgub tyf a+s dfHbftcNksflng nufgLcGo cNksflng shfcGo DkQL $hDdf -s_ -)plusmnplusmnplusmn_
14 15 ^16 (17
rfn bfloTj tyf JojYffx Mrfn bfloTjcdfKt hf]lvd jfkt JojyfeQmfgL xg afFsL bfjL afkt JojyfcGo Aojyf ^shDdf -v_ -$plusmnplusmn^plusmnamp_
18 vb rfn DkQL -u_ = -s_ ndash -v_19 ckn]vg jf dfof]hg xg afFsL ljljw vrx amp20 gfkmf gf]Sfg lxfaaf6 f]sf] gf]Sfg
sn pkof]u -^+amp++(++(+)_
+efljt bfloTjx tyf cgrL ( tyf ^ b]lv ( Dd osf cleGg c+u xg
+efljt bfloTjx
qm=+= ljj0f o aif ut aif1 rQmf jf eQmfgL xg afFsL nufgL2 k|Tofelt k|lta4tf3 aLdfn]v cGtut eGbf afx]saf6 aLds pk bfjL k]sf] t
aLdsn] bfloTj jLsf gu]sf]
aLdsn] bfloTj jLsf gu]sf]
4 aLdsn] jf aLdssf] tkmaf6 lbOPsf] Uof]06L5 cGo -ljj0f vnfpg]_
hDdf
aLdssf] gfd M
14
$= OSo6Ldf ePsf] kljtg DaGwL ljj0fsf] 9fFrf M
aLdssf] gfd M
cf=j==============df OSo6Ldf ePsf] kljtg DaGwL ljj0f
ljj0f z]o kFhL +lrt gfkmfdividegf]Sfg
k|tfljtaf]g z]o
kFhLuthu]8f sf]if
z]olk|ldod
ljz]if hu]8fsf]if
cGo hu]8f tyfsf]if
dxfljkQLhu]8f
sn sd
zdfHbft
dfof]hg
=============
=============
============
============
clGtddfHbft
15
= gub k|jfxsf] ljj0fsf] 9fFrf
aLdssf] gfd M
=====================b]lv========================Ddsf] gub k|jfxsf] ljj0f
qm=+= ljj0f o jif ut jifsff]af +rfngaf6 gub k|jfx MaLdf zNs cfDbfgLljnDa zNs cfDbfgLkgaLdf zNs cfDbfgLkgaLdf sldzg cfDbfgLcGo k|ToIf cfDbfgLkgaLdsaf6 k|fKt bfjL lseLkgaLdf zNs eQmfgLkgaLdf sldzg eQmfgLclestf sldzg eQmfgLjfYo kLIf0f zNs eQmfgLd[To bfjL eQmfgLcjlw dfKtL bfjL eQmfgLcf+lzs cjlw dfKtL bfjL eQmfgLdk0f dNo bfjL eQmfgLcGo bfjL eQmfgL]jf zNs eQmfgLJojyfkg vr eQmfgLsdrfL af]g eQmfgLcfos eQmfgLRffn DklQdf -j[l4_dividesdLRffn bfloTjdf j[l4divide-sdL_
s
sff]af +rfngaf6 vb gub k|jfx -s_nufgL ultljwLaf6 gub k|jfxly DklQdf -j[l4_ sdLsfL sfsf] hdfgt k|fKt ]Sol6Ldf nufgLdf -j[l4_ sdLa+s tyf ljQLo +yfsf] d2tL lgIf]kdf nufgLdf -j[l4_ sdLa+s tyf ljQLo +yfsf] cGo lgIf]k nufgLdf -j[l4_ sdLOSo6L z]o nufgLdf -j[l4_ sdLcu|flwsf z]odividel8j]Grdf nufgLdf -j[l4_ sdLcGo nufgLdf -j[l4_ sdLaLdfn]vsf] lwtf]df shfdf -j[l4_ sdLk]ZsL tyf cGo shfdf -j[l4_ sdLeQmfgL k|fKt Aofh cfDbfgL -nufgLdf_eQmfgL k|fKt l8le8]G8ef8f cfDbfgLeQmfgL k|fKt Aofh cfDbfgL -shfdf_cGo ck|ToIf cfDbfgLdividevr
v
nufgL ultljwLaf6 vb gub k|jfx -v_ljQLo gtf]t sff]afaf6 gub k|jfxz]oaf6 k|fKt sdltg afFsL fk6Ldf -j[l4_dividesdLcNksflng C0fdf -j[l4_dividesdLC0f fk6Ldf Aofh eQmfgLnfef+z eQmfgL
u
ljQLo gtf]t sff]afaf6 vb gub k|jfx -u_o jifsf] Dk0f ultljwLaf6 vb gub k|jfx = -s_plusmn-v_plusmn-u_gub tyf a+sdf x]sf] z dfHbftgub tyf a+sdf x]sf] clGtd dfHbft
16
^ ljQLo ljj0fsf] cleGg c+usf] kdf xg] cgrLx
cgrLndash
-s_ aLdfzNs -vb_
sn aLdfzNs kgaLdf zNs eQmfgL-Ceded_
aLdfzNs -vb_qm=+= aLdfsf]lsld
o jif ut jif o jif ut jif o jif ut jif
hDdf
-v_ sn aLdfzNs
k|ToIf aLdfzNs k|fKt kgaLdf zNs
-accepted_
sn aLdfzNsqm=+= aLdfsf]lsld
o jif ut jif o jif ut jif o jif ut jif
hDdf
-u_ k|ToIf aLdfzNs
k|yd aifsf]aLdfzNs
gjLs0f aLdfzNs Psn aLdfzNs hDdf k|ToIfaLdfzNs
qm=+= aLdfsf]lsld
o aif ut aif o aif ut aif o aif ut aif o aif ut aif
hDdf
17
cgrLndash
nufgL shf tyf cGoaf6 cfoqm=+= ljj0f o aif ut aif1 sfL sfsf] hdfgt k|fKt ]Sol6Laf6 cfo2 jfl0fHo a+ssf] d2tL lgIf]kaf6 cfo3 ljsf a+ssf] d2tL lgIf]kaf6 cfo4 gfuls nufgL of]hgfaf6 cfo5 ljQLo +yfsf] d2tL lgIf]kaf6 cfo6 cfjf ljQ sDkgLsf] fwf0f z]oaf6 nfef+z7 cGo klAns sDkgLsf] fwf0f z]oaf6 nfef+z8 a+s tyf ljQLo +yfsf] cu|flwsf z]oaf6 nfef+z9 a+s tyf ljQLo +yfsf] l8j]Graf6 cfo10 cGo -ljj0f vnfpg]_ af6 cfo11 shfaf6 cfo12 cGo lgIf]kaf6 -d2tL afx]s_ cfo13 nufgL laqmLdf gfkmf
Gog nufgL laqmLdf gf]Sfg14 nufgL -vLb_ df gfkmf
Gog nufgL -vLb_ df gf]Sfg15 ly DkQL laqmLaf6 gfkmf
Gog ly DkQL laqmLaf6 gf]Sfg16 vftf ckn]vg17 cl3Nnf jif+u DalGwt cfo18 cGo cfo
hDdfnufgL shf tyf cGoaf6 cfosf] afF8kmfF8
gfkmf gf]Sfg lxfadf f]sf]============ sf] cfo Joo lxfadf f]sf]============ sf] cfo Joo lxfadf f]sf]
hDdfcgrLndash
aLdfn]vsf] lwtf]df shf cfo
aLdfn]vsf] lwtf]df shf aLdfn]vsf] lwtf]df shfaf6 cfoqm=+= aLdfsf] lsld
o aif ut aif o aif ut aif
============= aLdf
============= aLdf
============= aLdf
18
cgrL ndash $bfjL eQmfgL
d[To bfjLeQmfgL
cjlw dfKtLbfjL eQmfgL
cf+lzs cjlwdfKtL bfjL
eQmfgL
dk0f dNo bfjLeQmfgL
cGo bfjLeQmfgL
sn bfjL eQmfgL sn bfjLeQmfgLdfkgaLdssf]
lxf
bfjL eQmfgL-vb_
qm=+= aLdfsf]lsld
o jif ut jif o jif ut jif o jif ut jif o jif ut jif o jif ut jif o jif ut jif o jif ut jif o jif ut jif
===
===
hDdf
19
cgrLndash
clestf sldzg
k|yd aifsf]aLdfzNsdf
clestf sldzg
gjLs0f aLdfzNsdfclestf sldzg
Psn aLdfzNsdfclestf sldzg
hDdf clestfsldzg
qm=+= aLdfsf]lsld
o jif ut jif o jif ut jif o jif ut jif o jif ut jif
hDdf
cgrLndash^
]jf zNs -vb_
sn ]jf zNs sn ]jf zNsdfkgaLdssf] lxf
]jf zNs -vb_qm=+= aLdfsf] lsld
o jif ut jif o jif ut jif o jif ut jif
========aLdf
========aLdf
hDdf
cgrLndash amp
Jojyfkg vr
qm=+= ljj0f o aif ut aif1 sdrfL vr -cgrL amp= adf]lhd_2 3 ef8f3 lahnL tyf kfgL4 ddt tyf Def
-s_ ejg-v_ jfL fwg-u_ sfofno pks0f-3_ cGo
5 +rf6 5kfO tyf dnGb7 vr xg] sfofno fdfg8 kljxg9 e|d0f vr -eQf d]t_
-s_ cfGtls-v_ jb]lzs
10 clestf tflnd11 clestf cGo12 aLdfzNs13 Iff vr14 sfggL tyf kfdz zNs15 kq klqsf tyf kts
20
16 lj1fkg tyf k|rf k|f17 Jofkf k|j4g18 cltyL Tsf19 rGbf tyf pkxf20 +rfns ldlt DaGwL vr
-s_ a7s eQf-v_ cGo
21 cGo ldltdividepkndashldlt DaGwL vr-s_ a7s eQf-v_ cGo
22 fwf0f ef DaGwL vr
23-s_ aLdfIacuteLo ]jf zNs-v_ aLdfIacuteLo vr
24 n]vf kLIf0f DaGwL vr-s_ n]vf kLIf0f zNs-v_ s n]vf kLIf0f zNs-u_ ljt[t n]vf kLIf0f k|ltj]bg zNs-3_ cGo zNs-ordf_ cfGtls n]vf kLIf0f vr-r_ cGo vr
25 Aofh26 as rfh27 zNs tyf bt28 Xf ssectL29 xnfs l6s630 cGo
afF8 kmfF8sf] nflu hDdfgfkmf gf]Sfg lxfadf f]sf]================aLdfsf] cfo Joo lxfadf f]sf]================aLdfsf] cfo Joo lxfadf f]sf]
hDdfcgrL amp=
sdrfL vr
qm=+= ljj0f o aif ut aif= tna= eQf= bz+ vr$= ~rosf]ifdf yk= tflnd vr^= kf]zfsamp= cfifwf]krf= aLdf(= k]Gg tyf pkbfg vr tyf Jojyf)= ljbf afktsf] vr tyf Jojyf= cGo ljwf afkt vr tyf Jojyf -ljj0f vnfpg]_ cGo -ljj0f vnfpg]_
hDdf M
21
cgrLndash
cfos
qm=+= ljj0f o aif ut aif
= o aifsf] cfos
= cl3Nnf aifxsf] cfos
= afF8kmfF8sf] nflu cfossf] hDdf
afF8kmfF8
gfkmf gf]Sfg lxfadf f]sf]
==============aLdfsf] cfo Joo lxfadf f]sf]
==============aLdfsf] cfo Joo lxfadf f]sf]
hDdf
22
cgrL ndash (
cflys jifsf] cGTodf eQmfgL xg afFsL bfjL afkt Jojyf
eQmfgL xgafFsL d[To bfjL
eQmfgL xgafFsL cjlwdfKtL bfjL
eQmfgL xgafFsL cf+lzscjlw dfKtL
bfjL
eQmfgL xgafFsL dk0fdNo bfjL
eQmfgL xgafFsL cGo
bfjL
[hgf ePsf]t hfgsfLdfgcfPsf] bfjL
-cgdflgt_
eQmfgL xgafFsL hDdf
bfjL
eQmfgL xgafFsL hDdf
bfjLdfkgaLdssf]
lxf
eQmfgL xgafFsL bfjL
afkt Jojyf
qm=+= aLdfsf] lsld
ojif
ut jif ojif
utjif
ojif
utjif
ojif
utjif
ojif
utjif
ojif
utjif
ojif
utjif
ojif
utjif
ojif
utjif
=
=
=
$=
hDdf M
23
cgrLndash)
cfo Joo lxfaxaf6 gfkmf gf]Sfg lxfadf f]sf] sd
qm=+= ljj0f o aif ut aif
= ==================== sf] cfo Joo lxfaaf6 f]sf]
= ==================== sf] cfo Joo lxfaaf6 f]sf]
=
$=
hDdf
cgrLndash
hLjg aLdf sf]if
dfof]hg cuf8Lsf]hLjg aLdf sf]if-jifsf] zdf_
cfo Joolxfaaf6 f]sf]
gfkmf gf]Sfglxfaaf6 f]sf]
dfof]hg cuf8Lsf]hLjg aLdfsf]if-jifsf] cGTodf_
qm=+= aLdfsf]lsld
o jif ut jif o jif ut jif o jif ut jif o jif ut jif
=
=
=
$=
hDdf M
hLjg aLdf sf]ifdf dfof]hg
dfof]hgcuf8Lsf]
hLjg aLdfsf]if
-jifsf]cGTodf_
gfkmfgf]Sfglxfadff]sf]
aLdfn]vcGtutbfloTj
af]gsf]nflu
Jojyf
f]Ne]GLdflhgsf]nflu
Jojyf
afF8kmfF8gulPsf]sd
jifsf]cGTodfhLjg
aLdf sf]if
qm=+= aLdfsf]lsld
oaif
utaif
oaif
utaif
oaif
utaif
oaif
utaif
oaif
utaif
oaif
utaif
oaif
utaif
=
=
=
hDdf M
24
cgrLndash
Jojyf lkmtfqm=+= ljj0f o aif ut aif= nufgLdf gf]SfgLsf] nflu Jojyf lkmtf= shfdf gf]SfgLsf] nflu Jojyf lkmtf= z+sfkb cffdL Jojyf lkmtf$ cGo Jojyf lkmtf
hDdf
cgrLndash
ckn]vg vrx
qm=+= ljj0f o aif ut aif1 k|flDes vrx2 kj +rfng vrx3 k flPsf vrx4 ckn]vg ulPsf] nufgL5 ckn]vg ulPsf] shf6 ckn]vg ulPsf] cffdL7 cGo ckn]vg
hDdf
cgrLndash$
cGo vrx
qm=+= ljj0f o aif ut aif
1 b08 hljfgf
2 ljnDa zNs hljfgf
3 cGo -ljj0f vnfpg]_
hDdf
cgrLndash
gf]SfgLsf] nflu Jojyfqm=+= ljj0f o aif ut aif= nufgLdf gf]SfgLsf] nflu Jojyf= shfdf gf]SfgLsf] nflu Jojyf= z+sfkb cffdL Jojyf$ cGo Jojyf
hDdf
25
cgrLndash^
-s_ z]o kFhL
qm=+= ljj0f o aif ut aifclws[t kFhLs_ ================= bsf] ======== yfg fwf0f z]ov_ ============ bsf] ====yfg ckljtgLo cu|flwsfz]o
=
u_ ========== bsf] ====== yfg kljtgLo cu|flwsfz]ohfL kFhLs_ ================= bsf] ======== yfg fwf0f z]ov_ ============ bsf] ====yfg ckljtgLo cu|flwsfz]o
=
u_ ========== bsf] ====== yfg kljtgLo cu|flwsfz]orQmf kFhLs_ ================= bsf] ======== yfg fwf0f z]oGog eQmfgL k|fKt xg afFsL ==== bsf] ===yfg fwf0fz]ov_ ============ bsf] ====yfg ckljtgLo cu|flwsfz]o
=
u_ ========== bsf] ====== yfg kljtgLo cu|flwsfz]o
hDdf-v_ z]o jfldTjsf] +rgf
o aif ut aifz]owgL
fwf0f z]o+Vof
jfldTjsf] Uuml fwf0fz]o +Vof
jfldTjsf] Uuml
g]kfnL +ul7t +yfx
g]kfnL gfuls
ljb]zL+y
fks
hDdf
jfwf0f
cGo -ljj0f vnfpg]_
sn
-u_ Ps k|ltzt jf a9L z]o jfldTj ePsf z]owgLxsf] ljj0f
o aif ut aifqm=+= ljj0f
jfldTjsf] Uuml sd jfldTjsf] Uuml sd
=
=
=
26
cgrLndashamp
hu]8f tyf sf]if
qm=+= ljj0f o aif ut aif
1 kFhLut hu]8f
2 ljz]if hu]8f
3 cGo hu]8f -ljj0f vnfpg]_
4 z]o lk|ldod
5 k|tfljt af]gz z]o
6 Gffkmf gf]Sfg lxfaaf6 f]sf] gfkmf
hDdf
cgrLndash
dxfndashljklQ hu]8fjifsf] zdf dxfndashljklQ hu]8f gfkmf gf]Sfg lxfaaf6 f]sf] jifsf] cGTodf dxfndashljklQ
hu]8fo jif ut jif o jif ut jif o jif ut jif
cgrLndash(
ltg afFsL bL3sflng C0f tyf fk6L
qm=+= ljj0f o aif ut aif
l8j]Gr divide a08
a+s
ljQLo +yf
$ cGo -ljj0f vnfpg]_
hDdf
27
cgrLndash)
ly DklQ
ljj0f kn df]n Xf ssectL vb df]n
zdfHbft
ojif
yk]sf]
ojif
36]sf]
hDdf utjifDd
ojif
laqmLdivide
dfof]hg
hDdf ojifDdsf]
UftjifDdsf]
lk|m xf]N8hldg
ejg
kmlgrtyf
lkmSr
sfofnofdfg
sDKo6tyfrgfk|ljwLpks0f
cb[ZoDklQ-ljj0fvnfpg]_
jfLfwg
lnh xf]N8DklQ
cGo-k|s[ltvnfpg]_
hDdf
lgdf0fflwgkFhLutvr
sn
ut jif
28
cgrLndash
nufgL
qm=+= ljj0f o aif ut aif-s_ bL3sflng nufgL M sfL sfsf] hdfgt k|fKt ]Sol6L jfl0fHo a+ssf] d2tL lgIf]k ljsf a+ssf] d2tL lgIf]k$ gfuls nufgL of]hgf ljQLo +yfsf] d2tL lgIf]k^ cfjf ljQ sDkgLsf] fwf0f z]o -cgrL = adf]lhd_amp cGo sDkgLsf] fwf0f z]o -cgrL = adf]lhd_ a+s tyf ljQLo +yfsf] cu|flwsf z]odividel8j]Gr( cGo -ljj0f vnfpg]_
hDdf M-v_ cNksflng nufgL M sfL sfsf] hdfgt k|fKt ]Sol6L jfl0fHo a+ssf] d2tL lgIf]k ljsf a+ssf] d2tL lgIf]k$ gfuls nufgL of]hgf ljQLo +yfsf] d2tL lgIf]k^ a+s tyf ljQLo +yfsf] cu|flwsf z]odividel8j]Gramp jfl0fHo a+ssf] Aofh k|fKt xg] cGo lgIf]k ljsf a+ssf] Aofh k|fKt xg]] cGo lgIf]k( ljQLo +yfsf] Aofh k|fKt xg] cGo lgIf]k) cGo Aofh k|fKt xg] nufgL -ljj0f vnfpg]_
hDdf McgrLndash=
z]odf nufgL
qm=+= sDkgL vb sd c+lst dNo kn dNo ahf dNo
= ======sDkgLsf]=============yfg====z]o
= ======sDkgLsf]=============yfg=====z]o
= ======sDkgLsf]=============yfg=====z]o
hDdf
gf]6 M = aLdssf] xfos sDkgLdividexf]lN8Euml sDkgL tyf +oQm nufgL ePsf] sDkgLsf] z]odf ePsf]nufgLnfO
5sectfndash5sect vnfpg kg]5
= lgodfgf lrs[t gePsf z]odf ePsf] nufgLnfO 5sect vnfpg kg]5
= +yfks z]o cGo z]odf ePsf] nufgLnfO 5sectf5sect vnfpg kg]5
29
cgrLndash
gub tyf a+s dfHbft
qm=+= ljj0f o aif ut aifgub dfHbft
hDdfa+s dfHbftjfl0fHo a+sxsf] dfHbftljsf a+sxsf] dfHbftljQLo +yfxsf] dfHbft
cGo -ljj0f vnfpg]_hDdfsn
cgrLndash
cGo shf
qm=+= ljj0f o aif ut aif-s_ bL3sflng shf= clestfnfO shf= sdrfLnfO shf= cGo -ljj0f vnfpg]_
hDdf-v_ cNksflng shf= clestfnfO shf= sdrfLnfO shf= cGo -ljj0f vnfpg]_
hDdfcgrLndash$
cGo DklQqm=+= ljj0f o aif ut aif1 nufgLaf6 k|fKt xg afFsL cfo2 aLdfn]vsf] lwtf]df shfaf6 k|fKt xg afFsL Aofh3 cGo -aLdfn]vsf] lwtf]df afx]s_ shfaf6 k|fKt xg afFsL
Aofh4 cGo aLdsaf6 k|fKt xg afFsL5 kgaLdsaf6 k|fKt xg afFsL6 ljljw cffdL7 clu|d eQmfgL8 sdrfL k]ZsL9 cGo k]ZsL10 wf6L11 cn xg afFsL aLdfzNs
Gog M cn xg afFsL aLdfzNs dNtjL -suspense_12 cGo ljj0f vnfpg]
hDdf M
30
cgrLndash
rfn bfloTj
qm=+= ljj0f o aif ut aif1 clestfnfO lbg afFsL2 cGo aLdsnfO lbg afFsL3 kgaLdsnfO lbg afFsL4 cNksflng shf5 aLdfzNs wf6L6 k0f ljj0f gvn]sf] aLdfzNs7 ljljw fx8 xfosdividexf]lN8Euml sDkgLnfO lbg afFsL9 gtf]tdf ssectf ulPsf] s ltg afFsL10 dNo clea[l4 s ltg afFsL11 cfos ltg afFsL12 ]jf zNs ltg afFsL13 sdrfLnfO lbg afFsL14 +rfnsnfO lbg afFsL15 eQmfgL lbg afFsL nfef+z -l8le8]08_16 cGo -ljj0f vnfpg]_
hDdf
cgrLndash^
cdfKt hf]lvd Jojyfqm=+= ljj0f o aif ut aif= ===========aLdfsf] cdfKt hf]lvd hu]8f= ===========aLdfsf] cdfKt hf]lvd hu]8f= ===========aLdfsf] cdfKt hf]lvd hu]8f
===========aLdfsf] cdfKt hf]lvd hu]8f
hDdf
31
cgrL ^scGo Aojyf
aifsf] zdf Aojyfrfn cf=a=df yk ulPsf]
Aojyfrfn cf=a=df ckn]vg
ulPsf] Aojyfrfn cf=a=df lkmtfulPsf] Aojyf
aifsf] cGtdf sfodx]sf] Aojyf
qm=+=
ljj0fo jif ut jif o jif ut jif o jif ut jif o jif ut jif o jif ut jif
nfef+z -l8le8]08_ sf] nflu Aojyf
nufgLdf gf]SfgLsf] nflu Aojyf
shfdf gf]SfgLsf] nflu Aojyf
$ z+sfZkb cffdLsf] nflu Aojyf
cGo gf]SfgLsf] nflu Aojyf
^ sdrfL DaGwL Aojyf-s_ k]Gg tyf pkbfg Aojyf-v_ ljbf jfkt Aojyf-u_ cfjf tyf cGo ljwf Aojyf-3_ sdrfL af]g Aojyf-ordf_ cGo
amp cGo Aojyf -ljj0f vnfpg]_
hDdf
32
cgrLndashamp
ckn]vgdividedfof]hg xg afFsL ljljw vrxqm=+= ljj0f o aif ut aif1 ckn]vg ug afFsL k|flDes vr2 ckn]vg ug afFsL kj +rfng vr3 ckn]vg ug afFsL yug ulPsf vr4 cGo -ljj0f vnfpg]_
hDdf
cgrL ndash
ljQLo ljj0f+u DalGwt k|dv n]vf gLltx
n]vf DaGwL gLltdf vnfpg kg] aFbfx M aLdsn] n]vf DaGwL gLltdf b]xfosf aFbfxvnfpg kg]5
1 ljQLo ljj0f tofLsf cfwfx M sg sg cjwf0ff -concept_ tyf n]vfdfgx sfgg tyf aLdf ldltsf lgb]zgxsf] clwgdf xL ljQLo ljj0f tof ulPsf] xf]f]sf] Joxf]f
ljQLo ljj0f tof ubf sg sfgg aLdf ldltsf] lgb]zg jf n]vfdfg kfngf gePsf]eP f]sf] sf0f lxt Joxf]f
2 ly DklQ n]vfIacuteg gLlt M ly DklQ n]vfIacuteg ubf cjnDag ulPsf] gLlt
3 Xf ssectL gLlt M aLdssf] +rfns ldltaf6 kflt uL nfu ulPsf] Xf ssectL gLlt
4 kFhLs[t gulg] DklQx DaGwL n]vfIacuteg gLlt M aLdssf] +rfns ldltn] sg lglZrtdf]nDd kg] pks0f fdfgx kFhLs[t gug] gLlt lnPsf] 5 eg] f]sf] Joxf]f
5 cfos Jojyf tyf afF8kmFf8 gLlt M cfos Jojyf DaGwdf aLdsn] cjnDag u]sf]gLlt aLdsn] gfkmf gf]Sfg lxfa tyf cfo Joo lxfadf Totf] Jojyf sdafF8kmFf8 ubf cjnDag u]sf] gLlt
6 nufgL n]vfIacuteg gLlt M nufgL n]vfIacutegsf] DaGwdf aLdsn] cjnDag u]sf] gLltxnfOb]xfosf zLifsx cGtut vnfpg kg]5
-s_ sfL artkqdivideC0fkqdf nufgL n]vfIacuteg gLlt
-v_ a+sdivideljQLo +yfsf] d2tL lgIf]kdf nufgL n]vfIacuteg gLlt
-u_ klAns lnld6]8 sDkgLsf] z]odf nufgL n]vfIacuteg gLlt
-3_ klAns lnld6]8 sDkgLn] hfL u]sf] C0fkqxdf nufgL n]vfIacuteg gLlt
7 6xL 36a9 dfof]hg gLlt M ljb]zL db|f+u DalGwt DklQ bfloTj tyf 6xL36a9 cfDbfgL tyf vrxsf] n]vfIacuteg gLlt
8 aLdfzNs cfDbfgL n]vfIacuteg gLlt M aLdsn] aLdfzNs cfDbfgL n]vfIacuteg ubf cjnDagu]sf] gLlt
33
9 kgaLdf sldzg cfDbfgL n]vfIacuteg gLlt M aLdsn] kgaLdf u] afkt k|fKt ug] sldzgsf]n]vfIacuteg ubf cjnDag u]sf] gLlt
10 cGo cfo n]vfIacuteg tyf afF8kmFf8 gLlt M aLdsn] ef8f -Rent_ tyf cGo zLifsaf6 ePsf]cfo n]vfIacuteg tyf afF8kmFf8 ubf cjnDag u]sf] gLlt
11 shf n]vfIacuteg gLlt M aLdsn] aLdfn]vsf] lwtf]df k|bfg u]sf] shf tyf cGo shfn]vfIacuteg ubf cjnDag u]sf] gLlt
12 Jojyfkg vr afF8kmFf8 gLlt M aLdsn] gfkmf gf]Sfg lxfa tyf cfo Joo lxfaxdfJojyfkg vr afF8kmFf8 ubf cjnDag u]sf] gLlt
13 aLdf bfjL eQmfgL vr n]vfIacuteg gLlt M aLdsn] aLdf bfjL eQmfgL vr n]vfIacuteg ubfcjnDag u]sf] gLlt
14 aLdf bfjL afkt bfloTj Jojyf n]vfIacuteg gLlt M -s_ gt[hgf ePsf] t hfgsfLdfgcfPsf] -IBNR_ aLdf bfjL afkt bfloTj Jojyf n]vfIacuteg ubf aLdsn] cjnDagu]sf] gLlt
-v_ aLdsn] aLdf bfjL bfloTj afkt Jojyf ubf cjnDag u]sf] gLlt
15 aLdf Jojfodf art afF8kmFf8 gLlt M aLdsn] gfkmf gf]Sfg lxfa tyf cfo Joolxfaxdf art afF8kmFf8 ubf cjnDag u]sf] gLlt
16 sdrfL pkbfg ljbf tyf cGo ljwf afkt Jojyf gLlt M aLdsn] sdrfL pkbfgljbf tyf cGo ljwf afkt Jojyf ubf cjnDag u]sf] n]vfIacuteg gLlt
17 z+sfkb cffdL Jojyf gLlt M aLdsn] z+sfkb cffdL Jojyf ubf cjnDag u]sf]gLlt
18 ckn]vg vr n]vfIacuteg gLlt M aLdsn] cjnDag u]sf] ckn]vg vr DaGwL gLlt
19 cGo gLltx M plNnlvt gLltx afx]s jfnft gfkmf gf]Sfg lxfa cfo Joo lxfanufotsf ljQLo ljj0fnfO apermilg ljZn]if0f ug 3fp kUg] uL cGo sg] n]vf gLltsf]hfgsfL lbg cfjZos b]lvPdf f] Joxf]f
34
cgrLndash(
ljQLo ljj0f+u DalGwt n]vf DaGwL l6Kk0fLx
n]vf DaGwL l6Kk0fLdf vnfpg kg] aFbfx M aLdsn] n]vf DaGwL l6Kk0fLdf b]xfosf aFbfxvnfpg kg]5
= Defljt bfloTjx M
c_ rQmf jf eQmfgL xg afFsL nufgL
cf_ k|Tofelt k|lta4tf -underwriting commitments_
O_ aLdfn]v cGtut eGbf afx]saf6 aLds pk bfjL k]sf] t aLdsn] bfloTj jLsfgu]sf]
O_ aLdsn] jf aLdssf] tkmaf6 lbOPsf] Uof]06L
p_ cGo bfloTj -ljj0f vnfpg]_
= aLdfIacuteLn] aLdssf] bfloTj dNofIacuteg ubf cjnDag u]sf] cfwfx
= aLdssf] DklQdf cfPsf] Lldttf tyf ljjfbx
$= shf nufgL tyf ly DklQsf] nflu ulPsf] k|lta4tf
= nufgL+u DalGwt b]xfosf vLb laqmL Demftfxsf] dNo M
c_ vLb ulPsf] DklQsf] jfldTj k|fKt gePsf]
cf_ laqmL ulPsf] DklQsf] eQmfgL k|fKt gePsf]
^= o jifeL ulPsf] nufgL tyf laqmLdividelkmtf lnPsf] nufgLsf] DaGwdf +yf ldltkldf0f sd d]t vn]sf] ljj0f
amp= a+s dfHbft lxfa DaGwdf DalGwt a+sdivideljQLo +yfsf] 6]6d]06 lxtsf] lxfaldnfg DaGwL Joxf]f
= aLdsdividekgaLds+u lng lbg afFsL lxfa DaGwdf DalGwt aLdsdividekgaLdssf]dyg lxtsf] lxfa ldnfg DaGwL Joxf]f
gf]6 Mndash bnfn (Broker) dfkmt ePsf] kgaLdfsf] xsdf fdfGot DalGwt bnfnn]kgaLdssf] tkmaf6 dyg lbg Sg]5
(= aLdsn] u]sf] nufgL k|rlnt aLdf P]g lgodfjnL tyf aLdf ldltaf6 tf]lsP adf]lhdx] gx]sf]
)= aLdssf] +rfns jf +rfns+u DalGwt JolQm jf +yf+u ePsf] sff]af
= aLdsn] cfˆgf] DklQsf] If0fdf lnPsf] C0fsf] lwtf] zt tyf cflrTo
= aLdsn] s rQmf k|df0fkq k|fKt u]sf] cf=j=tyf Totf] rQmf k|df0fkq k|fKt xg afFsLcf=j= f] DaGwL ljj0fsf fy] cl3Nnf] cf=j=xsf] s hljfgf Aofh afkt bfjLk]sf] o cf=j=df eQmfgL ePsf] sd
= lkmtf u]sf] aLdfzNssf] kldf0f sf0f
35
$=aLdsn] aLldtnfO k|bfg ug] 3f]lift tyf cGtld af]gsf] b
=l9nf] aLdfzNs eQmfgLdf lanDa zNsdivideAofhsf] b tyf aLdfn]vsf] lwtf]df k|bfg ulg]shfdf Aofhsf] b
^=ckn]vg xg afFsL vrsf] ljj0f
amp=rQmf kFhL dWo] clu|d eQmfgL k|fKt -Paid in advance_ eQmfgL k|fKt xg afFsL -Call inarrears_ hkmt ulPsf t kgM lgisfzg gulPsf z]osf] ljj0f
=lnh xf]N8 DklQdf ut jifDd o jif vr (Amortization) n]lvPsf] sdsf]ljj0f
(= jifeldf ePsf] jfnft aflxsf] sff]afsf] ljj0f
)= cl3Nnf aifx+u DalGwt cfDbfgL tyf vrxsf] 5sectf5sect ljj0f
=plNnlvt aFbfx afx]s jfnft gfkmf gf]Sfg lxfa cfo Joo lxfa nufotsfljQLo ljj0fxnfO apermilg ljZn]if0f ug 3fp kUg] cGo sg hfgsfL lbg cfjZosb]lvPdf cGo Joxf]f d]t vnfpg kg]5
36
cgrL )k|dv rsfIacutex
cf=a=qm=+= ljj0f rsfIacute
g]6 jy = z]o +Vof +Vof k|lt z]o lstfjL dNo =$ vb gfkmf = k|lt z]o cfo (EPS) =^ k|lt z]o nfef+z (DPS) =amp k|lt z]o ahf dNo (MPPS) = dNo cfDbfgL cgkft (PE Ratio) cgkft( k|yd aifsf] aLdfzNs =) sn aLdfzNs = vb aLdfzNsdividesn aLdfzNs k|ltzt vb gfkmfdividesn aLdfzNs k|ltzt sn aLdfzNsdividesn DklQ k|ltzt$ nufgL shfaf6 cfodividesn nufgL shf k|ltzt sn nufgL shfdividehLjg aLdfsf]if k|ltzt^ kgaLdf sldzg cfodividesn kgaLdfzNs k|ltztamp Jojyfkg vrdividesn aLdfzNs k|ltzt aLdf clestf DalGw vrdividesn aLdfzNs k|ltzt( aLdf clestf +Vof +Vof) sdrfL +Vof +Vof sfofnosf] +Vof +Vof sdrfL vrdivideJojyfkg vr k|ltzt sdrfL vrdividesdrfL +Vof =$ eQmfgL xg aFfsL bfjL sddivideeQmfgL ePsf] bfjL
sdk|ltzt
sn sfod x]sf] aLdfn]vsf] +Vof +Vofdf^ o jif gjLs0f ePsf] aLdfn]vsf] +Vofdivideut
jif sfod x]sf] aLdfn]vsf] +Vofk|ltzt
amp bfjL k]sf] aLdfn]vsf] +Vofdividesn sfod x]sf]aLdfn]vsf] +Vof
k|ltzt
f]Ne]GL dflhg k|ltzt( 3f]lift af]g b =
k|ltxhf) cGtld af]g b =
k|ltxhf
37
cgrL ndash
aLdfIacutesf] ljj0f
sfod x]sf]aLdfn]vsf] +Vof
sfod x]sf]aLdfn]v cGtut
hDdf aLdfIacute
d of6 ls(Sum at Risk)
kgaLdsnfOxtfGt0f ulPsf]
d of6 ls(Sum at Risk)
aLdsn] wf0fu]sf] d of6ls (Sum at
Risk)
qm=+= aLdfsf] lsld
o jif ut jif o jif ut jif o jif ut jif o jif ut jif o jif ut jif
hDdf
38
kllzi6 ndash
-lgb]zg +u DalGwt_
ljQLo ljj0fsf zLifsxsf] +lIfKt JofVof
-s_ cfo Joo lxfa tyf f] DaGwL cgrLsf zLifsxsf] +lIfKt JofVof M
1 k|ToIf aLdfzNs M aLdsn] kgaLdf jLsf u] afkt k|fKt aLdfzNs afx]s k|ydjifsf] aLdfzNs gjLs0f aLdfzNs Psn aLdfzNssf] of]ukmnaf6 lgodfgflkmtf u]sf] aLdfzNs ssectf uL o zLifsdf hgfpg kg]5
2 sn aLdfzNs M k|ToIf aLdfzNs aLdsn] kgaLdf jLsf u] afkt k|fKtaLdfzNssf] of]ukmnnfO o zLifsdf hgfpg kg]5
3 aLdfzNs -vb_ M sn aLdfzNsaf6 kgaLdf lbP afktsf] kgaLdf zNs ssectf uLafFsL sdnfO o zLifsdf hgfpg kg]5
4 kgaLdf sldzg cfo M -s_ aLdsn] kgaLdf lbP afkt k|fKt xg] kgaLdfsldzgnfO o zLifsdf hgfpg kg]5
-v_ aFbf g+=-s_ sf] cltlQm kgaLdsaf6 dgfkmf sldzg -Profit Commission_k|fKt ePdf f]nfO o zLifsdf dfj]z uL f]sf] Joxf]f n]vf DaGwLl6Kk0fLdf vnfpg kg]5
5 nufgL shf tyf cGoaf6 cfo M sfL ]Sol6Laf6 cfo d2tL lgIf]kaf6 cfoklAns sDkgLsf] z]odividel8j]Graf6 cfo ef8faf6 cfo shfaf6 cfo -aLdfn]vsf]lwtf]df shf afx]s_ cGo lgIf]kaf6 -d2tL afx]s_ cfo nufgL laqmLdf gfkmf -GognufgL laqmLdf gf]Sfg_ nufgL -vLb_ df gfkmf -Gog nufgL vLbdf gf]Sfg_ly DklQ laqmLaf6 gfkmf -Gog ly DklQ laqmLaf6 gf]Sfg_ vftf ckn]vgaf6cfo tyf cGo cfosf] of]ukmnnfO lgb]zg adf]lhd afF8kFmf8 uL cfPsf]sdnfO o zLifsdf hgfpg kg]5
6 aLdfn]vsf] lwtf]df shfaf6 cfo M aLdfn]vsf] lwtf]df shf k|bfg u] afkt k|fKt xg]Aofh lanDa zNs htf cfonfO o zLifsdf hgfpg kg]5
7 cGo k|ToIf cfoM aLldtn] tf]lsPsf] cjlwleq aLdfzNs gaemfP afkt aLdsn]eQmfgL k|fKt u]sf] hljfgfdivideAofhdivideljnDa zNs tyf aLdfn]vsf] k|ltlnkL btcfo l6s6 bt htf f]xL aLdfsf] lsld+u k|ToIf kdf DalGwt cfonfO ozLifsdf hgfpg kg]5
8 bfjL eQmfgL -vb_ M aLdsn] eQmfgL u]sf] d[To bfjL cjlw dfKtL bfjL cf+lzscjlw dfKtL bfjL dk0f dNo tyf cGo bfjLsf] of]ukmnnfO o zLifsdfhgfpg kg]5
9 clestf sldzg M k|yd jifsf] aLdfzNsdf clestf sldzg gjLs0f aLdfzNsdfclestf sldzg Psn aLdfzNsdf clestf sldzgsf] of]ukmnaf6 kgaLdssf]lxf ssectf uL afFsL sd o zLifsdf hgfpg kg]5
10 jfYo kLIf0f zNs M aLdf hf]lvdfIacutegsf] nflu jfYo kLIf0f ufP afkt aLdsn]Joxf]g k]sf] jfYo kLIf0f zNsnfO o zLifsdf hgfpg kg]5
39
11 kgaLdf sldzg vr M aLdsn] kgaLdf jLsf u] afkt eQmfgL ug kg] sldzgsdnfO o zLifsdf hgfpg kg]5
12 ]jf zNs -vb_ M aLdf ldltnfO aemfpg kg] sn ]jf zNsaf6 kgaLdssf] lxfssectf uL afFsL sdnfO o zLifsdf hgfpg kg]5
13 cGo k|ToIf vr M aLdfsf] lsld+u k|ToIf kn] DalGwt x]sf] cGo vrnfO ozLifsdf hgfpg kg]5
14 Jojyfkg vr M lgb]zg $ adf]lhd afF8kmFf8 uL cfPsf] sdnfO o zLifsdfhgfpg kg]5
15 cfos M -_ aLdssf] cfos bfloTjnfO lgb]zg adf]lhd afF8kmFf8 uL cfPsf]sdnfO o zLifsdf hgfpg kg]5 osf] ljj0f kllzi6 sf] cgrL adf]lhd xg kg]5
-_ cl3Nnf jif-x_ sf] cfos bfloTjnfO kllzi6 sf] cgrL sf] aeligcl3Nnfjifxsf] cfosAElig zLifsdf hgfpg kg]5 t Totf] cfosdf nfu]sf]b08dividehljfgfdivideljnDa zNsnfO gfkmf gf]Sfg lxfasf] aeligcl3Nnf jif+uDalGwt vrAElig zLifsdf hgfpg kg]5
16 cflys jifsf] cGTodf eQmfgL xg afFsL bfjL afkt Jojyf M cflys jifsf] cGTodfeQmfgL xg afFsL d[To bfjL cjlw dfKtL bfjL cf+lzs cjlw dfKtL bfjL dk0fdNo bfjL cGo bfjL tyf gt[hgf ePsf] t hfgsfLdf gcfPsf] bfjLsf] of]ukmndfaLdf lgodfjnL )$( sf] lgod sf] v08 -3_ adf]lhdsf] sd yk ubf xgcfpg] sdnfO o zLifsdf hgfpg kg]5
aLdssf] cgejsf] cfwfdf [hgf ePsf] t hfgsfLdf gcfPsf] bfjLsf] nflusd Aojyf ug kg]5
17 cflys jifsf] cGTodf cdfKt hf]lvd afkt Jojyf M aLdf cjlw dfKtL afktbfjL eQmfgL ug gkg] lsldsf] aLdfsf] cdfKt hf]lvd afkt lgb]zg ( adf]lhdJojyf uL cfPsf] sd o zLifsdf hgfpg kg]5
18 hLjg aLdf sf]ifdividegfkmf gf]Sfg lxfadf f]sf] artdivide-gf]Sfg_ M -_ aLdf cjlwdfKtL afkt bfjL eQmfgL ug kg] lsldsf] aLdfsf] cfo Joo lxfaaf6 art -surplus_ ePsf] cjyfdf o zLifsnfO aelighLjg aLdf sf]ifdf f]sf] artAElig sfoduL Totf] art sdnfO o zLifsdf hgfpg kg]5
-_ aLdf cjlw dfKtL afkt bfjL eQmfgL ug kg] lsldsf] aLdfsf] cfo Joolxfaaf6 gf]Sfg ePsf] cjyfdf o zLifsnfO aeliggfkmf gf]Sfg lxfadff]sf] gf]SfgAElig sfod uL Totf] gf]Sfg sdnfO o zLifsdf C0ffTdskdf hgfpg kg]5
-_ aLdf cjlw dfKtL afkt bfjL eQmfgL ug gkg] lsldsf] aLdfsf] cfo Joolxfasf] nflu o zLifsnfO aelighLjg aLdf sf]ifdf f]sf] sdAElig aeliggfkmfgf]Sfg lxfadf f]sf] artdivide-gf]Sfg_AElig uL bOj6f zLifs sfod uL aelighLjgaLdf sf]ifdf f]sf] sdAElig zLifsdf lgb]zgndash adf]lhdsf] sd hgfO afFsLsdnfO aeliggfkmf gf]Sfg lxfadf f]sf] artdivide-gf]Sfg_AElig zLifsdf hgfpgkg]5 tf]lsP adf]lhd hLjg aLdf sf]ifdf f]sf] sd hgfp+bf gf]Sfg ePdf
40
aeliggfkmf gf]Sfg lxfadf f]sf] artdivide-gf]Sfg_AElig zLifsdf Totf] gf]Sfg ePsf]sdnfO C0ffTds kdf hgfpg kg]5
-v_ gfkmf gf]Sfg lxfa tyf DalGwt cgrLsf zLifsxsf] +lIfKt JofVof M
1 cfo Joo lxfaaf6 f]sf] M aLdf cjlw dfKtL afkt bfjL eQmfgL ug gkg]lsldsf] aLdfxsf] cfo Joo lxfaaf6 aeliggfkmf gf]Sfg lxfadf f]sf] artdivide-gf]Sfg_AElig sdxsf] of]ukmnnfO o zLifsdf hgfpg kg]5
2 hLjg aLdf sf]ifaf6 f]sf] M k|rlnt sfggL Jojyf adf]lhd aLdssf] bfloTjsf]n]vfhf]vf DaGwL aLdfIacuteLsf] k|ltj]bg d]tsf] cfwfdf hLjg aLdf sf]ifaf6 gfkmfgf]Sfg lxfadf fgsf nflu ldltn] jLs[lt k|bfg u]sf] sdnfO o zLifsdfhgfpg kg]5
3 nufgL shf tyf cGoaf6 cfo M lgb]zg adf]lhd afF8kFmf8 uL cfPsf] sdnfOo zLifsdf hgfpg kg]5
4 Jojyf lkmtf M nufgLdf gf]SfgLsf] nflu ulPsf] Jojyf shfdf gf]SfgLsf] nfluulPsf] Jojyf z+sfkb cffdLsf] nflu ulPsf] Jojyf tyf cGosf] nfluulPsf] Jojyf sd cf+lzs jf k0fkn] sfod fVg kg] cjyf gx]df TotfsdxnfO o zLifsdf hgfpg kg]5
5 cGo cfDbfgL M aLdf Aojfo+u f]sf gePsf] kj +rfng cfDbfgL htfcfDbfgLxsf] of]ukmnnfO o zLifsdf hgfpg kg]5
6 Jojyfkg vr M lgb]zg $ adf]lhd afF8kmFf8 uL cfPsf] sdnfO o zLifsdfhgfpg kg]5
7 ckn]vg vr M k|flDes vrx kj +rfng vrx k flPsf vrx nufgLshf cffdL tyf cGo ckn]vg ulPsf] vrnfO o zLifsdf hgfpg kg]5 t+yfks +rfns tyf pRr Jojyfks jf lghx+u DalGwt JolQmdivide+yfDaGwL cffdL ckn]vg ug kfOg] 5g
8 cGo vrx M k|rlnt sfgg adf]lhd aLdf ldlt tyf cGo lgsfon] aLdsnfOtf]s]sf] b08 hljfgf aLdsn] pkof]u u]sf] ]jfsf] aemfpg kg] zNs dodfgaemfP afkt ltg kg] ljnDa zNs hljfgf nufotsf vrx o zLifsdfhgfpg kg]5
9 gf]SfgLsf] nflu Jojyf M nufgLdf gf]SfgLsf] nflu Jojyf shfdf gf]SfgLsf]nflu Jojyf z+sfkb cffdL Jojyf tyf cGo JojyfnfO o zLifsdf hgfpgkg]5
10 cfos M aLdssf] cfos bfloTjnfO lgb]zg adf]lhd afF8kmFf8 uL cfPsf]sdnfO o zLifsdf hgfpg kg]5
11 hLjg aLdf sf]ifdf f]sf] M aLdssf] bfloTjsf] n]vf hf]vf uL aLdfIacuteLn] lbPsf]dNofIacuteg k|ltj]bg d]tsf] cfwfdf ldltn] lbPsf] cfb]zdividelgb]zg adf]lhd hLjg
41
aLdf sf]ifdf f]sf] sdnfO o zLifsdf b]vfpg kg]5 oL hLjg aLdf sf]ifdff]sf] sd gfkmf gf]Sfg lxfadf lkmtf ug kfOg] 5g
12 cl3Nnf jif+u DalGwt vr M cl3Nnf jif-x_sf] cfosdf nfu]sf]b08dividehljfgfdivideljnDa zNs tyf cl3Nnf jifxdf n]vfIacuteg ug 56]sf vrxnufotsf cl3Nnf jif+u DalGwt vrnfO o zLifsdf hgfpg kg]5
-u_ jfnft tyf DalGwt cgrLsf zLifsxsf] +lIfKt JofVof M
1 rQmf kFhL M eQmfgL k|fKt ePsf] fwf0f z]o ckljtgLo cu|flws z]o tyfkljtgLo cu|flwsf z]o afktsf] sdsf] of]ukmnnfO o zLifsdf hgfpg kg]5
2 hu]8f tyf sf]if M aLdsn] hu]8f sfod ug] lnlnfdf gfkmfaf6 afF8kmfF8 ecfPsf jf cGo sg] k|lqmofaf6 gt[hgf ePsf tyf gfkmf gf]Sfg lxfadf afF8kmFf8guL +ro uL flvPsf] sdxnfO o zLifsdf hgfpg kg]5 oL hu]8f k|of]uubf DalGwt hu]8f tyf sf]if lxfadf vr hgfpg kg]5
-s_ kFhLut hu]8f M rQmf gePsf] z]osf] afFsL sd dfu ubf eQmfgL gu]sf]sf0fn] pQm z]onfO hkmt uL k|fKt xg cfPsf] sd kFhLut cgbfg afktk|fKt xg cfPsf] lhGL tyf gub sd tyf aLdssf] kFhL j[l4 ug] p2]Zon]gfkmfaf6 flPsf] sdnfO o zLifsdf hgfpg kg]5
-v_ z]o lk|ldod M aLdsn] cfˆgf] z]o hfL ubf z]osf] clIacutet dNo eGbf a9Lbn] hfL u]sf] x]5 eg] pQm al9 sd hlt o zLifsdf hgfpg kg]5 ozLifsdf hgfOPsf] sd nfef+z ljt0f k|of]hgsf] nflu of]Uo dflgg] 5g
-u_ k|tfljt af]gz z]o M aLdsn] k|tfj uL fwf0f efn] kflt u]sf] t hfLuL gs]sf] af]gz z]onfO o zLifsdf hgfpg kg]5
-3_ ljz]if hu]8f M aLdf ldltsf] lgb]zg adf]lhd sg cGo hu]8f sf]if v8f ugkbf Totf] sdnfO o zLifsdf hgfpg kg]5
-ordf_ cGo hu]8f M aLdsn] cGo k|of]hgsf] nflu v8f u]sf] hu]8fnfO o zLifsdfhgfpg kg]5
-r_ gfkmf gf]Sfg lxfaaf6 f]sf] M aLdssf] gfkmf gf]Sfg lxfaaf6 jfnftdff]sf] gfkmf sdnfO o zLifsdf hgfpg kg]5
3 hLjg aLdf sf]if M lgb]zg adf]lhd fVg kg] hLjg aLdfsf]ifxsf] of]ukmnnfOo zLifsdf hgfpg kg]5
4 dxfndashljkQL hu]8f M 7nf] kldf0fdf aLdf bfjL pTkGg xg Sg] dxfndashljkQL -catastrophy_ sf] cjyfdf aLdssf] ljQLo Ifdtfdf kg Sg] k|ltsn c sd ug]p2]Zon] gfkmfaf6 flPsf] sdnfO o zLifsdf hgfpg kg]5 o zLifsdfhgfOPsf] sd nfef+z ljt0f k|of]hgsf] nflu of]Uo dflgg] 5g
5 ltg afFsL bL3sflng C0f tyf fk6L M jfnftsf] ldltdf eQmfgL ug afFsLbL3sflng fk6LnfO o zLifsdf hgfpg kg]5
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6 ly DkQL -vb_ MyfoL k|s[ltsf DkQLxsf] sn dNodf Xf ssectf uL afFsL x]sf]sdnfO o zLifsdf hgfpg kg]5
7 bL3sflng nufgL M aLdsn] lgb]zg ^ adf]lhd u]sf] bL3sflng nufgLnfO ozLifsdf hgfpg kg]5
kli6s0f M = jfnftsf] ldltaf6 Ps jif eGbf al9 cjwL kl5 eQmfgLk|fKt xg] sfL sfsf] hdfgt k|fKt ]Sol6Ld2tL lgIf]k gfuls nufgL of]hgf z]o a+s tyfljQLo +yfsf] cu|flwsf z]odividel8j]Gr tyf cGo f]xLk|s[ltsf nufgLxnfO bL3sflng nufgL Demg k5
= aLdsn] klAns sDkgLsf] z]odf nufgL u] afkt k|fKtxg] af]gz z]onfO z]o +Vofdf dfq b]vfO kn df]ndfsg kljtg ug x+bg
amp=s cNksflng nufgL M aLdsn] lgb]zg ^ adf]lhd u]sf] cNksflng nufgLnfO ozLifsdf hgfpg kg]5
kli6s0f M jfnftsf] ldltaf6 Ps jif leq eQmfgL k|fKt xg] sfL sfsf] hdfgt k|fKt ]Sol6L d2tL lgIf]k gfulsnufgL of]hgf a+s tyf ljQLo +yfsf] cu|flwsfz]odividel8j]Gr tyf cGo f]xL k|s[ltsf nufgLxnfOcNksflng nufgL Demg k5
8 aLdfn]vsf] lwtf]df shf M aLdsn] lgb]zg amp adf]lhd k|To]s lsldsf] aLdfsf]aLdfn]vsf] lwtf]df k|bfg u]sf] shfsf] of]ukmnnfO o zLifsdf hgfpg kg]5
9 gub tyf a+s dfHbft M -_ aLds+u x]sf] sn gub dfHbft sd tyf aLdssf]a+sdivideljQLo +yfsf] Aofh k|fKt gxg] vftfdf x]sf] sn sdnfO o zLifsdfhgfpg kg]5
10 cGo bL3sflng shf M lgb]zg amp adf]lhd n]vfIacuteg ulPsf] clestfnfO k|bfgulPsf] bL3sflng shf sdrfLnfO k|bfg ulPsf] bL3sflng shf tyf cGobL3sflng shfsf] of]ukmnnfO o zLifsdf hgfpg kg]5
kli6s0f M jfnftsf] ldltaf6 Ps jif eGbf al9 cjwL kl5 eQmfgLk|fKt xg] clestfnfO k|bfg ulPsf] shf sdrfLnfO k|bfgulPsf] shf tyf cGo f]xL k|s[tLsf shfxnfO bL3sflngshf Demg k5
)s= cGo cNksflng shf M lgb]zg amp adf]lhd n]vfIacuteg ulPsf] clestfnfO k|bfgulPsf] cNksflng shf sdrfLnfO k|bfg ulPsf] cNksflng shf tyf cGocNksflng shfsf] of]ukmnnfO o zLifsdf hgfpg kg]5
kli6s0f M jfnftsf] ldltaf6 Ps jif leq eQmfgL k|fKtxg] clestfnfO k|bfg ulPsf] shf sdrfLnfO k|bfgulPsf] shf tyf cGo f]xL k|s[tLsf shfxnfOcNksflng shf Demg k5
43
11 cGo DkQL M -_ o lgb]zg adf]lhd n]vfIacuteg ulPsf] aLdssf] nufgLaf6 k|fKt xgafFsL cfo aLdfn]vsf] lwtf]df shfaf6 k|fKt xg afFsL Aofh cGo shfaf6 k|fKt xgafFsL Aofh cGo aLdsaf6 k|fKt xg afFsL kgaLdsaf6 k|fKt xg aFfsL ljljwcffdL clu|d eQmfgL sdrfL k]ZsL cGo k]ZsL wf6L tyf cGosf] of]ukmnnfOo zLifsdf hgfpg kg]5
-_ cGo DkQLsf] ljj0f kllzi6 sf] cgrL $ adf]lhd xg kg]5
-_ cn xg afFsL aLdfzNs eP f]sf] of]ukmn kllzi6 sf] cgrL $ dfb]vfpg kg]5 f] cn xg afFsL aLdfzNs afasf] dNtjL -Suspense_ b]vfOvb k|efj (Net effect) zGo agfpg kg]5
12 rfn bfloTj M clestfnfO lbg afFsL cGo aLdsnfO lbg afFsL kgaLdsnfO lbgafFsL aLdfzNs wf6L k0f ljj0f gvn]sf] aLdfzNs ljljw fx xfosdividexf]lN8EumlsDkgLnfO lbg afFsL gtf]tdf ssectf ulPsf] s ltg afFsL cfos ltg afFsL]jfzNs ltg afFsL sdrfLnfO ltg afFsL +rfnsnfO ltg afFsL tyf cGo ltgafFsL sdxsf] of]ukmnnfO o zLifsdf hgfpg kg]5
13 cdfKt hf]lvd jfkt Jojyf M lgb]zg ( adf]lhdsf] cdfKt hf]lvd Jojyfsf]of]ukmnnfO o zLifsdf hgfpg kg]5
14 eQmfgL xg afFsL bfjL jfkt Jojyf M k|To]s lsldsf] aLdfsf] eQmfgL xg afFsLbfjLsf] nflu ulPsf] Jojyfsf] of]ukmnnfO o zLifsdf hgfpg kg]5
15 ckn]vg jf dfof]hg xg afFsL ljljw vrx M ckn]vg ug afFsL k|flDes vrckn]vg ug afFsL kj +rfng vr ckn]vg ug afFsL yug ulPsf vr tyfcGo ckn]vg jf dfof]hg gePsf vrxsf] of]ukmnnfO o zLifsdf hgfpgkg]5
-3_ k|dv rsfIacutexdf +nUg zLifsxsf] +lIfKt JofVof
1 g]6 jy = rQmf kFhL plusmn hu]8f tyf sf]if plusmn dxf ljkQL hu]8f ndashckn]vg jfdfof]hg xg afFsL ljljw vrx ndash gfkmf gf]Sfg lxfaaf6 f]sf] gf]Sfg
2 k|lt z]o lstfaL dNo = g]6 jydividefwf0f z]o +Vof
3 k|lt z]o cfo = vb gfkmfdividefwf0f z]o +Vof
4 dNo cfDbfgL cgkft = k|lt z]o ahf dNodividek|lt z]o cfo
5 sn DklQ = ly DklQ plusmn nufgL plusmn aLdfn]vsf] lwtf]df shf plusmn rfnDklQ shf tyf k]ZsLx
![Page 6: hLjg aLdf Joj;fo ug]{ aLdssf] ljQLo ljj/0f ;DaGwL lgb]{zg](https://reader033.vdocuments.site/reader033/viewer/2022053020/6291631db7b57c39db6663d6/html5/thumbnails/6.jpg)
6
-3_ v08 -s_ adf]lhdsf art kq jf C0fkqsf] n]vfIacuteg ulPsf] dNo eGbf ahfdNo sd xg uPdf Totf] kms sdsf] afa Jojyf -Provision_ ug kg]5
-ordf_ a+sdivideljQLo +yfsf] d2tL lgIf]k jf gfuls nufgL sf]ifsf] nufgL of]hgfxdfulPsf] nufgLnfO fFjf sddf b]vfpg kg]5
t Totf] nufgLsf] Dofb dfKtL kl5 sg sf0fjz tTsfn lkmtf xggSg] cjyf gt[hgf ePdf Totf] nufgL sdsf] afa Jojyf ug kg]5
-r_ klAns lnld6]8 sDkgLsf] z]odf ulPsf] nufgLnfO kn dNo jf ahf dNodWo] hg 36L 5 f]xL dNodf b]vfpg kg]5
-5_ klAns lnld6]8 sDkgLsf] +yfks z]odf nufgL ulPsf] z]o k|rlnt sfggadf]lhd lwtf]kq ahfdf lrs[t gePdf b]xfo adf]lhd ug kg]5 M
c_ aLdsn] z]odf nufgL u]sf] klAns lnld6]8 sDkgLn] sff]af ug]Ohfhtkq kfPsf] ldltn] tLg jifDd Totf] nufgLnfO kn dNodfb]vfpg kg]5
cf_ aLdsn] z]odf nufgL u]sf] klAns lnld6]8 sDkgLn] sff]af ug]Ohfhtkq kfPsf] ldltn] tLg jif kl5 Totf] nufgLnfO kn dNodf b]vfOf] nufgL afasf] Jojyf ug kg]5
-h_ v08 -r_ adf]lhd nufgL ulPsf] z]o k|rlnt sfgg adf]lhd lwtf]kq ahfsf]rLaf6 x6]df -Delisted ePdf_ f] nufgL afasf] Jojyf ug kg]5
^= k|rlnt sfgg adf]lhd aLdssf] jfldTjdf gcfPsf] jf gx]sf] z]o artkqC0fkq jf cGo DklQnfO nufgLdf dfj]z ug kfOg] 5g
17 shf n]vfIacuteg ug kg] M
amp= k|rlnt sfggL Jojyf adf]lhd aLdsn] shf k|bfg ubf Totf] shf cnL xg]kofKt cfwf v8f uL shfnfO fF+jf sddf b]vfpg kg]5
amp= lgb]zg amp= adf]lhd k|bfg ulPsf] shf lgis[o ePdf f] shf afa sd Jojyfug kg]5 t aLdsn] aLdfn]vsf] lwtf]df k|bfg u]sf] shfsf] xsdf of] Jojyf nfuxg] 5g
ki6Ls0f M o lgb]zgsf] k|of]hgsf] nflu nuftf tLg dlxgf jf f] eGbf a9Lcjlwsf] efsf gf3]sf] shfnfO lgs[o shf Demgk5
amp= aLdsn] aLdfn]vsf] lwtf]df k|bfg u]sf] shfsf] xsdf aLdfn]vsf] zt adf]lhd Totf]shf+u DalGwt aLdfn]v hkmt xg kg] dofjlw Plsg uL hkmt xg kg]aLdfn]vsf] lwtf]df k|bfg ulPsf] shfnfO shf zLifsaf6 x6fO dfof]hg ugkg]5
amp=$ lgb]zg amp= adf]lhd slDtdf k|To]s cflys jifsf] cGTodf hkmt xg] aLdfn]v Plsgug kg]5
7
18 5sectfndash5sect hLjg aLdf sf]if fVg kg] M
= aLdsn] k|To]s lsldsf] aLdfsf] nflu 5sectfndash5sect hLjg aLdf sf]if fVg kg]5 t dnaLdfn]vsf] ks sf afktsf] sf]ifnfO f]xL lsldsf] aLdfsf] nflu v8f ulPsf]sf]ifdf dfj]z ug lsg]5
= aLdf cjlw dfKtL afkt bfjL eQmfgL ug gkg] lsldsf] aLdfsf] nflu lgb]zg= adf]lhd v8f ulPsf] sf]ifdf aLdf P]g )$( sf] bkmf adf]lhd tf]lsPsf]sd hDdf ug kg]5
= aLdf cjlw dfKtL (Maturity) afkt bfjL eQmfgL ug kg] lsldsf] aLdfsf] nflulgb]zg = adf]lhd v8f ulPsf] sf]ifdf b]xfosf] sd hDdf ug kg]5 M
-s_ aLdf P]g )$( sf] bkmf adf]lhd tf]lsPsf] sd
-v_ aLdfIacuteLsf] dNofIacuteg gePsf] cflys jifxsf] cfo Joo lxfaaf6 cfPsf] Dk0fart (Surplus) sd
-u_ aLdf ldltn] dondashdodf tf]lslbP adf]lhdsf] f]Ne]GL dflhg afktsf] yksd
=$ aLdfIacuteLsf] dNofIacuteg k|ltj]bg DaGwdf aLdf ldltaf6 lbOPsf] lgb]zg cgf hLjgaLdf sf]ifdf x]sf] sd aFf8kFmf8 ug kg]5
19 cdfKt hf]lvdsf] nflu Jojyf M
(= aLdf cjlw dfKtL jfkt bfjL eQmfgL ug gkg] lsldsf] aLdfsf] cdfKt hf]lvdjfkt aLdfIacuteLn] lgwf0f ullbPsf] bfloTj sd eGbf sd gxg] sd Aojyf ug kg]5
(= cf=a=)^divide^^ sf] ljQLo ljj0f tof ubf lgb]zg (= adf]lhd aLdfIacuteLaf6 bfloTjlgwf0f gePsf] cjyfdf aflifs jf f] eGbf sd cjlwsf] aLdfzNs b tf]lsPsf] aLdf cjlw dfKtL afkt bfjL eQmfgL ug gkg] lsldsf] aLdfsf] cdfKt hf]lvdafkt vb aLdfzNssf] slDtdf krf k|ltzt sd Jojyf ug lsg]5
(= cf=a=)^divide^^ sf] ljQLo ljj0f tof ubf lgb]zg (= adf]lhd aLdfIacuteLaf6 bfloTjlgwf0f gePsf] cjyfdf Psn aLdfzNs b tf]lsPsf] aLdf cjlw dfKtL afktbfjL eQmfgL ug gkg] lsldsf] aLdfsf] aLdf cjlwsf] dfgkflts xg]uL cdfKthf]lvd afkt sd Jojyf ug lsg]5
(=$ lgb]zg (= jf (= adf]lhd cdfKt hf]lvdsf] nflu cf=a= )^divide^^ df Jojyfu]sf] sdnfO cf=a= )^^divide^amp df cfDbfgL hgfpg kg]5
ki6Ls0f M o lgb]zgsf] k|of]hgsf] nflu aLdf cjlwsf] dfgkflts eGgfn]eQmfgL ePsf] aLdf cjlw -dlxgfdf_ eQmfgL xg afFsL aLdf cjlw -dlxgfdf_sf] dfgkflts eGg] Demgk5
(= lgb]zg (= adf]lhd cdfKt hf]lvdsf] nflu Aojyf u]sf] cjyfdf jfx]s aLdfcjlw dfKtL jfkt bfjL eQmfgL ug gkg] lsldsf] aLdf Aojfosf] cfo Aoolxfjaf6 xg cfPsf] jrtnfO hLjg aLdf sf]ifdf fg kg] 5
8
20 sfggL ljjfb ePsf] bfloTjsf] nflu Jojyf ug kg] M sfggL ljjfb ePsf] sg klgbfloTjsf] nflu aLdsn] kofKt Jojyf ug kg]5
21 ljQLo ljj0fsf] 9fFrf M aLdssf] ljQLo ljj0fsf] 9fFrf kllzi6ndash adf]lhd xg]5
22 ljQLo ljj0fsf] zLifsxsf] JofVof M aLdssf] ljQLo ljj0fdf dfj]z xg] zLifsxsf]+lIfKt JofVof kllzi6 ndash adf]lhd xg]5
23 dxf ljkQL kgaLdfzNs n]vfIacuteg ug kg] M
= aLdsn] k|To]s lsldsf] aLdf Aojfosf] nflu 5sectf 5sect dxf ljkQL kgaLdf Aojyfu]sf] cjyfdf dxf ljkQL kgaLdf zNsnfO DalGwt aLdf Aojfosf] cfo Aoolxfj -cgrL _ sf] kgaLdfzNs eQmfgL lzifs cGtut vr hgfpg kg] 5
= aLdsn] bO jf bO eGbf al9 lsldsf] aLdf Aojfosf] nflu Pp6 dxf ljkQLkgaLdf Aojyf u]sf] cjYffdf dxf ljkQL kgaLdf zNsnfO b]xfosf] q k|of]u ulDalGwt aLdf Aojfosf] cfo Aoo lxfjdf afF8kmfF8 ug kg] 5
dxf ljkQL kgaLdf zNs = ef x sn dxf ljkQL kgaLdfzNs
sn ef
kli6s0f M
-_ ef = DalGwt aLdf Aojfo cGtut aLdsn] wf0f u]sf] d of6 ls(Sum at Risk)
-_ sn ef = k|To]s DalGwt aLdf Aojfosf] kli6s0f -_ adf]lhdsf] efsf]of]ukmn
24 k|rlnt sfgg adf]lhd b08 hfo xg] M
o lgb]zgdf ulPsf] Aojyfn] k|rlnt sfgg adf]lhd xg] b08 hfoaf6 aLdsn]pGdQmL kfPsf] dflgg] 5g
9
kllzi6ndash
-lgb]zg +u DalGwt_
Jojyfkg k|ltj]bgdf vnfpg kg] aFbfx M
-s_ aLds DaGwL fdfGo hfgsfL M o zLifs cGtut b]xfosf aFbfx dfj]z ugkg]5 M
-_ +yfkgf ldlt
-_ aLds btfsf] k|df0fkq kfPsf] ldlt
-_ aLdsn] cgdtL kfPsf] aLdf Jojfosf] lsld k|sf
-$_ aLdsn] Jojfo k|fDe u]sf] ldlt
-_ aLdsn] cfjZos 7fg]sf] cGo ljj0f
-v_ aLdssf] +rfns ldltn] b]xfosf aFbfx k|dfl0ft ug kg]5 M
= aLdf Jojfo ug aLdf ldltaf6 hfL ePsf] k|df0f kqsf] jBtf sfod x]sf]
= sfgg adf]lhd aLdsn] ltg aemfpg kg] s ]jf zNs b08 hljfgf DalGwtlgsfodf aemfpg afFsL x]dividegx]sf]
= aLdssf] z]o jfldTjsf] +rgf Todf ePsf] x]k]msf] ljj0f tyf sfod x]sf]+rgf k|rlnt sfggL Jojyf cgk x]sf]
$= aLdf ldltn] tf]lslbP adf]lhdsf] f]Ne]GL dflhg -Solvency Margin_ sfod x]sf]
= -s_ jftljs kdf k|fKt xg Sg] dNodivideahf dNo eGbf jfnftsf] ldltdfaLdssf] ljQLo ljj0fdf dfj]z ulPsf Dk0f DklQxsf] dNo a9Lgx]sf]
-v_ aFbf -s_ adf]lhdsf] DklQsf] dNo tngf ug cjnDag ulPsf] ljlwsf] vnff
^= aLdsn] u]sf] nufgL k|rlnt sfggL Jojyfsf] klwL leq x]sf] pb3f]if0f tyf f]gePsf] eP sf0f lxtsf] ljj0f
amp= aLdsnfO cfO kg Sg] Dk0f hf]lvdx tyf f]sf] lgfs0fsf nflu cjnDagulPsf gLltxsf] vnff
= aLdssf] cGo dnsdf x]sf] k|wfg sfofnodividesfofnosf] ljj0f tyf Totf] g]kfnaflxsf] sfofnon] +rfng u]sf] aLdf Jojfoaf6 aLdsnfO cfO kg Sg] Dk0fhf]lvdx tyf f]sf] lgfs0fsf nflu cjnDag ulPsf gLltxsf] vnff
(= o jif km5of6 ePsf] aLdf bfjLsf] +Vof tyf km5of6 xg afFsL aLdf bfjLsf] +Vof dofjlwsf] vnff
)=ljQLo ljj0f tof ubf k|rlnt aLdf P]g )$( aLdf lgodfjnL )$( f]cGtut hfL ulPsf aLdf ldltsf cfb]z jf lgb]zg sDkgL P]g )^ tyf cGosfggx tyf n]vfdfg n]vfsf] l4fGt gLltx kfngf ulPsf] pb3f]if0f TotfJojyfx kfngf xg gs]sf] eP f]sf] sf0f lxtsf] vnff
10
=-s_ aLdsn] pkoQm n]vf gLlt cjnDag u]sf] f]sf] k|of]udf Psktf sfod u]sf] Totf] gLltsf] kLIf0f uL pkoQmtf Plsg u]sf] 5 eGg] pb3f]if0f
-v_ aLdssf] ljQLo ljj0fn] jfnftsf] ldltdf aLdssf] gfkmf gf]Sfg nufotsfljQLo cjyfsf] oyfy tyf jftljs lrq0f ub5 eGg] pb3f]if0f
=aLdssf] +rfns ldltn] aLdssf] DklQsf] Iffsf] nflu tyf hfnfhL jf cGoclgoldttf kQf nufpg f]Sgsf nflu pkoQm kofKt Jojyf u]sf] 5 eGg]pb3f]if0f
=aLdsn] aeliggoing concern basisAElig df cfˆgf] ljQLo ljj0f tof u]sf] xf] eGg]pb3f]if0f
$=aLdssf] Jojfosf] cfsf k|s[lt cgksf] cfGtls n]vf kLIf0f k|0ffnL ljBdfgx]sf] f] k|0ffnL k|efjsfL x]sf] 5 eGg] pb3f]if0f
=k|rlnt aLdf P]g )$( tyf sDkgL P]g )^ f] cGtutsf lgodfjnL cfb]zjf lgb]zgsf] k|ltsn xg] uL sg JolQm kmd sDkgL tyf aLdssf] +rfns jf+rfnssf] jfy x]sf] +yf+u sff]af ulPsf] 5g eGg] pb3f]if0f
^=hg aifsf] aflifs k|ltj]bg tof ulPsf] xf] f] aifdf aLdf ldltn] aLdsnfO sgb08 hljfgf tf]s]sf] eP f] DaGwL ljj0f
amp= Jojyfkgn] cfjZos 7fg]sf cGo sfx
11
kllzi6ndash
-lgb]zg +u DalGwt_
= aLdssf] cfo Joo lxfasf] 9fFrf M
aLdssf] gfd M
cflys aif ======================= sf] ================================== aLdfsf] cfo Joo lxfa
qm=+= ljj0f cgrL o aif ut aif
cfo
1 aLdfzNs -vb_
2 kgaLdf sldzg cfo
3 nufgL shf tyf cGoaf6 cfo
4 aLdfn]vsf] lwtf]df shfaf6 cfo
5 cGo k|ToIf cfo
6 cflys aifsf] zsf] eQmfgL xg afFsL bfjL afktJojyf
7 cflys aifsf] zsf] cdfKt hf]]lvd afkt Jojyf
hDdf cfo -s_
Joo
8 bfjL eQmfgL -vb_ $
9 clestf sldzg
10 jfYo kLIf0f zNs
11 kgaLdf sldzg vr
12 ]jf zNs -vb_ ^
13 cGo k|ToIf vr
14 Jojyfkg vr amp
15 cfos
16 cflys aifsf] cGTodf eQmfgL xg afFsL bfjL afktJojyf
(
17 cflys aifsf] cGTodf cdfKt hf]lvd afkt Jojyf
hDdf Joo -v_
18 hLjg aLdf sf]ifdividegfkmf gf]Sfg lxfadf f]sf]artdivide -gf]Sfg_ = -s_ - -v_
cgrL b]lv ( Dd osf cleGg c+u xg
12
= gfkmf gf]Sfg lxfasf] 9fFrf M
aLdssf] gfd M
cflys aif ======================= sf] gfkmf gf]Sfg lxfa
qm=+= ljj0f cgrL o aif ut aif
cfDbfgL
1 cfo Joo lxfaaf6 f]sf] )
2 hLjg aLdf sf]ifaf6 f]sf]
3 nufgL shf tyf cGoaf6 cfo
4 Jojyf lkmtf
5 cGo cfDbfgL -ljj0f vnfpg]_
hDdf cfDbfgL -s_
vr
6 Jojyfkg vr amp
7 ckn]vg vr
8 cGo vrx $
9 gf]SfgLsf] nflu Jojyf
10 sdrfL cfjf Aojyf
11 sdrfL af]g Jojyf
12 cfos
13 hLjg aLdf sf]ifdf f]sf]
hDdf vr -v_
14 vb gfkmf divide-gf]Sfg_ -u_ = -s_ ndash -v_
15 cl3Nnf] jif+u DalGwt vr
16 cl3Nnf] aifaf6 flPsf] gfkmfdivide-gf]Sfg_
afF8kmfF8sf] nflu pknAw sd
-s_ kFhLut hu]8f amp
-v_ ljz]if hu]8f amp
-u_ cGo hu]8f -ljj0f vnfpg]_ amp
-3_ k|tfljt nfef+z amp
17
-ordf_ dxfndashljkQL hu]8f
18 jfnftdf f]sf] gfkmfdivide-gf]Sfg_
cgrL amp tyf ) b]lv amp Dd osf cleGg c+u xg
13
= aLdssf] jfnftsf] 9fFrf M
====================== sf] jfnft
qm=+= ljj0f cgrL o aif ut aifgtf]t
1 rQmf kFhL ^2 hu]8f tyf sf]if amp3 hLjg aLdf sf]if 4 dxfndashljkQL hu]8f 5 ltg afFsL bL3sflng C0f tyf fk6L (
sn gtf]tpkof]u
6 ly DkQL -vb_ )7 lb3sflng nufgL 8 aLdfn]vsf] lwtf]df shf 9 cGo bL3sflng shf
10 11 12 13
Rffn DkQL shf tyf k]ZsLx Mgub tyf a+s dfHbftcNksflng nufgLcGo cNksflng shfcGo DkQL $hDdf -s_ -)plusmnplusmnplusmn_
14 15 ^16 (17
rfn bfloTj tyf JojYffx Mrfn bfloTjcdfKt hf]lvd jfkt JojyfeQmfgL xg afFsL bfjL afkt JojyfcGo Aojyf ^shDdf -v_ -$plusmnplusmn^plusmnamp_
18 vb rfn DkQL -u_ = -s_ ndash -v_19 ckn]vg jf dfof]hg xg afFsL ljljw vrx amp20 gfkmf gf]Sfg lxfaaf6 f]sf] gf]Sfg
sn pkof]u -^+amp++(++(+)_
+efljt bfloTjx tyf cgrL ( tyf ^ b]lv ( Dd osf cleGg c+u xg
+efljt bfloTjx
qm=+= ljj0f o aif ut aif1 rQmf jf eQmfgL xg afFsL nufgL2 k|Tofelt k|lta4tf3 aLdfn]v cGtut eGbf afx]saf6 aLds pk bfjL k]sf] t
aLdsn] bfloTj jLsf gu]sf]
aLdsn] bfloTj jLsf gu]sf]
4 aLdsn] jf aLdssf] tkmaf6 lbOPsf] Uof]06L5 cGo -ljj0f vnfpg]_
hDdf
aLdssf] gfd M
14
$= OSo6Ldf ePsf] kljtg DaGwL ljj0fsf] 9fFrf M
aLdssf] gfd M
cf=j==============df OSo6Ldf ePsf] kljtg DaGwL ljj0f
ljj0f z]o kFhL +lrt gfkmfdividegf]Sfg
k|tfljtaf]g z]o
kFhLuthu]8f sf]if
z]olk|ldod
ljz]if hu]8fsf]if
cGo hu]8f tyfsf]if
dxfljkQLhu]8f
sn sd
zdfHbft
dfof]hg
=============
=============
============
============
clGtddfHbft
15
= gub k|jfxsf] ljj0fsf] 9fFrf
aLdssf] gfd M
=====================b]lv========================Ddsf] gub k|jfxsf] ljj0f
qm=+= ljj0f o jif ut jifsff]af +rfngaf6 gub k|jfx MaLdf zNs cfDbfgLljnDa zNs cfDbfgLkgaLdf zNs cfDbfgLkgaLdf sldzg cfDbfgLcGo k|ToIf cfDbfgLkgaLdsaf6 k|fKt bfjL lseLkgaLdf zNs eQmfgLkgaLdf sldzg eQmfgLclestf sldzg eQmfgLjfYo kLIf0f zNs eQmfgLd[To bfjL eQmfgLcjlw dfKtL bfjL eQmfgLcf+lzs cjlw dfKtL bfjL eQmfgLdk0f dNo bfjL eQmfgLcGo bfjL eQmfgL]jf zNs eQmfgLJojyfkg vr eQmfgLsdrfL af]g eQmfgLcfos eQmfgLRffn DklQdf -j[l4_dividesdLRffn bfloTjdf j[l4divide-sdL_
s
sff]af +rfngaf6 vb gub k|jfx -s_nufgL ultljwLaf6 gub k|jfxly DklQdf -j[l4_ sdLsfL sfsf] hdfgt k|fKt ]Sol6Ldf nufgLdf -j[l4_ sdLa+s tyf ljQLo +yfsf] d2tL lgIf]kdf nufgLdf -j[l4_ sdLa+s tyf ljQLo +yfsf] cGo lgIf]k nufgLdf -j[l4_ sdLOSo6L z]o nufgLdf -j[l4_ sdLcu|flwsf z]odividel8j]Grdf nufgLdf -j[l4_ sdLcGo nufgLdf -j[l4_ sdLaLdfn]vsf] lwtf]df shfdf -j[l4_ sdLk]ZsL tyf cGo shfdf -j[l4_ sdLeQmfgL k|fKt Aofh cfDbfgL -nufgLdf_eQmfgL k|fKt l8le8]G8ef8f cfDbfgLeQmfgL k|fKt Aofh cfDbfgL -shfdf_cGo ck|ToIf cfDbfgLdividevr
v
nufgL ultljwLaf6 vb gub k|jfx -v_ljQLo gtf]t sff]afaf6 gub k|jfxz]oaf6 k|fKt sdltg afFsL fk6Ldf -j[l4_dividesdLcNksflng C0fdf -j[l4_dividesdLC0f fk6Ldf Aofh eQmfgLnfef+z eQmfgL
u
ljQLo gtf]t sff]afaf6 vb gub k|jfx -u_o jifsf] Dk0f ultljwLaf6 vb gub k|jfx = -s_plusmn-v_plusmn-u_gub tyf a+sdf x]sf] z dfHbftgub tyf a+sdf x]sf] clGtd dfHbft
16
^ ljQLo ljj0fsf] cleGg c+usf] kdf xg] cgrLx
cgrLndash
-s_ aLdfzNs -vb_
sn aLdfzNs kgaLdf zNs eQmfgL-Ceded_
aLdfzNs -vb_qm=+= aLdfsf]lsld
o jif ut jif o jif ut jif o jif ut jif
hDdf
-v_ sn aLdfzNs
k|ToIf aLdfzNs k|fKt kgaLdf zNs
-accepted_
sn aLdfzNsqm=+= aLdfsf]lsld
o jif ut jif o jif ut jif o jif ut jif
hDdf
-u_ k|ToIf aLdfzNs
k|yd aifsf]aLdfzNs
gjLs0f aLdfzNs Psn aLdfzNs hDdf k|ToIfaLdfzNs
qm=+= aLdfsf]lsld
o aif ut aif o aif ut aif o aif ut aif o aif ut aif
hDdf
17
cgrLndash
nufgL shf tyf cGoaf6 cfoqm=+= ljj0f o aif ut aif1 sfL sfsf] hdfgt k|fKt ]Sol6Laf6 cfo2 jfl0fHo a+ssf] d2tL lgIf]kaf6 cfo3 ljsf a+ssf] d2tL lgIf]kaf6 cfo4 gfuls nufgL of]hgfaf6 cfo5 ljQLo +yfsf] d2tL lgIf]kaf6 cfo6 cfjf ljQ sDkgLsf] fwf0f z]oaf6 nfef+z7 cGo klAns sDkgLsf] fwf0f z]oaf6 nfef+z8 a+s tyf ljQLo +yfsf] cu|flwsf z]oaf6 nfef+z9 a+s tyf ljQLo +yfsf] l8j]Graf6 cfo10 cGo -ljj0f vnfpg]_ af6 cfo11 shfaf6 cfo12 cGo lgIf]kaf6 -d2tL afx]s_ cfo13 nufgL laqmLdf gfkmf
Gog nufgL laqmLdf gf]Sfg14 nufgL -vLb_ df gfkmf
Gog nufgL -vLb_ df gf]Sfg15 ly DkQL laqmLaf6 gfkmf
Gog ly DkQL laqmLaf6 gf]Sfg16 vftf ckn]vg17 cl3Nnf jif+u DalGwt cfo18 cGo cfo
hDdfnufgL shf tyf cGoaf6 cfosf] afF8kmfF8
gfkmf gf]Sfg lxfadf f]sf]============ sf] cfo Joo lxfadf f]sf]============ sf] cfo Joo lxfadf f]sf]
hDdfcgrLndash
aLdfn]vsf] lwtf]df shf cfo
aLdfn]vsf] lwtf]df shf aLdfn]vsf] lwtf]df shfaf6 cfoqm=+= aLdfsf] lsld
o aif ut aif o aif ut aif
============= aLdf
============= aLdf
============= aLdf
18
cgrL ndash $bfjL eQmfgL
d[To bfjLeQmfgL
cjlw dfKtLbfjL eQmfgL
cf+lzs cjlwdfKtL bfjL
eQmfgL
dk0f dNo bfjLeQmfgL
cGo bfjLeQmfgL
sn bfjL eQmfgL sn bfjLeQmfgLdfkgaLdssf]
lxf
bfjL eQmfgL-vb_
qm=+= aLdfsf]lsld
o jif ut jif o jif ut jif o jif ut jif o jif ut jif o jif ut jif o jif ut jif o jif ut jif o jif ut jif
===
===
hDdf
19
cgrLndash
clestf sldzg
k|yd aifsf]aLdfzNsdf
clestf sldzg
gjLs0f aLdfzNsdfclestf sldzg
Psn aLdfzNsdfclestf sldzg
hDdf clestfsldzg
qm=+= aLdfsf]lsld
o jif ut jif o jif ut jif o jif ut jif o jif ut jif
hDdf
cgrLndash^
]jf zNs -vb_
sn ]jf zNs sn ]jf zNsdfkgaLdssf] lxf
]jf zNs -vb_qm=+= aLdfsf] lsld
o jif ut jif o jif ut jif o jif ut jif
========aLdf
========aLdf
hDdf
cgrLndash amp
Jojyfkg vr
qm=+= ljj0f o aif ut aif1 sdrfL vr -cgrL amp= adf]lhd_2 3 ef8f3 lahnL tyf kfgL4 ddt tyf Def
-s_ ejg-v_ jfL fwg-u_ sfofno pks0f-3_ cGo
5 +rf6 5kfO tyf dnGb7 vr xg] sfofno fdfg8 kljxg9 e|d0f vr -eQf d]t_
-s_ cfGtls-v_ jb]lzs
10 clestf tflnd11 clestf cGo12 aLdfzNs13 Iff vr14 sfggL tyf kfdz zNs15 kq klqsf tyf kts
20
16 lj1fkg tyf k|rf k|f17 Jofkf k|j4g18 cltyL Tsf19 rGbf tyf pkxf20 +rfns ldlt DaGwL vr
-s_ a7s eQf-v_ cGo
21 cGo ldltdividepkndashldlt DaGwL vr-s_ a7s eQf-v_ cGo
22 fwf0f ef DaGwL vr
23-s_ aLdfIacuteLo ]jf zNs-v_ aLdfIacuteLo vr
24 n]vf kLIf0f DaGwL vr-s_ n]vf kLIf0f zNs-v_ s n]vf kLIf0f zNs-u_ ljt[t n]vf kLIf0f k|ltj]bg zNs-3_ cGo zNs-ordf_ cfGtls n]vf kLIf0f vr-r_ cGo vr
25 Aofh26 as rfh27 zNs tyf bt28 Xf ssectL29 xnfs l6s630 cGo
afF8 kmfF8sf] nflu hDdfgfkmf gf]Sfg lxfadf f]sf]================aLdfsf] cfo Joo lxfadf f]sf]================aLdfsf] cfo Joo lxfadf f]sf]
hDdfcgrL amp=
sdrfL vr
qm=+= ljj0f o aif ut aif= tna= eQf= bz+ vr$= ~rosf]ifdf yk= tflnd vr^= kf]zfsamp= cfifwf]krf= aLdf(= k]Gg tyf pkbfg vr tyf Jojyf)= ljbf afktsf] vr tyf Jojyf= cGo ljwf afkt vr tyf Jojyf -ljj0f vnfpg]_ cGo -ljj0f vnfpg]_
hDdf M
21
cgrLndash
cfos
qm=+= ljj0f o aif ut aif
= o aifsf] cfos
= cl3Nnf aifxsf] cfos
= afF8kmfF8sf] nflu cfossf] hDdf
afF8kmfF8
gfkmf gf]Sfg lxfadf f]sf]
==============aLdfsf] cfo Joo lxfadf f]sf]
==============aLdfsf] cfo Joo lxfadf f]sf]
hDdf
22
cgrL ndash (
cflys jifsf] cGTodf eQmfgL xg afFsL bfjL afkt Jojyf
eQmfgL xgafFsL d[To bfjL
eQmfgL xgafFsL cjlwdfKtL bfjL
eQmfgL xgafFsL cf+lzscjlw dfKtL
bfjL
eQmfgL xgafFsL dk0fdNo bfjL
eQmfgL xgafFsL cGo
bfjL
[hgf ePsf]t hfgsfLdfgcfPsf] bfjL
-cgdflgt_
eQmfgL xgafFsL hDdf
bfjL
eQmfgL xgafFsL hDdf
bfjLdfkgaLdssf]
lxf
eQmfgL xgafFsL bfjL
afkt Jojyf
qm=+= aLdfsf] lsld
ojif
ut jif ojif
utjif
ojif
utjif
ojif
utjif
ojif
utjif
ojif
utjif
ojif
utjif
ojif
utjif
ojif
utjif
=
=
=
$=
hDdf M
23
cgrLndash)
cfo Joo lxfaxaf6 gfkmf gf]Sfg lxfadf f]sf] sd
qm=+= ljj0f o aif ut aif
= ==================== sf] cfo Joo lxfaaf6 f]sf]
= ==================== sf] cfo Joo lxfaaf6 f]sf]
=
$=
hDdf
cgrLndash
hLjg aLdf sf]if
dfof]hg cuf8Lsf]hLjg aLdf sf]if-jifsf] zdf_
cfo Joolxfaaf6 f]sf]
gfkmf gf]Sfglxfaaf6 f]sf]
dfof]hg cuf8Lsf]hLjg aLdfsf]if-jifsf] cGTodf_
qm=+= aLdfsf]lsld
o jif ut jif o jif ut jif o jif ut jif o jif ut jif
=
=
=
$=
hDdf M
hLjg aLdf sf]ifdf dfof]hg
dfof]hgcuf8Lsf]
hLjg aLdfsf]if
-jifsf]cGTodf_
gfkmfgf]Sfglxfadff]sf]
aLdfn]vcGtutbfloTj
af]gsf]nflu
Jojyf
f]Ne]GLdflhgsf]nflu
Jojyf
afF8kmfF8gulPsf]sd
jifsf]cGTodfhLjg
aLdf sf]if
qm=+= aLdfsf]lsld
oaif
utaif
oaif
utaif
oaif
utaif
oaif
utaif
oaif
utaif
oaif
utaif
oaif
utaif
=
=
=
hDdf M
24
cgrLndash
Jojyf lkmtfqm=+= ljj0f o aif ut aif= nufgLdf gf]SfgLsf] nflu Jojyf lkmtf= shfdf gf]SfgLsf] nflu Jojyf lkmtf= z+sfkb cffdL Jojyf lkmtf$ cGo Jojyf lkmtf
hDdf
cgrLndash
ckn]vg vrx
qm=+= ljj0f o aif ut aif1 k|flDes vrx2 kj +rfng vrx3 k flPsf vrx4 ckn]vg ulPsf] nufgL5 ckn]vg ulPsf] shf6 ckn]vg ulPsf] cffdL7 cGo ckn]vg
hDdf
cgrLndash$
cGo vrx
qm=+= ljj0f o aif ut aif
1 b08 hljfgf
2 ljnDa zNs hljfgf
3 cGo -ljj0f vnfpg]_
hDdf
cgrLndash
gf]SfgLsf] nflu Jojyfqm=+= ljj0f o aif ut aif= nufgLdf gf]SfgLsf] nflu Jojyf= shfdf gf]SfgLsf] nflu Jojyf= z+sfkb cffdL Jojyf$ cGo Jojyf
hDdf
25
cgrLndash^
-s_ z]o kFhL
qm=+= ljj0f o aif ut aifclws[t kFhLs_ ================= bsf] ======== yfg fwf0f z]ov_ ============ bsf] ====yfg ckljtgLo cu|flwsfz]o
=
u_ ========== bsf] ====== yfg kljtgLo cu|flwsfz]ohfL kFhLs_ ================= bsf] ======== yfg fwf0f z]ov_ ============ bsf] ====yfg ckljtgLo cu|flwsfz]o
=
u_ ========== bsf] ====== yfg kljtgLo cu|flwsfz]orQmf kFhLs_ ================= bsf] ======== yfg fwf0f z]oGog eQmfgL k|fKt xg afFsL ==== bsf] ===yfg fwf0fz]ov_ ============ bsf] ====yfg ckljtgLo cu|flwsfz]o
=
u_ ========== bsf] ====== yfg kljtgLo cu|flwsfz]o
hDdf-v_ z]o jfldTjsf] +rgf
o aif ut aifz]owgL
fwf0f z]o+Vof
jfldTjsf] Uuml fwf0fz]o +Vof
jfldTjsf] Uuml
g]kfnL +ul7t +yfx
g]kfnL gfuls
ljb]zL+y
fks
hDdf
jfwf0f
cGo -ljj0f vnfpg]_
sn
-u_ Ps k|ltzt jf a9L z]o jfldTj ePsf z]owgLxsf] ljj0f
o aif ut aifqm=+= ljj0f
jfldTjsf] Uuml sd jfldTjsf] Uuml sd
=
=
=
26
cgrLndashamp
hu]8f tyf sf]if
qm=+= ljj0f o aif ut aif
1 kFhLut hu]8f
2 ljz]if hu]8f
3 cGo hu]8f -ljj0f vnfpg]_
4 z]o lk|ldod
5 k|tfljt af]gz z]o
6 Gffkmf gf]Sfg lxfaaf6 f]sf] gfkmf
hDdf
cgrLndash
dxfndashljklQ hu]8fjifsf] zdf dxfndashljklQ hu]8f gfkmf gf]Sfg lxfaaf6 f]sf] jifsf] cGTodf dxfndashljklQ
hu]8fo jif ut jif o jif ut jif o jif ut jif
cgrLndash(
ltg afFsL bL3sflng C0f tyf fk6L
qm=+= ljj0f o aif ut aif
l8j]Gr divide a08
a+s
ljQLo +yf
$ cGo -ljj0f vnfpg]_
hDdf
27
cgrLndash)
ly DklQ
ljj0f kn df]n Xf ssectL vb df]n
zdfHbft
ojif
yk]sf]
ojif
36]sf]
hDdf utjifDd
ojif
laqmLdivide
dfof]hg
hDdf ojifDdsf]
UftjifDdsf]
lk|m xf]N8hldg
ejg
kmlgrtyf
lkmSr
sfofnofdfg
sDKo6tyfrgfk|ljwLpks0f
cb[ZoDklQ-ljj0fvnfpg]_
jfLfwg
lnh xf]N8DklQ
cGo-k|s[ltvnfpg]_
hDdf
lgdf0fflwgkFhLutvr
sn
ut jif
28
cgrLndash
nufgL
qm=+= ljj0f o aif ut aif-s_ bL3sflng nufgL M sfL sfsf] hdfgt k|fKt ]Sol6L jfl0fHo a+ssf] d2tL lgIf]k ljsf a+ssf] d2tL lgIf]k$ gfuls nufgL of]hgf ljQLo +yfsf] d2tL lgIf]k^ cfjf ljQ sDkgLsf] fwf0f z]o -cgrL = adf]lhd_amp cGo sDkgLsf] fwf0f z]o -cgrL = adf]lhd_ a+s tyf ljQLo +yfsf] cu|flwsf z]odividel8j]Gr( cGo -ljj0f vnfpg]_
hDdf M-v_ cNksflng nufgL M sfL sfsf] hdfgt k|fKt ]Sol6L jfl0fHo a+ssf] d2tL lgIf]k ljsf a+ssf] d2tL lgIf]k$ gfuls nufgL of]hgf ljQLo +yfsf] d2tL lgIf]k^ a+s tyf ljQLo +yfsf] cu|flwsf z]odividel8j]Gramp jfl0fHo a+ssf] Aofh k|fKt xg] cGo lgIf]k ljsf a+ssf] Aofh k|fKt xg]] cGo lgIf]k( ljQLo +yfsf] Aofh k|fKt xg] cGo lgIf]k) cGo Aofh k|fKt xg] nufgL -ljj0f vnfpg]_
hDdf McgrLndash=
z]odf nufgL
qm=+= sDkgL vb sd c+lst dNo kn dNo ahf dNo
= ======sDkgLsf]=============yfg====z]o
= ======sDkgLsf]=============yfg=====z]o
= ======sDkgLsf]=============yfg=====z]o
hDdf
gf]6 M = aLdssf] xfos sDkgLdividexf]lN8Euml sDkgL tyf +oQm nufgL ePsf] sDkgLsf] z]odf ePsf]nufgLnfO
5sectfndash5sect vnfpg kg]5
= lgodfgf lrs[t gePsf z]odf ePsf] nufgLnfO 5sect vnfpg kg]5
= +yfks z]o cGo z]odf ePsf] nufgLnfO 5sectf5sect vnfpg kg]5
29
cgrLndash
gub tyf a+s dfHbft
qm=+= ljj0f o aif ut aifgub dfHbft
hDdfa+s dfHbftjfl0fHo a+sxsf] dfHbftljsf a+sxsf] dfHbftljQLo +yfxsf] dfHbft
cGo -ljj0f vnfpg]_hDdfsn
cgrLndash
cGo shf
qm=+= ljj0f o aif ut aif-s_ bL3sflng shf= clestfnfO shf= sdrfLnfO shf= cGo -ljj0f vnfpg]_
hDdf-v_ cNksflng shf= clestfnfO shf= sdrfLnfO shf= cGo -ljj0f vnfpg]_
hDdfcgrLndash$
cGo DklQqm=+= ljj0f o aif ut aif1 nufgLaf6 k|fKt xg afFsL cfo2 aLdfn]vsf] lwtf]df shfaf6 k|fKt xg afFsL Aofh3 cGo -aLdfn]vsf] lwtf]df afx]s_ shfaf6 k|fKt xg afFsL
Aofh4 cGo aLdsaf6 k|fKt xg afFsL5 kgaLdsaf6 k|fKt xg afFsL6 ljljw cffdL7 clu|d eQmfgL8 sdrfL k]ZsL9 cGo k]ZsL10 wf6L11 cn xg afFsL aLdfzNs
Gog M cn xg afFsL aLdfzNs dNtjL -suspense_12 cGo ljj0f vnfpg]
hDdf M
30
cgrLndash
rfn bfloTj
qm=+= ljj0f o aif ut aif1 clestfnfO lbg afFsL2 cGo aLdsnfO lbg afFsL3 kgaLdsnfO lbg afFsL4 cNksflng shf5 aLdfzNs wf6L6 k0f ljj0f gvn]sf] aLdfzNs7 ljljw fx8 xfosdividexf]lN8Euml sDkgLnfO lbg afFsL9 gtf]tdf ssectf ulPsf] s ltg afFsL10 dNo clea[l4 s ltg afFsL11 cfos ltg afFsL12 ]jf zNs ltg afFsL13 sdrfLnfO lbg afFsL14 +rfnsnfO lbg afFsL15 eQmfgL lbg afFsL nfef+z -l8le8]08_16 cGo -ljj0f vnfpg]_
hDdf
cgrLndash^
cdfKt hf]lvd Jojyfqm=+= ljj0f o aif ut aif= ===========aLdfsf] cdfKt hf]lvd hu]8f= ===========aLdfsf] cdfKt hf]lvd hu]8f= ===========aLdfsf] cdfKt hf]lvd hu]8f
===========aLdfsf] cdfKt hf]lvd hu]8f
hDdf
31
cgrL ^scGo Aojyf
aifsf] zdf Aojyfrfn cf=a=df yk ulPsf]
Aojyfrfn cf=a=df ckn]vg
ulPsf] Aojyfrfn cf=a=df lkmtfulPsf] Aojyf
aifsf] cGtdf sfodx]sf] Aojyf
qm=+=
ljj0fo jif ut jif o jif ut jif o jif ut jif o jif ut jif o jif ut jif
nfef+z -l8le8]08_ sf] nflu Aojyf
nufgLdf gf]SfgLsf] nflu Aojyf
shfdf gf]SfgLsf] nflu Aojyf
$ z+sfZkb cffdLsf] nflu Aojyf
cGo gf]SfgLsf] nflu Aojyf
^ sdrfL DaGwL Aojyf-s_ k]Gg tyf pkbfg Aojyf-v_ ljbf jfkt Aojyf-u_ cfjf tyf cGo ljwf Aojyf-3_ sdrfL af]g Aojyf-ordf_ cGo
amp cGo Aojyf -ljj0f vnfpg]_
hDdf
32
cgrLndashamp
ckn]vgdividedfof]hg xg afFsL ljljw vrxqm=+= ljj0f o aif ut aif1 ckn]vg ug afFsL k|flDes vr2 ckn]vg ug afFsL kj +rfng vr3 ckn]vg ug afFsL yug ulPsf vr4 cGo -ljj0f vnfpg]_
hDdf
cgrL ndash
ljQLo ljj0f+u DalGwt k|dv n]vf gLltx
n]vf DaGwL gLltdf vnfpg kg] aFbfx M aLdsn] n]vf DaGwL gLltdf b]xfosf aFbfxvnfpg kg]5
1 ljQLo ljj0f tofLsf cfwfx M sg sg cjwf0ff -concept_ tyf n]vfdfgx sfgg tyf aLdf ldltsf lgb]zgxsf] clwgdf xL ljQLo ljj0f tof ulPsf] xf]f]sf] Joxf]f
ljQLo ljj0f tof ubf sg sfgg aLdf ldltsf] lgb]zg jf n]vfdfg kfngf gePsf]eP f]sf] sf0f lxt Joxf]f
2 ly DklQ n]vfIacuteg gLlt M ly DklQ n]vfIacuteg ubf cjnDag ulPsf] gLlt
3 Xf ssectL gLlt M aLdssf] +rfns ldltaf6 kflt uL nfu ulPsf] Xf ssectL gLlt
4 kFhLs[t gulg] DklQx DaGwL n]vfIacuteg gLlt M aLdssf] +rfns ldltn] sg lglZrtdf]nDd kg] pks0f fdfgx kFhLs[t gug] gLlt lnPsf] 5 eg] f]sf] Joxf]f
5 cfos Jojyf tyf afF8kmFf8 gLlt M cfos Jojyf DaGwdf aLdsn] cjnDag u]sf]gLlt aLdsn] gfkmf gf]Sfg lxfa tyf cfo Joo lxfadf Totf] Jojyf sdafF8kmFf8 ubf cjnDag u]sf] gLlt
6 nufgL n]vfIacuteg gLlt M nufgL n]vfIacutegsf] DaGwdf aLdsn] cjnDag u]sf] gLltxnfOb]xfosf zLifsx cGtut vnfpg kg]5
-s_ sfL artkqdivideC0fkqdf nufgL n]vfIacuteg gLlt
-v_ a+sdivideljQLo +yfsf] d2tL lgIf]kdf nufgL n]vfIacuteg gLlt
-u_ klAns lnld6]8 sDkgLsf] z]odf nufgL n]vfIacuteg gLlt
-3_ klAns lnld6]8 sDkgLn] hfL u]sf] C0fkqxdf nufgL n]vfIacuteg gLlt
7 6xL 36a9 dfof]hg gLlt M ljb]zL db|f+u DalGwt DklQ bfloTj tyf 6xL36a9 cfDbfgL tyf vrxsf] n]vfIacuteg gLlt
8 aLdfzNs cfDbfgL n]vfIacuteg gLlt M aLdsn] aLdfzNs cfDbfgL n]vfIacuteg ubf cjnDagu]sf] gLlt
33
9 kgaLdf sldzg cfDbfgL n]vfIacuteg gLlt M aLdsn] kgaLdf u] afkt k|fKt ug] sldzgsf]n]vfIacuteg ubf cjnDag u]sf] gLlt
10 cGo cfo n]vfIacuteg tyf afF8kmFf8 gLlt M aLdsn] ef8f -Rent_ tyf cGo zLifsaf6 ePsf]cfo n]vfIacuteg tyf afF8kmFf8 ubf cjnDag u]sf] gLlt
11 shf n]vfIacuteg gLlt M aLdsn] aLdfn]vsf] lwtf]df k|bfg u]sf] shf tyf cGo shfn]vfIacuteg ubf cjnDag u]sf] gLlt
12 Jojyfkg vr afF8kmFf8 gLlt M aLdsn] gfkmf gf]Sfg lxfa tyf cfo Joo lxfaxdfJojyfkg vr afF8kmFf8 ubf cjnDag u]sf] gLlt
13 aLdf bfjL eQmfgL vr n]vfIacuteg gLlt M aLdsn] aLdf bfjL eQmfgL vr n]vfIacuteg ubfcjnDag u]sf] gLlt
14 aLdf bfjL afkt bfloTj Jojyf n]vfIacuteg gLlt M -s_ gt[hgf ePsf] t hfgsfLdfgcfPsf] -IBNR_ aLdf bfjL afkt bfloTj Jojyf n]vfIacuteg ubf aLdsn] cjnDagu]sf] gLlt
-v_ aLdsn] aLdf bfjL bfloTj afkt Jojyf ubf cjnDag u]sf] gLlt
15 aLdf Jojfodf art afF8kmFf8 gLlt M aLdsn] gfkmf gf]Sfg lxfa tyf cfo Joolxfaxdf art afF8kmFf8 ubf cjnDag u]sf] gLlt
16 sdrfL pkbfg ljbf tyf cGo ljwf afkt Jojyf gLlt M aLdsn] sdrfL pkbfgljbf tyf cGo ljwf afkt Jojyf ubf cjnDag u]sf] n]vfIacuteg gLlt
17 z+sfkb cffdL Jojyf gLlt M aLdsn] z+sfkb cffdL Jojyf ubf cjnDag u]sf]gLlt
18 ckn]vg vr n]vfIacuteg gLlt M aLdsn] cjnDag u]sf] ckn]vg vr DaGwL gLlt
19 cGo gLltx M plNnlvt gLltx afx]s jfnft gfkmf gf]Sfg lxfa cfo Joo lxfanufotsf ljQLo ljj0fnfO apermilg ljZn]if0f ug 3fp kUg] uL cGo sg] n]vf gLltsf]hfgsfL lbg cfjZos b]lvPdf f] Joxf]f
34
cgrLndash(
ljQLo ljj0f+u DalGwt n]vf DaGwL l6Kk0fLx
n]vf DaGwL l6Kk0fLdf vnfpg kg] aFbfx M aLdsn] n]vf DaGwL l6Kk0fLdf b]xfosf aFbfxvnfpg kg]5
= Defljt bfloTjx M
c_ rQmf jf eQmfgL xg afFsL nufgL
cf_ k|Tofelt k|lta4tf -underwriting commitments_
O_ aLdfn]v cGtut eGbf afx]saf6 aLds pk bfjL k]sf] t aLdsn] bfloTj jLsfgu]sf]
O_ aLdsn] jf aLdssf] tkmaf6 lbOPsf] Uof]06L
p_ cGo bfloTj -ljj0f vnfpg]_
= aLdfIacuteLn] aLdssf] bfloTj dNofIacuteg ubf cjnDag u]sf] cfwfx
= aLdssf] DklQdf cfPsf] Lldttf tyf ljjfbx
$= shf nufgL tyf ly DklQsf] nflu ulPsf] k|lta4tf
= nufgL+u DalGwt b]xfosf vLb laqmL Demftfxsf] dNo M
c_ vLb ulPsf] DklQsf] jfldTj k|fKt gePsf]
cf_ laqmL ulPsf] DklQsf] eQmfgL k|fKt gePsf]
^= o jifeL ulPsf] nufgL tyf laqmLdividelkmtf lnPsf] nufgLsf] DaGwdf +yf ldltkldf0f sd d]t vn]sf] ljj0f
amp= a+s dfHbft lxfa DaGwdf DalGwt a+sdivideljQLo +yfsf] 6]6d]06 lxtsf] lxfaldnfg DaGwL Joxf]f
= aLdsdividekgaLds+u lng lbg afFsL lxfa DaGwdf DalGwt aLdsdividekgaLdssf]dyg lxtsf] lxfa ldnfg DaGwL Joxf]f
gf]6 Mndash bnfn (Broker) dfkmt ePsf] kgaLdfsf] xsdf fdfGot DalGwt bnfnn]kgaLdssf] tkmaf6 dyg lbg Sg]5
(= aLdsn] u]sf] nufgL k|rlnt aLdf P]g lgodfjnL tyf aLdf ldltaf6 tf]lsP adf]lhdx] gx]sf]
)= aLdssf] +rfns jf +rfns+u DalGwt JolQm jf +yf+u ePsf] sff]af
= aLdsn] cfˆgf] DklQsf] If0fdf lnPsf] C0fsf] lwtf] zt tyf cflrTo
= aLdsn] s rQmf k|df0fkq k|fKt u]sf] cf=j=tyf Totf] rQmf k|df0fkq k|fKt xg afFsLcf=j= f] DaGwL ljj0fsf fy] cl3Nnf] cf=j=xsf] s hljfgf Aofh afkt bfjLk]sf] o cf=j=df eQmfgL ePsf] sd
= lkmtf u]sf] aLdfzNssf] kldf0f sf0f
35
$=aLdsn] aLldtnfO k|bfg ug] 3f]lift tyf cGtld af]gsf] b
=l9nf] aLdfzNs eQmfgLdf lanDa zNsdivideAofhsf] b tyf aLdfn]vsf] lwtf]df k|bfg ulg]shfdf Aofhsf] b
^=ckn]vg xg afFsL vrsf] ljj0f
amp=rQmf kFhL dWo] clu|d eQmfgL k|fKt -Paid in advance_ eQmfgL k|fKt xg afFsL -Call inarrears_ hkmt ulPsf t kgM lgisfzg gulPsf z]osf] ljj0f
=lnh xf]N8 DklQdf ut jifDd o jif vr (Amortization) n]lvPsf] sdsf]ljj0f
(= jifeldf ePsf] jfnft aflxsf] sff]afsf] ljj0f
)= cl3Nnf aifx+u DalGwt cfDbfgL tyf vrxsf] 5sectf5sect ljj0f
=plNnlvt aFbfx afx]s jfnft gfkmf gf]Sfg lxfa cfo Joo lxfa nufotsfljQLo ljj0fxnfO apermilg ljZn]if0f ug 3fp kUg] cGo sg hfgsfL lbg cfjZosb]lvPdf cGo Joxf]f d]t vnfpg kg]5
36
cgrL )k|dv rsfIacutex
cf=a=qm=+= ljj0f rsfIacute
g]6 jy = z]o +Vof +Vof k|lt z]o lstfjL dNo =$ vb gfkmf = k|lt z]o cfo (EPS) =^ k|lt z]o nfef+z (DPS) =amp k|lt z]o ahf dNo (MPPS) = dNo cfDbfgL cgkft (PE Ratio) cgkft( k|yd aifsf] aLdfzNs =) sn aLdfzNs = vb aLdfzNsdividesn aLdfzNs k|ltzt vb gfkmfdividesn aLdfzNs k|ltzt sn aLdfzNsdividesn DklQ k|ltzt$ nufgL shfaf6 cfodividesn nufgL shf k|ltzt sn nufgL shfdividehLjg aLdfsf]if k|ltzt^ kgaLdf sldzg cfodividesn kgaLdfzNs k|ltztamp Jojyfkg vrdividesn aLdfzNs k|ltzt aLdf clestf DalGw vrdividesn aLdfzNs k|ltzt( aLdf clestf +Vof +Vof) sdrfL +Vof +Vof sfofnosf] +Vof +Vof sdrfL vrdivideJojyfkg vr k|ltzt sdrfL vrdividesdrfL +Vof =$ eQmfgL xg aFfsL bfjL sddivideeQmfgL ePsf] bfjL
sdk|ltzt
sn sfod x]sf] aLdfn]vsf] +Vof +Vofdf^ o jif gjLs0f ePsf] aLdfn]vsf] +Vofdivideut
jif sfod x]sf] aLdfn]vsf] +Vofk|ltzt
amp bfjL k]sf] aLdfn]vsf] +Vofdividesn sfod x]sf]aLdfn]vsf] +Vof
k|ltzt
f]Ne]GL dflhg k|ltzt( 3f]lift af]g b =
k|ltxhf) cGtld af]g b =
k|ltxhf
37
cgrL ndash
aLdfIacutesf] ljj0f
sfod x]sf]aLdfn]vsf] +Vof
sfod x]sf]aLdfn]v cGtut
hDdf aLdfIacute
d of6 ls(Sum at Risk)
kgaLdsnfOxtfGt0f ulPsf]
d of6 ls(Sum at Risk)
aLdsn] wf0fu]sf] d of6ls (Sum at
Risk)
qm=+= aLdfsf] lsld
o jif ut jif o jif ut jif o jif ut jif o jif ut jif o jif ut jif
hDdf
38
kllzi6 ndash
-lgb]zg +u DalGwt_
ljQLo ljj0fsf zLifsxsf] +lIfKt JofVof
-s_ cfo Joo lxfa tyf f] DaGwL cgrLsf zLifsxsf] +lIfKt JofVof M
1 k|ToIf aLdfzNs M aLdsn] kgaLdf jLsf u] afkt k|fKt aLdfzNs afx]s k|ydjifsf] aLdfzNs gjLs0f aLdfzNs Psn aLdfzNssf] of]ukmnaf6 lgodfgflkmtf u]sf] aLdfzNs ssectf uL o zLifsdf hgfpg kg]5
2 sn aLdfzNs M k|ToIf aLdfzNs aLdsn] kgaLdf jLsf u] afkt k|fKtaLdfzNssf] of]ukmnnfO o zLifsdf hgfpg kg]5
3 aLdfzNs -vb_ M sn aLdfzNsaf6 kgaLdf lbP afktsf] kgaLdf zNs ssectf uLafFsL sdnfO o zLifsdf hgfpg kg]5
4 kgaLdf sldzg cfo M -s_ aLdsn] kgaLdf lbP afkt k|fKt xg] kgaLdfsldzgnfO o zLifsdf hgfpg kg]5
-v_ aFbf g+=-s_ sf] cltlQm kgaLdsaf6 dgfkmf sldzg -Profit Commission_k|fKt ePdf f]nfO o zLifsdf dfj]z uL f]sf] Joxf]f n]vf DaGwLl6Kk0fLdf vnfpg kg]5
5 nufgL shf tyf cGoaf6 cfo M sfL ]Sol6Laf6 cfo d2tL lgIf]kaf6 cfoklAns sDkgLsf] z]odividel8j]Graf6 cfo ef8faf6 cfo shfaf6 cfo -aLdfn]vsf]lwtf]df shf afx]s_ cGo lgIf]kaf6 -d2tL afx]s_ cfo nufgL laqmLdf gfkmf -GognufgL laqmLdf gf]Sfg_ nufgL -vLb_ df gfkmf -Gog nufgL vLbdf gf]Sfg_ly DklQ laqmLaf6 gfkmf -Gog ly DklQ laqmLaf6 gf]Sfg_ vftf ckn]vgaf6cfo tyf cGo cfosf] of]ukmnnfO lgb]zg adf]lhd afF8kFmf8 uL cfPsf]sdnfO o zLifsdf hgfpg kg]5
6 aLdfn]vsf] lwtf]df shfaf6 cfo M aLdfn]vsf] lwtf]df shf k|bfg u] afkt k|fKt xg]Aofh lanDa zNs htf cfonfO o zLifsdf hgfpg kg]5
7 cGo k|ToIf cfoM aLldtn] tf]lsPsf] cjlwleq aLdfzNs gaemfP afkt aLdsn]eQmfgL k|fKt u]sf] hljfgfdivideAofhdivideljnDa zNs tyf aLdfn]vsf] k|ltlnkL btcfo l6s6 bt htf f]xL aLdfsf] lsld+u k|ToIf kdf DalGwt cfonfO ozLifsdf hgfpg kg]5
8 bfjL eQmfgL -vb_ M aLdsn] eQmfgL u]sf] d[To bfjL cjlw dfKtL bfjL cf+lzscjlw dfKtL bfjL dk0f dNo tyf cGo bfjLsf] of]ukmnnfO o zLifsdfhgfpg kg]5
9 clestf sldzg M k|yd jifsf] aLdfzNsdf clestf sldzg gjLs0f aLdfzNsdfclestf sldzg Psn aLdfzNsdf clestf sldzgsf] of]ukmnaf6 kgaLdssf]lxf ssectf uL afFsL sd o zLifsdf hgfpg kg]5
10 jfYo kLIf0f zNs M aLdf hf]lvdfIacutegsf] nflu jfYo kLIf0f ufP afkt aLdsn]Joxf]g k]sf] jfYo kLIf0f zNsnfO o zLifsdf hgfpg kg]5
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11 kgaLdf sldzg vr M aLdsn] kgaLdf jLsf u] afkt eQmfgL ug kg] sldzgsdnfO o zLifsdf hgfpg kg]5
12 ]jf zNs -vb_ M aLdf ldltnfO aemfpg kg] sn ]jf zNsaf6 kgaLdssf] lxfssectf uL afFsL sdnfO o zLifsdf hgfpg kg]5
13 cGo k|ToIf vr M aLdfsf] lsld+u k|ToIf kn] DalGwt x]sf] cGo vrnfO ozLifsdf hgfpg kg]5
14 Jojyfkg vr M lgb]zg $ adf]lhd afF8kmFf8 uL cfPsf] sdnfO o zLifsdfhgfpg kg]5
15 cfos M -_ aLdssf] cfos bfloTjnfO lgb]zg adf]lhd afF8kmFf8 uL cfPsf]sdnfO o zLifsdf hgfpg kg]5 osf] ljj0f kllzi6 sf] cgrL adf]lhd xg kg]5
-_ cl3Nnf jif-x_ sf] cfos bfloTjnfO kllzi6 sf] cgrL sf] aeligcl3Nnfjifxsf] cfosAElig zLifsdf hgfpg kg]5 t Totf] cfosdf nfu]sf]b08dividehljfgfdivideljnDa zNsnfO gfkmf gf]Sfg lxfasf] aeligcl3Nnf jif+uDalGwt vrAElig zLifsdf hgfpg kg]5
16 cflys jifsf] cGTodf eQmfgL xg afFsL bfjL afkt Jojyf M cflys jifsf] cGTodfeQmfgL xg afFsL d[To bfjL cjlw dfKtL bfjL cf+lzs cjlw dfKtL bfjL dk0fdNo bfjL cGo bfjL tyf gt[hgf ePsf] t hfgsfLdf gcfPsf] bfjLsf] of]ukmndfaLdf lgodfjnL )$( sf] lgod sf] v08 -3_ adf]lhdsf] sd yk ubf xgcfpg] sdnfO o zLifsdf hgfpg kg]5
aLdssf] cgejsf] cfwfdf [hgf ePsf] t hfgsfLdf gcfPsf] bfjLsf] nflusd Aojyf ug kg]5
17 cflys jifsf] cGTodf cdfKt hf]lvd afkt Jojyf M aLdf cjlw dfKtL afktbfjL eQmfgL ug gkg] lsldsf] aLdfsf] cdfKt hf]lvd afkt lgb]zg ( adf]lhdJojyf uL cfPsf] sd o zLifsdf hgfpg kg]5
18 hLjg aLdf sf]ifdividegfkmf gf]Sfg lxfadf f]sf] artdivide-gf]Sfg_ M -_ aLdf cjlwdfKtL afkt bfjL eQmfgL ug kg] lsldsf] aLdfsf] cfo Joo lxfaaf6 art -surplus_ ePsf] cjyfdf o zLifsnfO aelighLjg aLdf sf]ifdf f]sf] artAElig sfoduL Totf] art sdnfO o zLifsdf hgfpg kg]5
-_ aLdf cjlw dfKtL afkt bfjL eQmfgL ug kg] lsldsf] aLdfsf] cfo Joolxfaaf6 gf]Sfg ePsf] cjyfdf o zLifsnfO aeliggfkmf gf]Sfg lxfadff]sf] gf]SfgAElig sfod uL Totf] gf]Sfg sdnfO o zLifsdf C0ffTdskdf hgfpg kg]5
-_ aLdf cjlw dfKtL afkt bfjL eQmfgL ug gkg] lsldsf] aLdfsf] cfo Joolxfasf] nflu o zLifsnfO aelighLjg aLdf sf]ifdf f]sf] sdAElig aeliggfkmfgf]Sfg lxfadf f]sf] artdivide-gf]Sfg_AElig uL bOj6f zLifs sfod uL aelighLjgaLdf sf]ifdf f]sf] sdAElig zLifsdf lgb]zgndash adf]lhdsf] sd hgfO afFsLsdnfO aeliggfkmf gf]Sfg lxfadf f]sf] artdivide-gf]Sfg_AElig zLifsdf hgfpgkg]5 tf]lsP adf]lhd hLjg aLdf sf]ifdf f]sf] sd hgfp+bf gf]Sfg ePdf
40
aeliggfkmf gf]Sfg lxfadf f]sf] artdivide-gf]Sfg_AElig zLifsdf Totf] gf]Sfg ePsf]sdnfO C0ffTds kdf hgfpg kg]5
-v_ gfkmf gf]Sfg lxfa tyf DalGwt cgrLsf zLifsxsf] +lIfKt JofVof M
1 cfo Joo lxfaaf6 f]sf] M aLdf cjlw dfKtL afkt bfjL eQmfgL ug gkg]lsldsf] aLdfxsf] cfo Joo lxfaaf6 aeliggfkmf gf]Sfg lxfadf f]sf] artdivide-gf]Sfg_AElig sdxsf] of]ukmnnfO o zLifsdf hgfpg kg]5
2 hLjg aLdf sf]ifaf6 f]sf] M k|rlnt sfggL Jojyf adf]lhd aLdssf] bfloTjsf]n]vfhf]vf DaGwL aLdfIacuteLsf] k|ltj]bg d]tsf] cfwfdf hLjg aLdf sf]ifaf6 gfkmfgf]Sfg lxfadf fgsf nflu ldltn] jLs[lt k|bfg u]sf] sdnfO o zLifsdfhgfpg kg]5
3 nufgL shf tyf cGoaf6 cfo M lgb]zg adf]lhd afF8kFmf8 uL cfPsf] sdnfOo zLifsdf hgfpg kg]5
4 Jojyf lkmtf M nufgLdf gf]SfgLsf] nflu ulPsf] Jojyf shfdf gf]SfgLsf] nfluulPsf] Jojyf z+sfkb cffdLsf] nflu ulPsf] Jojyf tyf cGosf] nfluulPsf] Jojyf sd cf+lzs jf k0fkn] sfod fVg kg] cjyf gx]df TotfsdxnfO o zLifsdf hgfpg kg]5
5 cGo cfDbfgL M aLdf Aojfo+u f]sf gePsf] kj +rfng cfDbfgL htfcfDbfgLxsf] of]ukmnnfO o zLifsdf hgfpg kg]5
6 Jojyfkg vr M lgb]zg $ adf]lhd afF8kmFf8 uL cfPsf] sdnfO o zLifsdfhgfpg kg]5
7 ckn]vg vr M k|flDes vrx kj +rfng vrx k flPsf vrx nufgLshf cffdL tyf cGo ckn]vg ulPsf] vrnfO o zLifsdf hgfpg kg]5 t+yfks +rfns tyf pRr Jojyfks jf lghx+u DalGwt JolQmdivide+yfDaGwL cffdL ckn]vg ug kfOg] 5g
8 cGo vrx M k|rlnt sfgg adf]lhd aLdf ldlt tyf cGo lgsfon] aLdsnfOtf]s]sf] b08 hljfgf aLdsn] pkof]u u]sf] ]jfsf] aemfpg kg] zNs dodfgaemfP afkt ltg kg] ljnDa zNs hljfgf nufotsf vrx o zLifsdfhgfpg kg]5
9 gf]SfgLsf] nflu Jojyf M nufgLdf gf]SfgLsf] nflu Jojyf shfdf gf]SfgLsf]nflu Jojyf z+sfkb cffdL Jojyf tyf cGo JojyfnfO o zLifsdf hgfpgkg]5
10 cfos M aLdssf] cfos bfloTjnfO lgb]zg adf]lhd afF8kmFf8 uL cfPsf]sdnfO o zLifsdf hgfpg kg]5
11 hLjg aLdf sf]ifdf f]sf] M aLdssf] bfloTjsf] n]vf hf]vf uL aLdfIacuteLn] lbPsf]dNofIacuteg k|ltj]bg d]tsf] cfwfdf ldltn] lbPsf] cfb]zdividelgb]zg adf]lhd hLjg
41
aLdf sf]ifdf f]sf] sdnfO o zLifsdf b]vfpg kg]5 oL hLjg aLdf sf]ifdff]sf] sd gfkmf gf]Sfg lxfadf lkmtf ug kfOg] 5g
12 cl3Nnf jif+u DalGwt vr M cl3Nnf jif-x_sf] cfosdf nfu]sf]b08dividehljfgfdivideljnDa zNs tyf cl3Nnf jifxdf n]vfIacuteg ug 56]sf vrxnufotsf cl3Nnf jif+u DalGwt vrnfO o zLifsdf hgfpg kg]5
-u_ jfnft tyf DalGwt cgrLsf zLifsxsf] +lIfKt JofVof M
1 rQmf kFhL M eQmfgL k|fKt ePsf] fwf0f z]o ckljtgLo cu|flws z]o tyfkljtgLo cu|flwsf z]o afktsf] sdsf] of]ukmnnfO o zLifsdf hgfpg kg]5
2 hu]8f tyf sf]if M aLdsn] hu]8f sfod ug] lnlnfdf gfkmfaf6 afF8kmfF8 ecfPsf jf cGo sg] k|lqmofaf6 gt[hgf ePsf tyf gfkmf gf]Sfg lxfadf afF8kmFf8guL +ro uL flvPsf] sdxnfO o zLifsdf hgfpg kg]5 oL hu]8f k|of]uubf DalGwt hu]8f tyf sf]if lxfadf vr hgfpg kg]5
-s_ kFhLut hu]8f M rQmf gePsf] z]osf] afFsL sd dfu ubf eQmfgL gu]sf]sf0fn] pQm z]onfO hkmt uL k|fKt xg cfPsf] sd kFhLut cgbfg afktk|fKt xg cfPsf] lhGL tyf gub sd tyf aLdssf] kFhL j[l4 ug] p2]Zon]gfkmfaf6 flPsf] sdnfO o zLifsdf hgfpg kg]5
-v_ z]o lk|ldod M aLdsn] cfˆgf] z]o hfL ubf z]osf] clIacutet dNo eGbf a9Lbn] hfL u]sf] x]5 eg] pQm al9 sd hlt o zLifsdf hgfpg kg]5 ozLifsdf hgfOPsf] sd nfef+z ljt0f k|of]hgsf] nflu of]Uo dflgg] 5g
-u_ k|tfljt af]gz z]o M aLdsn] k|tfj uL fwf0f efn] kflt u]sf] t hfLuL gs]sf] af]gz z]onfO o zLifsdf hgfpg kg]5
-3_ ljz]if hu]8f M aLdf ldltsf] lgb]zg adf]lhd sg cGo hu]8f sf]if v8f ugkbf Totf] sdnfO o zLifsdf hgfpg kg]5
-ordf_ cGo hu]8f M aLdsn] cGo k|of]hgsf] nflu v8f u]sf] hu]8fnfO o zLifsdfhgfpg kg]5
-r_ gfkmf gf]Sfg lxfaaf6 f]sf] M aLdssf] gfkmf gf]Sfg lxfaaf6 jfnftdff]sf] gfkmf sdnfO o zLifsdf hgfpg kg]5
3 hLjg aLdf sf]if M lgb]zg adf]lhd fVg kg] hLjg aLdfsf]ifxsf] of]ukmnnfOo zLifsdf hgfpg kg]5
4 dxfndashljkQL hu]8f M 7nf] kldf0fdf aLdf bfjL pTkGg xg Sg] dxfndashljkQL -catastrophy_ sf] cjyfdf aLdssf] ljQLo Ifdtfdf kg Sg] k|ltsn c sd ug]p2]Zon] gfkmfaf6 flPsf] sdnfO o zLifsdf hgfpg kg]5 o zLifsdfhgfOPsf] sd nfef+z ljt0f k|of]hgsf] nflu of]Uo dflgg] 5g
5 ltg afFsL bL3sflng C0f tyf fk6L M jfnftsf] ldltdf eQmfgL ug afFsLbL3sflng fk6LnfO o zLifsdf hgfpg kg]5
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6 ly DkQL -vb_ MyfoL k|s[ltsf DkQLxsf] sn dNodf Xf ssectf uL afFsL x]sf]sdnfO o zLifsdf hgfpg kg]5
7 bL3sflng nufgL M aLdsn] lgb]zg ^ adf]lhd u]sf] bL3sflng nufgLnfO ozLifsdf hgfpg kg]5
kli6s0f M = jfnftsf] ldltaf6 Ps jif eGbf al9 cjwL kl5 eQmfgLk|fKt xg] sfL sfsf] hdfgt k|fKt ]Sol6Ld2tL lgIf]k gfuls nufgL of]hgf z]o a+s tyfljQLo +yfsf] cu|flwsf z]odividel8j]Gr tyf cGo f]xLk|s[ltsf nufgLxnfO bL3sflng nufgL Demg k5
= aLdsn] klAns sDkgLsf] z]odf nufgL u] afkt k|fKtxg] af]gz z]onfO z]o +Vofdf dfq b]vfO kn df]ndfsg kljtg ug x+bg
amp=s cNksflng nufgL M aLdsn] lgb]zg ^ adf]lhd u]sf] cNksflng nufgLnfO ozLifsdf hgfpg kg]5
kli6s0f M jfnftsf] ldltaf6 Ps jif leq eQmfgL k|fKt xg] sfL sfsf] hdfgt k|fKt ]Sol6L d2tL lgIf]k gfulsnufgL of]hgf a+s tyf ljQLo +yfsf] cu|flwsfz]odividel8j]Gr tyf cGo f]xL k|s[ltsf nufgLxnfOcNksflng nufgL Demg k5
8 aLdfn]vsf] lwtf]df shf M aLdsn] lgb]zg amp adf]lhd k|To]s lsldsf] aLdfsf]aLdfn]vsf] lwtf]df k|bfg u]sf] shfsf] of]ukmnnfO o zLifsdf hgfpg kg]5
9 gub tyf a+s dfHbft M -_ aLds+u x]sf] sn gub dfHbft sd tyf aLdssf]a+sdivideljQLo +yfsf] Aofh k|fKt gxg] vftfdf x]sf] sn sdnfO o zLifsdfhgfpg kg]5
10 cGo bL3sflng shf M lgb]zg amp adf]lhd n]vfIacuteg ulPsf] clestfnfO k|bfgulPsf] bL3sflng shf sdrfLnfO k|bfg ulPsf] bL3sflng shf tyf cGobL3sflng shfsf] of]ukmnnfO o zLifsdf hgfpg kg]5
kli6s0f M jfnftsf] ldltaf6 Ps jif eGbf al9 cjwL kl5 eQmfgLk|fKt xg] clestfnfO k|bfg ulPsf] shf sdrfLnfO k|bfgulPsf] shf tyf cGo f]xL k|s[tLsf shfxnfO bL3sflngshf Demg k5
)s= cGo cNksflng shf M lgb]zg amp adf]lhd n]vfIacuteg ulPsf] clestfnfO k|bfgulPsf] cNksflng shf sdrfLnfO k|bfg ulPsf] cNksflng shf tyf cGocNksflng shfsf] of]ukmnnfO o zLifsdf hgfpg kg]5
kli6s0f M jfnftsf] ldltaf6 Ps jif leq eQmfgL k|fKtxg] clestfnfO k|bfg ulPsf] shf sdrfLnfO k|bfgulPsf] shf tyf cGo f]xL k|s[tLsf shfxnfOcNksflng shf Demg k5
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11 cGo DkQL M -_ o lgb]zg adf]lhd n]vfIacuteg ulPsf] aLdssf] nufgLaf6 k|fKt xgafFsL cfo aLdfn]vsf] lwtf]df shfaf6 k|fKt xg afFsL Aofh cGo shfaf6 k|fKt xgafFsL Aofh cGo aLdsaf6 k|fKt xg afFsL kgaLdsaf6 k|fKt xg aFfsL ljljwcffdL clu|d eQmfgL sdrfL k]ZsL cGo k]ZsL wf6L tyf cGosf] of]ukmnnfOo zLifsdf hgfpg kg]5
-_ cGo DkQLsf] ljj0f kllzi6 sf] cgrL $ adf]lhd xg kg]5
-_ cn xg afFsL aLdfzNs eP f]sf] of]ukmn kllzi6 sf] cgrL $ dfb]vfpg kg]5 f] cn xg afFsL aLdfzNs afasf] dNtjL -Suspense_ b]vfOvb k|efj (Net effect) zGo agfpg kg]5
12 rfn bfloTj M clestfnfO lbg afFsL cGo aLdsnfO lbg afFsL kgaLdsnfO lbgafFsL aLdfzNs wf6L k0f ljj0f gvn]sf] aLdfzNs ljljw fx xfosdividexf]lN8EumlsDkgLnfO lbg afFsL gtf]tdf ssectf ulPsf] s ltg afFsL cfos ltg afFsL]jfzNs ltg afFsL sdrfLnfO ltg afFsL +rfnsnfO ltg afFsL tyf cGo ltgafFsL sdxsf] of]ukmnnfO o zLifsdf hgfpg kg]5
13 cdfKt hf]lvd jfkt Jojyf M lgb]zg ( adf]lhdsf] cdfKt hf]lvd Jojyfsf]of]ukmnnfO o zLifsdf hgfpg kg]5
14 eQmfgL xg afFsL bfjL jfkt Jojyf M k|To]s lsldsf] aLdfsf] eQmfgL xg afFsLbfjLsf] nflu ulPsf] Jojyfsf] of]ukmnnfO o zLifsdf hgfpg kg]5
15 ckn]vg jf dfof]hg xg afFsL ljljw vrx M ckn]vg ug afFsL k|flDes vrckn]vg ug afFsL kj +rfng vr ckn]vg ug afFsL yug ulPsf vr tyfcGo ckn]vg jf dfof]hg gePsf vrxsf] of]ukmnnfO o zLifsdf hgfpgkg]5
-3_ k|dv rsfIacutexdf +nUg zLifsxsf] +lIfKt JofVof
1 g]6 jy = rQmf kFhL plusmn hu]8f tyf sf]if plusmn dxf ljkQL hu]8f ndashckn]vg jfdfof]hg xg afFsL ljljw vrx ndash gfkmf gf]Sfg lxfaaf6 f]sf] gf]Sfg
2 k|lt z]o lstfaL dNo = g]6 jydividefwf0f z]o +Vof
3 k|lt z]o cfo = vb gfkmfdividefwf0f z]o +Vof
4 dNo cfDbfgL cgkft = k|lt z]o ahf dNodividek|lt z]o cfo
5 sn DklQ = ly DklQ plusmn nufgL plusmn aLdfn]vsf] lwtf]df shf plusmn rfnDklQ shf tyf k]ZsLx
![Page 7: hLjg aLdf Joj;fo ug]{ aLdssf] ljQLo ljj/0f ;DaGwL lgb]{zg](https://reader033.vdocuments.site/reader033/viewer/2022053020/6291631db7b57c39db6663d6/html5/thumbnails/7.jpg)
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18 5sectfndash5sect hLjg aLdf sf]if fVg kg] M
= aLdsn] k|To]s lsldsf] aLdfsf] nflu 5sectfndash5sect hLjg aLdf sf]if fVg kg]5 t dnaLdfn]vsf] ks sf afktsf] sf]ifnfO f]xL lsldsf] aLdfsf] nflu v8f ulPsf]sf]ifdf dfj]z ug lsg]5
= aLdf cjlw dfKtL afkt bfjL eQmfgL ug gkg] lsldsf] aLdfsf] nflu lgb]zg= adf]lhd v8f ulPsf] sf]ifdf aLdf P]g )$( sf] bkmf adf]lhd tf]lsPsf]sd hDdf ug kg]5
= aLdf cjlw dfKtL (Maturity) afkt bfjL eQmfgL ug kg] lsldsf] aLdfsf] nflulgb]zg = adf]lhd v8f ulPsf] sf]ifdf b]xfosf] sd hDdf ug kg]5 M
-s_ aLdf P]g )$( sf] bkmf adf]lhd tf]lsPsf] sd
-v_ aLdfIacuteLsf] dNofIacuteg gePsf] cflys jifxsf] cfo Joo lxfaaf6 cfPsf] Dk0fart (Surplus) sd
-u_ aLdf ldltn] dondashdodf tf]lslbP adf]lhdsf] f]Ne]GL dflhg afktsf] yksd
=$ aLdfIacuteLsf] dNofIacuteg k|ltj]bg DaGwdf aLdf ldltaf6 lbOPsf] lgb]zg cgf hLjgaLdf sf]ifdf x]sf] sd aFf8kFmf8 ug kg]5
19 cdfKt hf]lvdsf] nflu Jojyf M
(= aLdf cjlw dfKtL jfkt bfjL eQmfgL ug gkg] lsldsf] aLdfsf] cdfKt hf]lvdjfkt aLdfIacuteLn] lgwf0f ullbPsf] bfloTj sd eGbf sd gxg] sd Aojyf ug kg]5
(= cf=a=)^divide^^ sf] ljQLo ljj0f tof ubf lgb]zg (= adf]lhd aLdfIacuteLaf6 bfloTjlgwf0f gePsf] cjyfdf aflifs jf f] eGbf sd cjlwsf] aLdfzNs b tf]lsPsf] aLdf cjlw dfKtL afkt bfjL eQmfgL ug gkg] lsldsf] aLdfsf] cdfKt hf]lvdafkt vb aLdfzNssf] slDtdf krf k|ltzt sd Jojyf ug lsg]5
(= cf=a=)^divide^^ sf] ljQLo ljj0f tof ubf lgb]zg (= adf]lhd aLdfIacuteLaf6 bfloTjlgwf0f gePsf] cjyfdf Psn aLdfzNs b tf]lsPsf] aLdf cjlw dfKtL afktbfjL eQmfgL ug gkg] lsldsf] aLdfsf] aLdf cjlwsf] dfgkflts xg]uL cdfKthf]lvd afkt sd Jojyf ug lsg]5
(=$ lgb]zg (= jf (= adf]lhd cdfKt hf]lvdsf] nflu cf=a= )^divide^^ df Jojyfu]sf] sdnfO cf=a= )^^divide^amp df cfDbfgL hgfpg kg]5
ki6Ls0f M o lgb]zgsf] k|of]hgsf] nflu aLdf cjlwsf] dfgkflts eGgfn]eQmfgL ePsf] aLdf cjlw -dlxgfdf_ eQmfgL xg afFsL aLdf cjlw -dlxgfdf_sf] dfgkflts eGg] Demgk5
(= lgb]zg (= adf]lhd cdfKt hf]lvdsf] nflu Aojyf u]sf] cjyfdf jfx]s aLdfcjlw dfKtL jfkt bfjL eQmfgL ug gkg] lsldsf] aLdf Aojfosf] cfo Aoolxfjaf6 xg cfPsf] jrtnfO hLjg aLdf sf]ifdf fg kg] 5
8
20 sfggL ljjfb ePsf] bfloTjsf] nflu Jojyf ug kg] M sfggL ljjfb ePsf] sg klgbfloTjsf] nflu aLdsn] kofKt Jojyf ug kg]5
21 ljQLo ljj0fsf] 9fFrf M aLdssf] ljQLo ljj0fsf] 9fFrf kllzi6ndash adf]lhd xg]5
22 ljQLo ljj0fsf] zLifsxsf] JofVof M aLdssf] ljQLo ljj0fdf dfj]z xg] zLifsxsf]+lIfKt JofVof kllzi6 ndash adf]lhd xg]5
23 dxf ljkQL kgaLdfzNs n]vfIacuteg ug kg] M
= aLdsn] k|To]s lsldsf] aLdf Aojfosf] nflu 5sectf 5sect dxf ljkQL kgaLdf Aojyfu]sf] cjyfdf dxf ljkQL kgaLdf zNsnfO DalGwt aLdf Aojfosf] cfo Aoolxfj -cgrL _ sf] kgaLdfzNs eQmfgL lzifs cGtut vr hgfpg kg] 5
= aLdsn] bO jf bO eGbf al9 lsldsf] aLdf Aojfosf] nflu Pp6 dxf ljkQLkgaLdf Aojyf u]sf] cjYffdf dxf ljkQL kgaLdf zNsnfO b]xfosf] q k|of]u ulDalGwt aLdf Aojfosf] cfo Aoo lxfjdf afF8kmfF8 ug kg] 5
dxf ljkQL kgaLdf zNs = ef x sn dxf ljkQL kgaLdfzNs
sn ef
kli6s0f M
-_ ef = DalGwt aLdf Aojfo cGtut aLdsn] wf0f u]sf] d of6 ls(Sum at Risk)
-_ sn ef = k|To]s DalGwt aLdf Aojfosf] kli6s0f -_ adf]lhdsf] efsf]of]ukmn
24 k|rlnt sfgg adf]lhd b08 hfo xg] M
o lgb]zgdf ulPsf] Aojyfn] k|rlnt sfgg adf]lhd xg] b08 hfoaf6 aLdsn]pGdQmL kfPsf] dflgg] 5g
9
kllzi6ndash
-lgb]zg +u DalGwt_
Jojyfkg k|ltj]bgdf vnfpg kg] aFbfx M
-s_ aLds DaGwL fdfGo hfgsfL M o zLifs cGtut b]xfosf aFbfx dfj]z ugkg]5 M
-_ +yfkgf ldlt
-_ aLds btfsf] k|df0fkq kfPsf] ldlt
-_ aLdsn] cgdtL kfPsf] aLdf Jojfosf] lsld k|sf
-$_ aLdsn] Jojfo k|fDe u]sf] ldlt
-_ aLdsn] cfjZos 7fg]sf] cGo ljj0f
-v_ aLdssf] +rfns ldltn] b]xfosf aFbfx k|dfl0ft ug kg]5 M
= aLdf Jojfo ug aLdf ldltaf6 hfL ePsf] k|df0f kqsf] jBtf sfod x]sf]
= sfgg adf]lhd aLdsn] ltg aemfpg kg] s ]jf zNs b08 hljfgf DalGwtlgsfodf aemfpg afFsL x]dividegx]sf]
= aLdssf] z]o jfldTjsf] +rgf Todf ePsf] x]k]msf] ljj0f tyf sfod x]sf]+rgf k|rlnt sfggL Jojyf cgk x]sf]
$= aLdf ldltn] tf]lslbP adf]lhdsf] f]Ne]GL dflhg -Solvency Margin_ sfod x]sf]
= -s_ jftljs kdf k|fKt xg Sg] dNodivideahf dNo eGbf jfnftsf] ldltdfaLdssf] ljQLo ljj0fdf dfj]z ulPsf Dk0f DklQxsf] dNo a9Lgx]sf]
-v_ aFbf -s_ adf]lhdsf] DklQsf] dNo tngf ug cjnDag ulPsf] ljlwsf] vnff
^= aLdsn] u]sf] nufgL k|rlnt sfggL Jojyfsf] klwL leq x]sf] pb3f]if0f tyf f]gePsf] eP sf0f lxtsf] ljj0f
amp= aLdsnfO cfO kg Sg] Dk0f hf]lvdx tyf f]sf] lgfs0fsf nflu cjnDagulPsf gLltxsf] vnff
= aLdssf] cGo dnsdf x]sf] k|wfg sfofnodividesfofnosf] ljj0f tyf Totf] g]kfnaflxsf] sfofnon] +rfng u]sf] aLdf Jojfoaf6 aLdsnfO cfO kg Sg] Dk0fhf]lvdx tyf f]sf] lgfs0fsf nflu cjnDag ulPsf gLltxsf] vnff
(= o jif km5of6 ePsf] aLdf bfjLsf] +Vof tyf km5of6 xg afFsL aLdf bfjLsf] +Vof dofjlwsf] vnff
)=ljQLo ljj0f tof ubf k|rlnt aLdf P]g )$( aLdf lgodfjnL )$( f]cGtut hfL ulPsf aLdf ldltsf cfb]z jf lgb]zg sDkgL P]g )^ tyf cGosfggx tyf n]vfdfg n]vfsf] l4fGt gLltx kfngf ulPsf] pb3f]if0f TotfJojyfx kfngf xg gs]sf] eP f]sf] sf0f lxtsf] vnff
10
=-s_ aLdsn] pkoQm n]vf gLlt cjnDag u]sf] f]sf] k|of]udf Psktf sfod u]sf] Totf] gLltsf] kLIf0f uL pkoQmtf Plsg u]sf] 5 eGg] pb3f]if0f
-v_ aLdssf] ljQLo ljj0fn] jfnftsf] ldltdf aLdssf] gfkmf gf]Sfg nufotsfljQLo cjyfsf] oyfy tyf jftljs lrq0f ub5 eGg] pb3f]if0f
=aLdssf] +rfns ldltn] aLdssf] DklQsf] Iffsf] nflu tyf hfnfhL jf cGoclgoldttf kQf nufpg f]Sgsf nflu pkoQm kofKt Jojyf u]sf] 5 eGg]pb3f]if0f
=aLdsn] aeliggoing concern basisAElig df cfˆgf] ljQLo ljj0f tof u]sf] xf] eGg]pb3f]if0f
$=aLdssf] Jojfosf] cfsf k|s[lt cgksf] cfGtls n]vf kLIf0f k|0ffnL ljBdfgx]sf] f] k|0ffnL k|efjsfL x]sf] 5 eGg] pb3f]if0f
=k|rlnt aLdf P]g )$( tyf sDkgL P]g )^ f] cGtutsf lgodfjnL cfb]zjf lgb]zgsf] k|ltsn xg] uL sg JolQm kmd sDkgL tyf aLdssf] +rfns jf+rfnssf] jfy x]sf] +yf+u sff]af ulPsf] 5g eGg] pb3f]if0f
^=hg aifsf] aflifs k|ltj]bg tof ulPsf] xf] f] aifdf aLdf ldltn] aLdsnfO sgb08 hljfgf tf]s]sf] eP f] DaGwL ljj0f
amp= Jojyfkgn] cfjZos 7fg]sf cGo sfx
11
kllzi6ndash
-lgb]zg +u DalGwt_
= aLdssf] cfo Joo lxfasf] 9fFrf M
aLdssf] gfd M
cflys aif ======================= sf] ================================== aLdfsf] cfo Joo lxfa
qm=+= ljj0f cgrL o aif ut aif
cfo
1 aLdfzNs -vb_
2 kgaLdf sldzg cfo
3 nufgL shf tyf cGoaf6 cfo
4 aLdfn]vsf] lwtf]df shfaf6 cfo
5 cGo k|ToIf cfo
6 cflys aifsf] zsf] eQmfgL xg afFsL bfjL afktJojyf
7 cflys aifsf] zsf] cdfKt hf]]lvd afkt Jojyf
hDdf cfo -s_
Joo
8 bfjL eQmfgL -vb_ $
9 clestf sldzg
10 jfYo kLIf0f zNs
11 kgaLdf sldzg vr
12 ]jf zNs -vb_ ^
13 cGo k|ToIf vr
14 Jojyfkg vr amp
15 cfos
16 cflys aifsf] cGTodf eQmfgL xg afFsL bfjL afktJojyf
(
17 cflys aifsf] cGTodf cdfKt hf]lvd afkt Jojyf
hDdf Joo -v_
18 hLjg aLdf sf]ifdividegfkmf gf]Sfg lxfadf f]sf]artdivide -gf]Sfg_ = -s_ - -v_
cgrL b]lv ( Dd osf cleGg c+u xg
12
= gfkmf gf]Sfg lxfasf] 9fFrf M
aLdssf] gfd M
cflys aif ======================= sf] gfkmf gf]Sfg lxfa
qm=+= ljj0f cgrL o aif ut aif
cfDbfgL
1 cfo Joo lxfaaf6 f]sf] )
2 hLjg aLdf sf]ifaf6 f]sf]
3 nufgL shf tyf cGoaf6 cfo
4 Jojyf lkmtf
5 cGo cfDbfgL -ljj0f vnfpg]_
hDdf cfDbfgL -s_
vr
6 Jojyfkg vr amp
7 ckn]vg vr
8 cGo vrx $
9 gf]SfgLsf] nflu Jojyf
10 sdrfL cfjf Aojyf
11 sdrfL af]g Jojyf
12 cfos
13 hLjg aLdf sf]ifdf f]sf]
hDdf vr -v_
14 vb gfkmf divide-gf]Sfg_ -u_ = -s_ ndash -v_
15 cl3Nnf] jif+u DalGwt vr
16 cl3Nnf] aifaf6 flPsf] gfkmfdivide-gf]Sfg_
afF8kmfF8sf] nflu pknAw sd
-s_ kFhLut hu]8f amp
-v_ ljz]if hu]8f amp
-u_ cGo hu]8f -ljj0f vnfpg]_ amp
-3_ k|tfljt nfef+z amp
17
-ordf_ dxfndashljkQL hu]8f
18 jfnftdf f]sf] gfkmfdivide-gf]Sfg_
cgrL amp tyf ) b]lv amp Dd osf cleGg c+u xg
13
= aLdssf] jfnftsf] 9fFrf M
====================== sf] jfnft
qm=+= ljj0f cgrL o aif ut aifgtf]t
1 rQmf kFhL ^2 hu]8f tyf sf]if amp3 hLjg aLdf sf]if 4 dxfndashljkQL hu]8f 5 ltg afFsL bL3sflng C0f tyf fk6L (
sn gtf]tpkof]u
6 ly DkQL -vb_ )7 lb3sflng nufgL 8 aLdfn]vsf] lwtf]df shf 9 cGo bL3sflng shf
10 11 12 13
Rffn DkQL shf tyf k]ZsLx Mgub tyf a+s dfHbftcNksflng nufgLcGo cNksflng shfcGo DkQL $hDdf -s_ -)plusmnplusmnplusmn_
14 15 ^16 (17
rfn bfloTj tyf JojYffx Mrfn bfloTjcdfKt hf]lvd jfkt JojyfeQmfgL xg afFsL bfjL afkt JojyfcGo Aojyf ^shDdf -v_ -$plusmnplusmn^plusmnamp_
18 vb rfn DkQL -u_ = -s_ ndash -v_19 ckn]vg jf dfof]hg xg afFsL ljljw vrx amp20 gfkmf gf]Sfg lxfaaf6 f]sf] gf]Sfg
sn pkof]u -^+amp++(++(+)_
+efljt bfloTjx tyf cgrL ( tyf ^ b]lv ( Dd osf cleGg c+u xg
+efljt bfloTjx
qm=+= ljj0f o aif ut aif1 rQmf jf eQmfgL xg afFsL nufgL2 k|Tofelt k|lta4tf3 aLdfn]v cGtut eGbf afx]saf6 aLds pk bfjL k]sf] t
aLdsn] bfloTj jLsf gu]sf]
aLdsn] bfloTj jLsf gu]sf]
4 aLdsn] jf aLdssf] tkmaf6 lbOPsf] Uof]06L5 cGo -ljj0f vnfpg]_
hDdf
aLdssf] gfd M
14
$= OSo6Ldf ePsf] kljtg DaGwL ljj0fsf] 9fFrf M
aLdssf] gfd M
cf=j==============df OSo6Ldf ePsf] kljtg DaGwL ljj0f
ljj0f z]o kFhL +lrt gfkmfdividegf]Sfg
k|tfljtaf]g z]o
kFhLuthu]8f sf]if
z]olk|ldod
ljz]if hu]8fsf]if
cGo hu]8f tyfsf]if
dxfljkQLhu]8f
sn sd
zdfHbft
dfof]hg
=============
=============
============
============
clGtddfHbft
15
= gub k|jfxsf] ljj0fsf] 9fFrf
aLdssf] gfd M
=====================b]lv========================Ddsf] gub k|jfxsf] ljj0f
qm=+= ljj0f o jif ut jifsff]af +rfngaf6 gub k|jfx MaLdf zNs cfDbfgLljnDa zNs cfDbfgLkgaLdf zNs cfDbfgLkgaLdf sldzg cfDbfgLcGo k|ToIf cfDbfgLkgaLdsaf6 k|fKt bfjL lseLkgaLdf zNs eQmfgLkgaLdf sldzg eQmfgLclestf sldzg eQmfgLjfYo kLIf0f zNs eQmfgLd[To bfjL eQmfgLcjlw dfKtL bfjL eQmfgLcf+lzs cjlw dfKtL bfjL eQmfgLdk0f dNo bfjL eQmfgLcGo bfjL eQmfgL]jf zNs eQmfgLJojyfkg vr eQmfgLsdrfL af]g eQmfgLcfos eQmfgLRffn DklQdf -j[l4_dividesdLRffn bfloTjdf j[l4divide-sdL_
s
sff]af +rfngaf6 vb gub k|jfx -s_nufgL ultljwLaf6 gub k|jfxly DklQdf -j[l4_ sdLsfL sfsf] hdfgt k|fKt ]Sol6Ldf nufgLdf -j[l4_ sdLa+s tyf ljQLo +yfsf] d2tL lgIf]kdf nufgLdf -j[l4_ sdLa+s tyf ljQLo +yfsf] cGo lgIf]k nufgLdf -j[l4_ sdLOSo6L z]o nufgLdf -j[l4_ sdLcu|flwsf z]odividel8j]Grdf nufgLdf -j[l4_ sdLcGo nufgLdf -j[l4_ sdLaLdfn]vsf] lwtf]df shfdf -j[l4_ sdLk]ZsL tyf cGo shfdf -j[l4_ sdLeQmfgL k|fKt Aofh cfDbfgL -nufgLdf_eQmfgL k|fKt l8le8]G8ef8f cfDbfgLeQmfgL k|fKt Aofh cfDbfgL -shfdf_cGo ck|ToIf cfDbfgLdividevr
v
nufgL ultljwLaf6 vb gub k|jfx -v_ljQLo gtf]t sff]afaf6 gub k|jfxz]oaf6 k|fKt sdltg afFsL fk6Ldf -j[l4_dividesdLcNksflng C0fdf -j[l4_dividesdLC0f fk6Ldf Aofh eQmfgLnfef+z eQmfgL
u
ljQLo gtf]t sff]afaf6 vb gub k|jfx -u_o jifsf] Dk0f ultljwLaf6 vb gub k|jfx = -s_plusmn-v_plusmn-u_gub tyf a+sdf x]sf] z dfHbftgub tyf a+sdf x]sf] clGtd dfHbft
16
^ ljQLo ljj0fsf] cleGg c+usf] kdf xg] cgrLx
cgrLndash
-s_ aLdfzNs -vb_
sn aLdfzNs kgaLdf zNs eQmfgL-Ceded_
aLdfzNs -vb_qm=+= aLdfsf]lsld
o jif ut jif o jif ut jif o jif ut jif
hDdf
-v_ sn aLdfzNs
k|ToIf aLdfzNs k|fKt kgaLdf zNs
-accepted_
sn aLdfzNsqm=+= aLdfsf]lsld
o jif ut jif o jif ut jif o jif ut jif
hDdf
-u_ k|ToIf aLdfzNs
k|yd aifsf]aLdfzNs
gjLs0f aLdfzNs Psn aLdfzNs hDdf k|ToIfaLdfzNs
qm=+= aLdfsf]lsld
o aif ut aif o aif ut aif o aif ut aif o aif ut aif
hDdf
17
cgrLndash
nufgL shf tyf cGoaf6 cfoqm=+= ljj0f o aif ut aif1 sfL sfsf] hdfgt k|fKt ]Sol6Laf6 cfo2 jfl0fHo a+ssf] d2tL lgIf]kaf6 cfo3 ljsf a+ssf] d2tL lgIf]kaf6 cfo4 gfuls nufgL of]hgfaf6 cfo5 ljQLo +yfsf] d2tL lgIf]kaf6 cfo6 cfjf ljQ sDkgLsf] fwf0f z]oaf6 nfef+z7 cGo klAns sDkgLsf] fwf0f z]oaf6 nfef+z8 a+s tyf ljQLo +yfsf] cu|flwsf z]oaf6 nfef+z9 a+s tyf ljQLo +yfsf] l8j]Graf6 cfo10 cGo -ljj0f vnfpg]_ af6 cfo11 shfaf6 cfo12 cGo lgIf]kaf6 -d2tL afx]s_ cfo13 nufgL laqmLdf gfkmf
Gog nufgL laqmLdf gf]Sfg14 nufgL -vLb_ df gfkmf
Gog nufgL -vLb_ df gf]Sfg15 ly DkQL laqmLaf6 gfkmf
Gog ly DkQL laqmLaf6 gf]Sfg16 vftf ckn]vg17 cl3Nnf jif+u DalGwt cfo18 cGo cfo
hDdfnufgL shf tyf cGoaf6 cfosf] afF8kmfF8
gfkmf gf]Sfg lxfadf f]sf]============ sf] cfo Joo lxfadf f]sf]============ sf] cfo Joo lxfadf f]sf]
hDdfcgrLndash
aLdfn]vsf] lwtf]df shf cfo
aLdfn]vsf] lwtf]df shf aLdfn]vsf] lwtf]df shfaf6 cfoqm=+= aLdfsf] lsld
o aif ut aif o aif ut aif
============= aLdf
============= aLdf
============= aLdf
18
cgrL ndash $bfjL eQmfgL
d[To bfjLeQmfgL
cjlw dfKtLbfjL eQmfgL
cf+lzs cjlwdfKtL bfjL
eQmfgL
dk0f dNo bfjLeQmfgL
cGo bfjLeQmfgL
sn bfjL eQmfgL sn bfjLeQmfgLdfkgaLdssf]
lxf
bfjL eQmfgL-vb_
qm=+= aLdfsf]lsld
o jif ut jif o jif ut jif o jif ut jif o jif ut jif o jif ut jif o jif ut jif o jif ut jif o jif ut jif
===
===
hDdf
19
cgrLndash
clestf sldzg
k|yd aifsf]aLdfzNsdf
clestf sldzg
gjLs0f aLdfzNsdfclestf sldzg
Psn aLdfzNsdfclestf sldzg
hDdf clestfsldzg
qm=+= aLdfsf]lsld
o jif ut jif o jif ut jif o jif ut jif o jif ut jif
hDdf
cgrLndash^
]jf zNs -vb_
sn ]jf zNs sn ]jf zNsdfkgaLdssf] lxf
]jf zNs -vb_qm=+= aLdfsf] lsld
o jif ut jif o jif ut jif o jif ut jif
========aLdf
========aLdf
hDdf
cgrLndash amp
Jojyfkg vr
qm=+= ljj0f o aif ut aif1 sdrfL vr -cgrL amp= adf]lhd_2 3 ef8f3 lahnL tyf kfgL4 ddt tyf Def
-s_ ejg-v_ jfL fwg-u_ sfofno pks0f-3_ cGo
5 +rf6 5kfO tyf dnGb7 vr xg] sfofno fdfg8 kljxg9 e|d0f vr -eQf d]t_
-s_ cfGtls-v_ jb]lzs
10 clestf tflnd11 clestf cGo12 aLdfzNs13 Iff vr14 sfggL tyf kfdz zNs15 kq klqsf tyf kts
20
16 lj1fkg tyf k|rf k|f17 Jofkf k|j4g18 cltyL Tsf19 rGbf tyf pkxf20 +rfns ldlt DaGwL vr
-s_ a7s eQf-v_ cGo
21 cGo ldltdividepkndashldlt DaGwL vr-s_ a7s eQf-v_ cGo
22 fwf0f ef DaGwL vr
23-s_ aLdfIacuteLo ]jf zNs-v_ aLdfIacuteLo vr
24 n]vf kLIf0f DaGwL vr-s_ n]vf kLIf0f zNs-v_ s n]vf kLIf0f zNs-u_ ljt[t n]vf kLIf0f k|ltj]bg zNs-3_ cGo zNs-ordf_ cfGtls n]vf kLIf0f vr-r_ cGo vr
25 Aofh26 as rfh27 zNs tyf bt28 Xf ssectL29 xnfs l6s630 cGo
afF8 kmfF8sf] nflu hDdfgfkmf gf]Sfg lxfadf f]sf]================aLdfsf] cfo Joo lxfadf f]sf]================aLdfsf] cfo Joo lxfadf f]sf]
hDdfcgrL amp=
sdrfL vr
qm=+= ljj0f o aif ut aif= tna= eQf= bz+ vr$= ~rosf]ifdf yk= tflnd vr^= kf]zfsamp= cfifwf]krf= aLdf(= k]Gg tyf pkbfg vr tyf Jojyf)= ljbf afktsf] vr tyf Jojyf= cGo ljwf afkt vr tyf Jojyf -ljj0f vnfpg]_ cGo -ljj0f vnfpg]_
hDdf M
21
cgrLndash
cfos
qm=+= ljj0f o aif ut aif
= o aifsf] cfos
= cl3Nnf aifxsf] cfos
= afF8kmfF8sf] nflu cfossf] hDdf
afF8kmfF8
gfkmf gf]Sfg lxfadf f]sf]
==============aLdfsf] cfo Joo lxfadf f]sf]
==============aLdfsf] cfo Joo lxfadf f]sf]
hDdf
22
cgrL ndash (
cflys jifsf] cGTodf eQmfgL xg afFsL bfjL afkt Jojyf
eQmfgL xgafFsL d[To bfjL
eQmfgL xgafFsL cjlwdfKtL bfjL
eQmfgL xgafFsL cf+lzscjlw dfKtL
bfjL
eQmfgL xgafFsL dk0fdNo bfjL
eQmfgL xgafFsL cGo
bfjL
[hgf ePsf]t hfgsfLdfgcfPsf] bfjL
-cgdflgt_
eQmfgL xgafFsL hDdf
bfjL
eQmfgL xgafFsL hDdf
bfjLdfkgaLdssf]
lxf
eQmfgL xgafFsL bfjL
afkt Jojyf
qm=+= aLdfsf] lsld
ojif
ut jif ojif
utjif
ojif
utjif
ojif
utjif
ojif
utjif
ojif
utjif
ojif
utjif
ojif
utjif
ojif
utjif
=
=
=
$=
hDdf M
23
cgrLndash)
cfo Joo lxfaxaf6 gfkmf gf]Sfg lxfadf f]sf] sd
qm=+= ljj0f o aif ut aif
= ==================== sf] cfo Joo lxfaaf6 f]sf]
= ==================== sf] cfo Joo lxfaaf6 f]sf]
=
$=
hDdf
cgrLndash
hLjg aLdf sf]if
dfof]hg cuf8Lsf]hLjg aLdf sf]if-jifsf] zdf_
cfo Joolxfaaf6 f]sf]
gfkmf gf]Sfglxfaaf6 f]sf]
dfof]hg cuf8Lsf]hLjg aLdfsf]if-jifsf] cGTodf_
qm=+= aLdfsf]lsld
o jif ut jif o jif ut jif o jif ut jif o jif ut jif
=
=
=
$=
hDdf M
hLjg aLdf sf]ifdf dfof]hg
dfof]hgcuf8Lsf]
hLjg aLdfsf]if
-jifsf]cGTodf_
gfkmfgf]Sfglxfadff]sf]
aLdfn]vcGtutbfloTj
af]gsf]nflu
Jojyf
f]Ne]GLdflhgsf]nflu
Jojyf
afF8kmfF8gulPsf]sd
jifsf]cGTodfhLjg
aLdf sf]if
qm=+= aLdfsf]lsld
oaif
utaif
oaif
utaif
oaif
utaif
oaif
utaif
oaif
utaif
oaif
utaif
oaif
utaif
=
=
=
hDdf M
24
cgrLndash
Jojyf lkmtfqm=+= ljj0f o aif ut aif= nufgLdf gf]SfgLsf] nflu Jojyf lkmtf= shfdf gf]SfgLsf] nflu Jojyf lkmtf= z+sfkb cffdL Jojyf lkmtf$ cGo Jojyf lkmtf
hDdf
cgrLndash
ckn]vg vrx
qm=+= ljj0f o aif ut aif1 k|flDes vrx2 kj +rfng vrx3 k flPsf vrx4 ckn]vg ulPsf] nufgL5 ckn]vg ulPsf] shf6 ckn]vg ulPsf] cffdL7 cGo ckn]vg
hDdf
cgrLndash$
cGo vrx
qm=+= ljj0f o aif ut aif
1 b08 hljfgf
2 ljnDa zNs hljfgf
3 cGo -ljj0f vnfpg]_
hDdf
cgrLndash
gf]SfgLsf] nflu Jojyfqm=+= ljj0f o aif ut aif= nufgLdf gf]SfgLsf] nflu Jojyf= shfdf gf]SfgLsf] nflu Jojyf= z+sfkb cffdL Jojyf$ cGo Jojyf
hDdf
25
cgrLndash^
-s_ z]o kFhL
qm=+= ljj0f o aif ut aifclws[t kFhLs_ ================= bsf] ======== yfg fwf0f z]ov_ ============ bsf] ====yfg ckljtgLo cu|flwsfz]o
=
u_ ========== bsf] ====== yfg kljtgLo cu|flwsfz]ohfL kFhLs_ ================= bsf] ======== yfg fwf0f z]ov_ ============ bsf] ====yfg ckljtgLo cu|flwsfz]o
=
u_ ========== bsf] ====== yfg kljtgLo cu|flwsfz]orQmf kFhLs_ ================= bsf] ======== yfg fwf0f z]oGog eQmfgL k|fKt xg afFsL ==== bsf] ===yfg fwf0fz]ov_ ============ bsf] ====yfg ckljtgLo cu|flwsfz]o
=
u_ ========== bsf] ====== yfg kljtgLo cu|flwsfz]o
hDdf-v_ z]o jfldTjsf] +rgf
o aif ut aifz]owgL
fwf0f z]o+Vof
jfldTjsf] Uuml fwf0fz]o +Vof
jfldTjsf] Uuml
g]kfnL +ul7t +yfx
g]kfnL gfuls
ljb]zL+y
fks
hDdf
jfwf0f
cGo -ljj0f vnfpg]_
sn
-u_ Ps k|ltzt jf a9L z]o jfldTj ePsf z]owgLxsf] ljj0f
o aif ut aifqm=+= ljj0f
jfldTjsf] Uuml sd jfldTjsf] Uuml sd
=
=
=
26
cgrLndashamp
hu]8f tyf sf]if
qm=+= ljj0f o aif ut aif
1 kFhLut hu]8f
2 ljz]if hu]8f
3 cGo hu]8f -ljj0f vnfpg]_
4 z]o lk|ldod
5 k|tfljt af]gz z]o
6 Gffkmf gf]Sfg lxfaaf6 f]sf] gfkmf
hDdf
cgrLndash
dxfndashljklQ hu]8fjifsf] zdf dxfndashljklQ hu]8f gfkmf gf]Sfg lxfaaf6 f]sf] jifsf] cGTodf dxfndashljklQ
hu]8fo jif ut jif o jif ut jif o jif ut jif
cgrLndash(
ltg afFsL bL3sflng C0f tyf fk6L
qm=+= ljj0f o aif ut aif
l8j]Gr divide a08
a+s
ljQLo +yf
$ cGo -ljj0f vnfpg]_
hDdf
27
cgrLndash)
ly DklQ
ljj0f kn df]n Xf ssectL vb df]n
zdfHbft
ojif
yk]sf]
ojif
36]sf]
hDdf utjifDd
ojif
laqmLdivide
dfof]hg
hDdf ojifDdsf]
UftjifDdsf]
lk|m xf]N8hldg
ejg
kmlgrtyf
lkmSr
sfofnofdfg
sDKo6tyfrgfk|ljwLpks0f
cb[ZoDklQ-ljj0fvnfpg]_
jfLfwg
lnh xf]N8DklQ
cGo-k|s[ltvnfpg]_
hDdf
lgdf0fflwgkFhLutvr
sn
ut jif
28
cgrLndash
nufgL
qm=+= ljj0f o aif ut aif-s_ bL3sflng nufgL M sfL sfsf] hdfgt k|fKt ]Sol6L jfl0fHo a+ssf] d2tL lgIf]k ljsf a+ssf] d2tL lgIf]k$ gfuls nufgL of]hgf ljQLo +yfsf] d2tL lgIf]k^ cfjf ljQ sDkgLsf] fwf0f z]o -cgrL = adf]lhd_amp cGo sDkgLsf] fwf0f z]o -cgrL = adf]lhd_ a+s tyf ljQLo +yfsf] cu|flwsf z]odividel8j]Gr( cGo -ljj0f vnfpg]_
hDdf M-v_ cNksflng nufgL M sfL sfsf] hdfgt k|fKt ]Sol6L jfl0fHo a+ssf] d2tL lgIf]k ljsf a+ssf] d2tL lgIf]k$ gfuls nufgL of]hgf ljQLo +yfsf] d2tL lgIf]k^ a+s tyf ljQLo +yfsf] cu|flwsf z]odividel8j]Gramp jfl0fHo a+ssf] Aofh k|fKt xg] cGo lgIf]k ljsf a+ssf] Aofh k|fKt xg]] cGo lgIf]k( ljQLo +yfsf] Aofh k|fKt xg] cGo lgIf]k) cGo Aofh k|fKt xg] nufgL -ljj0f vnfpg]_
hDdf McgrLndash=
z]odf nufgL
qm=+= sDkgL vb sd c+lst dNo kn dNo ahf dNo
= ======sDkgLsf]=============yfg====z]o
= ======sDkgLsf]=============yfg=====z]o
= ======sDkgLsf]=============yfg=====z]o
hDdf
gf]6 M = aLdssf] xfos sDkgLdividexf]lN8Euml sDkgL tyf +oQm nufgL ePsf] sDkgLsf] z]odf ePsf]nufgLnfO
5sectfndash5sect vnfpg kg]5
= lgodfgf lrs[t gePsf z]odf ePsf] nufgLnfO 5sect vnfpg kg]5
= +yfks z]o cGo z]odf ePsf] nufgLnfO 5sectf5sect vnfpg kg]5
29
cgrLndash
gub tyf a+s dfHbft
qm=+= ljj0f o aif ut aifgub dfHbft
hDdfa+s dfHbftjfl0fHo a+sxsf] dfHbftljsf a+sxsf] dfHbftljQLo +yfxsf] dfHbft
cGo -ljj0f vnfpg]_hDdfsn
cgrLndash
cGo shf
qm=+= ljj0f o aif ut aif-s_ bL3sflng shf= clestfnfO shf= sdrfLnfO shf= cGo -ljj0f vnfpg]_
hDdf-v_ cNksflng shf= clestfnfO shf= sdrfLnfO shf= cGo -ljj0f vnfpg]_
hDdfcgrLndash$
cGo DklQqm=+= ljj0f o aif ut aif1 nufgLaf6 k|fKt xg afFsL cfo2 aLdfn]vsf] lwtf]df shfaf6 k|fKt xg afFsL Aofh3 cGo -aLdfn]vsf] lwtf]df afx]s_ shfaf6 k|fKt xg afFsL
Aofh4 cGo aLdsaf6 k|fKt xg afFsL5 kgaLdsaf6 k|fKt xg afFsL6 ljljw cffdL7 clu|d eQmfgL8 sdrfL k]ZsL9 cGo k]ZsL10 wf6L11 cn xg afFsL aLdfzNs
Gog M cn xg afFsL aLdfzNs dNtjL -suspense_12 cGo ljj0f vnfpg]
hDdf M
30
cgrLndash
rfn bfloTj
qm=+= ljj0f o aif ut aif1 clestfnfO lbg afFsL2 cGo aLdsnfO lbg afFsL3 kgaLdsnfO lbg afFsL4 cNksflng shf5 aLdfzNs wf6L6 k0f ljj0f gvn]sf] aLdfzNs7 ljljw fx8 xfosdividexf]lN8Euml sDkgLnfO lbg afFsL9 gtf]tdf ssectf ulPsf] s ltg afFsL10 dNo clea[l4 s ltg afFsL11 cfos ltg afFsL12 ]jf zNs ltg afFsL13 sdrfLnfO lbg afFsL14 +rfnsnfO lbg afFsL15 eQmfgL lbg afFsL nfef+z -l8le8]08_16 cGo -ljj0f vnfpg]_
hDdf
cgrLndash^
cdfKt hf]lvd Jojyfqm=+= ljj0f o aif ut aif= ===========aLdfsf] cdfKt hf]lvd hu]8f= ===========aLdfsf] cdfKt hf]lvd hu]8f= ===========aLdfsf] cdfKt hf]lvd hu]8f
===========aLdfsf] cdfKt hf]lvd hu]8f
hDdf
31
cgrL ^scGo Aojyf
aifsf] zdf Aojyfrfn cf=a=df yk ulPsf]
Aojyfrfn cf=a=df ckn]vg
ulPsf] Aojyfrfn cf=a=df lkmtfulPsf] Aojyf
aifsf] cGtdf sfodx]sf] Aojyf
qm=+=
ljj0fo jif ut jif o jif ut jif o jif ut jif o jif ut jif o jif ut jif
nfef+z -l8le8]08_ sf] nflu Aojyf
nufgLdf gf]SfgLsf] nflu Aojyf
shfdf gf]SfgLsf] nflu Aojyf
$ z+sfZkb cffdLsf] nflu Aojyf
cGo gf]SfgLsf] nflu Aojyf
^ sdrfL DaGwL Aojyf-s_ k]Gg tyf pkbfg Aojyf-v_ ljbf jfkt Aojyf-u_ cfjf tyf cGo ljwf Aojyf-3_ sdrfL af]g Aojyf-ordf_ cGo
amp cGo Aojyf -ljj0f vnfpg]_
hDdf
32
cgrLndashamp
ckn]vgdividedfof]hg xg afFsL ljljw vrxqm=+= ljj0f o aif ut aif1 ckn]vg ug afFsL k|flDes vr2 ckn]vg ug afFsL kj +rfng vr3 ckn]vg ug afFsL yug ulPsf vr4 cGo -ljj0f vnfpg]_
hDdf
cgrL ndash
ljQLo ljj0f+u DalGwt k|dv n]vf gLltx
n]vf DaGwL gLltdf vnfpg kg] aFbfx M aLdsn] n]vf DaGwL gLltdf b]xfosf aFbfxvnfpg kg]5
1 ljQLo ljj0f tofLsf cfwfx M sg sg cjwf0ff -concept_ tyf n]vfdfgx sfgg tyf aLdf ldltsf lgb]zgxsf] clwgdf xL ljQLo ljj0f tof ulPsf] xf]f]sf] Joxf]f
ljQLo ljj0f tof ubf sg sfgg aLdf ldltsf] lgb]zg jf n]vfdfg kfngf gePsf]eP f]sf] sf0f lxt Joxf]f
2 ly DklQ n]vfIacuteg gLlt M ly DklQ n]vfIacuteg ubf cjnDag ulPsf] gLlt
3 Xf ssectL gLlt M aLdssf] +rfns ldltaf6 kflt uL nfu ulPsf] Xf ssectL gLlt
4 kFhLs[t gulg] DklQx DaGwL n]vfIacuteg gLlt M aLdssf] +rfns ldltn] sg lglZrtdf]nDd kg] pks0f fdfgx kFhLs[t gug] gLlt lnPsf] 5 eg] f]sf] Joxf]f
5 cfos Jojyf tyf afF8kmFf8 gLlt M cfos Jojyf DaGwdf aLdsn] cjnDag u]sf]gLlt aLdsn] gfkmf gf]Sfg lxfa tyf cfo Joo lxfadf Totf] Jojyf sdafF8kmFf8 ubf cjnDag u]sf] gLlt
6 nufgL n]vfIacuteg gLlt M nufgL n]vfIacutegsf] DaGwdf aLdsn] cjnDag u]sf] gLltxnfOb]xfosf zLifsx cGtut vnfpg kg]5
-s_ sfL artkqdivideC0fkqdf nufgL n]vfIacuteg gLlt
-v_ a+sdivideljQLo +yfsf] d2tL lgIf]kdf nufgL n]vfIacuteg gLlt
-u_ klAns lnld6]8 sDkgLsf] z]odf nufgL n]vfIacuteg gLlt
-3_ klAns lnld6]8 sDkgLn] hfL u]sf] C0fkqxdf nufgL n]vfIacuteg gLlt
7 6xL 36a9 dfof]hg gLlt M ljb]zL db|f+u DalGwt DklQ bfloTj tyf 6xL36a9 cfDbfgL tyf vrxsf] n]vfIacuteg gLlt
8 aLdfzNs cfDbfgL n]vfIacuteg gLlt M aLdsn] aLdfzNs cfDbfgL n]vfIacuteg ubf cjnDagu]sf] gLlt
33
9 kgaLdf sldzg cfDbfgL n]vfIacuteg gLlt M aLdsn] kgaLdf u] afkt k|fKt ug] sldzgsf]n]vfIacuteg ubf cjnDag u]sf] gLlt
10 cGo cfo n]vfIacuteg tyf afF8kmFf8 gLlt M aLdsn] ef8f -Rent_ tyf cGo zLifsaf6 ePsf]cfo n]vfIacuteg tyf afF8kmFf8 ubf cjnDag u]sf] gLlt
11 shf n]vfIacuteg gLlt M aLdsn] aLdfn]vsf] lwtf]df k|bfg u]sf] shf tyf cGo shfn]vfIacuteg ubf cjnDag u]sf] gLlt
12 Jojyfkg vr afF8kmFf8 gLlt M aLdsn] gfkmf gf]Sfg lxfa tyf cfo Joo lxfaxdfJojyfkg vr afF8kmFf8 ubf cjnDag u]sf] gLlt
13 aLdf bfjL eQmfgL vr n]vfIacuteg gLlt M aLdsn] aLdf bfjL eQmfgL vr n]vfIacuteg ubfcjnDag u]sf] gLlt
14 aLdf bfjL afkt bfloTj Jojyf n]vfIacuteg gLlt M -s_ gt[hgf ePsf] t hfgsfLdfgcfPsf] -IBNR_ aLdf bfjL afkt bfloTj Jojyf n]vfIacuteg ubf aLdsn] cjnDagu]sf] gLlt
-v_ aLdsn] aLdf bfjL bfloTj afkt Jojyf ubf cjnDag u]sf] gLlt
15 aLdf Jojfodf art afF8kmFf8 gLlt M aLdsn] gfkmf gf]Sfg lxfa tyf cfo Joolxfaxdf art afF8kmFf8 ubf cjnDag u]sf] gLlt
16 sdrfL pkbfg ljbf tyf cGo ljwf afkt Jojyf gLlt M aLdsn] sdrfL pkbfgljbf tyf cGo ljwf afkt Jojyf ubf cjnDag u]sf] n]vfIacuteg gLlt
17 z+sfkb cffdL Jojyf gLlt M aLdsn] z+sfkb cffdL Jojyf ubf cjnDag u]sf]gLlt
18 ckn]vg vr n]vfIacuteg gLlt M aLdsn] cjnDag u]sf] ckn]vg vr DaGwL gLlt
19 cGo gLltx M plNnlvt gLltx afx]s jfnft gfkmf gf]Sfg lxfa cfo Joo lxfanufotsf ljQLo ljj0fnfO apermilg ljZn]if0f ug 3fp kUg] uL cGo sg] n]vf gLltsf]hfgsfL lbg cfjZos b]lvPdf f] Joxf]f
34
cgrLndash(
ljQLo ljj0f+u DalGwt n]vf DaGwL l6Kk0fLx
n]vf DaGwL l6Kk0fLdf vnfpg kg] aFbfx M aLdsn] n]vf DaGwL l6Kk0fLdf b]xfosf aFbfxvnfpg kg]5
= Defljt bfloTjx M
c_ rQmf jf eQmfgL xg afFsL nufgL
cf_ k|Tofelt k|lta4tf -underwriting commitments_
O_ aLdfn]v cGtut eGbf afx]saf6 aLds pk bfjL k]sf] t aLdsn] bfloTj jLsfgu]sf]
O_ aLdsn] jf aLdssf] tkmaf6 lbOPsf] Uof]06L
p_ cGo bfloTj -ljj0f vnfpg]_
= aLdfIacuteLn] aLdssf] bfloTj dNofIacuteg ubf cjnDag u]sf] cfwfx
= aLdssf] DklQdf cfPsf] Lldttf tyf ljjfbx
$= shf nufgL tyf ly DklQsf] nflu ulPsf] k|lta4tf
= nufgL+u DalGwt b]xfosf vLb laqmL Demftfxsf] dNo M
c_ vLb ulPsf] DklQsf] jfldTj k|fKt gePsf]
cf_ laqmL ulPsf] DklQsf] eQmfgL k|fKt gePsf]
^= o jifeL ulPsf] nufgL tyf laqmLdividelkmtf lnPsf] nufgLsf] DaGwdf +yf ldltkldf0f sd d]t vn]sf] ljj0f
amp= a+s dfHbft lxfa DaGwdf DalGwt a+sdivideljQLo +yfsf] 6]6d]06 lxtsf] lxfaldnfg DaGwL Joxf]f
= aLdsdividekgaLds+u lng lbg afFsL lxfa DaGwdf DalGwt aLdsdividekgaLdssf]dyg lxtsf] lxfa ldnfg DaGwL Joxf]f
gf]6 Mndash bnfn (Broker) dfkmt ePsf] kgaLdfsf] xsdf fdfGot DalGwt bnfnn]kgaLdssf] tkmaf6 dyg lbg Sg]5
(= aLdsn] u]sf] nufgL k|rlnt aLdf P]g lgodfjnL tyf aLdf ldltaf6 tf]lsP adf]lhdx] gx]sf]
)= aLdssf] +rfns jf +rfns+u DalGwt JolQm jf +yf+u ePsf] sff]af
= aLdsn] cfˆgf] DklQsf] If0fdf lnPsf] C0fsf] lwtf] zt tyf cflrTo
= aLdsn] s rQmf k|df0fkq k|fKt u]sf] cf=j=tyf Totf] rQmf k|df0fkq k|fKt xg afFsLcf=j= f] DaGwL ljj0fsf fy] cl3Nnf] cf=j=xsf] s hljfgf Aofh afkt bfjLk]sf] o cf=j=df eQmfgL ePsf] sd
= lkmtf u]sf] aLdfzNssf] kldf0f sf0f
35
$=aLdsn] aLldtnfO k|bfg ug] 3f]lift tyf cGtld af]gsf] b
=l9nf] aLdfzNs eQmfgLdf lanDa zNsdivideAofhsf] b tyf aLdfn]vsf] lwtf]df k|bfg ulg]shfdf Aofhsf] b
^=ckn]vg xg afFsL vrsf] ljj0f
amp=rQmf kFhL dWo] clu|d eQmfgL k|fKt -Paid in advance_ eQmfgL k|fKt xg afFsL -Call inarrears_ hkmt ulPsf t kgM lgisfzg gulPsf z]osf] ljj0f
=lnh xf]N8 DklQdf ut jifDd o jif vr (Amortization) n]lvPsf] sdsf]ljj0f
(= jifeldf ePsf] jfnft aflxsf] sff]afsf] ljj0f
)= cl3Nnf aifx+u DalGwt cfDbfgL tyf vrxsf] 5sectf5sect ljj0f
=plNnlvt aFbfx afx]s jfnft gfkmf gf]Sfg lxfa cfo Joo lxfa nufotsfljQLo ljj0fxnfO apermilg ljZn]if0f ug 3fp kUg] cGo sg hfgsfL lbg cfjZosb]lvPdf cGo Joxf]f d]t vnfpg kg]5
36
cgrL )k|dv rsfIacutex
cf=a=qm=+= ljj0f rsfIacute
g]6 jy = z]o +Vof +Vof k|lt z]o lstfjL dNo =$ vb gfkmf = k|lt z]o cfo (EPS) =^ k|lt z]o nfef+z (DPS) =amp k|lt z]o ahf dNo (MPPS) = dNo cfDbfgL cgkft (PE Ratio) cgkft( k|yd aifsf] aLdfzNs =) sn aLdfzNs = vb aLdfzNsdividesn aLdfzNs k|ltzt vb gfkmfdividesn aLdfzNs k|ltzt sn aLdfzNsdividesn DklQ k|ltzt$ nufgL shfaf6 cfodividesn nufgL shf k|ltzt sn nufgL shfdividehLjg aLdfsf]if k|ltzt^ kgaLdf sldzg cfodividesn kgaLdfzNs k|ltztamp Jojyfkg vrdividesn aLdfzNs k|ltzt aLdf clestf DalGw vrdividesn aLdfzNs k|ltzt( aLdf clestf +Vof +Vof) sdrfL +Vof +Vof sfofnosf] +Vof +Vof sdrfL vrdivideJojyfkg vr k|ltzt sdrfL vrdividesdrfL +Vof =$ eQmfgL xg aFfsL bfjL sddivideeQmfgL ePsf] bfjL
sdk|ltzt
sn sfod x]sf] aLdfn]vsf] +Vof +Vofdf^ o jif gjLs0f ePsf] aLdfn]vsf] +Vofdivideut
jif sfod x]sf] aLdfn]vsf] +Vofk|ltzt
amp bfjL k]sf] aLdfn]vsf] +Vofdividesn sfod x]sf]aLdfn]vsf] +Vof
k|ltzt
f]Ne]GL dflhg k|ltzt( 3f]lift af]g b =
k|ltxhf) cGtld af]g b =
k|ltxhf
37
cgrL ndash
aLdfIacutesf] ljj0f
sfod x]sf]aLdfn]vsf] +Vof
sfod x]sf]aLdfn]v cGtut
hDdf aLdfIacute
d of6 ls(Sum at Risk)
kgaLdsnfOxtfGt0f ulPsf]
d of6 ls(Sum at Risk)
aLdsn] wf0fu]sf] d of6ls (Sum at
Risk)
qm=+= aLdfsf] lsld
o jif ut jif o jif ut jif o jif ut jif o jif ut jif o jif ut jif
hDdf
38
kllzi6 ndash
-lgb]zg +u DalGwt_
ljQLo ljj0fsf zLifsxsf] +lIfKt JofVof
-s_ cfo Joo lxfa tyf f] DaGwL cgrLsf zLifsxsf] +lIfKt JofVof M
1 k|ToIf aLdfzNs M aLdsn] kgaLdf jLsf u] afkt k|fKt aLdfzNs afx]s k|ydjifsf] aLdfzNs gjLs0f aLdfzNs Psn aLdfzNssf] of]ukmnaf6 lgodfgflkmtf u]sf] aLdfzNs ssectf uL o zLifsdf hgfpg kg]5
2 sn aLdfzNs M k|ToIf aLdfzNs aLdsn] kgaLdf jLsf u] afkt k|fKtaLdfzNssf] of]ukmnnfO o zLifsdf hgfpg kg]5
3 aLdfzNs -vb_ M sn aLdfzNsaf6 kgaLdf lbP afktsf] kgaLdf zNs ssectf uLafFsL sdnfO o zLifsdf hgfpg kg]5
4 kgaLdf sldzg cfo M -s_ aLdsn] kgaLdf lbP afkt k|fKt xg] kgaLdfsldzgnfO o zLifsdf hgfpg kg]5
-v_ aFbf g+=-s_ sf] cltlQm kgaLdsaf6 dgfkmf sldzg -Profit Commission_k|fKt ePdf f]nfO o zLifsdf dfj]z uL f]sf] Joxf]f n]vf DaGwLl6Kk0fLdf vnfpg kg]5
5 nufgL shf tyf cGoaf6 cfo M sfL ]Sol6Laf6 cfo d2tL lgIf]kaf6 cfoklAns sDkgLsf] z]odividel8j]Graf6 cfo ef8faf6 cfo shfaf6 cfo -aLdfn]vsf]lwtf]df shf afx]s_ cGo lgIf]kaf6 -d2tL afx]s_ cfo nufgL laqmLdf gfkmf -GognufgL laqmLdf gf]Sfg_ nufgL -vLb_ df gfkmf -Gog nufgL vLbdf gf]Sfg_ly DklQ laqmLaf6 gfkmf -Gog ly DklQ laqmLaf6 gf]Sfg_ vftf ckn]vgaf6cfo tyf cGo cfosf] of]ukmnnfO lgb]zg adf]lhd afF8kFmf8 uL cfPsf]sdnfO o zLifsdf hgfpg kg]5
6 aLdfn]vsf] lwtf]df shfaf6 cfo M aLdfn]vsf] lwtf]df shf k|bfg u] afkt k|fKt xg]Aofh lanDa zNs htf cfonfO o zLifsdf hgfpg kg]5
7 cGo k|ToIf cfoM aLldtn] tf]lsPsf] cjlwleq aLdfzNs gaemfP afkt aLdsn]eQmfgL k|fKt u]sf] hljfgfdivideAofhdivideljnDa zNs tyf aLdfn]vsf] k|ltlnkL btcfo l6s6 bt htf f]xL aLdfsf] lsld+u k|ToIf kdf DalGwt cfonfO ozLifsdf hgfpg kg]5
8 bfjL eQmfgL -vb_ M aLdsn] eQmfgL u]sf] d[To bfjL cjlw dfKtL bfjL cf+lzscjlw dfKtL bfjL dk0f dNo tyf cGo bfjLsf] of]ukmnnfO o zLifsdfhgfpg kg]5
9 clestf sldzg M k|yd jifsf] aLdfzNsdf clestf sldzg gjLs0f aLdfzNsdfclestf sldzg Psn aLdfzNsdf clestf sldzgsf] of]ukmnaf6 kgaLdssf]lxf ssectf uL afFsL sd o zLifsdf hgfpg kg]5
10 jfYo kLIf0f zNs M aLdf hf]lvdfIacutegsf] nflu jfYo kLIf0f ufP afkt aLdsn]Joxf]g k]sf] jfYo kLIf0f zNsnfO o zLifsdf hgfpg kg]5
39
11 kgaLdf sldzg vr M aLdsn] kgaLdf jLsf u] afkt eQmfgL ug kg] sldzgsdnfO o zLifsdf hgfpg kg]5
12 ]jf zNs -vb_ M aLdf ldltnfO aemfpg kg] sn ]jf zNsaf6 kgaLdssf] lxfssectf uL afFsL sdnfO o zLifsdf hgfpg kg]5
13 cGo k|ToIf vr M aLdfsf] lsld+u k|ToIf kn] DalGwt x]sf] cGo vrnfO ozLifsdf hgfpg kg]5
14 Jojyfkg vr M lgb]zg $ adf]lhd afF8kmFf8 uL cfPsf] sdnfO o zLifsdfhgfpg kg]5
15 cfos M -_ aLdssf] cfos bfloTjnfO lgb]zg adf]lhd afF8kmFf8 uL cfPsf]sdnfO o zLifsdf hgfpg kg]5 osf] ljj0f kllzi6 sf] cgrL adf]lhd xg kg]5
-_ cl3Nnf jif-x_ sf] cfos bfloTjnfO kllzi6 sf] cgrL sf] aeligcl3Nnfjifxsf] cfosAElig zLifsdf hgfpg kg]5 t Totf] cfosdf nfu]sf]b08dividehljfgfdivideljnDa zNsnfO gfkmf gf]Sfg lxfasf] aeligcl3Nnf jif+uDalGwt vrAElig zLifsdf hgfpg kg]5
16 cflys jifsf] cGTodf eQmfgL xg afFsL bfjL afkt Jojyf M cflys jifsf] cGTodfeQmfgL xg afFsL d[To bfjL cjlw dfKtL bfjL cf+lzs cjlw dfKtL bfjL dk0fdNo bfjL cGo bfjL tyf gt[hgf ePsf] t hfgsfLdf gcfPsf] bfjLsf] of]ukmndfaLdf lgodfjnL )$( sf] lgod sf] v08 -3_ adf]lhdsf] sd yk ubf xgcfpg] sdnfO o zLifsdf hgfpg kg]5
aLdssf] cgejsf] cfwfdf [hgf ePsf] t hfgsfLdf gcfPsf] bfjLsf] nflusd Aojyf ug kg]5
17 cflys jifsf] cGTodf cdfKt hf]lvd afkt Jojyf M aLdf cjlw dfKtL afktbfjL eQmfgL ug gkg] lsldsf] aLdfsf] cdfKt hf]lvd afkt lgb]zg ( adf]lhdJojyf uL cfPsf] sd o zLifsdf hgfpg kg]5
18 hLjg aLdf sf]ifdividegfkmf gf]Sfg lxfadf f]sf] artdivide-gf]Sfg_ M -_ aLdf cjlwdfKtL afkt bfjL eQmfgL ug kg] lsldsf] aLdfsf] cfo Joo lxfaaf6 art -surplus_ ePsf] cjyfdf o zLifsnfO aelighLjg aLdf sf]ifdf f]sf] artAElig sfoduL Totf] art sdnfO o zLifsdf hgfpg kg]5
-_ aLdf cjlw dfKtL afkt bfjL eQmfgL ug kg] lsldsf] aLdfsf] cfo Joolxfaaf6 gf]Sfg ePsf] cjyfdf o zLifsnfO aeliggfkmf gf]Sfg lxfadff]sf] gf]SfgAElig sfod uL Totf] gf]Sfg sdnfO o zLifsdf C0ffTdskdf hgfpg kg]5
-_ aLdf cjlw dfKtL afkt bfjL eQmfgL ug gkg] lsldsf] aLdfsf] cfo Joolxfasf] nflu o zLifsnfO aelighLjg aLdf sf]ifdf f]sf] sdAElig aeliggfkmfgf]Sfg lxfadf f]sf] artdivide-gf]Sfg_AElig uL bOj6f zLifs sfod uL aelighLjgaLdf sf]ifdf f]sf] sdAElig zLifsdf lgb]zgndash adf]lhdsf] sd hgfO afFsLsdnfO aeliggfkmf gf]Sfg lxfadf f]sf] artdivide-gf]Sfg_AElig zLifsdf hgfpgkg]5 tf]lsP adf]lhd hLjg aLdf sf]ifdf f]sf] sd hgfp+bf gf]Sfg ePdf
40
aeliggfkmf gf]Sfg lxfadf f]sf] artdivide-gf]Sfg_AElig zLifsdf Totf] gf]Sfg ePsf]sdnfO C0ffTds kdf hgfpg kg]5
-v_ gfkmf gf]Sfg lxfa tyf DalGwt cgrLsf zLifsxsf] +lIfKt JofVof M
1 cfo Joo lxfaaf6 f]sf] M aLdf cjlw dfKtL afkt bfjL eQmfgL ug gkg]lsldsf] aLdfxsf] cfo Joo lxfaaf6 aeliggfkmf gf]Sfg lxfadf f]sf] artdivide-gf]Sfg_AElig sdxsf] of]ukmnnfO o zLifsdf hgfpg kg]5
2 hLjg aLdf sf]ifaf6 f]sf] M k|rlnt sfggL Jojyf adf]lhd aLdssf] bfloTjsf]n]vfhf]vf DaGwL aLdfIacuteLsf] k|ltj]bg d]tsf] cfwfdf hLjg aLdf sf]ifaf6 gfkmfgf]Sfg lxfadf fgsf nflu ldltn] jLs[lt k|bfg u]sf] sdnfO o zLifsdfhgfpg kg]5
3 nufgL shf tyf cGoaf6 cfo M lgb]zg adf]lhd afF8kFmf8 uL cfPsf] sdnfOo zLifsdf hgfpg kg]5
4 Jojyf lkmtf M nufgLdf gf]SfgLsf] nflu ulPsf] Jojyf shfdf gf]SfgLsf] nfluulPsf] Jojyf z+sfkb cffdLsf] nflu ulPsf] Jojyf tyf cGosf] nfluulPsf] Jojyf sd cf+lzs jf k0fkn] sfod fVg kg] cjyf gx]df TotfsdxnfO o zLifsdf hgfpg kg]5
5 cGo cfDbfgL M aLdf Aojfo+u f]sf gePsf] kj +rfng cfDbfgL htfcfDbfgLxsf] of]ukmnnfO o zLifsdf hgfpg kg]5
6 Jojyfkg vr M lgb]zg $ adf]lhd afF8kmFf8 uL cfPsf] sdnfO o zLifsdfhgfpg kg]5
7 ckn]vg vr M k|flDes vrx kj +rfng vrx k flPsf vrx nufgLshf cffdL tyf cGo ckn]vg ulPsf] vrnfO o zLifsdf hgfpg kg]5 t+yfks +rfns tyf pRr Jojyfks jf lghx+u DalGwt JolQmdivide+yfDaGwL cffdL ckn]vg ug kfOg] 5g
8 cGo vrx M k|rlnt sfgg adf]lhd aLdf ldlt tyf cGo lgsfon] aLdsnfOtf]s]sf] b08 hljfgf aLdsn] pkof]u u]sf] ]jfsf] aemfpg kg] zNs dodfgaemfP afkt ltg kg] ljnDa zNs hljfgf nufotsf vrx o zLifsdfhgfpg kg]5
9 gf]SfgLsf] nflu Jojyf M nufgLdf gf]SfgLsf] nflu Jojyf shfdf gf]SfgLsf]nflu Jojyf z+sfkb cffdL Jojyf tyf cGo JojyfnfO o zLifsdf hgfpgkg]5
10 cfos M aLdssf] cfos bfloTjnfO lgb]zg adf]lhd afF8kmFf8 uL cfPsf]sdnfO o zLifsdf hgfpg kg]5
11 hLjg aLdf sf]ifdf f]sf] M aLdssf] bfloTjsf] n]vf hf]vf uL aLdfIacuteLn] lbPsf]dNofIacuteg k|ltj]bg d]tsf] cfwfdf ldltn] lbPsf] cfb]zdividelgb]zg adf]lhd hLjg
41
aLdf sf]ifdf f]sf] sdnfO o zLifsdf b]vfpg kg]5 oL hLjg aLdf sf]ifdff]sf] sd gfkmf gf]Sfg lxfadf lkmtf ug kfOg] 5g
12 cl3Nnf jif+u DalGwt vr M cl3Nnf jif-x_sf] cfosdf nfu]sf]b08dividehljfgfdivideljnDa zNs tyf cl3Nnf jifxdf n]vfIacuteg ug 56]sf vrxnufotsf cl3Nnf jif+u DalGwt vrnfO o zLifsdf hgfpg kg]5
-u_ jfnft tyf DalGwt cgrLsf zLifsxsf] +lIfKt JofVof M
1 rQmf kFhL M eQmfgL k|fKt ePsf] fwf0f z]o ckljtgLo cu|flws z]o tyfkljtgLo cu|flwsf z]o afktsf] sdsf] of]ukmnnfO o zLifsdf hgfpg kg]5
2 hu]8f tyf sf]if M aLdsn] hu]8f sfod ug] lnlnfdf gfkmfaf6 afF8kmfF8 ecfPsf jf cGo sg] k|lqmofaf6 gt[hgf ePsf tyf gfkmf gf]Sfg lxfadf afF8kmFf8guL +ro uL flvPsf] sdxnfO o zLifsdf hgfpg kg]5 oL hu]8f k|of]uubf DalGwt hu]8f tyf sf]if lxfadf vr hgfpg kg]5
-s_ kFhLut hu]8f M rQmf gePsf] z]osf] afFsL sd dfu ubf eQmfgL gu]sf]sf0fn] pQm z]onfO hkmt uL k|fKt xg cfPsf] sd kFhLut cgbfg afktk|fKt xg cfPsf] lhGL tyf gub sd tyf aLdssf] kFhL j[l4 ug] p2]Zon]gfkmfaf6 flPsf] sdnfO o zLifsdf hgfpg kg]5
-v_ z]o lk|ldod M aLdsn] cfˆgf] z]o hfL ubf z]osf] clIacutet dNo eGbf a9Lbn] hfL u]sf] x]5 eg] pQm al9 sd hlt o zLifsdf hgfpg kg]5 ozLifsdf hgfOPsf] sd nfef+z ljt0f k|of]hgsf] nflu of]Uo dflgg] 5g
-u_ k|tfljt af]gz z]o M aLdsn] k|tfj uL fwf0f efn] kflt u]sf] t hfLuL gs]sf] af]gz z]onfO o zLifsdf hgfpg kg]5
-3_ ljz]if hu]8f M aLdf ldltsf] lgb]zg adf]lhd sg cGo hu]8f sf]if v8f ugkbf Totf] sdnfO o zLifsdf hgfpg kg]5
-ordf_ cGo hu]8f M aLdsn] cGo k|of]hgsf] nflu v8f u]sf] hu]8fnfO o zLifsdfhgfpg kg]5
-r_ gfkmf gf]Sfg lxfaaf6 f]sf] M aLdssf] gfkmf gf]Sfg lxfaaf6 jfnftdff]sf] gfkmf sdnfO o zLifsdf hgfpg kg]5
3 hLjg aLdf sf]if M lgb]zg adf]lhd fVg kg] hLjg aLdfsf]ifxsf] of]ukmnnfOo zLifsdf hgfpg kg]5
4 dxfndashljkQL hu]8f M 7nf] kldf0fdf aLdf bfjL pTkGg xg Sg] dxfndashljkQL -catastrophy_ sf] cjyfdf aLdssf] ljQLo Ifdtfdf kg Sg] k|ltsn c sd ug]p2]Zon] gfkmfaf6 flPsf] sdnfO o zLifsdf hgfpg kg]5 o zLifsdfhgfOPsf] sd nfef+z ljt0f k|of]hgsf] nflu of]Uo dflgg] 5g
5 ltg afFsL bL3sflng C0f tyf fk6L M jfnftsf] ldltdf eQmfgL ug afFsLbL3sflng fk6LnfO o zLifsdf hgfpg kg]5
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6 ly DkQL -vb_ MyfoL k|s[ltsf DkQLxsf] sn dNodf Xf ssectf uL afFsL x]sf]sdnfO o zLifsdf hgfpg kg]5
7 bL3sflng nufgL M aLdsn] lgb]zg ^ adf]lhd u]sf] bL3sflng nufgLnfO ozLifsdf hgfpg kg]5
kli6s0f M = jfnftsf] ldltaf6 Ps jif eGbf al9 cjwL kl5 eQmfgLk|fKt xg] sfL sfsf] hdfgt k|fKt ]Sol6Ld2tL lgIf]k gfuls nufgL of]hgf z]o a+s tyfljQLo +yfsf] cu|flwsf z]odividel8j]Gr tyf cGo f]xLk|s[ltsf nufgLxnfO bL3sflng nufgL Demg k5
= aLdsn] klAns sDkgLsf] z]odf nufgL u] afkt k|fKtxg] af]gz z]onfO z]o +Vofdf dfq b]vfO kn df]ndfsg kljtg ug x+bg
amp=s cNksflng nufgL M aLdsn] lgb]zg ^ adf]lhd u]sf] cNksflng nufgLnfO ozLifsdf hgfpg kg]5
kli6s0f M jfnftsf] ldltaf6 Ps jif leq eQmfgL k|fKt xg] sfL sfsf] hdfgt k|fKt ]Sol6L d2tL lgIf]k gfulsnufgL of]hgf a+s tyf ljQLo +yfsf] cu|flwsfz]odividel8j]Gr tyf cGo f]xL k|s[ltsf nufgLxnfOcNksflng nufgL Demg k5
8 aLdfn]vsf] lwtf]df shf M aLdsn] lgb]zg amp adf]lhd k|To]s lsldsf] aLdfsf]aLdfn]vsf] lwtf]df k|bfg u]sf] shfsf] of]ukmnnfO o zLifsdf hgfpg kg]5
9 gub tyf a+s dfHbft M -_ aLds+u x]sf] sn gub dfHbft sd tyf aLdssf]a+sdivideljQLo +yfsf] Aofh k|fKt gxg] vftfdf x]sf] sn sdnfO o zLifsdfhgfpg kg]5
10 cGo bL3sflng shf M lgb]zg amp adf]lhd n]vfIacuteg ulPsf] clestfnfO k|bfgulPsf] bL3sflng shf sdrfLnfO k|bfg ulPsf] bL3sflng shf tyf cGobL3sflng shfsf] of]ukmnnfO o zLifsdf hgfpg kg]5
kli6s0f M jfnftsf] ldltaf6 Ps jif eGbf al9 cjwL kl5 eQmfgLk|fKt xg] clestfnfO k|bfg ulPsf] shf sdrfLnfO k|bfgulPsf] shf tyf cGo f]xL k|s[tLsf shfxnfO bL3sflngshf Demg k5
)s= cGo cNksflng shf M lgb]zg amp adf]lhd n]vfIacuteg ulPsf] clestfnfO k|bfgulPsf] cNksflng shf sdrfLnfO k|bfg ulPsf] cNksflng shf tyf cGocNksflng shfsf] of]ukmnnfO o zLifsdf hgfpg kg]5
kli6s0f M jfnftsf] ldltaf6 Ps jif leq eQmfgL k|fKtxg] clestfnfO k|bfg ulPsf] shf sdrfLnfO k|bfgulPsf] shf tyf cGo f]xL k|s[tLsf shfxnfOcNksflng shf Demg k5
43
11 cGo DkQL M -_ o lgb]zg adf]lhd n]vfIacuteg ulPsf] aLdssf] nufgLaf6 k|fKt xgafFsL cfo aLdfn]vsf] lwtf]df shfaf6 k|fKt xg afFsL Aofh cGo shfaf6 k|fKt xgafFsL Aofh cGo aLdsaf6 k|fKt xg afFsL kgaLdsaf6 k|fKt xg aFfsL ljljwcffdL clu|d eQmfgL sdrfL k]ZsL cGo k]ZsL wf6L tyf cGosf] of]ukmnnfOo zLifsdf hgfpg kg]5
-_ cGo DkQLsf] ljj0f kllzi6 sf] cgrL $ adf]lhd xg kg]5
-_ cn xg afFsL aLdfzNs eP f]sf] of]ukmn kllzi6 sf] cgrL $ dfb]vfpg kg]5 f] cn xg afFsL aLdfzNs afasf] dNtjL -Suspense_ b]vfOvb k|efj (Net effect) zGo agfpg kg]5
12 rfn bfloTj M clestfnfO lbg afFsL cGo aLdsnfO lbg afFsL kgaLdsnfO lbgafFsL aLdfzNs wf6L k0f ljj0f gvn]sf] aLdfzNs ljljw fx xfosdividexf]lN8EumlsDkgLnfO lbg afFsL gtf]tdf ssectf ulPsf] s ltg afFsL cfos ltg afFsL]jfzNs ltg afFsL sdrfLnfO ltg afFsL +rfnsnfO ltg afFsL tyf cGo ltgafFsL sdxsf] of]ukmnnfO o zLifsdf hgfpg kg]5
13 cdfKt hf]lvd jfkt Jojyf M lgb]zg ( adf]lhdsf] cdfKt hf]lvd Jojyfsf]of]ukmnnfO o zLifsdf hgfpg kg]5
14 eQmfgL xg afFsL bfjL jfkt Jojyf M k|To]s lsldsf] aLdfsf] eQmfgL xg afFsLbfjLsf] nflu ulPsf] Jojyfsf] of]ukmnnfO o zLifsdf hgfpg kg]5
15 ckn]vg jf dfof]hg xg afFsL ljljw vrx M ckn]vg ug afFsL k|flDes vrckn]vg ug afFsL kj +rfng vr ckn]vg ug afFsL yug ulPsf vr tyfcGo ckn]vg jf dfof]hg gePsf vrxsf] of]ukmnnfO o zLifsdf hgfpgkg]5
-3_ k|dv rsfIacutexdf +nUg zLifsxsf] +lIfKt JofVof
1 g]6 jy = rQmf kFhL plusmn hu]8f tyf sf]if plusmn dxf ljkQL hu]8f ndashckn]vg jfdfof]hg xg afFsL ljljw vrx ndash gfkmf gf]Sfg lxfaaf6 f]sf] gf]Sfg
2 k|lt z]o lstfaL dNo = g]6 jydividefwf0f z]o +Vof
3 k|lt z]o cfo = vb gfkmfdividefwf0f z]o +Vof
4 dNo cfDbfgL cgkft = k|lt z]o ahf dNodividek|lt z]o cfo
5 sn DklQ = ly DklQ plusmn nufgL plusmn aLdfn]vsf] lwtf]df shf plusmn rfnDklQ shf tyf k]ZsLx
![Page 8: hLjg aLdf Joj;fo ug]{ aLdssf] ljQLo ljj/0f ;DaGwL lgb]{zg](https://reader033.vdocuments.site/reader033/viewer/2022053020/6291631db7b57c39db6663d6/html5/thumbnails/8.jpg)
8
20 sfggL ljjfb ePsf] bfloTjsf] nflu Jojyf ug kg] M sfggL ljjfb ePsf] sg klgbfloTjsf] nflu aLdsn] kofKt Jojyf ug kg]5
21 ljQLo ljj0fsf] 9fFrf M aLdssf] ljQLo ljj0fsf] 9fFrf kllzi6ndash adf]lhd xg]5
22 ljQLo ljj0fsf] zLifsxsf] JofVof M aLdssf] ljQLo ljj0fdf dfj]z xg] zLifsxsf]+lIfKt JofVof kllzi6 ndash adf]lhd xg]5
23 dxf ljkQL kgaLdfzNs n]vfIacuteg ug kg] M
= aLdsn] k|To]s lsldsf] aLdf Aojfosf] nflu 5sectf 5sect dxf ljkQL kgaLdf Aojyfu]sf] cjyfdf dxf ljkQL kgaLdf zNsnfO DalGwt aLdf Aojfosf] cfo Aoolxfj -cgrL _ sf] kgaLdfzNs eQmfgL lzifs cGtut vr hgfpg kg] 5
= aLdsn] bO jf bO eGbf al9 lsldsf] aLdf Aojfosf] nflu Pp6 dxf ljkQLkgaLdf Aojyf u]sf] cjYffdf dxf ljkQL kgaLdf zNsnfO b]xfosf] q k|of]u ulDalGwt aLdf Aojfosf] cfo Aoo lxfjdf afF8kmfF8 ug kg] 5
dxf ljkQL kgaLdf zNs = ef x sn dxf ljkQL kgaLdfzNs
sn ef
kli6s0f M
-_ ef = DalGwt aLdf Aojfo cGtut aLdsn] wf0f u]sf] d of6 ls(Sum at Risk)
-_ sn ef = k|To]s DalGwt aLdf Aojfosf] kli6s0f -_ adf]lhdsf] efsf]of]ukmn
24 k|rlnt sfgg adf]lhd b08 hfo xg] M
o lgb]zgdf ulPsf] Aojyfn] k|rlnt sfgg adf]lhd xg] b08 hfoaf6 aLdsn]pGdQmL kfPsf] dflgg] 5g
9
kllzi6ndash
-lgb]zg +u DalGwt_
Jojyfkg k|ltj]bgdf vnfpg kg] aFbfx M
-s_ aLds DaGwL fdfGo hfgsfL M o zLifs cGtut b]xfosf aFbfx dfj]z ugkg]5 M
-_ +yfkgf ldlt
-_ aLds btfsf] k|df0fkq kfPsf] ldlt
-_ aLdsn] cgdtL kfPsf] aLdf Jojfosf] lsld k|sf
-$_ aLdsn] Jojfo k|fDe u]sf] ldlt
-_ aLdsn] cfjZos 7fg]sf] cGo ljj0f
-v_ aLdssf] +rfns ldltn] b]xfosf aFbfx k|dfl0ft ug kg]5 M
= aLdf Jojfo ug aLdf ldltaf6 hfL ePsf] k|df0f kqsf] jBtf sfod x]sf]
= sfgg adf]lhd aLdsn] ltg aemfpg kg] s ]jf zNs b08 hljfgf DalGwtlgsfodf aemfpg afFsL x]dividegx]sf]
= aLdssf] z]o jfldTjsf] +rgf Todf ePsf] x]k]msf] ljj0f tyf sfod x]sf]+rgf k|rlnt sfggL Jojyf cgk x]sf]
$= aLdf ldltn] tf]lslbP adf]lhdsf] f]Ne]GL dflhg -Solvency Margin_ sfod x]sf]
= -s_ jftljs kdf k|fKt xg Sg] dNodivideahf dNo eGbf jfnftsf] ldltdfaLdssf] ljQLo ljj0fdf dfj]z ulPsf Dk0f DklQxsf] dNo a9Lgx]sf]
-v_ aFbf -s_ adf]lhdsf] DklQsf] dNo tngf ug cjnDag ulPsf] ljlwsf] vnff
^= aLdsn] u]sf] nufgL k|rlnt sfggL Jojyfsf] klwL leq x]sf] pb3f]if0f tyf f]gePsf] eP sf0f lxtsf] ljj0f
amp= aLdsnfO cfO kg Sg] Dk0f hf]lvdx tyf f]sf] lgfs0fsf nflu cjnDagulPsf gLltxsf] vnff
= aLdssf] cGo dnsdf x]sf] k|wfg sfofnodividesfofnosf] ljj0f tyf Totf] g]kfnaflxsf] sfofnon] +rfng u]sf] aLdf Jojfoaf6 aLdsnfO cfO kg Sg] Dk0fhf]lvdx tyf f]sf] lgfs0fsf nflu cjnDag ulPsf gLltxsf] vnff
(= o jif km5of6 ePsf] aLdf bfjLsf] +Vof tyf km5of6 xg afFsL aLdf bfjLsf] +Vof dofjlwsf] vnff
)=ljQLo ljj0f tof ubf k|rlnt aLdf P]g )$( aLdf lgodfjnL )$( f]cGtut hfL ulPsf aLdf ldltsf cfb]z jf lgb]zg sDkgL P]g )^ tyf cGosfggx tyf n]vfdfg n]vfsf] l4fGt gLltx kfngf ulPsf] pb3f]if0f TotfJojyfx kfngf xg gs]sf] eP f]sf] sf0f lxtsf] vnff
10
=-s_ aLdsn] pkoQm n]vf gLlt cjnDag u]sf] f]sf] k|of]udf Psktf sfod u]sf] Totf] gLltsf] kLIf0f uL pkoQmtf Plsg u]sf] 5 eGg] pb3f]if0f
-v_ aLdssf] ljQLo ljj0fn] jfnftsf] ldltdf aLdssf] gfkmf gf]Sfg nufotsfljQLo cjyfsf] oyfy tyf jftljs lrq0f ub5 eGg] pb3f]if0f
=aLdssf] +rfns ldltn] aLdssf] DklQsf] Iffsf] nflu tyf hfnfhL jf cGoclgoldttf kQf nufpg f]Sgsf nflu pkoQm kofKt Jojyf u]sf] 5 eGg]pb3f]if0f
=aLdsn] aeliggoing concern basisAElig df cfˆgf] ljQLo ljj0f tof u]sf] xf] eGg]pb3f]if0f
$=aLdssf] Jojfosf] cfsf k|s[lt cgksf] cfGtls n]vf kLIf0f k|0ffnL ljBdfgx]sf] f] k|0ffnL k|efjsfL x]sf] 5 eGg] pb3f]if0f
=k|rlnt aLdf P]g )$( tyf sDkgL P]g )^ f] cGtutsf lgodfjnL cfb]zjf lgb]zgsf] k|ltsn xg] uL sg JolQm kmd sDkgL tyf aLdssf] +rfns jf+rfnssf] jfy x]sf] +yf+u sff]af ulPsf] 5g eGg] pb3f]if0f
^=hg aifsf] aflifs k|ltj]bg tof ulPsf] xf] f] aifdf aLdf ldltn] aLdsnfO sgb08 hljfgf tf]s]sf] eP f] DaGwL ljj0f
amp= Jojyfkgn] cfjZos 7fg]sf cGo sfx
11
kllzi6ndash
-lgb]zg +u DalGwt_
= aLdssf] cfo Joo lxfasf] 9fFrf M
aLdssf] gfd M
cflys aif ======================= sf] ================================== aLdfsf] cfo Joo lxfa
qm=+= ljj0f cgrL o aif ut aif
cfo
1 aLdfzNs -vb_
2 kgaLdf sldzg cfo
3 nufgL shf tyf cGoaf6 cfo
4 aLdfn]vsf] lwtf]df shfaf6 cfo
5 cGo k|ToIf cfo
6 cflys aifsf] zsf] eQmfgL xg afFsL bfjL afktJojyf
7 cflys aifsf] zsf] cdfKt hf]]lvd afkt Jojyf
hDdf cfo -s_
Joo
8 bfjL eQmfgL -vb_ $
9 clestf sldzg
10 jfYo kLIf0f zNs
11 kgaLdf sldzg vr
12 ]jf zNs -vb_ ^
13 cGo k|ToIf vr
14 Jojyfkg vr amp
15 cfos
16 cflys aifsf] cGTodf eQmfgL xg afFsL bfjL afktJojyf
(
17 cflys aifsf] cGTodf cdfKt hf]lvd afkt Jojyf
hDdf Joo -v_
18 hLjg aLdf sf]ifdividegfkmf gf]Sfg lxfadf f]sf]artdivide -gf]Sfg_ = -s_ - -v_
cgrL b]lv ( Dd osf cleGg c+u xg
12
= gfkmf gf]Sfg lxfasf] 9fFrf M
aLdssf] gfd M
cflys aif ======================= sf] gfkmf gf]Sfg lxfa
qm=+= ljj0f cgrL o aif ut aif
cfDbfgL
1 cfo Joo lxfaaf6 f]sf] )
2 hLjg aLdf sf]ifaf6 f]sf]
3 nufgL shf tyf cGoaf6 cfo
4 Jojyf lkmtf
5 cGo cfDbfgL -ljj0f vnfpg]_
hDdf cfDbfgL -s_
vr
6 Jojyfkg vr amp
7 ckn]vg vr
8 cGo vrx $
9 gf]SfgLsf] nflu Jojyf
10 sdrfL cfjf Aojyf
11 sdrfL af]g Jojyf
12 cfos
13 hLjg aLdf sf]ifdf f]sf]
hDdf vr -v_
14 vb gfkmf divide-gf]Sfg_ -u_ = -s_ ndash -v_
15 cl3Nnf] jif+u DalGwt vr
16 cl3Nnf] aifaf6 flPsf] gfkmfdivide-gf]Sfg_
afF8kmfF8sf] nflu pknAw sd
-s_ kFhLut hu]8f amp
-v_ ljz]if hu]8f amp
-u_ cGo hu]8f -ljj0f vnfpg]_ amp
-3_ k|tfljt nfef+z amp
17
-ordf_ dxfndashljkQL hu]8f
18 jfnftdf f]sf] gfkmfdivide-gf]Sfg_
cgrL amp tyf ) b]lv amp Dd osf cleGg c+u xg
13
= aLdssf] jfnftsf] 9fFrf M
====================== sf] jfnft
qm=+= ljj0f cgrL o aif ut aifgtf]t
1 rQmf kFhL ^2 hu]8f tyf sf]if amp3 hLjg aLdf sf]if 4 dxfndashljkQL hu]8f 5 ltg afFsL bL3sflng C0f tyf fk6L (
sn gtf]tpkof]u
6 ly DkQL -vb_ )7 lb3sflng nufgL 8 aLdfn]vsf] lwtf]df shf 9 cGo bL3sflng shf
10 11 12 13
Rffn DkQL shf tyf k]ZsLx Mgub tyf a+s dfHbftcNksflng nufgLcGo cNksflng shfcGo DkQL $hDdf -s_ -)plusmnplusmnplusmn_
14 15 ^16 (17
rfn bfloTj tyf JojYffx Mrfn bfloTjcdfKt hf]lvd jfkt JojyfeQmfgL xg afFsL bfjL afkt JojyfcGo Aojyf ^shDdf -v_ -$plusmnplusmn^plusmnamp_
18 vb rfn DkQL -u_ = -s_ ndash -v_19 ckn]vg jf dfof]hg xg afFsL ljljw vrx amp20 gfkmf gf]Sfg lxfaaf6 f]sf] gf]Sfg
sn pkof]u -^+amp++(++(+)_
+efljt bfloTjx tyf cgrL ( tyf ^ b]lv ( Dd osf cleGg c+u xg
+efljt bfloTjx
qm=+= ljj0f o aif ut aif1 rQmf jf eQmfgL xg afFsL nufgL2 k|Tofelt k|lta4tf3 aLdfn]v cGtut eGbf afx]saf6 aLds pk bfjL k]sf] t
aLdsn] bfloTj jLsf gu]sf]
aLdsn] bfloTj jLsf gu]sf]
4 aLdsn] jf aLdssf] tkmaf6 lbOPsf] Uof]06L5 cGo -ljj0f vnfpg]_
hDdf
aLdssf] gfd M
14
$= OSo6Ldf ePsf] kljtg DaGwL ljj0fsf] 9fFrf M
aLdssf] gfd M
cf=j==============df OSo6Ldf ePsf] kljtg DaGwL ljj0f
ljj0f z]o kFhL +lrt gfkmfdividegf]Sfg
k|tfljtaf]g z]o
kFhLuthu]8f sf]if
z]olk|ldod
ljz]if hu]8fsf]if
cGo hu]8f tyfsf]if
dxfljkQLhu]8f
sn sd
zdfHbft
dfof]hg
=============
=============
============
============
clGtddfHbft
15
= gub k|jfxsf] ljj0fsf] 9fFrf
aLdssf] gfd M
=====================b]lv========================Ddsf] gub k|jfxsf] ljj0f
qm=+= ljj0f o jif ut jifsff]af +rfngaf6 gub k|jfx MaLdf zNs cfDbfgLljnDa zNs cfDbfgLkgaLdf zNs cfDbfgLkgaLdf sldzg cfDbfgLcGo k|ToIf cfDbfgLkgaLdsaf6 k|fKt bfjL lseLkgaLdf zNs eQmfgLkgaLdf sldzg eQmfgLclestf sldzg eQmfgLjfYo kLIf0f zNs eQmfgLd[To bfjL eQmfgLcjlw dfKtL bfjL eQmfgLcf+lzs cjlw dfKtL bfjL eQmfgLdk0f dNo bfjL eQmfgLcGo bfjL eQmfgL]jf zNs eQmfgLJojyfkg vr eQmfgLsdrfL af]g eQmfgLcfos eQmfgLRffn DklQdf -j[l4_dividesdLRffn bfloTjdf j[l4divide-sdL_
s
sff]af +rfngaf6 vb gub k|jfx -s_nufgL ultljwLaf6 gub k|jfxly DklQdf -j[l4_ sdLsfL sfsf] hdfgt k|fKt ]Sol6Ldf nufgLdf -j[l4_ sdLa+s tyf ljQLo +yfsf] d2tL lgIf]kdf nufgLdf -j[l4_ sdLa+s tyf ljQLo +yfsf] cGo lgIf]k nufgLdf -j[l4_ sdLOSo6L z]o nufgLdf -j[l4_ sdLcu|flwsf z]odividel8j]Grdf nufgLdf -j[l4_ sdLcGo nufgLdf -j[l4_ sdLaLdfn]vsf] lwtf]df shfdf -j[l4_ sdLk]ZsL tyf cGo shfdf -j[l4_ sdLeQmfgL k|fKt Aofh cfDbfgL -nufgLdf_eQmfgL k|fKt l8le8]G8ef8f cfDbfgLeQmfgL k|fKt Aofh cfDbfgL -shfdf_cGo ck|ToIf cfDbfgLdividevr
v
nufgL ultljwLaf6 vb gub k|jfx -v_ljQLo gtf]t sff]afaf6 gub k|jfxz]oaf6 k|fKt sdltg afFsL fk6Ldf -j[l4_dividesdLcNksflng C0fdf -j[l4_dividesdLC0f fk6Ldf Aofh eQmfgLnfef+z eQmfgL
u
ljQLo gtf]t sff]afaf6 vb gub k|jfx -u_o jifsf] Dk0f ultljwLaf6 vb gub k|jfx = -s_plusmn-v_plusmn-u_gub tyf a+sdf x]sf] z dfHbftgub tyf a+sdf x]sf] clGtd dfHbft
16
^ ljQLo ljj0fsf] cleGg c+usf] kdf xg] cgrLx
cgrLndash
-s_ aLdfzNs -vb_
sn aLdfzNs kgaLdf zNs eQmfgL-Ceded_
aLdfzNs -vb_qm=+= aLdfsf]lsld
o jif ut jif o jif ut jif o jif ut jif
hDdf
-v_ sn aLdfzNs
k|ToIf aLdfzNs k|fKt kgaLdf zNs
-accepted_
sn aLdfzNsqm=+= aLdfsf]lsld
o jif ut jif o jif ut jif o jif ut jif
hDdf
-u_ k|ToIf aLdfzNs
k|yd aifsf]aLdfzNs
gjLs0f aLdfzNs Psn aLdfzNs hDdf k|ToIfaLdfzNs
qm=+= aLdfsf]lsld
o aif ut aif o aif ut aif o aif ut aif o aif ut aif
hDdf
17
cgrLndash
nufgL shf tyf cGoaf6 cfoqm=+= ljj0f o aif ut aif1 sfL sfsf] hdfgt k|fKt ]Sol6Laf6 cfo2 jfl0fHo a+ssf] d2tL lgIf]kaf6 cfo3 ljsf a+ssf] d2tL lgIf]kaf6 cfo4 gfuls nufgL of]hgfaf6 cfo5 ljQLo +yfsf] d2tL lgIf]kaf6 cfo6 cfjf ljQ sDkgLsf] fwf0f z]oaf6 nfef+z7 cGo klAns sDkgLsf] fwf0f z]oaf6 nfef+z8 a+s tyf ljQLo +yfsf] cu|flwsf z]oaf6 nfef+z9 a+s tyf ljQLo +yfsf] l8j]Graf6 cfo10 cGo -ljj0f vnfpg]_ af6 cfo11 shfaf6 cfo12 cGo lgIf]kaf6 -d2tL afx]s_ cfo13 nufgL laqmLdf gfkmf
Gog nufgL laqmLdf gf]Sfg14 nufgL -vLb_ df gfkmf
Gog nufgL -vLb_ df gf]Sfg15 ly DkQL laqmLaf6 gfkmf
Gog ly DkQL laqmLaf6 gf]Sfg16 vftf ckn]vg17 cl3Nnf jif+u DalGwt cfo18 cGo cfo
hDdfnufgL shf tyf cGoaf6 cfosf] afF8kmfF8
gfkmf gf]Sfg lxfadf f]sf]============ sf] cfo Joo lxfadf f]sf]============ sf] cfo Joo lxfadf f]sf]
hDdfcgrLndash
aLdfn]vsf] lwtf]df shf cfo
aLdfn]vsf] lwtf]df shf aLdfn]vsf] lwtf]df shfaf6 cfoqm=+= aLdfsf] lsld
o aif ut aif o aif ut aif
============= aLdf
============= aLdf
============= aLdf
18
cgrL ndash $bfjL eQmfgL
d[To bfjLeQmfgL
cjlw dfKtLbfjL eQmfgL
cf+lzs cjlwdfKtL bfjL
eQmfgL
dk0f dNo bfjLeQmfgL
cGo bfjLeQmfgL
sn bfjL eQmfgL sn bfjLeQmfgLdfkgaLdssf]
lxf
bfjL eQmfgL-vb_
qm=+= aLdfsf]lsld
o jif ut jif o jif ut jif o jif ut jif o jif ut jif o jif ut jif o jif ut jif o jif ut jif o jif ut jif
===
===
hDdf
19
cgrLndash
clestf sldzg
k|yd aifsf]aLdfzNsdf
clestf sldzg
gjLs0f aLdfzNsdfclestf sldzg
Psn aLdfzNsdfclestf sldzg
hDdf clestfsldzg
qm=+= aLdfsf]lsld
o jif ut jif o jif ut jif o jif ut jif o jif ut jif
hDdf
cgrLndash^
]jf zNs -vb_
sn ]jf zNs sn ]jf zNsdfkgaLdssf] lxf
]jf zNs -vb_qm=+= aLdfsf] lsld
o jif ut jif o jif ut jif o jif ut jif
========aLdf
========aLdf
hDdf
cgrLndash amp
Jojyfkg vr
qm=+= ljj0f o aif ut aif1 sdrfL vr -cgrL amp= adf]lhd_2 3 ef8f3 lahnL tyf kfgL4 ddt tyf Def
-s_ ejg-v_ jfL fwg-u_ sfofno pks0f-3_ cGo
5 +rf6 5kfO tyf dnGb7 vr xg] sfofno fdfg8 kljxg9 e|d0f vr -eQf d]t_
-s_ cfGtls-v_ jb]lzs
10 clestf tflnd11 clestf cGo12 aLdfzNs13 Iff vr14 sfggL tyf kfdz zNs15 kq klqsf tyf kts
20
16 lj1fkg tyf k|rf k|f17 Jofkf k|j4g18 cltyL Tsf19 rGbf tyf pkxf20 +rfns ldlt DaGwL vr
-s_ a7s eQf-v_ cGo
21 cGo ldltdividepkndashldlt DaGwL vr-s_ a7s eQf-v_ cGo
22 fwf0f ef DaGwL vr
23-s_ aLdfIacuteLo ]jf zNs-v_ aLdfIacuteLo vr
24 n]vf kLIf0f DaGwL vr-s_ n]vf kLIf0f zNs-v_ s n]vf kLIf0f zNs-u_ ljt[t n]vf kLIf0f k|ltj]bg zNs-3_ cGo zNs-ordf_ cfGtls n]vf kLIf0f vr-r_ cGo vr
25 Aofh26 as rfh27 zNs tyf bt28 Xf ssectL29 xnfs l6s630 cGo
afF8 kmfF8sf] nflu hDdfgfkmf gf]Sfg lxfadf f]sf]================aLdfsf] cfo Joo lxfadf f]sf]================aLdfsf] cfo Joo lxfadf f]sf]
hDdfcgrL amp=
sdrfL vr
qm=+= ljj0f o aif ut aif= tna= eQf= bz+ vr$= ~rosf]ifdf yk= tflnd vr^= kf]zfsamp= cfifwf]krf= aLdf(= k]Gg tyf pkbfg vr tyf Jojyf)= ljbf afktsf] vr tyf Jojyf= cGo ljwf afkt vr tyf Jojyf -ljj0f vnfpg]_ cGo -ljj0f vnfpg]_
hDdf M
21
cgrLndash
cfos
qm=+= ljj0f o aif ut aif
= o aifsf] cfos
= cl3Nnf aifxsf] cfos
= afF8kmfF8sf] nflu cfossf] hDdf
afF8kmfF8
gfkmf gf]Sfg lxfadf f]sf]
==============aLdfsf] cfo Joo lxfadf f]sf]
==============aLdfsf] cfo Joo lxfadf f]sf]
hDdf
22
cgrL ndash (
cflys jifsf] cGTodf eQmfgL xg afFsL bfjL afkt Jojyf
eQmfgL xgafFsL d[To bfjL
eQmfgL xgafFsL cjlwdfKtL bfjL
eQmfgL xgafFsL cf+lzscjlw dfKtL
bfjL
eQmfgL xgafFsL dk0fdNo bfjL
eQmfgL xgafFsL cGo
bfjL
[hgf ePsf]t hfgsfLdfgcfPsf] bfjL
-cgdflgt_
eQmfgL xgafFsL hDdf
bfjL
eQmfgL xgafFsL hDdf
bfjLdfkgaLdssf]
lxf
eQmfgL xgafFsL bfjL
afkt Jojyf
qm=+= aLdfsf] lsld
ojif
ut jif ojif
utjif
ojif
utjif
ojif
utjif
ojif
utjif
ojif
utjif
ojif
utjif
ojif
utjif
ojif
utjif
=
=
=
$=
hDdf M
23
cgrLndash)
cfo Joo lxfaxaf6 gfkmf gf]Sfg lxfadf f]sf] sd
qm=+= ljj0f o aif ut aif
= ==================== sf] cfo Joo lxfaaf6 f]sf]
= ==================== sf] cfo Joo lxfaaf6 f]sf]
=
$=
hDdf
cgrLndash
hLjg aLdf sf]if
dfof]hg cuf8Lsf]hLjg aLdf sf]if-jifsf] zdf_
cfo Joolxfaaf6 f]sf]
gfkmf gf]Sfglxfaaf6 f]sf]
dfof]hg cuf8Lsf]hLjg aLdfsf]if-jifsf] cGTodf_
qm=+= aLdfsf]lsld
o jif ut jif o jif ut jif o jif ut jif o jif ut jif
=
=
=
$=
hDdf M
hLjg aLdf sf]ifdf dfof]hg
dfof]hgcuf8Lsf]
hLjg aLdfsf]if
-jifsf]cGTodf_
gfkmfgf]Sfglxfadff]sf]
aLdfn]vcGtutbfloTj
af]gsf]nflu
Jojyf
f]Ne]GLdflhgsf]nflu
Jojyf
afF8kmfF8gulPsf]sd
jifsf]cGTodfhLjg
aLdf sf]if
qm=+= aLdfsf]lsld
oaif
utaif
oaif
utaif
oaif
utaif
oaif
utaif
oaif
utaif
oaif
utaif
oaif
utaif
=
=
=
hDdf M
24
cgrLndash
Jojyf lkmtfqm=+= ljj0f o aif ut aif= nufgLdf gf]SfgLsf] nflu Jojyf lkmtf= shfdf gf]SfgLsf] nflu Jojyf lkmtf= z+sfkb cffdL Jojyf lkmtf$ cGo Jojyf lkmtf
hDdf
cgrLndash
ckn]vg vrx
qm=+= ljj0f o aif ut aif1 k|flDes vrx2 kj +rfng vrx3 k flPsf vrx4 ckn]vg ulPsf] nufgL5 ckn]vg ulPsf] shf6 ckn]vg ulPsf] cffdL7 cGo ckn]vg
hDdf
cgrLndash$
cGo vrx
qm=+= ljj0f o aif ut aif
1 b08 hljfgf
2 ljnDa zNs hljfgf
3 cGo -ljj0f vnfpg]_
hDdf
cgrLndash
gf]SfgLsf] nflu Jojyfqm=+= ljj0f o aif ut aif= nufgLdf gf]SfgLsf] nflu Jojyf= shfdf gf]SfgLsf] nflu Jojyf= z+sfkb cffdL Jojyf$ cGo Jojyf
hDdf
25
cgrLndash^
-s_ z]o kFhL
qm=+= ljj0f o aif ut aifclws[t kFhLs_ ================= bsf] ======== yfg fwf0f z]ov_ ============ bsf] ====yfg ckljtgLo cu|flwsfz]o
=
u_ ========== bsf] ====== yfg kljtgLo cu|flwsfz]ohfL kFhLs_ ================= bsf] ======== yfg fwf0f z]ov_ ============ bsf] ====yfg ckljtgLo cu|flwsfz]o
=
u_ ========== bsf] ====== yfg kljtgLo cu|flwsfz]orQmf kFhLs_ ================= bsf] ======== yfg fwf0f z]oGog eQmfgL k|fKt xg afFsL ==== bsf] ===yfg fwf0fz]ov_ ============ bsf] ====yfg ckljtgLo cu|flwsfz]o
=
u_ ========== bsf] ====== yfg kljtgLo cu|flwsfz]o
hDdf-v_ z]o jfldTjsf] +rgf
o aif ut aifz]owgL
fwf0f z]o+Vof
jfldTjsf] Uuml fwf0fz]o +Vof
jfldTjsf] Uuml
g]kfnL +ul7t +yfx
g]kfnL gfuls
ljb]zL+y
fks
hDdf
jfwf0f
cGo -ljj0f vnfpg]_
sn
-u_ Ps k|ltzt jf a9L z]o jfldTj ePsf z]owgLxsf] ljj0f
o aif ut aifqm=+= ljj0f
jfldTjsf] Uuml sd jfldTjsf] Uuml sd
=
=
=
26
cgrLndashamp
hu]8f tyf sf]if
qm=+= ljj0f o aif ut aif
1 kFhLut hu]8f
2 ljz]if hu]8f
3 cGo hu]8f -ljj0f vnfpg]_
4 z]o lk|ldod
5 k|tfljt af]gz z]o
6 Gffkmf gf]Sfg lxfaaf6 f]sf] gfkmf
hDdf
cgrLndash
dxfndashljklQ hu]8fjifsf] zdf dxfndashljklQ hu]8f gfkmf gf]Sfg lxfaaf6 f]sf] jifsf] cGTodf dxfndashljklQ
hu]8fo jif ut jif o jif ut jif o jif ut jif
cgrLndash(
ltg afFsL bL3sflng C0f tyf fk6L
qm=+= ljj0f o aif ut aif
l8j]Gr divide a08
a+s
ljQLo +yf
$ cGo -ljj0f vnfpg]_
hDdf
27
cgrLndash)
ly DklQ
ljj0f kn df]n Xf ssectL vb df]n
zdfHbft
ojif
yk]sf]
ojif
36]sf]
hDdf utjifDd
ojif
laqmLdivide
dfof]hg
hDdf ojifDdsf]
UftjifDdsf]
lk|m xf]N8hldg
ejg
kmlgrtyf
lkmSr
sfofnofdfg
sDKo6tyfrgfk|ljwLpks0f
cb[ZoDklQ-ljj0fvnfpg]_
jfLfwg
lnh xf]N8DklQ
cGo-k|s[ltvnfpg]_
hDdf
lgdf0fflwgkFhLutvr
sn
ut jif
28
cgrLndash
nufgL
qm=+= ljj0f o aif ut aif-s_ bL3sflng nufgL M sfL sfsf] hdfgt k|fKt ]Sol6L jfl0fHo a+ssf] d2tL lgIf]k ljsf a+ssf] d2tL lgIf]k$ gfuls nufgL of]hgf ljQLo +yfsf] d2tL lgIf]k^ cfjf ljQ sDkgLsf] fwf0f z]o -cgrL = adf]lhd_amp cGo sDkgLsf] fwf0f z]o -cgrL = adf]lhd_ a+s tyf ljQLo +yfsf] cu|flwsf z]odividel8j]Gr( cGo -ljj0f vnfpg]_
hDdf M-v_ cNksflng nufgL M sfL sfsf] hdfgt k|fKt ]Sol6L jfl0fHo a+ssf] d2tL lgIf]k ljsf a+ssf] d2tL lgIf]k$ gfuls nufgL of]hgf ljQLo +yfsf] d2tL lgIf]k^ a+s tyf ljQLo +yfsf] cu|flwsf z]odividel8j]Gramp jfl0fHo a+ssf] Aofh k|fKt xg] cGo lgIf]k ljsf a+ssf] Aofh k|fKt xg]] cGo lgIf]k( ljQLo +yfsf] Aofh k|fKt xg] cGo lgIf]k) cGo Aofh k|fKt xg] nufgL -ljj0f vnfpg]_
hDdf McgrLndash=
z]odf nufgL
qm=+= sDkgL vb sd c+lst dNo kn dNo ahf dNo
= ======sDkgLsf]=============yfg====z]o
= ======sDkgLsf]=============yfg=====z]o
= ======sDkgLsf]=============yfg=====z]o
hDdf
gf]6 M = aLdssf] xfos sDkgLdividexf]lN8Euml sDkgL tyf +oQm nufgL ePsf] sDkgLsf] z]odf ePsf]nufgLnfO
5sectfndash5sect vnfpg kg]5
= lgodfgf lrs[t gePsf z]odf ePsf] nufgLnfO 5sect vnfpg kg]5
= +yfks z]o cGo z]odf ePsf] nufgLnfO 5sectf5sect vnfpg kg]5
29
cgrLndash
gub tyf a+s dfHbft
qm=+= ljj0f o aif ut aifgub dfHbft
hDdfa+s dfHbftjfl0fHo a+sxsf] dfHbftljsf a+sxsf] dfHbftljQLo +yfxsf] dfHbft
cGo -ljj0f vnfpg]_hDdfsn
cgrLndash
cGo shf
qm=+= ljj0f o aif ut aif-s_ bL3sflng shf= clestfnfO shf= sdrfLnfO shf= cGo -ljj0f vnfpg]_
hDdf-v_ cNksflng shf= clestfnfO shf= sdrfLnfO shf= cGo -ljj0f vnfpg]_
hDdfcgrLndash$
cGo DklQqm=+= ljj0f o aif ut aif1 nufgLaf6 k|fKt xg afFsL cfo2 aLdfn]vsf] lwtf]df shfaf6 k|fKt xg afFsL Aofh3 cGo -aLdfn]vsf] lwtf]df afx]s_ shfaf6 k|fKt xg afFsL
Aofh4 cGo aLdsaf6 k|fKt xg afFsL5 kgaLdsaf6 k|fKt xg afFsL6 ljljw cffdL7 clu|d eQmfgL8 sdrfL k]ZsL9 cGo k]ZsL10 wf6L11 cn xg afFsL aLdfzNs
Gog M cn xg afFsL aLdfzNs dNtjL -suspense_12 cGo ljj0f vnfpg]
hDdf M
30
cgrLndash
rfn bfloTj
qm=+= ljj0f o aif ut aif1 clestfnfO lbg afFsL2 cGo aLdsnfO lbg afFsL3 kgaLdsnfO lbg afFsL4 cNksflng shf5 aLdfzNs wf6L6 k0f ljj0f gvn]sf] aLdfzNs7 ljljw fx8 xfosdividexf]lN8Euml sDkgLnfO lbg afFsL9 gtf]tdf ssectf ulPsf] s ltg afFsL10 dNo clea[l4 s ltg afFsL11 cfos ltg afFsL12 ]jf zNs ltg afFsL13 sdrfLnfO lbg afFsL14 +rfnsnfO lbg afFsL15 eQmfgL lbg afFsL nfef+z -l8le8]08_16 cGo -ljj0f vnfpg]_
hDdf
cgrLndash^
cdfKt hf]lvd Jojyfqm=+= ljj0f o aif ut aif= ===========aLdfsf] cdfKt hf]lvd hu]8f= ===========aLdfsf] cdfKt hf]lvd hu]8f= ===========aLdfsf] cdfKt hf]lvd hu]8f
===========aLdfsf] cdfKt hf]lvd hu]8f
hDdf
31
cgrL ^scGo Aojyf
aifsf] zdf Aojyfrfn cf=a=df yk ulPsf]
Aojyfrfn cf=a=df ckn]vg
ulPsf] Aojyfrfn cf=a=df lkmtfulPsf] Aojyf
aifsf] cGtdf sfodx]sf] Aojyf
qm=+=
ljj0fo jif ut jif o jif ut jif o jif ut jif o jif ut jif o jif ut jif
nfef+z -l8le8]08_ sf] nflu Aojyf
nufgLdf gf]SfgLsf] nflu Aojyf
shfdf gf]SfgLsf] nflu Aojyf
$ z+sfZkb cffdLsf] nflu Aojyf
cGo gf]SfgLsf] nflu Aojyf
^ sdrfL DaGwL Aojyf-s_ k]Gg tyf pkbfg Aojyf-v_ ljbf jfkt Aojyf-u_ cfjf tyf cGo ljwf Aojyf-3_ sdrfL af]g Aojyf-ordf_ cGo
amp cGo Aojyf -ljj0f vnfpg]_
hDdf
32
cgrLndashamp
ckn]vgdividedfof]hg xg afFsL ljljw vrxqm=+= ljj0f o aif ut aif1 ckn]vg ug afFsL k|flDes vr2 ckn]vg ug afFsL kj +rfng vr3 ckn]vg ug afFsL yug ulPsf vr4 cGo -ljj0f vnfpg]_
hDdf
cgrL ndash
ljQLo ljj0f+u DalGwt k|dv n]vf gLltx
n]vf DaGwL gLltdf vnfpg kg] aFbfx M aLdsn] n]vf DaGwL gLltdf b]xfosf aFbfxvnfpg kg]5
1 ljQLo ljj0f tofLsf cfwfx M sg sg cjwf0ff -concept_ tyf n]vfdfgx sfgg tyf aLdf ldltsf lgb]zgxsf] clwgdf xL ljQLo ljj0f tof ulPsf] xf]f]sf] Joxf]f
ljQLo ljj0f tof ubf sg sfgg aLdf ldltsf] lgb]zg jf n]vfdfg kfngf gePsf]eP f]sf] sf0f lxt Joxf]f
2 ly DklQ n]vfIacuteg gLlt M ly DklQ n]vfIacuteg ubf cjnDag ulPsf] gLlt
3 Xf ssectL gLlt M aLdssf] +rfns ldltaf6 kflt uL nfu ulPsf] Xf ssectL gLlt
4 kFhLs[t gulg] DklQx DaGwL n]vfIacuteg gLlt M aLdssf] +rfns ldltn] sg lglZrtdf]nDd kg] pks0f fdfgx kFhLs[t gug] gLlt lnPsf] 5 eg] f]sf] Joxf]f
5 cfos Jojyf tyf afF8kmFf8 gLlt M cfos Jojyf DaGwdf aLdsn] cjnDag u]sf]gLlt aLdsn] gfkmf gf]Sfg lxfa tyf cfo Joo lxfadf Totf] Jojyf sdafF8kmFf8 ubf cjnDag u]sf] gLlt
6 nufgL n]vfIacuteg gLlt M nufgL n]vfIacutegsf] DaGwdf aLdsn] cjnDag u]sf] gLltxnfOb]xfosf zLifsx cGtut vnfpg kg]5
-s_ sfL artkqdivideC0fkqdf nufgL n]vfIacuteg gLlt
-v_ a+sdivideljQLo +yfsf] d2tL lgIf]kdf nufgL n]vfIacuteg gLlt
-u_ klAns lnld6]8 sDkgLsf] z]odf nufgL n]vfIacuteg gLlt
-3_ klAns lnld6]8 sDkgLn] hfL u]sf] C0fkqxdf nufgL n]vfIacuteg gLlt
7 6xL 36a9 dfof]hg gLlt M ljb]zL db|f+u DalGwt DklQ bfloTj tyf 6xL36a9 cfDbfgL tyf vrxsf] n]vfIacuteg gLlt
8 aLdfzNs cfDbfgL n]vfIacuteg gLlt M aLdsn] aLdfzNs cfDbfgL n]vfIacuteg ubf cjnDagu]sf] gLlt
33
9 kgaLdf sldzg cfDbfgL n]vfIacuteg gLlt M aLdsn] kgaLdf u] afkt k|fKt ug] sldzgsf]n]vfIacuteg ubf cjnDag u]sf] gLlt
10 cGo cfo n]vfIacuteg tyf afF8kmFf8 gLlt M aLdsn] ef8f -Rent_ tyf cGo zLifsaf6 ePsf]cfo n]vfIacuteg tyf afF8kmFf8 ubf cjnDag u]sf] gLlt
11 shf n]vfIacuteg gLlt M aLdsn] aLdfn]vsf] lwtf]df k|bfg u]sf] shf tyf cGo shfn]vfIacuteg ubf cjnDag u]sf] gLlt
12 Jojyfkg vr afF8kmFf8 gLlt M aLdsn] gfkmf gf]Sfg lxfa tyf cfo Joo lxfaxdfJojyfkg vr afF8kmFf8 ubf cjnDag u]sf] gLlt
13 aLdf bfjL eQmfgL vr n]vfIacuteg gLlt M aLdsn] aLdf bfjL eQmfgL vr n]vfIacuteg ubfcjnDag u]sf] gLlt
14 aLdf bfjL afkt bfloTj Jojyf n]vfIacuteg gLlt M -s_ gt[hgf ePsf] t hfgsfLdfgcfPsf] -IBNR_ aLdf bfjL afkt bfloTj Jojyf n]vfIacuteg ubf aLdsn] cjnDagu]sf] gLlt
-v_ aLdsn] aLdf bfjL bfloTj afkt Jojyf ubf cjnDag u]sf] gLlt
15 aLdf Jojfodf art afF8kmFf8 gLlt M aLdsn] gfkmf gf]Sfg lxfa tyf cfo Joolxfaxdf art afF8kmFf8 ubf cjnDag u]sf] gLlt
16 sdrfL pkbfg ljbf tyf cGo ljwf afkt Jojyf gLlt M aLdsn] sdrfL pkbfgljbf tyf cGo ljwf afkt Jojyf ubf cjnDag u]sf] n]vfIacuteg gLlt
17 z+sfkb cffdL Jojyf gLlt M aLdsn] z+sfkb cffdL Jojyf ubf cjnDag u]sf]gLlt
18 ckn]vg vr n]vfIacuteg gLlt M aLdsn] cjnDag u]sf] ckn]vg vr DaGwL gLlt
19 cGo gLltx M plNnlvt gLltx afx]s jfnft gfkmf gf]Sfg lxfa cfo Joo lxfanufotsf ljQLo ljj0fnfO apermilg ljZn]if0f ug 3fp kUg] uL cGo sg] n]vf gLltsf]hfgsfL lbg cfjZos b]lvPdf f] Joxf]f
34
cgrLndash(
ljQLo ljj0f+u DalGwt n]vf DaGwL l6Kk0fLx
n]vf DaGwL l6Kk0fLdf vnfpg kg] aFbfx M aLdsn] n]vf DaGwL l6Kk0fLdf b]xfosf aFbfxvnfpg kg]5
= Defljt bfloTjx M
c_ rQmf jf eQmfgL xg afFsL nufgL
cf_ k|Tofelt k|lta4tf -underwriting commitments_
O_ aLdfn]v cGtut eGbf afx]saf6 aLds pk bfjL k]sf] t aLdsn] bfloTj jLsfgu]sf]
O_ aLdsn] jf aLdssf] tkmaf6 lbOPsf] Uof]06L
p_ cGo bfloTj -ljj0f vnfpg]_
= aLdfIacuteLn] aLdssf] bfloTj dNofIacuteg ubf cjnDag u]sf] cfwfx
= aLdssf] DklQdf cfPsf] Lldttf tyf ljjfbx
$= shf nufgL tyf ly DklQsf] nflu ulPsf] k|lta4tf
= nufgL+u DalGwt b]xfosf vLb laqmL Demftfxsf] dNo M
c_ vLb ulPsf] DklQsf] jfldTj k|fKt gePsf]
cf_ laqmL ulPsf] DklQsf] eQmfgL k|fKt gePsf]
^= o jifeL ulPsf] nufgL tyf laqmLdividelkmtf lnPsf] nufgLsf] DaGwdf +yf ldltkldf0f sd d]t vn]sf] ljj0f
amp= a+s dfHbft lxfa DaGwdf DalGwt a+sdivideljQLo +yfsf] 6]6d]06 lxtsf] lxfaldnfg DaGwL Joxf]f
= aLdsdividekgaLds+u lng lbg afFsL lxfa DaGwdf DalGwt aLdsdividekgaLdssf]dyg lxtsf] lxfa ldnfg DaGwL Joxf]f
gf]6 Mndash bnfn (Broker) dfkmt ePsf] kgaLdfsf] xsdf fdfGot DalGwt bnfnn]kgaLdssf] tkmaf6 dyg lbg Sg]5
(= aLdsn] u]sf] nufgL k|rlnt aLdf P]g lgodfjnL tyf aLdf ldltaf6 tf]lsP adf]lhdx] gx]sf]
)= aLdssf] +rfns jf +rfns+u DalGwt JolQm jf +yf+u ePsf] sff]af
= aLdsn] cfˆgf] DklQsf] If0fdf lnPsf] C0fsf] lwtf] zt tyf cflrTo
= aLdsn] s rQmf k|df0fkq k|fKt u]sf] cf=j=tyf Totf] rQmf k|df0fkq k|fKt xg afFsLcf=j= f] DaGwL ljj0fsf fy] cl3Nnf] cf=j=xsf] s hljfgf Aofh afkt bfjLk]sf] o cf=j=df eQmfgL ePsf] sd
= lkmtf u]sf] aLdfzNssf] kldf0f sf0f
35
$=aLdsn] aLldtnfO k|bfg ug] 3f]lift tyf cGtld af]gsf] b
=l9nf] aLdfzNs eQmfgLdf lanDa zNsdivideAofhsf] b tyf aLdfn]vsf] lwtf]df k|bfg ulg]shfdf Aofhsf] b
^=ckn]vg xg afFsL vrsf] ljj0f
amp=rQmf kFhL dWo] clu|d eQmfgL k|fKt -Paid in advance_ eQmfgL k|fKt xg afFsL -Call inarrears_ hkmt ulPsf t kgM lgisfzg gulPsf z]osf] ljj0f
=lnh xf]N8 DklQdf ut jifDd o jif vr (Amortization) n]lvPsf] sdsf]ljj0f
(= jifeldf ePsf] jfnft aflxsf] sff]afsf] ljj0f
)= cl3Nnf aifx+u DalGwt cfDbfgL tyf vrxsf] 5sectf5sect ljj0f
=plNnlvt aFbfx afx]s jfnft gfkmf gf]Sfg lxfa cfo Joo lxfa nufotsfljQLo ljj0fxnfO apermilg ljZn]if0f ug 3fp kUg] cGo sg hfgsfL lbg cfjZosb]lvPdf cGo Joxf]f d]t vnfpg kg]5
36
cgrL )k|dv rsfIacutex
cf=a=qm=+= ljj0f rsfIacute
g]6 jy = z]o +Vof +Vof k|lt z]o lstfjL dNo =$ vb gfkmf = k|lt z]o cfo (EPS) =^ k|lt z]o nfef+z (DPS) =amp k|lt z]o ahf dNo (MPPS) = dNo cfDbfgL cgkft (PE Ratio) cgkft( k|yd aifsf] aLdfzNs =) sn aLdfzNs = vb aLdfzNsdividesn aLdfzNs k|ltzt vb gfkmfdividesn aLdfzNs k|ltzt sn aLdfzNsdividesn DklQ k|ltzt$ nufgL shfaf6 cfodividesn nufgL shf k|ltzt sn nufgL shfdividehLjg aLdfsf]if k|ltzt^ kgaLdf sldzg cfodividesn kgaLdfzNs k|ltztamp Jojyfkg vrdividesn aLdfzNs k|ltzt aLdf clestf DalGw vrdividesn aLdfzNs k|ltzt( aLdf clestf +Vof +Vof) sdrfL +Vof +Vof sfofnosf] +Vof +Vof sdrfL vrdivideJojyfkg vr k|ltzt sdrfL vrdividesdrfL +Vof =$ eQmfgL xg aFfsL bfjL sddivideeQmfgL ePsf] bfjL
sdk|ltzt
sn sfod x]sf] aLdfn]vsf] +Vof +Vofdf^ o jif gjLs0f ePsf] aLdfn]vsf] +Vofdivideut
jif sfod x]sf] aLdfn]vsf] +Vofk|ltzt
amp bfjL k]sf] aLdfn]vsf] +Vofdividesn sfod x]sf]aLdfn]vsf] +Vof
k|ltzt
f]Ne]GL dflhg k|ltzt( 3f]lift af]g b =
k|ltxhf) cGtld af]g b =
k|ltxhf
37
cgrL ndash
aLdfIacutesf] ljj0f
sfod x]sf]aLdfn]vsf] +Vof
sfod x]sf]aLdfn]v cGtut
hDdf aLdfIacute
d of6 ls(Sum at Risk)
kgaLdsnfOxtfGt0f ulPsf]
d of6 ls(Sum at Risk)
aLdsn] wf0fu]sf] d of6ls (Sum at
Risk)
qm=+= aLdfsf] lsld
o jif ut jif o jif ut jif o jif ut jif o jif ut jif o jif ut jif
hDdf
38
kllzi6 ndash
-lgb]zg +u DalGwt_
ljQLo ljj0fsf zLifsxsf] +lIfKt JofVof
-s_ cfo Joo lxfa tyf f] DaGwL cgrLsf zLifsxsf] +lIfKt JofVof M
1 k|ToIf aLdfzNs M aLdsn] kgaLdf jLsf u] afkt k|fKt aLdfzNs afx]s k|ydjifsf] aLdfzNs gjLs0f aLdfzNs Psn aLdfzNssf] of]ukmnaf6 lgodfgflkmtf u]sf] aLdfzNs ssectf uL o zLifsdf hgfpg kg]5
2 sn aLdfzNs M k|ToIf aLdfzNs aLdsn] kgaLdf jLsf u] afkt k|fKtaLdfzNssf] of]ukmnnfO o zLifsdf hgfpg kg]5
3 aLdfzNs -vb_ M sn aLdfzNsaf6 kgaLdf lbP afktsf] kgaLdf zNs ssectf uLafFsL sdnfO o zLifsdf hgfpg kg]5
4 kgaLdf sldzg cfo M -s_ aLdsn] kgaLdf lbP afkt k|fKt xg] kgaLdfsldzgnfO o zLifsdf hgfpg kg]5
-v_ aFbf g+=-s_ sf] cltlQm kgaLdsaf6 dgfkmf sldzg -Profit Commission_k|fKt ePdf f]nfO o zLifsdf dfj]z uL f]sf] Joxf]f n]vf DaGwLl6Kk0fLdf vnfpg kg]5
5 nufgL shf tyf cGoaf6 cfo M sfL ]Sol6Laf6 cfo d2tL lgIf]kaf6 cfoklAns sDkgLsf] z]odividel8j]Graf6 cfo ef8faf6 cfo shfaf6 cfo -aLdfn]vsf]lwtf]df shf afx]s_ cGo lgIf]kaf6 -d2tL afx]s_ cfo nufgL laqmLdf gfkmf -GognufgL laqmLdf gf]Sfg_ nufgL -vLb_ df gfkmf -Gog nufgL vLbdf gf]Sfg_ly DklQ laqmLaf6 gfkmf -Gog ly DklQ laqmLaf6 gf]Sfg_ vftf ckn]vgaf6cfo tyf cGo cfosf] of]ukmnnfO lgb]zg adf]lhd afF8kFmf8 uL cfPsf]sdnfO o zLifsdf hgfpg kg]5
6 aLdfn]vsf] lwtf]df shfaf6 cfo M aLdfn]vsf] lwtf]df shf k|bfg u] afkt k|fKt xg]Aofh lanDa zNs htf cfonfO o zLifsdf hgfpg kg]5
7 cGo k|ToIf cfoM aLldtn] tf]lsPsf] cjlwleq aLdfzNs gaemfP afkt aLdsn]eQmfgL k|fKt u]sf] hljfgfdivideAofhdivideljnDa zNs tyf aLdfn]vsf] k|ltlnkL btcfo l6s6 bt htf f]xL aLdfsf] lsld+u k|ToIf kdf DalGwt cfonfO ozLifsdf hgfpg kg]5
8 bfjL eQmfgL -vb_ M aLdsn] eQmfgL u]sf] d[To bfjL cjlw dfKtL bfjL cf+lzscjlw dfKtL bfjL dk0f dNo tyf cGo bfjLsf] of]ukmnnfO o zLifsdfhgfpg kg]5
9 clestf sldzg M k|yd jifsf] aLdfzNsdf clestf sldzg gjLs0f aLdfzNsdfclestf sldzg Psn aLdfzNsdf clestf sldzgsf] of]ukmnaf6 kgaLdssf]lxf ssectf uL afFsL sd o zLifsdf hgfpg kg]5
10 jfYo kLIf0f zNs M aLdf hf]lvdfIacutegsf] nflu jfYo kLIf0f ufP afkt aLdsn]Joxf]g k]sf] jfYo kLIf0f zNsnfO o zLifsdf hgfpg kg]5
39
11 kgaLdf sldzg vr M aLdsn] kgaLdf jLsf u] afkt eQmfgL ug kg] sldzgsdnfO o zLifsdf hgfpg kg]5
12 ]jf zNs -vb_ M aLdf ldltnfO aemfpg kg] sn ]jf zNsaf6 kgaLdssf] lxfssectf uL afFsL sdnfO o zLifsdf hgfpg kg]5
13 cGo k|ToIf vr M aLdfsf] lsld+u k|ToIf kn] DalGwt x]sf] cGo vrnfO ozLifsdf hgfpg kg]5
14 Jojyfkg vr M lgb]zg $ adf]lhd afF8kmFf8 uL cfPsf] sdnfO o zLifsdfhgfpg kg]5
15 cfos M -_ aLdssf] cfos bfloTjnfO lgb]zg adf]lhd afF8kmFf8 uL cfPsf]sdnfO o zLifsdf hgfpg kg]5 osf] ljj0f kllzi6 sf] cgrL adf]lhd xg kg]5
-_ cl3Nnf jif-x_ sf] cfos bfloTjnfO kllzi6 sf] cgrL sf] aeligcl3Nnfjifxsf] cfosAElig zLifsdf hgfpg kg]5 t Totf] cfosdf nfu]sf]b08dividehljfgfdivideljnDa zNsnfO gfkmf gf]Sfg lxfasf] aeligcl3Nnf jif+uDalGwt vrAElig zLifsdf hgfpg kg]5
16 cflys jifsf] cGTodf eQmfgL xg afFsL bfjL afkt Jojyf M cflys jifsf] cGTodfeQmfgL xg afFsL d[To bfjL cjlw dfKtL bfjL cf+lzs cjlw dfKtL bfjL dk0fdNo bfjL cGo bfjL tyf gt[hgf ePsf] t hfgsfLdf gcfPsf] bfjLsf] of]ukmndfaLdf lgodfjnL )$( sf] lgod sf] v08 -3_ adf]lhdsf] sd yk ubf xgcfpg] sdnfO o zLifsdf hgfpg kg]5
aLdssf] cgejsf] cfwfdf [hgf ePsf] t hfgsfLdf gcfPsf] bfjLsf] nflusd Aojyf ug kg]5
17 cflys jifsf] cGTodf cdfKt hf]lvd afkt Jojyf M aLdf cjlw dfKtL afktbfjL eQmfgL ug gkg] lsldsf] aLdfsf] cdfKt hf]lvd afkt lgb]zg ( adf]lhdJojyf uL cfPsf] sd o zLifsdf hgfpg kg]5
18 hLjg aLdf sf]ifdividegfkmf gf]Sfg lxfadf f]sf] artdivide-gf]Sfg_ M -_ aLdf cjlwdfKtL afkt bfjL eQmfgL ug kg] lsldsf] aLdfsf] cfo Joo lxfaaf6 art -surplus_ ePsf] cjyfdf o zLifsnfO aelighLjg aLdf sf]ifdf f]sf] artAElig sfoduL Totf] art sdnfO o zLifsdf hgfpg kg]5
-_ aLdf cjlw dfKtL afkt bfjL eQmfgL ug kg] lsldsf] aLdfsf] cfo Joolxfaaf6 gf]Sfg ePsf] cjyfdf o zLifsnfO aeliggfkmf gf]Sfg lxfadff]sf] gf]SfgAElig sfod uL Totf] gf]Sfg sdnfO o zLifsdf C0ffTdskdf hgfpg kg]5
-_ aLdf cjlw dfKtL afkt bfjL eQmfgL ug gkg] lsldsf] aLdfsf] cfo Joolxfasf] nflu o zLifsnfO aelighLjg aLdf sf]ifdf f]sf] sdAElig aeliggfkmfgf]Sfg lxfadf f]sf] artdivide-gf]Sfg_AElig uL bOj6f zLifs sfod uL aelighLjgaLdf sf]ifdf f]sf] sdAElig zLifsdf lgb]zgndash adf]lhdsf] sd hgfO afFsLsdnfO aeliggfkmf gf]Sfg lxfadf f]sf] artdivide-gf]Sfg_AElig zLifsdf hgfpgkg]5 tf]lsP adf]lhd hLjg aLdf sf]ifdf f]sf] sd hgfp+bf gf]Sfg ePdf
40
aeliggfkmf gf]Sfg lxfadf f]sf] artdivide-gf]Sfg_AElig zLifsdf Totf] gf]Sfg ePsf]sdnfO C0ffTds kdf hgfpg kg]5
-v_ gfkmf gf]Sfg lxfa tyf DalGwt cgrLsf zLifsxsf] +lIfKt JofVof M
1 cfo Joo lxfaaf6 f]sf] M aLdf cjlw dfKtL afkt bfjL eQmfgL ug gkg]lsldsf] aLdfxsf] cfo Joo lxfaaf6 aeliggfkmf gf]Sfg lxfadf f]sf] artdivide-gf]Sfg_AElig sdxsf] of]ukmnnfO o zLifsdf hgfpg kg]5
2 hLjg aLdf sf]ifaf6 f]sf] M k|rlnt sfggL Jojyf adf]lhd aLdssf] bfloTjsf]n]vfhf]vf DaGwL aLdfIacuteLsf] k|ltj]bg d]tsf] cfwfdf hLjg aLdf sf]ifaf6 gfkmfgf]Sfg lxfadf fgsf nflu ldltn] jLs[lt k|bfg u]sf] sdnfO o zLifsdfhgfpg kg]5
3 nufgL shf tyf cGoaf6 cfo M lgb]zg adf]lhd afF8kFmf8 uL cfPsf] sdnfOo zLifsdf hgfpg kg]5
4 Jojyf lkmtf M nufgLdf gf]SfgLsf] nflu ulPsf] Jojyf shfdf gf]SfgLsf] nfluulPsf] Jojyf z+sfkb cffdLsf] nflu ulPsf] Jojyf tyf cGosf] nfluulPsf] Jojyf sd cf+lzs jf k0fkn] sfod fVg kg] cjyf gx]df TotfsdxnfO o zLifsdf hgfpg kg]5
5 cGo cfDbfgL M aLdf Aojfo+u f]sf gePsf] kj +rfng cfDbfgL htfcfDbfgLxsf] of]ukmnnfO o zLifsdf hgfpg kg]5
6 Jojyfkg vr M lgb]zg $ adf]lhd afF8kmFf8 uL cfPsf] sdnfO o zLifsdfhgfpg kg]5
7 ckn]vg vr M k|flDes vrx kj +rfng vrx k flPsf vrx nufgLshf cffdL tyf cGo ckn]vg ulPsf] vrnfO o zLifsdf hgfpg kg]5 t+yfks +rfns tyf pRr Jojyfks jf lghx+u DalGwt JolQmdivide+yfDaGwL cffdL ckn]vg ug kfOg] 5g
8 cGo vrx M k|rlnt sfgg adf]lhd aLdf ldlt tyf cGo lgsfon] aLdsnfOtf]s]sf] b08 hljfgf aLdsn] pkof]u u]sf] ]jfsf] aemfpg kg] zNs dodfgaemfP afkt ltg kg] ljnDa zNs hljfgf nufotsf vrx o zLifsdfhgfpg kg]5
9 gf]SfgLsf] nflu Jojyf M nufgLdf gf]SfgLsf] nflu Jojyf shfdf gf]SfgLsf]nflu Jojyf z+sfkb cffdL Jojyf tyf cGo JojyfnfO o zLifsdf hgfpgkg]5
10 cfos M aLdssf] cfos bfloTjnfO lgb]zg adf]lhd afF8kmFf8 uL cfPsf]sdnfO o zLifsdf hgfpg kg]5
11 hLjg aLdf sf]ifdf f]sf] M aLdssf] bfloTjsf] n]vf hf]vf uL aLdfIacuteLn] lbPsf]dNofIacuteg k|ltj]bg d]tsf] cfwfdf ldltn] lbPsf] cfb]zdividelgb]zg adf]lhd hLjg
41
aLdf sf]ifdf f]sf] sdnfO o zLifsdf b]vfpg kg]5 oL hLjg aLdf sf]ifdff]sf] sd gfkmf gf]Sfg lxfadf lkmtf ug kfOg] 5g
12 cl3Nnf jif+u DalGwt vr M cl3Nnf jif-x_sf] cfosdf nfu]sf]b08dividehljfgfdivideljnDa zNs tyf cl3Nnf jifxdf n]vfIacuteg ug 56]sf vrxnufotsf cl3Nnf jif+u DalGwt vrnfO o zLifsdf hgfpg kg]5
-u_ jfnft tyf DalGwt cgrLsf zLifsxsf] +lIfKt JofVof M
1 rQmf kFhL M eQmfgL k|fKt ePsf] fwf0f z]o ckljtgLo cu|flws z]o tyfkljtgLo cu|flwsf z]o afktsf] sdsf] of]ukmnnfO o zLifsdf hgfpg kg]5
2 hu]8f tyf sf]if M aLdsn] hu]8f sfod ug] lnlnfdf gfkmfaf6 afF8kmfF8 ecfPsf jf cGo sg] k|lqmofaf6 gt[hgf ePsf tyf gfkmf gf]Sfg lxfadf afF8kmFf8guL +ro uL flvPsf] sdxnfO o zLifsdf hgfpg kg]5 oL hu]8f k|of]uubf DalGwt hu]8f tyf sf]if lxfadf vr hgfpg kg]5
-s_ kFhLut hu]8f M rQmf gePsf] z]osf] afFsL sd dfu ubf eQmfgL gu]sf]sf0fn] pQm z]onfO hkmt uL k|fKt xg cfPsf] sd kFhLut cgbfg afktk|fKt xg cfPsf] lhGL tyf gub sd tyf aLdssf] kFhL j[l4 ug] p2]Zon]gfkmfaf6 flPsf] sdnfO o zLifsdf hgfpg kg]5
-v_ z]o lk|ldod M aLdsn] cfˆgf] z]o hfL ubf z]osf] clIacutet dNo eGbf a9Lbn] hfL u]sf] x]5 eg] pQm al9 sd hlt o zLifsdf hgfpg kg]5 ozLifsdf hgfOPsf] sd nfef+z ljt0f k|of]hgsf] nflu of]Uo dflgg] 5g
-u_ k|tfljt af]gz z]o M aLdsn] k|tfj uL fwf0f efn] kflt u]sf] t hfLuL gs]sf] af]gz z]onfO o zLifsdf hgfpg kg]5
-3_ ljz]if hu]8f M aLdf ldltsf] lgb]zg adf]lhd sg cGo hu]8f sf]if v8f ugkbf Totf] sdnfO o zLifsdf hgfpg kg]5
-ordf_ cGo hu]8f M aLdsn] cGo k|of]hgsf] nflu v8f u]sf] hu]8fnfO o zLifsdfhgfpg kg]5
-r_ gfkmf gf]Sfg lxfaaf6 f]sf] M aLdssf] gfkmf gf]Sfg lxfaaf6 jfnftdff]sf] gfkmf sdnfO o zLifsdf hgfpg kg]5
3 hLjg aLdf sf]if M lgb]zg adf]lhd fVg kg] hLjg aLdfsf]ifxsf] of]ukmnnfOo zLifsdf hgfpg kg]5
4 dxfndashljkQL hu]8f M 7nf] kldf0fdf aLdf bfjL pTkGg xg Sg] dxfndashljkQL -catastrophy_ sf] cjyfdf aLdssf] ljQLo Ifdtfdf kg Sg] k|ltsn c sd ug]p2]Zon] gfkmfaf6 flPsf] sdnfO o zLifsdf hgfpg kg]5 o zLifsdfhgfOPsf] sd nfef+z ljt0f k|of]hgsf] nflu of]Uo dflgg] 5g
5 ltg afFsL bL3sflng C0f tyf fk6L M jfnftsf] ldltdf eQmfgL ug afFsLbL3sflng fk6LnfO o zLifsdf hgfpg kg]5
42
6 ly DkQL -vb_ MyfoL k|s[ltsf DkQLxsf] sn dNodf Xf ssectf uL afFsL x]sf]sdnfO o zLifsdf hgfpg kg]5
7 bL3sflng nufgL M aLdsn] lgb]zg ^ adf]lhd u]sf] bL3sflng nufgLnfO ozLifsdf hgfpg kg]5
kli6s0f M = jfnftsf] ldltaf6 Ps jif eGbf al9 cjwL kl5 eQmfgLk|fKt xg] sfL sfsf] hdfgt k|fKt ]Sol6Ld2tL lgIf]k gfuls nufgL of]hgf z]o a+s tyfljQLo +yfsf] cu|flwsf z]odividel8j]Gr tyf cGo f]xLk|s[ltsf nufgLxnfO bL3sflng nufgL Demg k5
= aLdsn] klAns sDkgLsf] z]odf nufgL u] afkt k|fKtxg] af]gz z]onfO z]o +Vofdf dfq b]vfO kn df]ndfsg kljtg ug x+bg
amp=s cNksflng nufgL M aLdsn] lgb]zg ^ adf]lhd u]sf] cNksflng nufgLnfO ozLifsdf hgfpg kg]5
kli6s0f M jfnftsf] ldltaf6 Ps jif leq eQmfgL k|fKt xg] sfL sfsf] hdfgt k|fKt ]Sol6L d2tL lgIf]k gfulsnufgL of]hgf a+s tyf ljQLo +yfsf] cu|flwsfz]odividel8j]Gr tyf cGo f]xL k|s[ltsf nufgLxnfOcNksflng nufgL Demg k5
8 aLdfn]vsf] lwtf]df shf M aLdsn] lgb]zg amp adf]lhd k|To]s lsldsf] aLdfsf]aLdfn]vsf] lwtf]df k|bfg u]sf] shfsf] of]ukmnnfO o zLifsdf hgfpg kg]5
9 gub tyf a+s dfHbft M -_ aLds+u x]sf] sn gub dfHbft sd tyf aLdssf]a+sdivideljQLo +yfsf] Aofh k|fKt gxg] vftfdf x]sf] sn sdnfO o zLifsdfhgfpg kg]5
10 cGo bL3sflng shf M lgb]zg amp adf]lhd n]vfIacuteg ulPsf] clestfnfO k|bfgulPsf] bL3sflng shf sdrfLnfO k|bfg ulPsf] bL3sflng shf tyf cGobL3sflng shfsf] of]ukmnnfO o zLifsdf hgfpg kg]5
kli6s0f M jfnftsf] ldltaf6 Ps jif eGbf al9 cjwL kl5 eQmfgLk|fKt xg] clestfnfO k|bfg ulPsf] shf sdrfLnfO k|bfgulPsf] shf tyf cGo f]xL k|s[tLsf shfxnfO bL3sflngshf Demg k5
)s= cGo cNksflng shf M lgb]zg amp adf]lhd n]vfIacuteg ulPsf] clestfnfO k|bfgulPsf] cNksflng shf sdrfLnfO k|bfg ulPsf] cNksflng shf tyf cGocNksflng shfsf] of]ukmnnfO o zLifsdf hgfpg kg]5
kli6s0f M jfnftsf] ldltaf6 Ps jif leq eQmfgL k|fKtxg] clestfnfO k|bfg ulPsf] shf sdrfLnfO k|bfgulPsf] shf tyf cGo f]xL k|s[tLsf shfxnfOcNksflng shf Demg k5
43
11 cGo DkQL M -_ o lgb]zg adf]lhd n]vfIacuteg ulPsf] aLdssf] nufgLaf6 k|fKt xgafFsL cfo aLdfn]vsf] lwtf]df shfaf6 k|fKt xg afFsL Aofh cGo shfaf6 k|fKt xgafFsL Aofh cGo aLdsaf6 k|fKt xg afFsL kgaLdsaf6 k|fKt xg aFfsL ljljwcffdL clu|d eQmfgL sdrfL k]ZsL cGo k]ZsL wf6L tyf cGosf] of]ukmnnfOo zLifsdf hgfpg kg]5
-_ cGo DkQLsf] ljj0f kllzi6 sf] cgrL $ adf]lhd xg kg]5
-_ cn xg afFsL aLdfzNs eP f]sf] of]ukmn kllzi6 sf] cgrL $ dfb]vfpg kg]5 f] cn xg afFsL aLdfzNs afasf] dNtjL -Suspense_ b]vfOvb k|efj (Net effect) zGo agfpg kg]5
12 rfn bfloTj M clestfnfO lbg afFsL cGo aLdsnfO lbg afFsL kgaLdsnfO lbgafFsL aLdfzNs wf6L k0f ljj0f gvn]sf] aLdfzNs ljljw fx xfosdividexf]lN8EumlsDkgLnfO lbg afFsL gtf]tdf ssectf ulPsf] s ltg afFsL cfos ltg afFsL]jfzNs ltg afFsL sdrfLnfO ltg afFsL +rfnsnfO ltg afFsL tyf cGo ltgafFsL sdxsf] of]ukmnnfO o zLifsdf hgfpg kg]5
13 cdfKt hf]lvd jfkt Jojyf M lgb]zg ( adf]lhdsf] cdfKt hf]lvd Jojyfsf]of]ukmnnfO o zLifsdf hgfpg kg]5
14 eQmfgL xg afFsL bfjL jfkt Jojyf M k|To]s lsldsf] aLdfsf] eQmfgL xg afFsLbfjLsf] nflu ulPsf] Jojyfsf] of]ukmnnfO o zLifsdf hgfpg kg]5
15 ckn]vg jf dfof]hg xg afFsL ljljw vrx M ckn]vg ug afFsL k|flDes vrckn]vg ug afFsL kj +rfng vr ckn]vg ug afFsL yug ulPsf vr tyfcGo ckn]vg jf dfof]hg gePsf vrxsf] of]ukmnnfO o zLifsdf hgfpgkg]5
-3_ k|dv rsfIacutexdf +nUg zLifsxsf] +lIfKt JofVof
1 g]6 jy = rQmf kFhL plusmn hu]8f tyf sf]if plusmn dxf ljkQL hu]8f ndashckn]vg jfdfof]hg xg afFsL ljljw vrx ndash gfkmf gf]Sfg lxfaaf6 f]sf] gf]Sfg
2 k|lt z]o lstfaL dNo = g]6 jydividefwf0f z]o +Vof
3 k|lt z]o cfo = vb gfkmfdividefwf0f z]o +Vof
4 dNo cfDbfgL cgkft = k|lt z]o ahf dNodividek|lt z]o cfo
5 sn DklQ = ly DklQ plusmn nufgL plusmn aLdfn]vsf] lwtf]df shf plusmn rfnDklQ shf tyf k]ZsLx
![Page 9: hLjg aLdf Joj;fo ug]{ aLdssf] ljQLo ljj/0f ;DaGwL lgb]{zg](https://reader033.vdocuments.site/reader033/viewer/2022053020/6291631db7b57c39db6663d6/html5/thumbnails/9.jpg)
9
kllzi6ndash
-lgb]zg +u DalGwt_
Jojyfkg k|ltj]bgdf vnfpg kg] aFbfx M
-s_ aLds DaGwL fdfGo hfgsfL M o zLifs cGtut b]xfosf aFbfx dfj]z ugkg]5 M
-_ +yfkgf ldlt
-_ aLds btfsf] k|df0fkq kfPsf] ldlt
-_ aLdsn] cgdtL kfPsf] aLdf Jojfosf] lsld k|sf
-$_ aLdsn] Jojfo k|fDe u]sf] ldlt
-_ aLdsn] cfjZos 7fg]sf] cGo ljj0f
-v_ aLdssf] +rfns ldltn] b]xfosf aFbfx k|dfl0ft ug kg]5 M
= aLdf Jojfo ug aLdf ldltaf6 hfL ePsf] k|df0f kqsf] jBtf sfod x]sf]
= sfgg adf]lhd aLdsn] ltg aemfpg kg] s ]jf zNs b08 hljfgf DalGwtlgsfodf aemfpg afFsL x]dividegx]sf]
= aLdssf] z]o jfldTjsf] +rgf Todf ePsf] x]k]msf] ljj0f tyf sfod x]sf]+rgf k|rlnt sfggL Jojyf cgk x]sf]
$= aLdf ldltn] tf]lslbP adf]lhdsf] f]Ne]GL dflhg -Solvency Margin_ sfod x]sf]
= -s_ jftljs kdf k|fKt xg Sg] dNodivideahf dNo eGbf jfnftsf] ldltdfaLdssf] ljQLo ljj0fdf dfj]z ulPsf Dk0f DklQxsf] dNo a9Lgx]sf]
-v_ aFbf -s_ adf]lhdsf] DklQsf] dNo tngf ug cjnDag ulPsf] ljlwsf] vnff
^= aLdsn] u]sf] nufgL k|rlnt sfggL Jojyfsf] klwL leq x]sf] pb3f]if0f tyf f]gePsf] eP sf0f lxtsf] ljj0f
amp= aLdsnfO cfO kg Sg] Dk0f hf]lvdx tyf f]sf] lgfs0fsf nflu cjnDagulPsf gLltxsf] vnff
= aLdssf] cGo dnsdf x]sf] k|wfg sfofnodividesfofnosf] ljj0f tyf Totf] g]kfnaflxsf] sfofnon] +rfng u]sf] aLdf Jojfoaf6 aLdsnfO cfO kg Sg] Dk0fhf]lvdx tyf f]sf] lgfs0fsf nflu cjnDag ulPsf gLltxsf] vnff
(= o jif km5of6 ePsf] aLdf bfjLsf] +Vof tyf km5of6 xg afFsL aLdf bfjLsf] +Vof dofjlwsf] vnff
)=ljQLo ljj0f tof ubf k|rlnt aLdf P]g )$( aLdf lgodfjnL )$( f]cGtut hfL ulPsf aLdf ldltsf cfb]z jf lgb]zg sDkgL P]g )^ tyf cGosfggx tyf n]vfdfg n]vfsf] l4fGt gLltx kfngf ulPsf] pb3f]if0f TotfJojyfx kfngf xg gs]sf] eP f]sf] sf0f lxtsf] vnff
10
=-s_ aLdsn] pkoQm n]vf gLlt cjnDag u]sf] f]sf] k|of]udf Psktf sfod u]sf] Totf] gLltsf] kLIf0f uL pkoQmtf Plsg u]sf] 5 eGg] pb3f]if0f
-v_ aLdssf] ljQLo ljj0fn] jfnftsf] ldltdf aLdssf] gfkmf gf]Sfg nufotsfljQLo cjyfsf] oyfy tyf jftljs lrq0f ub5 eGg] pb3f]if0f
=aLdssf] +rfns ldltn] aLdssf] DklQsf] Iffsf] nflu tyf hfnfhL jf cGoclgoldttf kQf nufpg f]Sgsf nflu pkoQm kofKt Jojyf u]sf] 5 eGg]pb3f]if0f
=aLdsn] aeliggoing concern basisAElig df cfˆgf] ljQLo ljj0f tof u]sf] xf] eGg]pb3f]if0f
$=aLdssf] Jojfosf] cfsf k|s[lt cgksf] cfGtls n]vf kLIf0f k|0ffnL ljBdfgx]sf] f] k|0ffnL k|efjsfL x]sf] 5 eGg] pb3f]if0f
=k|rlnt aLdf P]g )$( tyf sDkgL P]g )^ f] cGtutsf lgodfjnL cfb]zjf lgb]zgsf] k|ltsn xg] uL sg JolQm kmd sDkgL tyf aLdssf] +rfns jf+rfnssf] jfy x]sf] +yf+u sff]af ulPsf] 5g eGg] pb3f]if0f
^=hg aifsf] aflifs k|ltj]bg tof ulPsf] xf] f] aifdf aLdf ldltn] aLdsnfO sgb08 hljfgf tf]s]sf] eP f] DaGwL ljj0f
amp= Jojyfkgn] cfjZos 7fg]sf cGo sfx
11
kllzi6ndash
-lgb]zg +u DalGwt_
= aLdssf] cfo Joo lxfasf] 9fFrf M
aLdssf] gfd M
cflys aif ======================= sf] ================================== aLdfsf] cfo Joo lxfa
qm=+= ljj0f cgrL o aif ut aif
cfo
1 aLdfzNs -vb_
2 kgaLdf sldzg cfo
3 nufgL shf tyf cGoaf6 cfo
4 aLdfn]vsf] lwtf]df shfaf6 cfo
5 cGo k|ToIf cfo
6 cflys aifsf] zsf] eQmfgL xg afFsL bfjL afktJojyf
7 cflys aifsf] zsf] cdfKt hf]]lvd afkt Jojyf
hDdf cfo -s_
Joo
8 bfjL eQmfgL -vb_ $
9 clestf sldzg
10 jfYo kLIf0f zNs
11 kgaLdf sldzg vr
12 ]jf zNs -vb_ ^
13 cGo k|ToIf vr
14 Jojyfkg vr amp
15 cfos
16 cflys aifsf] cGTodf eQmfgL xg afFsL bfjL afktJojyf
(
17 cflys aifsf] cGTodf cdfKt hf]lvd afkt Jojyf
hDdf Joo -v_
18 hLjg aLdf sf]ifdividegfkmf gf]Sfg lxfadf f]sf]artdivide -gf]Sfg_ = -s_ - -v_
cgrL b]lv ( Dd osf cleGg c+u xg
12
= gfkmf gf]Sfg lxfasf] 9fFrf M
aLdssf] gfd M
cflys aif ======================= sf] gfkmf gf]Sfg lxfa
qm=+= ljj0f cgrL o aif ut aif
cfDbfgL
1 cfo Joo lxfaaf6 f]sf] )
2 hLjg aLdf sf]ifaf6 f]sf]
3 nufgL shf tyf cGoaf6 cfo
4 Jojyf lkmtf
5 cGo cfDbfgL -ljj0f vnfpg]_
hDdf cfDbfgL -s_
vr
6 Jojyfkg vr amp
7 ckn]vg vr
8 cGo vrx $
9 gf]SfgLsf] nflu Jojyf
10 sdrfL cfjf Aojyf
11 sdrfL af]g Jojyf
12 cfos
13 hLjg aLdf sf]ifdf f]sf]
hDdf vr -v_
14 vb gfkmf divide-gf]Sfg_ -u_ = -s_ ndash -v_
15 cl3Nnf] jif+u DalGwt vr
16 cl3Nnf] aifaf6 flPsf] gfkmfdivide-gf]Sfg_
afF8kmfF8sf] nflu pknAw sd
-s_ kFhLut hu]8f amp
-v_ ljz]if hu]8f amp
-u_ cGo hu]8f -ljj0f vnfpg]_ amp
-3_ k|tfljt nfef+z amp
17
-ordf_ dxfndashljkQL hu]8f
18 jfnftdf f]sf] gfkmfdivide-gf]Sfg_
cgrL amp tyf ) b]lv amp Dd osf cleGg c+u xg
13
= aLdssf] jfnftsf] 9fFrf M
====================== sf] jfnft
qm=+= ljj0f cgrL o aif ut aifgtf]t
1 rQmf kFhL ^2 hu]8f tyf sf]if amp3 hLjg aLdf sf]if 4 dxfndashljkQL hu]8f 5 ltg afFsL bL3sflng C0f tyf fk6L (
sn gtf]tpkof]u
6 ly DkQL -vb_ )7 lb3sflng nufgL 8 aLdfn]vsf] lwtf]df shf 9 cGo bL3sflng shf
10 11 12 13
Rffn DkQL shf tyf k]ZsLx Mgub tyf a+s dfHbftcNksflng nufgLcGo cNksflng shfcGo DkQL $hDdf -s_ -)plusmnplusmnplusmn_
14 15 ^16 (17
rfn bfloTj tyf JojYffx Mrfn bfloTjcdfKt hf]lvd jfkt JojyfeQmfgL xg afFsL bfjL afkt JojyfcGo Aojyf ^shDdf -v_ -$plusmnplusmn^plusmnamp_
18 vb rfn DkQL -u_ = -s_ ndash -v_19 ckn]vg jf dfof]hg xg afFsL ljljw vrx amp20 gfkmf gf]Sfg lxfaaf6 f]sf] gf]Sfg
sn pkof]u -^+amp++(++(+)_
+efljt bfloTjx tyf cgrL ( tyf ^ b]lv ( Dd osf cleGg c+u xg
+efljt bfloTjx
qm=+= ljj0f o aif ut aif1 rQmf jf eQmfgL xg afFsL nufgL2 k|Tofelt k|lta4tf3 aLdfn]v cGtut eGbf afx]saf6 aLds pk bfjL k]sf] t
aLdsn] bfloTj jLsf gu]sf]
aLdsn] bfloTj jLsf gu]sf]
4 aLdsn] jf aLdssf] tkmaf6 lbOPsf] Uof]06L5 cGo -ljj0f vnfpg]_
hDdf
aLdssf] gfd M
14
$= OSo6Ldf ePsf] kljtg DaGwL ljj0fsf] 9fFrf M
aLdssf] gfd M
cf=j==============df OSo6Ldf ePsf] kljtg DaGwL ljj0f
ljj0f z]o kFhL +lrt gfkmfdividegf]Sfg
k|tfljtaf]g z]o
kFhLuthu]8f sf]if
z]olk|ldod
ljz]if hu]8fsf]if
cGo hu]8f tyfsf]if
dxfljkQLhu]8f
sn sd
zdfHbft
dfof]hg
=============
=============
============
============
clGtddfHbft
15
= gub k|jfxsf] ljj0fsf] 9fFrf
aLdssf] gfd M
=====================b]lv========================Ddsf] gub k|jfxsf] ljj0f
qm=+= ljj0f o jif ut jifsff]af +rfngaf6 gub k|jfx MaLdf zNs cfDbfgLljnDa zNs cfDbfgLkgaLdf zNs cfDbfgLkgaLdf sldzg cfDbfgLcGo k|ToIf cfDbfgLkgaLdsaf6 k|fKt bfjL lseLkgaLdf zNs eQmfgLkgaLdf sldzg eQmfgLclestf sldzg eQmfgLjfYo kLIf0f zNs eQmfgLd[To bfjL eQmfgLcjlw dfKtL bfjL eQmfgLcf+lzs cjlw dfKtL bfjL eQmfgLdk0f dNo bfjL eQmfgLcGo bfjL eQmfgL]jf zNs eQmfgLJojyfkg vr eQmfgLsdrfL af]g eQmfgLcfos eQmfgLRffn DklQdf -j[l4_dividesdLRffn bfloTjdf j[l4divide-sdL_
s
sff]af +rfngaf6 vb gub k|jfx -s_nufgL ultljwLaf6 gub k|jfxly DklQdf -j[l4_ sdLsfL sfsf] hdfgt k|fKt ]Sol6Ldf nufgLdf -j[l4_ sdLa+s tyf ljQLo +yfsf] d2tL lgIf]kdf nufgLdf -j[l4_ sdLa+s tyf ljQLo +yfsf] cGo lgIf]k nufgLdf -j[l4_ sdLOSo6L z]o nufgLdf -j[l4_ sdLcu|flwsf z]odividel8j]Grdf nufgLdf -j[l4_ sdLcGo nufgLdf -j[l4_ sdLaLdfn]vsf] lwtf]df shfdf -j[l4_ sdLk]ZsL tyf cGo shfdf -j[l4_ sdLeQmfgL k|fKt Aofh cfDbfgL -nufgLdf_eQmfgL k|fKt l8le8]G8ef8f cfDbfgLeQmfgL k|fKt Aofh cfDbfgL -shfdf_cGo ck|ToIf cfDbfgLdividevr
v
nufgL ultljwLaf6 vb gub k|jfx -v_ljQLo gtf]t sff]afaf6 gub k|jfxz]oaf6 k|fKt sdltg afFsL fk6Ldf -j[l4_dividesdLcNksflng C0fdf -j[l4_dividesdLC0f fk6Ldf Aofh eQmfgLnfef+z eQmfgL
u
ljQLo gtf]t sff]afaf6 vb gub k|jfx -u_o jifsf] Dk0f ultljwLaf6 vb gub k|jfx = -s_plusmn-v_plusmn-u_gub tyf a+sdf x]sf] z dfHbftgub tyf a+sdf x]sf] clGtd dfHbft
16
^ ljQLo ljj0fsf] cleGg c+usf] kdf xg] cgrLx
cgrLndash
-s_ aLdfzNs -vb_
sn aLdfzNs kgaLdf zNs eQmfgL-Ceded_
aLdfzNs -vb_qm=+= aLdfsf]lsld
o jif ut jif o jif ut jif o jif ut jif
hDdf
-v_ sn aLdfzNs
k|ToIf aLdfzNs k|fKt kgaLdf zNs
-accepted_
sn aLdfzNsqm=+= aLdfsf]lsld
o jif ut jif o jif ut jif o jif ut jif
hDdf
-u_ k|ToIf aLdfzNs
k|yd aifsf]aLdfzNs
gjLs0f aLdfzNs Psn aLdfzNs hDdf k|ToIfaLdfzNs
qm=+= aLdfsf]lsld
o aif ut aif o aif ut aif o aif ut aif o aif ut aif
hDdf
17
cgrLndash
nufgL shf tyf cGoaf6 cfoqm=+= ljj0f o aif ut aif1 sfL sfsf] hdfgt k|fKt ]Sol6Laf6 cfo2 jfl0fHo a+ssf] d2tL lgIf]kaf6 cfo3 ljsf a+ssf] d2tL lgIf]kaf6 cfo4 gfuls nufgL of]hgfaf6 cfo5 ljQLo +yfsf] d2tL lgIf]kaf6 cfo6 cfjf ljQ sDkgLsf] fwf0f z]oaf6 nfef+z7 cGo klAns sDkgLsf] fwf0f z]oaf6 nfef+z8 a+s tyf ljQLo +yfsf] cu|flwsf z]oaf6 nfef+z9 a+s tyf ljQLo +yfsf] l8j]Graf6 cfo10 cGo -ljj0f vnfpg]_ af6 cfo11 shfaf6 cfo12 cGo lgIf]kaf6 -d2tL afx]s_ cfo13 nufgL laqmLdf gfkmf
Gog nufgL laqmLdf gf]Sfg14 nufgL -vLb_ df gfkmf
Gog nufgL -vLb_ df gf]Sfg15 ly DkQL laqmLaf6 gfkmf
Gog ly DkQL laqmLaf6 gf]Sfg16 vftf ckn]vg17 cl3Nnf jif+u DalGwt cfo18 cGo cfo
hDdfnufgL shf tyf cGoaf6 cfosf] afF8kmfF8
gfkmf gf]Sfg lxfadf f]sf]============ sf] cfo Joo lxfadf f]sf]============ sf] cfo Joo lxfadf f]sf]
hDdfcgrLndash
aLdfn]vsf] lwtf]df shf cfo
aLdfn]vsf] lwtf]df shf aLdfn]vsf] lwtf]df shfaf6 cfoqm=+= aLdfsf] lsld
o aif ut aif o aif ut aif
============= aLdf
============= aLdf
============= aLdf
18
cgrL ndash $bfjL eQmfgL
d[To bfjLeQmfgL
cjlw dfKtLbfjL eQmfgL
cf+lzs cjlwdfKtL bfjL
eQmfgL
dk0f dNo bfjLeQmfgL
cGo bfjLeQmfgL
sn bfjL eQmfgL sn bfjLeQmfgLdfkgaLdssf]
lxf
bfjL eQmfgL-vb_
qm=+= aLdfsf]lsld
o jif ut jif o jif ut jif o jif ut jif o jif ut jif o jif ut jif o jif ut jif o jif ut jif o jif ut jif
===
===
hDdf
19
cgrLndash
clestf sldzg
k|yd aifsf]aLdfzNsdf
clestf sldzg
gjLs0f aLdfzNsdfclestf sldzg
Psn aLdfzNsdfclestf sldzg
hDdf clestfsldzg
qm=+= aLdfsf]lsld
o jif ut jif o jif ut jif o jif ut jif o jif ut jif
hDdf
cgrLndash^
]jf zNs -vb_
sn ]jf zNs sn ]jf zNsdfkgaLdssf] lxf
]jf zNs -vb_qm=+= aLdfsf] lsld
o jif ut jif o jif ut jif o jif ut jif
========aLdf
========aLdf
hDdf
cgrLndash amp
Jojyfkg vr
qm=+= ljj0f o aif ut aif1 sdrfL vr -cgrL amp= adf]lhd_2 3 ef8f3 lahnL tyf kfgL4 ddt tyf Def
-s_ ejg-v_ jfL fwg-u_ sfofno pks0f-3_ cGo
5 +rf6 5kfO tyf dnGb7 vr xg] sfofno fdfg8 kljxg9 e|d0f vr -eQf d]t_
-s_ cfGtls-v_ jb]lzs
10 clestf tflnd11 clestf cGo12 aLdfzNs13 Iff vr14 sfggL tyf kfdz zNs15 kq klqsf tyf kts
20
16 lj1fkg tyf k|rf k|f17 Jofkf k|j4g18 cltyL Tsf19 rGbf tyf pkxf20 +rfns ldlt DaGwL vr
-s_ a7s eQf-v_ cGo
21 cGo ldltdividepkndashldlt DaGwL vr-s_ a7s eQf-v_ cGo
22 fwf0f ef DaGwL vr
23-s_ aLdfIacuteLo ]jf zNs-v_ aLdfIacuteLo vr
24 n]vf kLIf0f DaGwL vr-s_ n]vf kLIf0f zNs-v_ s n]vf kLIf0f zNs-u_ ljt[t n]vf kLIf0f k|ltj]bg zNs-3_ cGo zNs-ordf_ cfGtls n]vf kLIf0f vr-r_ cGo vr
25 Aofh26 as rfh27 zNs tyf bt28 Xf ssectL29 xnfs l6s630 cGo
afF8 kmfF8sf] nflu hDdfgfkmf gf]Sfg lxfadf f]sf]================aLdfsf] cfo Joo lxfadf f]sf]================aLdfsf] cfo Joo lxfadf f]sf]
hDdfcgrL amp=
sdrfL vr
qm=+= ljj0f o aif ut aif= tna= eQf= bz+ vr$= ~rosf]ifdf yk= tflnd vr^= kf]zfsamp= cfifwf]krf= aLdf(= k]Gg tyf pkbfg vr tyf Jojyf)= ljbf afktsf] vr tyf Jojyf= cGo ljwf afkt vr tyf Jojyf -ljj0f vnfpg]_ cGo -ljj0f vnfpg]_
hDdf M
21
cgrLndash
cfos
qm=+= ljj0f o aif ut aif
= o aifsf] cfos
= cl3Nnf aifxsf] cfos
= afF8kmfF8sf] nflu cfossf] hDdf
afF8kmfF8
gfkmf gf]Sfg lxfadf f]sf]
==============aLdfsf] cfo Joo lxfadf f]sf]
==============aLdfsf] cfo Joo lxfadf f]sf]
hDdf
22
cgrL ndash (
cflys jifsf] cGTodf eQmfgL xg afFsL bfjL afkt Jojyf
eQmfgL xgafFsL d[To bfjL
eQmfgL xgafFsL cjlwdfKtL bfjL
eQmfgL xgafFsL cf+lzscjlw dfKtL
bfjL
eQmfgL xgafFsL dk0fdNo bfjL
eQmfgL xgafFsL cGo
bfjL
[hgf ePsf]t hfgsfLdfgcfPsf] bfjL
-cgdflgt_
eQmfgL xgafFsL hDdf
bfjL
eQmfgL xgafFsL hDdf
bfjLdfkgaLdssf]
lxf
eQmfgL xgafFsL bfjL
afkt Jojyf
qm=+= aLdfsf] lsld
ojif
ut jif ojif
utjif
ojif
utjif
ojif
utjif
ojif
utjif
ojif
utjif
ojif
utjif
ojif
utjif
ojif
utjif
=
=
=
$=
hDdf M
23
cgrLndash)
cfo Joo lxfaxaf6 gfkmf gf]Sfg lxfadf f]sf] sd
qm=+= ljj0f o aif ut aif
= ==================== sf] cfo Joo lxfaaf6 f]sf]
= ==================== sf] cfo Joo lxfaaf6 f]sf]
=
$=
hDdf
cgrLndash
hLjg aLdf sf]if
dfof]hg cuf8Lsf]hLjg aLdf sf]if-jifsf] zdf_
cfo Joolxfaaf6 f]sf]
gfkmf gf]Sfglxfaaf6 f]sf]
dfof]hg cuf8Lsf]hLjg aLdfsf]if-jifsf] cGTodf_
qm=+= aLdfsf]lsld
o jif ut jif o jif ut jif o jif ut jif o jif ut jif
=
=
=
$=
hDdf M
hLjg aLdf sf]ifdf dfof]hg
dfof]hgcuf8Lsf]
hLjg aLdfsf]if
-jifsf]cGTodf_
gfkmfgf]Sfglxfadff]sf]
aLdfn]vcGtutbfloTj
af]gsf]nflu
Jojyf
f]Ne]GLdflhgsf]nflu
Jojyf
afF8kmfF8gulPsf]sd
jifsf]cGTodfhLjg
aLdf sf]if
qm=+= aLdfsf]lsld
oaif
utaif
oaif
utaif
oaif
utaif
oaif
utaif
oaif
utaif
oaif
utaif
oaif
utaif
=
=
=
hDdf M
24
cgrLndash
Jojyf lkmtfqm=+= ljj0f o aif ut aif= nufgLdf gf]SfgLsf] nflu Jojyf lkmtf= shfdf gf]SfgLsf] nflu Jojyf lkmtf= z+sfkb cffdL Jojyf lkmtf$ cGo Jojyf lkmtf
hDdf
cgrLndash
ckn]vg vrx
qm=+= ljj0f o aif ut aif1 k|flDes vrx2 kj +rfng vrx3 k flPsf vrx4 ckn]vg ulPsf] nufgL5 ckn]vg ulPsf] shf6 ckn]vg ulPsf] cffdL7 cGo ckn]vg
hDdf
cgrLndash$
cGo vrx
qm=+= ljj0f o aif ut aif
1 b08 hljfgf
2 ljnDa zNs hljfgf
3 cGo -ljj0f vnfpg]_
hDdf
cgrLndash
gf]SfgLsf] nflu Jojyfqm=+= ljj0f o aif ut aif= nufgLdf gf]SfgLsf] nflu Jojyf= shfdf gf]SfgLsf] nflu Jojyf= z+sfkb cffdL Jojyf$ cGo Jojyf
hDdf
25
cgrLndash^
-s_ z]o kFhL
qm=+= ljj0f o aif ut aifclws[t kFhLs_ ================= bsf] ======== yfg fwf0f z]ov_ ============ bsf] ====yfg ckljtgLo cu|flwsfz]o
=
u_ ========== bsf] ====== yfg kljtgLo cu|flwsfz]ohfL kFhLs_ ================= bsf] ======== yfg fwf0f z]ov_ ============ bsf] ====yfg ckljtgLo cu|flwsfz]o
=
u_ ========== bsf] ====== yfg kljtgLo cu|flwsfz]orQmf kFhLs_ ================= bsf] ======== yfg fwf0f z]oGog eQmfgL k|fKt xg afFsL ==== bsf] ===yfg fwf0fz]ov_ ============ bsf] ====yfg ckljtgLo cu|flwsfz]o
=
u_ ========== bsf] ====== yfg kljtgLo cu|flwsfz]o
hDdf-v_ z]o jfldTjsf] +rgf
o aif ut aifz]owgL
fwf0f z]o+Vof
jfldTjsf] Uuml fwf0fz]o +Vof
jfldTjsf] Uuml
g]kfnL +ul7t +yfx
g]kfnL gfuls
ljb]zL+y
fks
hDdf
jfwf0f
cGo -ljj0f vnfpg]_
sn
-u_ Ps k|ltzt jf a9L z]o jfldTj ePsf z]owgLxsf] ljj0f
o aif ut aifqm=+= ljj0f
jfldTjsf] Uuml sd jfldTjsf] Uuml sd
=
=
=
26
cgrLndashamp
hu]8f tyf sf]if
qm=+= ljj0f o aif ut aif
1 kFhLut hu]8f
2 ljz]if hu]8f
3 cGo hu]8f -ljj0f vnfpg]_
4 z]o lk|ldod
5 k|tfljt af]gz z]o
6 Gffkmf gf]Sfg lxfaaf6 f]sf] gfkmf
hDdf
cgrLndash
dxfndashljklQ hu]8fjifsf] zdf dxfndashljklQ hu]8f gfkmf gf]Sfg lxfaaf6 f]sf] jifsf] cGTodf dxfndashljklQ
hu]8fo jif ut jif o jif ut jif o jif ut jif
cgrLndash(
ltg afFsL bL3sflng C0f tyf fk6L
qm=+= ljj0f o aif ut aif
l8j]Gr divide a08
a+s
ljQLo +yf
$ cGo -ljj0f vnfpg]_
hDdf
27
cgrLndash)
ly DklQ
ljj0f kn df]n Xf ssectL vb df]n
zdfHbft
ojif
yk]sf]
ojif
36]sf]
hDdf utjifDd
ojif
laqmLdivide
dfof]hg
hDdf ojifDdsf]
UftjifDdsf]
lk|m xf]N8hldg
ejg
kmlgrtyf
lkmSr
sfofnofdfg
sDKo6tyfrgfk|ljwLpks0f
cb[ZoDklQ-ljj0fvnfpg]_
jfLfwg
lnh xf]N8DklQ
cGo-k|s[ltvnfpg]_
hDdf
lgdf0fflwgkFhLutvr
sn
ut jif
28
cgrLndash
nufgL
qm=+= ljj0f o aif ut aif-s_ bL3sflng nufgL M sfL sfsf] hdfgt k|fKt ]Sol6L jfl0fHo a+ssf] d2tL lgIf]k ljsf a+ssf] d2tL lgIf]k$ gfuls nufgL of]hgf ljQLo +yfsf] d2tL lgIf]k^ cfjf ljQ sDkgLsf] fwf0f z]o -cgrL = adf]lhd_amp cGo sDkgLsf] fwf0f z]o -cgrL = adf]lhd_ a+s tyf ljQLo +yfsf] cu|flwsf z]odividel8j]Gr( cGo -ljj0f vnfpg]_
hDdf M-v_ cNksflng nufgL M sfL sfsf] hdfgt k|fKt ]Sol6L jfl0fHo a+ssf] d2tL lgIf]k ljsf a+ssf] d2tL lgIf]k$ gfuls nufgL of]hgf ljQLo +yfsf] d2tL lgIf]k^ a+s tyf ljQLo +yfsf] cu|flwsf z]odividel8j]Gramp jfl0fHo a+ssf] Aofh k|fKt xg] cGo lgIf]k ljsf a+ssf] Aofh k|fKt xg]] cGo lgIf]k( ljQLo +yfsf] Aofh k|fKt xg] cGo lgIf]k) cGo Aofh k|fKt xg] nufgL -ljj0f vnfpg]_
hDdf McgrLndash=
z]odf nufgL
qm=+= sDkgL vb sd c+lst dNo kn dNo ahf dNo
= ======sDkgLsf]=============yfg====z]o
= ======sDkgLsf]=============yfg=====z]o
= ======sDkgLsf]=============yfg=====z]o
hDdf
gf]6 M = aLdssf] xfos sDkgLdividexf]lN8Euml sDkgL tyf +oQm nufgL ePsf] sDkgLsf] z]odf ePsf]nufgLnfO
5sectfndash5sect vnfpg kg]5
= lgodfgf lrs[t gePsf z]odf ePsf] nufgLnfO 5sect vnfpg kg]5
= +yfks z]o cGo z]odf ePsf] nufgLnfO 5sectf5sect vnfpg kg]5
29
cgrLndash
gub tyf a+s dfHbft
qm=+= ljj0f o aif ut aifgub dfHbft
hDdfa+s dfHbftjfl0fHo a+sxsf] dfHbftljsf a+sxsf] dfHbftljQLo +yfxsf] dfHbft
cGo -ljj0f vnfpg]_hDdfsn
cgrLndash
cGo shf
qm=+= ljj0f o aif ut aif-s_ bL3sflng shf= clestfnfO shf= sdrfLnfO shf= cGo -ljj0f vnfpg]_
hDdf-v_ cNksflng shf= clestfnfO shf= sdrfLnfO shf= cGo -ljj0f vnfpg]_
hDdfcgrLndash$
cGo DklQqm=+= ljj0f o aif ut aif1 nufgLaf6 k|fKt xg afFsL cfo2 aLdfn]vsf] lwtf]df shfaf6 k|fKt xg afFsL Aofh3 cGo -aLdfn]vsf] lwtf]df afx]s_ shfaf6 k|fKt xg afFsL
Aofh4 cGo aLdsaf6 k|fKt xg afFsL5 kgaLdsaf6 k|fKt xg afFsL6 ljljw cffdL7 clu|d eQmfgL8 sdrfL k]ZsL9 cGo k]ZsL10 wf6L11 cn xg afFsL aLdfzNs
Gog M cn xg afFsL aLdfzNs dNtjL -suspense_12 cGo ljj0f vnfpg]
hDdf M
30
cgrLndash
rfn bfloTj
qm=+= ljj0f o aif ut aif1 clestfnfO lbg afFsL2 cGo aLdsnfO lbg afFsL3 kgaLdsnfO lbg afFsL4 cNksflng shf5 aLdfzNs wf6L6 k0f ljj0f gvn]sf] aLdfzNs7 ljljw fx8 xfosdividexf]lN8Euml sDkgLnfO lbg afFsL9 gtf]tdf ssectf ulPsf] s ltg afFsL10 dNo clea[l4 s ltg afFsL11 cfos ltg afFsL12 ]jf zNs ltg afFsL13 sdrfLnfO lbg afFsL14 +rfnsnfO lbg afFsL15 eQmfgL lbg afFsL nfef+z -l8le8]08_16 cGo -ljj0f vnfpg]_
hDdf
cgrLndash^
cdfKt hf]lvd Jojyfqm=+= ljj0f o aif ut aif= ===========aLdfsf] cdfKt hf]lvd hu]8f= ===========aLdfsf] cdfKt hf]lvd hu]8f= ===========aLdfsf] cdfKt hf]lvd hu]8f
===========aLdfsf] cdfKt hf]lvd hu]8f
hDdf
31
cgrL ^scGo Aojyf
aifsf] zdf Aojyfrfn cf=a=df yk ulPsf]
Aojyfrfn cf=a=df ckn]vg
ulPsf] Aojyfrfn cf=a=df lkmtfulPsf] Aojyf
aifsf] cGtdf sfodx]sf] Aojyf
qm=+=
ljj0fo jif ut jif o jif ut jif o jif ut jif o jif ut jif o jif ut jif
nfef+z -l8le8]08_ sf] nflu Aojyf
nufgLdf gf]SfgLsf] nflu Aojyf
shfdf gf]SfgLsf] nflu Aojyf
$ z+sfZkb cffdLsf] nflu Aojyf
cGo gf]SfgLsf] nflu Aojyf
^ sdrfL DaGwL Aojyf-s_ k]Gg tyf pkbfg Aojyf-v_ ljbf jfkt Aojyf-u_ cfjf tyf cGo ljwf Aojyf-3_ sdrfL af]g Aojyf-ordf_ cGo
amp cGo Aojyf -ljj0f vnfpg]_
hDdf
32
cgrLndashamp
ckn]vgdividedfof]hg xg afFsL ljljw vrxqm=+= ljj0f o aif ut aif1 ckn]vg ug afFsL k|flDes vr2 ckn]vg ug afFsL kj +rfng vr3 ckn]vg ug afFsL yug ulPsf vr4 cGo -ljj0f vnfpg]_
hDdf
cgrL ndash
ljQLo ljj0f+u DalGwt k|dv n]vf gLltx
n]vf DaGwL gLltdf vnfpg kg] aFbfx M aLdsn] n]vf DaGwL gLltdf b]xfosf aFbfxvnfpg kg]5
1 ljQLo ljj0f tofLsf cfwfx M sg sg cjwf0ff -concept_ tyf n]vfdfgx sfgg tyf aLdf ldltsf lgb]zgxsf] clwgdf xL ljQLo ljj0f tof ulPsf] xf]f]sf] Joxf]f
ljQLo ljj0f tof ubf sg sfgg aLdf ldltsf] lgb]zg jf n]vfdfg kfngf gePsf]eP f]sf] sf0f lxt Joxf]f
2 ly DklQ n]vfIacuteg gLlt M ly DklQ n]vfIacuteg ubf cjnDag ulPsf] gLlt
3 Xf ssectL gLlt M aLdssf] +rfns ldltaf6 kflt uL nfu ulPsf] Xf ssectL gLlt
4 kFhLs[t gulg] DklQx DaGwL n]vfIacuteg gLlt M aLdssf] +rfns ldltn] sg lglZrtdf]nDd kg] pks0f fdfgx kFhLs[t gug] gLlt lnPsf] 5 eg] f]sf] Joxf]f
5 cfos Jojyf tyf afF8kmFf8 gLlt M cfos Jojyf DaGwdf aLdsn] cjnDag u]sf]gLlt aLdsn] gfkmf gf]Sfg lxfa tyf cfo Joo lxfadf Totf] Jojyf sdafF8kmFf8 ubf cjnDag u]sf] gLlt
6 nufgL n]vfIacuteg gLlt M nufgL n]vfIacutegsf] DaGwdf aLdsn] cjnDag u]sf] gLltxnfOb]xfosf zLifsx cGtut vnfpg kg]5
-s_ sfL artkqdivideC0fkqdf nufgL n]vfIacuteg gLlt
-v_ a+sdivideljQLo +yfsf] d2tL lgIf]kdf nufgL n]vfIacuteg gLlt
-u_ klAns lnld6]8 sDkgLsf] z]odf nufgL n]vfIacuteg gLlt
-3_ klAns lnld6]8 sDkgLn] hfL u]sf] C0fkqxdf nufgL n]vfIacuteg gLlt
7 6xL 36a9 dfof]hg gLlt M ljb]zL db|f+u DalGwt DklQ bfloTj tyf 6xL36a9 cfDbfgL tyf vrxsf] n]vfIacuteg gLlt
8 aLdfzNs cfDbfgL n]vfIacuteg gLlt M aLdsn] aLdfzNs cfDbfgL n]vfIacuteg ubf cjnDagu]sf] gLlt
33
9 kgaLdf sldzg cfDbfgL n]vfIacuteg gLlt M aLdsn] kgaLdf u] afkt k|fKt ug] sldzgsf]n]vfIacuteg ubf cjnDag u]sf] gLlt
10 cGo cfo n]vfIacuteg tyf afF8kmFf8 gLlt M aLdsn] ef8f -Rent_ tyf cGo zLifsaf6 ePsf]cfo n]vfIacuteg tyf afF8kmFf8 ubf cjnDag u]sf] gLlt
11 shf n]vfIacuteg gLlt M aLdsn] aLdfn]vsf] lwtf]df k|bfg u]sf] shf tyf cGo shfn]vfIacuteg ubf cjnDag u]sf] gLlt
12 Jojyfkg vr afF8kmFf8 gLlt M aLdsn] gfkmf gf]Sfg lxfa tyf cfo Joo lxfaxdfJojyfkg vr afF8kmFf8 ubf cjnDag u]sf] gLlt
13 aLdf bfjL eQmfgL vr n]vfIacuteg gLlt M aLdsn] aLdf bfjL eQmfgL vr n]vfIacuteg ubfcjnDag u]sf] gLlt
14 aLdf bfjL afkt bfloTj Jojyf n]vfIacuteg gLlt M -s_ gt[hgf ePsf] t hfgsfLdfgcfPsf] -IBNR_ aLdf bfjL afkt bfloTj Jojyf n]vfIacuteg ubf aLdsn] cjnDagu]sf] gLlt
-v_ aLdsn] aLdf bfjL bfloTj afkt Jojyf ubf cjnDag u]sf] gLlt
15 aLdf Jojfodf art afF8kmFf8 gLlt M aLdsn] gfkmf gf]Sfg lxfa tyf cfo Joolxfaxdf art afF8kmFf8 ubf cjnDag u]sf] gLlt
16 sdrfL pkbfg ljbf tyf cGo ljwf afkt Jojyf gLlt M aLdsn] sdrfL pkbfgljbf tyf cGo ljwf afkt Jojyf ubf cjnDag u]sf] n]vfIacuteg gLlt
17 z+sfkb cffdL Jojyf gLlt M aLdsn] z+sfkb cffdL Jojyf ubf cjnDag u]sf]gLlt
18 ckn]vg vr n]vfIacuteg gLlt M aLdsn] cjnDag u]sf] ckn]vg vr DaGwL gLlt
19 cGo gLltx M plNnlvt gLltx afx]s jfnft gfkmf gf]Sfg lxfa cfo Joo lxfanufotsf ljQLo ljj0fnfO apermilg ljZn]if0f ug 3fp kUg] uL cGo sg] n]vf gLltsf]hfgsfL lbg cfjZos b]lvPdf f] Joxf]f
34
cgrLndash(
ljQLo ljj0f+u DalGwt n]vf DaGwL l6Kk0fLx
n]vf DaGwL l6Kk0fLdf vnfpg kg] aFbfx M aLdsn] n]vf DaGwL l6Kk0fLdf b]xfosf aFbfxvnfpg kg]5
= Defljt bfloTjx M
c_ rQmf jf eQmfgL xg afFsL nufgL
cf_ k|Tofelt k|lta4tf -underwriting commitments_
O_ aLdfn]v cGtut eGbf afx]saf6 aLds pk bfjL k]sf] t aLdsn] bfloTj jLsfgu]sf]
O_ aLdsn] jf aLdssf] tkmaf6 lbOPsf] Uof]06L
p_ cGo bfloTj -ljj0f vnfpg]_
= aLdfIacuteLn] aLdssf] bfloTj dNofIacuteg ubf cjnDag u]sf] cfwfx
= aLdssf] DklQdf cfPsf] Lldttf tyf ljjfbx
$= shf nufgL tyf ly DklQsf] nflu ulPsf] k|lta4tf
= nufgL+u DalGwt b]xfosf vLb laqmL Demftfxsf] dNo M
c_ vLb ulPsf] DklQsf] jfldTj k|fKt gePsf]
cf_ laqmL ulPsf] DklQsf] eQmfgL k|fKt gePsf]
^= o jifeL ulPsf] nufgL tyf laqmLdividelkmtf lnPsf] nufgLsf] DaGwdf +yf ldltkldf0f sd d]t vn]sf] ljj0f
amp= a+s dfHbft lxfa DaGwdf DalGwt a+sdivideljQLo +yfsf] 6]6d]06 lxtsf] lxfaldnfg DaGwL Joxf]f
= aLdsdividekgaLds+u lng lbg afFsL lxfa DaGwdf DalGwt aLdsdividekgaLdssf]dyg lxtsf] lxfa ldnfg DaGwL Joxf]f
gf]6 Mndash bnfn (Broker) dfkmt ePsf] kgaLdfsf] xsdf fdfGot DalGwt bnfnn]kgaLdssf] tkmaf6 dyg lbg Sg]5
(= aLdsn] u]sf] nufgL k|rlnt aLdf P]g lgodfjnL tyf aLdf ldltaf6 tf]lsP adf]lhdx] gx]sf]
)= aLdssf] +rfns jf +rfns+u DalGwt JolQm jf +yf+u ePsf] sff]af
= aLdsn] cfˆgf] DklQsf] If0fdf lnPsf] C0fsf] lwtf] zt tyf cflrTo
= aLdsn] s rQmf k|df0fkq k|fKt u]sf] cf=j=tyf Totf] rQmf k|df0fkq k|fKt xg afFsLcf=j= f] DaGwL ljj0fsf fy] cl3Nnf] cf=j=xsf] s hljfgf Aofh afkt bfjLk]sf] o cf=j=df eQmfgL ePsf] sd
= lkmtf u]sf] aLdfzNssf] kldf0f sf0f
35
$=aLdsn] aLldtnfO k|bfg ug] 3f]lift tyf cGtld af]gsf] b
=l9nf] aLdfzNs eQmfgLdf lanDa zNsdivideAofhsf] b tyf aLdfn]vsf] lwtf]df k|bfg ulg]shfdf Aofhsf] b
^=ckn]vg xg afFsL vrsf] ljj0f
amp=rQmf kFhL dWo] clu|d eQmfgL k|fKt -Paid in advance_ eQmfgL k|fKt xg afFsL -Call inarrears_ hkmt ulPsf t kgM lgisfzg gulPsf z]osf] ljj0f
=lnh xf]N8 DklQdf ut jifDd o jif vr (Amortization) n]lvPsf] sdsf]ljj0f
(= jifeldf ePsf] jfnft aflxsf] sff]afsf] ljj0f
)= cl3Nnf aifx+u DalGwt cfDbfgL tyf vrxsf] 5sectf5sect ljj0f
=plNnlvt aFbfx afx]s jfnft gfkmf gf]Sfg lxfa cfo Joo lxfa nufotsfljQLo ljj0fxnfO apermilg ljZn]if0f ug 3fp kUg] cGo sg hfgsfL lbg cfjZosb]lvPdf cGo Joxf]f d]t vnfpg kg]5
36
cgrL )k|dv rsfIacutex
cf=a=qm=+= ljj0f rsfIacute
g]6 jy = z]o +Vof +Vof k|lt z]o lstfjL dNo =$ vb gfkmf = k|lt z]o cfo (EPS) =^ k|lt z]o nfef+z (DPS) =amp k|lt z]o ahf dNo (MPPS) = dNo cfDbfgL cgkft (PE Ratio) cgkft( k|yd aifsf] aLdfzNs =) sn aLdfzNs = vb aLdfzNsdividesn aLdfzNs k|ltzt vb gfkmfdividesn aLdfzNs k|ltzt sn aLdfzNsdividesn DklQ k|ltzt$ nufgL shfaf6 cfodividesn nufgL shf k|ltzt sn nufgL shfdividehLjg aLdfsf]if k|ltzt^ kgaLdf sldzg cfodividesn kgaLdfzNs k|ltztamp Jojyfkg vrdividesn aLdfzNs k|ltzt aLdf clestf DalGw vrdividesn aLdfzNs k|ltzt( aLdf clestf +Vof +Vof) sdrfL +Vof +Vof sfofnosf] +Vof +Vof sdrfL vrdivideJojyfkg vr k|ltzt sdrfL vrdividesdrfL +Vof =$ eQmfgL xg aFfsL bfjL sddivideeQmfgL ePsf] bfjL
sdk|ltzt
sn sfod x]sf] aLdfn]vsf] +Vof +Vofdf^ o jif gjLs0f ePsf] aLdfn]vsf] +Vofdivideut
jif sfod x]sf] aLdfn]vsf] +Vofk|ltzt
amp bfjL k]sf] aLdfn]vsf] +Vofdividesn sfod x]sf]aLdfn]vsf] +Vof
k|ltzt
f]Ne]GL dflhg k|ltzt( 3f]lift af]g b =
k|ltxhf) cGtld af]g b =
k|ltxhf
37
cgrL ndash
aLdfIacutesf] ljj0f
sfod x]sf]aLdfn]vsf] +Vof
sfod x]sf]aLdfn]v cGtut
hDdf aLdfIacute
d of6 ls(Sum at Risk)
kgaLdsnfOxtfGt0f ulPsf]
d of6 ls(Sum at Risk)
aLdsn] wf0fu]sf] d of6ls (Sum at
Risk)
qm=+= aLdfsf] lsld
o jif ut jif o jif ut jif o jif ut jif o jif ut jif o jif ut jif
hDdf
38
kllzi6 ndash
-lgb]zg +u DalGwt_
ljQLo ljj0fsf zLifsxsf] +lIfKt JofVof
-s_ cfo Joo lxfa tyf f] DaGwL cgrLsf zLifsxsf] +lIfKt JofVof M
1 k|ToIf aLdfzNs M aLdsn] kgaLdf jLsf u] afkt k|fKt aLdfzNs afx]s k|ydjifsf] aLdfzNs gjLs0f aLdfzNs Psn aLdfzNssf] of]ukmnaf6 lgodfgflkmtf u]sf] aLdfzNs ssectf uL o zLifsdf hgfpg kg]5
2 sn aLdfzNs M k|ToIf aLdfzNs aLdsn] kgaLdf jLsf u] afkt k|fKtaLdfzNssf] of]ukmnnfO o zLifsdf hgfpg kg]5
3 aLdfzNs -vb_ M sn aLdfzNsaf6 kgaLdf lbP afktsf] kgaLdf zNs ssectf uLafFsL sdnfO o zLifsdf hgfpg kg]5
4 kgaLdf sldzg cfo M -s_ aLdsn] kgaLdf lbP afkt k|fKt xg] kgaLdfsldzgnfO o zLifsdf hgfpg kg]5
-v_ aFbf g+=-s_ sf] cltlQm kgaLdsaf6 dgfkmf sldzg -Profit Commission_k|fKt ePdf f]nfO o zLifsdf dfj]z uL f]sf] Joxf]f n]vf DaGwLl6Kk0fLdf vnfpg kg]5
5 nufgL shf tyf cGoaf6 cfo M sfL ]Sol6Laf6 cfo d2tL lgIf]kaf6 cfoklAns sDkgLsf] z]odividel8j]Graf6 cfo ef8faf6 cfo shfaf6 cfo -aLdfn]vsf]lwtf]df shf afx]s_ cGo lgIf]kaf6 -d2tL afx]s_ cfo nufgL laqmLdf gfkmf -GognufgL laqmLdf gf]Sfg_ nufgL -vLb_ df gfkmf -Gog nufgL vLbdf gf]Sfg_ly DklQ laqmLaf6 gfkmf -Gog ly DklQ laqmLaf6 gf]Sfg_ vftf ckn]vgaf6cfo tyf cGo cfosf] of]ukmnnfO lgb]zg adf]lhd afF8kFmf8 uL cfPsf]sdnfO o zLifsdf hgfpg kg]5
6 aLdfn]vsf] lwtf]df shfaf6 cfo M aLdfn]vsf] lwtf]df shf k|bfg u] afkt k|fKt xg]Aofh lanDa zNs htf cfonfO o zLifsdf hgfpg kg]5
7 cGo k|ToIf cfoM aLldtn] tf]lsPsf] cjlwleq aLdfzNs gaemfP afkt aLdsn]eQmfgL k|fKt u]sf] hljfgfdivideAofhdivideljnDa zNs tyf aLdfn]vsf] k|ltlnkL btcfo l6s6 bt htf f]xL aLdfsf] lsld+u k|ToIf kdf DalGwt cfonfO ozLifsdf hgfpg kg]5
8 bfjL eQmfgL -vb_ M aLdsn] eQmfgL u]sf] d[To bfjL cjlw dfKtL bfjL cf+lzscjlw dfKtL bfjL dk0f dNo tyf cGo bfjLsf] of]ukmnnfO o zLifsdfhgfpg kg]5
9 clestf sldzg M k|yd jifsf] aLdfzNsdf clestf sldzg gjLs0f aLdfzNsdfclestf sldzg Psn aLdfzNsdf clestf sldzgsf] of]ukmnaf6 kgaLdssf]lxf ssectf uL afFsL sd o zLifsdf hgfpg kg]5
10 jfYo kLIf0f zNs M aLdf hf]lvdfIacutegsf] nflu jfYo kLIf0f ufP afkt aLdsn]Joxf]g k]sf] jfYo kLIf0f zNsnfO o zLifsdf hgfpg kg]5
39
11 kgaLdf sldzg vr M aLdsn] kgaLdf jLsf u] afkt eQmfgL ug kg] sldzgsdnfO o zLifsdf hgfpg kg]5
12 ]jf zNs -vb_ M aLdf ldltnfO aemfpg kg] sn ]jf zNsaf6 kgaLdssf] lxfssectf uL afFsL sdnfO o zLifsdf hgfpg kg]5
13 cGo k|ToIf vr M aLdfsf] lsld+u k|ToIf kn] DalGwt x]sf] cGo vrnfO ozLifsdf hgfpg kg]5
14 Jojyfkg vr M lgb]zg $ adf]lhd afF8kmFf8 uL cfPsf] sdnfO o zLifsdfhgfpg kg]5
15 cfos M -_ aLdssf] cfos bfloTjnfO lgb]zg adf]lhd afF8kmFf8 uL cfPsf]sdnfO o zLifsdf hgfpg kg]5 osf] ljj0f kllzi6 sf] cgrL adf]lhd xg kg]5
-_ cl3Nnf jif-x_ sf] cfos bfloTjnfO kllzi6 sf] cgrL sf] aeligcl3Nnfjifxsf] cfosAElig zLifsdf hgfpg kg]5 t Totf] cfosdf nfu]sf]b08dividehljfgfdivideljnDa zNsnfO gfkmf gf]Sfg lxfasf] aeligcl3Nnf jif+uDalGwt vrAElig zLifsdf hgfpg kg]5
16 cflys jifsf] cGTodf eQmfgL xg afFsL bfjL afkt Jojyf M cflys jifsf] cGTodfeQmfgL xg afFsL d[To bfjL cjlw dfKtL bfjL cf+lzs cjlw dfKtL bfjL dk0fdNo bfjL cGo bfjL tyf gt[hgf ePsf] t hfgsfLdf gcfPsf] bfjLsf] of]ukmndfaLdf lgodfjnL )$( sf] lgod sf] v08 -3_ adf]lhdsf] sd yk ubf xgcfpg] sdnfO o zLifsdf hgfpg kg]5
aLdssf] cgejsf] cfwfdf [hgf ePsf] t hfgsfLdf gcfPsf] bfjLsf] nflusd Aojyf ug kg]5
17 cflys jifsf] cGTodf cdfKt hf]lvd afkt Jojyf M aLdf cjlw dfKtL afktbfjL eQmfgL ug gkg] lsldsf] aLdfsf] cdfKt hf]lvd afkt lgb]zg ( adf]lhdJojyf uL cfPsf] sd o zLifsdf hgfpg kg]5
18 hLjg aLdf sf]ifdividegfkmf gf]Sfg lxfadf f]sf] artdivide-gf]Sfg_ M -_ aLdf cjlwdfKtL afkt bfjL eQmfgL ug kg] lsldsf] aLdfsf] cfo Joo lxfaaf6 art -surplus_ ePsf] cjyfdf o zLifsnfO aelighLjg aLdf sf]ifdf f]sf] artAElig sfoduL Totf] art sdnfO o zLifsdf hgfpg kg]5
-_ aLdf cjlw dfKtL afkt bfjL eQmfgL ug kg] lsldsf] aLdfsf] cfo Joolxfaaf6 gf]Sfg ePsf] cjyfdf o zLifsnfO aeliggfkmf gf]Sfg lxfadff]sf] gf]SfgAElig sfod uL Totf] gf]Sfg sdnfO o zLifsdf C0ffTdskdf hgfpg kg]5
-_ aLdf cjlw dfKtL afkt bfjL eQmfgL ug gkg] lsldsf] aLdfsf] cfo Joolxfasf] nflu o zLifsnfO aelighLjg aLdf sf]ifdf f]sf] sdAElig aeliggfkmfgf]Sfg lxfadf f]sf] artdivide-gf]Sfg_AElig uL bOj6f zLifs sfod uL aelighLjgaLdf sf]ifdf f]sf] sdAElig zLifsdf lgb]zgndash adf]lhdsf] sd hgfO afFsLsdnfO aeliggfkmf gf]Sfg lxfadf f]sf] artdivide-gf]Sfg_AElig zLifsdf hgfpgkg]5 tf]lsP adf]lhd hLjg aLdf sf]ifdf f]sf] sd hgfp+bf gf]Sfg ePdf
40
aeliggfkmf gf]Sfg lxfadf f]sf] artdivide-gf]Sfg_AElig zLifsdf Totf] gf]Sfg ePsf]sdnfO C0ffTds kdf hgfpg kg]5
-v_ gfkmf gf]Sfg lxfa tyf DalGwt cgrLsf zLifsxsf] +lIfKt JofVof M
1 cfo Joo lxfaaf6 f]sf] M aLdf cjlw dfKtL afkt bfjL eQmfgL ug gkg]lsldsf] aLdfxsf] cfo Joo lxfaaf6 aeliggfkmf gf]Sfg lxfadf f]sf] artdivide-gf]Sfg_AElig sdxsf] of]ukmnnfO o zLifsdf hgfpg kg]5
2 hLjg aLdf sf]ifaf6 f]sf] M k|rlnt sfggL Jojyf adf]lhd aLdssf] bfloTjsf]n]vfhf]vf DaGwL aLdfIacuteLsf] k|ltj]bg d]tsf] cfwfdf hLjg aLdf sf]ifaf6 gfkmfgf]Sfg lxfadf fgsf nflu ldltn] jLs[lt k|bfg u]sf] sdnfO o zLifsdfhgfpg kg]5
3 nufgL shf tyf cGoaf6 cfo M lgb]zg adf]lhd afF8kFmf8 uL cfPsf] sdnfOo zLifsdf hgfpg kg]5
4 Jojyf lkmtf M nufgLdf gf]SfgLsf] nflu ulPsf] Jojyf shfdf gf]SfgLsf] nfluulPsf] Jojyf z+sfkb cffdLsf] nflu ulPsf] Jojyf tyf cGosf] nfluulPsf] Jojyf sd cf+lzs jf k0fkn] sfod fVg kg] cjyf gx]df TotfsdxnfO o zLifsdf hgfpg kg]5
5 cGo cfDbfgL M aLdf Aojfo+u f]sf gePsf] kj +rfng cfDbfgL htfcfDbfgLxsf] of]ukmnnfO o zLifsdf hgfpg kg]5
6 Jojyfkg vr M lgb]zg $ adf]lhd afF8kmFf8 uL cfPsf] sdnfO o zLifsdfhgfpg kg]5
7 ckn]vg vr M k|flDes vrx kj +rfng vrx k flPsf vrx nufgLshf cffdL tyf cGo ckn]vg ulPsf] vrnfO o zLifsdf hgfpg kg]5 t+yfks +rfns tyf pRr Jojyfks jf lghx+u DalGwt JolQmdivide+yfDaGwL cffdL ckn]vg ug kfOg] 5g
8 cGo vrx M k|rlnt sfgg adf]lhd aLdf ldlt tyf cGo lgsfon] aLdsnfOtf]s]sf] b08 hljfgf aLdsn] pkof]u u]sf] ]jfsf] aemfpg kg] zNs dodfgaemfP afkt ltg kg] ljnDa zNs hljfgf nufotsf vrx o zLifsdfhgfpg kg]5
9 gf]SfgLsf] nflu Jojyf M nufgLdf gf]SfgLsf] nflu Jojyf shfdf gf]SfgLsf]nflu Jojyf z+sfkb cffdL Jojyf tyf cGo JojyfnfO o zLifsdf hgfpgkg]5
10 cfos M aLdssf] cfos bfloTjnfO lgb]zg adf]lhd afF8kmFf8 uL cfPsf]sdnfO o zLifsdf hgfpg kg]5
11 hLjg aLdf sf]ifdf f]sf] M aLdssf] bfloTjsf] n]vf hf]vf uL aLdfIacuteLn] lbPsf]dNofIacuteg k|ltj]bg d]tsf] cfwfdf ldltn] lbPsf] cfb]zdividelgb]zg adf]lhd hLjg
41
aLdf sf]ifdf f]sf] sdnfO o zLifsdf b]vfpg kg]5 oL hLjg aLdf sf]ifdff]sf] sd gfkmf gf]Sfg lxfadf lkmtf ug kfOg] 5g
12 cl3Nnf jif+u DalGwt vr M cl3Nnf jif-x_sf] cfosdf nfu]sf]b08dividehljfgfdivideljnDa zNs tyf cl3Nnf jifxdf n]vfIacuteg ug 56]sf vrxnufotsf cl3Nnf jif+u DalGwt vrnfO o zLifsdf hgfpg kg]5
-u_ jfnft tyf DalGwt cgrLsf zLifsxsf] +lIfKt JofVof M
1 rQmf kFhL M eQmfgL k|fKt ePsf] fwf0f z]o ckljtgLo cu|flws z]o tyfkljtgLo cu|flwsf z]o afktsf] sdsf] of]ukmnnfO o zLifsdf hgfpg kg]5
2 hu]8f tyf sf]if M aLdsn] hu]8f sfod ug] lnlnfdf gfkmfaf6 afF8kmfF8 ecfPsf jf cGo sg] k|lqmofaf6 gt[hgf ePsf tyf gfkmf gf]Sfg lxfadf afF8kmFf8guL +ro uL flvPsf] sdxnfO o zLifsdf hgfpg kg]5 oL hu]8f k|of]uubf DalGwt hu]8f tyf sf]if lxfadf vr hgfpg kg]5
-s_ kFhLut hu]8f M rQmf gePsf] z]osf] afFsL sd dfu ubf eQmfgL gu]sf]sf0fn] pQm z]onfO hkmt uL k|fKt xg cfPsf] sd kFhLut cgbfg afktk|fKt xg cfPsf] lhGL tyf gub sd tyf aLdssf] kFhL j[l4 ug] p2]Zon]gfkmfaf6 flPsf] sdnfO o zLifsdf hgfpg kg]5
-v_ z]o lk|ldod M aLdsn] cfˆgf] z]o hfL ubf z]osf] clIacutet dNo eGbf a9Lbn] hfL u]sf] x]5 eg] pQm al9 sd hlt o zLifsdf hgfpg kg]5 ozLifsdf hgfOPsf] sd nfef+z ljt0f k|of]hgsf] nflu of]Uo dflgg] 5g
-u_ k|tfljt af]gz z]o M aLdsn] k|tfj uL fwf0f efn] kflt u]sf] t hfLuL gs]sf] af]gz z]onfO o zLifsdf hgfpg kg]5
-3_ ljz]if hu]8f M aLdf ldltsf] lgb]zg adf]lhd sg cGo hu]8f sf]if v8f ugkbf Totf] sdnfO o zLifsdf hgfpg kg]5
-ordf_ cGo hu]8f M aLdsn] cGo k|of]hgsf] nflu v8f u]sf] hu]8fnfO o zLifsdfhgfpg kg]5
-r_ gfkmf gf]Sfg lxfaaf6 f]sf] M aLdssf] gfkmf gf]Sfg lxfaaf6 jfnftdff]sf] gfkmf sdnfO o zLifsdf hgfpg kg]5
3 hLjg aLdf sf]if M lgb]zg adf]lhd fVg kg] hLjg aLdfsf]ifxsf] of]ukmnnfOo zLifsdf hgfpg kg]5
4 dxfndashljkQL hu]8f M 7nf] kldf0fdf aLdf bfjL pTkGg xg Sg] dxfndashljkQL -catastrophy_ sf] cjyfdf aLdssf] ljQLo Ifdtfdf kg Sg] k|ltsn c sd ug]p2]Zon] gfkmfaf6 flPsf] sdnfO o zLifsdf hgfpg kg]5 o zLifsdfhgfOPsf] sd nfef+z ljt0f k|of]hgsf] nflu of]Uo dflgg] 5g
5 ltg afFsL bL3sflng C0f tyf fk6L M jfnftsf] ldltdf eQmfgL ug afFsLbL3sflng fk6LnfO o zLifsdf hgfpg kg]5
42
6 ly DkQL -vb_ MyfoL k|s[ltsf DkQLxsf] sn dNodf Xf ssectf uL afFsL x]sf]sdnfO o zLifsdf hgfpg kg]5
7 bL3sflng nufgL M aLdsn] lgb]zg ^ adf]lhd u]sf] bL3sflng nufgLnfO ozLifsdf hgfpg kg]5
kli6s0f M = jfnftsf] ldltaf6 Ps jif eGbf al9 cjwL kl5 eQmfgLk|fKt xg] sfL sfsf] hdfgt k|fKt ]Sol6Ld2tL lgIf]k gfuls nufgL of]hgf z]o a+s tyfljQLo +yfsf] cu|flwsf z]odividel8j]Gr tyf cGo f]xLk|s[ltsf nufgLxnfO bL3sflng nufgL Demg k5
= aLdsn] klAns sDkgLsf] z]odf nufgL u] afkt k|fKtxg] af]gz z]onfO z]o +Vofdf dfq b]vfO kn df]ndfsg kljtg ug x+bg
amp=s cNksflng nufgL M aLdsn] lgb]zg ^ adf]lhd u]sf] cNksflng nufgLnfO ozLifsdf hgfpg kg]5
kli6s0f M jfnftsf] ldltaf6 Ps jif leq eQmfgL k|fKt xg] sfL sfsf] hdfgt k|fKt ]Sol6L d2tL lgIf]k gfulsnufgL of]hgf a+s tyf ljQLo +yfsf] cu|flwsfz]odividel8j]Gr tyf cGo f]xL k|s[ltsf nufgLxnfOcNksflng nufgL Demg k5
8 aLdfn]vsf] lwtf]df shf M aLdsn] lgb]zg amp adf]lhd k|To]s lsldsf] aLdfsf]aLdfn]vsf] lwtf]df k|bfg u]sf] shfsf] of]ukmnnfO o zLifsdf hgfpg kg]5
9 gub tyf a+s dfHbft M -_ aLds+u x]sf] sn gub dfHbft sd tyf aLdssf]a+sdivideljQLo +yfsf] Aofh k|fKt gxg] vftfdf x]sf] sn sdnfO o zLifsdfhgfpg kg]5
10 cGo bL3sflng shf M lgb]zg amp adf]lhd n]vfIacuteg ulPsf] clestfnfO k|bfgulPsf] bL3sflng shf sdrfLnfO k|bfg ulPsf] bL3sflng shf tyf cGobL3sflng shfsf] of]ukmnnfO o zLifsdf hgfpg kg]5
kli6s0f M jfnftsf] ldltaf6 Ps jif eGbf al9 cjwL kl5 eQmfgLk|fKt xg] clestfnfO k|bfg ulPsf] shf sdrfLnfO k|bfgulPsf] shf tyf cGo f]xL k|s[tLsf shfxnfO bL3sflngshf Demg k5
)s= cGo cNksflng shf M lgb]zg amp adf]lhd n]vfIacuteg ulPsf] clestfnfO k|bfgulPsf] cNksflng shf sdrfLnfO k|bfg ulPsf] cNksflng shf tyf cGocNksflng shfsf] of]ukmnnfO o zLifsdf hgfpg kg]5
kli6s0f M jfnftsf] ldltaf6 Ps jif leq eQmfgL k|fKtxg] clestfnfO k|bfg ulPsf] shf sdrfLnfO k|bfgulPsf] shf tyf cGo f]xL k|s[tLsf shfxnfOcNksflng shf Demg k5
43
11 cGo DkQL M -_ o lgb]zg adf]lhd n]vfIacuteg ulPsf] aLdssf] nufgLaf6 k|fKt xgafFsL cfo aLdfn]vsf] lwtf]df shfaf6 k|fKt xg afFsL Aofh cGo shfaf6 k|fKt xgafFsL Aofh cGo aLdsaf6 k|fKt xg afFsL kgaLdsaf6 k|fKt xg aFfsL ljljwcffdL clu|d eQmfgL sdrfL k]ZsL cGo k]ZsL wf6L tyf cGosf] of]ukmnnfOo zLifsdf hgfpg kg]5
-_ cGo DkQLsf] ljj0f kllzi6 sf] cgrL $ adf]lhd xg kg]5
-_ cn xg afFsL aLdfzNs eP f]sf] of]ukmn kllzi6 sf] cgrL $ dfb]vfpg kg]5 f] cn xg afFsL aLdfzNs afasf] dNtjL -Suspense_ b]vfOvb k|efj (Net effect) zGo agfpg kg]5
12 rfn bfloTj M clestfnfO lbg afFsL cGo aLdsnfO lbg afFsL kgaLdsnfO lbgafFsL aLdfzNs wf6L k0f ljj0f gvn]sf] aLdfzNs ljljw fx xfosdividexf]lN8EumlsDkgLnfO lbg afFsL gtf]tdf ssectf ulPsf] s ltg afFsL cfos ltg afFsL]jfzNs ltg afFsL sdrfLnfO ltg afFsL +rfnsnfO ltg afFsL tyf cGo ltgafFsL sdxsf] of]ukmnnfO o zLifsdf hgfpg kg]5
13 cdfKt hf]lvd jfkt Jojyf M lgb]zg ( adf]lhdsf] cdfKt hf]lvd Jojyfsf]of]ukmnnfO o zLifsdf hgfpg kg]5
14 eQmfgL xg afFsL bfjL jfkt Jojyf M k|To]s lsldsf] aLdfsf] eQmfgL xg afFsLbfjLsf] nflu ulPsf] Jojyfsf] of]ukmnnfO o zLifsdf hgfpg kg]5
15 ckn]vg jf dfof]hg xg afFsL ljljw vrx M ckn]vg ug afFsL k|flDes vrckn]vg ug afFsL kj +rfng vr ckn]vg ug afFsL yug ulPsf vr tyfcGo ckn]vg jf dfof]hg gePsf vrxsf] of]ukmnnfO o zLifsdf hgfpgkg]5
-3_ k|dv rsfIacutexdf +nUg zLifsxsf] +lIfKt JofVof
1 g]6 jy = rQmf kFhL plusmn hu]8f tyf sf]if plusmn dxf ljkQL hu]8f ndashckn]vg jfdfof]hg xg afFsL ljljw vrx ndash gfkmf gf]Sfg lxfaaf6 f]sf] gf]Sfg
2 k|lt z]o lstfaL dNo = g]6 jydividefwf0f z]o +Vof
3 k|lt z]o cfo = vb gfkmfdividefwf0f z]o +Vof
4 dNo cfDbfgL cgkft = k|lt z]o ahf dNodividek|lt z]o cfo
5 sn DklQ = ly DklQ plusmn nufgL plusmn aLdfn]vsf] lwtf]df shf plusmn rfnDklQ shf tyf k]ZsLx
![Page 10: hLjg aLdf Joj;fo ug]{ aLdssf] ljQLo ljj/0f ;DaGwL lgb]{zg](https://reader033.vdocuments.site/reader033/viewer/2022053020/6291631db7b57c39db6663d6/html5/thumbnails/10.jpg)
10
=-s_ aLdsn] pkoQm n]vf gLlt cjnDag u]sf] f]sf] k|of]udf Psktf sfod u]sf] Totf] gLltsf] kLIf0f uL pkoQmtf Plsg u]sf] 5 eGg] pb3f]if0f
-v_ aLdssf] ljQLo ljj0fn] jfnftsf] ldltdf aLdssf] gfkmf gf]Sfg nufotsfljQLo cjyfsf] oyfy tyf jftljs lrq0f ub5 eGg] pb3f]if0f
=aLdssf] +rfns ldltn] aLdssf] DklQsf] Iffsf] nflu tyf hfnfhL jf cGoclgoldttf kQf nufpg f]Sgsf nflu pkoQm kofKt Jojyf u]sf] 5 eGg]pb3f]if0f
=aLdsn] aeliggoing concern basisAElig df cfˆgf] ljQLo ljj0f tof u]sf] xf] eGg]pb3f]if0f
$=aLdssf] Jojfosf] cfsf k|s[lt cgksf] cfGtls n]vf kLIf0f k|0ffnL ljBdfgx]sf] f] k|0ffnL k|efjsfL x]sf] 5 eGg] pb3f]if0f
=k|rlnt aLdf P]g )$( tyf sDkgL P]g )^ f] cGtutsf lgodfjnL cfb]zjf lgb]zgsf] k|ltsn xg] uL sg JolQm kmd sDkgL tyf aLdssf] +rfns jf+rfnssf] jfy x]sf] +yf+u sff]af ulPsf] 5g eGg] pb3f]if0f
^=hg aifsf] aflifs k|ltj]bg tof ulPsf] xf] f] aifdf aLdf ldltn] aLdsnfO sgb08 hljfgf tf]s]sf] eP f] DaGwL ljj0f
amp= Jojyfkgn] cfjZos 7fg]sf cGo sfx
11
kllzi6ndash
-lgb]zg +u DalGwt_
= aLdssf] cfo Joo lxfasf] 9fFrf M
aLdssf] gfd M
cflys aif ======================= sf] ================================== aLdfsf] cfo Joo lxfa
qm=+= ljj0f cgrL o aif ut aif
cfo
1 aLdfzNs -vb_
2 kgaLdf sldzg cfo
3 nufgL shf tyf cGoaf6 cfo
4 aLdfn]vsf] lwtf]df shfaf6 cfo
5 cGo k|ToIf cfo
6 cflys aifsf] zsf] eQmfgL xg afFsL bfjL afktJojyf
7 cflys aifsf] zsf] cdfKt hf]]lvd afkt Jojyf
hDdf cfo -s_
Joo
8 bfjL eQmfgL -vb_ $
9 clestf sldzg
10 jfYo kLIf0f zNs
11 kgaLdf sldzg vr
12 ]jf zNs -vb_ ^
13 cGo k|ToIf vr
14 Jojyfkg vr amp
15 cfos
16 cflys aifsf] cGTodf eQmfgL xg afFsL bfjL afktJojyf
(
17 cflys aifsf] cGTodf cdfKt hf]lvd afkt Jojyf
hDdf Joo -v_
18 hLjg aLdf sf]ifdividegfkmf gf]Sfg lxfadf f]sf]artdivide -gf]Sfg_ = -s_ - -v_
cgrL b]lv ( Dd osf cleGg c+u xg
12
= gfkmf gf]Sfg lxfasf] 9fFrf M
aLdssf] gfd M
cflys aif ======================= sf] gfkmf gf]Sfg lxfa
qm=+= ljj0f cgrL o aif ut aif
cfDbfgL
1 cfo Joo lxfaaf6 f]sf] )
2 hLjg aLdf sf]ifaf6 f]sf]
3 nufgL shf tyf cGoaf6 cfo
4 Jojyf lkmtf
5 cGo cfDbfgL -ljj0f vnfpg]_
hDdf cfDbfgL -s_
vr
6 Jojyfkg vr amp
7 ckn]vg vr
8 cGo vrx $
9 gf]SfgLsf] nflu Jojyf
10 sdrfL cfjf Aojyf
11 sdrfL af]g Jojyf
12 cfos
13 hLjg aLdf sf]ifdf f]sf]
hDdf vr -v_
14 vb gfkmf divide-gf]Sfg_ -u_ = -s_ ndash -v_
15 cl3Nnf] jif+u DalGwt vr
16 cl3Nnf] aifaf6 flPsf] gfkmfdivide-gf]Sfg_
afF8kmfF8sf] nflu pknAw sd
-s_ kFhLut hu]8f amp
-v_ ljz]if hu]8f amp
-u_ cGo hu]8f -ljj0f vnfpg]_ amp
-3_ k|tfljt nfef+z amp
17
-ordf_ dxfndashljkQL hu]8f
18 jfnftdf f]sf] gfkmfdivide-gf]Sfg_
cgrL amp tyf ) b]lv amp Dd osf cleGg c+u xg
13
= aLdssf] jfnftsf] 9fFrf M
====================== sf] jfnft
qm=+= ljj0f cgrL o aif ut aifgtf]t
1 rQmf kFhL ^2 hu]8f tyf sf]if amp3 hLjg aLdf sf]if 4 dxfndashljkQL hu]8f 5 ltg afFsL bL3sflng C0f tyf fk6L (
sn gtf]tpkof]u
6 ly DkQL -vb_ )7 lb3sflng nufgL 8 aLdfn]vsf] lwtf]df shf 9 cGo bL3sflng shf
10 11 12 13
Rffn DkQL shf tyf k]ZsLx Mgub tyf a+s dfHbftcNksflng nufgLcGo cNksflng shfcGo DkQL $hDdf -s_ -)plusmnplusmnplusmn_
14 15 ^16 (17
rfn bfloTj tyf JojYffx Mrfn bfloTjcdfKt hf]lvd jfkt JojyfeQmfgL xg afFsL bfjL afkt JojyfcGo Aojyf ^shDdf -v_ -$plusmnplusmn^plusmnamp_
18 vb rfn DkQL -u_ = -s_ ndash -v_19 ckn]vg jf dfof]hg xg afFsL ljljw vrx amp20 gfkmf gf]Sfg lxfaaf6 f]sf] gf]Sfg
sn pkof]u -^+amp++(++(+)_
+efljt bfloTjx tyf cgrL ( tyf ^ b]lv ( Dd osf cleGg c+u xg
+efljt bfloTjx
qm=+= ljj0f o aif ut aif1 rQmf jf eQmfgL xg afFsL nufgL2 k|Tofelt k|lta4tf3 aLdfn]v cGtut eGbf afx]saf6 aLds pk bfjL k]sf] t
aLdsn] bfloTj jLsf gu]sf]
aLdsn] bfloTj jLsf gu]sf]
4 aLdsn] jf aLdssf] tkmaf6 lbOPsf] Uof]06L5 cGo -ljj0f vnfpg]_
hDdf
aLdssf] gfd M
14
$= OSo6Ldf ePsf] kljtg DaGwL ljj0fsf] 9fFrf M
aLdssf] gfd M
cf=j==============df OSo6Ldf ePsf] kljtg DaGwL ljj0f
ljj0f z]o kFhL +lrt gfkmfdividegf]Sfg
k|tfljtaf]g z]o
kFhLuthu]8f sf]if
z]olk|ldod
ljz]if hu]8fsf]if
cGo hu]8f tyfsf]if
dxfljkQLhu]8f
sn sd
zdfHbft
dfof]hg
=============
=============
============
============
clGtddfHbft
15
= gub k|jfxsf] ljj0fsf] 9fFrf
aLdssf] gfd M
=====================b]lv========================Ddsf] gub k|jfxsf] ljj0f
qm=+= ljj0f o jif ut jifsff]af +rfngaf6 gub k|jfx MaLdf zNs cfDbfgLljnDa zNs cfDbfgLkgaLdf zNs cfDbfgLkgaLdf sldzg cfDbfgLcGo k|ToIf cfDbfgLkgaLdsaf6 k|fKt bfjL lseLkgaLdf zNs eQmfgLkgaLdf sldzg eQmfgLclestf sldzg eQmfgLjfYo kLIf0f zNs eQmfgLd[To bfjL eQmfgLcjlw dfKtL bfjL eQmfgLcf+lzs cjlw dfKtL bfjL eQmfgLdk0f dNo bfjL eQmfgLcGo bfjL eQmfgL]jf zNs eQmfgLJojyfkg vr eQmfgLsdrfL af]g eQmfgLcfos eQmfgLRffn DklQdf -j[l4_dividesdLRffn bfloTjdf j[l4divide-sdL_
s
sff]af +rfngaf6 vb gub k|jfx -s_nufgL ultljwLaf6 gub k|jfxly DklQdf -j[l4_ sdLsfL sfsf] hdfgt k|fKt ]Sol6Ldf nufgLdf -j[l4_ sdLa+s tyf ljQLo +yfsf] d2tL lgIf]kdf nufgLdf -j[l4_ sdLa+s tyf ljQLo +yfsf] cGo lgIf]k nufgLdf -j[l4_ sdLOSo6L z]o nufgLdf -j[l4_ sdLcu|flwsf z]odividel8j]Grdf nufgLdf -j[l4_ sdLcGo nufgLdf -j[l4_ sdLaLdfn]vsf] lwtf]df shfdf -j[l4_ sdLk]ZsL tyf cGo shfdf -j[l4_ sdLeQmfgL k|fKt Aofh cfDbfgL -nufgLdf_eQmfgL k|fKt l8le8]G8ef8f cfDbfgLeQmfgL k|fKt Aofh cfDbfgL -shfdf_cGo ck|ToIf cfDbfgLdividevr
v
nufgL ultljwLaf6 vb gub k|jfx -v_ljQLo gtf]t sff]afaf6 gub k|jfxz]oaf6 k|fKt sdltg afFsL fk6Ldf -j[l4_dividesdLcNksflng C0fdf -j[l4_dividesdLC0f fk6Ldf Aofh eQmfgLnfef+z eQmfgL
u
ljQLo gtf]t sff]afaf6 vb gub k|jfx -u_o jifsf] Dk0f ultljwLaf6 vb gub k|jfx = -s_plusmn-v_plusmn-u_gub tyf a+sdf x]sf] z dfHbftgub tyf a+sdf x]sf] clGtd dfHbft
16
^ ljQLo ljj0fsf] cleGg c+usf] kdf xg] cgrLx
cgrLndash
-s_ aLdfzNs -vb_
sn aLdfzNs kgaLdf zNs eQmfgL-Ceded_
aLdfzNs -vb_qm=+= aLdfsf]lsld
o jif ut jif o jif ut jif o jif ut jif
hDdf
-v_ sn aLdfzNs
k|ToIf aLdfzNs k|fKt kgaLdf zNs
-accepted_
sn aLdfzNsqm=+= aLdfsf]lsld
o jif ut jif o jif ut jif o jif ut jif
hDdf
-u_ k|ToIf aLdfzNs
k|yd aifsf]aLdfzNs
gjLs0f aLdfzNs Psn aLdfzNs hDdf k|ToIfaLdfzNs
qm=+= aLdfsf]lsld
o aif ut aif o aif ut aif o aif ut aif o aif ut aif
hDdf
17
cgrLndash
nufgL shf tyf cGoaf6 cfoqm=+= ljj0f o aif ut aif1 sfL sfsf] hdfgt k|fKt ]Sol6Laf6 cfo2 jfl0fHo a+ssf] d2tL lgIf]kaf6 cfo3 ljsf a+ssf] d2tL lgIf]kaf6 cfo4 gfuls nufgL of]hgfaf6 cfo5 ljQLo +yfsf] d2tL lgIf]kaf6 cfo6 cfjf ljQ sDkgLsf] fwf0f z]oaf6 nfef+z7 cGo klAns sDkgLsf] fwf0f z]oaf6 nfef+z8 a+s tyf ljQLo +yfsf] cu|flwsf z]oaf6 nfef+z9 a+s tyf ljQLo +yfsf] l8j]Graf6 cfo10 cGo -ljj0f vnfpg]_ af6 cfo11 shfaf6 cfo12 cGo lgIf]kaf6 -d2tL afx]s_ cfo13 nufgL laqmLdf gfkmf
Gog nufgL laqmLdf gf]Sfg14 nufgL -vLb_ df gfkmf
Gog nufgL -vLb_ df gf]Sfg15 ly DkQL laqmLaf6 gfkmf
Gog ly DkQL laqmLaf6 gf]Sfg16 vftf ckn]vg17 cl3Nnf jif+u DalGwt cfo18 cGo cfo
hDdfnufgL shf tyf cGoaf6 cfosf] afF8kmfF8
gfkmf gf]Sfg lxfadf f]sf]============ sf] cfo Joo lxfadf f]sf]============ sf] cfo Joo lxfadf f]sf]
hDdfcgrLndash
aLdfn]vsf] lwtf]df shf cfo
aLdfn]vsf] lwtf]df shf aLdfn]vsf] lwtf]df shfaf6 cfoqm=+= aLdfsf] lsld
o aif ut aif o aif ut aif
============= aLdf
============= aLdf
============= aLdf
18
cgrL ndash $bfjL eQmfgL
d[To bfjLeQmfgL
cjlw dfKtLbfjL eQmfgL
cf+lzs cjlwdfKtL bfjL
eQmfgL
dk0f dNo bfjLeQmfgL
cGo bfjLeQmfgL
sn bfjL eQmfgL sn bfjLeQmfgLdfkgaLdssf]
lxf
bfjL eQmfgL-vb_
qm=+= aLdfsf]lsld
o jif ut jif o jif ut jif o jif ut jif o jif ut jif o jif ut jif o jif ut jif o jif ut jif o jif ut jif
===
===
hDdf
19
cgrLndash
clestf sldzg
k|yd aifsf]aLdfzNsdf
clestf sldzg
gjLs0f aLdfzNsdfclestf sldzg
Psn aLdfzNsdfclestf sldzg
hDdf clestfsldzg
qm=+= aLdfsf]lsld
o jif ut jif o jif ut jif o jif ut jif o jif ut jif
hDdf
cgrLndash^
]jf zNs -vb_
sn ]jf zNs sn ]jf zNsdfkgaLdssf] lxf
]jf zNs -vb_qm=+= aLdfsf] lsld
o jif ut jif o jif ut jif o jif ut jif
========aLdf
========aLdf
hDdf
cgrLndash amp
Jojyfkg vr
qm=+= ljj0f o aif ut aif1 sdrfL vr -cgrL amp= adf]lhd_2 3 ef8f3 lahnL tyf kfgL4 ddt tyf Def
-s_ ejg-v_ jfL fwg-u_ sfofno pks0f-3_ cGo
5 +rf6 5kfO tyf dnGb7 vr xg] sfofno fdfg8 kljxg9 e|d0f vr -eQf d]t_
-s_ cfGtls-v_ jb]lzs
10 clestf tflnd11 clestf cGo12 aLdfzNs13 Iff vr14 sfggL tyf kfdz zNs15 kq klqsf tyf kts
20
16 lj1fkg tyf k|rf k|f17 Jofkf k|j4g18 cltyL Tsf19 rGbf tyf pkxf20 +rfns ldlt DaGwL vr
-s_ a7s eQf-v_ cGo
21 cGo ldltdividepkndashldlt DaGwL vr-s_ a7s eQf-v_ cGo
22 fwf0f ef DaGwL vr
23-s_ aLdfIacuteLo ]jf zNs-v_ aLdfIacuteLo vr
24 n]vf kLIf0f DaGwL vr-s_ n]vf kLIf0f zNs-v_ s n]vf kLIf0f zNs-u_ ljt[t n]vf kLIf0f k|ltj]bg zNs-3_ cGo zNs-ordf_ cfGtls n]vf kLIf0f vr-r_ cGo vr
25 Aofh26 as rfh27 zNs tyf bt28 Xf ssectL29 xnfs l6s630 cGo
afF8 kmfF8sf] nflu hDdfgfkmf gf]Sfg lxfadf f]sf]================aLdfsf] cfo Joo lxfadf f]sf]================aLdfsf] cfo Joo lxfadf f]sf]
hDdfcgrL amp=
sdrfL vr
qm=+= ljj0f o aif ut aif= tna= eQf= bz+ vr$= ~rosf]ifdf yk= tflnd vr^= kf]zfsamp= cfifwf]krf= aLdf(= k]Gg tyf pkbfg vr tyf Jojyf)= ljbf afktsf] vr tyf Jojyf= cGo ljwf afkt vr tyf Jojyf -ljj0f vnfpg]_ cGo -ljj0f vnfpg]_
hDdf M
21
cgrLndash
cfos
qm=+= ljj0f o aif ut aif
= o aifsf] cfos
= cl3Nnf aifxsf] cfos
= afF8kmfF8sf] nflu cfossf] hDdf
afF8kmfF8
gfkmf gf]Sfg lxfadf f]sf]
==============aLdfsf] cfo Joo lxfadf f]sf]
==============aLdfsf] cfo Joo lxfadf f]sf]
hDdf
22
cgrL ndash (
cflys jifsf] cGTodf eQmfgL xg afFsL bfjL afkt Jojyf
eQmfgL xgafFsL d[To bfjL
eQmfgL xgafFsL cjlwdfKtL bfjL
eQmfgL xgafFsL cf+lzscjlw dfKtL
bfjL
eQmfgL xgafFsL dk0fdNo bfjL
eQmfgL xgafFsL cGo
bfjL
[hgf ePsf]t hfgsfLdfgcfPsf] bfjL
-cgdflgt_
eQmfgL xgafFsL hDdf
bfjL
eQmfgL xgafFsL hDdf
bfjLdfkgaLdssf]
lxf
eQmfgL xgafFsL bfjL
afkt Jojyf
qm=+= aLdfsf] lsld
ojif
ut jif ojif
utjif
ojif
utjif
ojif
utjif
ojif
utjif
ojif
utjif
ojif
utjif
ojif
utjif
ojif
utjif
=
=
=
$=
hDdf M
23
cgrLndash)
cfo Joo lxfaxaf6 gfkmf gf]Sfg lxfadf f]sf] sd
qm=+= ljj0f o aif ut aif
= ==================== sf] cfo Joo lxfaaf6 f]sf]
= ==================== sf] cfo Joo lxfaaf6 f]sf]
=
$=
hDdf
cgrLndash
hLjg aLdf sf]if
dfof]hg cuf8Lsf]hLjg aLdf sf]if-jifsf] zdf_
cfo Joolxfaaf6 f]sf]
gfkmf gf]Sfglxfaaf6 f]sf]
dfof]hg cuf8Lsf]hLjg aLdfsf]if-jifsf] cGTodf_
qm=+= aLdfsf]lsld
o jif ut jif o jif ut jif o jif ut jif o jif ut jif
=
=
=
$=
hDdf M
hLjg aLdf sf]ifdf dfof]hg
dfof]hgcuf8Lsf]
hLjg aLdfsf]if
-jifsf]cGTodf_
gfkmfgf]Sfglxfadff]sf]
aLdfn]vcGtutbfloTj
af]gsf]nflu
Jojyf
f]Ne]GLdflhgsf]nflu
Jojyf
afF8kmfF8gulPsf]sd
jifsf]cGTodfhLjg
aLdf sf]if
qm=+= aLdfsf]lsld
oaif
utaif
oaif
utaif
oaif
utaif
oaif
utaif
oaif
utaif
oaif
utaif
oaif
utaif
=
=
=
hDdf M
24
cgrLndash
Jojyf lkmtfqm=+= ljj0f o aif ut aif= nufgLdf gf]SfgLsf] nflu Jojyf lkmtf= shfdf gf]SfgLsf] nflu Jojyf lkmtf= z+sfkb cffdL Jojyf lkmtf$ cGo Jojyf lkmtf
hDdf
cgrLndash
ckn]vg vrx
qm=+= ljj0f o aif ut aif1 k|flDes vrx2 kj +rfng vrx3 k flPsf vrx4 ckn]vg ulPsf] nufgL5 ckn]vg ulPsf] shf6 ckn]vg ulPsf] cffdL7 cGo ckn]vg
hDdf
cgrLndash$
cGo vrx
qm=+= ljj0f o aif ut aif
1 b08 hljfgf
2 ljnDa zNs hljfgf
3 cGo -ljj0f vnfpg]_
hDdf
cgrLndash
gf]SfgLsf] nflu Jojyfqm=+= ljj0f o aif ut aif= nufgLdf gf]SfgLsf] nflu Jojyf= shfdf gf]SfgLsf] nflu Jojyf= z+sfkb cffdL Jojyf$ cGo Jojyf
hDdf
25
cgrLndash^
-s_ z]o kFhL
qm=+= ljj0f o aif ut aifclws[t kFhLs_ ================= bsf] ======== yfg fwf0f z]ov_ ============ bsf] ====yfg ckljtgLo cu|flwsfz]o
=
u_ ========== bsf] ====== yfg kljtgLo cu|flwsfz]ohfL kFhLs_ ================= bsf] ======== yfg fwf0f z]ov_ ============ bsf] ====yfg ckljtgLo cu|flwsfz]o
=
u_ ========== bsf] ====== yfg kljtgLo cu|flwsfz]orQmf kFhLs_ ================= bsf] ======== yfg fwf0f z]oGog eQmfgL k|fKt xg afFsL ==== bsf] ===yfg fwf0fz]ov_ ============ bsf] ====yfg ckljtgLo cu|flwsfz]o
=
u_ ========== bsf] ====== yfg kljtgLo cu|flwsfz]o
hDdf-v_ z]o jfldTjsf] +rgf
o aif ut aifz]owgL
fwf0f z]o+Vof
jfldTjsf] Uuml fwf0fz]o +Vof
jfldTjsf] Uuml
g]kfnL +ul7t +yfx
g]kfnL gfuls
ljb]zL+y
fks
hDdf
jfwf0f
cGo -ljj0f vnfpg]_
sn
-u_ Ps k|ltzt jf a9L z]o jfldTj ePsf z]owgLxsf] ljj0f
o aif ut aifqm=+= ljj0f
jfldTjsf] Uuml sd jfldTjsf] Uuml sd
=
=
=
26
cgrLndashamp
hu]8f tyf sf]if
qm=+= ljj0f o aif ut aif
1 kFhLut hu]8f
2 ljz]if hu]8f
3 cGo hu]8f -ljj0f vnfpg]_
4 z]o lk|ldod
5 k|tfljt af]gz z]o
6 Gffkmf gf]Sfg lxfaaf6 f]sf] gfkmf
hDdf
cgrLndash
dxfndashljklQ hu]8fjifsf] zdf dxfndashljklQ hu]8f gfkmf gf]Sfg lxfaaf6 f]sf] jifsf] cGTodf dxfndashljklQ
hu]8fo jif ut jif o jif ut jif o jif ut jif
cgrLndash(
ltg afFsL bL3sflng C0f tyf fk6L
qm=+= ljj0f o aif ut aif
l8j]Gr divide a08
a+s
ljQLo +yf
$ cGo -ljj0f vnfpg]_
hDdf
27
cgrLndash)
ly DklQ
ljj0f kn df]n Xf ssectL vb df]n
zdfHbft
ojif
yk]sf]
ojif
36]sf]
hDdf utjifDd
ojif
laqmLdivide
dfof]hg
hDdf ojifDdsf]
UftjifDdsf]
lk|m xf]N8hldg
ejg
kmlgrtyf
lkmSr
sfofnofdfg
sDKo6tyfrgfk|ljwLpks0f
cb[ZoDklQ-ljj0fvnfpg]_
jfLfwg
lnh xf]N8DklQ
cGo-k|s[ltvnfpg]_
hDdf
lgdf0fflwgkFhLutvr
sn
ut jif
28
cgrLndash
nufgL
qm=+= ljj0f o aif ut aif-s_ bL3sflng nufgL M sfL sfsf] hdfgt k|fKt ]Sol6L jfl0fHo a+ssf] d2tL lgIf]k ljsf a+ssf] d2tL lgIf]k$ gfuls nufgL of]hgf ljQLo +yfsf] d2tL lgIf]k^ cfjf ljQ sDkgLsf] fwf0f z]o -cgrL = adf]lhd_amp cGo sDkgLsf] fwf0f z]o -cgrL = adf]lhd_ a+s tyf ljQLo +yfsf] cu|flwsf z]odividel8j]Gr( cGo -ljj0f vnfpg]_
hDdf M-v_ cNksflng nufgL M sfL sfsf] hdfgt k|fKt ]Sol6L jfl0fHo a+ssf] d2tL lgIf]k ljsf a+ssf] d2tL lgIf]k$ gfuls nufgL of]hgf ljQLo +yfsf] d2tL lgIf]k^ a+s tyf ljQLo +yfsf] cu|flwsf z]odividel8j]Gramp jfl0fHo a+ssf] Aofh k|fKt xg] cGo lgIf]k ljsf a+ssf] Aofh k|fKt xg]] cGo lgIf]k( ljQLo +yfsf] Aofh k|fKt xg] cGo lgIf]k) cGo Aofh k|fKt xg] nufgL -ljj0f vnfpg]_
hDdf McgrLndash=
z]odf nufgL
qm=+= sDkgL vb sd c+lst dNo kn dNo ahf dNo
= ======sDkgLsf]=============yfg====z]o
= ======sDkgLsf]=============yfg=====z]o
= ======sDkgLsf]=============yfg=====z]o
hDdf
gf]6 M = aLdssf] xfos sDkgLdividexf]lN8Euml sDkgL tyf +oQm nufgL ePsf] sDkgLsf] z]odf ePsf]nufgLnfO
5sectfndash5sect vnfpg kg]5
= lgodfgf lrs[t gePsf z]odf ePsf] nufgLnfO 5sect vnfpg kg]5
= +yfks z]o cGo z]odf ePsf] nufgLnfO 5sectf5sect vnfpg kg]5
29
cgrLndash
gub tyf a+s dfHbft
qm=+= ljj0f o aif ut aifgub dfHbft
hDdfa+s dfHbftjfl0fHo a+sxsf] dfHbftljsf a+sxsf] dfHbftljQLo +yfxsf] dfHbft
cGo -ljj0f vnfpg]_hDdfsn
cgrLndash
cGo shf
qm=+= ljj0f o aif ut aif-s_ bL3sflng shf= clestfnfO shf= sdrfLnfO shf= cGo -ljj0f vnfpg]_
hDdf-v_ cNksflng shf= clestfnfO shf= sdrfLnfO shf= cGo -ljj0f vnfpg]_
hDdfcgrLndash$
cGo DklQqm=+= ljj0f o aif ut aif1 nufgLaf6 k|fKt xg afFsL cfo2 aLdfn]vsf] lwtf]df shfaf6 k|fKt xg afFsL Aofh3 cGo -aLdfn]vsf] lwtf]df afx]s_ shfaf6 k|fKt xg afFsL
Aofh4 cGo aLdsaf6 k|fKt xg afFsL5 kgaLdsaf6 k|fKt xg afFsL6 ljljw cffdL7 clu|d eQmfgL8 sdrfL k]ZsL9 cGo k]ZsL10 wf6L11 cn xg afFsL aLdfzNs
Gog M cn xg afFsL aLdfzNs dNtjL -suspense_12 cGo ljj0f vnfpg]
hDdf M
30
cgrLndash
rfn bfloTj
qm=+= ljj0f o aif ut aif1 clestfnfO lbg afFsL2 cGo aLdsnfO lbg afFsL3 kgaLdsnfO lbg afFsL4 cNksflng shf5 aLdfzNs wf6L6 k0f ljj0f gvn]sf] aLdfzNs7 ljljw fx8 xfosdividexf]lN8Euml sDkgLnfO lbg afFsL9 gtf]tdf ssectf ulPsf] s ltg afFsL10 dNo clea[l4 s ltg afFsL11 cfos ltg afFsL12 ]jf zNs ltg afFsL13 sdrfLnfO lbg afFsL14 +rfnsnfO lbg afFsL15 eQmfgL lbg afFsL nfef+z -l8le8]08_16 cGo -ljj0f vnfpg]_
hDdf
cgrLndash^
cdfKt hf]lvd Jojyfqm=+= ljj0f o aif ut aif= ===========aLdfsf] cdfKt hf]lvd hu]8f= ===========aLdfsf] cdfKt hf]lvd hu]8f= ===========aLdfsf] cdfKt hf]lvd hu]8f
===========aLdfsf] cdfKt hf]lvd hu]8f
hDdf
31
cgrL ^scGo Aojyf
aifsf] zdf Aojyfrfn cf=a=df yk ulPsf]
Aojyfrfn cf=a=df ckn]vg
ulPsf] Aojyfrfn cf=a=df lkmtfulPsf] Aojyf
aifsf] cGtdf sfodx]sf] Aojyf
qm=+=
ljj0fo jif ut jif o jif ut jif o jif ut jif o jif ut jif o jif ut jif
nfef+z -l8le8]08_ sf] nflu Aojyf
nufgLdf gf]SfgLsf] nflu Aojyf
shfdf gf]SfgLsf] nflu Aojyf
$ z+sfZkb cffdLsf] nflu Aojyf
cGo gf]SfgLsf] nflu Aojyf
^ sdrfL DaGwL Aojyf-s_ k]Gg tyf pkbfg Aojyf-v_ ljbf jfkt Aojyf-u_ cfjf tyf cGo ljwf Aojyf-3_ sdrfL af]g Aojyf-ordf_ cGo
amp cGo Aojyf -ljj0f vnfpg]_
hDdf
32
cgrLndashamp
ckn]vgdividedfof]hg xg afFsL ljljw vrxqm=+= ljj0f o aif ut aif1 ckn]vg ug afFsL k|flDes vr2 ckn]vg ug afFsL kj +rfng vr3 ckn]vg ug afFsL yug ulPsf vr4 cGo -ljj0f vnfpg]_
hDdf
cgrL ndash
ljQLo ljj0f+u DalGwt k|dv n]vf gLltx
n]vf DaGwL gLltdf vnfpg kg] aFbfx M aLdsn] n]vf DaGwL gLltdf b]xfosf aFbfxvnfpg kg]5
1 ljQLo ljj0f tofLsf cfwfx M sg sg cjwf0ff -concept_ tyf n]vfdfgx sfgg tyf aLdf ldltsf lgb]zgxsf] clwgdf xL ljQLo ljj0f tof ulPsf] xf]f]sf] Joxf]f
ljQLo ljj0f tof ubf sg sfgg aLdf ldltsf] lgb]zg jf n]vfdfg kfngf gePsf]eP f]sf] sf0f lxt Joxf]f
2 ly DklQ n]vfIacuteg gLlt M ly DklQ n]vfIacuteg ubf cjnDag ulPsf] gLlt
3 Xf ssectL gLlt M aLdssf] +rfns ldltaf6 kflt uL nfu ulPsf] Xf ssectL gLlt
4 kFhLs[t gulg] DklQx DaGwL n]vfIacuteg gLlt M aLdssf] +rfns ldltn] sg lglZrtdf]nDd kg] pks0f fdfgx kFhLs[t gug] gLlt lnPsf] 5 eg] f]sf] Joxf]f
5 cfos Jojyf tyf afF8kmFf8 gLlt M cfos Jojyf DaGwdf aLdsn] cjnDag u]sf]gLlt aLdsn] gfkmf gf]Sfg lxfa tyf cfo Joo lxfadf Totf] Jojyf sdafF8kmFf8 ubf cjnDag u]sf] gLlt
6 nufgL n]vfIacuteg gLlt M nufgL n]vfIacutegsf] DaGwdf aLdsn] cjnDag u]sf] gLltxnfOb]xfosf zLifsx cGtut vnfpg kg]5
-s_ sfL artkqdivideC0fkqdf nufgL n]vfIacuteg gLlt
-v_ a+sdivideljQLo +yfsf] d2tL lgIf]kdf nufgL n]vfIacuteg gLlt
-u_ klAns lnld6]8 sDkgLsf] z]odf nufgL n]vfIacuteg gLlt
-3_ klAns lnld6]8 sDkgLn] hfL u]sf] C0fkqxdf nufgL n]vfIacuteg gLlt
7 6xL 36a9 dfof]hg gLlt M ljb]zL db|f+u DalGwt DklQ bfloTj tyf 6xL36a9 cfDbfgL tyf vrxsf] n]vfIacuteg gLlt
8 aLdfzNs cfDbfgL n]vfIacuteg gLlt M aLdsn] aLdfzNs cfDbfgL n]vfIacuteg ubf cjnDagu]sf] gLlt
33
9 kgaLdf sldzg cfDbfgL n]vfIacuteg gLlt M aLdsn] kgaLdf u] afkt k|fKt ug] sldzgsf]n]vfIacuteg ubf cjnDag u]sf] gLlt
10 cGo cfo n]vfIacuteg tyf afF8kmFf8 gLlt M aLdsn] ef8f -Rent_ tyf cGo zLifsaf6 ePsf]cfo n]vfIacuteg tyf afF8kmFf8 ubf cjnDag u]sf] gLlt
11 shf n]vfIacuteg gLlt M aLdsn] aLdfn]vsf] lwtf]df k|bfg u]sf] shf tyf cGo shfn]vfIacuteg ubf cjnDag u]sf] gLlt
12 Jojyfkg vr afF8kmFf8 gLlt M aLdsn] gfkmf gf]Sfg lxfa tyf cfo Joo lxfaxdfJojyfkg vr afF8kmFf8 ubf cjnDag u]sf] gLlt
13 aLdf bfjL eQmfgL vr n]vfIacuteg gLlt M aLdsn] aLdf bfjL eQmfgL vr n]vfIacuteg ubfcjnDag u]sf] gLlt
14 aLdf bfjL afkt bfloTj Jojyf n]vfIacuteg gLlt M -s_ gt[hgf ePsf] t hfgsfLdfgcfPsf] -IBNR_ aLdf bfjL afkt bfloTj Jojyf n]vfIacuteg ubf aLdsn] cjnDagu]sf] gLlt
-v_ aLdsn] aLdf bfjL bfloTj afkt Jojyf ubf cjnDag u]sf] gLlt
15 aLdf Jojfodf art afF8kmFf8 gLlt M aLdsn] gfkmf gf]Sfg lxfa tyf cfo Joolxfaxdf art afF8kmFf8 ubf cjnDag u]sf] gLlt
16 sdrfL pkbfg ljbf tyf cGo ljwf afkt Jojyf gLlt M aLdsn] sdrfL pkbfgljbf tyf cGo ljwf afkt Jojyf ubf cjnDag u]sf] n]vfIacuteg gLlt
17 z+sfkb cffdL Jojyf gLlt M aLdsn] z+sfkb cffdL Jojyf ubf cjnDag u]sf]gLlt
18 ckn]vg vr n]vfIacuteg gLlt M aLdsn] cjnDag u]sf] ckn]vg vr DaGwL gLlt
19 cGo gLltx M plNnlvt gLltx afx]s jfnft gfkmf gf]Sfg lxfa cfo Joo lxfanufotsf ljQLo ljj0fnfO apermilg ljZn]if0f ug 3fp kUg] uL cGo sg] n]vf gLltsf]hfgsfL lbg cfjZos b]lvPdf f] Joxf]f
34
cgrLndash(
ljQLo ljj0f+u DalGwt n]vf DaGwL l6Kk0fLx
n]vf DaGwL l6Kk0fLdf vnfpg kg] aFbfx M aLdsn] n]vf DaGwL l6Kk0fLdf b]xfosf aFbfxvnfpg kg]5
= Defljt bfloTjx M
c_ rQmf jf eQmfgL xg afFsL nufgL
cf_ k|Tofelt k|lta4tf -underwriting commitments_
O_ aLdfn]v cGtut eGbf afx]saf6 aLds pk bfjL k]sf] t aLdsn] bfloTj jLsfgu]sf]
O_ aLdsn] jf aLdssf] tkmaf6 lbOPsf] Uof]06L
p_ cGo bfloTj -ljj0f vnfpg]_
= aLdfIacuteLn] aLdssf] bfloTj dNofIacuteg ubf cjnDag u]sf] cfwfx
= aLdssf] DklQdf cfPsf] Lldttf tyf ljjfbx
$= shf nufgL tyf ly DklQsf] nflu ulPsf] k|lta4tf
= nufgL+u DalGwt b]xfosf vLb laqmL Demftfxsf] dNo M
c_ vLb ulPsf] DklQsf] jfldTj k|fKt gePsf]
cf_ laqmL ulPsf] DklQsf] eQmfgL k|fKt gePsf]
^= o jifeL ulPsf] nufgL tyf laqmLdividelkmtf lnPsf] nufgLsf] DaGwdf +yf ldltkldf0f sd d]t vn]sf] ljj0f
amp= a+s dfHbft lxfa DaGwdf DalGwt a+sdivideljQLo +yfsf] 6]6d]06 lxtsf] lxfaldnfg DaGwL Joxf]f
= aLdsdividekgaLds+u lng lbg afFsL lxfa DaGwdf DalGwt aLdsdividekgaLdssf]dyg lxtsf] lxfa ldnfg DaGwL Joxf]f
gf]6 Mndash bnfn (Broker) dfkmt ePsf] kgaLdfsf] xsdf fdfGot DalGwt bnfnn]kgaLdssf] tkmaf6 dyg lbg Sg]5
(= aLdsn] u]sf] nufgL k|rlnt aLdf P]g lgodfjnL tyf aLdf ldltaf6 tf]lsP adf]lhdx] gx]sf]
)= aLdssf] +rfns jf +rfns+u DalGwt JolQm jf +yf+u ePsf] sff]af
= aLdsn] cfˆgf] DklQsf] If0fdf lnPsf] C0fsf] lwtf] zt tyf cflrTo
= aLdsn] s rQmf k|df0fkq k|fKt u]sf] cf=j=tyf Totf] rQmf k|df0fkq k|fKt xg afFsLcf=j= f] DaGwL ljj0fsf fy] cl3Nnf] cf=j=xsf] s hljfgf Aofh afkt bfjLk]sf] o cf=j=df eQmfgL ePsf] sd
= lkmtf u]sf] aLdfzNssf] kldf0f sf0f
35
$=aLdsn] aLldtnfO k|bfg ug] 3f]lift tyf cGtld af]gsf] b
=l9nf] aLdfzNs eQmfgLdf lanDa zNsdivideAofhsf] b tyf aLdfn]vsf] lwtf]df k|bfg ulg]shfdf Aofhsf] b
^=ckn]vg xg afFsL vrsf] ljj0f
amp=rQmf kFhL dWo] clu|d eQmfgL k|fKt -Paid in advance_ eQmfgL k|fKt xg afFsL -Call inarrears_ hkmt ulPsf t kgM lgisfzg gulPsf z]osf] ljj0f
=lnh xf]N8 DklQdf ut jifDd o jif vr (Amortization) n]lvPsf] sdsf]ljj0f
(= jifeldf ePsf] jfnft aflxsf] sff]afsf] ljj0f
)= cl3Nnf aifx+u DalGwt cfDbfgL tyf vrxsf] 5sectf5sect ljj0f
=plNnlvt aFbfx afx]s jfnft gfkmf gf]Sfg lxfa cfo Joo lxfa nufotsfljQLo ljj0fxnfO apermilg ljZn]if0f ug 3fp kUg] cGo sg hfgsfL lbg cfjZosb]lvPdf cGo Joxf]f d]t vnfpg kg]5
36
cgrL )k|dv rsfIacutex
cf=a=qm=+= ljj0f rsfIacute
g]6 jy = z]o +Vof +Vof k|lt z]o lstfjL dNo =$ vb gfkmf = k|lt z]o cfo (EPS) =^ k|lt z]o nfef+z (DPS) =amp k|lt z]o ahf dNo (MPPS) = dNo cfDbfgL cgkft (PE Ratio) cgkft( k|yd aifsf] aLdfzNs =) sn aLdfzNs = vb aLdfzNsdividesn aLdfzNs k|ltzt vb gfkmfdividesn aLdfzNs k|ltzt sn aLdfzNsdividesn DklQ k|ltzt$ nufgL shfaf6 cfodividesn nufgL shf k|ltzt sn nufgL shfdividehLjg aLdfsf]if k|ltzt^ kgaLdf sldzg cfodividesn kgaLdfzNs k|ltztamp Jojyfkg vrdividesn aLdfzNs k|ltzt aLdf clestf DalGw vrdividesn aLdfzNs k|ltzt( aLdf clestf +Vof +Vof) sdrfL +Vof +Vof sfofnosf] +Vof +Vof sdrfL vrdivideJojyfkg vr k|ltzt sdrfL vrdividesdrfL +Vof =$ eQmfgL xg aFfsL bfjL sddivideeQmfgL ePsf] bfjL
sdk|ltzt
sn sfod x]sf] aLdfn]vsf] +Vof +Vofdf^ o jif gjLs0f ePsf] aLdfn]vsf] +Vofdivideut
jif sfod x]sf] aLdfn]vsf] +Vofk|ltzt
amp bfjL k]sf] aLdfn]vsf] +Vofdividesn sfod x]sf]aLdfn]vsf] +Vof
k|ltzt
f]Ne]GL dflhg k|ltzt( 3f]lift af]g b =
k|ltxhf) cGtld af]g b =
k|ltxhf
37
cgrL ndash
aLdfIacutesf] ljj0f
sfod x]sf]aLdfn]vsf] +Vof
sfod x]sf]aLdfn]v cGtut
hDdf aLdfIacute
d of6 ls(Sum at Risk)
kgaLdsnfOxtfGt0f ulPsf]
d of6 ls(Sum at Risk)
aLdsn] wf0fu]sf] d of6ls (Sum at
Risk)
qm=+= aLdfsf] lsld
o jif ut jif o jif ut jif o jif ut jif o jif ut jif o jif ut jif
hDdf
38
kllzi6 ndash
-lgb]zg +u DalGwt_
ljQLo ljj0fsf zLifsxsf] +lIfKt JofVof
-s_ cfo Joo lxfa tyf f] DaGwL cgrLsf zLifsxsf] +lIfKt JofVof M
1 k|ToIf aLdfzNs M aLdsn] kgaLdf jLsf u] afkt k|fKt aLdfzNs afx]s k|ydjifsf] aLdfzNs gjLs0f aLdfzNs Psn aLdfzNssf] of]ukmnaf6 lgodfgflkmtf u]sf] aLdfzNs ssectf uL o zLifsdf hgfpg kg]5
2 sn aLdfzNs M k|ToIf aLdfzNs aLdsn] kgaLdf jLsf u] afkt k|fKtaLdfzNssf] of]ukmnnfO o zLifsdf hgfpg kg]5
3 aLdfzNs -vb_ M sn aLdfzNsaf6 kgaLdf lbP afktsf] kgaLdf zNs ssectf uLafFsL sdnfO o zLifsdf hgfpg kg]5
4 kgaLdf sldzg cfo M -s_ aLdsn] kgaLdf lbP afkt k|fKt xg] kgaLdfsldzgnfO o zLifsdf hgfpg kg]5
-v_ aFbf g+=-s_ sf] cltlQm kgaLdsaf6 dgfkmf sldzg -Profit Commission_k|fKt ePdf f]nfO o zLifsdf dfj]z uL f]sf] Joxf]f n]vf DaGwLl6Kk0fLdf vnfpg kg]5
5 nufgL shf tyf cGoaf6 cfo M sfL ]Sol6Laf6 cfo d2tL lgIf]kaf6 cfoklAns sDkgLsf] z]odividel8j]Graf6 cfo ef8faf6 cfo shfaf6 cfo -aLdfn]vsf]lwtf]df shf afx]s_ cGo lgIf]kaf6 -d2tL afx]s_ cfo nufgL laqmLdf gfkmf -GognufgL laqmLdf gf]Sfg_ nufgL -vLb_ df gfkmf -Gog nufgL vLbdf gf]Sfg_ly DklQ laqmLaf6 gfkmf -Gog ly DklQ laqmLaf6 gf]Sfg_ vftf ckn]vgaf6cfo tyf cGo cfosf] of]ukmnnfO lgb]zg adf]lhd afF8kFmf8 uL cfPsf]sdnfO o zLifsdf hgfpg kg]5
6 aLdfn]vsf] lwtf]df shfaf6 cfo M aLdfn]vsf] lwtf]df shf k|bfg u] afkt k|fKt xg]Aofh lanDa zNs htf cfonfO o zLifsdf hgfpg kg]5
7 cGo k|ToIf cfoM aLldtn] tf]lsPsf] cjlwleq aLdfzNs gaemfP afkt aLdsn]eQmfgL k|fKt u]sf] hljfgfdivideAofhdivideljnDa zNs tyf aLdfn]vsf] k|ltlnkL btcfo l6s6 bt htf f]xL aLdfsf] lsld+u k|ToIf kdf DalGwt cfonfO ozLifsdf hgfpg kg]5
8 bfjL eQmfgL -vb_ M aLdsn] eQmfgL u]sf] d[To bfjL cjlw dfKtL bfjL cf+lzscjlw dfKtL bfjL dk0f dNo tyf cGo bfjLsf] of]ukmnnfO o zLifsdfhgfpg kg]5
9 clestf sldzg M k|yd jifsf] aLdfzNsdf clestf sldzg gjLs0f aLdfzNsdfclestf sldzg Psn aLdfzNsdf clestf sldzgsf] of]ukmnaf6 kgaLdssf]lxf ssectf uL afFsL sd o zLifsdf hgfpg kg]5
10 jfYo kLIf0f zNs M aLdf hf]lvdfIacutegsf] nflu jfYo kLIf0f ufP afkt aLdsn]Joxf]g k]sf] jfYo kLIf0f zNsnfO o zLifsdf hgfpg kg]5
39
11 kgaLdf sldzg vr M aLdsn] kgaLdf jLsf u] afkt eQmfgL ug kg] sldzgsdnfO o zLifsdf hgfpg kg]5
12 ]jf zNs -vb_ M aLdf ldltnfO aemfpg kg] sn ]jf zNsaf6 kgaLdssf] lxfssectf uL afFsL sdnfO o zLifsdf hgfpg kg]5
13 cGo k|ToIf vr M aLdfsf] lsld+u k|ToIf kn] DalGwt x]sf] cGo vrnfO ozLifsdf hgfpg kg]5
14 Jojyfkg vr M lgb]zg $ adf]lhd afF8kmFf8 uL cfPsf] sdnfO o zLifsdfhgfpg kg]5
15 cfos M -_ aLdssf] cfos bfloTjnfO lgb]zg adf]lhd afF8kmFf8 uL cfPsf]sdnfO o zLifsdf hgfpg kg]5 osf] ljj0f kllzi6 sf] cgrL adf]lhd xg kg]5
-_ cl3Nnf jif-x_ sf] cfos bfloTjnfO kllzi6 sf] cgrL sf] aeligcl3Nnfjifxsf] cfosAElig zLifsdf hgfpg kg]5 t Totf] cfosdf nfu]sf]b08dividehljfgfdivideljnDa zNsnfO gfkmf gf]Sfg lxfasf] aeligcl3Nnf jif+uDalGwt vrAElig zLifsdf hgfpg kg]5
16 cflys jifsf] cGTodf eQmfgL xg afFsL bfjL afkt Jojyf M cflys jifsf] cGTodfeQmfgL xg afFsL d[To bfjL cjlw dfKtL bfjL cf+lzs cjlw dfKtL bfjL dk0fdNo bfjL cGo bfjL tyf gt[hgf ePsf] t hfgsfLdf gcfPsf] bfjLsf] of]ukmndfaLdf lgodfjnL )$( sf] lgod sf] v08 -3_ adf]lhdsf] sd yk ubf xgcfpg] sdnfO o zLifsdf hgfpg kg]5
aLdssf] cgejsf] cfwfdf [hgf ePsf] t hfgsfLdf gcfPsf] bfjLsf] nflusd Aojyf ug kg]5
17 cflys jifsf] cGTodf cdfKt hf]lvd afkt Jojyf M aLdf cjlw dfKtL afktbfjL eQmfgL ug gkg] lsldsf] aLdfsf] cdfKt hf]lvd afkt lgb]zg ( adf]lhdJojyf uL cfPsf] sd o zLifsdf hgfpg kg]5
18 hLjg aLdf sf]ifdividegfkmf gf]Sfg lxfadf f]sf] artdivide-gf]Sfg_ M -_ aLdf cjlwdfKtL afkt bfjL eQmfgL ug kg] lsldsf] aLdfsf] cfo Joo lxfaaf6 art -surplus_ ePsf] cjyfdf o zLifsnfO aelighLjg aLdf sf]ifdf f]sf] artAElig sfoduL Totf] art sdnfO o zLifsdf hgfpg kg]5
-_ aLdf cjlw dfKtL afkt bfjL eQmfgL ug kg] lsldsf] aLdfsf] cfo Joolxfaaf6 gf]Sfg ePsf] cjyfdf o zLifsnfO aeliggfkmf gf]Sfg lxfadff]sf] gf]SfgAElig sfod uL Totf] gf]Sfg sdnfO o zLifsdf C0ffTdskdf hgfpg kg]5
-_ aLdf cjlw dfKtL afkt bfjL eQmfgL ug gkg] lsldsf] aLdfsf] cfo Joolxfasf] nflu o zLifsnfO aelighLjg aLdf sf]ifdf f]sf] sdAElig aeliggfkmfgf]Sfg lxfadf f]sf] artdivide-gf]Sfg_AElig uL bOj6f zLifs sfod uL aelighLjgaLdf sf]ifdf f]sf] sdAElig zLifsdf lgb]zgndash adf]lhdsf] sd hgfO afFsLsdnfO aeliggfkmf gf]Sfg lxfadf f]sf] artdivide-gf]Sfg_AElig zLifsdf hgfpgkg]5 tf]lsP adf]lhd hLjg aLdf sf]ifdf f]sf] sd hgfp+bf gf]Sfg ePdf
40
aeliggfkmf gf]Sfg lxfadf f]sf] artdivide-gf]Sfg_AElig zLifsdf Totf] gf]Sfg ePsf]sdnfO C0ffTds kdf hgfpg kg]5
-v_ gfkmf gf]Sfg lxfa tyf DalGwt cgrLsf zLifsxsf] +lIfKt JofVof M
1 cfo Joo lxfaaf6 f]sf] M aLdf cjlw dfKtL afkt bfjL eQmfgL ug gkg]lsldsf] aLdfxsf] cfo Joo lxfaaf6 aeliggfkmf gf]Sfg lxfadf f]sf] artdivide-gf]Sfg_AElig sdxsf] of]ukmnnfO o zLifsdf hgfpg kg]5
2 hLjg aLdf sf]ifaf6 f]sf] M k|rlnt sfggL Jojyf adf]lhd aLdssf] bfloTjsf]n]vfhf]vf DaGwL aLdfIacuteLsf] k|ltj]bg d]tsf] cfwfdf hLjg aLdf sf]ifaf6 gfkmfgf]Sfg lxfadf fgsf nflu ldltn] jLs[lt k|bfg u]sf] sdnfO o zLifsdfhgfpg kg]5
3 nufgL shf tyf cGoaf6 cfo M lgb]zg adf]lhd afF8kFmf8 uL cfPsf] sdnfOo zLifsdf hgfpg kg]5
4 Jojyf lkmtf M nufgLdf gf]SfgLsf] nflu ulPsf] Jojyf shfdf gf]SfgLsf] nfluulPsf] Jojyf z+sfkb cffdLsf] nflu ulPsf] Jojyf tyf cGosf] nfluulPsf] Jojyf sd cf+lzs jf k0fkn] sfod fVg kg] cjyf gx]df TotfsdxnfO o zLifsdf hgfpg kg]5
5 cGo cfDbfgL M aLdf Aojfo+u f]sf gePsf] kj +rfng cfDbfgL htfcfDbfgLxsf] of]ukmnnfO o zLifsdf hgfpg kg]5
6 Jojyfkg vr M lgb]zg $ adf]lhd afF8kmFf8 uL cfPsf] sdnfO o zLifsdfhgfpg kg]5
7 ckn]vg vr M k|flDes vrx kj +rfng vrx k flPsf vrx nufgLshf cffdL tyf cGo ckn]vg ulPsf] vrnfO o zLifsdf hgfpg kg]5 t+yfks +rfns tyf pRr Jojyfks jf lghx+u DalGwt JolQmdivide+yfDaGwL cffdL ckn]vg ug kfOg] 5g
8 cGo vrx M k|rlnt sfgg adf]lhd aLdf ldlt tyf cGo lgsfon] aLdsnfOtf]s]sf] b08 hljfgf aLdsn] pkof]u u]sf] ]jfsf] aemfpg kg] zNs dodfgaemfP afkt ltg kg] ljnDa zNs hljfgf nufotsf vrx o zLifsdfhgfpg kg]5
9 gf]SfgLsf] nflu Jojyf M nufgLdf gf]SfgLsf] nflu Jojyf shfdf gf]SfgLsf]nflu Jojyf z+sfkb cffdL Jojyf tyf cGo JojyfnfO o zLifsdf hgfpgkg]5
10 cfos M aLdssf] cfos bfloTjnfO lgb]zg adf]lhd afF8kmFf8 uL cfPsf]sdnfO o zLifsdf hgfpg kg]5
11 hLjg aLdf sf]ifdf f]sf] M aLdssf] bfloTjsf] n]vf hf]vf uL aLdfIacuteLn] lbPsf]dNofIacuteg k|ltj]bg d]tsf] cfwfdf ldltn] lbPsf] cfb]zdividelgb]zg adf]lhd hLjg
41
aLdf sf]ifdf f]sf] sdnfO o zLifsdf b]vfpg kg]5 oL hLjg aLdf sf]ifdff]sf] sd gfkmf gf]Sfg lxfadf lkmtf ug kfOg] 5g
12 cl3Nnf jif+u DalGwt vr M cl3Nnf jif-x_sf] cfosdf nfu]sf]b08dividehljfgfdivideljnDa zNs tyf cl3Nnf jifxdf n]vfIacuteg ug 56]sf vrxnufotsf cl3Nnf jif+u DalGwt vrnfO o zLifsdf hgfpg kg]5
-u_ jfnft tyf DalGwt cgrLsf zLifsxsf] +lIfKt JofVof M
1 rQmf kFhL M eQmfgL k|fKt ePsf] fwf0f z]o ckljtgLo cu|flws z]o tyfkljtgLo cu|flwsf z]o afktsf] sdsf] of]ukmnnfO o zLifsdf hgfpg kg]5
2 hu]8f tyf sf]if M aLdsn] hu]8f sfod ug] lnlnfdf gfkmfaf6 afF8kmfF8 ecfPsf jf cGo sg] k|lqmofaf6 gt[hgf ePsf tyf gfkmf gf]Sfg lxfadf afF8kmFf8guL +ro uL flvPsf] sdxnfO o zLifsdf hgfpg kg]5 oL hu]8f k|of]uubf DalGwt hu]8f tyf sf]if lxfadf vr hgfpg kg]5
-s_ kFhLut hu]8f M rQmf gePsf] z]osf] afFsL sd dfu ubf eQmfgL gu]sf]sf0fn] pQm z]onfO hkmt uL k|fKt xg cfPsf] sd kFhLut cgbfg afktk|fKt xg cfPsf] lhGL tyf gub sd tyf aLdssf] kFhL j[l4 ug] p2]Zon]gfkmfaf6 flPsf] sdnfO o zLifsdf hgfpg kg]5
-v_ z]o lk|ldod M aLdsn] cfˆgf] z]o hfL ubf z]osf] clIacutet dNo eGbf a9Lbn] hfL u]sf] x]5 eg] pQm al9 sd hlt o zLifsdf hgfpg kg]5 ozLifsdf hgfOPsf] sd nfef+z ljt0f k|of]hgsf] nflu of]Uo dflgg] 5g
-u_ k|tfljt af]gz z]o M aLdsn] k|tfj uL fwf0f efn] kflt u]sf] t hfLuL gs]sf] af]gz z]onfO o zLifsdf hgfpg kg]5
-3_ ljz]if hu]8f M aLdf ldltsf] lgb]zg adf]lhd sg cGo hu]8f sf]if v8f ugkbf Totf] sdnfO o zLifsdf hgfpg kg]5
-ordf_ cGo hu]8f M aLdsn] cGo k|of]hgsf] nflu v8f u]sf] hu]8fnfO o zLifsdfhgfpg kg]5
-r_ gfkmf gf]Sfg lxfaaf6 f]sf] M aLdssf] gfkmf gf]Sfg lxfaaf6 jfnftdff]sf] gfkmf sdnfO o zLifsdf hgfpg kg]5
3 hLjg aLdf sf]if M lgb]zg adf]lhd fVg kg] hLjg aLdfsf]ifxsf] of]ukmnnfOo zLifsdf hgfpg kg]5
4 dxfndashljkQL hu]8f M 7nf] kldf0fdf aLdf bfjL pTkGg xg Sg] dxfndashljkQL -catastrophy_ sf] cjyfdf aLdssf] ljQLo Ifdtfdf kg Sg] k|ltsn c sd ug]p2]Zon] gfkmfaf6 flPsf] sdnfO o zLifsdf hgfpg kg]5 o zLifsdfhgfOPsf] sd nfef+z ljt0f k|of]hgsf] nflu of]Uo dflgg] 5g
5 ltg afFsL bL3sflng C0f tyf fk6L M jfnftsf] ldltdf eQmfgL ug afFsLbL3sflng fk6LnfO o zLifsdf hgfpg kg]5
42
6 ly DkQL -vb_ MyfoL k|s[ltsf DkQLxsf] sn dNodf Xf ssectf uL afFsL x]sf]sdnfO o zLifsdf hgfpg kg]5
7 bL3sflng nufgL M aLdsn] lgb]zg ^ adf]lhd u]sf] bL3sflng nufgLnfO ozLifsdf hgfpg kg]5
kli6s0f M = jfnftsf] ldltaf6 Ps jif eGbf al9 cjwL kl5 eQmfgLk|fKt xg] sfL sfsf] hdfgt k|fKt ]Sol6Ld2tL lgIf]k gfuls nufgL of]hgf z]o a+s tyfljQLo +yfsf] cu|flwsf z]odividel8j]Gr tyf cGo f]xLk|s[ltsf nufgLxnfO bL3sflng nufgL Demg k5
= aLdsn] klAns sDkgLsf] z]odf nufgL u] afkt k|fKtxg] af]gz z]onfO z]o +Vofdf dfq b]vfO kn df]ndfsg kljtg ug x+bg
amp=s cNksflng nufgL M aLdsn] lgb]zg ^ adf]lhd u]sf] cNksflng nufgLnfO ozLifsdf hgfpg kg]5
kli6s0f M jfnftsf] ldltaf6 Ps jif leq eQmfgL k|fKt xg] sfL sfsf] hdfgt k|fKt ]Sol6L d2tL lgIf]k gfulsnufgL of]hgf a+s tyf ljQLo +yfsf] cu|flwsfz]odividel8j]Gr tyf cGo f]xL k|s[ltsf nufgLxnfOcNksflng nufgL Demg k5
8 aLdfn]vsf] lwtf]df shf M aLdsn] lgb]zg amp adf]lhd k|To]s lsldsf] aLdfsf]aLdfn]vsf] lwtf]df k|bfg u]sf] shfsf] of]ukmnnfO o zLifsdf hgfpg kg]5
9 gub tyf a+s dfHbft M -_ aLds+u x]sf] sn gub dfHbft sd tyf aLdssf]a+sdivideljQLo +yfsf] Aofh k|fKt gxg] vftfdf x]sf] sn sdnfO o zLifsdfhgfpg kg]5
10 cGo bL3sflng shf M lgb]zg amp adf]lhd n]vfIacuteg ulPsf] clestfnfO k|bfgulPsf] bL3sflng shf sdrfLnfO k|bfg ulPsf] bL3sflng shf tyf cGobL3sflng shfsf] of]ukmnnfO o zLifsdf hgfpg kg]5
kli6s0f M jfnftsf] ldltaf6 Ps jif eGbf al9 cjwL kl5 eQmfgLk|fKt xg] clestfnfO k|bfg ulPsf] shf sdrfLnfO k|bfgulPsf] shf tyf cGo f]xL k|s[tLsf shfxnfO bL3sflngshf Demg k5
)s= cGo cNksflng shf M lgb]zg amp adf]lhd n]vfIacuteg ulPsf] clestfnfO k|bfgulPsf] cNksflng shf sdrfLnfO k|bfg ulPsf] cNksflng shf tyf cGocNksflng shfsf] of]ukmnnfO o zLifsdf hgfpg kg]5
kli6s0f M jfnftsf] ldltaf6 Ps jif leq eQmfgL k|fKtxg] clestfnfO k|bfg ulPsf] shf sdrfLnfO k|bfgulPsf] shf tyf cGo f]xL k|s[tLsf shfxnfOcNksflng shf Demg k5
43
11 cGo DkQL M -_ o lgb]zg adf]lhd n]vfIacuteg ulPsf] aLdssf] nufgLaf6 k|fKt xgafFsL cfo aLdfn]vsf] lwtf]df shfaf6 k|fKt xg afFsL Aofh cGo shfaf6 k|fKt xgafFsL Aofh cGo aLdsaf6 k|fKt xg afFsL kgaLdsaf6 k|fKt xg aFfsL ljljwcffdL clu|d eQmfgL sdrfL k]ZsL cGo k]ZsL wf6L tyf cGosf] of]ukmnnfOo zLifsdf hgfpg kg]5
-_ cGo DkQLsf] ljj0f kllzi6 sf] cgrL $ adf]lhd xg kg]5
-_ cn xg afFsL aLdfzNs eP f]sf] of]ukmn kllzi6 sf] cgrL $ dfb]vfpg kg]5 f] cn xg afFsL aLdfzNs afasf] dNtjL -Suspense_ b]vfOvb k|efj (Net effect) zGo agfpg kg]5
12 rfn bfloTj M clestfnfO lbg afFsL cGo aLdsnfO lbg afFsL kgaLdsnfO lbgafFsL aLdfzNs wf6L k0f ljj0f gvn]sf] aLdfzNs ljljw fx xfosdividexf]lN8EumlsDkgLnfO lbg afFsL gtf]tdf ssectf ulPsf] s ltg afFsL cfos ltg afFsL]jfzNs ltg afFsL sdrfLnfO ltg afFsL +rfnsnfO ltg afFsL tyf cGo ltgafFsL sdxsf] of]ukmnnfO o zLifsdf hgfpg kg]5
13 cdfKt hf]lvd jfkt Jojyf M lgb]zg ( adf]lhdsf] cdfKt hf]lvd Jojyfsf]of]ukmnnfO o zLifsdf hgfpg kg]5
14 eQmfgL xg afFsL bfjL jfkt Jojyf M k|To]s lsldsf] aLdfsf] eQmfgL xg afFsLbfjLsf] nflu ulPsf] Jojyfsf] of]ukmnnfO o zLifsdf hgfpg kg]5
15 ckn]vg jf dfof]hg xg afFsL ljljw vrx M ckn]vg ug afFsL k|flDes vrckn]vg ug afFsL kj +rfng vr ckn]vg ug afFsL yug ulPsf vr tyfcGo ckn]vg jf dfof]hg gePsf vrxsf] of]ukmnnfO o zLifsdf hgfpgkg]5
-3_ k|dv rsfIacutexdf +nUg zLifsxsf] +lIfKt JofVof
1 g]6 jy = rQmf kFhL plusmn hu]8f tyf sf]if plusmn dxf ljkQL hu]8f ndashckn]vg jfdfof]hg xg afFsL ljljw vrx ndash gfkmf gf]Sfg lxfaaf6 f]sf] gf]Sfg
2 k|lt z]o lstfaL dNo = g]6 jydividefwf0f z]o +Vof
3 k|lt z]o cfo = vb gfkmfdividefwf0f z]o +Vof
4 dNo cfDbfgL cgkft = k|lt z]o ahf dNodividek|lt z]o cfo
5 sn DklQ = ly DklQ plusmn nufgL plusmn aLdfn]vsf] lwtf]df shf plusmn rfnDklQ shf tyf k]ZsLx
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11
kllzi6ndash
-lgb]zg +u DalGwt_
= aLdssf] cfo Joo lxfasf] 9fFrf M
aLdssf] gfd M
cflys aif ======================= sf] ================================== aLdfsf] cfo Joo lxfa
qm=+= ljj0f cgrL o aif ut aif
cfo
1 aLdfzNs -vb_
2 kgaLdf sldzg cfo
3 nufgL shf tyf cGoaf6 cfo
4 aLdfn]vsf] lwtf]df shfaf6 cfo
5 cGo k|ToIf cfo
6 cflys aifsf] zsf] eQmfgL xg afFsL bfjL afktJojyf
7 cflys aifsf] zsf] cdfKt hf]]lvd afkt Jojyf
hDdf cfo -s_
Joo
8 bfjL eQmfgL -vb_ $
9 clestf sldzg
10 jfYo kLIf0f zNs
11 kgaLdf sldzg vr
12 ]jf zNs -vb_ ^
13 cGo k|ToIf vr
14 Jojyfkg vr amp
15 cfos
16 cflys aifsf] cGTodf eQmfgL xg afFsL bfjL afktJojyf
(
17 cflys aifsf] cGTodf cdfKt hf]lvd afkt Jojyf
hDdf Joo -v_
18 hLjg aLdf sf]ifdividegfkmf gf]Sfg lxfadf f]sf]artdivide -gf]Sfg_ = -s_ - -v_
cgrL b]lv ( Dd osf cleGg c+u xg
12
= gfkmf gf]Sfg lxfasf] 9fFrf M
aLdssf] gfd M
cflys aif ======================= sf] gfkmf gf]Sfg lxfa
qm=+= ljj0f cgrL o aif ut aif
cfDbfgL
1 cfo Joo lxfaaf6 f]sf] )
2 hLjg aLdf sf]ifaf6 f]sf]
3 nufgL shf tyf cGoaf6 cfo
4 Jojyf lkmtf
5 cGo cfDbfgL -ljj0f vnfpg]_
hDdf cfDbfgL -s_
vr
6 Jojyfkg vr amp
7 ckn]vg vr
8 cGo vrx $
9 gf]SfgLsf] nflu Jojyf
10 sdrfL cfjf Aojyf
11 sdrfL af]g Jojyf
12 cfos
13 hLjg aLdf sf]ifdf f]sf]
hDdf vr -v_
14 vb gfkmf divide-gf]Sfg_ -u_ = -s_ ndash -v_
15 cl3Nnf] jif+u DalGwt vr
16 cl3Nnf] aifaf6 flPsf] gfkmfdivide-gf]Sfg_
afF8kmfF8sf] nflu pknAw sd
-s_ kFhLut hu]8f amp
-v_ ljz]if hu]8f amp
-u_ cGo hu]8f -ljj0f vnfpg]_ amp
-3_ k|tfljt nfef+z amp
17
-ordf_ dxfndashljkQL hu]8f
18 jfnftdf f]sf] gfkmfdivide-gf]Sfg_
cgrL amp tyf ) b]lv amp Dd osf cleGg c+u xg
13
= aLdssf] jfnftsf] 9fFrf M
====================== sf] jfnft
qm=+= ljj0f cgrL o aif ut aifgtf]t
1 rQmf kFhL ^2 hu]8f tyf sf]if amp3 hLjg aLdf sf]if 4 dxfndashljkQL hu]8f 5 ltg afFsL bL3sflng C0f tyf fk6L (
sn gtf]tpkof]u
6 ly DkQL -vb_ )7 lb3sflng nufgL 8 aLdfn]vsf] lwtf]df shf 9 cGo bL3sflng shf
10 11 12 13
Rffn DkQL shf tyf k]ZsLx Mgub tyf a+s dfHbftcNksflng nufgLcGo cNksflng shfcGo DkQL $hDdf -s_ -)plusmnplusmnplusmn_
14 15 ^16 (17
rfn bfloTj tyf JojYffx Mrfn bfloTjcdfKt hf]lvd jfkt JojyfeQmfgL xg afFsL bfjL afkt JojyfcGo Aojyf ^shDdf -v_ -$plusmnplusmn^plusmnamp_
18 vb rfn DkQL -u_ = -s_ ndash -v_19 ckn]vg jf dfof]hg xg afFsL ljljw vrx amp20 gfkmf gf]Sfg lxfaaf6 f]sf] gf]Sfg
sn pkof]u -^+amp++(++(+)_
+efljt bfloTjx tyf cgrL ( tyf ^ b]lv ( Dd osf cleGg c+u xg
+efljt bfloTjx
qm=+= ljj0f o aif ut aif1 rQmf jf eQmfgL xg afFsL nufgL2 k|Tofelt k|lta4tf3 aLdfn]v cGtut eGbf afx]saf6 aLds pk bfjL k]sf] t
aLdsn] bfloTj jLsf gu]sf]
aLdsn] bfloTj jLsf gu]sf]
4 aLdsn] jf aLdssf] tkmaf6 lbOPsf] Uof]06L5 cGo -ljj0f vnfpg]_
hDdf
aLdssf] gfd M
14
$= OSo6Ldf ePsf] kljtg DaGwL ljj0fsf] 9fFrf M
aLdssf] gfd M
cf=j==============df OSo6Ldf ePsf] kljtg DaGwL ljj0f
ljj0f z]o kFhL +lrt gfkmfdividegf]Sfg
k|tfljtaf]g z]o
kFhLuthu]8f sf]if
z]olk|ldod
ljz]if hu]8fsf]if
cGo hu]8f tyfsf]if
dxfljkQLhu]8f
sn sd
zdfHbft
dfof]hg
=============
=============
============
============
clGtddfHbft
15
= gub k|jfxsf] ljj0fsf] 9fFrf
aLdssf] gfd M
=====================b]lv========================Ddsf] gub k|jfxsf] ljj0f
qm=+= ljj0f o jif ut jifsff]af +rfngaf6 gub k|jfx MaLdf zNs cfDbfgLljnDa zNs cfDbfgLkgaLdf zNs cfDbfgLkgaLdf sldzg cfDbfgLcGo k|ToIf cfDbfgLkgaLdsaf6 k|fKt bfjL lseLkgaLdf zNs eQmfgLkgaLdf sldzg eQmfgLclestf sldzg eQmfgLjfYo kLIf0f zNs eQmfgLd[To bfjL eQmfgLcjlw dfKtL bfjL eQmfgLcf+lzs cjlw dfKtL bfjL eQmfgLdk0f dNo bfjL eQmfgLcGo bfjL eQmfgL]jf zNs eQmfgLJojyfkg vr eQmfgLsdrfL af]g eQmfgLcfos eQmfgLRffn DklQdf -j[l4_dividesdLRffn bfloTjdf j[l4divide-sdL_
s
sff]af +rfngaf6 vb gub k|jfx -s_nufgL ultljwLaf6 gub k|jfxly DklQdf -j[l4_ sdLsfL sfsf] hdfgt k|fKt ]Sol6Ldf nufgLdf -j[l4_ sdLa+s tyf ljQLo +yfsf] d2tL lgIf]kdf nufgLdf -j[l4_ sdLa+s tyf ljQLo +yfsf] cGo lgIf]k nufgLdf -j[l4_ sdLOSo6L z]o nufgLdf -j[l4_ sdLcu|flwsf z]odividel8j]Grdf nufgLdf -j[l4_ sdLcGo nufgLdf -j[l4_ sdLaLdfn]vsf] lwtf]df shfdf -j[l4_ sdLk]ZsL tyf cGo shfdf -j[l4_ sdLeQmfgL k|fKt Aofh cfDbfgL -nufgLdf_eQmfgL k|fKt l8le8]G8ef8f cfDbfgLeQmfgL k|fKt Aofh cfDbfgL -shfdf_cGo ck|ToIf cfDbfgLdividevr
v
nufgL ultljwLaf6 vb gub k|jfx -v_ljQLo gtf]t sff]afaf6 gub k|jfxz]oaf6 k|fKt sdltg afFsL fk6Ldf -j[l4_dividesdLcNksflng C0fdf -j[l4_dividesdLC0f fk6Ldf Aofh eQmfgLnfef+z eQmfgL
u
ljQLo gtf]t sff]afaf6 vb gub k|jfx -u_o jifsf] Dk0f ultljwLaf6 vb gub k|jfx = -s_plusmn-v_plusmn-u_gub tyf a+sdf x]sf] z dfHbftgub tyf a+sdf x]sf] clGtd dfHbft
16
^ ljQLo ljj0fsf] cleGg c+usf] kdf xg] cgrLx
cgrLndash
-s_ aLdfzNs -vb_
sn aLdfzNs kgaLdf zNs eQmfgL-Ceded_
aLdfzNs -vb_qm=+= aLdfsf]lsld
o jif ut jif o jif ut jif o jif ut jif
hDdf
-v_ sn aLdfzNs
k|ToIf aLdfzNs k|fKt kgaLdf zNs
-accepted_
sn aLdfzNsqm=+= aLdfsf]lsld
o jif ut jif o jif ut jif o jif ut jif
hDdf
-u_ k|ToIf aLdfzNs
k|yd aifsf]aLdfzNs
gjLs0f aLdfzNs Psn aLdfzNs hDdf k|ToIfaLdfzNs
qm=+= aLdfsf]lsld
o aif ut aif o aif ut aif o aif ut aif o aif ut aif
hDdf
17
cgrLndash
nufgL shf tyf cGoaf6 cfoqm=+= ljj0f o aif ut aif1 sfL sfsf] hdfgt k|fKt ]Sol6Laf6 cfo2 jfl0fHo a+ssf] d2tL lgIf]kaf6 cfo3 ljsf a+ssf] d2tL lgIf]kaf6 cfo4 gfuls nufgL of]hgfaf6 cfo5 ljQLo +yfsf] d2tL lgIf]kaf6 cfo6 cfjf ljQ sDkgLsf] fwf0f z]oaf6 nfef+z7 cGo klAns sDkgLsf] fwf0f z]oaf6 nfef+z8 a+s tyf ljQLo +yfsf] cu|flwsf z]oaf6 nfef+z9 a+s tyf ljQLo +yfsf] l8j]Graf6 cfo10 cGo -ljj0f vnfpg]_ af6 cfo11 shfaf6 cfo12 cGo lgIf]kaf6 -d2tL afx]s_ cfo13 nufgL laqmLdf gfkmf
Gog nufgL laqmLdf gf]Sfg14 nufgL -vLb_ df gfkmf
Gog nufgL -vLb_ df gf]Sfg15 ly DkQL laqmLaf6 gfkmf
Gog ly DkQL laqmLaf6 gf]Sfg16 vftf ckn]vg17 cl3Nnf jif+u DalGwt cfo18 cGo cfo
hDdfnufgL shf tyf cGoaf6 cfosf] afF8kmfF8
gfkmf gf]Sfg lxfadf f]sf]============ sf] cfo Joo lxfadf f]sf]============ sf] cfo Joo lxfadf f]sf]
hDdfcgrLndash
aLdfn]vsf] lwtf]df shf cfo
aLdfn]vsf] lwtf]df shf aLdfn]vsf] lwtf]df shfaf6 cfoqm=+= aLdfsf] lsld
o aif ut aif o aif ut aif
============= aLdf
============= aLdf
============= aLdf
18
cgrL ndash $bfjL eQmfgL
d[To bfjLeQmfgL
cjlw dfKtLbfjL eQmfgL
cf+lzs cjlwdfKtL bfjL
eQmfgL
dk0f dNo bfjLeQmfgL
cGo bfjLeQmfgL
sn bfjL eQmfgL sn bfjLeQmfgLdfkgaLdssf]
lxf
bfjL eQmfgL-vb_
qm=+= aLdfsf]lsld
o jif ut jif o jif ut jif o jif ut jif o jif ut jif o jif ut jif o jif ut jif o jif ut jif o jif ut jif
===
===
hDdf
19
cgrLndash
clestf sldzg
k|yd aifsf]aLdfzNsdf
clestf sldzg
gjLs0f aLdfzNsdfclestf sldzg
Psn aLdfzNsdfclestf sldzg
hDdf clestfsldzg
qm=+= aLdfsf]lsld
o jif ut jif o jif ut jif o jif ut jif o jif ut jif
hDdf
cgrLndash^
]jf zNs -vb_
sn ]jf zNs sn ]jf zNsdfkgaLdssf] lxf
]jf zNs -vb_qm=+= aLdfsf] lsld
o jif ut jif o jif ut jif o jif ut jif
========aLdf
========aLdf
hDdf
cgrLndash amp
Jojyfkg vr
qm=+= ljj0f o aif ut aif1 sdrfL vr -cgrL amp= adf]lhd_2 3 ef8f3 lahnL tyf kfgL4 ddt tyf Def
-s_ ejg-v_ jfL fwg-u_ sfofno pks0f-3_ cGo
5 +rf6 5kfO tyf dnGb7 vr xg] sfofno fdfg8 kljxg9 e|d0f vr -eQf d]t_
-s_ cfGtls-v_ jb]lzs
10 clestf tflnd11 clestf cGo12 aLdfzNs13 Iff vr14 sfggL tyf kfdz zNs15 kq klqsf tyf kts
20
16 lj1fkg tyf k|rf k|f17 Jofkf k|j4g18 cltyL Tsf19 rGbf tyf pkxf20 +rfns ldlt DaGwL vr
-s_ a7s eQf-v_ cGo
21 cGo ldltdividepkndashldlt DaGwL vr-s_ a7s eQf-v_ cGo
22 fwf0f ef DaGwL vr
23-s_ aLdfIacuteLo ]jf zNs-v_ aLdfIacuteLo vr
24 n]vf kLIf0f DaGwL vr-s_ n]vf kLIf0f zNs-v_ s n]vf kLIf0f zNs-u_ ljt[t n]vf kLIf0f k|ltj]bg zNs-3_ cGo zNs-ordf_ cfGtls n]vf kLIf0f vr-r_ cGo vr
25 Aofh26 as rfh27 zNs tyf bt28 Xf ssectL29 xnfs l6s630 cGo
afF8 kmfF8sf] nflu hDdfgfkmf gf]Sfg lxfadf f]sf]================aLdfsf] cfo Joo lxfadf f]sf]================aLdfsf] cfo Joo lxfadf f]sf]
hDdfcgrL amp=
sdrfL vr
qm=+= ljj0f o aif ut aif= tna= eQf= bz+ vr$= ~rosf]ifdf yk= tflnd vr^= kf]zfsamp= cfifwf]krf= aLdf(= k]Gg tyf pkbfg vr tyf Jojyf)= ljbf afktsf] vr tyf Jojyf= cGo ljwf afkt vr tyf Jojyf -ljj0f vnfpg]_ cGo -ljj0f vnfpg]_
hDdf M
21
cgrLndash
cfos
qm=+= ljj0f o aif ut aif
= o aifsf] cfos
= cl3Nnf aifxsf] cfos
= afF8kmfF8sf] nflu cfossf] hDdf
afF8kmfF8
gfkmf gf]Sfg lxfadf f]sf]
==============aLdfsf] cfo Joo lxfadf f]sf]
==============aLdfsf] cfo Joo lxfadf f]sf]
hDdf
22
cgrL ndash (
cflys jifsf] cGTodf eQmfgL xg afFsL bfjL afkt Jojyf
eQmfgL xgafFsL d[To bfjL
eQmfgL xgafFsL cjlwdfKtL bfjL
eQmfgL xgafFsL cf+lzscjlw dfKtL
bfjL
eQmfgL xgafFsL dk0fdNo bfjL
eQmfgL xgafFsL cGo
bfjL
[hgf ePsf]t hfgsfLdfgcfPsf] bfjL
-cgdflgt_
eQmfgL xgafFsL hDdf
bfjL
eQmfgL xgafFsL hDdf
bfjLdfkgaLdssf]
lxf
eQmfgL xgafFsL bfjL
afkt Jojyf
qm=+= aLdfsf] lsld
ojif
ut jif ojif
utjif
ojif
utjif
ojif
utjif
ojif
utjif
ojif
utjif
ojif
utjif
ojif
utjif
ojif
utjif
=
=
=
$=
hDdf M
23
cgrLndash)
cfo Joo lxfaxaf6 gfkmf gf]Sfg lxfadf f]sf] sd
qm=+= ljj0f o aif ut aif
= ==================== sf] cfo Joo lxfaaf6 f]sf]
= ==================== sf] cfo Joo lxfaaf6 f]sf]
=
$=
hDdf
cgrLndash
hLjg aLdf sf]if
dfof]hg cuf8Lsf]hLjg aLdf sf]if-jifsf] zdf_
cfo Joolxfaaf6 f]sf]
gfkmf gf]Sfglxfaaf6 f]sf]
dfof]hg cuf8Lsf]hLjg aLdfsf]if-jifsf] cGTodf_
qm=+= aLdfsf]lsld
o jif ut jif o jif ut jif o jif ut jif o jif ut jif
=
=
=
$=
hDdf M
hLjg aLdf sf]ifdf dfof]hg
dfof]hgcuf8Lsf]
hLjg aLdfsf]if
-jifsf]cGTodf_
gfkmfgf]Sfglxfadff]sf]
aLdfn]vcGtutbfloTj
af]gsf]nflu
Jojyf
f]Ne]GLdflhgsf]nflu
Jojyf
afF8kmfF8gulPsf]sd
jifsf]cGTodfhLjg
aLdf sf]if
qm=+= aLdfsf]lsld
oaif
utaif
oaif
utaif
oaif
utaif
oaif
utaif
oaif
utaif
oaif
utaif
oaif
utaif
=
=
=
hDdf M
24
cgrLndash
Jojyf lkmtfqm=+= ljj0f o aif ut aif= nufgLdf gf]SfgLsf] nflu Jojyf lkmtf= shfdf gf]SfgLsf] nflu Jojyf lkmtf= z+sfkb cffdL Jojyf lkmtf$ cGo Jojyf lkmtf
hDdf
cgrLndash
ckn]vg vrx
qm=+= ljj0f o aif ut aif1 k|flDes vrx2 kj +rfng vrx3 k flPsf vrx4 ckn]vg ulPsf] nufgL5 ckn]vg ulPsf] shf6 ckn]vg ulPsf] cffdL7 cGo ckn]vg
hDdf
cgrLndash$
cGo vrx
qm=+= ljj0f o aif ut aif
1 b08 hljfgf
2 ljnDa zNs hljfgf
3 cGo -ljj0f vnfpg]_
hDdf
cgrLndash
gf]SfgLsf] nflu Jojyfqm=+= ljj0f o aif ut aif= nufgLdf gf]SfgLsf] nflu Jojyf= shfdf gf]SfgLsf] nflu Jojyf= z+sfkb cffdL Jojyf$ cGo Jojyf
hDdf
25
cgrLndash^
-s_ z]o kFhL
qm=+= ljj0f o aif ut aifclws[t kFhLs_ ================= bsf] ======== yfg fwf0f z]ov_ ============ bsf] ====yfg ckljtgLo cu|flwsfz]o
=
u_ ========== bsf] ====== yfg kljtgLo cu|flwsfz]ohfL kFhLs_ ================= bsf] ======== yfg fwf0f z]ov_ ============ bsf] ====yfg ckljtgLo cu|flwsfz]o
=
u_ ========== bsf] ====== yfg kljtgLo cu|flwsfz]orQmf kFhLs_ ================= bsf] ======== yfg fwf0f z]oGog eQmfgL k|fKt xg afFsL ==== bsf] ===yfg fwf0fz]ov_ ============ bsf] ====yfg ckljtgLo cu|flwsfz]o
=
u_ ========== bsf] ====== yfg kljtgLo cu|flwsfz]o
hDdf-v_ z]o jfldTjsf] +rgf
o aif ut aifz]owgL
fwf0f z]o+Vof
jfldTjsf] Uuml fwf0fz]o +Vof
jfldTjsf] Uuml
g]kfnL +ul7t +yfx
g]kfnL gfuls
ljb]zL+y
fks
hDdf
jfwf0f
cGo -ljj0f vnfpg]_
sn
-u_ Ps k|ltzt jf a9L z]o jfldTj ePsf z]owgLxsf] ljj0f
o aif ut aifqm=+= ljj0f
jfldTjsf] Uuml sd jfldTjsf] Uuml sd
=
=
=
26
cgrLndashamp
hu]8f tyf sf]if
qm=+= ljj0f o aif ut aif
1 kFhLut hu]8f
2 ljz]if hu]8f
3 cGo hu]8f -ljj0f vnfpg]_
4 z]o lk|ldod
5 k|tfljt af]gz z]o
6 Gffkmf gf]Sfg lxfaaf6 f]sf] gfkmf
hDdf
cgrLndash
dxfndashljklQ hu]8fjifsf] zdf dxfndashljklQ hu]8f gfkmf gf]Sfg lxfaaf6 f]sf] jifsf] cGTodf dxfndashljklQ
hu]8fo jif ut jif o jif ut jif o jif ut jif
cgrLndash(
ltg afFsL bL3sflng C0f tyf fk6L
qm=+= ljj0f o aif ut aif
l8j]Gr divide a08
a+s
ljQLo +yf
$ cGo -ljj0f vnfpg]_
hDdf
27
cgrLndash)
ly DklQ
ljj0f kn df]n Xf ssectL vb df]n
zdfHbft
ojif
yk]sf]
ojif
36]sf]
hDdf utjifDd
ojif
laqmLdivide
dfof]hg
hDdf ojifDdsf]
UftjifDdsf]
lk|m xf]N8hldg
ejg
kmlgrtyf
lkmSr
sfofnofdfg
sDKo6tyfrgfk|ljwLpks0f
cb[ZoDklQ-ljj0fvnfpg]_
jfLfwg
lnh xf]N8DklQ
cGo-k|s[ltvnfpg]_
hDdf
lgdf0fflwgkFhLutvr
sn
ut jif
28
cgrLndash
nufgL
qm=+= ljj0f o aif ut aif-s_ bL3sflng nufgL M sfL sfsf] hdfgt k|fKt ]Sol6L jfl0fHo a+ssf] d2tL lgIf]k ljsf a+ssf] d2tL lgIf]k$ gfuls nufgL of]hgf ljQLo +yfsf] d2tL lgIf]k^ cfjf ljQ sDkgLsf] fwf0f z]o -cgrL = adf]lhd_amp cGo sDkgLsf] fwf0f z]o -cgrL = adf]lhd_ a+s tyf ljQLo +yfsf] cu|flwsf z]odividel8j]Gr( cGo -ljj0f vnfpg]_
hDdf M-v_ cNksflng nufgL M sfL sfsf] hdfgt k|fKt ]Sol6L jfl0fHo a+ssf] d2tL lgIf]k ljsf a+ssf] d2tL lgIf]k$ gfuls nufgL of]hgf ljQLo +yfsf] d2tL lgIf]k^ a+s tyf ljQLo +yfsf] cu|flwsf z]odividel8j]Gramp jfl0fHo a+ssf] Aofh k|fKt xg] cGo lgIf]k ljsf a+ssf] Aofh k|fKt xg]] cGo lgIf]k( ljQLo +yfsf] Aofh k|fKt xg] cGo lgIf]k) cGo Aofh k|fKt xg] nufgL -ljj0f vnfpg]_
hDdf McgrLndash=
z]odf nufgL
qm=+= sDkgL vb sd c+lst dNo kn dNo ahf dNo
= ======sDkgLsf]=============yfg====z]o
= ======sDkgLsf]=============yfg=====z]o
= ======sDkgLsf]=============yfg=====z]o
hDdf
gf]6 M = aLdssf] xfos sDkgLdividexf]lN8Euml sDkgL tyf +oQm nufgL ePsf] sDkgLsf] z]odf ePsf]nufgLnfO
5sectfndash5sect vnfpg kg]5
= lgodfgf lrs[t gePsf z]odf ePsf] nufgLnfO 5sect vnfpg kg]5
= +yfks z]o cGo z]odf ePsf] nufgLnfO 5sectf5sect vnfpg kg]5
29
cgrLndash
gub tyf a+s dfHbft
qm=+= ljj0f o aif ut aifgub dfHbft
hDdfa+s dfHbftjfl0fHo a+sxsf] dfHbftljsf a+sxsf] dfHbftljQLo +yfxsf] dfHbft
cGo -ljj0f vnfpg]_hDdfsn
cgrLndash
cGo shf
qm=+= ljj0f o aif ut aif-s_ bL3sflng shf= clestfnfO shf= sdrfLnfO shf= cGo -ljj0f vnfpg]_
hDdf-v_ cNksflng shf= clestfnfO shf= sdrfLnfO shf= cGo -ljj0f vnfpg]_
hDdfcgrLndash$
cGo DklQqm=+= ljj0f o aif ut aif1 nufgLaf6 k|fKt xg afFsL cfo2 aLdfn]vsf] lwtf]df shfaf6 k|fKt xg afFsL Aofh3 cGo -aLdfn]vsf] lwtf]df afx]s_ shfaf6 k|fKt xg afFsL
Aofh4 cGo aLdsaf6 k|fKt xg afFsL5 kgaLdsaf6 k|fKt xg afFsL6 ljljw cffdL7 clu|d eQmfgL8 sdrfL k]ZsL9 cGo k]ZsL10 wf6L11 cn xg afFsL aLdfzNs
Gog M cn xg afFsL aLdfzNs dNtjL -suspense_12 cGo ljj0f vnfpg]
hDdf M
30
cgrLndash
rfn bfloTj
qm=+= ljj0f o aif ut aif1 clestfnfO lbg afFsL2 cGo aLdsnfO lbg afFsL3 kgaLdsnfO lbg afFsL4 cNksflng shf5 aLdfzNs wf6L6 k0f ljj0f gvn]sf] aLdfzNs7 ljljw fx8 xfosdividexf]lN8Euml sDkgLnfO lbg afFsL9 gtf]tdf ssectf ulPsf] s ltg afFsL10 dNo clea[l4 s ltg afFsL11 cfos ltg afFsL12 ]jf zNs ltg afFsL13 sdrfLnfO lbg afFsL14 +rfnsnfO lbg afFsL15 eQmfgL lbg afFsL nfef+z -l8le8]08_16 cGo -ljj0f vnfpg]_
hDdf
cgrLndash^
cdfKt hf]lvd Jojyfqm=+= ljj0f o aif ut aif= ===========aLdfsf] cdfKt hf]lvd hu]8f= ===========aLdfsf] cdfKt hf]lvd hu]8f= ===========aLdfsf] cdfKt hf]lvd hu]8f
===========aLdfsf] cdfKt hf]lvd hu]8f
hDdf
31
cgrL ^scGo Aojyf
aifsf] zdf Aojyfrfn cf=a=df yk ulPsf]
Aojyfrfn cf=a=df ckn]vg
ulPsf] Aojyfrfn cf=a=df lkmtfulPsf] Aojyf
aifsf] cGtdf sfodx]sf] Aojyf
qm=+=
ljj0fo jif ut jif o jif ut jif o jif ut jif o jif ut jif o jif ut jif
nfef+z -l8le8]08_ sf] nflu Aojyf
nufgLdf gf]SfgLsf] nflu Aojyf
shfdf gf]SfgLsf] nflu Aojyf
$ z+sfZkb cffdLsf] nflu Aojyf
cGo gf]SfgLsf] nflu Aojyf
^ sdrfL DaGwL Aojyf-s_ k]Gg tyf pkbfg Aojyf-v_ ljbf jfkt Aojyf-u_ cfjf tyf cGo ljwf Aojyf-3_ sdrfL af]g Aojyf-ordf_ cGo
amp cGo Aojyf -ljj0f vnfpg]_
hDdf
32
cgrLndashamp
ckn]vgdividedfof]hg xg afFsL ljljw vrxqm=+= ljj0f o aif ut aif1 ckn]vg ug afFsL k|flDes vr2 ckn]vg ug afFsL kj +rfng vr3 ckn]vg ug afFsL yug ulPsf vr4 cGo -ljj0f vnfpg]_
hDdf
cgrL ndash
ljQLo ljj0f+u DalGwt k|dv n]vf gLltx
n]vf DaGwL gLltdf vnfpg kg] aFbfx M aLdsn] n]vf DaGwL gLltdf b]xfosf aFbfxvnfpg kg]5
1 ljQLo ljj0f tofLsf cfwfx M sg sg cjwf0ff -concept_ tyf n]vfdfgx sfgg tyf aLdf ldltsf lgb]zgxsf] clwgdf xL ljQLo ljj0f tof ulPsf] xf]f]sf] Joxf]f
ljQLo ljj0f tof ubf sg sfgg aLdf ldltsf] lgb]zg jf n]vfdfg kfngf gePsf]eP f]sf] sf0f lxt Joxf]f
2 ly DklQ n]vfIacuteg gLlt M ly DklQ n]vfIacuteg ubf cjnDag ulPsf] gLlt
3 Xf ssectL gLlt M aLdssf] +rfns ldltaf6 kflt uL nfu ulPsf] Xf ssectL gLlt
4 kFhLs[t gulg] DklQx DaGwL n]vfIacuteg gLlt M aLdssf] +rfns ldltn] sg lglZrtdf]nDd kg] pks0f fdfgx kFhLs[t gug] gLlt lnPsf] 5 eg] f]sf] Joxf]f
5 cfos Jojyf tyf afF8kmFf8 gLlt M cfos Jojyf DaGwdf aLdsn] cjnDag u]sf]gLlt aLdsn] gfkmf gf]Sfg lxfa tyf cfo Joo lxfadf Totf] Jojyf sdafF8kmFf8 ubf cjnDag u]sf] gLlt
6 nufgL n]vfIacuteg gLlt M nufgL n]vfIacutegsf] DaGwdf aLdsn] cjnDag u]sf] gLltxnfOb]xfosf zLifsx cGtut vnfpg kg]5
-s_ sfL artkqdivideC0fkqdf nufgL n]vfIacuteg gLlt
-v_ a+sdivideljQLo +yfsf] d2tL lgIf]kdf nufgL n]vfIacuteg gLlt
-u_ klAns lnld6]8 sDkgLsf] z]odf nufgL n]vfIacuteg gLlt
-3_ klAns lnld6]8 sDkgLn] hfL u]sf] C0fkqxdf nufgL n]vfIacuteg gLlt
7 6xL 36a9 dfof]hg gLlt M ljb]zL db|f+u DalGwt DklQ bfloTj tyf 6xL36a9 cfDbfgL tyf vrxsf] n]vfIacuteg gLlt
8 aLdfzNs cfDbfgL n]vfIacuteg gLlt M aLdsn] aLdfzNs cfDbfgL n]vfIacuteg ubf cjnDagu]sf] gLlt
33
9 kgaLdf sldzg cfDbfgL n]vfIacuteg gLlt M aLdsn] kgaLdf u] afkt k|fKt ug] sldzgsf]n]vfIacuteg ubf cjnDag u]sf] gLlt
10 cGo cfo n]vfIacuteg tyf afF8kmFf8 gLlt M aLdsn] ef8f -Rent_ tyf cGo zLifsaf6 ePsf]cfo n]vfIacuteg tyf afF8kmFf8 ubf cjnDag u]sf] gLlt
11 shf n]vfIacuteg gLlt M aLdsn] aLdfn]vsf] lwtf]df k|bfg u]sf] shf tyf cGo shfn]vfIacuteg ubf cjnDag u]sf] gLlt
12 Jojyfkg vr afF8kmFf8 gLlt M aLdsn] gfkmf gf]Sfg lxfa tyf cfo Joo lxfaxdfJojyfkg vr afF8kmFf8 ubf cjnDag u]sf] gLlt
13 aLdf bfjL eQmfgL vr n]vfIacuteg gLlt M aLdsn] aLdf bfjL eQmfgL vr n]vfIacuteg ubfcjnDag u]sf] gLlt
14 aLdf bfjL afkt bfloTj Jojyf n]vfIacuteg gLlt M -s_ gt[hgf ePsf] t hfgsfLdfgcfPsf] -IBNR_ aLdf bfjL afkt bfloTj Jojyf n]vfIacuteg ubf aLdsn] cjnDagu]sf] gLlt
-v_ aLdsn] aLdf bfjL bfloTj afkt Jojyf ubf cjnDag u]sf] gLlt
15 aLdf Jojfodf art afF8kmFf8 gLlt M aLdsn] gfkmf gf]Sfg lxfa tyf cfo Joolxfaxdf art afF8kmFf8 ubf cjnDag u]sf] gLlt
16 sdrfL pkbfg ljbf tyf cGo ljwf afkt Jojyf gLlt M aLdsn] sdrfL pkbfgljbf tyf cGo ljwf afkt Jojyf ubf cjnDag u]sf] n]vfIacuteg gLlt
17 z+sfkb cffdL Jojyf gLlt M aLdsn] z+sfkb cffdL Jojyf ubf cjnDag u]sf]gLlt
18 ckn]vg vr n]vfIacuteg gLlt M aLdsn] cjnDag u]sf] ckn]vg vr DaGwL gLlt
19 cGo gLltx M plNnlvt gLltx afx]s jfnft gfkmf gf]Sfg lxfa cfo Joo lxfanufotsf ljQLo ljj0fnfO apermilg ljZn]if0f ug 3fp kUg] uL cGo sg] n]vf gLltsf]hfgsfL lbg cfjZos b]lvPdf f] Joxf]f
34
cgrLndash(
ljQLo ljj0f+u DalGwt n]vf DaGwL l6Kk0fLx
n]vf DaGwL l6Kk0fLdf vnfpg kg] aFbfx M aLdsn] n]vf DaGwL l6Kk0fLdf b]xfosf aFbfxvnfpg kg]5
= Defljt bfloTjx M
c_ rQmf jf eQmfgL xg afFsL nufgL
cf_ k|Tofelt k|lta4tf -underwriting commitments_
O_ aLdfn]v cGtut eGbf afx]saf6 aLds pk bfjL k]sf] t aLdsn] bfloTj jLsfgu]sf]
O_ aLdsn] jf aLdssf] tkmaf6 lbOPsf] Uof]06L
p_ cGo bfloTj -ljj0f vnfpg]_
= aLdfIacuteLn] aLdssf] bfloTj dNofIacuteg ubf cjnDag u]sf] cfwfx
= aLdssf] DklQdf cfPsf] Lldttf tyf ljjfbx
$= shf nufgL tyf ly DklQsf] nflu ulPsf] k|lta4tf
= nufgL+u DalGwt b]xfosf vLb laqmL Demftfxsf] dNo M
c_ vLb ulPsf] DklQsf] jfldTj k|fKt gePsf]
cf_ laqmL ulPsf] DklQsf] eQmfgL k|fKt gePsf]
^= o jifeL ulPsf] nufgL tyf laqmLdividelkmtf lnPsf] nufgLsf] DaGwdf +yf ldltkldf0f sd d]t vn]sf] ljj0f
amp= a+s dfHbft lxfa DaGwdf DalGwt a+sdivideljQLo +yfsf] 6]6d]06 lxtsf] lxfaldnfg DaGwL Joxf]f
= aLdsdividekgaLds+u lng lbg afFsL lxfa DaGwdf DalGwt aLdsdividekgaLdssf]dyg lxtsf] lxfa ldnfg DaGwL Joxf]f
gf]6 Mndash bnfn (Broker) dfkmt ePsf] kgaLdfsf] xsdf fdfGot DalGwt bnfnn]kgaLdssf] tkmaf6 dyg lbg Sg]5
(= aLdsn] u]sf] nufgL k|rlnt aLdf P]g lgodfjnL tyf aLdf ldltaf6 tf]lsP adf]lhdx] gx]sf]
)= aLdssf] +rfns jf +rfns+u DalGwt JolQm jf +yf+u ePsf] sff]af
= aLdsn] cfˆgf] DklQsf] If0fdf lnPsf] C0fsf] lwtf] zt tyf cflrTo
= aLdsn] s rQmf k|df0fkq k|fKt u]sf] cf=j=tyf Totf] rQmf k|df0fkq k|fKt xg afFsLcf=j= f] DaGwL ljj0fsf fy] cl3Nnf] cf=j=xsf] s hljfgf Aofh afkt bfjLk]sf] o cf=j=df eQmfgL ePsf] sd
= lkmtf u]sf] aLdfzNssf] kldf0f sf0f
35
$=aLdsn] aLldtnfO k|bfg ug] 3f]lift tyf cGtld af]gsf] b
=l9nf] aLdfzNs eQmfgLdf lanDa zNsdivideAofhsf] b tyf aLdfn]vsf] lwtf]df k|bfg ulg]shfdf Aofhsf] b
^=ckn]vg xg afFsL vrsf] ljj0f
amp=rQmf kFhL dWo] clu|d eQmfgL k|fKt -Paid in advance_ eQmfgL k|fKt xg afFsL -Call inarrears_ hkmt ulPsf t kgM lgisfzg gulPsf z]osf] ljj0f
=lnh xf]N8 DklQdf ut jifDd o jif vr (Amortization) n]lvPsf] sdsf]ljj0f
(= jifeldf ePsf] jfnft aflxsf] sff]afsf] ljj0f
)= cl3Nnf aifx+u DalGwt cfDbfgL tyf vrxsf] 5sectf5sect ljj0f
=plNnlvt aFbfx afx]s jfnft gfkmf gf]Sfg lxfa cfo Joo lxfa nufotsfljQLo ljj0fxnfO apermilg ljZn]if0f ug 3fp kUg] cGo sg hfgsfL lbg cfjZosb]lvPdf cGo Joxf]f d]t vnfpg kg]5
36
cgrL )k|dv rsfIacutex
cf=a=qm=+= ljj0f rsfIacute
g]6 jy = z]o +Vof +Vof k|lt z]o lstfjL dNo =$ vb gfkmf = k|lt z]o cfo (EPS) =^ k|lt z]o nfef+z (DPS) =amp k|lt z]o ahf dNo (MPPS) = dNo cfDbfgL cgkft (PE Ratio) cgkft( k|yd aifsf] aLdfzNs =) sn aLdfzNs = vb aLdfzNsdividesn aLdfzNs k|ltzt vb gfkmfdividesn aLdfzNs k|ltzt sn aLdfzNsdividesn DklQ k|ltzt$ nufgL shfaf6 cfodividesn nufgL shf k|ltzt sn nufgL shfdividehLjg aLdfsf]if k|ltzt^ kgaLdf sldzg cfodividesn kgaLdfzNs k|ltztamp Jojyfkg vrdividesn aLdfzNs k|ltzt aLdf clestf DalGw vrdividesn aLdfzNs k|ltzt( aLdf clestf +Vof +Vof) sdrfL +Vof +Vof sfofnosf] +Vof +Vof sdrfL vrdivideJojyfkg vr k|ltzt sdrfL vrdividesdrfL +Vof =$ eQmfgL xg aFfsL bfjL sddivideeQmfgL ePsf] bfjL
sdk|ltzt
sn sfod x]sf] aLdfn]vsf] +Vof +Vofdf^ o jif gjLs0f ePsf] aLdfn]vsf] +Vofdivideut
jif sfod x]sf] aLdfn]vsf] +Vofk|ltzt
amp bfjL k]sf] aLdfn]vsf] +Vofdividesn sfod x]sf]aLdfn]vsf] +Vof
k|ltzt
f]Ne]GL dflhg k|ltzt( 3f]lift af]g b =
k|ltxhf) cGtld af]g b =
k|ltxhf
37
cgrL ndash
aLdfIacutesf] ljj0f
sfod x]sf]aLdfn]vsf] +Vof
sfod x]sf]aLdfn]v cGtut
hDdf aLdfIacute
d of6 ls(Sum at Risk)
kgaLdsnfOxtfGt0f ulPsf]
d of6 ls(Sum at Risk)
aLdsn] wf0fu]sf] d of6ls (Sum at
Risk)
qm=+= aLdfsf] lsld
o jif ut jif o jif ut jif o jif ut jif o jif ut jif o jif ut jif
hDdf
38
kllzi6 ndash
-lgb]zg +u DalGwt_
ljQLo ljj0fsf zLifsxsf] +lIfKt JofVof
-s_ cfo Joo lxfa tyf f] DaGwL cgrLsf zLifsxsf] +lIfKt JofVof M
1 k|ToIf aLdfzNs M aLdsn] kgaLdf jLsf u] afkt k|fKt aLdfzNs afx]s k|ydjifsf] aLdfzNs gjLs0f aLdfzNs Psn aLdfzNssf] of]ukmnaf6 lgodfgflkmtf u]sf] aLdfzNs ssectf uL o zLifsdf hgfpg kg]5
2 sn aLdfzNs M k|ToIf aLdfzNs aLdsn] kgaLdf jLsf u] afkt k|fKtaLdfzNssf] of]ukmnnfO o zLifsdf hgfpg kg]5
3 aLdfzNs -vb_ M sn aLdfzNsaf6 kgaLdf lbP afktsf] kgaLdf zNs ssectf uLafFsL sdnfO o zLifsdf hgfpg kg]5
4 kgaLdf sldzg cfo M -s_ aLdsn] kgaLdf lbP afkt k|fKt xg] kgaLdfsldzgnfO o zLifsdf hgfpg kg]5
-v_ aFbf g+=-s_ sf] cltlQm kgaLdsaf6 dgfkmf sldzg -Profit Commission_k|fKt ePdf f]nfO o zLifsdf dfj]z uL f]sf] Joxf]f n]vf DaGwLl6Kk0fLdf vnfpg kg]5
5 nufgL shf tyf cGoaf6 cfo M sfL ]Sol6Laf6 cfo d2tL lgIf]kaf6 cfoklAns sDkgLsf] z]odividel8j]Graf6 cfo ef8faf6 cfo shfaf6 cfo -aLdfn]vsf]lwtf]df shf afx]s_ cGo lgIf]kaf6 -d2tL afx]s_ cfo nufgL laqmLdf gfkmf -GognufgL laqmLdf gf]Sfg_ nufgL -vLb_ df gfkmf -Gog nufgL vLbdf gf]Sfg_ly DklQ laqmLaf6 gfkmf -Gog ly DklQ laqmLaf6 gf]Sfg_ vftf ckn]vgaf6cfo tyf cGo cfosf] of]ukmnnfO lgb]zg adf]lhd afF8kFmf8 uL cfPsf]sdnfO o zLifsdf hgfpg kg]5
6 aLdfn]vsf] lwtf]df shfaf6 cfo M aLdfn]vsf] lwtf]df shf k|bfg u] afkt k|fKt xg]Aofh lanDa zNs htf cfonfO o zLifsdf hgfpg kg]5
7 cGo k|ToIf cfoM aLldtn] tf]lsPsf] cjlwleq aLdfzNs gaemfP afkt aLdsn]eQmfgL k|fKt u]sf] hljfgfdivideAofhdivideljnDa zNs tyf aLdfn]vsf] k|ltlnkL btcfo l6s6 bt htf f]xL aLdfsf] lsld+u k|ToIf kdf DalGwt cfonfO ozLifsdf hgfpg kg]5
8 bfjL eQmfgL -vb_ M aLdsn] eQmfgL u]sf] d[To bfjL cjlw dfKtL bfjL cf+lzscjlw dfKtL bfjL dk0f dNo tyf cGo bfjLsf] of]ukmnnfO o zLifsdfhgfpg kg]5
9 clestf sldzg M k|yd jifsf] aLdfzNsdf clestf sldzg gjLs0f aLdfzNsdfclestf sldzg Psn aLdfzNsdf clestf sldzgsf] of]ukmnaf6 kgaLdssf]lxf ssectf uL afFsL sd o zLifsdf hgfpg kg]5
10 jfYo kLIf0f zNs M aLdf hf]lvdfIacutegsf] nflu jfYo kLIf0f ufP afkt aLdsn]Joxf]g k]sf] jfYo kLIf0f zNsnfO o zLifsdf hgfpg kg]5
39
11 kgaLdf sldzg vr M aLdsn] kgaLdf jLsf u] afkt eQmfgL ug kg] sldzgsdnfO o zLifsdf hgfpg kg]5
12 ]jf zNs -vb_ M aLdf ldltnfO aemfpg kg] sn ]jf zNsaf6 kgaLdssf] lxfssectf uL afFsL sdnfO o zLifsdf hgfpg kg]5
13 cGo k|ToIf vr M aLdfsf] lsld+u k|ToIf kn] DalGwt x]sf] cGo vrnfO ozLifsdf hgfpg kg]5
14 Jojyfkg vr M lgb]zg $ adf]lhd afF8kmFf8 uL cfPsf] sdnfO o zLifsdfhgfpg kg]5
15 cfos M -_ aLdssf] cfos bfloTjnfO lgb]zg adf]lhd afF8kmFf8 uL cfPsf]sdnfO o zLifsdf hgfpg kg]5 osf] ljj0f kllzi6 sf] cgrL adf]lhd xg kg]5
-_ cl3Nnf jif-x_ sf] cfos bfloTjnfO kllzi6 sf] cgrL sf] aeligcl3Nnfjifxsf] cfosAElig zLifsdf hgfpg kg]5 t Totf] cfosdf nfu]sf]b08dividehljfgfdivideljnDa zNsnfO gfkmf gf]Sfg lxfasf] aeligcl3Nnf jif+uDalGwt vrAElig zLifsdf hgfpg kg]5
16 cflys jifsf] cGTodf eQmfgL xg afFsL bfjL afkt Jojyf M cflys jifsf] cGTodfeQmfgL xg afFsL d[To bfjL cjlw dfKtL bfjL cf+lzs cjlw dfKtL bfjL dk0fdNo bfjL cGo bfjL tyf gt[hgf ePsf] t hfgsfLdf gcfPsf] bfjLsf] of]ukmndfaLdf lgodfjnL )$( sf] lgod sf] v08 -3_ adf]lhdsf] sd yk ubf xgcfpg] sdnfO o zLifsdf hgfpg kg]5
aLdssf] cgejsf] cfwfdf [hgf ePsf] t hfgsfLdf gcfPsf] bfjLsf] nflusd Aojyf ug kg]5
17 cflys jifsf] cGTodf cdfKt hf]lvd afkt Jojyf M aLdf cjlw dfKtL afktbfjL eQmfgL ug gkg] lsldsf] aLdfsf] cdfKt hf]lvd afkt lgb]zg ( adf]lhdJojyf uL cfPsf] sd o zLifsdf hgfpg kg]5
18 hLjg aLdf sf]ifdividegfkmf gf]Sfg lxfadf f]sf] artdivide-gf]Sfg_ M -_ aLdf cjlwdfKtL afkt bfjL eQmfgL ug kg] lsldsf] aLdfsf] cfo Joo lxfaaf6 art -surplus_ ePsf] cjyfdf o zLifsnfO aelighLjg aLdf sf]ifdf f]sf] artAElig sfoduL Totf] art sdnfO o zLifsdf hgfpg kg]5
-_ aLdf cjlw dfKtL afkt bfjL eQmfgL ug kg] lsldsf] aLdfsf] cfo Joolxfaaf6 gf]Sfg ePsf] cjyfdf o zLifsnfO aeliggfkmf gf]Sfg lxfadff]sf] gf]SfgAElig sfod uL Totf] gf]Sfg sdnfO o zLifsdf C0ffTdskdf hgfpg kg]5
-_ aLdf cjlw dfKtL afkt bfjL eQmfgL ug gkg] lsldsf] aLdfsf] cfo Joolxfasf] nflu o zLifsnfO aelighLjg aLdf sf]ifdf f]sf] sdAElig aeliggfkmfgf]Sfg lxfadf f]sf] artdivide-gf]Sfg_AElig uL bOj6f zLifs sfod uL aelighLjgaLdf sf]ifdf f]sf] sdAElig zLifsdf lgb]zgndash adf]lhdsf] sd hgfO afFsLsdnfO aeliggfkmf gf]Sfg lxfadf f]sf] artdivide-gf]Sfg_AElig zLifsdf hgfpgkg]5 tf]lsP adf]lhd hLjg aLdf sf]ifdf f]sf] sd hgfp+bf gf]Sfg ePdf
40
aeliggfkmf gf]Sfg lxfadf f]sf] artdivide-gf]Sfg_AElig zLifsdf Totf] gf]Sfg ePsf]sdnfO C0ffTds kdf hgfpg kg]5
-v_ gfkmf gf]Sfg lxfa tyf DalGwt cgrLsf zLifsxsf] +lIfKt JofVof M
1 cfo Joo lxfaaf6 f]sf] M aLdf cjlw dfKtL afkt bfjL eQmfgL ug gkg]lsldsf] aLdfxsf] cfo Joo lxfaaf6 aeliggfkmf gf]Sfg lxfadf f]sf] artdivide-gf]Sfg_AElig sdxsf] of]ukmnnfO o zLifsdf hgfpg kg]5
2 hLjg aLdf sf]ifaf6 f]sf] M k|rlnt sfggL Jojyf adf]lhd aLdssf] bfloTjsf]n]vfhf]vf DaGwL aLdfIacuteLsf] k|ltj]bg d]tsf] cfwfdf hLjg aLdf sf]ifaf6 gfkmfgf]Sfg lxfadf fgsf nflu ldltn] jLs[lt k|bfg u]sf] sdnfO o zLifsdfhgfpg kg]5
3 nufgL shf tyf cGoaf6 cfo M lgb]zg adf]lhd afF8kFmf8 uL cfPsf] sdnfOo zLifsdf hgfpg kg]5
4 Jojyf lkmtf M nufgLdf gf]SfgLsf] nflu ulPsf] Jojyf shfdf gf]SfgLsf] nfluulPsf] Jojyf z+sfkb cffdLsf] nflu ulPsf] Jojyf tyf cGosf] nfluulPsf] Jojyf sd cf+lzs jf k0fkn] sfod fVg kg] cjyf gx]df TotfsdxnfO o zLifsdf hgfpg kg]5
5 cGo cfDbfgL M aLdf Aojfo+u f]sf gePsf] kj +rfng cfDbfgL htfcfDbfgLxsf] of]ukmnnfO o zLifsdf hgfpg kg]5
6 Jojyfkg vr M lgb]zg $ adf]lhd afF8kmFf8 uL cfPsf] sdnfO o zLifsdfhgfpg kg]5
7 ckn]vg vr M k|flDes vrx kj +rfng vrx k flPsf vrx nufgLshf cffdL tyf cGo ckn]vg ulPsf] vrnfO o zLifsdf hgfpg kg]5 t+yfks +rfns tyf pRr Jojyfks jf lghx+u DalGwt JolQmdivide+yfDaGwL cffdL ckn]vg ug kfOg] 5g
8 cGo vrx M k|rlnt sfgg adf]lhd aLdf ldlt tyf cGo lgsfon] aLdsnfOtf]s]sf] b08 hljfgf aLdsn] pkof]u u]sf] ]jfsf] aemfpg kg] zNs dodfgaemfP afkt ltg kg] ljnDa zNs hljfgf nufotsf vrx o zLifsdfhgfpg kg]5
9 gf]SfgLsf] nflu Jojyf M nufgLdf gf]SfgLsf] nflu Jojyf shfdf gf]SfgLsf]nflu Jojyf z+sfkb cffdL Jojyf tyf cGo JojyfnfO o zLifsdf hgfpgkg]5
10 cfos M aLdssf] cfos bfloTjnfO lgb]zg adf]lhd afF8kmFf8 uL cfPsf]sdnfO o zLifsdf hgfpg kg]5
11 hLjg aLdf sf]ifdf f]sf] M aLdssf] bfloTjsf] n]vf hf]vf uL aLdfIacuteLn] lbPsf]dNofIacuteg k|ltj]bg d]tsf] cfwfdf ldltn] lbPsf] cfb]zdividelgb]zg adf]lhd hLjg
41
aLdf sf]ifdf f]sf] sdnfO o zLifsdf b]vfpg kg]5 oL hLjg aLdf sf]ifdff]sf] sd gfkmf gf]Sfg lxfadf lkmtf ug kfOg] 5g
12 cl3Nnf jif+u DalGwt vr M cl3Nnf jif-x_sf] cfosdf nfu]sf]b08dividehljfgfdivideljnDa zNs tyf cl3Nnf jifxdf n]vfIacuteg ug 56]sf vrxnufotsf cl3Nnf jif+u DalGwt vrnfO o zLifsdf hgfpg kg]5
-u_ jfnft tyf DalGwt cgrLsf zLifsxsf] +lIfKt JofVof M
1 rQmf kFhL M eQmfgL k|fKt ePsf] fwf0f z]o ckljtgLo cu|flws z]o tyfkljtgLo cu|flwsf z]o afktsf] sdsf] of]ukmnnfO o zLifsdf hgfpg kg]5
2 hu]8f tyf sf]if M aLdsn] hu]8f sfod ug] lnlnfdf gfkmfaf6 afF8kmfF8 ecfPsf jf cGo sg] k|lqmofaf6 gt[hgf ePsf tyf gfkmf gf]Sfg lxfadf afF8kmFf8guL +ro uL flvPsf] sdxnfO o zLifsdf hgfpg kg]5 oL hu]8f k|of]uubf DalGwt hu]8f tyf sf]if lxfadf vr hgfpg kg]5
-s_ kFhLut hu]8f M rQmf gePsf] z]osf] afFsL sd dfu ubf eQmfgL gu]sf]sf0fn] pQm z]onfO hkmt uL k|fKt xg cfPsf] sd kFhLut cgbfg afktk|fKt xg cfPsf] lhGL tyf gub sd tyf aLdssf] kFhL j[l4 ug] p2]Zon]gfkmfaf6 flPsf] sdnfO o zLifsdf hgfpg kg]5
-v_ z]o lk|ldod M aLdsn] cfˆgf] z]o hfL ubf z]osf] clIacutet dNo eGbf a9Lbn] hfL u]sf] x]5 eg] pQm al9 sd hlt o zLifsdf hgfpg kg]5 ozLifsdf hgfOPsf] sd nfef+z ljt0f k|of]hgsf] nflu of]Uo dflgg] 5g
-u_ k|tfljt af]gz z]o M aLdsn] k|tfj uL fwf0f efn] kflt u]sf] t hfLuL gs]sf] af]gz z]onfO o zLifsdf hgfpg kg]5
-3_ ljz]if hu]8f M aLdf ldltsf] lgb]zg adf]lhd sg cGo hu]8f sf]if v8f ugkbf Totf] sdnfO o zLifsdf hgfpg kg]5
-ordf_ cGo hu]8f M aLdsn] cGo k|of]hgsf] nflu v8f u]sf] hu]8fnfO o zLifsdfhgfpg kg]5
-r_ gfkmf gf]Sfg lxfaaf6 f]sf] M aLdssf] gfkmf gf]Sfg lxfaaf6 jfnftdff]sf] gfkmf sdnfO o zLifsdf hgfpg kg]5
3 hLjg aLdf sf]if M lgb]zg adf]lhd fVg kg] hLjg aLdfsf]ifxsf] of]ukmnnfOo zLifsdf hgfpg kg]5
4 dxfndashljkQL hu]8f M 7nf] kldf0fdf aLdf bfjL pTkGg xg Sg] dxfndashljkQL -catastrophy_ sf] cjyfdf aLdssf] ljQLo Ifdtfdf kg Sg] k|ltsn c sd ug]p2]Zon] gfkmfaf6 flPsf] sdnfO o zLifsdf hgfpg kg]5 o zLifsdfhgfOPsf] sd nfef+z ljt0f k|of]hgsf] nflu of]Uo dflgg] 5g
5 ltg afFsL bL3sflng C0f tyf fk6L M jfnftsf] ldltdf eQmfgL ug afFsLbL3sflng fk6LnfO o zLifsdf hgfpg kg]5
42
6 ly DkQL -vb_ MyfoL k|s[ltsf DkQLxsf] sn dNodf Xf ssectf uL afFsL x]sf]sdnfO o zLifsdf hgfpg kg]5
7 bL3sflng nufgL M aLdsn] lgb]zg ^ adf]lhd u]sf] bL3sflng nufgLnfO ozLifsdf hgfpg kg]5
kli6s0f M = jfnftsf] ldltaf6 Ps jif eGbf al9 cjwL kl5 eQmfgLk|fKt xg] sfL sfsf] hdfgt k|fKt ]Sol6Ld2tL lgIf]k gfuls nufgL of]hgf z]o a+s tyfljQLo +yfsf] cu|flwsf z]odividel8j]Gr tyf cGo f]xLk|s[ltsf nufgLxnfO bL3sflng nufgL Demg k5
= aLdsn] klAns sDkgLsf] z]odf nufgL u] afkt k|fKtxg] af]gz z]onfO z]o +Vofdf dfq b]vfO kn df]ndfsg kljtg ug x+bg
amp=s cNksflng nufgL M aLdsn] lgb]zg ^ adf]lhd u]sf] cNksflng nufgLnfO ozLifsdf hgfpg kg]5
kli6s0f M jfnftsf] ldltaf6 Ps jif leq eQmfgL k|fKt xg] sfL sfsf] hdfgt k|fKt ]Sol6L d2tL lgIf]k gfulsnufgL of]hgf a+s tyf ljQLo +yfsf] cu|flwsfz]odividel8j]Gr tyf cGo f]xL k|s[ltsf nufgLxnfOcNksflng nufgL Demg k5
8 aLdfn]vsf] lwtf]df shf M aLdsn] lgb]zg amp adf]lhd k|To]s lsldsf] aLdfsf]aLdfn]vsf] lwtf]df k|bfg u]sf] shfsf] of]ukmnnfO o zLifsdf hgfpg kg]5
9 gub tyf a+s dfHbft M -_ aLds+u x]sf] sn gub dfHbft sd tyf aLdssf]a+sdivideljQLo +yfsf] Aofh k|fKt gxg] vftfdf x]sf] sn sdnfO o zLifsdfhgfpg kg]5
10 cGo bL3sflng shf M lgb]zg amp adf]lhd n]vfIacuteg ulPsf] clestfnfO k|bfgulPsf] bL3sflng shf sdrfLnfO k|bfg ulPsf] bL3sflng shf tyf cGobL3sflng shfsf] of]ukmnnfO o zLifsdf hgfpg kg]5
kli6s0f M jfnftsf] ldltaf6 Ps jif eGbf al9 cjwL kl5 eQmfgLk|fKt xg] clestfnfO k|bfg ulPsf] shf sdrfLnfO k|bfgulPsf] shf tyf cGo f]xL k|s[tLsf shfxnfO bL3sflngshf Demg k5
)s= cGo cNksflng shf M lgb]zg amp adf]lhd n]vfIacuteg ulPsf] clestfnfO k|bfgulPsf] cNksflng shf sdrfLnfO k|bfg ulPsf] cNksflng shf tyf cGocNksflng shfsf] of]ukmnnfO o zLifsdf hgfpg kg]5
kli6s0f M jfnftsf] ldltaf6 Ps jif leq eQmfgL k|fKtxg] clestfnfO k|bfg ulPsf] shf sdrfLnfO k|bfgulPsf] shf tyf cGo f]xL k|s[tLsf shfxnfOcNksflng shf Demg k5
43
11 cGo DkQL M -_ o lgb]zg adf]lhd n]vfIacuteg ulPsf] aLdssf] nufgLaf6 k|fKt xgafFsL cfo aLdfn]vsf] lwtf]df shfaf6 k|fKt xg afFsL Aofh cGo shfaf6 k|fKt xgafFsL Aofh cGo aLdsaf6 k|fKt xg afFsL kgaLdsaf6 k|fKt xg aFfsL ljljwcffdL clu|d eQmfgL sdrfL k]ZsL cGo k]ZsL wf6L tyf cGosf] of]ukmnnfOo zLifsdf hgfpg kg]5
-_ cGo DkQLsf] ljj0f kllzi6 sf] cgrL $ adf]lhd xg kg]5
-_ cn xg afFsL aLdfzNs eP f]sf] of]ukmn kllzi6 sf] cgrL $ dfb]vfpg kg]5 f] cn xg afFsL aLdfzNs afasf] dNtjL -Suspense_ b]vfOvb k|efj (Net effect) zGo agfpg kg]5
12 rfn bfloTj M clestfnfO lbg afFsL cGo aLdsnfO lbg afFsL kgaLdsnfO lbgafFsL aLdfzNs wf6L k0f ljj0f gvn]sf] aLdfzNs ljljw fx xfosdividexf]lN8EumlsDkgLnfO lbg afFsL gtf]tdf ssectf ulPsf] s ltg afFsL cfos ltg afFsL]jfzNs ltg afFsL sdrfLnfO ltg afFsL +rfnsnfO ltg afFsL tyf cGo ltgafFsL sdxsf] of]ukmnnfO o zLifsdf hgfpg kg]5
13 cdfKt hf]lvd jfkt Jojyf M lgb]zg ( adf]lhdsf] cdfKt hf]lvd Jojyfsf]of]ukmnnfO o zLifsdf hgfpg kg]5
14 eQmfgL xg afFsL bfjL jfkt Jojyf M k|To]s lsldsf] aLdfsf] eQmfgL xg afFsLbfjLsf] nflu ulPsf] Jojyfsf] of]ukmnnfO o zLifsdf hgfpg kg]5
15 ckn]vg jf dfof]hg xg afFsL ljljw vrx M ckn]vg ug afFsL k|flDes vrckn]vg ug afFsL kj +rfng vr ckn]vg ug afFsL yug ulPsf vr tyfcGo ckn]vg jf dfof]hg gePsf vrxsf] of]ukmnnfO o zLifsdf hgfpgkg]5
-3_ k|dv rsfIacutexdf +nUg zLifsxsf] +lIfKt JofVof
1 g]6 jy = rQmf kFhL plusmn hu]8f tyf sf]if plusmn dxf ljkQL hu]8f ndashckn]vg jfdfof]hg xg afFsL ljljw vrx ndash gfkmf gf]Sfg lxfaaf6 f]sf] gf]Sfg
2 k|lt z]o lstfaL dNo = g]6 jydividefwf0f z]o +Vof
3 k|lt z]o cfo = vb gfkmfdividefwf0f z]o +Vof
4 dNo cfDbfgL cgkft = k|lt z]o ahf dNodividek|lt z]o cfo
5 sn DklQ = ly DklQ plusmn nufgL plusmn aLdfn]vsf] lwtf]df shf plusmn rfnDklQ shf tyf k]ZsLx
![Page 12: hLjg aLdf Joj;fo ug]{ aLdssf] ljQLo ljj/0f ;DaGwL lgb]{zg](https://reader033.vdocuments.site/reader033/viewer/2022053020/6291631db7b57c39db6663d6/html5/thumbnails/12.jpg)
12
= gfkmf gf]Sfg lxfasf] 9fFrf M
aLdssf] gfd M
cflys aif ======================= sf] gfkmf gf]Sfg lxfa
qm=+= ljj0f cgrL o aif ut aif
cfDbfgL
1 cfo Joo lxfaaf6 f]sf] )
2 hLjg aLdf sf]ifaf6 f]sf]
3 nufgL shf tyf cGoaf6 cfo
4 Jojyf lkmtf
5 cGo cfDbfgL -ljj0f vnfpg]_
hDdf cfDbfgL -s_
vr
6 Jojyfkg vr amp
7 ckn]vg vr
8 cGo vrx $
9 gf]SfgLsf] nflu Jojyf
10 sdrfL cfjf Aojyf
11 sdrfL af]g Jojyf
12 cfos
13 hLjg aLdf sf]ifdf f]sf]
hDdf vr -v_
14 vb gfkmf divide-gf]Sfg_ -u_ = -s_ ndash -v_
15 cl3Nnf] jif+u DalGwt vr
16 cl3Nnf] aifaf6 flPsf] gfkmfdivide-gf]Sfg_
afF8kmfF8sf] nflu pknAw sd
-s_ kFhLut hu]8f amp
-v_ ljz]if hu]8f amp
-u_ cGo hu]8f -ljj0f vnfpg]_ amp
-3_ k|tfljt nfef+z amp
17
-ordf_ dxfndashljkQL hu]8f
18 jfnftdf f]sf] gfkmfdivide-gf]Sfg_
cgrL amp tyf ) b]lv amp Dd osf cleGg c+u xg
13
= aLdssf] jfnftsf] 9fFrf M
====================== sf] jfnft
qm=+= ljj0f cgrL o aif ut aifgtf]t
1 rQmf kFhL ^2 hu]8f tyf sf]if amp3 hLjg aLdf sf]if 4 dxfndashljkQL hu]8f 5 ltg afFsL bL3sflng C0f tyf fk6L (
sn gtf]tpkof]u
6 ly DkQL -vb_ )7 lb3sflng nufgL 8 aLdfn]vsf] lwtf]df shf 9 cGo bL3sflng shf
10 11 12 13
Rffn DkQL shf tyf k]ZsLx Mgub tyf a+s dfHbftcNksflng nufgLcGo cNksflng shfcGo DkQL $hDdf -s_ -)plusmnplusmnplusmn_
14 15 ^16 (17
rfn bfloTj tyf JojYffx Mrfn bfloTjcdfKt hf]lvd jfkt JojyfeQmfgL xg afFsL bfjL afkt JojyfcGo Aojyf ^shDdf -v_ -$plusmnplusmn^plusmnamp_
18 vb rfn DkQL -u_ = -s_ ndash -v_19 ckn]vg jf dfof]hg xg afFsL ljljw vrx amp20 gfkmf gf]Sfg lxfaaf6 f]sf] gf]Sfg
sn pkof]u -^+amp++(++(+)_
+efljt bfloTjx tyf cgrL ( tyf ^ b]lv ( Dd osf cleGg c+u xg
+efljt bfloTjx
qm=+= ljj0f o aif ut aif1 rQmf jf eQmfgL xg afFsL nufgL2 k|Tofelt k|lta4tf3 aLdfn]v cGtut eGbf afx]saf6 aLds pk bfjL k]sf] t
aLdsn] bfloTj jLsf gu]sf]
aLdsn] bfloTj jLsf gu]sf]
4 aLdsn] jf aLdssf] tkmaf6 lbOPsf] Uof]06L5 cGo -ljj0f vnfpg]_
hDdf
aLdssf] gfd M
14
$= OSo6Ldf ePsf] kljtg DaGwL ljj0fsf] 9fFrf M
aLdssf] gfd M
cf=j==============df OSo6Ldf ePsf] kljtg DaGwL ljj0f
ljj0f z]o kFhL +lrt gfkmfdividegf]Sfg
k|tfljtaf]g z]o
kFhLuthu]8f sf]if
z]olk|ldod
ljz]if hu]8fsf]if
cGo hu]8f tyfsf]if
dxfljkQLhu]8f
sn sd
zdfHbft
dfof]hg
=============
=============
============
============
clGtddfHbft
15
= gub k|jfxsf] ljj0fsf] 9fFrf
aLdssf] gfd M
=====================b]lv========================Ddsf] gub k|jfxsf] ljj0f
qm=+= ljj0f o jif ut jifsff]af +rfngaf6 gub k|jfx MaLdf zNs cfDbfgLljnDa zNs cfDbfgLkgaLdf zNs cfDbfgLkgaLdf sldzg cfDbfgLcGo k|ToIf cfDbfgLkgaLdsaf6 k|fKt bfjL lseLkgaLdf zNs eQmfgLkgaLdf sldzg eQmfgLclestf sldzg eQmfgLjfYo kLIf0f zNs eQmfgLd[To bfjL eQmfgLcjlw dfKtL bfjL eQmfgLcf+lzs cjlw dfKtL bfjL eQmfgLdk0f dNo bfjL eQmfgLcGo bfjL eQmfgL]jf zNs eQmfgLJojyfkg vr eQmfgLsdrfL af]g eQmfgLcfos eQmfgLRffn DklQdf -j[l4_dividesdLRffn bfloTjdf j[l4divide-sdL_
s
sff]af +rfngaf6 vb gub k|jfx -s_nufgL ultljwLaf6 gub k|jfxly DklQdf -j[l4_ sdLsfL sfsf] hdfgt k|fKt ]Sol6Ldf nufgLdf -j[l4_ sdLa+s tyf ljQLo +yfsf] d2tL lgIf]kdf nufgLdf -j[l4_ sdLa+s tyf ljQLo +yfsf] cGo lgIf]k nufgLdf -j[l4_ sdLOSo6L z]o nufgLdf -j[l4_ sdLcu|flwsf z]odividel8j]Grdf nufgLdf -j[l4_ sdLcGo nufgLdf -j[l4_ sdLaLdfn]vsf] lwtf]df shfdf -j[l4_ sdLk]ZsL tyf cGo shfdf -j[l4_ sdLeQmfgL k|fKt Aofh cfDbfgL -nufgLdf_eQmfgL k|fKt l8le8]G8ef8f cfDbfgLeQmfgL k|fKt Aofh cfDbfgL -shfdf_cGo ck|ToIf cfDbfgLdividevr
v
nufgL ultljwLaf6 vb gub k|jfx -v_ljQLo gtf]t sff]afaf6 gub k|jfxz]oaf6 k|fKt sdltg afFsL fk6Ldf -j[l4_dividesdLcNksflng C0fdf -j[l4_dividesdLC0f fk6Ldf Aofh eQmfgLnfef+z eQmfgL
u
ljQLo gtf]t sff]afaf6 vb gub k|jfx -u_o jifsf] Dk0f ultljwLaf6 vb gub k|jfx = -s_plusmn-v_plusmn-u_gub tyf a+sdf x]sf] z dfHbftgub tyf a+sdf x]sf] clGtd dfHbft
16
^ ljQLo ljj0fsf] cleGg c+usf] kdf xg] cgrLx
cgrLndash
-s_ aLdfzNs -vb_
sn aLdfzNs kgaLdf zNs eQmfgL-Ceded_
aLdfzNs -vb_qm=+= aLdfsf]lsld
o jif ut jif o jif ut jif o jif ut jif
hDdf
-v_ sn aLdfzNs
k|ToIf aLdfzNs k|fKt kgaLdf zNs
-accepted_
sn aLdfzNsqm=+= aLdfsf]lsld
o jif ut jif o jif ut jif o jif ut jif
hDdf
-u_ k|ToIf aLdfzNs
k|yd aifsf]aLdfzNs
gjLs0f aLdfzNs Psn aLdfzNs hDdf k|ToIfaLdfzNs
qm=+= aLdfsf]lsld
o aif ut aif o aif ut aif o aif ut aif o aif ut aif
hDdf
17
cgrLndash
nufgL shf tyf cGoaf6 cfoqm=+= ljj0f o aif ut aif1 sfL sfsf] hdfgt k|fKt ]Sol6Laf6 cfo2 jfl0fHo a+ssf] d2tL lgIf]kaf6 cfo3 ljsf a+ssf] d2tL lgIf]kaf6 cfo4 gfuls nufgL of]hgfaf6 cfo5 ljQLo +yfsf] d2tL lgIf]kaf6 cfo6 cfjf ljQ sDkgLsf] fwf0f z]oaf6 nfef+z7 cGo klAns sDkgLsf] fwf0f z]oaf6 nfef+z8 a+s tyf ljQLo +yfsf] cu|flwsf z]oaf6 nfef+z9 a+s tyf ljQLo +yfsf] l8j]Graf6 cfo10 cGo -ljj0f vnfpg]_ af6 cfo11 shfaf6 cfo12 cGo lgIf]kaf6 -d2tL afx]s_ cfo13 nufgL laqmLdf gfkmf
Gog nufgL laqmLdf gf]Sfg14 nufgL -vLb_ df gfkmf
Gog nufgL -vLb_ df gf]Sfg15 ly DkQL laqmLaf6 gfkmf
Gog ly DkQL laqmLaf6 gf]Sfg16 vftf ckn]vg17 cl3Nnf jif+u DalGwt cfo18 cGo cfo
hDdfnufgL shf tyf cGoaf6 cfosf] afF8kmfF8
gfkmf gf]Sfg lxfadf f]sf]============ sf] cfo Joo lxfadf f]sf]============ sf] cfo Joo lxfadf f]sf]
hDdfcgrLndash
aLdfn]vsf] lwtf]df shf cfo
aLdfn]vsf] lwtf]df shf aLdfn]vsf] lwtf]df shfaf6 cfoqm=+= aLdfsf] lsld
o aif ut aif o aif ut aif
============= aLdf
============= aLdf
============= aLdf
18
cgrL ndash $bfjL eQmfgL
d[To bfjLeQmfgL
cjlw dfKtLbfjL eQmfgL
cf+lzs cjlwdfKtL bfjL
eQmfgL
dk0f dNo bfjLeQmfgL
cGo bfjLeQmfgL
sn bfjL eQmfgL sn bfjLeQmfgLdfkgaLdssf]
lxf
bfjL eQmfgL-vb_
qm=+= aLdfsf]lsld
o jif ut jif o jif ut jif o jif ut jif o jif ut jif o jif ut jif o jif ut jif o jif ut jif o jif ut jif
===
===
hDdf
19
cgrLndash
clestf sldzg
k|yd aifsf]aLdfzNsdf
clestf sldzg
gjLs0f aLdfzNsdfclestf sldzg
Psn aLdfzNsdfclestf sldzg
hDdf clestfsldzg
qm=+= aLdfsf]lsld
o jif ut jif o jif ut jif o jif ut jif o jif ut jif
hDdf
cgrLndash^
]jf zNs -vb_
sn ]jf zNs sn ]jf zNsdfkgaLdssf] lxf
]jf zNs -vb_qm=+= aLdfsf] lsld
o jif ut jif o jif ut jif o jif ut jif
========aLdf
========aLdf
hDdf
cgrLndash amp
Jojyfkg vr
qm=+= ljj0f o aif ut aif1 sdrfL vr -cgrL amp= adf]lhd_2 3 ef8f3 lahnL tyf kfgL4 ddt tyf Def
-s_ ejg-v_ jfL fwg-u_ sfofno pks0f-3_ cGo
5 +rf6 5kfO tyf dnGb7 vr xg] sfofno fdfg8 kljxg9 e|d0f vr -eQf d]t_
-s_ cfGtls-v_ jb]lzs
10 clestf tflnd11 clestf cGo12 aLdfzNs13 Iff vr14 sfggL tyf kfdz zNs15 kq klqsf tyf kts
20
16 lj1fkg tyf k|rf k|f17 Jofkf k|j4g18 cltyL Tsf19 rGbf tyf pkxf20 +rfns ldlt DaGwL vr
-s_ a7s eQf-v_ cGo
21 cGo ldltdividepkndashldlt DaGwL vr-s_ a7s eQf-v_ cGo
22 fwf0f ef DaGwL vr
23-s_ aLdfIacuteLo ]jf zNs-v_ aLdfIacuteLo vr
24 n]vf kLIf0f DaGwL vr-s_ n]vf kLIf0f zNs-v_ s n]vf kLIf0f zNs-u_ ljt[t n]vf kLIf0f k|ltj]bg zNs-3_ cGo zNs-ordf_ cfGtls n]vf kLIf0f vr-r_ cGo vr
25 Aofh26 as rfh27 zNs tyf bt28 Xf ssectL29 xnfs l6s630 cGo
afF8 kmfF8sf] nflu hDdfgfkmf gf]Sfg lxfadf f]sf]================aLdfsf] cfo Joo lxfadf f]sf]================aLdfsf] cfo Joo lxfadf f]sf]
hDdfcgrL amp=
sdrfL vr
qm=+= ljj0f o aif ut aif= tna= eQf= bz+ vr$= ~rosf]ifdf yk= tflnd vr^= kf]zfsamp= cfifwf]krf= aLdf(= k]Gg tyf pkbfg vr tyf Jojyf)= ljbf afktsf] vr tyf Jojyf= cGo ljwf afkt vr tyf Jojyf -ljj0f vnfpg]_ cGo -ljj0f vnfpg]_
hDdf M
21
cgrLndash
cfos
qm=+= ljj0f o aif ut aif
= o aifsf] cfos
= cl3Nnf aifxsf] cfos
= afF8kmfF8sf] nflu cfossf] hDdf
afF8kmfF8
gfkmf gf]Sfg lxfadf f]sf]
==============aLdfsf] cfo Joo lxfadf f]sf]
==============aLdfsf] cfo Joo lxfadf f]sf]
hDdf
22
cgrL ndash (
cflys jifsf] cGTodf eQmfgL xg afFsL bfjL afkt Jojyf
eQmfgL xgafFsL d[To bfjL
eQmfgL xgafFsL cjlwdfKtL bfjL
eQmfgL xgafFsL cf+lzscjlw dfKtL
bfjL
eQmfgL xgafFsL dk0fdNo bfjL
eQmfgL xgafFsL cGo
bfjL
[hgf ePsf]t hfgsfLdfgcfPsf] bfjL
-cgdflgt_
eQmfgL xgafFsL hDdf
bfjL
eQmfgL xgafFsL hDdf
bfjLdfkgaLdssf]
lxf
eQmfgL xgafFsL bfjL
afkt Jojyf
qm=+= aLdfsf] lsld
ojif
ut jif ojif
utjif
ojif
utjif
ojif
utjif
ojif
utjif
ojif
utjif
ojif
utjif
ojif
utjif
ojif
utjif
=
=
=
$=
hDdf M
23
cgrLndash)
cfo Joo lxfaxaf6 gfkmf gf]Sfg lxfadf f]sf] sd
qm=+= ljj0f o aif ut aif
= ==================== sf] cfo Joo lxfaaf6 f]sf]
= ==================== sf] cfo Joo lxfaaf6 f]sf]
=
$=
hDdf
cgrLndash
hLjg aLdf sf]if
dfof]hg cuf8Lsf]hLjg aLdf sf]if-jifsf] zdf_
cfo Joolxfaaf6 f]sf]
gfkmf gf]Sfglxfaaf6 f]sf]
dfof]hg cuf8Lsf]hLjg aLdfsf]if-jifsf] cGTodf_
qm=+= aLdfsf]lsld
o jif ut jif o jif ut jif o jif ut jif o jif ut jif
=
=
=
$=
hDdf M
hLjg aLdf sf]ifdf dfof]hg
dfof]hgcuf8Lsf]
hLjg aLdfsf]if
-jifsf]cGTodf_
gfkmfgf]Sfglxfadff]sf]
aLdfn]vcGtutbfloTj
af]gsf]nflu
Jojyf
f]Ne]GLdflhgsf]nflu
Jojyf
afF8kmfF8gulPsf]sd
jifsf]cGTodfhLjg
aLdf sf]if
qm=+= aLdfsf]lsld
oaif
utaif
oaif
utaif
oaif
utaif
oaif
utaif
oaif
utaif
oaif
utaif
oaif
utaif
=
=
=
hDdf M
24
cgrLndash
Jojyf lkmtfqm=+= ljj0f o aif ut aif= nufgLdf gf]SfgLsf] nflu Jojyf lkmtf= shfdf gf]SfgLsf] nflu Jojyf lkmtf= z+sfkb cffdL Jojyf lkmtf$ cGo Jojyf lkmtf
hDdf
cgrLndash
ckn]vg vrx
qm=+= ljj0f o aif ut aif1 k|flDes vrx2 kj +rfng vrx3 k flPsf vrx4 ckn]vg ulPsf] nufgL5 ckn]vg ulPsf] shf6 ckn]vg ulPsf] cffdL7 cGo ckn]vg
hDdf
cgrLndash$
cGo vrx
qm=+= ljj0f o aif ut aif
1 b08 hljfgf
2 ljnDa zNs hljfgf
3 cGo -ljj0f vnfpg]_
hDdf
cgrLndash
gf]SfgLsf] nflu Jojyfqm=+= ljj0f o aif ut aif= nufgLdf gf]SfgLsf] nflu Jojyf= shfdf gf]SfgLsf] nflu Jojyf= z+sfkb cffdL Jojyf$ cGo Jojyf
hDdf
25
cgrLndash^
-s_ z]o kFhL
qm=+= ljj0f o aif ut aifclws[t kFhLs_ ================= bsf] ======== yfg fwf0f z]ov_ ============ bsf] ====yfg ckljtgLo cu|flwsfz]o
=
u_ ========== bsf] ====== yfg kljtgLo cu|flwsfz]ohfL kFhLs_ ================= bsf] ======== yfg fwf0f z]ov_ ============ bsf] ====yfg ckljtgLo cu|flwsfz]o
=
u_ ========== bsf] ====== yfg kljtgLo cu|flwsfz]orQmf kFhLs_ ================= bsf] ======== yfg fwf0f z]oGog eQmfgL k|fKt xg afFsL ==== bsf] ===yfg fwf0fz]ov_ ============ bsf] ====yfg ckljtgLo cu|flwsfz]o
=
u_ ========== bsf] ====== yfg kljtgLo cu|flwsfz]o
hDdf-v_ z]o jfldTjsf] +rgf
o aif ut aifz]owgL
fwf0f z]o+Vof
jfldTjsf] Uuml fwf0fz]o +Vof
jfldTjsf] Uuml
g]kfnL +ul7t +yfx
g]kfnL gfuls
ljb]zL+y
fks
hDdf
jfwf0f
cGo -ljj0f vnfpg]_
sn
-u_ Ps k|ltzt jf a9L z]o jfldTj ePsf z]owgLxsf] ljj0f
o aif ut aifqm=+= ljj0f
jfldTjsf] Uuml sd jfldTjsf] Uuml sd
=
=
=
26
cgrLndashamp
hu]8f tyf sf]if
qm=+= ljj0f o aif ut aif
1 kFhLut hu]8f
2 ljz]if hu]8f
3 cGo hu]8f -ljj0f vnfpg]_
4 z]o lk|ldod
5 k|tfljt af]gz z]o
6 Gffkmf gf]Sfg lxfaaf6 f]sf] gfkmf
hDdf
cgrLndash
dxfndashljklQ hu]8fjifsf] zdf dxfndashljklQ hu]8f gfkmf gf]Sfg lxfaaf6 f]sf] jifsf] cGTodf dxfndashljklQ
hu]8fo jif ut jif o jif ut jif o jif ut jif
cgrLndash(
ltg afFsL bL3sflng C0f tyf fk6L
qm=+= ljj0f o aif ut aif
l8j]Gr divide a08
a+s
ljQLo +yf
$ cGo -ljj0f vnfpg]_
hDdf
27
cgrLndash)
ly DklQ
ljj0f kn df]n Xf ssectL vb df]n
zdfHbft
ojif
yk]sf]
ojif
36]sf]
hDdf utjifDd
ojif
laqmLdivide
dfof]hg
hDdf ojifDdsf]
UftjifDdsf]
lk|m xf]N8hldg
ejg
kmlgrtyf
lkmSr
sfofnofdfg
sDKo6tyfrgfk|ljwLpks0f
cb[ZoDklQ-ljj0fvnfpg]_
jfLfwg
lnh xf]N8DklQ
cGo-k|s[ltvnfpg]_
hDdf
lgdf0fflwgkFhLutvr
sn
ut jif
28
cgrLndash
nufgL
qm=+= ljj0f o aif ut aif-s_ bL3sflng nufgL M sfL sfsf] hdfgt k|fKt ]Sol6L jfl0fHo a+ssf] d2tL lgIf]k ljsf a+ssf] d2tL lgIf]k$ gfuls nufgL of]hgf ljQLo +yfsf] d2tL lgIf]k^ cfjf ljQ sDkgLsf] fwf0f z]o -cgrL = adf]lhd_amp cGo sDkgLsf] fwf0f z]o -cgrL = adf]lhd_ a+s tyf ljQLo +yfsf] cu|flwsf z]odividel8j]Gr( cGo -ljj0f vnfpg]_
hDdf M-v_ cNksflng nufgL M sfL sfsf] hdfgt k|fKt ]Sol6L jfl0fHo a+ssf] d2tL lgIf]k ljsf a+ssf] d2tL lgIf]k$ gfuls nufgL of]hgf ljQLo +yfsf] d2tL lgIf]k^ a+s tyf ljQLo +yfsf] cu|flwsf z]odividel8j]Gramp jfl0fHo a+ssf] Aofh k|fKt xg] cGo lgIf]k ljsf a+ssf] Aofh k|fKt xg]] cGo lgIf]k( ljQLo +yfsf] Aofh k|fKt xg] cGo lgIf]k) cGo Aofh k|fKt xg] nufgL -ljj0f vnfpg]_
hDdf McgrLndash=
z]odf nufgL
qm=+= sDkgL vb sd c+lst dNo kn dNo ahf dNo
= ======sDkgLsf]=============yfg====z]o
= ======sDkgLsf]=============yfg=====z]o
= ======sDkgLsf]=============yfg=====z]o
hDdf
gf]6 M = aLdssf] xfos sDkgLdividexf]lN8Euml sDkgL tyf +oQm nufgL ePsf] sDkgLsf] z]odf ePsf]nufgLnfO
5sectfndash5sect vnfpg kg]5
= lgodfgf lrs[t gePsf z]odf ePsf] nufgLnfO 5sect vnfpg kg]5
= +yfks z]o cGo z]odf ePsf] nufgLnfO 5sectf5sect vnfpg kg]5
29
cgrLndash
gub tyf a+s dfHbft
qm=+= ljj0f o aif ut aifgub dfHbft
hDdfa+s dfHbftjfl0fHo a+sxsf] dfHbftljsf a+sxsf] dfHbftljQLo +yfxsf] dfHbft
cGo -ljj0f vnfpg]_hDdfsn
cgrLndash
cGo shf
qm=+= ljj0f o aif ut aif-s_ bL3sflng shf= clestfnfO shf= sdrfLnfO shf= cGo -ljj0f vnfpg]_
hDdf-v_ cNksflng shf= clestfnfO shf= sdrfLnfO shf= cGo -ljj0f vnfpg]_
hDdfcgrLndash$
cGo DklQqm=+= ljj0f o aif ut aif1 nufgLaf6 k|fKt xg afFsL cfo2 aLdfn]vsf] lwtf]df shfaf6 k|fKt xg afFsL Aofh3 cGo -aLdfn]vsf] lwtf]df afx]s_ shfaf6 k|fKt xg afFsL
Aofh4 cGo aLdsaf6 k|fKt xg afFsL5 kgaLdsaf6 k|fKt xg afFsL6 ljljw cffdL7 clu|d eQmfgL8 sdrfL k]ZsL9 cGo k]ZsL10 wf6L11 cn xg afFsL aLdfzNs
Gog M cn xg afFsL aLdfzNs dNtjL -suspense_12 cGo ljj0f vnfpg]
hDdf M
30
cgrLndash
rfn bfloTj
qm=+= ljj0f o aif ut aif1 clestfnfO lbg afFsL2 cGo aLdsnfO lbg afFsL3 kgaLdsnfO lbg afFsL4 cNksflng shf5 aLdfzNs wf6L6 k0f ljj0f gvn]sf] aLdfzNs7 ljljw fx8 xfosdividexf]lN8Euml sDkgLnfO lbg afFsL9 gtf]tdf ssectf ulPsf] s ltg afFsL10 dNo clea[l4 s ltg afFsL11 cfos ltg afFsL12 ]jf zNs ltg afFsL13 sdrfLnfO lbg afFsL14 +rfnsnfO lbg afFsL15 eQmfgL lbg afFsL nfef+z -l8le8]08_16 cGo -ljj0f vnfpg]_
hDdf
cgrLndash^
cdfKt hf]lvd Jojyfqm=+= ljj0f o aif ut aif= ===========aLdfsf] cdfKt hf]lvd hu]8f= ===========aLdfsf] cdfKt hf]lvd hu]8f= ===========aLdfsf] cdfKt hf]lvd hu]8f
===========aLdfsf] cdfKt hf]lvd hu]8f
hDdf
31
cgrL ^scGo Aojyf
aifsf] zdf Aojyfrfn cf=a=df yk ulPsf]
Aojyfrfn cf=a=df ckn]vg
ulPsf] Aojyfrfn cf=a=df lkmtfulPsf] Aojyf
aifsf] cGtdf sfodx]sf] Aojyf
qm=+=
ljj0fo jif ut jif o jif ut jif o jif ut jif o jif ut jif o jif ut jif
nfef+z -l8le8]08_ sf] nflu Aojyf
nufgLdf gf]SfgLsf] nflu Aojyf
shfdf gf]SfgLsf] nflu Aojyf
$ z+sfZkb cffdLsf] nflu Aojyf
cGo gf]SfgLsf] nflu Aojyf
^ sdrfL DaGwL Aojyf-s_ k]Gg tyf pkbfg Aojyf-v_ ljbf jfkt Aojyf-u_ cfjf tyf cGo ljwf Aojyf-3_ sdrfL af]g Aojyf-ordf_ cGo
amp cGo Aojyf -ljj0f vnfpg]_
hDdf
32
cgrLndashamp
ckn]vgdividedfof]hg xg afFsL ljljw vrxqm=+= ljj0f o aif ut aif1 ckn]vg ug afFsL k|flDes vr2 ckn]vg ug afFsL kj +rfng vr3 ckn]vg ug afFsL yug ulPsf vr4 cGo -ljj0f vnfpg]_
hDdf
cgrL ndash
ljQLo ljj0f+u DalGwt k|dv n]vf gLltx
n]vf DaGwL gLltdf vnfpg kg] aFbfx M aLdsn] n]vf DaGwL gLltdf b]xfosf aFbfxvnfpg kg]5
1 ljQLo ljj0f tofLsf cfwfx M sg sg cjwf0ff -concept_ tyf n]vfdfgx sfgg tyf aLdf ldltsf lgb]zgxsf] clwgdf xL ljQLo ljj0f tof ulPsf] xf]f]sf] Joxf]f
ljQLo ljj0f tof ubf sg sfgg aLdf ldltsf] lgb]zg jf n]vfdfg kfngf gePsf]eP f]sf] sf0f lxt Joxf]f
2 ly DklQ n]vfIacuteg gLlt M ly DklQ n]vfIacuteg ubf cjnDag ulPsf] gLlt
3 Xf ssectL gLlt M aLdssf] +rfns ldltaf6 kflt uL nfu ulPsf] Xf ssectL gLlt
4 kFhLs[t gulg] DklQx DaGwL n]vfIacuteg gLlt M aLdssf] +rfns ldltn] sg lglZrtdf]nDd kg] pks0f fdfgx kFhLs[t gug] gLlt lnPsf] 5 eg] f]sf] Joxf]f
5 cfos Jojyf tyf afF8kmFf8 gLlt M cfos Jojyf DaGwdf aLdsn] cjnDag u]sf]gLlt aLdsn] gfkmf gf]Sfg lxfa tyf cfo Joo lxfadf Totf] Jojyf sdafF8kmFf8 ubf cjnDag u]sf] gLlt
6 nufgL n]vfIacuteg gLlt M nufgL n]vfIacutegsf] DaGwdf aLdsn] cjnDag u]sf] gLltxnfOb]xfosf zLifsx cGtut vnfpg kg]5
-s_ sfL artkqdivideC0fkqdf nufgL n]vfIacuteg gLlt
-v_ a+sdivideljQLo +yfsf] d2tL lgIf]kdf nufgL n]vfIacuteg gLlt
-u_ klAns lnld6]8 sDkgLsf] z]odf nufgL n]vfIacuteg gLlt
-3_ klAns lnld6]8 sDkgLn] hfL u]sf] C0fkqxdf nufgL n]vfIacuteg gLlt
7 6xL 36a9 dfof]hg gLlt M ljb]zL db|f+u DalGwt DklQ bfloTj tyf 6xL36a9 cfDbfgL tyf vrxsf] n]vfIacuteg gLlt
8 aLdfzNs cfDbfgL n]vfIacuteg gLlt M aLdsn] aLdfzNs cfDbfgL n]vfIacuteg ubf cjnDagu]sf] gLlt
33
9 kgaLdf sldzg cfDbfgL n]vfIacuteg gLlt M aLdsn] kgaLdf u] afkt k|fKt ug] sldzgsf]n]vfIacuteg ubf cjnDag u]sf] gLlt
10 cGo cfo n]vfIacuteg tyf afF8kmFf8 gLlt M aLdsn] ef8f -Rent_ tyf cGo zLifsaf6 ePsf]cfo n]vfIacuteg tyf afF8kmFf8 ubf cjnDag u]sf] gLlt
11 shf n]vfIacuteg gLlt M aLdsn] aLdfn]vsf] lwtf]df k|bfg u]sf] shf tyf cGo shfn]vfIacuteg ubf cjnDag u]sf] gLlt
12 Jojyfkg vr afF8kmFf8 gLlt M aLdsn] gfkmf gf]Sfg lxfa tyf cfo Joo lxfaxdfJojyfkg vr afF8kmFf8 ubf cjnDag u]sf] gLlt
13 aLdf bfjL eQmfgL vr n]vfIacuteg gLlt M aLdsn] aLdf bfjL eQmfgL vr n]vfIacuteg ubfcjnDag u]sf] gLlt
14 aLdf bfjL afkt bfloTj Jojyf n]vfIacuteg gLlt M -s_ gt[hgf ePsf] t hfgsfLdfgcfPsf] -IBNR_ aLdf bfjL afkt bfloTj Jojyf n]vfIacuteg ubf aLdsn] cjnDagu]sf] gLlt
-v_ aLdsn] aLdf bfjL bfloTj afkt Jojyf ubf cjnDag u]sf] gLlt
15 aLdf Jojfodf art afF8kmFf8 gLlt M aLdsn] gfkmf gf]Sfg lxfa tyf cfo Joolxfaxdf art afF8kmFf8 ubf cjnDag u]sf] gLlt
16 sdrfL pkbfg ljbf tyf cGo ljwf afkt Jojyf gLlt M aLdsn] sdrfL pkbfgljbf tyf cGo ljwf afkt Jojyf ubf cjnDag u]sf] n]vfIacuteg gLlt
17 z+sfkb cffdL Jojyf gLlt M aLdsn] z+sfkb cffdL Jojyf ubf cjnDag u]sf]gLlt
18 ckn]vg vr n]vfIacuteg gLlt M aLdsn] cjnDag u]sf] ckn]vg vr DaGwL gLlt
19 cGo gLltx M plNnlvt gLltx afx]s jfnft gfkmf gf]Sfg lxfa cfo Joo lxfanufotsf ljQLo ljj0fnfO apermilg ljZn]if0f ug 3fp kUg] uL cGo sg] n]vf gLltsf]hfgsfL lbg cfjZos b]lvPdf f] Joxf]f
34
cgrLndash(
ljQLo ljj0f+u DalGwt n]vf DaGwL l6Kk0fLx
n]vf DaGwL l6Kk0fLdf vnfpg kg] aFbfx M aLdsn] n]vf DaGwL l6Kk0fLdf b]xfosf aFbfxvnfpg kg]5
= Defljt bfloTjx M
c_ rQmf jf eQmfgL xg afFsL nufgL
cf_ k|Tofelt k|lta4tf -underwriting commitments_
O_ aLdfn]v cGtut eGbf afx]saf6 aLds pk bfjL k]sf] t aLdsn] bfloTj jLsfgu]sf]
O_ aLdsn] jf aLdssf] tkmaf6 lbOPsf] Uof]06L
p_ cGo bfloTj -ljj0f vnfpg]_
= aLdfIacuteLn] aLdssf] bfloTj dNofIacuteg ubf cjnDag u]sf] cfwfx
= aLdssf] DklQdf cfPsf] Lldttf tyf ljjfbx
$= shf nufgL tyf ly DklQsf] nflu ulPsf] k|lta4tf
= nufgL+u DalGwt b]xfosf vLb laqmL Demftfxsf] dNo M
c_ vLb ulPsf] DklQsf] jfldTj k|fKt gePsf]
cf_ laqmL ulPsf] DklQsf] eQmfgL k|fKt gePsf]
^= o jifeL ulPsf] nufgL tyf laqmLdividelkmtf lnPsf] nufgLsf] DaGwdf +yf ldltkldf0f sd d]t vn]sf] ljj0f
amp= a+s dfHbft lxfa DaGwdf DalGwt a+sdivideljQLo +yfsf] 6]6d]06 lxtsf] lxfaldnfg DaGwL Joxf]f
= aLdsdividekgaLds+u lng lbg afFsL lxfa DaGwdf DalGwt aLdsdividekgaLdssf]dyg lxtsf] lxfa ldnfg DaGwL Joxf]f
gf]6 Mndash bnfn (Broker) dfkmt ePsf] kgaLdfsf] xsdf fdfGot DalGwt bnfnn]kgaLdssf] tkmaf6 dyg lbg Sg]5
(= aLdsn] u]sf] nufgL k|rlnt aLdf P]g lgodfjnL tyf aLdf ldltaf6 tf]lsP adf]lhdx] gx]sf]
)= aLdssf] +rfns jf +rfns+u DalGwt JolQm jf +yf+u ePsf] sff]af
= aLdsn] cfˆgf] DklQsf] If0fdf lnPsf] C0fsf] lwtf] zt tyf cflrTo
= aLdsn] s rQmf k|df0fkq k|fKt u]sf] cf=j=tyf Totf] rQmf k|df0fkq k|fKt xg afFsLcf=j= f] DaGwL ljj0fsf fy] cl3Nnf] cf=j=xsf] s hljfgf Aofh afkt bfjLk]sf] o cf=j=df eQmfgL ePsf] sd
= lkmtf u]sf] aLdfzNssf] kldf0f sf0f
35
$=aLdsn] aLldtnfO k|bfg ug] 3f]lift tyf cGtld af]gsf] b
=l9nf] aLdfzNs eQmfgLdf lanDa zNsdivideAofhsf] b tyf aLdfn]vsf] lwtf]df k|bfg ulg]shfdf Aofhsf] b
^=ckn]vg xg afFsL vrsf] ljj0f
amp=rQmf kFhL dWo] clu|d eQmfgL k|fKt -Paid in advance_ eQmfgL k|fKt xg afFsL -Call inarrears_ hkmt ulPsf t kgM lgisfzg gulPsf z]osf] ljj0f
=lnh xf]N8 DklQdf ut jifDd o jif vr (Amortization) n]lvPsf] sdsf]ljj0f
(= jifeldf ePsf] jfnft aflxsf] sff]afsf] ljj0f
)= cl3Nnf aifx+u DalGwt cfDbfgL tyf vrxsf] 5sectf5sect ljj0f
=plNnlvt aFbfx afx]s jfnft gfkmf gf]Sfg lxfa cfo Joo lxfa nufotsfljQLo ljj0fxnfO apermilg ljZn]if0f ug 3fp kUg] cGo sg hfgsfL lbg cfjZosb]lvPdf cGo Joxf]f d]t vnfpg kg]5
36
cgrL )k|dv rsfIacutex
cf=a=qm=+= ljj0f rsfIacute
g]6 jy = z]o +Vof +Vof k|lt z]o lstfjL dNo =$ vb gfkmf = k|lt z]o cfo (EPS) =^ k|lt z]o nfef+z (DPS) =amp k|lt z]o ahf dNo (MPPS) = dNo cfDbfgL cgkft (PE Ratio) cgkft( k|yd aifsf] aLdfzNs =) sn aLdfzNs = vb aLdfzNsdividesn aLdfzNs k|ltzt vb gfkmfdividesn aLdfzNs k|ltzt sn aLdfzNsdividesn DklQ k|ltzt$ nufgL shfaf6 cfodividesn nufgL shf k|ltzt sn nufgL shfdividehLjg aLdfsf]if k|ltzt^ kgaLdf sldzg cfodividesn kgaLdfzNs k|ltztamp Jojyfkg vrdividesn aLdfzNs k|ltzt aLdf clestf DalGw vrdividesn aLdfzNs k|ltzt( aLdf clestf +Vof +Vof) sdrfL +Vof +Vof sfofnosf] +Vof +Vof sdrfL vrdivideJojyfkg vr k|ltzt sdrfL vrdividesdrfL +Vof =$ eQmfgL xg aFfsL bfjL sddivideeQmfgL ePsf] bfjL
sdk|ltzt
sn sfod x]sf] aLdfn]vsf] +Vof +Vofdf^ o jif gjLs0f ePsf] aLdfn]vsf] +Vofdivideut
jif sfod x]sf] aLdfn]vsf] +Vofk|ltzt
amp bfjL k]sf] aLdfn]vsf] +Vofdividesn sfod x]sf]aLdfn]vsf] +Vof
k|ltzt
f]Ne]GL dflhg k|ltzt( 3f]lift af]g b =
k|ltxhf) cGtld af]g b =
k|ltxhf
37
cgrL ndash
aLdfIacutesf] ljj0f
sfod x]sf]aLdfn]vsf] +Vof
sfod x]sf]aLdfn]v cGtut
hDdf aLdfIacute
d of6 ls(Sum at Risk)
kgaLdsnfOxtfGt0f ulPsf]
d of6 ls(Sum at Risk)
aLdsn] wf0fu]sf] d of6ls (Sum at
Risk)
qm=+= aLdfsf] lsld
o jif ut jif o jif ut jif o jif ut jif o jif ut jif o jif ut jif
hDdf
38
kllzi6 ndash
-lgb]zg +u DalGwt_
ljQLo ljj0fsf zLifsxsf] +lIfKt JofVof
-s_ cfo Joo lxfa tyf f] DaGwL cgrLsf zLifsxsf] +lIfKt JofVof M
1 k|ToIf aLdfzNs M aLdsn] kgaLdf jLsf u] afkt k|fKt aLdfzNs afx]s k|ydjifsf] aLdfzNs gjLs0f aLdfzNs Psn aLdfzNssf] of]ukmnaf6 lgodfgflkmtf u]sf] aLdfzNs ssectf uL o zLifsdf hgfpg kg]5
2 sn aLdfzNs M k|ToIf aLdfzNs aLdsn] kgaLdf jLsf u] afkt k|fKtaLdfzNssf] of]ukmnnfO o zLifsdf hgfpg kg]5
3 aLdfzNs -vb_ M sn aLdfzNsaf6 kgaLdf lbP afktsf] kgaLdf zNs ssectf uLafFsL sdnfO o zLifsdf hgfpg kg]5
4 kgaLdf sldzg cfo M -s_ aLdsn] kgaLdf lbP afkt k|fKt xg] kgaLdfsldzgnfO o zLifsdf hgfpg kg]5
-v_ aFbf g+=-s_ sf] cltlQm kgaLdsaf6 dgfkmf sldzg -Profit Commission_k|fKt ePdf f]nfO o zLifsdf dfj]z uL f]sf] Joxf]f n]vf DaGwLl6Kk0fLdf vnfpg kg]5
5 nufgL shf tyf cGoaf6 cfo M sfL ]Sol6Laf6 cfo d2tL lgIf]kaf6 cfoklAns sDkgLsf] z]odividel8j]Graf6 cfo ef8faf6 cfo shfaf6 cfo -aLdfn]vsf]lwtf]df shf afx]s_ cGo lgIf]kaf6 -d2tL afx]s_ cfo nufgL laqmLdf gfkmf -GognufgL laqmLdf gf]Sfg_ nufgL -vLb_ df gfkmf -Gog nufgL vLbdf gf]Sfg_ly DklQ laqmLaf6 gfkmf -Gog ly DklQ laqmLaf6 gf]Sfg_ vftf ckn]vgaf6cfo tyf cGo cfosf] of]ukmnnfO lgb]zg adf]lhd afF8kFmf8 uL cfPsf]sdnfO o zLifsdf hgfpg kg]5
6 aLdfn]vsf] lwtf]df shfaf6 cfo M aLdfn]vsf] lwtf]df shf k|bfg u] afkt k|fKt xg]Aofh lanDa zNs htf cfonfO o zLifsdf hgfpg kg]5
7 cGo k|ToIf cfoM aLldtn] tf]lsPsf] cjlwleq aLdfzNs gaemfP afkt aLdsn]eQmfgL k|fKt u]sf] hljfgfdivideAofhdivideljnDa zNs tyf aLdfn]vsf] k|ltlnkL btcfo l6s6 bt htf f]xL aLdfsf] lsld+u k|ToIf kdf DalGwt cfonfO ozLifsdf hgfpg kg]5
8 bfjL eQmfgL -vb_ M aLdsn] eQmfgL u]sf] d[To bfjL cjlw dfKtL bfjL cf+lzscjlw dfKtL bfjL dk0f dNo tyf cGo bfjLsf] of]ukmnnfO o zLifsdfhgfpg kg]5
9 clestf sldzg M k|yd jifsf] aLdfzNsdf clestf sldzg gjLs0f aLdfzNsdfclestf sldzg Psn aLdfzNsdf clestf sldzgsf] of]ukmnaf6 kgaLdssf]lxf ssectf uL afFsL sd o zLifsdf hgfpg kg]5
10 jfYo kLIf0f zNs M aLdf hf]lvdfIacutegsf] nflu jfYo kLIf0f ufP afkt aLdsn]Joxf]g k]sf] jfYo kLIf0f zNsnfO o zLifsdf hgfpg kg]5
39
11 kgaLdf sldzg vr M aLdsn] kgaLdf jLsf u] afkt eQmfgL ug kg] sldzgsdnfO o zLifsdf hgfpg kg]5
12 ]jf zNs -vb_ M aLdf ldltnfO aemfpg kg] sn ]jf zNsaf6 kgaLdssf] lxfssectf uL afFsL sdnfO o zLifsdf hgfpg kg]5
13 cGo k|ToIf vr M aLdfsf] lsld+u k|ToIf kn] DalGwt x]sf] cGo vrnfO ozLifsdf hgfpg kg]5
14 Jojyfkg vr M lgb]zg $ adf]lhd afF8kmFf8 uL cfPsf] sdnfO o zLifsdfhgfpg kg]5
15 cfos M -_ aLdssf] cfos bfloTjnfO lgb]zg adf]lhd afF8kmFf8 uL cfPsf]sdnfO o zLifsdf hgfpg kg]5 osf] ljj0f kllzi6 sf] cgrL adf]lhd xg kg]5
-_ cl3Nnf jif-x_ sf] cfos bfloTjnfO kllzi6 sf] cgrL sf] aeligcl3Nnfjifxsf] cfosAElig zLifsdf hgfpg kg]5 t Totf] cfosdf nfu]sf]b08dividehljfgfdivideljnDa zNsnfO gfkmf gf]Sfg lxfasf] aeligcl3Nnf jif+uDalGwt vrAElig zLifsdf hgfpg kg]5
16 cflys jifsf] cGTodf eQmfgL xg afFsL bfjL afkt Jojyf M cflys jifsf] cGTodfeQmfgL xg afFsL d[To bfjL cjlw dfKtL bfjL cf+lzs cjlw dfKtL bfjL dk0fdNo bfjL cGo bfjL tyf gt[hgf ePsf] t hfgsfLdf gcfPsf] bfjLsf] of]ukmndfaLdf lgodfjnL )$( sf] lgod sf] v08 -3_ adf]lhdsf] sd yk ubf xgcfpg] sdnfO o zLifsdf hgfpg kg]5
aLdssf] cgejsf] cfwfdf [hgf ePsf] t hfgsfLdf gcfPsf] bfjLsf] nflusd Aojyf ug kg]5
17 cflys jifsf] cGTodf cdfKt hf]lvd afkt Jojyf M aLdf cjlw dfKtL afktbfjL eQmfgL ug gkg] lsldsf] aLdfsf] cdfKt hf]lvd afkt lgb]zg ( adf]lhdJojyf uL cfPsf] sd o zLifsdf hgfpg kg]5
18 hLjg aLdf sf]ifdividegfkmf gf]Sfg lxfadf f]sf] artdivide-gf]Sfg_ M -_ aLdf cjlwdfKtL afkt bfjL eQmfgL ug kg] lsldsf] aLdfsf] cfo Joo lxfaaf6 art -surplus_ ePsf] cjyfdf o zLifsnfO aelighLjg aLdf sf]ifdf f]sf] artAElig sfoduL Totf] art sdnfO o zLifsdf hgfpg kg]5
-_ aLdf cjlw dfKtL afkt bfjL eQmfgL ug kg] lsldsf] aLdfsf] cfo Joolxfaaf6 gf]Sfg ePsf] cjyfdf o zLifsnfO aeliggfkmf gf]Sfg lxfadff]sf] gf]SfgAElig sfod uL Totf] gf]Sfg sdnfO o zLifsdf C0ffTdskdf hgfpg kg]5
-_ aLdf cjlw dfKtL afkt bfjL eQmfgL ug gkg] lsldsf] aLdfsf] cfo Joolxfasf] nflu o zLifsnfO aelighLjg aLdf sf]ifdf f]sf] sdAElig aeliggfkmfgf]Sfg lxfadf f]sf] artdivide-gf]Sfg_AElig uL bOj6f zLifs sfod uL aelighLjgaLdf sf]ifdf f]sf] sdAElig zLifsdf lgb]zgndash adf]lhdsf] sd hgfO afFsLsdnfO aeliggfkmf gf]Sfg lxfadf f]sf] artdivide-gf]Sfg_AElig zLifsdf hgfpgkg]5 tf]lsP adf]lhd hLjg aLdf sf]ifdf f]sf] sd hgfp+bf gf]Sfg ePdf
40
aeliggfkmf gf]Sfg lxfadf f]sf] artdivide-gf]Sfg_AElig zLifsdf Totf] gf]Sfg ePsf]sdnfO C0ffTds kdf hgfpg kg]5
-v_ gfkmf gf]Sfg lxfa tyf DalGwt cgrLsf zLifsxsf] +lIfKt JofVof M
1 cfo Joo lxfaaf6 f]sf] M aLdf cjlw dfKtL afkt bfjL eQmfgL ug gkg]lsldsf] aLdfxsf] cfo Joo lxfaaf6 aeliggfkmf gf]Sfg lxfadf f]sf] artdivide-gf]Sfg_AElig sdxsf] of]ukmnnfO o zLifsdf hgfpg kg]5
2 hLjg aLdf sf]ifaf6 f]sf] M k|rlnt sfggL Jojyf adf]lhd aLdssf] bfloTjsf]n]vfhf]vf DaGwL aLdfIacuteLsf] k|ltj]bg d]tsf] cfwfdf hLjg aLdf sf]ifaf6 gfkmfgf]Sfg lxfadf fgsf nflu ldltn] jLs[lt k|bfg u]sf] sdnfO o zLifsdfhgfpg kg]5
3 nufgL shf tyf cGoaf6 cfo M lgb]zg adf]lhd afF8kFmf8 uL cfPsf] sdnfOo zLifsdf hgfpg kg]5
4 Jojyf lkmtf M nufgLdf gf]SfgLsf] nflu ulPsf] Jojyf shfdf gf]SfgLsf] nfluulPsf] Jojyf z+sfkb cffdLsf] nflu ulPsf] Jojyf tyf cGosf] nfluulPsf] Jojyf sd cf+lzs jf k0fkn] sfod fVg kg] cjyf gx]df TotfsdxnfO o zLifsdf hgfpg kg]5
5 cGo cfDbfgL M aLdf Aojfo+u f]sf gePsf] kj +rfng cfDbfgL htfcfDbfgLxsf] of]ukmnnfO o zLifsdf hgfpg kg]5
6 Jojyfkg vr M lgb]zg $ adf]lhd afF8kmFf8 uL cfPsf] sdnfO o zLifsdfhgfpg kg]5
7 ckn]vg vr M k|flDes vrx kj +rfng vrx k flPsf vrx nufgLshf cffdL tyf cGo ckn]vg ulPsf] vrnfO o zLifsdf hgfpg kg]5 t+yfks +rfns tyf pRr Jojyfks jf lghx+u DalGwt JolQmdivide+yfDaGwL cffdL ckn]vg ug kfOg] 5g
8 cGo vrx M k|rlnt sfgg adf]lhd aLdf ldlt tyf cGo lgsfon] aLdsnfOtf]s]sf] b08 hljfgf aLdsn] pkof]u u]sf] ]jfsf] aemfpg kg] zNs dodfgaemfP afkt ltg kg] ljnDa zNs hljfgf nufotsf vrx o zLifsdfhgfpg kg]5
9 gf]SfgLsf] nflu Jojyf M nufgLdf gf]SfgLsf] nflu Jojyf shfdf gf]SfgLsf]nflu Jojyf z+sfkb cffdL Jojyf tyf cGo JojyfnfO o zLifsdf hgfpgkg]5
10 cfos M aLdssf] cfos bfloTjnfO lgb]zg adf]lhd afF8kmFf8 uL cfPsf]sdnfO o zLifsdf hgfpg kg]5
11 hLjg aLdf sf]ifdf f]sf] M aLdssf] bfloTjsf] n]vf hf]vf uL aLdfIacuteLn] lbPsf]dNofIacuteg k|ltj]bg d]tsf] cfwfdf ldltn] lbPsf] cfb]zdividelgb]zg adf]lhd hLjg
41
aLdf sf]ifdf f]sf] sdnfO o zLifsdf b]vfpg kg]5 oL hLjg aLdf sf]ifdff]sf] sd gfkmf gf]Sfg lxfadf lkmtf ug kfOg] 5g
12 cl3Nnf jif+u DalGwt vr M cl3Nnf jif-x_sf] cfosdf nfu]sf]b08dividehljfgfdivideljnDa zNs tyf cl3Nnf jifxdf n]vfIacuteg ug 56]sf vrxnufotsf cl3Nnf jif+u DalGwt vrnfO o zLifsdf hgfpg kg]5
-u_ jfnft tyf DalGwt cgrLsf zLifsxsf] +lIfKt JofVof M
1 rQmf kFhL M eQmfgL k|fKt ePsf] fwf0f z]o ckljtgLo cu|flws z]o tyfkljtgLo cu|flwsf z]o afktsf] sdsf] of]ukmnnfO o zLifsdf hgfpg kg]5
2 hu]8f tyf sf]if M aLdsn] hu]8f sfod ug] lnlnfdf gfkmfaf6 afF8kmfF8 ecfPsf jf cGo sg] k|lqmofaf6 gt[hgf ePsf tyf gfkmf gf]Sfg lxfadf afF8kmFf8guL +ro uL flvPsf] sdxnfO o zLifsdf hgfpg kg]5 oL hu]8f k|of]uubf DalGwt hu]8f tyf sf]if lxfadf vr hgfpg kg]5
-s_ kFhLut hu]8f M rQmf gePsf] z]osf] afFsL sd dfu ubf eQmfgL gu]sf]sf0fn] pQm z]onfO hkmt uL k|fKt xg cfPsf] sd kFhLut cgbfg afktk|fKt xg cfPsf] lhGL tyf gub sd tyf aLdssf] kFhL j[l4 ug] p2]Zon]gfkmfaf6 flPsf] sdnfO o zLifsdf hgfpg kg]5
-v_ z]o lk|ldod M aLdsn] cfˆgf] z]o hfL ubf z]osf] clIacutet dNo eGbf a9Lbn] hfL u]sf] x]5 eg] pQm al9 sd hlt o zLifsdf hgfpg kg]5 ozLifsdf hgfOPsf] sd nfef+z ljt0f k|of]hgsf] nflu of]Uo dflgg] 5g
-u_ k|tfljt af]gz z]o M aLdsn] k|tfj uL fwf0f efn] kflt u]sf] t hfLuL gs]sf] af]gz z]onfO o zLifsdf hgfpg kg]5
-3_ ljz]if hu]8f M aLdf ldltsf] lgb]zg adf]lhd sg cGo hu]8f sf]if v8f ugkbf Totf] sdnfO o zLifsdf hgfpg kg]5
-ordf_ cGo hu]8f M aLdsn] cGo k|of]hgsf] nflu v8f u]sf] hu]8fnfO o zLifsdfhgfpg kg]5
-r_ gfkmf gf]Sfg lxfaaf6 f]sf] M aLdssf] gfkmf gf]Sfg lxfaaf6 jfnftdff]sf] gfkmf sdnfO o zLifsdf hgfpg kg]5
3 hLjg aLdf sf]if M lgb]zg adf]lhd fVg kg] hLjg aLdfsf]ifxsf] of]ukmnnfOo zLifsdf hgfpg kg]5
4 dxfndashljkQL hu]8f M 7nf] kldf0fdf aLdf bfjL pTkGg xg Sg] dxfndashljkQL -catastrophy_ sf] cjyfdf aLdssf] ljQLo Ifdtfdf kg Sg] k|ltsn c sd ug]p2]Zon] gfkmfaf6 flPsf] sdnfO o zLifsdf hgfpg kg]5 o zLifsdfhgfOPsf] sd nfef+z ljt0f k|of]hgsf] nflu of]Uo dflgg] 5g
5 ltg afFsL bL3sflng C0f tyf fk6L M jfnftsf] ldltdf eQmfgL ug afFsLbL3sflng fk6LnfO o zLifsdf hgfpg kg]5
42
6 ly DkQL -vb_ MyfoL k|s[ltsf DkQLxsf] sn dNodf Xf ssectf uL afFsL x]sf]sdnfO o zLifsdf hgfpg kg]5
7 bL3sflng nufgL M aLdsn] lgb]zg ^ adf]lhd u]sf] bL3sflng nufgLnfO ozLifsdf hgfpg kg]5
kli6s0f M = jfnftsf] ldltaf6 Ps jif eGbf al9 cjwL kl5 eQmfgLk|fKt xg] sfL sfsf] hdfgt k|fKt ]Sol6Ld2tL lgIf]k gfuls nufgL of]hgf z]o a+s tyfljQLo +yfsf] cu|flwsf z]odividel8j]Gr tyf cGo f]xLk|s[ltsf nufgLxnfO bL3sflng nufgL Demg k5
= aLdsn] klAns sDkgLsf] z]odf nufgL u] afkt k|fKtxg] af]gz z]onfO z]o +Vofdf dfq b]vfO kn df]ndfsg kljtg ug x+bg
amp=s cNksflng nufgL M aLdsn] lgb]zg ^ adf]lhd u]sf] cNksflng nufgLnfO ozLifsdf hgfpg kg]5
kli6s0f M jfnftsf] ldltaf6 Ps jif leq eQmfgL k|fKt xg] sfL sfsf] hdfgt k|fKt ]Sol6L d2tL lgIf]k gfulsnufgL of]hgf a+s tyf ljQLo +yfsf] cu|flwsfz]odividel8j]Gr tyf cGo f]xL k|s[ltsf nufgLxnfOcNksflng nufgL Demg k5
8 aLdfn]vsf] lwtf]df shf M aLdsn] lgb]zg amp adf]lhd k|To]s lsldsf] aLdfsf]aLdfn]vsf] lwtf]df k|bfg u]sf] shfsf] of]ukmnnfO o zLifsdf hgfpg kg]5
9 gub tyf a+s dfHbft M -_ aLds+u x]sf] sn gub dfHbft sd tyf aLdssf]a+sdivideljQLo +yfsf] Aofh k|fKt gxg] vftfdf x]sf] sn sdnfO o zLifsdfhgfpg kg]5
10 cGo bL3sflng shf M lgb]zg amp adf]lhd n]vfIacuteg ulPsf] clestfnfO k|bfgulPsf] bL3sflng shf sdrfLnfO k|bfg ulPsf] bL3sflng shf tyf cGobL3sflng shfsf] of]ukmnnfO o zLifsdf hgfpg kg]5
kli6s0f M jfnftsf] ldltaf6 Ps jif eGbf al9 cjwL kl5 eQmfgLk|fKt xg] clestfnfO k|bfg ulPsf] shf sdrfLnfO k|bfgulPsf] shf tyf cGo f]xL k|s[tLsf shfxnfO bL3sflngshf Demg k5
)s= cGo cNksflng shf M lgb]zg amp adf]lhd n]vfIacuteg ulPsf] clestfnfO k|bfgulPsf] cNksflng shf sdrfLnfO k|bfg ulPsf] cNksflng shf tyf cGocNksflng shfsf] of]ukmnnfO o zLifsdf hgfpg kg]5
kli6s0f M jfnftsf] ldltaf6 Ps jif leq eQmfgL k|fKtxg] clestfnfO k|bfg ulPsf] shf sdrfLnfO k|bfgulPsf] shf tyf cGo f]xL k|s[tLsf shfxnfOcNksflng shf Demg k5
43
11 cGo DkQL M -_ o lgb]zg adf]lhd n]vfIacuteg ulPsf] aLdssf] nufgLaf6 k|fKt xgafFsL cfo aLdfn]vsf] lwtf]df shfaf6 k|fKt xg afFsL Aofh cGo shfaf6 k|fKt xgafFsL Aofh cGo aLdsaf6 k|fKt xg afFsL kgaLdsaf6 k|fKt xg aFfsL ljljwcffdL clu|d eQmfgL sdrfL k]ZsL cGo k]ZsL wf6L tyf cGosf] of]ukmnnfOo zLifsdf hgfpg kg]5
-_ cGo DkQLsf] ljj0f kllzi6 sf] cgrL $ adf]lhd xg kg]5
-_ cn xg afFsL aLdfzNs eP f]sf] of]ukmn kllzi6 sf] cgrL $ dfb]vfpg kg]5 f] cn xg afFsL aLdfzNs afasf] dNtjL -Suspense_ b]vfOvb k|efj (Net effect) zGo agfpg kg]5
12 rfn bfloTj M clestfnfO lbg afFsL cGo aLdsnfO lbg afFsL kgaLdsnfO lbgafFsL aLdfzNs wf6L k0f ljj0f gvn]sf] aLdfzNs ljljw fx xfosdividexf]lN8EumlsDkgLnfO lbg afFsL gtf]tdf ssectf ulPsf] s ltg afFsL cfos ltg afFsL]jfzNs ltg afFsL sdrfLnfO ltg afFsL +rfnsnfO ltg afFsL tyf cGo ltgafFsL sdxsf] of]ukmnnfO o zLifsdf hgfpg kg]5
13 cdfKt hf]lvd jfkt Jojyf M lgb]zg ( adf]lhdsf] cdfKt hf]lvd Jojyfsf]of]ukmnnfO o zLifsdf hgfpg kg]5
14 eQmfgL xg afFsL bfjL jfkt Jojyf M k|To]s lsldsf] aLdfsf] eQmfgL xg afFsLbfjLsf] nflu ulPsf] Jojyfsf] of]ukmnnfO o zLifsdf hgfpg kg]5
15 ckn]vg jf dfof]hg xg afFsL ljljw vrx M ckn]vg ug afFsL k|flDes vrckn]vg ug afFsL kj +rfng vr ckn]vg ug afFsL yug ulPsf vr tyfcGo ckn]vg jf dfof]hg gePsf vrxsf] of]ukmnnfO o zLifsdf hgfpgkg]5
-3_ k|dv rsfIacutexdf +nUg zLifsxsf] +lIfKt JofVof
1 g]6 jy = rQmf kFhL plusmn hu]8f tyf sf]if plusmn dxf ljkQL hu]8f ndashckn]vg jfdfof]hg xg afFsL ljljw vrx ndash gfkmf gf]Sfg lxfaaf6 f]sf] gf]Sfg
2 k|lt z]o lstfaL dNo = g]6 jydividefwf0f z]o +Vof
3 k|lt z]o cfo = vb gfkmfdividefwf0f z]o +Vof
4 dNo cfDbfgL cgkft = k|lt z]o ahf dNodividek|lt z]o cfo
5 sn DklQ = ly DklQ plusmn nufgL plusmn aLdfn]vsf] lwtf]df shf plusmn rfnDklQ shf tyf k]ZsLx
![Page 13: hLjg aLdf Joj;fo ug]{ aLdssf] ljQLo ljj/0f ;DaGwL lgb]{zg](https://reader033.vdocuments.site/reader033/viewer/2022053020/6291631db7b57c39db6663d6/html5/thumbnails/13.jpg)
13
= aLdssf] jfnftsf] 9fFrf M
====================== sf] jfnft
qm=+= ljj0f cgrL o aif ut aifgtf]t
1 rQmf kFhL ^2 hu]8f tyf sf]if amp3 hLjg aLdf sf]if 4 dxfndashljkQL hu]8f 5 ltg afFsL bL3sflng C0f tyf fk6L (
sn gtf]tpkof]u
6 ly DkQL -vb_ )7 lb3sflng nufgL 8 aLdfn]vsf] lwtf]df shf 9 cGo bL3sflng shf
10 11 12 13
Rffn DkQL shf tyf k]ZsLx Mgub tyf a+s dfHbftcNksflng nufgLcGo cNksflng shfcGo DkQL $hDdf -s_ -)plusmnplusmnplusmn_
14 15 ^16 (17
rfn bfloTj tyf JojYffx Mrfn bfloTjcdfKt hf]lvd jfkt JojyfeQmfgL xg afFsL bfjL afkt JojyfcGo Aojyf ^shDdf -v_ -$plusmnplusmn^plusmnamp_
18 vb rfn DkQL -u_ = -s_ ndash -v_19 ckn]vg jf dfof]hg xg afFsL ljljw vrx amp20 gfkmf gf]Sfg lxfaaf6 f]sf] gf]Sfg
sn pkof]u -^+amp++(++(+)_
+efljt bfloTjx tyf cgrL ( tyf ^ b]lv ( Dd osf cleGg c+u xg
+efljt bfloTjx
qm=+= ljj0f o aif ut aif1 rQmf jf eQmfgL xg afFsL nufgL2 k|Tofelt k|lta4tf3 aLdfn]v cGtut eGbf afx]saf6 aLds pk bfjL k]sf] t
aLdsn] bfloTj jLsf gu]sf]
aLdsn] bfloTj jLsf gu]sf]
4 aLdsn] jf aLdssf] tkmaf6 lbOPsf] Uof]06L5 cGo -ljj0f vnfpg]_
hDdf
aLdssf] gfd M
14
$= OSo6Ldf ePsf] kljtg DaGwL ljj0fsf] 9fFrf M
aLdssf] gfd M
cf=j==============df OSo6Ldf ePsf] kljtg DaGwL ljj0f
ljj0f z]o kFhL +lrt gfkmfdividegf]Sfg
k|tfljtaf]g z]o
kFhLuthu]8f sf]if
z]olk|ldod
ljz]if hu]8fsf]if
cGo hu]8f tyfsf]if
dxfljkQLhu]8f
sn sd
zdfHbft
dfof]hg
=============
=============
============
============
clGtddfHbft
15
= gub k|jfxsf] ljj0fsf] 9fFrf
aLdssf] gfd M
=====================b]lv========================Ddsf] gub k|jfxsf] ljj0f
qm=+= ljj0f o jif ut jifsff]af +rfngaf6 gub k|jfx MaLdf zNs cfDbfgLljnDa zNs cfDbfgLkgaLdf zNs cfDbfgLkgaLdf sldzg cfDbfgLcGo k|ToIf cfDbfgLkgaLdsaf6 k|fKt bfjL lseLkgaLdf zNs eQmfgLkgaLdf sldzg eQmfgLclestf sldzg eQmfgLjfYo kLIf0f zNs eQmfgLd[To bfjL eQmfgLcjlw dfKtL bfjL eQmfgLcf+lzs cjlw dfKtL bfjL eQmfgLdk0f dNo bfjL eQmfgLcGo bfjL eQmfgL]jf zNs eQmfgLJojyfkg vr eQmfgLsdrfL af]g eQmfgLcfos eQmfgLRffn DklQdf -j[l4_dividesdLRffn bfloTjdf j[l4divide-sdL_
s
sff]af +rfngaf6 vb gub k|jfx -s_nufgL ultljwLaf6 gub k|jfxly DklQdf -j[l4_ sdLsfL sfsf] hdfgt k|fKt ]Sol6Ldf nufgLdf -j[l4_ sdLa+s tyf ljQLo +yfsf] d2tL lgIf]kdf nufgLdf -j[l4_ sdLa+s tyf ljQLo +yfsf] cGo lgIf]k nufgLdf -j[l4_ sdLOSo6L z]o nufgLdf -j[l4_ sdLcu|flwsf z]odividel8j]Grdf nufgLdf -j[l4_ sdLcGo nufgLdf -j[l4_ sdLaLdfn]vsf] lwtf]df shfdf -j[l4_ sdLk]ZsL tyf cGo shfdf -j[l4_ sdLeQmfgL k|fKt Aofh cfDbfgL -nufgLdf_eQmfgL k|fKt l8le8]G8ef8f cfDbfgLeQmfgL k|fKt Aofh cfDbfgL -shfdf_cGo ck|ToIf cfDbfgLdividevr
v
nufgL ultljwLaf6 vb gub k|jfx -v_ljQLo gtf]t sff]afaf6 gub k|jfxz]oaf6 k|fKt sdltg afFsL fk6Ldf -j[l4_dividesdLcNksflng C0fdf -j[l4_dividesdLC0f fk6Ldf Aofh eQmfgLnfef+z eQmfgL
u
ljQLo gtf]t sff]afaf6 vb gub k|jfx -u_o jifsf] Dk0f ultljwLaf6 vb gub k|jfx = -s_plusmn-v_plusmn-u_gub tyf a+sdf x]sf] z dfHbftgub tyf a+sdf x]sf] clGtd dfHbft
16
^ ljQLo ljj0fsf] cleGg c+usf] kdf xg] cgrLx
cgrLndash
-s_ aLdfzNs -vb_
sn aLdfzNs kgaLdf zNs eQmfgL-Ceded_
aLdfzNs -vb_qm=+= aLdfsf]lsld
o jif ut jif o jif ut jif o jif ut jif
hDdf
-v_ sn aLdfzNs
k|ToIf aLdfzNs k|fKt kgaLdf zNs
-accepted_
sn aLdfzNsqm=+= aLdfsf]lsld
o jif ut jif o jif ut jif o jif ut jif
hDdf
-u_ k|ToIf aLdfzNs
k|yd aifsf]aLdfzNs
gjLs0f aLdfzNs Psn aLdfzNs hDdf k|ToIfaLdfzNs
qm=+= aLdfsf]lsld
o aif ut aif o aif ut aif o aif ut aif o aif ut aif
hDdf
17
cgrLndash
nufgL shf tyf cGoaf6 cfoqm=+= ljj0f o aif ut aif1 sfL sfsf] hdfgt k|fKt ]Sol6Laf6 cfo2 jfl0fHo a+ssf] d2tL lgIf]kaf6 cfo3 ljsf a+ssf] d2tL lgIf]kaf6 cfo4 gfuls nufgL of]hgfaf6 cfo5 ljQLo +yfsf] d2tL lgIf]kaf6 cfo6 cfjf ljQ sDkgLsf] fwf0f z]oaf6 nfef+z7 cGo klAns sDkgLsf] fwf0f z]oaf6 nfef+z8 a+s tyf ljQLo +yfsf] cu|flwsf z]oaf6 nfef+z9 a+s tyf ljQLo +yfsf] l8j]Graf6 cfo10 cGo -ljj0f vnfpg]_ af6 cfo11 shfaf6 cfo12 cGo lgIf]kaf6 -d2tL afx]s_ cfo13 nufgL laqmLdf gfkmf
Gog nufgL laqmLdf gf]Sfg14 nufgL -vLb_ df gfkmf
Gog nufgL -vLb_ df gf]Sfg15 ly DkQL laqmLaf6 gfkmf
Gog ly DkQL laqmLaf6 gf]Sfg16 vftf ckn]vg17 cl3Nnf jif+u DalGwt cfo18 cGo cfo
hDdfnufgL shf tyf cGoaf6 cfosf] afF8kmfF8
gfkmf gf]Sfg lxfadf f]sf]============ sf] cfo Joo lxfadf f]sf]============ sf] cfo Joo lxfadf f]sf]
hDdfcgrLndash
aLdfn]vsf] lwtf]df shf cfo
aLdfn]vsf] lwtf]df shf aLdfn]vsf] lwtf]df shfaf6 cfoqm=+= aLdfsf] lsld
o aif ut aif o aif ut aif
============= aLdf
============= aLdf
============= aLdf
18
cgrL ndash $bfjL eQmfgL
d[To bfjLeQmfgL
cjlw dfKtLbfjL eQmfgL
cf+lzs cjlwdfKtL bfjL
eQmfgL
dk0f dNo bfjLeQmfgL
cGo bfjLeQmfgL
sn bfjL eQmfgL sn bfjLeQmfgLdfkgaLdssf]
lxf
bfjL eQmfgL-vb_
qm=+= aLdfsf]lsld
o jif ut jif o jif ut jif o jif ut jif o jif ut jif o jif ut jif o jif ut jif o jif ut jif o jif ut jif
===
===
hDdf
19
cgrLndash
clestf sldzg
k|yd aifsf]aLdfzNsdf
clestf sldzg
gjLs0f aLdfzNsdfclestf sldzg
Psn aLdfzNsdfclestf sldzg
hDdf clestfsldzg
qm=+= aLdfsf]lsld
o jif ut jif o jif ut jif o jif ut jif o jif ut jif
hDdf
cgrLndash^
]jf zNs -vb_
sn ]jf zNs sn ]jf zNsdfkgaLdssf] lxf
]jf zNs -vb_qm=+= aLdfsf] lsld
o jif ut jif o jif ut jif o jif ut jif
========aLdf
========aLdf
hDdf
cgrLndash amp
Jojyfkg vr
qm=+= ljj0f o aif ut aif1 sdrfL vr -cgrL amp= adf]lhd_2 3 ef8f3 lahnL tyf kfgL4 ddt tyf Def
-s_ ejg-v_ jfL fwg-u_ sfofno pks0f-3_ cGo
5 +rf6 5kfO tyf dnGb7 vr xg] sfofno fdfg8 kljxg9 e|d0f vr -eQf d]t_
-s_ cfGtls-v_ jb]lzs
10 clestf tflnd11 clestf cGo12 aLdfzNs13 Iff vr14 sfggL tyf kfdz zNs15 kq klqsf tyf kts
20
16 lj1fkg tyf k|rf k|f17 Jofkf k|j4g18 cltyL Tsf19 rGbf tyf pkxf20 +rfns ldlt DaGwL vr
-s_ a7s eQf-v_ cGo
21 cGo ldltdividepkndashldlt DaGwL vr-s_ a7s eQf-v_ cGo
22 fwf0f ef DaGwL vr
23-s_ aLdfIacuteLo ]jf zNs-v_ aLdfIacuteLo vr
24 n]vf kLIf0f DaGwL vr-s_ n]vf kLIf0f zNs-v_ s n]vf kLIf0f zNs-u_ ljt[t n]vf kLIf0f k|ltj]bg zNs-3_ cGo zNs-ordf_ cfGtls n]vf kLIf0f vr-r_ cGo vr
25 Aofh26 as rfh27 zNs tyf bt28 Xf ssectL29 xnfs l6s630 cGo
afF8 kmfF8sf] nflu hDdfgfkmf gf]Sfg lxfadf f]sf]================aLdfsf] cfo Joo lxfadf f]sf]================aLdfsf] cfo Joo lxfadf f]sf]
hDdfcgrL amp=
sdrfL vr
qm=+= ljj0f o aif ut aif= tna= eQf= bz+ vr$= ~rosf]ifdf yk= tflnd vr^= kf]zfsamp= cfifwf]krf= aLdf(= k]Gg tyf pkbfg vr tyf Jojyf)= ljbf afktsf] vr tyf Jojyf= cGo ljwf afkt vr tyf Jojyf -ljj0f vnfpg]_ cGo -ljj0f vnfpg]_
hDdf M
21
cgrLndash
cfos
qm=+= ljj0f o aif ut aif
= o aifsf] cfos
= cl3Nnf aifxsf] cfos
= afF8kmfF8sf] nflu cfossf] hDdf
afF8kmfF8
gfkmf gf]Sfg lxfadf f]sf]
==============aLdfsf] cfo Joo lxfadf f]sf]
==============aLdfsf] cfo Joo lxfadf f]sf]
hDdf
22
cgrL ndash (
cflys jifsf] cGTodf eQmfgL xg afFsL bfjL afkt Jojyf
eQmfgL xgafFsL d[To bfjL
eQmfgL xgafFsL cjlwdfKtL bfjL
eQmfgL xgafFsL cf+lzscjlw dfKtL
bfjL
eQmfgL xgafFsL dk0fdNo bfjL
eQmfgL xgafFsL cGo
bfjL
[hgf ePsf]t hfgsfLdfgcfPsf] bfjL
-cgdflgt_
eQmfgL xgafFsL hDdf
bfjL
eQmfgL xgafFsL hDdf
bfjLdfkgaLdssf]
lxf
eQmfgL xgafFsL bfjL
afkt Jojyf
qm=+= aLdfsf] lsld
ojif
ut jif ojif
utjif
ojif
utjif
ojif
utjif
ojif
utjif
ojif
utjif
ojif
utjif
ojif
utjif
ojif
utjif
=
=
=
$=
hDdf M
23
cgrLndash)
cfo Joo lxfaxaf6 gfkmf gf]Sfg lxfadf f]sf] sd
qm=+= ljj0f o aif ut aif
= ==================== sf] cfo Joo lxfaaf6 f]sf]
= ==================== sf] cfo Joo lxfaaf6 f]sf]
=
$=
hDdf
cgrLndash
hLjg aLdf sf]if
dfof]hg cuf8Lsf]hLjg aLdf sf]if-jifsf] zdf_
cfo Joolxfaaf6 f]sf]
gfkmf gf]Sfglxfaaf6 f]sf]
dfof]hg cuf8Lsf]hLjg aLdfsf]if-jifsf] cGTodf_
qm=+= aLdfsf]lsld
o jif ut jif o jif ut jif o jif ut jif o jif ut jif
=
=
=
$=
hDdf M
hLjg aLdf sf]ifdf dfof]hg
dfof]hgcuf8Lsf]
hLjg aLdfsf]if
-jifsf]cGTodf_
gfkmfgf]Sfglxfadff]sf]
aLdfn]vcGtutbfloTj
af]gsf]nflu
Jojyf
f]Ne]GLdflhgsf]nflu
Jojyf
afF8kmfF8gulPsf]sd
jifsf]cGTodfhLjg
aLdf sf]if
qm=+= aLdfsf]lsld
oaif
utaif
oaif
utaif
oaif
utaif
oaif
utaif
oaif
utaif
oaif
utaif
oaif
utaif
=
=
=
hDdf M
24
cgrLndash
Jojyf lkmtfqm=+= ljj0f o aif ut aif= nufgLdf gf]SfgLsf] nflu Jojyf lkmtf= shfdf gf]SfgLsf] nflu Jojyf lkmtf= z+sfkb cffdL Jojyf lkmtf$ cGo Jojyf lkmtf
hDdf
cgrLndash
ckn]vg vrx
qm=+= ljj0f o aif ut aif1 k|flDes vrx2 kj +rfng vrx3 k flPsf vrx4 ckn]vg ulPsf] nufgL5 ckn]vg ulPsf] shf6 ckn]vg ulPsf] cffdL7 cGo ckn]vg
hDdf
cgrLndash$
cGo vrx
qm=+= ljj0f o aif ut aif
1 b08 hljfgf
2 ljnDa zNs hljfgf
3 cGo -ljj0f vnfpg]_
hDdf
cgrLndash
gf]SfgLsf] nflu Jojyfqm=+= ljj0f o aif ut aif= nufgLdf gf]SfgLsf] nflu Jojyf= shfdf gf]SfgLsf] nflu Jojyf= z+sfkb cffdL Jojyf$ cGo Jojyf
hDdf
25
cgrLndash^
-s_ z]o kFhL
qm=+= ljj0f o aif ut aifclws[t kFhLs_ ================= bsf] ======== yfg fwf0f z]ov_ ============ bsf] ====yfg ckljtgLo cu|flwsfz]o
=
u_ ========== bsf] ====== yfg kljtgLo cu|flwsfz]ohfL kFhLs_ ================= bsf] ======== yfg fwf0f z]ov_ ============ bsf] ====yfg ckljtgLo cu|flwsfz]o
=
u_ ========== bsf] ====== yfg kljtgLo cu|flwsfz]orQmf kFhLs_ ================= bsf] ======== yfg fwf0f z]oGog eQmfgL k|fKt xg afFsL ==== bsf] ===yfg fwf0fz]ov_ ============ bsf] ====yfg ckljtgLo cu|flwsfz]o
=
u_ ========== bsf] ====== yfg kljtgLo cu|flwsfz]o
hDdf-v_ z]o jfldTjsf] +rgf
o aif ut aifz]owgL
fwf0f z]o+Vof
jfldTjsf] Uuml fwf0fz]o +Vof
jfldTjsf] Uuml
g]kfnL +ul7t +yfx
g]kfnL gfuls
ljb]zL+y
fks
hDdf
jfwf0f
cGo -ljj0f vnfpg]_
sn
-u_ Ps k|ltzt jf a9L z]o jfldTj ePsf z]owgLxsf] ljj0f
o aif ut aifqm=+= ljj0f
jfldTjsf] Uuml sd jfldTjsf] Uuml sd
=
=
=
26
cgrLndashamp
hu]8f tyf sf]if
qm=+= ljj0f o aif ut aif
1 kFhLut hu]8f
2 ljz]if hu]8f
3 cGo hu]8f -ljj0f vnfpg]_
4 z]o lk|ldod
5 k|tfljt af]gz z]o
6 Gffkmf gf]Sfg lxfaaf6 f]sf] gfkmf
hDdf
cgrLndash
dxfndashljklQ hu]8fjifsf] zdf dxfndashljklQ hu]8f gfkmf gf]Sfg lxfaaf6 f]sf] jifsf] cGTodf dxfndashljklQ
hu]8fo jif ut jif o jif ut jif o jif ut jif
cgrLndash(
ltg afFsL bL3sflng C0f tyf fk6L
qm=+= ljj0f o aif ut aif
l8j]Gr divide a08
a+s
ljQLo +yf
$ cGo -ljj0f vnfpg]_
hDdf
27
cgrLndash)
ly DklQ
ljj0f kn df]n Xf ssectL vb df]n
zdfHbft
ojif
yk]sf]
ojif
36]sf]
hDdf utjifDd
ojif
laqmLdivide
dfof]hg
hDdf ojifDdsf]
UftjifDdsf]
lk|m xf]N8hldg
ejg
kmlgrtyf
lkmSr
sfofnofdfg
sDKo6tyfrgfk|ljwLpks0f
cb[ZoDklQ-ljj0fvnfpg]_
jfLfwg
lnh xf]N8DklQ
cGo-k|s[ltvnfpg]_
hDdf
lgdf0fflwgkFhLutvr
sn
ut jif
28
cgrLndash
nufgL
qm=+= ljj0f o aif ut aif-s_ bL3sflng nufgL M sfL sfsf] hdfgt k|fKt ]Sol6L jfl0fHo a+ssf] d2tL lgIf]k ljsf a+ssf] d2tL lgIf]k$ gfuls nufgL of]hgf ljQLo +yfsf] d2tL lgIf]k^ cfjf ljQ sDkgLsf] fwf0f z]o -cgrL = adf]lhd_amp cGo sDkgLsf] fwf0f z]o -cgrL = adf]lhd_ a+s tyf ljQLo +yfsf] cu|flwsf z]odividel8j]Gr( cGo -ljj0f vnfpg]_
hDdf M-v_ cNksflng nufgL M sfL sfsf] hdfgt k|fKt ]Sol6L jfl0fHo a+ssf] d2tL lgIf]k ljsf a+ssf] d2tL lgIf]k$ gfuls nufgL of]hgf ljQLo +yfsf] d2tL lgIf]k^ a+s tyf ljQLo +yfsf] cu|flwsf z]odividel8j]Gramp jfl0fHo a+ssf] Aofh k|fKt xg] cGo lgIf]k ljsf a+ssf] Aofh k|fKt xg]] cGo lgIf]k( ljQLo +yfsf] Aofh k|fKt xg] cGo lgIf]k) cGo Aofh k|fKt xg] nufgL -ljj0f vnfpg]_
hDdf McgrLndash=
z]odf nufgL
qm=+= sDkgL vb sd c+lst dNo kn dNo ahf dNo
= ======sDkgLsf]=============yfg====z]o
= ======sDkgLsf]=============yfg=====z]o
= ======sDkgLsf]=============yfg=====z]o
hDdf
gf]6 M = aLdssf] xfos sDkgLdividexf]lN8Euml sDkgL tyf +oQm nufgL ePsf] sDkgLsf] z]odf ePsf]nufgLnfO
5sectfndash5sect vnfpg kg]5
= lgodfgf lrs[t gePsf z]odf ePsf] nufgLnfO 5sect vnfpg kg]5
= +yfks z]o cGo z]odf ePsf] nufgLnfO 5sectf5sect vnfpg kg]5
29
cgrLndash
gub tyf a+s dfHbft
qm=+= ljj0f o aif ut aifgub dfHbft
hDdfa+s dfHbftjfl0fHo a+sxsf] dfHbftljsf a+sxsf] dfHbftljQLo +yfxsf] dfHbft
cGo -ljj0f vnfpg]_hDdfsn
cgrLndash
cGo shf
qm=+= ljj0f o aif ut aif-s_ bL3sflng shf= clestfnfO shf= sdrfLnfO shf= cGo -ljj0f vnfpg]_
hDdf-v_ cNksflng shf= clestfnfO shf= sdrfLnfO shf= cGo -ljj0f vnfpg]_
hDdfcgrLndash$
cGo DklQqm=+= ljj0f o aif ut aif1 nufgLaf6 k|fKt xg afFsL cfo2 aLdfn]vsf] lwtf]df shfaf6 k|fKt xg afFsL Aofh3 cGo -aLdfn]vsf] lwtf]df afx]s_ shfaf6 k|fKt xg afFsL
Aofh4 cGo aLdsaf6 k|fKt xg afFsL5 kgaLdsaf6 k|fKt xg afFsL6 ljljw cffdL7 clu|d eQmfgL8 sdrfL k]ZsL9 cGo k]ZsL10 wf6L11 cn xg afFsL aLdfzNs
Gog M cn xg afFsL aLdfzNs dNtjL -suspense_12 cGo ljj0f vnfpg]
hDdf M
30
cgrLndash
rfn bfloTj
qm=+= ljj0f o aif ut aif1 clestfnfO lbg afFsL2 cGo aLdsnfO lbg afFsL3 kgaLdsnfO lbg afFsL4 cNksflng shf5 aLdfzNs wf6L6 k0f ljj0f gvn]sf] aLdfzNs7 ljljw fx8 xfosdividexf]lN8Euml sDkgLnfO lbg afFsL9 gtf]tdf ssectf ulPsf] s ltg afFsL10 dNo clea[l4 s ltg afFsL11 cfos ltg afFsL12 ]jf zNs ltg afFsL13 sdrfLnfO lbg afFsL14 +rfnsnfO lbg afFsL15 eQmfgL lbg afFsL nfef+z -l8le8]08_16 cGo -ljj0f vnfpg]_
hDdf
cgrLndash^
cdfKt hf]lvd Jojyfqm=+= ljj0f o aif ut aif= ===========aLdfsf] cdfKt hf]lvd hu]8f= ===========aLdfsf] cdfKt hf]lvd hu]8f= ===========aLdfsf] cdfKt hf]lvd hu]8f
===========aLdfsf] cdfKt hf]lvd hu]8f
hDdf
31
cgrL ^scGo Aojyf
aifsf] zdf Aojyfrfn cf=a=df yk ulPsf]
Aojyfrfn cf=a=df ckn]vg
ulPsf] Aojyfrfn cf=a=df lkmtfulPsf] Aojyf
aifsf] cGtdf sfodx]sf] Aojyf
qm=+=
ljj0fo jif ut jif o jif ut jif o jif ut jif o jif ut jif o jif ut jif
nfef+z -l8le8]08_ sf] nflu Aojyf
nufgLdf gf]SfgLsf] nflu Aojyf
shfdf gf]SfgLsf] nflu Aojyf
$ z+sfZkb cffdLsf] nflu Aojyf
cGo gf]SfgLsf] nflu Aojyf
^ sdrfL DaGwL Aojyf-s_ k]Gg tyf pkbfg Aojyf-v_ ljbf jfkt Aojyf-u_ cfjf tyf cGo ljwf Aojyf-3_ sdrfL af]g Aojyf-ordf_ cGo
amp cGo Aojyf -ljj0f vnfpg]_
hDdf
32
cgrLndashamp
ckn]vgdividedfof]hg xg afFsL ljljw vrxqm=+= ljj0f o aif ut aif1 ckn]vg ug afFsL k|flDes vr2 ckn]vg ug afFsL kj +rfng vr3 ckn]vg ug afFsL yug ulPsf vr4 cGo -ljj0f vnfpg]_
hDdf
cgrL ndash
ljQLo ljj0f+u DalGwt k|dv n]vf gLltx
n]vf DaGwL gLltdf vnfpg kg] aFbfx M aLdsn] n]vf DaGwL gLltdf b]xfosf aFbfxvnfpg kg]5
1 ljQLo ljj0f tofLsf cfwfx M sg sg cjwf0ff -concept_ tyf n]vfdfgx sfgg tyf aLdf ldltsf lgb]zgxsf] clwgdf xL ljQLo ljj0f tof ulPsf] xf]f]sf] Joxf]f
ljQLo ljj0f tof ubf sg sfgg aLdf ldltsf] lgb]zg jf n]vfdfg kfngf gePsf]eP f]sf] sf0f lxt Joxf]f
2 ly DklQ n]vfIacuteg gLlt M ly DklQ n]vfIacuteg ubf cjnDag ulPsf] gLlt
3 Xf ssectL gLlt M aLdssf] +rfns ldltaf6 kflt uL nfu ulPsf] Xf ssectL gLlt
4 kFhLs[t gulg] DklQx DaGwL n]vfIacuteg gLlt M aLdssf] +rfns ldltn] sg lglZrtdf]nDd kg] pks0f fdfgx kFhLs[t gug] gLlt lnPsf] 5 eg] f]sf] Joxf]f
5 cfos Jojyf tyf afF8kmFf8 gLlt M cfos Jojyf DaGwdf aLdsn] cjnDag u]sf]gLlt aLdsn] gfkmf gf]Sfg lxfa tyf cfo Joo lxfadf Totf] Jojyf sdafF8kmFf8 ubf cjnDag u]sf] gLlt
6 nufgL n]vfIacuteg gLlt M nufgL n]vfIacutegsf] DaGwdf aLdsn] cjnDag u]sf] gLltxnfOb]xfosf zLifsx cGtut vnfpg kg]5
-s_ sfL artkqdivideC0fkqdf nufgL n]vfIacuteg gLlt
-v_ a+sdivideljQLo +yfsf] d2tL lgIf]kdf nufgL n]vfIacuteg gLlt
-u_ klAns lnld6]8 sDkgLsf] z]odf nufgL n]vfIacuteg gLlt
-3_ klAns lnld6]8 sDkgLn] hfL u]sf] C0fkqxdf nufgL n]vfIacuteg gLlt
7 6xL 36a9 dfof]hg gLlt M ljb]zL db|f+u DalGwt DklQ bfloTj tyf 6xL36a9 cfDbfgL tyf vrxsf] n]vfIacuteg gLlt
8 aLdfzNs cfDbfgL n]vfIacuteg gLlt M aLdsn] aLdfzNs cfDbfgL n]vfIacuteg ubf cjnDagu]sf] gLlt
33
9 kgaLdf sldzg cfDbfgL n]vfIacuteg gLlt M aLdsn] kgaLdf u] afkt k|fKt ug] sldzgsf]n]vfIacuteg ubf cjnDag u]sf] gLlt
10 cGo cfo n]vfIacuteg tyf afF8kmFf8 gLlt M aLdsn] ef8f -Rent_ tyf cGo zLifsaf6 ePsf]cfo n]vfIacuteg tyf afF8kmFf8 ubf cjnDag u]sf] gLlt
11 shf n]vfIacuteg gLlt M aLdsn] aLdfn]vsf] lwtf]df k|bfg u]sf] shf tyf cGo shfn]vfIacuteg ubf cjnDag u]sf] gLlt
12 Jojyfkg vr afF8kmFf8 gLlt M aLdsn] gfkmf gf]Sfg lxfa tyf cfo Joo lxfaxdfJojyfkg vr afF8kmFf8 ubf cjnDag u]sf] gLlt
13 aLdf bfjL eQmfgL vr n]vfIacuteg gLlt M aLdsn] aLdf bfjL eQmfgL vr n]vfIacuteg ubfcjnDag u]sf] gLlt
14 aLdf bfjL afkt bfloTj Jojyf n]vfIacuteg gLlt M -s_ gt[hgf ePsf] t hfgsfLdfgcfPsf] -IBNR_ aLdf bfjL afkt bfloTj Jojyf n]vfIacuteg ubf aLdsn] cjnDagu]sf] gLlt
-v_ aLdsn] aLdf bfjL bfloTj afkt Jojyf ubf cjnDag u]sf] gLlt
15 aLdf Jojfodf art afF8kmFf8 gLlt M aLdsn] gfkmf gf]Sfg lxfa tyf cfo Joolxfaxdf art afF8kmFf8 ubf cjnDag u]sf] gLlt
16 sdrfL pkbfg ljbf tyf cGo ljwf afkt Jojyf gLlt M aLdsn] sdrfL pkbfgljbf tyf cGo ljwf afkt Jojyf ubf cjnDag u]sf] n]vfIacuteg gLlt
17 z+sfkb cffdL Jojyf gLlt M aLdsn] z+sfkb cffdL Jojyf ubf cjnDag u]sf]gLlt
18 ckn]vg vr n]vfIacuteg gLlt M aLdsn] cjnDag u]sf] ckn]vg vr DaGwL gLlt
19 cGo gLltx M plNnlvt gLltx afx]s jfnft gfkmf gf]Sfg lxfa cfo Joo lxfanufotsf ljQLo ljj0fnfO apermilg ljZn]if0f ug 3fp kUg] uL cGo sg] n]vf gLltsf]hfgsfL lbg cfjZos b]lvPdf f] Joxf]f
34
cgrLndash(
ljQLo ljj0f+u DalGwt n]vf DaGwL l6Kk0fLx
n]vf DaGwL l6Kk0fLdf vnfpg kg] aFbfx M aLdsn] n]vf DaGwL l6Kk0fLdf b]xfosf aFbfxvnfpg kg]5
= Defljt bfloTjx M
c_ rQmf jf eQmfgL xg afFsL nufgL
cf_ k|Tofelt k|lta4tf -underwriting commitments_
O_ aLdfn]v cGtut eGbf afx]saf6 aLds pk bfjL k]sf] t aLdsn] bfloTj jLsfgu]sf]
O_ aLdsn] jf aLdssf] tkmaf6 lbOPsf] Uof]06L
p_ cGo bfloTj -ljj0f vnfpg]_
= aLdfIacuteLn] aLdssf] bfloTj dNofIacuteg ubf cjnDag u]sf] cfwfx
= aLdssf] DklQdf cfPsf] Lldttf tyf ljjfbx
$= shf nufgL tyf ly DklQsf] nflu ulPsf] k|lta4tf
= nufgL+u DalGwt b]xfosf vLb laqmL Demftfxsf] dNo M
c_ vLb ulPsf] DklQsf] jfldTj k|fKt gePsf]
cf_ laqmL ulPsf] DklQsf] eQmfgL k|fKt gePsf]
^= o jifeL ulPsf] nufgL tyf laqmLdividelkmtf lnPsf] nufgLsf] DaGwdf +yf ldltkldf0f sd d]t vn]sf] ljj0f
amp= a+s dfHbft lxfa DaGwdf DalGwt a+sdivideljQLo +yfsf] 6]6d]06 lxtsf] lxfaldnfg DaGwL Joxf]f
= aLdsdividekgaLds+u lng lbg afFsL lxfa DaGwdf DalGwt aLdsdividekgaLdssf]dyg lxtsf] lxfa ldnfg DaGwL Joxf]f
gf]6 Mndash bnfn (Broker) dfkmt ePsf] kgaLdfsf] xsdf fdfGot DalGwt bnfnn]kgaLdssf] tkmaf6 dyg lbg Sg]5
(= aLdsn] u]sf] nufgL k|rlnt aLdf P]g lgodfjnL tyf aLdf ldltaf6 tf]lsP adf]lhdx] gx]sf]
)= aLdssf] +rfns jf +rfns+u DalGwt JolQm jf +yf+u ePsf] sff]af
= aLdsn] cfˆgf] DklQsf] If0fdf lnPsf] C0fsf] lwtf] zt tyf cflrTo
= aLdsn] s rQmf k|df0fkq k|fKt u]sf] cf=j=tyf Totf] rQmf k|df0fkq k|fKt xg afFsLcf=j= f] DaGwL ljj0fsf fy] cl3Nnf] cf=j=xsf] s hljfgf Aofh afkt bfjLk]sf] o cf=j=df eQmfgL ePsf] sd
= lkmtf u]sf] aLdfzNssf] kldf0f sf0f
35
$=aLdsn] aLldtnfO k|bfg ug] 3f]lift tyf cGtld af]gsf] b
=l9nf] aLdfzNs eQmfgLdf lanDa zNsdivideAofhsf] b tyf aLdfn]vsf] lwtf]df k|bfg ulg]shfdf Aofhsf] b
^=ckn]vg xg afFsL vrsf] ljj0f
amp=rQmf kFhL dWo] clu|d eQmfgL k|fKt -Paid in advance_ eQmfgL k|fKt xg afFsL -Call inarrears_ hkmt ulPsf t kgM lgisfzg gulPsf z]osf] ljj0f
=lnh xf]N8 DklQdf ut jifDd o jif vr (Amortization) n]lvPsf] sdsf]ljj0f
(= jifeldf ePsf] jfnft aflxsf] sff]afsf] ljj0f
)= cl3Nnf aifx+u DalGwt cfDbfgL tyf vrxsf] 5sectf5sect ljj0f
=plNnlvt aFbfx afx]s jfnft gfkmf gf]Sfg lxfa cfo Joo lxfa nufotsfljQLo ljj0fxnfO apermilg ljZn]if0f ug 3fp kUg] cGo sg hfgsfL lbg cfjZosb]lvPdf cGo Joxf]f d]t vnfpg kg]5
36
cgrL )k|dv rsfIacutex
cf=a=qm=+= ljj0f rsfIacute
g]6 jy = z]o +Vof +Vof k|lt z]o lstfjL dNo =$ vb gfkmf = k|lt z]o cfo (EPS) =^ k|lt z]o nfef+z (DPS) =amp k|lt z]o ahf dNo (MPPS) = dNo cfDbfgL cgkft (PE Ratio) cgkft( k|yd aifsf] aLdfzNs =) sn aLdfzNs = vb aLdfzNsdividesn aLdfzNs k|ltzt vb gfkmfdividesn aLdfzNs k|ltzt sn aLdfzNsdividesn DklQ k|ltzt$ nufgL shfaf6 cfodividesn nufgL shf k|ltzt sn nufgL shfdividehLjg aLdfsf]if k|ltzt^ kgaLdf sldzg cfodividesn kgaLdfzNs k|ltztamp Jojyfkg vrdividesn aLdfzNs k|ltzt aLdf clestf DalGw vrdividesn aLdfzNs k|ltzt( aLdf clestf +Vof +Vof) sdrfL +Vof +Vof sfofnosf] +Vof +Vof sdrfL vrdivideJojyfkg vr k|ltzt sdrfL vrdividesdrfL +Vof =$ eQmfgL xg aFfsL bfjL sddivideeQmfgL ePsf] bfjL
sdk|ltzt
sn sfod x]sf] aLdfn]vsf] +Vof +Vofdf^ o jif gjLs0f ePsf] aLdfn]vsf] +Vofdivideut
jif sfod x]sf] aLdfn]vsf] +Vofk|ltzt
amp bfjL k]sf] aLdfn]vsf] +Vofdividesn sfod x]sf]aLdfn]vsf] +Vof
k|ltzt
f]Ne]GL dflhg k|ltzt( 3f]lift af]g b =
k|ltxhf) cGtld af]g b =
k|ltxhf
37
cgrL ndash
aLdfIacutesf] ljj0f
sfod x]sf]aLdfn]vsf] +Vof
sfod x]sf]aLdfn]v cGtut
hDdf aLdfIacute
d of6 ls(Sum at Risk)
kgaLdsnfOxtfGt0f ulPsf]
d of6 ls(Sum at Risk)
aLdsn] wf0fu]sf] d of6ls (Sum at
Risk)
qm=+= aLdfsf] lsld
o jif ut jif o jif ut jif o jif ut jif o jif ut jif o jif ut jif
hDdf
38
kllzi6 ndash
-lgb]zg +u DalGwt_
ljQLo ljj0fsf zLifsxsf] +lIfKt JofVof
-s_ cfo Joo lxfa tyf f] DaGwL cgrLsf zLifsxsf] +lIfKt JofVof M
1 k|ToIf aLdfzNs M aLdsn] kgaLdf jLsf u] afkt k|fKt aLdfzNs afx]s k|ydjifsf] aLdfzNs gjLs0f aLdfzNs Psn aLdfzNssf] of]ukmnaf6 lgodfgflkmtf u]sf] aLdfzNs ssectf uL o zLifsdf hgfpg kg]5
2 sn aLdfzNs M k|ToIf aLdfzNs aLdsn] kgaLdf jLsf u] afkt k|fKtaLdfzNssf] of]ukmnnfO o zLifsdf hgfpg kg]5
3 aLdfzNs -vb_ M sn aLdfzNsaf6 kgaLdf lbP afktsf] kgaLdf zNs ssectf uLafFsL sdnfO o zLifsdf hgfpg kg]5
4 kgaLdf sldzg cfo M -s_ aLdsn] kgaLdf lbP afkt k|fKt xg] kgaLdfsldzgnfO o zLifsdf hgfpg kg]5
-v_ aFbf g+=-s_ sf] cltlQm kgaLdsaf6 dgfkmf sldzg -Profit Commission_k|fKt ePdf f]nfO o zLifsdf dfj]z uL f]sf] Joxf]f n]vf DaGwLl6Kk0fLdf vnfpg kg]5
5 nufgL shf tyf cGoaf6 cfo M sfL ]Sol6Laf6 cfo d2tL lgIf]kaf6 cfoklAns sDkgLsf] z]odividel8j]Graf6 cfo ef8faf6 cfo shfaf6 cfo -aLdfn]vsf]lwtf]df shf afx]s_ cGo lgIf]kaf6 -d2tL afx]s_ cfo nufgL laqmLdf gfkmf -GognufgL laqmLdf gf]Sfg_ nufgL -vLb_ df gfkmf -Gog nufgL vLbdf gf]Sfg_ly DklQ laqmLaf6 gfkmf -Gog ly DklQ laqmLaf6 gf]Sfg_ vftf ckn]vgaf6cfo tyf cGo cfosf] of]ukmnnfO lgb]zg adf]lhd afF8kFmf8 uL cfPsf]sdnfO o zLifsdf hgfpg kg]5
6 aLdfn]vsf] lwtf]df shfaf6 cfo M aLdfn]vsf] lwtf]df shf k|bfg u] afkt k|fKt xg]Aofh lanDa zNs htf cfonfO o zLifsdf hgfpg kg]5
7 cGo k|ToIf cfoM aLldtn] tf]lsPsf] cjlwleq aLdfzNs gaemfP afkt aLdsn]eQmfgL k|fKt u]sf] hljfgfdivideAofhdivideljnDa zNs tyf aLdfn]vsf] k|ltlnkL btcfo l6s6 bt htf f]xL aLdfsf] lsld+u k|ToIf kdf DalGwt cfonfO ozLifsdf hgfpg kg]5
8 bfjL eQmfgL -vb_ M aLdsn] eQmfgL u]sf] d[To bfjL cjlw dfKtL bfjL cf+lzscjlw dfKtL bfjL dk0f dNo tyf cGo bfjLsf] of]ukmnnfO o zLifsdfhgfpg kg]5
9 clestf sldzg M k|yd jifsf] aLdfzNsdf clestf sldzg gjLs0f aLdfzNsdfclestf sldzg Psn aLdfzNsdf clestf sldzgsf] of]ukmnaf6 kgaLdssf]lxf ssectf uL afFsL sd o zLifsdf hgfpg kg]5
10 jfYo kLIf0f zNs M aLdf hf]lvdfIacutegsf] nflu jfYo kLIf0f ufP afkt aLdsn]Joxf]g k]sf] jfYo kLIf0f zNsnfO o zLifsdf hgfpg kg]5
39
11 kgaLdf sldzg vr M aLdsn] kgaLdf jLsf u] afkt eQmfgL ug kg] sldzgsdnfO o zLifsdf hgfpg kg]5
12 ]jf zNs -vb_ M aLdf ldltnfO aemfpg kg] sn ]jf zNsaf6 kgaLdssf] lxfssectf uL afFsL sdnfO o zLifsdf hgfpg kg]5
13 cGo k|ToIf vr M aLdfsf] lsld+u k|ToIf kn] DalGwt x]sf] cGo vrnfO ozLifsdf hgfpg kg]5
14 Jojyfkg vr M lgb]zg $ adf]lhd afF8kmFf8 uL cfPsf] sdnfO o zLifsdfhgfpg kg]5
15 cfos M -_ aLdssf] cfos bfloTjnfO lgb]zg adf]lhd afF8kmFf8 uL cfPsf]sdnfO o zLifsdf hgfpg kg]5 osf] ljj0f kllzi6 sf] cgrL adf]lhd xg kg]5
-_ cl3Nnf jif-x_ sf] cfos bfloTjnfO kllzi6 sf] cgrL sf] aeligcl3Nnfjifxsf] cfosAElig zLifsdf hgfpg kg]5 t Totf] cfosdf nfu]sf]b08dividehljfgfdivideljnDa zNsnfO gfkmf gf]Sfg lxfasf] aeligcl3Nnf jif+uDalGwt vrAElig zLifsdf hgfpg kg]5
16 cflys jifsf] cGTodf eQmfgL xg afFsL bfjL afkt Jojyf M cflys jifsf] cGTodfeQmfgL xg afFsL d[To bfjL cjlw dfKtL bfjL cf+lzs cjlw dfKtL bfjL dk0fdNo bfjL cGo bfjL tyf gt[hgf ePsf] t hfgsfLdf gcfPsf] bfjLsf] of]ukmndfaLdf lgodfjnL )$( sf] lgod sf] v08 -3_ adf]lhdsf] sd yk ubf xgcfpg] sdnfO o zLifsdf hgfpg kg]5
aLdssf] cgejsf] cfwfdf [hgf ePsf] t hfgsfLdf gcfPsf] bfjLsf] nflusd Aojyf ug kg]5
17 cflys jifsf] cGTodf cdfKt hf]lvd afkt Jojyf M aLdf cjlw dfKtL afktbfjL eQmfgL ug gkg] lsldsf] aLdfsf] cdfKt hf]lvd afkt lgb]zg ( adf]lhdJojyf uL cfPsf] sd o zLifsdf hgfpg kg]5
18 hLjg aLdf sf]ifdividegfkmf gf]Sfg lxfadf f]sf] artdivide-gf]Sfg_ M -_ aLdf cjlwdfKtL afkt bfjL eQmfgL ug kg] lsldsf] aLdfsf] cfo Joo lxfaaf6 art -surplus_ ePsf] cjyfdf o zLifsnfO aelighLjg aLdf sf]ifdf f]sf] artAElig sfoduL Totf] art sdnfO o zLifsdf hgfpg kg]5
-_ aLdf cjlw dfKtL afkt bfjL eQmfgL ug kg] lsldsf] aLdfsf] cfo Joolxfaaf6 gf]Sfg ePsf] cjyfdf o zLifsnfO aeliggfkmf gf]Sfg lxfadff]sf] gf]SfgAElig sfod uL Totf] gf]Sfg sdnfO o zLifsdf C0ffTdskdf hgfpg kg]5
-_ aLdf cjlw dfKtL afkt bfjL eQmfgL ug gkg] lsldsf] aLdfsf] cfo Joolxfasf] nflu o zLifsnfO aelighLjg aLdf sf]ifdf f]sf] sdAElig aeliggfkmfgf]Sfg lxfadf f]sf] artdivide-gf]Sfg_AElig uL bOj6f zLifs sfod uL aelighLjgaLdf sf]ifdf f]sf] sdAElig zLifsdf lgb]zgndash adf]lhdsf] sd hgfO afFsLsdnfO aeliggfkmf gf]Sfg lxfadf f]sf] artdivide-gf]Sfg_AElig zLifsdf hgfpgkg]5 tf]lsP adf]lhd hLjg aLdf sf]ifdf f]sf] sd hgfp+bf gf]Sfg ePdf
40
aeliggfkmf gf]Sfg lxfadf f]sf] artdivide-gf]Sfg_AElig zLifsdf Totf] gf]Sfg ePsf]sdnfO C0ffTds kdf hgfpg kg]5
-v_ gfkmf gf]Sfg lxfa tyf DalGwt cgrLsf zLifsxsf] +lIfKt JofVof M
1 cfo Joo lxfaaf6 f]sf] M aLdf cjlw dfKtL afkt bfjL eQmfgL ug gkg]lsldsf] aLdfxsf] cfo Joo lxfaaf6 aeliggfkmf gf]Sfg lxfadf f]sf] artdivide-gf]Sfg_AElig sdxsf] of]ukmnnfO o zLifsdf hgfpg kg]5
2 hLjg aLdf sf]ifaf6 f]sf] M k|rlnt sfggL Jojyf adf]lhd aLdssf] bfloTjsf]n]vfhf]vf DaGwL aLdfIacuteLsf] k|ltj]bg d]tsf] cfwfdf hLjg aLdf sf]ifaf6 gfkmfgf]Sfg lxfadf fgsf nflu ldltn] jLs[lt k|bfg u]sf] sdnfO o zLifsdfhgfpg kg]5
3 nufgL shf tyf cGoaf6 cfo M lgb]zg adf]lhd afF8kFmf8 uL cfPsf] sdnfOo zLifsdf hgfpg kg]5
4 Jojyf lkmtf M nufgLdf gf]SfgLsf] nflu ulPsf] Jojyf shfdf gf]SfgLsf] nfluulPsf] Jojyf z+sfkb cffdLsf] nflu ulPsf] Jojyf tyf cGosf] nfluulPsf] Jojyf sd cf+lzs jf k0fkn] sfod fVg kg] cjyf gx]df TotfsdxnfO o zLifsdf hgfpg kg]5
5 cGo cfDbfgL M aLdf Aojfo+u f]sf gePsf] kj +rfng cfDbfgL htfcfDbfgLxsf] of]ukmnnfO o zLifsdf hgfpg kg]5
6 Jojyfkg vr M lgb]zg $ adf]lhd afF8kmFf8 uL cfPsf] sdnfO o zLifsdfhgfpg kg]5
7 ckn]vg vr M k|flDes vrx kj +rfng vrx k flPsf vrx nufgLshf cffdL tyf cGo ckn]vg ulPsf] vrnfO o zLifsdf hgfpg kg]5 t+yfks +rfns tyf pRr Jojyfks jf lghx+u DalGwt JolQmdivide+yfDaGwL cffdL ckn]vg ug kfOg] 5g
8 cGo vrx M k|rlnt sfgg adf]lhd aLdf ldlt tyf cGo lgsfon] aLdsnfOtf]s]sf] b08 hljfgf aLdsn] pkof]u u]sf] ]jfsf] aemfpg kg] zNs dodfgaemfP afkt ltg kg] ljnDa zNs hljfgf nufotsf vrx o zLifsdfhgfpg kg]5
9 gf]SfgLsf] nflu Jojyf M nufgLdf gf]SfgLsf] nflu Jojyf shfdf gf]SfgLsf]nflu Jojyf z+sfkb cffdL Jojyf tyf cGo JojyfnfO o zLifsdf hgfpgkg]5
10 cfos M aLdssf] cfos bfloTjnfO lgb]zg adf]lhd afF8kmFf8 uL cfPsf]sdnfO o zLifsdf hgfpg kg]5
11 hLjg aLdf sf]ifdf f]sf] M aLdssf] bfloTjsf] n]vf hf]vf uL aLdfIacuteLn] lbPsf]dNofIacuteg k|ltj]bg d]tsf] cfwfdf ldltn] lbPsf] cfb]zdividelgb]zg adf]lhd hLjg
41
aLdf sf]ifdf f]sf] sdnfO o zLifsdf b]vfpg kg]5 oL hLjg aLdf sf]ifdff]sf] sd gfkmf gf]Sfg lxfadf lkmtf ug kfOg] 5g
12 cl3Nnf jif+u DalGwt vr M cl3Nnf jif-x_sf] cfosdf nfu]sf]b08dividehljfgfdivideljnDa zNs tyf cl3Nnf jifxdf n]vfIacuteg ug 56]sf vrxnufotsf cl3Nnf jif+u DalGwt vrnfO o zLifsdf hgfpg kg]5
-u_ jfnft tyf DalGwt cgrLsf zLifsxsf] +lIfKt JofVof M
1 rQmf kFhL M eQmfgL k|fKt ePsf] fwf0f z]o ckljtgLo cu|flws z]o tyfkljtgLo cu|flwsf z]o afktsf] sdsf] of]ukmnnfO o zLifsdf hgfpg kg]5
2 hu]8f tyf sf]if M aLdsn] hu]8f sfod ug] lnlnfdf gfkmfaf6 afF8kmfF8 ecfPsf jf cGo sg] k|lqmofaf6 gt[hgf ePsf tyf gfkmf gf]Sfg lxfadf afF8kmFf8guL +ro uL flvPsf] sdxnfO o zLifsdf hgfpg kg]5 oL hu]8f k|of]uubf DalGwt hu]8f tyf sf]if lxfadf vr hgfpg kg]5
-s_ kFhLut hu]8f M rQmf gePsf] z]osf] afFsL sd dfu ubf eQmfgL gu]sf]sf0fn] pQm z]onfO hkmt uL k|fKt xg cfPsf] sd kFhLut cgbfg afktk|fKt xg cfPsf] lhGL tyf gub sd tyf aLdssf] kFhL j[l4 ug] p2]Zon]gfkmfaf6 flPsf] sdnfO o zLifsdf hgfpg kg]5
-v_ z]o lk|ldod M aLdsn] cfˆgf] z]o hfL ubf z]osf] clIacutet dNo eGbf a9Lbn] hfL u]sf] x]5 eg] pQm al9 sd hlt o zLifsdf hgfpg kg]5 ozLifsdf hgfOPsf] sd nfef+z ljt0f k|of]hgsf] nflu of]Uo dflgg] 5g
-u_ k|tfljt af]gz z]o M aLdsn] k|tfj uL fwf0f efn] kflt u]sf] t hfLuL gs]sf] af]gz z]onfO o zLifsdf hgfpg kg]5
-3_ ljz]if hu]8f M aLdf ldltsf] lgb]zg adf]lhd sg cGo hu]8f sf]if v8f ugkbf Totf] sdnfO o zLifsdf hgfpg kg]5
-ordf_ cGo hu]8f M aLdsn] cGo k|of]hgsf] nflu v8f u]sf] hu]8fnfO o zLifsdfhgfpg kg]5
-r_ gfkmf gf]Sfg lxfaaf6 f]sf] M aLdssf] gfkmf gf]Sfg lxfaaf6 jfnftdff]sf] gfkmf sdnfO o zLifsdf hgfpg kg]5
3 hLjg aLdf sf]if M lgb]zg adf]lhd fVg kg] hLjg aLdfsf]ifxsf] of]ukmnnfOo zLifsdf hgfpg kg]5
4 dxfndashljkQL hu]8f M 7nf] kldf0fdf aLdf bfjL pTkGg xg Sg] dxfndashljkQL -catastrophy_ sf] cjyfdf aLdssf] ljQLo Ifdtfdf kg Sg] k|ltsn c sd ug]p2]Zon] gfkmfaf6 flPsf] sdnfO o zLifsdf hgfpg kg]5 o zLifsdfhgfOPsf] sd nfef+z ljt0f k|of]hgsf] nflu of]Uo dflgg] 5g
5 ltg afFsL bL3sflng C0f tyf fk6L M jfnftsf] ldltdf eQmfgL ug afFsLbL3sflng fk6LnfO o zLifsdf hgfpg kg]5
42
6 ly DkQL -vb_ MyfoL k|s[ltsf DkQLxsf] sn dNodf Xf ssectf uL afFsL x]sf]sdnfO o zLifsdf hgfpg kg]5
7 bL3sflng nufgL M aLdsn] lgb]zg ^ adf]lhd u]sf] bL3sflng nufgLnfO ozLifsdf hgfpg kg]5
kli6s0f M = jfnftsf] ldltaf6 Ps jif eGbf al9 cjwL kl5 eQmfgLk|fKt xg] sfL sfsf] hdfgt k|fKt ]Sol6Ld2tL lgIf]k gfuls nufgL of]hgf z]o a+s tyfljQLo +yfsf] cu|flwsf z]odividel8j]Gr tyf cGo f]xLk|s[ltsf nufgLxnfO bL3sflng nufgL Demg k5
= aLdsn] klAns sDkgLsf] z]odf nufgL u] afkt k|fKtxg] af]gz z]onfO z]o +Vofdf dfq b]vfO kn df]ndfsg kljtg ug x+bg
amp=s cNksflng nufgL M aLdsn] lgb]zg ^ adf]lhd u]sf] cNksflng nufgLnfO ozLifsdf hgfpg kg]5
kli6s0f M jfnftsf] ldltaf6 Ps jif leq eQmfgL k|fKt xg] sfL sfsf] hdfgt k|fKt ]Sol6L d2tL lgIf]k gfulsnufgL of]hgf a+s tyf ljQLo +yfsf] cu|flwsfz]odividel8j]Gr tyf cGo f]xL k|s[ltsf nufgLxnfOcNksflng nufgL Demg k5
8 aLdfn]vsf] lwtf]df shf M aLdsn] lgb]zg amp adf]lhd k|To]s lsldsf] aLdfsf]aLdfn]vsf] lwtf]df k|bfg u]sf] shfsf] of]ukmnnfO o zLifsdf hgfpg kg]5
9 gub tyf a+s dfHbft M -_ aLds+u x]sf] sn gub dfHbft sd tyf aLdssf]a+sdivideljQLo +yfsf] Aofh k|fKt gxg] vftfdf x]sf] sn sdnfO o zLifsdfhgfpg kg]5
10 cGo bL3sflng shf M lgb]zg amp adf]lhd n]vfIacuteg ulPsf] clestfnfO k|bfgulPsf] bL3sflng shf sdrfLnfO k|bfg ulPsf] bL3sflng shf tyf cGobL3sflng shfsf] of]ukmnnfO o zLifsdf hgfpg kg]5
kli6s0f M jfnftsf] ldltaf6 Ps jif eGbf al9 cjwL kl5 eQmfgLk|fKt xg] clestfnfO k|bfg ulPsf] shf sdrfLnfO k|bfgulPsf] shf tyf cGo f]xL k|s[tLsf shfxnfO bL3sflngshf Demg k5
)s= cGo cNksflng shf M lgb]zg amp adf]lhd n]vfIacuteg ulPsf] clestfnfO k|bfgulPsf] cNksflng shf sdrfLnfO k|bfg ulPsf] cNksflng shf tyf cGocNksflng shfsf] of]ukmnnfO o zLifsdf hgfpg kg]5
kli6s0f M jfnftsf] ldltaf6 Ps jif leq eQmfgL k|fKtxg] clestfnfO k|bfg ulPsf] shf sdrfLnfO k|bfgulPsf] shf tyf cGo f]xL k|s[tLsf shfxnfOcNksflng shf Demg k5
43
11 cGo DkQL M -_ o lgb]zg adf]lhd n]vfIacuteg ulPsf] aLdssf] nufgLaf6 k|fKt xgafFsL cfo aLdfn]vsf] lwtf]df shfaf6 k|fKt xg afFsL Aofh cGo shfaf6 k|fKt xgafFsL Aofh cGo aLdsaf6 k|fKt xg afFsL kgaLdsaf6 k|fKt xg aFfsL ljljwcffdL clu|d eQmfgL sdrfL k]ZsL cGo k]ZsL wf6L tyf cGosf] of]ukmnnfOo zLifsdf hgfpg kg]5
-_ cGo DkQLsf] ljj0f kllzi6 sf] cgrL $ adf]lhd xg kg]5
-_ cn xg afFsL aLdfzNs eP f]sf] of]ukmn kllzi6 sf] cgrL $ dfb]vfpg kg]5 f] cn xg afFsL aLdfzNs afasf] dNtjL -Suspense_ b]vfOvb k|efj (Net effect) zGo agfpg kg]5
12 rfn bfloTj M clestfnfO lbg afFsL cGo aLdsnfO lbg afFsL kgaLdsnfO lbgafFsL aLdfzNs wf6L k0f ljj0f gvn]sf] aLdfzNs ljljw fx xfosdividexf]lN8EumlsDkgLnfO lbg afFsL gtf]tdf ssectf ulPsf] s ltg afFsL cfos ltg afFsL]jfzNs ltg afFsL sdrfLnfO ltg afFsL +rfnsnfO ltg afFsL tyf cGo ltgafFsL sdxsf] of]ukmnnfO o zLifsdf hgfpg kg]5
13 cdfKt hf]lvd jfkt Jojyf M lgb]zg ( adf]lhdsf] cdfKt hf]lvd Jojyfsf]of]ukmnnfO o zLifsdf hgfpg kg]5
14 eQmfgL xg afFsL bfjL jfkt Jojyf M k|To]s lsldsf] aLdfsf] eQmfgL xg afFsLbfjLsf] nflu ulPsf] Jojyfsf] of]ukmnnfO o zLifsdf hgfpg kg]5
15 ckn]vg jf dfof]hg xg afFsL ljljw vrx M ckn]vg ug afFsL k|flDes vrckn]vg ug afFsL kj +rfng vr ckn]vg ug afFsL yug ulPsf vr tyfcGo ckn]vg jf dfof]hg gePsf vrxsf] of]ukmnnfO o zLifsdf hgfpgkg]5
-3_ k|dv rsfIacutexdf +nUg zLifsxsf] +lIfKt JofVof
1 g]6 jy = rQmf kFhL plusmn hu]8f tyf sf]if plusmn dxf ljkQL hu]8f ndashckn]vg jfdfof]hg xg afFsL ljljw vrx ndash gfkmf gf]Sfg lxfaaf6 f]sf] gf]Sfg
2 k|lt z]o lstfaL dNo = g]6 jydividefwf0f z]o +Vof
3 k|lt z]o cfo = vb gfkmfdividefwf0f z]o +Vof
4 dNo cfDbfgL cgkft = k|lt z]o ahf dNodividek|lt z]o cfo
5 sn DklQ = ly DklQ plusmn nufgL plusmn aLdfn]vsf] lwtf]df shf plusmn rfnDklQ shf tyf k]ZsLx
![Page 14: hLjg aLdf Joj;fo ug]{ aLdssf] ljQLo ljj/0f ;DaGwL lgb]{zg](https://reader033.vdocuments.site/reader033/viewer/2022053020/6291631db7b57c39db6663d6/html5/thumbnails/14.jpg)
14
$= OSo6Ldf ePsf] kljtg DaGwL ljj0fsf] 9fFrf M
aLdssf] gfd M
cf=j==============df OSo6Ldf ePsf] kljtg DaGwL ljj0f
ljj0f z]o kFhL +lrt gfkmfdividegf]Sfg
k|tfljtaf]g z]o
kFhLuthu]8f sf]if
z]olk|ldod
ljz]if hu]8fsf]if
cGo hu]8f tyfsf]if
dxfljkQLhu]8f
sn sd
zdfHbft
dfof]hg
=============
=============
============
============
clGtddfHbft
15
= gub k|jfxsf] ljj0fsf] 9fFrf
aLdssf] gfd M
=====================b]lv========================Ddsf] gub k|jfxsf] ljj0f
qm=+= ljj0f o jif ut jifsff]af +rfngaf6 gub k|jfx MaLdf zNs cfDbfgLljnDa zNs cfDbfgLkgaLdf zNs cfDbfgLkgaLdf sldzg cfDbfgLcGo k|ToIf cfDbfgLkgaLdsaf6 k|fKt bfjL lseLkgaLdf zNs eQmfgLkgaLdf sldzg eQmfgLclestf sldzg eQmfgLjfYo kLIf0f zNs eQmfgLd[To bfjL eQmfgLcjlw dfKtL bfjL eQmfgLcf+lzs cjlw dfKtL bfjL eQmfgLdk0f dNo bfjL eQmfgLcGo bfjL eQmfgL]jf zNs eQmfgLJojyfkg vr eQmfgLsdrfL af]g eQmfgLcfos eQmfgLRffn DklQdf -j[l4_dividesdLRffn bfloTjdf j[l4divide-sdL_
s
sff]af +rfngaf6 vb gub k|jfx -s_nufgL ultljwLaf6 gub k|jfxly DklQdf -j[l4_ sdLsfL sfsf] hdfgt k|fKt ]Sol6Ldf nufgLdf -j[l4_ sdLa+s tyf ljQLo +yfsf] d2tL lgIf]kdf nufgLdf -j[l4_ sdLa+s tyf ljQLo +yfsf] cGo lgIf]k nufgLdf -j[l4_ sdLOSo6L z]o nufgLdf -j[l4_ sdLcu|flwsf z]odividel8j]Grdf nufgLdf -j[l4_ sdLcGo nufgLdf -j[l4_ sdLaLdfn]vsf] lwtf]df shfdf -j[l4_ sdLk]ZsL tyf cGo shfdf -j[l4_ sdLeQmfgL k|fKt Aofh cfDbfgL -nufgLdf_eQmfgL k|fKt l8le8]G8ef8f cfDbfgLeQmfgL k|fKt Aofh cfDbfgL -shfdf_cGo ck|ToIf cfDbfgLdividevr
v
nufgL ultljwLaf6 vb gub k|jfx -v_ljQLo gtf]t sff]afaf6 gub k|jfxz]oaf6 k|fKt sdltg afFsL fk6Ldf -j[l4_dividesdLcNksflng C0fdf -j[l4_dividesdLC0f fk6Ldf Aofh eQmfgLnfef+z eQmfgL
u
ljQLo gtf]t sff]afaf6 vb gub k|jfx -u_o jifsf] Dk0f ultljwLaf6 vb gub k|jfx = -s_plusmn-v_plusmn-u_gub tyf a+sdf x]sf] z dfHbftgub tyf a+sdf x]sf] clGtd dfHbft
16
^ ljQLo ljj0fsf] cleGg c+usf] kdf xg] cgrLx
cgrLndash
-s_ aLdfzNs -vb_
sn aLdfzNs kgaLdf zNs eQmfgL-Ceded_
aLdfzNs -vb_qm=+= aLdfsf]lsld
o jif ut jif o jif ut jif o jif ut jif
hDdf
-v_ sn aLdfzNs
k|ToIf aLdfzNs k|fKt kgaLdf zNs
-accepted_
sn aLdfzNsqm=+= aLdfsf]lsld
o jif ut jif o jif ut jif o jif ut jif
hDdf
-u_ k|ToIf aLdfzNs
k|yd aifsf]aLdfzNs
gjLs0f aLdfzNs Psn aLdfzNs hDdf k|ToIfaLdfzNs
qm=+= aLdfsf]lsld
o aif ut aif o aif ut aif o aif ut aif o aif ut aif
hDdf
17
cgrLndash
nufgL shf tyf cGoaf6 cfoqm=+= ljj0f o aif ut aif1 sfL sfsf] hdfgt k|fKt ]Sol6Laf6 cfo2 jfl0fHo a+ssf] d2tL lgIf]kaf6 cfo3 ljsf a+ssf] d2tL lgIf]kaf6 cfo4 gfuls nufgL of]hgfaf6 cfo5 ljQLo +yfsf] d2tL lgIf]kaf6 cfo6 cfjf ljQ sDkgLsf] fwf0f z]oaf6 nfef+z7 cGo klAns sDkgLsf] fwf0f z]oaf6 nfef+z8 a+s tyf ljQLo +yfsf] cu|flwsf z]oaf6 nfef+z9 a+s tyf ljQLo +yfsf] l8j]Graf6 cfo10 cGo -ljj0f vnfpg]_ af6 cfo11 shfaf6 cfo12 cGo lgIf]kaf6 -d2tL afx]s_ cfo13 nufgL laqmLdf gfkmf
Gog nufgL laqmLdf gf]Sfg14 nufgL -vLb_ df gfkmf
Gog nufgL -vLb_ df gf]Sfg15 ly DkQL laqmLaf6 gfkmf
Gog ly DkQL laqmLaf6 gf]Sfg16 vftf ckn]vg17 cl3Nnf jif+u DalGwt cfo18 cGo cfo
hDdfnufgL shf tyf cGoaf6 cfosf] afF8kmfF8
gfkmf gf]Sfg lxfadf f]sf]============ sf] cfo Joo lxfadf f]sf]============ sf] cfo Joo lxfadf f]sf]
hDdfcgrLndash
aLdfn]vsf] lwtf]df shf cfo
aLdfn]vsf] lwtf]df shf aLdfn]vsf] lwtf]df shfaf6 cfoqm=+= aLdfsf] lsld
o aif ut aif o aif ut aif
============= aLdf
============= aLdf
============= aLdf
18
cgrL ndash $bfjL eQmfgL
d[To bfjLeQmfgL
cjlw dfKtLbfjL eQmfgL
cf+lzs cjlwdfKtL bfjL
eQmfgL
dk0f dNo bfjLeQmfgL
cGo bfjLeQmfgL
sn bfjL eQmfgL sn bfjLeQmfgLdfkgaLdssf]
lxf
bfjL eQmfgL-vb_
qm=+= aLdfsf]lsld
o jif ut jif o jif ut jif o jif ut jif o jif ut jif o jif ut jif o jif ut jif o jif ut jif o jif ut jif
===
===
hDdf
19
cgrLndash
clestf sldzg
k|yd aifsf]aLdfzNsdf
clestf sldzg
gjLs0f aLdfzNsdfclestf sldzg
Psn aLdfzNsdfclestf sldzg
hDdf clestfsldzg
qm=+= aLdfsf]lsld
o jif ut jif o jif ut jif o jif ut jif o jif ut jif
hDdf
cgrLndash^
]jf zNs -vb_
sn ]jf zNs sn ]jf zNsdfkgaLdssf] lxf
]jf zNs -vb_qm=+= aLdfsf] lsld
o jif ut jif o jif ut jif o jif ut jif
========aLdf
========aLdf
hDdf
cgrLndash amp
Jojyfkg vr
qm=+= ljj0f o aif ut aif1 sdrfL vr -cgrL amp= adf]lhd_2 3 ef8f3 lahnL tyf kfgL4 ddt tyf Def
-s_ ejg-v_ jfL fwg-u_ sfofno pks0f-3_ cGo
5 +rf6 5kfO tyf dnGb7 vr xg] sfofno fdfg8 kljxg9 e|d0f vr -eQf d]t_
-s_ cfGtls-v_ jb]lzs
10 clestf tflnd11 clestf cGo12 aLdfzNs13 Iff vr14 sfggL tyf kfdz zNs15 kq klqsf tyf kts
20
16 lj1fkg tyf k|rf k|f17 Jofkf k|j4g18 cltyL Tsf19 rGbf tyf pkxf20 +rfns ldlt DaGwL vr
-s_ a7s eQf-v_ cGo
21 cGo ldltdividepkndashldlt DaGwL vr-s_ a7s eQf-v_ cGo
22 fwf0f ef DaGwL vr
23-s_ aLdfIacuteLo ]jf zNs-v_ aLdfIacuteLo vr
24 n]vf kLIf0f DaGwL vr-s_ n]vf kLIf0f zNs-v_ s n]vf kLIf0f zNs-u_ ljt[t n]vf kLIf0f k|ltj]bg zNs-3_ cGo zNs-ordf_ cfGtls n]vf kLIf0f vr-r_ cGo vr
25 Aofh26 as rfh27 zNs tyf bt28 Xf ssectL29 xnfs l6s630 cGo
afF8 kmfF8sf] nflu hDdfgfkmf gf]Sfg lxfadf f]sf]================aLdfsf] cfo Joo lxfadf f]sf]================aLdfsf] cfo Joo lxfadf f]sf]
hDdfcgrL amp=
sdrfL vr
qm=+= ljj0f o aif ut aif= tna= eQf= bz+ vr$= ~rosf]ifdf yk= tflnd vr^= kf]zfsamp= cfifwf]krf= aLdf(= k]Gg tyf pkbfg vr tyf Jojyf)= ljbf afktsf] vr tyf Jojyf= cGo ljwf afkt vr tyf Jojyf -ljj0f vnfpg]_ cGo -ljj0f vnfpg]_
hDdf M
21
cgrLndash
cfos
qm=+= ljj0f o aif ut aif
= o aifsf] cfos
= cl3Nnf aifxsf] cfos
= afF8kmfF8sf] nflu cfossf] hDdf
afF8kmfF8
gfkmf gf]Sfg lxfadf f]sf]
==============aLdfsf] cfo Joo lxfadf f]sf]
==============aLdfsf] cfo Joo lxfadf f]sf]
hDdf
22
cgrL ndash (
cflys jifsf] cGTodf eQmfgL xg afFsL bfjL afkt Jojyf
eQmfgL xgafFsL d[To bfjL
eQmfgL xgafFsL cjlwdfKtL bfjL
eQmfgL xgafFsL cf+lzscjlw dfKtL
bfjL
eQmfgL xgafFsL dk0fdNo bfjL
eQmfgL xgafFsL cGo
bfjL
[hgf ePsf]t hfgsfLdfgcfPsf] bfjL
-cgdflgt_
eQmfgL xgafFsL hDdf
bfjL
eQmfgL xgafFsL hDdf
bfjLdfkgaLdssf]
lxf
eQmfgL xgafFsL bfjL
afkt Jojyf
qm=+= aLdfsf] lsld
ojif
ut jif ojif
utjif
ojif
utjif
ojif
utjif
ojif
utjif
ojif
utjif
ojif
utjif
ojif
utjif
ojif
utjif
=
=
=
$=
hDdf M
23
cgrLndash)
cfo Joo lxfaxaf6 gfkmf gf]Sfg lxfadf f]sf] sd
qm=+= ljj0f o aif ut aif
= ==================== sf] cfo Joo lxfaaf6 f]sf]
= ==================== sf] cfo Joo lxfaaf6 f]sf]
=
$=
hDdf
cgrLndash
hLjg aLdf sf]if
dfof]hg cuf8Lsf]hLjg aLdf sf]if-jifsf] zdf_
cfo Joolxfaaf6 f]sf]
gfkmf gf]Sfglxfaaf6 f]sf]
dfof]hg cuf8Lsf]hLjg aLdfsf]if-jifsf] cGTodf_
qm=+= aLdfsf]lsld
o jif ut jif o jif ut jif o jif ut jif o jif ut jif
=
=
=
$=
hDdf M
hLjg aLdf sf]ifdf dfof]hg
dfof]hgcuf8Lsf]
hLjg aLdfsf]if
-jifsf]cGTodf_
gfkmfgf]Sfglxfadff]sf]
aLdfn]vcGtutbfloTj
af]gsf]nflu
Jojyf
f]Ne]GLdflhgsf]nflu
Jojyf
afF8kmfF8gulPsf]sd
jifsf]cGTodfhLjg
aLdf sf]if
qm=+= aLdfsf]lsld
oaif
utaif
oaif
utaif
oaif
utaif
oaif
utaif
oaif
utaif
oaif
utaif
oaif
utaif
=
=
=
hDdf M
24
cgrLndash
Jojyf lkmtfqm=+= ljj0f o aif ut aif= nufgLdf gf]SfgLsf] nflu Jojyf lkmtf= shfdf gf]SfgLsf] nflu Jojyf lkmtf= z+sfkb cffdL Jojyf lkmtf$ cGo Jojyf lkmtf
hDdf
cgrLndash
ckn]vg vrx
qm=+= ljj0f o aif ut aif1 k|flDes vrx2 kj +rfng vrx3 k flPsf vrx4 ckn]vg ulPsf] nufgL5 ckn]vg ulPsf] shf6 ckn]vg ulPsf] cffdL7 cGo ckn]vg
hDdf
cgrLndash$
cGo vrx
qm=+= ljj0f o aif ut aif
1 b08 hljfgf
2 ljnDa zNs hljfgf
3 cGo -ljj0f vnfpg]_
hDdf
cgrLndash
gf]SfgLsf] nflu Jojyfqm=+= ljj0f o aif ut aif= nufgLdf gf]SfgLsf] nflu Jojyf= shfdf gf]SfgLsf] nflu Jojyf= z+sfkb cffdL Jojyf$ cGo Jojyf
hDdf
25
cgrLndash^
-s_ z]o kFhL
qm=+= ljj0f o aif ut aifclws[t kFhLs_ ================= bsf] ======== yfg fwf0f z]ov_ ============ bsf] ====yfg ckljtgLo cu|flwsfz]o
=
u_ ========== bsf] ====== yfg kljtgLo cu|flwsfz]ohfL kFhLs_ ================= bsf] ======== yfg fwf0f z]ov_ ============ bsf] ====yfg ckljtgLo cu|flwsfz]o
=
u_ ========== bsf] ====== yfg kljtgLo cu|flwsfz]orQmf kFhLs_ ================= bsf] ======== yfg fwf0f z]oGog eQmfgL k|fKt xg afFsL ==== bsf] ===yfg fwf0fz]ov_ ============ bsf] ====yfg ckljtgLo cu|flwsfz]o
=
u_ ========== bsf] ====== yfg kljtgLo cu|flwsfz]o
hDdf-v_ z]o jfldTjsf] +rgf
o aif ut aifz]owgL
fwf0f z]o+Vof
jfldTjsf] Uuml fwf0fz]o +Vof
jfldTjsf] Uuml
g]kfnL +ul7t +yfx
g]kfnL gfuls
ljb]zL+y
fks
hDdf
jfwf0f
cGo -ljj0f vnfpg]_
sn
-u_ Ps k|ltzt jf a9L z]o jfldTj ePsf z]owgLxsf] ljj0f
o aif ut aifqm=+= ljj0f
jfldTjsf] Uuml sd jfldTjsf] Uuml sd
=
=
=
26
cgrLndashamp
hu]8f tyf sf]if
qm=+= ljj0f o aif ut aif
1 kFhLut hu]8f
2 ljz]if hu]8f
3 cGo hu]8f -ljj0f vnfpg]_
4 z]o lk|ldod
5 k|tfljt af]gz z]o
6 Gffkmf gf]Sfg lxfaaf6 f]sf] gfkmf
hDdf
cgrLndash
dxfndashljklQ hu]8fjifsf] zdf dxfndashljklQ hu]8f gfkmf gf]Sfg lxfaaf6 f]sf] jifsf] cGTodf dxfndashljklQ
hu]8fo jif ut jif o jif ut jif o jif ut jif
cgrLndash(
ltg afFsL bL3sflng C0f tyf fk6L
qm=+= ljj0f o aif ut aif
l8j]Gr divide a08
a+s
ljQLo +yf
$ cGo -ljj0f vnfpg]_
hDdf
27
cgrLndash)
ly DklQ
ljj0f kn df]n Xf ssectL vb df]n
zdfHbft
ojif
yk]sf]
ojif
36]sf]
hDdf utjifDd
ojif
laqmLdivide
dfof]hg
hDdf ojifDdsf]
UftjifDdsf]
lk|m xf]N8hldg
ejg
kmlgrtyf
lkmSr
sfofnofdfg
sDKo6tyfrgfk|ljwLpks0f
cb[ZoDklQ-ljj0fvnfpg]_
jfLfwg
lnh xf]N8DklQ
cGo-k|s[ltvnfpg]_
hDdf
lgdf0fflwgkFhLutvr
sn
ut jif
28
cgrLndash
nufgL
qm=+= ljj0f o aif ut aif-s_ bL3sflng nufgL M sfL sfsf] hdfgt k|fKt ]Sol6L jfl0fHo a+ssf] d2tL lgIf]k ljsf a+ssf] d2tL lgIf]k$ gfuls nufgL of]hgf ljQLo +yfsf] d2tL lgIf]k^ cfjf ljQ sDkgLsf] fwf0f z]o -cgrL = adf]lhd_amp cGo sDkgLsf] fwf0f z]o -cgrL = adf]lhd_ a+s tyf ljQLo +yfsf] cu|flwsf z]odividel8j]Gr( cGo -ljj0f vnfpg]_
hDdf M-v_ cNksflng nufgL M sfL sfsf] hdfgt k|fKt ]Sol6L jfl0fHo a+ssf] d2tL lgIf]k ljsf a+ssf] d2tL lgIf]k$ gfuls nufgL of]hgf ljQLo +yfsf] d2tL lgIf]k^ a+s tyf ljQLo +yfsf] cu|flwsf z]odividel8j]Gramp jfl0fHo a+ssf] Aofh k|fKt xg] cGo lgIf]k ljsf a+ssf] Aofh k|fKt xg]] cGo lgIf]k( ljQLo +yfsf] Aofh k|fKt xg] cGo lgIf]k) cGo Aofh k|fKt xg] nufgL -ljj0f vnfpg]_
hDdf McgrLndash=
z]odf nufgL
qm=+= sDkgL vb sd c+lst dNo kn dNo ahf dNo
= ======sDkgLsf]=============yfg====z]o
= ======sDkgLsf]=============yfg=====z]o
= ======sDkgLsf]=============yfg=====z]o
hDdf
gf]6 M = aLdssf] xfos sDkgLdividexf]lN8Euml sDkgL tyf +oQm nufgL ePsf] sDkgLsf] z]odf ePsf]nufgLnfO
5sectfndash5sect vnfpg kg]5
= lgodfgf lrs[t gePsf z]odf ePsf] nufgLnfO 5sect vnfpg kg]5
= +yfks z]o cGo z]odf ePsf] nufgLnfO 5sectf5sect vnfpg kg]5
29
cgrLndash
gub tyf a+s dfHbft
qm=+= ljj0f o aif ut aifgub dfHbft
hDdfa+s dfHbftjfl0fHo a+sxsf] dfHbftljsf a+sxsf] dfHbftljQLo +yfxsf] dfHbft
cGo -ljj0f vnfpg]_hDdfsn
cgrLndash
cGo shf
qm=+= ljj0f o aif ut aif-s_ bL3sflng shf= clestfnfO shf= sdrfLnfO shf= cGo -ljj0f vnfpg]_
hDdf-v_ cNksflng shf= clestfnfO shf= sdrfLnfO shf= cGo -ljj0f vnfpg]_
hDdfcgrLndash$
cGo DklQqm=+= ljj0f o aif ut aif1 nufgLaf6 k|fKt xg afFsL cfo2 aLdfn]vsf] lwtf]df shfaf6 k|fKt xg afFsL Aofh3 cGo -aLdfn]vsf] lwtf]df afx]s_ shfaf6 k|fKt xg afFsL
Aofh4 cGo aLdsaf6 k|fKt xg afFsL5 kgaLdsaf6 k|fKt xg afFsL6 ljljw cffdL7 clu|d eQmfgL8 sdrfL k]ZsL9 cGo k]ZsL10 wf6L11 cn xg afFsL aLdfzNs
Gog M cn xg afFsL aLdfzNs dNtjL -suspense_12 cGo ljj0f vnfpg]
hDdf M
30
cgrLndash
rfn bfloTj
qm=+= ljj0f o aif ut aif1 clestfnfO lbg afFsL2 cGo aLdsnfO lbg afFsL3 kgaLdsnfO lbg afFsL4 cNksflng shf5 aLdfzNs wf6L6 k0f ljj0f gvn]sf] aLdfzNs7 ljljw fx8 xfosdividexf]lN8Euml sDkgLnfO lbg afFsL9 gtf]tdf ssectf ulPsf] s ltg afFsL10 dNo clea[l4 s ltg afFsL11 cfos ltg afFsL12 ]jf zNs ltg afFsL13 sdrfLnfO lbg afFsL14 +rfnsnfO lbg afFsL15 eQmfgL lbg afFsL nfef+z -l8le8]08_16 cGo -ljj0f vnfpg]_
hDdf
cgrLndash^
cdfKt hf]lvd Jojyfqm=+= ljj0f o aif ut aif= ===========aLdfsf] cdfKt hf]lvd hu]8f= ===========aLdfsf] cdfKt hf]lvd hu]8f= ===========aLdfsf] cdfKt hf]lvd hu]8f
===========aLdfsf] cdfKt hf]lvd hu]8f
hDdf
31
cgrL ^scGo Aojyf
aifsf] zdf Aojyfrfn cf=a=df yk ulPsf]
Aojyfrfn cf=a=df ckn]vg
ulPsf] Aojyfrfn cf=a=df lkmtfulPsf] Aojyf
aifsf] cGtdf sfodx]sf] Aojyf
qm=+=
ljj0fo jif ut jif o jif ut jif o jif ut jif o jif ut jif o jif ut jif
nfef+z -l8le8]08_ sf] nflu Aojyf
nufgLdf gf]SfgLsf] nflu Aojyf
shfdf gf]SfgLsf] nflu Aojyf
$ z+sfZkb cffdLsf] nflu Aojyf
cGo gf]SfgLsf] nflu Aojyf
^ sdrfL DaGwL Aojyf-s_ k]Gg tyf pkbfg Aojyf-v_ ljbf jfkt Aojyf-u_ cfjf tyf cGo ljwf Aojyf-3_ sdrfL af]g Aojyf-ordf_ cGo
amp cGo Aojyf -ljj0f vnfpg]_
hDdf
32
cgrLndashamp
ckn]vgdividedfof]hg xg afFsL ljljw vrxqm=+= ljj0f o aif ut aif1 ckn]vg ug afFsL k|flDes vr2 ckn]vg ug afFsL kj +rfng vr3 ckn]vg ug afFsL yug ulPsf vr4 cGo -ljj0f vnfpg]_
hDdf
cgrL ndash
ljQLo ljj0f+u DalGwt k|dv n]vf gLltx
n]vf DaGwL gLltdf vnfpg kg] aFbfx M aLdsn] n]vf DaGwL gLltdf b]xfosf aFbfxvnfpg kg]5
1 ljQLo ljj0f tofLsf cfwfx M sg sg cjwf0ff -concept_ tyf n]vfdfgx sfgg tyf aLdf ldltsf lgb]zgxsf] clwgdf xL ljQLo ljj0f tof ulPsf] xf]f]sf] Joxf]f
ljQLo ljj0f tof ubf sg sfgg aLdf ldltsf] lgb]zg jf n]vfdfg kfngf gePsf]eP f]sf] sf0f lxt Joxf]f
2 ly DklQ n]vfIacuteg gLlt M ly DklQ n]vfIacuteg ubf cjnDag ulPsf] gLlt
3 Xf ssectL gLlt M aLdssf] +rfns ldltaf6 kflt uL nfu ulPsf] Xf ssectL gLlt
4 kFhLs[t gulg] DklQx DaGwL n]vfIacuteg gLlt M aLdssf] +rfns ldltn] sg lglZrtdf]nDd kg] pks0f fdfgx kFhLs[t gug] gLlt lnPsf] 5 eg] f]sf] Joxf]f
5 cfos Jojyf tyf afF8kmFf8 gLlt M cfos Jojyf DaGwdf aLdsn] cjnDag u]sf]gLlt aLdsn] gfkmf gf]Sfg lxfa tyf cfo Joo lxfadf Totf] Jojyf sdafF8kmFf8 ubf cjnDag u]sf] gLlt
6 nufgL n]vfIacuteg gLlt M nufgL n]vfIacutegsf] DaGwdf aLdsn] cjnDag u]sf] gLltxnfOb]xfosf zLifsx cGtut vnfpg kg]5
-s_ sfL artkqdivideC0fkqdf nufgL n]vfIacuteg gLlt
-v_ a+sdivideljQLo +yfsf] d2tL lgIf]kdf nufgL n]vfIacuteg gLlt
-u_ klAns lnld6]8 sDkgLsf] z]odf nufgL n]vfIacuteg gLlt
-3_ klAns lnld6]8 sDkgLn] hfL u]sf] C0fkqxdf nufgL n]vfIacuteg gLlt
7 6xL 36a9 dfof]hg gLlt M ljb]zL db|f+u DalGwt DklQ bfloTj tyf 6xL36a9 cfDbfgL tyf vrxsf] n]vfIacuteg gLlt
8 aLdfzNs cfDbfgL n]vfIacuteg gLlt M aLdsn] aLdfzNs cfDbfgL n]vfIacuteg ubf cjnDagu]sf] gLlt
33
9 kgaLdf sldzg cfDbfgL n]vfIacuteg gLlt M aLdsn] kgaLdf u] afkt k|fKt ug] sldzgsf]n]vfIacuteg ubf cjnDag u]sf] gLlt
10 cGo cfo n]vfIacuteg tyf afF8kmFf8 gLlt M aLdsn] ef8f -Rent_ tyf cGo zLifsaf6 ePsf]cfo n]vfIacuteg tyf afF8kmFf8 ubf cjnDag u]sf] gLlt
11 shf n]vfIacuteg gLlt M aLdsn] aLdfn]vsf] lwtf]df k|bfg u]sf] shf tyf cGo shfn]vfIacuteg ubf cjnDag u]sf] gLlt
12 Jojyfkg vr afF8kmFf8 gLlt M aLdsn] gfkmf gf]Sfg lxfa tyf cfo Joo lxfaxdfJojyfkg vr afF8kmFf8 ubf cjnDag u]sf] gLlt
13 aLdf bfjL eQmfgL vr n]vfIacuteg gLlt M aLdsn] aLdf bfjL eQmfgL vr n]vfIacuteg ubfcjnDag u]sf] gLlt
14 aLdf bfjL afkt bfloTj Jojyf n]vfIacuteg gLlt M -s_ gt[hgf ePsf] t hfgsfLdfgcfPsf] -IBNR_ aLdf bfjL afkt bfloTj Jojyf n]vfIacuteg ubf aLdsn] cjnDagu]sf] gLlt
-v_ aLdsn] aLdf bfjL bfloTj afkt Jojyf ubf cjnDag u]sf] gLlt
15 aLdf Jojfodf art afF8kmFf8 gLlt M aLdsn] gfkmf gf]Sfg lxfa tyf cfo Joolxfaxdf art afF8kmFf8 ubf cjnDag u]sf] gLlt
16 sdrfL pkbfg ljbf tyf cGo ljwf afkt Jojyf gLlt M aLdsn] sdrfL pkbfgljbf tyf cGo ljwf afkt Jojyf ubf cjnDag u]sf] n]vfIacuteg gLlt
17 z+sfkb cffdL Jojyf gLlt M aLdsn] z+sfkb cffdL Jojyf ubf cjnDag u]sf]gLlt
18 ckn]vg vr n]vfIacuteg gLlt M aLdsn] cjnDag u]sf] ckn]vg vr DaGwL gLlt
19 cGo gLltx M plNnlvt gLltx afx]s jfnft gfkmf gf]Sfg lxfa cfo Joo lxfanufotsf ljQLo ljj0fnfO apermilg ljZn]if0f ug 3fp kUg] uL cGo sg] n]vf gLltsf]hfgsfL lbg cfjZos b]lvPdf f] Joxf]f
34
cgrLndash(
ljQLo ljj0f+u DalGwt n]vf DaGwL l6Kk0fLx
n]vf DaGwL l6Kk0fLdf vnfpg kg] aFbfx M aLdsn] n]vf DaGwL l6Kk0fLdf b]xfosf aFbfxvnfpg kg]5
= Defljt bfloTjx M
c_ rQmf jf eQmfgL xg afFsL nufgL
cf_ k|Tofelt k|lta4tf -underwriting commitments_
O_ aLdfn]v cGtut eGbf afx]saf6 aLds pk bfjL k]sf] t aLdsn] bfloTj jLsfgu]sf]
O_ aLdsn] jf aLdssf] tkmaf6 lbOPsf] Uof]06L
p_ cGo bfloTj -ljj0f vnfpg]_
= aLdfIacuteLn] aLdssf] bfloTj dNofIacuteg ubf cjnDag u]sf] cfwfx
= aLdssf] DklQdf cfPsf] Lldttf tyf ljjfbx
$= shf nufgL tyf ly DklQsf] nflu ulPsf] k|lta4tf
= nufgL+u DalGwt b]xfosf vLb laqmL Demftfxsf] dNo M
c_ vLb ulPsf] DklQsf] jfldTj k|fKt gePsf]
cf_ laqmL ulPsf] DklQsf] eQmfgL k|fKt gePsf]
^= o jifeL ulPsf] nufgL tyf laqmLdividelkmtf lnPsf] nufgLsf] DaGwdf +yf ldltkldf0f sd d]t vn]sf] ljj0f
amp= a+s dfHbft lxfa DaGwdf DalGwt a+sdivideljQLo +yfsf] 6]6d]06 lxtsf] lxfaldnfg DaGwL Joxf]f
= aLdsdividekgaLds+u lng lbg afFsL lxfa DaGwdf DalGwt aLdsdividekgaLdssf]dyg lxtsf] lxfa ldnfg DaGwL Joxf]f
gf]6 Mndash bnfn (Broker) dfkmt ePsf] kgaLdfsf] xsdf fdfGot DalGwt bnfnn]kgaLdssf] tkmaf6 dyg lbg Sg]5
(= aLdsn] u]sf] nufgL k|rlnt aLdf P]g lgodfjnL tyf aLdf ldltaf6 tf]lsP adf]lhdx] gx]sf]
)= aLdssf] +rfns jf +rfns+u DalGwt JolQm jf +yf+u ePsf] sff]af
= aLdsn] cfˆgf] DklQsf] If0fdf lnPsf] C0fsf] lwtf] zt tyf cflrTo
= aLdsn] s rQmf k|df0fkq k|fKt u]sf] cf=j=tyf Totf] rQmf k|df0fkq k|fKt xg afFsLcf=j= f] DaGwL ljj0fsf fy] cl3Nnf] cf=j=xsf] s hljfgf Aofh afkt bfjLk]sf] o cf=j=df eQmfgL ePsf] sd
= lkmtf u]sf] aLdfzNssf] kldf0f sf0f
35
$=aLdsn] aLldtnfO k|bfg ug] 3f]lift tyf cGtld af]gsf] b
=l9nf] aLdfzNs eQmfgLdf lanDa zNsdivideAofhsf] b tyf aLdfn]vsf] lwtf]df k|bfg ulg]shfdf Aofhsf] b
^=ckn]vg xg afFsL vrsf] ljj0f
amp=rQmf kFhL dWo] clu|d eQmfgL k|fKt -Paid in advance_ eQmfgL k|fKt xg afFsL -Call inarrears_ hkmt ulPsf t kgM lgisfzg gulPsf z]osf] ljj0f
=lnh xf]N8 DklQdf ut jifDd o jif vr (Amortization) n]lvPsf] sdsf]ljj0f
(= jifeldf ePsf] jfnft aflxsf] sff]afsf] ljj0f
)= cl3Nnf aifx+u DalGwt cfDbfgL tyf vrxsf] 5sectf5sect ljj0f
=plNnlvt aFbfx afx]s jfnft gfkmf gf]Sfg lxfa cfo Joo lxfa nufotsfljQLo ljj0fxnfO apermilg ljZn]if0f ug 3fp kUg] cGo sg hfgsfL lbg cfjZosb]lvPdf cGo Joxf]f d]t vnfpg kg]5
36
cgrL )k|dv rsfIacutex
cf=a=qm=+= ljj0f rsfIacute
g]6 jy = z]o +Vof +Vof k|lt z]o lstfjL dNo =$ vb gfkmf = k|lt z]o cfo (EPS) =^ k|lt z]o nfef+z (DPS) =amp k|lt z]o ahf dNo (MPPS) = dNo cfDbfgL cgkft (PE Ratio) cgkft( k|yd aifsf] aLdfzNs =) sn aLdfzNs = vb aLdfzNsdividesn aLdfzNs k|ltzt vb gfkmfdividesn aLdfzNs k|ltzt sn aLdfzNsdividesn DklQ k|ltzt$ nufgL shfaf6 cfodividesn nufgL shf k|ltzt sn nufgL shfdividehLjg aLdfsf]if k|ltzt^ kgaLdf sldzg cfodividesn kgaLdfzNs k|ltztamp Jojyfkg vrdividesn aLdfzNs k|ltzt aLdf clestf DalGw vrdividesn aLdfzNs k|ltzt( aLdf clestf +Vof +Vof) sdrfL +Vof +Vof sfofnosf] +Vof +Vof sdrfL vrdivideJojyfkg vr k|ltzt sdrfL vrdividesdrfL +Vof =$ eQmfgL xg aFfsL bfjL sddivideeQmfgL ePsf] bfjL
sdk|ltzt
sn sfod x]sf] aLdfn]vsf] +Vof +Vofdf^ o jif gjLs0f ePsf] aLdfn]vsf] +Vofdivideut
jif sfod x]sf] aLdfn]vsf] +Vofk|ltzt
amp bfjL k]sf] aLdfn]vsf] +Vofdividesn sfod x]sf]aLdfn]vsf] +Vof
k|ltzt
f]Ne]GL dflhg k|ltzt( 3f]lift af]g b =
k|ltxhf) cGtld af]g b =
k|ltxhf
37
cgrL ndash
aLdfIacutesf] ljj0f
sfod x]sf]aLdfn]vsf] +Vof
sfod x]sf]aLdfn]v cGtut
hDdf aLdfIacute
d of6 ls(Sum at Risk)
kgaLdsnfOxtfGt0f ulPsf]
d of6 ls(Sum at Risk)
aLdsn] wf0fu]sf] d of6ls (Sum at
Risk)
qm=+= aLdfsf] lsld
o jif ut jif o jif ut jif o jif ut jif o jif ut jif o jif ut jif
hDdf
38
kllzi6 ndash
-lgb]zg +u DalGwt_
ljQLo ljj0fsf zLifsxsf] +lIfKt JofVof
-s_ cfo Joo lxfa tyf f] DaGwL cgrLsf zLifsxsf] +lIfKt JofVof M
1 k|ToIf aLdfzNs M aLdsn] kgaLdf jLsf u] afkt k|fKt aLdfzNs afx]s k|ydjifsf] aLdfzNs gjLs0f aLdfzNs Psn aLdfzNssf] of]ukmnaf6 lgodfgflkmtf u]sf] aLdfzNs ssectf uL o zLifsdf hgfpg kg]5
2 sn aLdfzNs M k|ToIf aLdfzNs aLdsn] kgaLdf jLsf u] afkt k|fKtaLdfzNssf] of]ukmnnfO o zLifsdf hgfpg kg]5
3 aLdfzNs -vb_ M sn aLdfzNsaf6 kgaLdf lbP afktsf] kgaLdf zNs ssectf uLafFsL sdnfO o zLifsdf hgfpg kg]5
4 kgaLdf sldzg cfo M -s_ aLdsn] kgaLdf lbP afkt k|fKt xg] kgaLdfsldzgnfO o zLifsdf hgfpg kg]5
-v_ aFbf g+=-s_ sf] cltlQm kgaLdsaf6 dgfkmf sldzg -Profit Commission_k|fKt ePdf f]nfO o zLifsdf dfj]z uL f]sf] Joxf]f n]vf DaGwLl6Kk0fLdf vnfpg kg]5
5 nufgL shf tyf cGoaf6 cfo M sfL ]Sol6Laf6 cfo d2tL lgIf]kaf6 cfoklAns sDkgLsf] z]odividel8j]Graf6 cfo ef8faf6 cfo shfaf6 cfo -aLdfn]vsf]lwtf]df shf afx]s_ cGo lgIf]kaf6 -d2tL afx]s_ cfo nufgL laqmLdf gfkmf -GognufgL laqmLdf gf]Sfg_ nufgL -vLb_ df gfkmf -Gog nufgL vLbdf gf]Sfg_ly DklQ laqmLaf6 gfkmf -Gog ly DklQ laqmLaf6 gf]Sfg_ vftf ckn]vgaf6cfo tyf cGo cfosf] of]ukmnnfO lgb]zg adf]lhd afF8kFmf8 uL cfPsf]sdnfO o zLifsdf hgfpg kg]5
6 aLdfn]vsf] lwtf]df shfaf6 cfo M aLdfn]vsf] lwtf]df shf k|bfg u] afkt k|fKt xg]Aofh lanDa zNs htf cfonfO o zLifsdf hgfpg kg]5
7 cGo k|ToIf cfoM aLldtn] tf]lsPsf] cjlwleq aLdfzNs gaemfP afkt aLdsn]eQmfgL k|fKt u]sf] hljfgfdivideAofhdivideljnDa zNs tyf aLdfn]vsf] k|ltlnkL btcfo l6s6 bt htf f]xL aLdfsf] lsld+u k|ToIf kdf DalGwt cfonfO ozLifsdf hgfpg kg]5
8 bfjL eQmfgL -vb_ M aLdsn] eQmfgL u]sf] d[To bfjL cjlw dfKtL bfjL cf+lzscjlw dfKtL bfjL dk0f dNo tyf cGo bfjLsf] of]ukmnnfO o zLifsdfhgfpg kg]5
9 clestf sldzg M k|yd jifsf] aLdfzNsdf clestf sldzg gjLs0f aLdfzNsdfclestf sldzg Psn aLdfzNsdf clestf sldzgsf] of]ukmnaf6 kgaLdssf]lxf ssectf uL afFsL sd o zLifsdf hgfpg kg]5
10 jfYo kLIf0f zNs M aLdf hf]lvdfIacutegsf] nflu jfYo kLIf0f ufP afkt aLdsn]Joxf]g k]sf] jfYo kLIf0f zNsnfO o zLifsdf hgfpg kg]5
39
11 kgaLdf sldzg vr M aLdsn] kgaLdf jLsf u] afkt eQmfgL ug kg] sldzgsdnfO o zLifsdf hgfpg kg]5
12 ]jf zNs -vb_ M aLdf ldltnfO aemfpg kg] sn ]jf zNsaf6 kgaLdssf] lxfssectf uL afFsL sdnfO o zLifsdf hgfpg kg]5
13 cGo k|ToIf vr M aLdfsf] lsld+u k|ToIf kn] DalGwt x]sf] cGo vrnfO ozLifsdf hgfpg kg]5
14 Jojyfkg vr M lgb]zg $ adf]lhd afF8kmFf8 uL cfPsf] sdnfO o zLifsdfhgfpg kg]5
15 cfos M -_ aLdssf] cfos bfloTjnfO lgb]zg adf]lhd afF8kmFf8 uL cfPsf]sdnfO o zLifsdf hgfpg kg]5 osf] ljj0f kllzi6 sf] cgrL adf]lhd xg kg]5
-_ cl3Nnf jif-x_ sf] cfos bfloTjnfO kllzi6 sf] cgrL sf] aeligcl3Nnfjifxsf] cfosAElig zLifsdf hgfpg kg]5 t Totf] cfosdf nfu]sf]b08dividehljfgfdivideljnDa zNsnfO gfkmf gf]Sfg lxfasf] aeligcl3Nnf jif+uDalGwt vrAElig zLifsdf hgfpg kg]5
16 cflys jifsf] cGTodf eQmfgL xg afFsL bfjL afkt Jojyf M cflys jifsf] cGTodfeQmfgL xg afFsL d[To bfjL cjlw dfKtL bfjL cf+lzs cjlw dfKtL bfjL dk0fdNo bfjL cGo bfjL tyf gt[hgf ePsf] t hfgsfLdf gcfPsf] bfjLsf] of]ukmndfaLdf lgodfjnL )$( sf] lgod sf] v08 -3_ adf]lhdsf] sd yk ubf xgcfpg] sdnfO o zLifsdf hgfpg kg]5
aLdssf] cgejsf] cfwfdf [hgf ePsf] t hfgsfLdf gcfPsf] bfjLsf] nflusd Aojyf ug kg]5
17 cflys jifsf] cGTodf cdfKt hf]lvd afkt Jojyf M aLdf cjlw dfKtL afktbfjL eQmfgL ug gkg] lsldsf] aLdfsf] cdfKt hf]lvd afkt lgb]zg ( adf]lhdJojyf uL cfPsf] sd o zLifsdf hgfpg kg]5
18 hLjg aLdf sf]ifdividegfkmf gf]Sfg lxfadf f]sf] artdivide-gf]Sfg_ M -_ aLdf cjlwdfKtL afkt bfjL eQmfgL ug kg] lsldsf] aLdfsf] cfo Joo lxfaaf6 art -surplus_ ePsf] cjyfdf o zLifsnfO aelighLjg aLdf sf]ifdf f]sf] artAElig sfoduL Totf] art sdnfO o zLifsdf hgfpg kg]5
-_ aLdf cjlw dfKtL afkt bfjL eQmfgL ug kg] lsldsf] aLdfsf] cfo Joolxfaaf6 gf]Sfg ePsf] cjyfdf o zLifsnfO aeliggfkmf gf]Sfg lxfadff]sf] gf]SfgAElig sfod uL Totf] gf]Sfg sdnfO o zLifsdf C0ffTdskdf hgfpg kg]5
-_ aLdf cjlw dfKtL afkt bfjL eQmfgL ug gkg] lsldsf] aLdfsf] cfo Joolxfasf] nflu o zLifsnfO aelighLjg aLdf sf]ifdf f]sf] sdAElig aeliggfkmfgf]Sfg lxfadf f]sf] artdivide-gf]Sfg_AElig uL bOj6f zLifs sfod uL aelighLjgaLdf sf]ifdf f]sf] sdAElig zLifsdf lgb]zgndash adf]lhdsf] sd hgfO afFsLsdnfO aeliggfkmf gf]Sfg lxfadf f]sf] artdivide-gf]Sfg_AElig zLifsdf hgfpgkg]5 tf]lsP adf]lhd hLjg aLdf sf]ifdf f]sf] sd hgfp+bf gf]Sfg ePdf
40
aeliggfkmf gf]Sfg lxfadf f]sf] artdivide-gf]Sfg_AElig zLifsdf Totf] gf]Sfg ePsf]sdnfO C0ffTds kdf hgfpg kg]5
-v_ gfkmf gf]Sfg lxfa tyf DalGwt cgrLsf zLifsxsf] +lIfKt JofVof M
1 cfo Joo lxfaaf6 f]sf] M aLdf cjlw dfKtL afkt bfjL eQmfgL ug gkg]lsldsf] aLdfxsf] cfo Joo lxfaaf6 aeliggfkmf gf]Sfg lxfadf f]sf] artdivide-gf]Sfg_AElig sdxsf] of]ukmnnfO o zLifsdf hgfpg kg]5
2 hLjg aLdf sf]ifaf6 f]sf] M k|rlnt sfggL Jojyf adf]lhd aLdssf] bfloTjsf]n]vfhf]vf DaGwL aLdfIacuteLsf] k|ltj]bg d]tsf] cfwfdf hLjg aLdf sf]ifaf6 gfkmfgf]Sfg lxfadf fgsf nflu ldltn] jLs[lt k|bfg u]sf] sdnfO o zLifsdfhgfpg kg]5
3 nufgL shf tyf cGoaf6 cfo M lgb]zg adf]lhd afF8kFmf8 uL cfPsf] sdnfOo zLifsdf hgfpg kg]5
4 Jojyf lkmtf M nufgLdf gf]SfgLsf] nflu ulPsf] Jojyf shfdf gf]SfgLsf] nfluulPsf] Jojyf z+sfkb cffdLsf] nflu ulPsf] Jojyf tyf cGosf] nfluulPsf] Jojyf sd cf+lzs jf k0fkn] sfod fVg kg] cjyf gx]df TotfsdxnfO o zLifsdf hgfpg kg]5
5 cGo cfDbfgL M aLdf Aojfo+u f]sf gePsf] kj +rfng cfDbfgL htfcfDbfgLxsf] of]ukmnnfO o zLifsdf hgfpg kg]5
6 Jojyfkg vr M lgb]zg $ adf]lhd afF8kmFf8 uL cfPsf] sdnfO o zLifsdfhgfpg kg]5
7 ckn]vg vr M k|flDes vrx kj +rfng vrx k flPsf vrx nufgLshf cffdL tyf cGo ckn]vg ulPsf] vrnfO o zLifsdf hgfpg kg]5 t+yfks +rfns tyf pRr Jojyfks jf lghx+u DalGwt JolQmdivide+yfDaGwL cffdL ckn]vg ug kfOg] 5g
8 cGo vrx M k|rlnt sfgg adf]lhd aLdf ldlt tyf cGo lgsfon] aLdsnfOtf]s]sf] b08 hljfgf aLdsn] pkof]u u]sf] ]jfsf] aemfpg kg] zNs dodfgaemfP afkt ltg kg] ljnDa zNs hljfgf nufotsf vrx o zLifsdfhgfpg kg]5
9 gf]SfgLsf] nflu Jojyf M nufgLdf gf]SfgLsf] nflu Jojyf shfdf gf]SfgLsf]nflu Jojyf z+sfkb cffdL Jojyf tyf cGo JojyfnfO o zLifsdf hgfpgkg]5
10 cfos M aLdssf] cfos bfloTjnfO lgb]zg adf]lhd afF8kmFf8 uL cfPsf]sdnfO o zLifsdf hgfpg kg]5
11 hLjg aLdf sf]ifdf f]sf] M aLdssf] bfloTjsf] n]vf hf]vf uL aLdfIacuteLn] lbPsf]dNofIacuteg k|ltj]bg d]tsf] cfwfdf ldltn] lbPsf] cfb]zdividelgb]zg adf]lhd hLjg
41
aLdf sf]ifdf f]sf] sdnfO o zLifsdf b]vfpg kg]5 oL hLjg aLdf sf]ifdff]sf] sd gfkmf gf]Sfg lxfadf lkmtf ug kfOg] 5g
12 cl3Nnf jif+u DalGwt vr M cl3Nnf jif-x_sf] cfosdf nfu]sf]b08dividehljfgfdivideljnDa zNs tyf cl3Nnf jifxdf n]vfIacuteg ug 56]sf vrxnufotsf cl3Nnf jif+u DalGwt vrnfO o zLifsdf hgfpg kg]5
-u_ jfnft tyf DalGwt cgrLsf zLifsxsf] +lIfKt JofVof M
1 rQmf kFhL M eQmfgL k|fKt ePsf] fwf0f z]o ckljtgLo cu|flws z]o tyfkljtgLo cu|flwsf z]o afktsf] sdsf] of]ukmnnfO o zLifsdf hgfpg kg]5
2 hu]8f tyf sf]if M aLdsn] hu]8f sfod ug] lnlnfdf gfkmfaf6 afF8kmfF8 ecfPsf jf cGo sg] k|lqmofaf6 gt[hgf ePsf tyf gfkmf gf]Sfg lxfadf afF8kmFf8guL +ro uL flvPsf] sdxnfO o zLifsdf hgfpg kg]5 oL hu]8f k|of]uubf DalGwt hu]8f tyf sf]if lxfadf vr hgfpg kg]5
-s_ kFhLut hu]8f M rQmf gePsf] z]osf] afFsL sd dfu ubf eQmfgL gu]sf]sf0fn] pQm z]onfO hkmt uL k|fKt xg cfPsf] sd kFhLut cgbfg afktk|fKt xg cfPsf] lhGL tyf gub sd tyf aLdssf] kFhL j[l4 ug] p2]Zon]gfkmfaf6 flPsf] sdnfO o zLifsdf hgfpg kg]5
-v_ z]o lk|ldod M aLdsn] cfˆgf] z]o hfL ubf z]osf] clIacutet dNo eGbf a9Lbn] hfL u]sf] x]5 eg] pQm al9 sd hlt o zLifsdf hgfpg kg]5 ozLifsdf hgfOPsf] sd nfef+z ljt0f k|of]hgsf] nflu of]Uo dflgg] 5g
-u_ k|tfljt af]gz z]o M aLdsn] k|tfj uL fwf0f efn] kflt u]sf] t hfLuL gs]sf] af]gz z]onfO o zLifsdf hgfpg kg]5
-3_ ljz]if hu]8f M aLdf ldltsf] lgb]zg adf]lhd sg cGo hu]8f sf]if v8f ugkbf Totf] sdnfO o zLifsdf hgfpg kg]5
-ordf_ cGo hu]8f M aLdsn] cGo k|of]hgsf] nflu v8f u]sf] hu]8fnfO o zLifsdfhgfpg kg]5
-r_ gfkmf gf]Sfg lxfaaf6 f]sf] M aLdssf] gfkmf gf]Sfg lxfaaf6 jfnftdff]sf] gfkmf sdnfO o zLifsdf hgfpg kg]5
3 hLjg aLdf sf]if M lgb]zg adf]lhd fVg kg] hLjg aLdfsf]ifxsf] of]ukmnnfOo zLifsdf hgfpg kg]5
4 dxfndashljkQL hu]8f M 7nf] kldf0fdf aLdf bfjL pTkGg xg Sg] dxfndashljkQL -catastrophy_ sf] cjyfdf aLdssf] ljQLo Ifdtfdf kg Sg] k|ltsn c sd ug]p2]Zon] gfkmfaf6 flPsf] sdnfO o zLifsdf hgfpg kg]5 o zLifsdfhgfOPsf] sd nfef+z ljt0f k|of]hgsf] nflu of]Uo dflgg] 5g
5 ltg afFsL bL3sflng C0f tyf fk6L M jfnftsf] ldltdf eQmfgL ug afFsLbL3sflng fk6LnfO o zLifsdf hgfpg kg]5
42
6 ly DkQL -vb_ MyfoL k|s[ltsf DkQLxsf] sn dNodf Xf ssectf uL afFsL x]sf]sdnfO o zLifsdf hgfpg kg]5
7 bL3sflng nufgL M aLdsn] lgb]zg ^ adf]lhd u]sf] bL3sflng nufgLnfO ozLifsdf hgfpg kg]5
kli6s0f M = jfnftsf] ldltaf6 Ps jif eGbf al9 cjwL kl5 eQmfgLk|fKt xg] sfL sfsf] hdfgt k|fKt ]Sol6Ld2tL lgIf]k gfuls nufgL of]hgf z]o a+s tyfljQLo +yfsf] cu|flwsf z]odividel8j]Gr tyf cGo f]xLk|s[ltsf nufgLxnfO bL3sflng nufgL Demg k5
= aLdsn] klAns sDkgLsf] z]odf nufgL u] afkt k|fKtxg] af]gz z]onfO z]o +Vofdf dfq b]vfO kn df]ndfsg kljtg ug x+bg
amp=s cNksflng nufgL M aLdsn] lgb]zg ^ adf]lhd u]sf] cNksflng nufgLnfO ozLifsdf hgfpg kg]5
kli6s0f M jfnftsf] ldltaf6 Ps jif leq eQmfgL k|fKt xg] sfL sfsf] hdfgt k|fKt ]Sol6L d2tL lgIf]k gfulsnufgL of]hgf a+s tyf ljQLo +yfsf] cu|flwsfz]odividel8j]Gr tyf cGo f]xL k|s[ltsf nufgLxnfOcNksflng nufgL Demg k5
8 aLdfn]vsf] lwtf]df shf M aLdsn] lgb]zg amp adf]lhd k|To]s lsldsf] aLdfsf]aLdfn]vsf] lwtf]df k|bfg u]sf] shfsf] of]ukmnnfO o zLifsdf hgfpg kg]5
9 gub tyf a+s dfHbft M -_ aLds+u x]sf] sn gub dfHbft sd tyf aLdssf]a+sdivideljQLo +yfsf] Aofh k|fKt gxg] vftfdf x]sf] sn sdnfO o zLifsdfhgfpg kg]5
10 cGo bL3sflng shf M lgb]zg amp adf]lhd n]vfIacuteg ulPsf] clestfnfO k|bfgulPsf] bL3sflng shf sdrfLnfO k|bfg ulPsf] bL3sflng shf tyf cGobL3sflng shfsf] of]ukmnnfO o zLifsdf hgfpg kg]5
kli6s0f M jfnftsf] ldltaf6 Ps jif eGbf al9 cjwL kl5 eQmfgLk|fKt xg] clestfnfO k|bfg ulPsf] shf sdrfLnfO k|bfgulPsf] shf tyf cGo f]xL k|s[tLsf shfxnfO bL3sflngshf Demg k5
)s= cGo cNksflng shf M lgb]zg amp adf]lhd n]vfIacuteg ulPsf] clestfnfO k|bfgulPsf] cNksflng shf sdrfLnfO k|bfg ulPsf] cNksflng shf tyf cGocNksflng shfsf] of]ukmnnfO o zLifsdf hgfpg kg]5
kli6s0f M jfnftsf] ldltaf6 Ps jif leq eQmfgL k|fKtxg] clestfnfO k|bfg ulPsf] shf sdrfLnfO k|bfgulPsf] shf tyf cGo f]xL k|s[tLsf shfxnfOcNksflng shf Demg k5
43
11 cGo DkQL M -_ o lgb]zg adf]lhd n]vfIacuteg ulPsf] aLdssf] nufgLaf6 k|fKt xgafFsL cfo aLdfn]vsf] lwtf]df shfaf6 k|fKt xg afFsL Aofh cGo shfaf6 k|fKt xgafFsL Aofh cGo aLdsaf6 k|fKt xg afFsL kgaLdsaf6 k|fKt xg aFfsL ljljwcffdL clu|d eQmfgL sdrfL k]ZsL cGo k]ZsL wf6L tyf cGosf] of]ukmnnfOo zLifsdf hgfpg kg]5
-_ cGo DkQLsf] ljj0f kllzi6 sf] cgrL $ adf]lhd xg kg]5
-_ cn xg afFsL aLdfzNs eP f]sf] of]ukmn kllzi6 sf] cgrL $ dfb]vfpg kg]5 f] cn xg afFsL aLdfzNs afasf] dNtjL -Suspense_ b]vfOvb k|efj (Net effect) zGo agfpg kg]5
12 rfn bfloTj M clestfnfO lbg afFsL cGo aLdsnfO lbg afFsL kgaLdsnfO lbgafFsL aLdfzNs wf6L k0f ljj0f gvn]sf] aLdfzNs ljljw fx xfosdividexf]lN8EumlsDkgLnfO lbg afFsL gtf]tdf ssectf ulPsf] s ltg afFsL cfos ltg afFsL]jfzNs ltg afFsL sdrfLnfO ltg afFsL +rfnsnfO ltg afFsL tyf cGo ltgafFsL sdxsf] of]ukmnnfO o zLifsdf hgfpg kg]5
13 cdfKt hf]lvd jfkt Jojyf M lgb]zg ( adf]lhdsf] cdfKt hf]lvd Jojyfsf]of]ukmnnfO o zLifsdf hgfpg kg]5
14 eQmfgL xg afFsL bfjL jfkt Jojyf M k|To]s lsldsf] aLdfsf] eQmfgL xg afFsLbfjLsf] nflu ulPsf] Jojyfsf] of]ukmnnfO o zLifsdf hgfpg kg]5
15 ckn]vg jf dfof]hg xg afFsL ljljw vrx M ckn]vg ug afFsL k|flDes vrckn]vg ug afFsL kj +rfng vr ckn]vg ug afFsL yug ulPsf vr tyfcGo ckn]vg jf dfof]hg gePsf vrxsf] of]ukmnnfO o zLifsdf hgfpgkg]5
-3_ k|dv rsfIacutexdf +nUg zLifsxsf] +lIfKt JofVof
1 g]6 jy = rQmf kFhL plusmn hu]8f tyf sf]if plusmn dxf ljkQL hu]8f ndashckn]vg jfdfof]hg xg afFsL ljljw vrx ndash gfkmf gf]Sfg lxfaaf6 f]sf] gf]Sfg
2 k|lt z]o lstfaL dNo = g]6 jydividefwf0f z]o +Vof
3 k|lt z]o cfo = vb gfkmfdividefwf0f z]o +Vof
4 dNo cfDbfgL cgkft = k|lt z]o ahf dNodividek|lt z]o cfo
5 sn DklQ = ly DklQ plusmn nufgL plusmn aLdfn]vsf] lwtf]df shf plusmn rfnDklQ shf tyf k]ZsLx
![Page 15: hLjg aLdf Joj;fo ug]{ aLdssf] ljQLo ljj/0f ;DaGwL lgb]{zg](https://reader033.vdocuments.site/reader033/viewer/2022053020/6291631db7b57c39db6663d6/html5/thumbnails/15.jpg)
15
= gub k|jfxsf] ljj0fsf] 9fFrf
aLdssf] gfd M
=====================b]lv========================Ddsf] gub k|jfxsf] ljj0f
qm=+= ljj0f o jif ut jifsff]af +rfngaf6 gub k|jfx MaLdf zNs cfDbfgLljnDa zNs cfDbfgLkgaLdf zNs cfDbfgLkgaLdf sldzg cfDbfgLcGo k|ToIf cfDbfgLkgaLdsaf6 k|fKt bfjL lseLkgaLdf zNs eQmfgLkgaLdf sldzg eQmfgLclestf sldzg eQmfgLjfYo kLIf0f zNs eQmfgLd[To bfjL eQmfgLcjlw dfKtL bfjL eQmfgLcf+lzs cjlw dfKtL bfjL eQmfgLdk0f dNo bfjL eQmfgLcGo bfjL eQmfgL]jf zNs eQmfgLJojyfkg vr eQmfgLsdrfL af]g eQmfgLcfos eQmfgLRffn DklQdf -j[l4_dividesdLRffn bfloTjdf j[l4divide-sdL_
s
sff]af +rfngaf6 vb gub k|jfx -s_nufgL ultljwLaf6 gub k|jfxly DklQdf -j[l4_ sdLsfL sfsf] hdfgt k|fKt ]Sol6Ldf nufgLdf -j[l4_ sdLa+s tyf ljQLo +yfsf] d2tL lgIf]kdf nufgLdf -j[l4_ sdLa+s tyf ljQLo +yfsf] cGo lgIf]k nufgLdf -j[l4_ sdLOSo6L z]o nufgLdf -j[l4_ sdLcu|flwsf z]odividel8j]Grdf nufgLdf -j[l4_ sdLcGo nufgLdf -j[l4_ sdLaLdfn]vsf] lwtf]df shfdf -j[l4_ sdLk]ZsL tyf cGo shfdf -j[l4_ sdLeQmfgL k|fKt Aofh cfDbfgL -nufgLdf_eQmfgL k|fKt l8le8]G8ef8f cfDbfgLeQmfgL k|fKt Aofh cfDbfgL -shfdf_cGo ck|ToIf cfDbfgLdividevr
v
nufgL ultljwLaf6 vb gub k|jfx -v_ljQLo gtf]t sff]afaf6 gub k|jfxz]oaf6 k|fKt sdltg afFsL fk6Ldf -j[l4_dividesdLcNksflng C0fdf -j[l4_dividesdLC0f fk6Ldf Aofh eQmfgLnfef+z eQmfgL
u
ljQLo gtf]t sff]afaf6 vb gub k|jfx -u_o jifsf] Dk0f ultljwLaf6 vb gub k|jfx = -s_plusmn-v_plusmn-u_gub tyf a+sdf x]sf] z dfHbftgub tyf a+sdf x]sf] clGtd dfHbft
16
^ ljQLo ljj0fsf] cleGg c+usf] kdf xg] cgrLx
cgrLndash
-s_ aLdfzNs -vb_
sn aLdfzNs kgaLdf zNs eQmfgL-Ceded_
aLdfzNs -vb_qm=+= aLdfsf]lsld
o jif ut jif o jif ut jif o jif ut jif
hDdf
-v_ sn aLdfzNs
k|ToIf aLdfzNs k|fKt kgaLdf zNs
-accepted_
sn aLdfzNsqm=+= aLdfsf]lsld
o jif ut jif o jif ut jif o jif ut jif
hDdf
-u_ k|ToIf aLdfzNs
k|yd aifsf]aLdfzNs
gjLs0f aLdfzNs Psn aLdfzNs hDdf k|ToIfaLdfzNs
qm=+= aLdfsf]lsld
o aif ut aif o aif ut aif o aif ut aif o aif ut aif
hDdf
17
cgrLndash
nufgL shf tyf cGoaf6 cfoqm=+= ljj0f o aif ut aif1 sfL sfsf] hdfgt k|fKt ]Sol6Laf6 cfo2 jfl0fHo a+ssf] d2tL lgIf]kaf6 cfo3 ljsf a+ssf] d2tL lgIf]kaf6 cfo4 gfuls nufgL of]hgfaf6 cfo5 ljQLo +yfsf] d2tL lgIf]kaf6 cfo6 cfjf ljQ sDkgLsf] fwf0f z]oaf6 nfef+z7 cGo klAns sDkgLsf] fwf0f z]oaf6 nfef+z8 a+s tyf ljQLo +yfsf] cu|flwsf z]oaf6 nfef+z9 a+s tyf ljQLo +yfsf] l8j]Graf6 cfo10 cGo -ljj0f vnfpg]_ af6 cfo11 shfaf6 cfo12 cGo lgIf]kaf6 -d2tL afx]s_ cfo13 nufgL laqmLdf gfkmf
Gog nufgL laqmLdf gf]Sfg14 nufgL -vLb_ df gfkmf
Gog nufgL -vLb_ df gf]Sfg15 ly DkQL laqmLaf6 gfkmf
Gog ly DkQL laqmLaf6 gf]Sfg16 vftf ckn]vg17 cl3Nnf jif+u DalGwt cfo18 cGo cfo
hDdfnufgL shf tyf cGoaf6 cfosf] afF8kmfF8
gfkmf gf]Sfg lxfadf f]sf]============ sf] cfo Joo lxfadf f]sf]============ sf] cfo Joo lxfadf f]sf]
hDdfcgrLndash
aLdfn]vsf] lwtf]df shf cfo
aLdfn]vsf] lwtf]df shf aLdfn]vsf] lwtf]df shfaf6 cfoqm=+= aLdfsf] lsld
o aif ut aif o aif ut aif
============= aLdf
============= aLdf
============= aLdf
18
cgrL ndash $bfjL eQmfgL
d[To bfjLeQmfgL
cjlw dfKtLbfjL eQmfgL
cf+lzs cjlwdfKtL bfjL
eQmfgL
dk0f dNo bfjLeQmfgL
cGo bfjLeQmfgL
sn bfjL eQmfgL sn bfjLeQmfgLdfkgaLdssf]
lxf
bfjL eQmfgL-vb_
qm=+= aLdfsf]lsld
o jif ut jif o jif ut jif o jif ut jif o jif ut jif o jif ut jif o jif ut jif o jif ut jif o jif ut jif
===
===
hDdf
19
cgrLndash
clestf sldzg
k|yd aifsf]aLdfzNsdf
clestf sldzg
gjLs0f aLdfzNsdfclestf sldzg
Psn aLdfzNsdfclestf sldzg
hDdf clestfsldzg
qm=+= aLdfsf]lsld
o jif ut jif o jif ut jif o jif ut jif o jif ut jif
hDdf
cgrLndash^
]jf zNs -vb_
sn ]jf zNs sn ]jf zNsdfkgaLdssf] lxf
]jf zNs -vb_qm=+= aLdfsf] lsld
o jif ut jif o jif ut jif o jif ut jif
========aLdf
========aLdf
hDdf
cgrLndash amp
Jojyfkg vr
qm=+= ljj0f o aif ut aif1 sdrfL vr -cgrL amp= adf]lhd_2 3 ef8f3 lahnL tyf kfgL4 ddt tyf Def
-s_ ejg-v_ jfL fwg-u_ sfofno pks0f-3_ cGo
5 +rf6 5kfO tyf dnGb7 vr xg] sfofno fdfg8 kljxg9 e|d0f vr -eQf d]t_
-s_ cfGtls-v_ jb]lzs
10 clestf tflnd11 clestf cGo12 aLdfzNs13 Iff vr14 sfggL tyf kfdz zNs15 kq klqsf tyf kts
20
16 lj1fkg tyf k|rf k|f17 Jofkf k|j4g18 cltyL Tsf19 rGbf tyf pkxf20 +rfns ldlt DaGwL vr
-s_ a7s eQf-v_ cGo
21 cGo ldltdividepkndashldlt DaGwL vr-s_ a7s eQf-v_ cGo
22 fwf0f ef DaGwL vr
23-s_ aLdfIacuteLo ]jf zNs-v_ aLdfIacuteLo vr
24 n]vf kLIf0f DaGwL vr-s_ n]vf kLIf0f zNs-v_ s n]vf kLIf0f zNs-u_ ljt[t n]vf kLIf0f k|ltj]bg zNs-3_ cGo zNs-ordf_ cfGtls n]vf kLIf0f vr-r_ cGo vr
25 Aofh26 as rfh27 zNs tyf bt28 Xf ssectL29 xnfs l6s630 cGo
afF8 kmfF8sf] nflu hDdfgfkmf gf]Sfg lxfadf f]sf]================aLdfsf] cfo Joo lxfadf f]sf]================aLdfsf] cfo Joo lxfadf f]sf]
hDdfcgrL amp=
sdrfL vr
qm=+= ljj0f o aif ut aif= tna= eQf= bz+ vr$= ~rosf]ifdf yk= tflnd vr^= kf]zfsamp= cfifwf]krf= aLdf(= k]Gg tyf pkbfg vr tyf Jojyf)= ljbf afktsf] vr tyf Jojyf= cGo ljwf afkt vr tyf Jojyf -ljj0f vnfpg]_ cGo -ljj0f vnfpg]_
hDdf M
21
cgrLndash
cfos
qm=+= ljj0f o aif ut aif
= o aifsf] cfos
= cl3Nnf aifxsf] cfos
= afF8kmfF8sf] nflu cfossf] hDdf
afF8kmfF8
gfkmf gf]Sfg lxfadf f]sf]
==============aLdfsf] cfo Joo lxfadf f]sf]
==============aLdfsf] cfo Joo lxfadf f]sf]
hDdf
22
cgrL ndash (
cflys jifsf] cGTodf eQmfgL xg afFsL bfjL afkt Jojyf
eQmfgL xgafFsL d[To bfjL
eQmfgL xgafFsL cjlwdfKtL bfjL
eQmfgL xgafFsL cf+lzscjlw dfKtL
bfjL
eQmfgL xgafFsL dk0fdNo bfjL
eQmfgL xgafFsL cGo
bfjL
[hgf ePsf]t hfgsfLdfgcfPsf] bfjL
-cgdflgt_
eQmfgL xgafFsL hDdf
bfjL
eQmfgL xgafFsL hDdf
bfjLdfkgaLdssf]
lxf
eQmfgL xgafFsL bfjL
afkt Jojyf
qm=+= aLdfsf] lsld
ojif
ut jif ojif
utjif
ojif
utjif
ojif
utjif
ojif
utjif
ojif
utjif
ojif
utjif
ojif
utjif
ojif
utjif
=
=
=
$=
hDdf M
23
cgrLndash)
cfo Joo lxfaxaf6 gfkmf gf]Sfg lxfadf f]sf] sd
qm=+= ljj0f o aif ut aif
= ==================== sf] cfo Joo lxfaaf6 f]sf]
= ==================== sf] cfo Joo lxfaaf6 f]sf]
=
$=
hDdf
cgrLndash
hLjg aLdf sf]if
dfof]hg cuf8Lsf]hLjg aLdf sf]if-jifsf] zdf_
cfo Joolxfaaf6 f]sf]
gfkmf gf]Sfglxfaaf6 f]sf]
dfof]hg cuf8Lsf]hLjg aLdfsf]if-jifsf] cGTodf_
qm=+= aLdfsf]lsld
o jif ut jif o jif ut jif o jif ut jif o jif ut jif
=
=
=
$=
hDdf M
hLjg aLdf sf]ifdf dfof]hg
dfof]hgcuf8Lsf]
hLjg aLdfsf]if
-jifsf]cGTodf_
gfkmfgf]Sfglxfadff]sf]
aLdfn]vcGtutbfloTj
af]gsf]nflu
Jojyf
f]Ne]GLdflhgsf]nflu
Jojyf
afF8kmfF8gulPsf]sd
jifsf]cGTodfhLjg
aLdf sf]if
qm=+= aLdfsf]lsld
oaif
utaif
oaif
utaif
oaif
utaif
oaif
utaif
oaif
utaif
oaif
utaif
oaif
utaif
=
=
=
hDdf M
24
cgrLndash
Jojyf lkmtfqm=+= ljj0f o aif ut aif= nufgLdf gf]SfgLsf] nflu Jojyf lkmtf= shfdf gf]SfgLsf] nflu Jojyf lkmtf= z+sfkb cffdL Jojyf lkmtf$ cGo Jojyf lkmtf
hDdf
cgrLndash
ckn]vg vrx
qm=+= ljj0f o aif ut aif1 k|flDes vrx2 kj +rfng vrx3 k flPsf vrx4 ckn]vg ulPsf] nufgL5 ckn]vg ulPsf] shf6 ckn]vg ulPsf] cffdL7 cGo ckn]vg
hDdf
cgrLndash$
cGo vrx
qm=+= ljj0f o aif ut aif
1 b08 hljfgf
2 ljnDa zNs hljfgf
3 cGo -ljj0f vnfpg]_
hDdf
cgrLndash
gf]SfgLsf] nflu Jojyfqm=+= ljj0f o aif ut aif= nufgLdf gf]SfgLsf] nflu Jojyf= shfdf gf]SfgLsf] nflu Jojyf= z+sfkb cffdL Jojyf$ cGo Jojyf
hDdf
25
cgrLndash^
-s_ z]o kFhL
qm=+= ljj0f o aif ut aifclws[t kFhLs_ ================= bsf] ======== yfg fwf0f z]ov_ ============ bsf] ====yfg ckljtgLo cu|flwsfz]o
=
u_ ========== bsf] ====== yfg kljtgLo cu|flwsfz]ohfL kFhLs_ ================= bsf] ======== yfg fwf0f z]ov_ ============ bsf] ====yfg ckljtgLo cu|flwsfz]o
=
u_ ========== bsf] ====== yfg kljtgLo cu|flwsfz]orQmf kFhLs_ ================= bsf] ======== yfg fwf0f z]oGog eQmfgL k|fKt xg afFsL ==== bsf] ===yfg fwf0fz]ov_ ============ bsf] ====yfg ckljtgLo cu|flwsfz]o
=
u_ ========== bsf] ====== yfg kljtgLo cu|flwsfz]o
hDdf-v_ z]o jfldTjsf] +rgf
o aif ut aifz]owgL
fwf0f z]o+Vof
jfldTjsf] Uuml fwf0fz]o +Vof
jfldTjsf] Uuml
g]kfnL +ul7t +yfx
g]kfnL gfuls
ljb]zL+y
fks
hDdf
jfwf0f
cGo -ljj0f vnfpg]_
sn
-u_ Ps k|ltzt jf a9L z]o jfldTj ePsf z]owgLxsf] ljj0f
o aif ut aifqm=+= ljj0f
jfldTjsf] Uuml sd jfldTjsf] Uuml sd
=
=
=
26
cgrLndashamp
hu]8f tyf sf]if
qm=+= ljj0f o aif ut aif
1 kFhLut hu]8f
2 ljz]if hu]8f
3 cGo hu]8f -ljj0f vnfpg]_
4 z]o lk|ldod
5 k|tfljt af]gz z]o
6 Gffkmf gf]Sfg lxfaaf6 f]sf] gfkmf
hDdf
cgrLndash
dxfndashljklQ hu]8fjifsf] zdf dxfndashljklQ hu]8f gfkmf gf]Sfg lxfaaf6 f]sf] jifsf] cGTodf dxfndashljklQ
hu]8fo jif ut jif o jif ut jif o jif ut jif
cgrLndash(
ltg afFsL bL3sflng C0f tyf fk6L
qm=+= ljj0f o aif ut aif
l8j]Gr divide a08
a+s
ljQLo +yf
$ cGo -ljj0f vnfpg]_
hDdf
27
cgrLndash)
ly DklQ
ljj0f kn df]n Xf ssectL vb df]n
zdfHbft
ojif
yk]sf]
ojif
36]sf]
hDdf utjifDd
ojif
laqmLdivide
dfof]hg
hDdf ojifDdsf]
UftjifDdsf]
lk|m xf]N8hldg
ejg
kmlgrtyf
lkmSr
sfofnofdfg
sDKo6tyfrgfk|ljwLpks0f
cb[ZoDklQ-ljj0fvnfpg]_
jfLfwg
lnh xf]N8DklQ
cGo-k|s[ltvnfpg]_
hDdf
lgdf0fflwgkFhLutvr
sn
ut jif
28
cgrLndash
nufgL
qm=+= ljj0f o aif ut aif-s_ bL3sflng nufgL M sfL sfsf] hdfgt k|fKt ]Sol6L jfl0fHo a+ssf] d2tL lgIf]k ljsf a+ssf] d2tL lgIf]k$ gfuls nufgL of]hgf ljQLo +yfsf] d2tL lgIf]k^ cfjf ljQ sDkgLsf] fwf0f z]o -cgrL = adf]lhd_amp cGo sDkgLsf] fwf0f z]o -cgrL = adf]lhd_ a+s tyf ljQLo +yfsf] cu|flwsf z]odividel8j]Gr( cGo -ljj0f vnfpg]_
hDdf M-v_ cNksflng nufgL M sfL sfsf] hdfgt k|fKt ]Sol6L jfl0fHo a+ssf] d2tL lgIf]k ljsf a+ssf] d2tL lgIf]k$ gfuls nufgL of]hgf ljQLo +yfsf] d2tL lgIf]k^ a+s tyf ljQLo +yfsf] cu|flwsf z]odividel8j]Gramp jfl0fHo a+ssf] Aofh k|fKt xg] cGo lgIf]k ljsf a+ssf] Aofh k|fKt xg]] cGo lgIf]k( ljQLo +yfsf] Aofh k|fKt xg] cGo lgIf]k) cGo Aofh k|fKt xg] nufgL -ljj0f vnfpg]_
hDdf McgrLndash=
z]odf nufgL
qm=+= sDkgL vb sd c+lst dNo kn dNo ahf dNo
= ======sDkgLsf]=============yfg====z]o
= ======sDkgLsf]=============yfg=====z]o
= ======sDkgLsf]=============yfg=====z]o
hDdf
gf]6 M = aLdssf] xfos sDkgLdividexf]lN8Euml sDkgL tyf +oQm nufgL ePsf] sDkgLsf] z]odf ePsf]nufgLnfO
5sectfndash5sect vnfpg kg]5
= lgodfgf lrs[t gePsf z]odf ePsf] nufgLnfO 5sect vnfpg kg]5
= +yfks z]o cGo z]odf ePsf] nufgLnfO 5sectf5sect vnfpg kg]5
29
cgrLndash
gub tyf a+s dfHbft
qm=+= ljj0f o aif ut aifgub dfHbft
hDdfa+s dfHbftjfl0fHo a+sxsf] dfHbftljsf a+sxsf] dfHbftljQLo +yfxsf] dfHbft
cGo -ljj0f vnfpg]_hDdfsn
cgrLndash
cGo shf
qm=+= ljj0f o aif ut aif-s_ bL3sflng shf= clestfnfO shf= sdrfLnfO shf= cGo -ljj0f vnfpg]_
hDdf-v_ cNksflng shf= clestfnfO shf= sdrfLnfO shf= cGo -ljj0f vnfpg]_
hDdfcgrLndash$
cGo DklQqm=+= ljj0f o aif ut aif1 nufgLaf6 k|fKt xg afFsL cfo2 aLdfn]vsf] lwtf]df shfaf6 k|fKt xg afFsL Aofh3 cGo -aLdfn]vsf] lwtf]df afx]s_ shfaf6 k|fKt xg afFsL
Aofh4 cGo aLdsaf6 k|fKt xg afFsL5 kgaLdsaf6 k|fKt xg afFsL6 ljljw cffdL7 clu|d eQmfgL8 sdrfL k]ZsL9 cGo k]ZsL10 wf6L11 cn xg afFsL aLdfzNs
Gog M cn xg afFsL aLdfzNs dNtjL -suspense_12 cGo ljj0f vnfpg]
hDdf M
30
cgrLndash
rfn bfloTj
qm=+= ljj0f o aif ut aif1 clestfnfO lbg afFsL2 cGo aLdsnfO lbg afFsL3 kgaLdsnfO lbg afFsL4 cNksflng shf5 aLdfzNs wf6L6 k0f ljj0f gvn]sf] aLdfzNs7 ljljw fx8 xfosdividexf]lN8Euml sDkgLnfO lbg afFsL9 gtf]tdf ssectf ulPsf] s ltg afFsL10 dNo clea[l4 s ltg afFsL11 cfos ltg afFsL12 ]jf zNs ltg afFsL13 sdrfLnfO lbg afFsL14 +rfnsnfO lbg afFsL15 eQmfgL lbg afFsL nfef+z -l8le8]08_16 cGo -ljj0f vnfpg]_
hDdf
cgrLndash^
cdfKt hf]lvd Jojyfqm=+= ljj0f o aif ut aif= ===========aLdfsf] cdfKt hf]lvd hu]8f= ===========aLdfsf] cdfKt hf]lvd hu]8f= ===========aLdfsf] cdfKt hf]lvd hu]8f
===========aLdfsf] cdfKt hf]lvd hu]8f
hDdf
31
cgrL ^scGo Aojyf
aifsf] zdf Aojyfrfn cf=a=df yk ulPsf]
Aojyfrfn cf=a=df ckn]vg
ulPsf] Aojyfrfn cf=a=df lkmtfulPsf] Aojyf
aifsf] cGtdf sfodx]sf] Aojyf
qm=+=
ljj0fo jif ut jif o jif ut jif o jif ut jif o jif ut jif o jif ut jif
nfef+z -l8le8]08_ sf] nflu Aojyf
nufgLdf gf]SfgLsf] nflu Aojyf
shfdf gf]SfgLsf] nflu Aojyf
$ z+sfZkb cffdLsf] nflu Aojyf
cGo gf]SfgLsf] nflu Aojyf
^ sdrfL DaGwL Aojyf-s_ k]Gg tyf pkbfg Aojyf-v_ ljbf jfkt Aojyf-u_ cfjf tyf cGo ljwf Aojyf-3_ sdrfL af]g Aojyf-ordf_ cGo
amp cGo Aojyf -ljj0f vnfpg]_
hDdf
32
cgrLndashamp
ckn]vgdividedfof]hg xg afFsL ljljw vrxqm=+= ljj0f o aif ut aif1 ckn]vg ug afFsL k|flDes vr2 ckn]vg ug afFsL kj +rfng vr3 ckn]vg ug afFsL yug ulPsf vr4 cGo -ljj0f vnfpg]_
hDdf
cgrL ndash
ljQLo ljj0f+u DalGwt k|dv n]vf gLltx
n]vf DaGwL gLltdf vnfpg kg] aFbfx M aLdsn] n]vf DaGwL gLltdf b]xfosf aFbfxvnfpg kg]5
1 ljQLo ljj0f tofLsf cfwfx M sg sg cjwf0ff -concept_ tyf n]vfdfgx sfgg tyf aLdf ldltsf lgb]zgxsf] clwgdf xL ljQLo ljj0f tof ulPsf] xf]f]sf] Joxf]f
ljQLo ljj0f tof ubf sg sfgg aLdf ldltsf] lgb]zg jf n]vfdfg kfngf gePsf]eP f]sf] sf0f lxt Joxf]f
2 ly DklQ n]vfIacuteg gLlt M ly DklQ n]vfIacuteg ubf cjnDag ulPsf] gLlt
3 Xf ssectL gLlt M aLdssf] +rfns ldltaf6 kflt uL nfu ulPsf] Xf ssectL gLlt
4 kFhLs[t gulg] DklQx DaGwL n]vfIacuteg gLlt M aLdssf] +rfns ldltn] sg lglZrtdf]nDd kg] pks0f fdfgx kFhLs[t gug] gLlt lnPsf] 5 eg] f]sf] Joxf]f
5 cfos Jojyf tyf afF8kmFf8 gLlt M cfos Jojyf DaGwdf aLdsn] cjnDag u]sf]gLlt aLdsn] gfkmf gf]Sfg lxfa tyf cfo Joo lxfadf Totf] Jojyf sdafF8kmFf8 ubf cjnDag u]sf] gLlt
6 nufgL n]vfIacuteg gLlt M nufgL n]vfIacutegsf] DaGwdf aLdsn] cjnDag u]sf] gLltxnfOb]xfosf zLifsx cGtut vnfpg kg]5
-s_ sfL artkqdivideC0fkqdf nufgL n]vfIacuteg gLlt
-v_ a+sdivideljQLo +yfsf] d2tL lgIf]kdf nufgL n]vfIacuteg gLlt
-u_ klAns lnld6]8 sDkgLsf] z]odf nufgL n]vfIacuteg gLlt
-3_ klAns lnld6]8 sDkgLn] hfL u]sf] C0fkqxdf nufgL n]vfIacuteg gLlt
7 6xL 36a9 dfof]hg gLlt M ljb]zL db|f+u DalGwt DklQ bfloTj tyf 6xL36a9 cfDbfgL tyf vrxsf] n]vfIacuteg gLlt
8 aLdfzNs cfDbfgL n]vfIacuteg gLlt M aLdsn] aLdfzNs cfDbfgL n]vfIacuteg ubf cjnDagu]sf] gLlt
33
9 kgaLdf sldzg cfDbfgL n]vfIacuteg gLlt M aLdsn] kgaLdf u] afkt k|fKt ug] sldzgsf]n]vfIacuteg ubf cjnDag u]sf] gLlt
10 cGo cfo n]vfIacuteg tyf afF8kmFf8 gLlt M aLdsn] ef8f -Rent_ tyf cGo zLifsaf6 ePsf]cfo n]vfIacuteg tyf afF8kmFf8 ubf cjnDag u]sf] gLlt
11 shf n]vfIacuteg gLlt M aLdsn] aLdfn]vsf] lwtf]df k|bfg u]sf] shf tyf cGo shfn]vfIacuteg ubf cjnDag u]sf] gLlt
12 Jojyfkg vr afF8kmFf8 gLlt M aLdsn] gfkmf gf]Sfg lxfa tyf cfo Joo lxfaxdfJojyfkg vr afF8kmFf8 ubf cjnDag u]sf] gLlt
13 aLdf bfjL eQmfgL vr n]vfIacuteg gLlt M aLdsn] aLdf bfjL eQmfgL vr n]vfIacuteg ubfcjnDag u]sf] gLlt
14 aLdf bfjL afkt bfloTj Jojyf n]vfIacuteg gLlt M -s_ gt[hgf ePsf] t hfgsfLdfgcfPsf] -IBNR_ aLdf bfjL afkt bfloTj Jojyf n]vfIacuteg ubf aLdsn] cjnDagu]sf] gLlt
-v_ aLdsn] aLdf bfjL bfloTj afkt Jojyf ubf cjnDag u]sf] gLlt
15 aLdf Jojfodf art afF8kmFf8 gLlt M aLdsn] gfkmf gf]Sfg lxfa tyf cfo Joolxfaxdf art afF8kmFf8 ubf cjnDag u]sf] gLlt
16 sdrfL pkbfg ljbf tyf cGo ljwf afkt Jojyf gLlt M aLdsn] sdrfL pkbfgljbf tyf cGo ljwf afkt Jojyf ubf cjnDag u]sf] n]vfIacuteg gLlt
17 z+sfkb cffdL Jojyf gLlt M aLdsn] z+sfkb cffdL Jojyf ubf cjnDag u]sf]gLlt
18 ckn]vg vr n]vfIacuteg gLlt M aLdsn] cjnDag u]sf] ckn]vg vr DaGwL gLlt
19 cGo gLltx M plNnlvt gLltx afx]s jfnft gfkmf gf]Sfg lxfa cfo Joo lxfanufotsf ljQLo ljj0fnfO apermilg ljZn]if0f ug 3fp kUg] uL cGo sg] n]vf gLltsf]hfgsfL lbg cfjZos b]lvPdf f] Joxf]f
34
cgrLndash(
ljQLo ljj0f+u DalGwt n]vf DaGwL l6Kk0fLx
n]vf DaGwL l6Kk0fLdf vnfpg kg] aFbfx M aLdsn] n]vf DaGwL l6Kk0fLdf b]xfosf aFbfxvnfpg kg]5
= Defljt bfloTjx M
c_ rQmf jf eQmfgL xg afFsL nufgL
cf_ k|Tofelt k|lta4tf -underwriting commitments_
O_ aLdfn]v cGtut eGbf afx]saf6 aLds pk bfjL k]sf] t aLdsn] bfloTj jLsfgu]sf]
O_ aLdsn] jf aLdssf] tkmaf6 lbOPsf] Uof]06L
p_ cGo bfloTj -ljj0f vnfpg]_
= aLdfIacuteLn] aLdssf] bfloTj dNofIacuteg ubf cjnDag u]sf] cfwfx
= aLdssf] DklQdf cfPsf] Lldttf tyf ljjfbx
$= shf nufgL tyf ly DklQsf] nflu ulPsf] k|lta4tf
= nufgL+u DalGwt b]xfosf vLb laqmL Demftfxsf] dNo M
c_ vLb ulPsf] DklQsf] jfldTj k|fKt gePsf]
cf_ laqmL ulPsf] DklQsf] eQmfgL k|fKt gePsf]
^= o jifeL ulPsf] nufgL tyf laqmLdividelkmtf lnPsf] nufgLsf] DaGwdf +yf ldltkldf0f sd d]t vn]sf] ljj0f
amp= a+s dfHbft lxfa DaGwdf DalGwt a+sdivideljQLo +yfsf] 6]6d]06 lxtsf] lxfaldnfg DaGwL Joxf]f
= aLdsdividekgaLds+u lng lbg afFsL lxfa DaGwdf DalGwt aLdsdividekgaLdssf]dyg lxtsf] lxfa ldnfg DaGwL Joxf]f
gf]6 Mndash bnfn (Broker) dfkmt ePsf] kgaLdfsf] xsdf fdfGot DalGwt bnfnn]kgaLdssf] tkmaf6 dyg lbg Sg]5
(= aLdsn] u]sf] nufgL k|rlnt aLdf P]g lgodfjnL tyf aLdf ldltaf6 tf]lsP adf]lhdx] gx]sf]
)= aLdssf] +rfns jf +rfns+u DalGwt JolQm jf +yf+u ePsf] sff]af
= aLdsn] cfˆgf] DklQsf] If0fdf lnPsf] C0fsf] lwtf] zt tyf cflrTo
= aLdsn] s rQmf k|df0fkq k|fKt u]sf] cf=j=tyf Totf] rQmf k|df0fkq k|fKt xg afFsLcf=j= f] DaGwL ljj0fsf fy] cl3Nnf] cf=j=xsf] s hljfgf Aofh afkt bfjLk]sf] o cf=j=df eQmfgL ePsf] sd
= lkmtf u]sf] aLdfzNssf] kldf0f sf0f
35
$=aLdsn] aLldtnfO k|bfg ug] 3f]lift tyf cGtld af]gsf] b
=l9nf] aLdfzNs eQmfgLdf lanDa zNsdivideAofhsf] b tyf aLdfn]vsf] lwtf]df k|bfg ulg]shfdf Aofhsf] b
^=ckn]vg xg afFsL vrsf] ljj0f
amp=rQmf kFhL dWo] clu|d eQmfgL k|fKt -Paid in advance_ eQmfgL k|fKt xg afFsL -Call inarrears_ hkmt ulPsf t kgM lgisfzg gulPsf z]osf] ljj0f
=lnh xf]N8 DklQdf ut jifDd o jif vr (Amortization) n]lvPsf] sdsf]ljj0f
(= jifeldf ePsf] jfnft aflxsf] sff]afsf] ljj0f
)= cl3Nnf aifx+u DalGwt cfDbfgL tyf vrxsf] 5sectf5sect ljj0f
=plNnlvt aFbfx afx]s jfnft gfkmf gf]Sfg lxfa cfo Joo lxfa nufotsfljQLo ljj0fxnfO apermilg ljZn]if0f ug 3fp kUg] cGo sg hfgsfL lbg cfjZosb]lvPdf cGo Joxf]f d]t vnfpg kg]5
36
cgrL )k|dv rsfIacutex
cf=a=qm=+= ljj0f rsfIacute
g]6 jy = z]o +Vof +Vof k|lt z]o lstfjL dNo =$ vb gfkmf = k|lt z]o cfo (EPS) =^ k|lt z]o nfef+z (DPS) =amp k|lt z]o ahf dNo (MPPS) = dNo cfDbfgL cgkft (PE Ratio) cgkft( k|yd aifsf] aLdfzNs =) sn aLdfzNs = vb aLdfzNsdividesn aLdfzNs k|ltzt vb gfkmfdividesn aLdfzNs k|ltzt sn aLdfzNsdividesn DklQ k|ltzt$ nufgL shfaf6 cfodividesn nufgL shf k|ltzt sn nufgL shfdividehLjg aLdfsf]if k|ltzt^ kgaLdf sldzg cfodividesn kgaLdfzNs k|ltztamp Jojyfkg vrdividesn aLdfzNs k|ltzt aLdf clestf DalGw vrdividesn aLdfzNs k|ltzt( aLdf clestf +Vof +Vof) sdrfL +Vof +Vof sfofnosf] +Vof +Vof sdrfL vrdivideJojyfkg vr k|ltzt sdrfL vrdividesdrfL +Vof =$ eQmfgL xg aFfsL bfjL sddivideeQmfgL ePsf] bfjL
sdk|ltzt
sn sfod x]sf] aLdfn]vsf] +Vof +Vofdf^ o jif gjLs0f ePsf] aLdfn]vsf] +Vofdivideut
jif sfod x]sf] aLdfn]vsf] +Vofk|ltzt
amp bfjL k]sf] aLdfn]vsf] +Vofdividesn sfod x]sf]aLdfn]vsf] +Vof
k|ltzt
f]Ne]GL dflhg k|ltzt( 3f]lift af]g b =
k|ltxhf) cGtld af]g b =
k|ltxhf
37
cgrL ndash
aLdfIacutesf] ljj0f
sfod x]sf]aLdfn]vsf] +Vof
sfod x]sf]aLdfn]v cGtut
hDdf aLdfIacute
d of6 ls(Sum at Risk)
kgaLdsnfOxtfGt0f ulPsf]
d of6 ls(Sum at Risk)
aLdsn] wf0fu]sf] d of6ls (Sum at
Risk)
qm=+= aLdfsf] lsld
o jif ut jif o jif ut jif o jif ut jif o jif ut jif o jif ut jif
hDdf
38
kllzi6 ndash
-lgb]zg +u DalGwt_
ljQLo ljj0fsf zLifsxsf] +lIfKt JofVof
-s_ cfo Joo lxfa tyf f] DaGwL cgrLsf zLifsxsf] +lIfKt JofVof M
1 k|ToIf aLdfzNs M aLdsn] kgaLdf jLsf u] afkt k|fKt aLdfzNs afx]s k|ydjifsf] aLdfzNs gjLs0f aLdfzNs Psn aLdfzNssf] of]ukmnaf6 lgodfgflkmtf u]sf] aLdfzNs ssectf uL o zLifsdf hgfpg kg]5
2 sn aLdfzNs M k|ToIf aLdfzNs aLdsn] kgaLdf jLsf u] afkt k|fKtaLdfzNssf] of]ukmnnfO o zLifsdf hgfpg kg]5
3 aLdfzNs -vb_ M sn aLdfzNsaf6 kgaLdf lbP afktsf] kgaLdf zNs ssectf uLafFsL sdnfO o zLifsdf hgfpg kg]5
4 kgaLdf sldzg cfo M -s_ aLdsn] kgaLdf lbP afkt k|fKt xg] kgaLdfsldzgnfO o zLifsdf hgfpg kg]5
-v_ aFbf g+=-s_ sf] cltlQm kgaLdsaf6 dgfkmf sldzg -Profit Commission_k|fKt ePdf f]nfO o zLifsdf dfj]z uL f]sf] Joxf]f n]vf DaGwLl6Kk0fLdf vnfpg kg]5
5 nufgL shf tyf cGoaf6 cfo M sfL ]Sol6Laf6 cfo d2tL lgIf]kaf6 cfoklAns sDkgLsf] z]odividel8j]Graf6 cfo ef8faf6 cfo shfaf6 cfo -aLdfn]vsf]lwtf]df shf afx]s_ cGo lgIf]kaf6 -d2tL afx]s_ cfo nufgL laqmLdf gfkmf -GognufgL laqmLdf gf]Sfg_ nufgL -vLb_ df gfkmf -Gog nufgL vLbdf gf]Sfg_ly DklQ laqmLaf6 gfkmf -Gog ly DklQ laqmLaf6 gf]Sfg_ vftf ckn]vgaf6cfo tyf cGo cfosf] of]ukmnnfO lgb]zg adf]lhd afF8kFmf8 uL cfPsf]sdnfO o zLifsdf hgfpg kg]5
6 aLdfn]vsf] lwtf]df shfaf6 cfo M aLdfn]vsf] lwtf]df shf k|bfg u] afkt k|fKt xg]Aofh lanDa zNs htf cfonfO o zLifsdf hgfpg kg]5
7 cGo k|ToIf cfoM aLldtn] tf]lsPsf] cjlwleq aLdfzNs gaemfP afkt aLdsn]eQmfgL k|fKt u]sf] hljfgfdivideAofhdivideljnDa zNs tyf aLdfn]vsf] k|ltlnkL btcfo l6s6 bt htf f]xL aLdfsf] lsld+u k|ToIf kdf DalGwt cfonfO ozLifsdf hgfpg kg]5
8 bfjL eQmfgL -vb_ M aLdsn] eQmfgL u]sf] d[To bfjL cjlw dfKtL bfjL cf+lzscjlw dfKtL bfjL dk0f dNo tyf cGo bfjLsf] of]ukmnnfO o zLifsdfhgfpg kg]5
9 clestf sldzg M k|yd jifsf] aLdfzNsdf clestf sldzg gjLs0f aLdfzNsdfclestf sldzg Psn aLdfzNsdf clestf sldzgsf] of]ukmnaf6 kgaLdssf]lxf ssectf uL afFsL sd o zLifsdf hgfpg kg]5
10 jfYo kLIf0f zNs M aLdf hf]lvdfIacutegsf] nflu jfYo kLIf0f ufP afkt aLdsn]Joxf]g k]sf] jfYo kLIf0f zNsnfO o zLifsdf hgfpg kg]5
39
11 kgaLdf sldzg vr M aLdsn] kgaLdf jLsf u] afkt eQmfgL ug kg] sldzgsdnfO o zLifsdf hgfpg kg]5
12 ]jf zNs -vb_ M aLdf ldltnfO aemfpg kg] sn ]jf zNsaf6 kgaLdssf] lxfssectf uL afFsL sdnfO o zLifsdf hgfpg kg]5
13 cGo k|ToIf vr M aLdfsf] lsld+u k|ToIf kn] DalGwt x]sf] cGo vrnfO ozLifsdf hgfpg kg]5
14 Jojyfkg vr M lgb]zg $ adf]lhd afF8kmFf8 uL cfPsf] sdnfO o zLifsdfhgfpg kg]5
15 cfos M -_ aLdssf] cfos bfloTjnfO lgb]zg adf]lhd afF8kmFf8 uL cfPsf]sdnfO o zLifsdf hgfpg kg]5 osf] ljj0f kllzi6 sf] cgrL adf]lhd xg kg]5
-_ cl3Nnf jif-x_ sf] cfos bfloTjnfO kllzi6 sf] cgrL sf] aeligcl3Nnfjifxsf] cfosAElig zLifsdf hgfpg kg]5 t Totf] cfosdf nfu]sf]b08dividehljfgfdivideljnDa zNsnfO gfkmf gf]Sfg lxfasf] aeligcl3Nnf jif+uDalGwt vrAElig zLifsdf hgfpg kg]5
16 cflys jifsf] cGTodf eQmfgL xg afFsL bfjL afkt Jojyf M cflys jifsf] cGTodfeQmfgL xg afFsL d[To bfjL cjlw dfKtL bfjL cf+lzs cjlw dfKtL bfjL dk0fdNo bfjL cGo bfjL tyf gt[hgf ePsf] t hfgsfLdf gcfPsf] bfjLsf] of]ukmndfaLdf lgodfjnL )$( sf] lgod sf] v08 -3_ adf]lhdsf] sd yk ubf xgcfpg] sdnfO o zLifsdf hgfpg kg]5
aLdssf] cgejsf] cfwfdf [hgf ePsf] t hfgsfLdf gcfPsf] bfjLsf] nflusd Aojyf ug kg]5
17 cflys jifsf] cGTodf cdfKt hf]lvd afkt Jojyf M aLdf cjlw dfKtL afktbfjL eQmfgL ug gkg] lsldsf] aLdfsf] cdfKt hf]lvd afkt lgb]zg ( adf]lhdJojyf uL cfPsf] sd o zLifsdf hgfpg kg]5
18 hLjg aLdf sf]ifdividegfkmf gf]Sfg lxfadf f]sf] artdivide-gf]Sfg_ M -_ aLdf cjlwdfKtL afkt bfjL eQmfgL ug kg] lsldsf] aLdfsf] cfo Joo lxfaaf6 art -surplus_ ePsf] cjyfdf o zLifsnfO aelighLjg aLdf sf]ifdf f]sf] artAElig sfoduL Totf] art sdnfO o zLifsdf hgfpg kg]5
-_ aLdf cjlw dfKtL afkt bfjL eQmfgL ug kg] lsldsf] aLdfsf] cfo Joolxfaaf6 gf]Sfg ePsf] cjyfdf o zLifsnfO aeliggfkmf gf]Sfg lxfadff]sf] gf]SfgAElig sfod uL Totf] gf]Sfg sdnfO o zLifsdf C0ffTdskdf hgfpg kg]5
-_ aLdf cjlw dfKtL afkt bfjL eQmfgL ug gkg] lsldsf] aLdfsf] cfo Joolxfasf] nflu o zLifsnfO aelighLjg aLdf sf]ifdf f]sf] sdAElig aeliggfkmfgf]Sfg lxfadf f]sf] artdivide-gf]Sfg_AElig uL bOj6f zLifs sfod uL aelighLjgaLdf sf]ifdf f]sf] sdAElig zLifsdf lgb]zgndash adf]lhdsf] sd hgfO afFsLsdnfO aeliggfkmf gf]Sfg lxfadf f]sf] artdivide-gf]Sfg_AElig zLifsdf hgfpgkg]5 tf]lsP adf]lhd hLjg aLdf sf]ifdf f]sf] sd hgfp+bf gf]Sfg ePdf
40
aeliggfkmf gf]Sfg lxfadf f]sf] artdivide-gf]Sfg_AElig zLifsdf Totf] gf]Sfg ePsf]sdnfO C0ffTds kdf hgfpg kg]5
-v_ gfkmf gf]Sfg lxfa tyf DalGwt cgrLsf zLifsxsf] +lIfKt JofVof M
1 cfo Joo lxfaaf6 f]sf] M aLdf cjlw dfKtL afkt bfjL eQmfgL ug gkg]lsldsf] aLdfxsf] cfo Joo lxfaaf6 aeliggfkmf gf]Sfg lxfadf f]sf] artdivide-gf]Sfg_AElig sdxsf] of]ukmnnfO o zLifsdf hgfpg kg]5
2 hLjg aLdf sf]ifaf6 f]sf] M k|rlnt sfggL Jojyf adf]lhd aLdssf] bfloTjsf]n]vfhf]vf DaGwL aLdfIacuteLsf] k|ltj]bg d]tsf] cfwfdf hLjg aLdf sf]ifaf6 gfkmfgf]Sfg lxfadf fgsf nflu ldltn] jLs[lt k|bfg u]sf] sdnfO o zLifsdfhgfpg kg]5
3 nufgL shf tyf cGoaf6 cfo M lgb]zg adf]lhd afF8kFmf8 uL cfPsf] sdnfOo zLifsdf hgfpg kg]5
4 Jojyf lkmtf M nufgLdf gf]SfgLsf] nflu ulPsf] Jojyf shfdf gf]SfgLsf] nfluulPsf] Jojyf z+sfkb cffdLsf] nflu ulPsf] Jojyf tyf cGosf] nfluulPsf] Jojyf sd cf+lzs jf k0fkn] sfod fVg kg] cjyf gx]df TotfsdxnfO o zLifsdf hgfpg kg]5
5 cGo cfDbfgL M aLdf Aojfo+u f]sf gePsf] kj +rfng cfDbfgL htfcfDbfgLxsf] of]ukmnnfO o zLifsdf hgfpg kg]5
6 Jojyfkg vr M lgb]zg $ adf]lhd afF8kmFf8 uL cfPsf] sdnfO o zLifsdfhgfpg kg]5
7 ckn]vg vr M k|flDes vrx kj +rfng vrx k flPsf vrx nufgLshf cffdL tyf cGo ckn]vg ulPsf] vrnfO o zLifsdf hgfpg kg]5 t+yfks +rfns tyf pRr Jojyfks jf lghx+u DalGwt JolQmdivide+yfDaGwL cffdL ckn]vg ug kfOg] 5g
8 cGo vrx M k|rlnt sfgg adf]lhd aLdf ldlt tyf cGo lgsfon] aLdsnfOtf]s]sf] b08 hljfgf aLdsn] pkof]u u]sf] ]jfsf] aemfpg kg] zNs dodfgaemfP afkt ltg kg] ljnDa zNs hljfgf nufotsf vrx o zLifsdfhgfpg kg]5
9 gf]SfgLsf] nflu Jojyf M nufgLdf gf]SfgLsf] nflu Jojyf shfdf gf]SfgLsf]nflu Jojyf z+sfkb cffdL Jojyf tyf cGo JojyfnfO o zLifsdf hgfpgkg]5
10 cfos M aLdssf] cfos bfloTjnfO lgb]zg adf]lhd afF8kmFf8 uL cfPsf]sdnfO o zLifsdf hgfpg kg]5
11 hLjg aLdf sf]ifdf f]sf] M aLdssf] bfloTjsf] n]vf hf]vf uL aLdfIacuteLn] lbPsf]dNofIacuteg k|ltj]bg d]tsf] cfwfdf ldltn] lbPsf] cfb]zdividelgb]zg adf]lhd hLjg
41
aLdf sf]ifdf f]sf] sdnfO o zLifsdf b]vfpg kg]5 oL hLjg aLdf sf]ifdff]sf] sd gfkmf gf]Sfg lxfadf lkmtf ug kfOg] 5g
12 cl3Nnf jif+u DalGwt vr M cl3Nnf jif-x_sf] cfosdf nfu]sf]b08dividehljfgfdivideljnDa zNs tyf cl3Nnf jifxdf n]vfIacuteg ug 56]sf vrxnufotsf cl3Nnf jif+u DalGwt vrnfO o zLifsdf hgfpg kg]5
-u_ jfnft tyf DalGwt cgrLsf zLifsxsf] +lIfKt JofVof M
1 rQmf kFhL M eQmfgL k|fKt ePsf] fwf0f z]o ckljtgLo cu|flws z]o tyfkljtgLo cu|flwsf z]o afktsf] sdsf] of]ukmnnfO o zLifsdf hgfpg kg]5
2 hu]8f tyf sf]if M aLdsn] hu]8f sfod ug] lnlnfdf gfkmfaf6 afF8kmfF8 ecfPsf jf cGo sg] k|lqmofaf6 gt[hgf ePsf tyf gfkmf gf]Sfg lxfadf afF8kmFf8guL +ro uL flvPsf] sdxnfO o zLifsdf hgfpg kg]5 oL hu]8f k|of]uubf DalGwt hu]8f tyf sf]if lxfadf vr hgfpg kg]5
-s_ kFhLut hu]8f M rQmf gePsf] z]osf] afFsL sd dfu ubf eQmfgL gu]sf]sf0fn] pQm z]onfO hkmt uL k|fKt xg cfPsf] sd kFhLut cgbfg afktk|fKt xg cfPsf] lhGL tyf gub sd tyf aLdssf] kFhL j[l4 ug] p2]Zon]gfkmfaf6 flPsf] sdnfO o zLifsdf hgfpg kg]5
-v_ z]o lk|ldod M aLdsn] cfˆgf] z]o hfL ubf z]osf] clIacutet dNo eGbf a9Lbn] hfL u]sf] x]5 eg] pQm al9 sd hlt o zLifsdf hgfpg kg]5 ozLifsdf hgfOPsf] sd nfef+z ljt0f k|of]hgsf] nflu of]Uo dflgg] 5g
-u_ k|tfljt af]gz z]o M aLdsn] k|tfj uL fwf0f efn] kflt u]sf] t hfLuL gs]sf] af]gz z]onfO o zLifsdf hgfpg kg]5
-3_ ljz]if hu]8f M aLdf ldltsf] lgb]zg adf]lhd sg cGo hu]8f sf]if v8f ugkbf Totf] sdnfO o zLifsdf hgfpg kg]5
-ordf_ cGo hu]8f M aLdsn] cGo k|of]hgsf] nflu v8f u]sf] hu]8fnfO o zLifsdfhgfpg kg]5
-r_ gfkmf gf]Sfg lxfaaf6 f]sf] M aLdssf] gfkmf gf]Sfg lxfaaf6 jfnftdff]sf] gfkmf sdnfO o zLifsdf hgfpg kg]5
3 hLjg aLdf sf]if M lgb]zg adf]lhd fVg kg] hLjg aLdfsf]ifxsf] of]ukmnnfOo zLifsdf hgfpg kg]5
4 dxfndashljkQL hu]8f M 7nf] kldf0fdf aLdf bfjL pTkGg xg Sg] dxfndashljkQL -catastrophy_ sf] cjyfdf aLdssf] ljQLo Ifdtfdf kg Sg] k|ltsn c sd ug]p2]Zon] gfkmfaf6 flPsf] sdnfO o zLifsdf hgfpg kg]5 o zLifsdfhgfOPsf] sd nfef+z ljt0f k|of]hgsf] nflu of]Uo dflgg] 5g
5 ltg afFsL bL3sflng C0f tyf fk6L M jfnftsf] ldltdf eQmfgL ug afFsLbL3sflng fk6LnfO o zLifsdf hgfpg kg]5
42
6 ly DkQL -vb_ MyfoL k|s[ltsf DkQLxsf] sn dNodf Xf ssectf uL afFsL x]sf]sdnfO o zLifsdf hgfpg kg]5
7 bL3sflng nufgL M aLdsn] lgb]zg ^ adf]lhd u]sf] bL3sflng nufgLnfO ozLifsdf hgfpg kg]5
kli6s0f M = jfnftsf] ldltaf6 Ps jif eGbf al9 cjwL kl5 eQmfgLk|fKt xg] sfL sfsf] hdfgt k|fKt ]Sol6Ld2tL lgIf]k gfuls nufgL of]hgf z]o a+s tyfljQLo +yfsf] cu|flwsf z]odividel8j]Gr tyf cGo f]xLk|s[ltsf nufgLxnfO bL3sflng nufgL Demg k5
= aLdsn] klAns sDkgLsf] z]odf nufgL u] afkt k|fKtxg] af]gz z]onfO z]o +Vofdf dfq b]vfO kn df]ndfsg kljtg ug x+bg
amp=s cNksflng nufgL M aLdsn] lgb]zg ^ adf]lhd u]sf] cNksflng nufgLnfO ozLifsdf hgfpg kg]5
kli6s0f M jfnftsf] ldltaf6 Ps jif leq eQmfgL k|fKt xg] sfL sfsf] hdfgt k|fKt ]Sol6L d2tL lgIf]k gfulsnufgL of]hgf a+s tyf ljQLo +yfsf] cu|flwsfz]odividel8j]Gr tyf cGo f]xL k|s[ltsf nufgLxnfOcNksflng nufgL Demg k5
8 aLdfn]vsf] lwtf]df shf M aLdsn] lgb]zg amp adf]lhd k|To]s lsldsf] aLdfsf]aLdfn]vsf] lwtf]df k|bfg u]sf] shfsf] of]ukmnnfO o zLifsdf hgfpg kg]5
9 gub tyf a+s dfHbft M -_ aLds+u x]sf] sn gub dfHbft sd tyf aLdssf]a+sdivideljQLo +yfsf] Aofh k|fKt gxg] vftfdf x]sf] sn sdnfO o zLifsdfhgfpg kg]5
10 cGo bL3sflng shf M lgb]zg amp adf]lhd n]vfIacuteg ulPsf] clestfnfO k|bfgulPsf] bL3sflng shf sdrfLnfO k|bfg ulPsf] bL3sflng shf tyf cGobL3sflng shfsf] of]ukmnnfO o zLifsdf hgfpg kg]5
kli6s0f M jfnftsf] ldltaf6 Ps jif eGbf al9 cjwL kl5 eQmfgLk|fKt xg] clestfnfO k|bfg ulPsf] shf sdrfLnfO k|bfgulPsf] shf tyf cGo f]xL k|s[tLsf shfxnfO bL3sflngshf Demg k5
)s= cGo cNksflng shf M lgb]zg amp adf]lhd n]vfIacuteg ulPsf] clestfnfO k|bfgulPsf] cNksflng shf sdrfLnfO k|bfg ulPsf] cNksflng shf tyf cGocNksflng shfsf] of]ukmnnfO o zLifsdf hgfpg kg]5
kli6s0f M jfnftsf] ldltaf6 Ps jif leq eQmfgL k|fKtxg] clestfnfO k|bfg ulPsf] shf sdrfLnfO k|bfgulPsf] shf tyf cGo f]xL k|s[tLsf shfxnfOcNksflng shf Demg k5
43
11 cGo DkQL M -_ o lgb]zg adf]lhd n]vfIacuteg ulPsf] aLdssf] nufgLaf6 k|fKt xgafFsL cfo aLdfn]vsf] lwtf]df shfaf6 k|fKt xg afFsL Aofh cGo shfaf6 k|fKt xgafFsL Aofh cGo aLdsaf6 k|fKt xg afFsL kgaLdsaf6 k|fKt xg aFfsL ljljwcffdL clu|d eQmfgL sdrfL k]ZsL cGo k]ZsL wf6L tyf cGosf] of]ukmnnfOo zLifsdf hgfpg kg]5
-_ cGo DkQLsf] ljj0f kllzi6 sf] cgrL $ adf]lhd xg kg]5
-_ cn xg afFsL aLdfzNs eP f]sf] of]ukmn kllzi6 sf] cgrL $ dfb]vfpg kg]5 f] cn xg afFsL aLdfzNs afasf] dNtjL -Suspense_ b]vfOvb k|efj (Net effect) zGo agfpg kg]5
12 rfn bfloTj M clestfnfO lbg afFsL cGo aLdsnfO lbg afFsL kgaLdsnfO lbgafFsL aLdfzNs wf6L k0f ljj0f gvn]sf] aLdfzNs ljljw fx xfosdividexf]lN8EumlsDkgLnfO lbg afFsL gtf]tdf ssectf ulPsf] s ltg afFsL cfos ltg afFsL]jfzNs ltg afFsL sdrfLnfO ltg afFsL +rfnsnfO ltg afFsL tyf cGo ltgafFsL sdxsf] of]ukmnnfO o zLifsdf hgfpg kg]5
13 cdfKt hf]lvd jfkt Jojyf M lgb]zg ( adf]lhdsf] cdfKt hf]lvd Jojyfsf]of]ukmnnfO o zLifsdf hgfpg kg]5
14 eQmfgL xg afFsL bfjL jfkt Jojyf M k|To]s lsldsf] aLdfsf] eQmfgL xg afFsLbfjLsf] nflu ulPsf] Jojyfsf] of]ukmnnfO o zLifsdf hgfpg kg]5
15 ckn]vg jf dfof]hg xg afFsL ljljw vrx M ckn]vg ug afFsL k|flDes vrckn]vg ug afFsL kj +rfng vr ckn]vg ug afFsL yug ulPsf vr tyfcGo ckn]vg jf dfof]hg gePsf vrxsf] of]ukmnnfO o zLifsdf hgfpgkg]5
-3_ k|dv rsfIacutexdf +nUg zLifsxsf] +lIfKt JofVof
1 g]6 jy = rQmf kFhL plusmn hu]8f tyf sf]if plusmn dxf ljkQL hu]8f ndashckn]vg jfdfof]hg xg afFsL ljljw vrx ndash gfkmf gf]Sfg lxfaaf6 f]sf] gf]Sfg
2 k|lt z]o lstfaL dNo = g]6 jydividefwf0f z]o +Vof
3 k|lt z]o cfo = vb gfkmfdividefwf0f z]o +Vof
4 dNo cfDbfgL cgkft = k|lt z]o ahf dNodividek|lt z]o cfo
5 sn DklQ = ly DklQ plusmn nufgL plusmn aLdfn]vsf] lwtf]df shf plusmn rfnDklQ shf tyf k]ZsLx
![Page 16: hLjg aLdf Joj;fo ug]{ aLdssf] ljQLo ljj/0f ;DaGwL lgb]{zg](https://reader033.vdocuments.site/reader033/viewer/2022053020/6291631db7b57c39db6663d6/html5/thumbnails/16.jpg)
16
^ ljQLo ljj0fsf] cleGg c+usf] kdf xg] cgrLx
cgrLndash
-s_ aLdfzNs -vb_
sn aLdfzNs kgaLdf zNs eQmfgL-Ceded_
aLdfzNs -vb_qm=+= aLdfsf]lsld
o jif ut jif o jif ut jif o jif ut jif
hDdf
-v_ sn aLdfzNs
k|ToIf aLdfzNs k|fKt kgaLdf zNs
-accepted_
sn aLdfzNsqm=+= aLdfsf]lsld
o jif ut jif o jif ut jif o jif ut jif
hDdf
-u_ k|ToIf aLdfzNs
k|yd aifsf]aLdfzNs
gjLs0f aLdfzNs Psn aLdfzNs hDdf k|ToIfaLdfzNs
qm=+= aLdfsf]lsld
o aif ut aif o aif ut aif o aif ut aif o aif ut aif
hDdf
17
cgrLndash
nufgL shf tyf cGoaf6 cfoqm=+= ljj0f o aif ut aif1 sfL sfsf] hdfgt k|fKt ]Sol6Laf6 cfo2 jfl0fHo a+ssf] d2tL lgIf]kaf6 cfo3 ljsf a+ssf] d2tL lgIf]kaf6 cfo4 gfuls nufgL of]hgfaf6 cfo5 ljQLo +yfsf] d2tL lgIf]kaf6 cfo6 cfjf ljQ sDkgLsf] fwf0f z]oaf6 nfef+z7 cGo klAns sDkgLsf] fwf0f z]oaf6 nfef+z8 a+s tyf ljQLo +yfsf] cu|flwsf z]oaf6 nfef+z9 a+s tyf ljQLo +yfsf] l8j]Graf6 cfo10 cGo -ljj0f vnfpg]_ af6 cfo11 shfaf6 cfo12 cGo lgIf]kaf6 -d2tL afx]s_ cfo13 nufgL laqmLdf gfkmf
Gog nufgL laqmLdf gf]Sfg14 nufgL -vLb_ df gfkmf
Gog nufgL -vLb_ df gf]Sfg15 ly DkQL laqmLaf6 gfkmf
Gog ly DkQL laqmLaf6 gf]Sfg16 vftf ckn]vg17 cl3Nnf jif+u DalGwt cfo18 cGo cfo
hDdfnufgL shf tyf cGoaf6 cfosf] afF8kmfF8
gfkmf gf]Sfg lxfadf f]sf]============ sf] cfo Joo lxfadf f]sf]============ sf] cfo Joo lxfadf f]sf]
hDdfcgrLndash
aLdfn]vsf] lwtf]df shf cfo
aLdfn]vsf] lwtf]df shf aLdfn]vsf] lwtf]df shfaf6 cfoqm=+= aLdfsf] lsld
o aif ut aif o aif ut aif
============= aLdf
============= aLdf
============= aLdf
18
cgrL ndash $bfjL eQmfgL
d[To bfjLeQmfgL
cjlw dfKtLbfjL eQmfgL
cf+lzs cjlwdfKtL bfjL
eQmfgL
dk0f dNo bfjLeQmfgL
cGo bfjLeQmfgL
sn bfjL eQmfgL sn bfjLeQmfgLdfkgaLdssf]
lxf
bfjL eQmfgL-vb_
qm=+= aLdfsf]lsld
o jif ut jif o jif ut jif o jif ut jif o jif ut jif o jif ut jif o jif ut jif o jif ut jif o jif ut jif
===
===
hDdf
19
cgrLndash
clestf sldzg
k|yd aifsf]aLdfzNsdf
clestf sldzg
gjLs0f aLdfzNsdfclestf sldzg
Psn aLdfzNsdfclestf sldzg
hDdf clestfsldzg
qm=+= aLdfsf]lsld
o jif ut jif o jif ut jif o jif ut jif o jif ut jif
hDdf
cgrLndash^
]jf zNs -vb_
sn ]jf zNs sn ]jf zNsdfkgaLdssf] lxf
]jf zNs -vb_qm=+= aLdfsf] lsld
o jif ut jif o jif ut jif o jif ut jif
========aLdf
========aLdf
hDdf
cgrLndash amp
Jojyfkg vr
qm=+= ljj0f o aif ut aif1 sdrfL vr -cgrL amp= adf]lhd_2 3 ef8f3 lahnL tyf kfgL4 ddt tyf Def
-s_ ejg-v_ jfL fwg-u_ sfofno pks0f-3_ cGo
5 +rf6 5kfO tyf dnGb7 vr xg] sfofno fdfg8 kljxg9 e|d0f vr -eQf d]t_
-s_ cfGtls-v_ jb]lzs
10 clestf tflnd11 clestf cGo12 aLdfzNs13 Iff vr14 sfggL tyf kfdz zNs15 kq klqsf tyf kts
20
16 lj1fkg tyf k|rf k|f17 Jofkf k|j4g18 cltyL Tsf19 rGbf tyf pkxf20 +rfns ldlt DaGwL vr
-s_ a7s eQf-v_ cGo
21 cGo ldltdividepkndashldlt DaGwL vr-s_ a7s eQf-v_ cGo
22 fwf0f ef DaGwL vr
23-s_ aLdfIacuteLo ]jf zNs-v_ aLdfIacuteLo vr
24 n]vf kLIf0f DaGwL vr-s_ n]vf kLIf0f zNs-v_ s n]vf kLIf0f zNs-u_ ljt[t n]vf kLIf0f k|ltj]bg zNs-3_ cGo zNs-ordf_ cfGtls n]vf kLIf0f vr-r_ cGo vr
25 Aofh26 as rfh27 zNs tyf bt28 Xf ssectL29 xnfs l6s630 cGo
afF8 kmfF8sf] nflu hDdfgfkmf gf]Sfg lxfadf f]sf]================aLdfsf] cfo Joo lxfadf f]sf]================aLdfsf] cfo Joo lxfadf f]sf]
hDdfcgrL amp=
sdrfL vr
qm=+= ljj0f o aif ut aif= tna= eQf= bz+ vr$= ~rosf]ifdf yk= tflnd vr^= kf]zfsamp= cfifwf]krf= aLdf(= k]Gg tyf pkbfg vr tyf Jojyf)= ljbf afktsf] vr tyf Jojyf= cGo ljwf afkt vr tyf Jojyf -ljj0f vnfpg]_ cGo -ljj0f vnfpg]_
hDdf M
21
cgrLndash
cfos
qm=+= ljj0f o aif ut aif
= o aifsf] cfos
= cl3Nnf aifxsf] cfos
= afF8kmfF8sf] nflu cfossf] hDdf
afF8kmfF8
gfkmf gf]Sfg lxfadf f]sf]
==============aLdfsf] cfo Joo lxfadf f]sf]
==============aLdfsf] cfo Joo lxfadf f]sf]
hDdf
22
cgrL ndash (
cflys jifsf] cGTodf eQmfgL xg afFsL bfjL afkt Jojyf
eQmfgL xgafFsL d[To bfjL
eQmfgL xgafFsL cjlwdfKtL bfjL
eQmfgL xgafFsL cf+lzscjlw dfKtL
bfjL
eQmfgL xgafFsL dk0fdNo bfjL
eQmfgL xgafFsL cGo
bfjL
[hgf ePsf]t hfgsfLdfgcfPsf] bfjL
-cgdflgt_
eQmfgL xgafFsL hDdf
bfjL
eQmfgL xgafFsL hDdf
bfjLdfkgaLdssf]
lxf
eQmfgL xgafFsL bfjL
afkt Jojyf
qm=+= aLdfsf] lsld
ojif
ut jif ojif
utjif
ojif
utjif
ojif
utjif
ojif
utjif
ojif
utjif
ojif
utjif
ojif
utjif
ojif
utjif
=
=
=
$=
hDdf M
23
cgrLndash)
cfo Joo lxfaxaf6 gfkmf gf]Sfg lxfadf f]sf] sd
qm=+= ljj0f o aif ut aif
= ==================== sf] cfo Joo lxfaaf6 f]sf]
= ==================== sf] cfo Joo lxfaaf6 f]sf]
=
$=
hDdf
cgrLndash
hLjg aLdf sf]if
dfof]hg cuf8Lsf]hLjg aLdf sf]if-jifsf] zdf_
cfo Joolxfaaf6 f]sf]
gfkmf gf]Sfglxfaaf6 f]sf]
dfof]hg cuf8Lsf]hLjg aLdfsf]if-jifsf] cGTodf_
qm=+= aLdfsf]lsld
o jif ut jif o jif ut jif o jif ut jif o jif ut jif
=
=
=
$=
hDdf M
hLjg aLdf sf]ifdf dfof]hg
dfof]hgcuf8Lsf]
hLjg aLdfsf]if
-jifsf]cGTodf_
gfkmfgf]Sfglxfadff]sf]
aLdfn]vcGtutbfloTj
af]gsf]nflu
Jojyf
f]Ne]GLdflhgsf]nflu
Jojyf
afF8kmfF8gulPsf]sd
jifsf]cGTodfhLjg
aLdf sf]if
qm=+= aLdfsf]lsld
oaif
utaif
oaif
utaif
oaif
utaif
oaif
utaif
oaif
utaif
oaif
utaif
oaif
utaif
=
=
=
hDdf M
24
cgrLndash
Jojyf lkmtfqm=+= ljj0f o aif ut aif= nufgLdf gf]SfgLsf] nflu Jojyf lkmtf= shfdf gf]SfgLsf] nflu Jojyf lkmtf= z+sfkb cffdL Jojyf lkmtf$ cGo Jojyf lkmtf
hDdf
cgrLndash
ckn]vg vrx
qm=+= ljj0f o aif ut aif1 k|flDes vrx2 kj +rfng vrx3 k flPsf vrx4 ckn]vg ulPsf] nufgL5 ckn]vg ulPsf] shf6 ckn]vg ulPsf] cffdL7 cGo ckn]vg
hDdf
cgrLndash$
cGo vrx
qm=+= ljj0f o aif ut aif
1 b08 hljfgf
2 ljnDa zNs hljfgf
3 cGo -ljj0f vnfpg]_
hDdf
cgrLndash
gf]SfgLsf] nflu Jojyfqm=+= ljj0f o aif ut aif= nufgLdf gf]SfgLsf] nflu Jojyf= shfdf gf]SfgLsf] nflu Jojyf= z+sfkb cffdL Jojyf$ cGo Jojyf
hDdf
25
cgrLndash^
-s_ z]o kFhL
qm=+= ljj0f o aif ut aifclws[t kFhLs_ ================= bsf] ======== yfg fwf0f z]ov_ ============ bsf] ====yfg ckljtgLo cu|flwsfz]o
=
u_ ========== bsf] ====== yfg kljtgLo cu|flwsfz]ohfL kFhLs_ ================= bsf] ======== yfg fwf0f z]ov_ ============ bsf] ====yfg ckljtgLo cu|flwsfz]o
=
u_ ========== bsf] ====== yfg kljtgLo cu|flwsfz]orQmf kFhLs_ ================= bsf] ======== yfg fwf0f z]oGog eQmfgL k|fKt xg afFsL ==== bsf] ===yfg fwf0fz]ov_ ============ bsf] ====yfg ckljtgLo cu|flwsfz]o
=
u_ ========== bsf] ====== yfg kljtgLo cu|flwsfz]o
hDdf-v_ z]o jfldTjsf] +rgf
o aif ut aifz]owgL
fwf0f z]o+Vof
jfldTjsf] Uuml fwf0fz]o +Vof
jfldTjsf] Uuml
g]kfnL +ul7t +yfx
g]kfnL gfuls
ljb]zL+y
fks
hDdf
jfwf0f
cGo -ljj0f vnfpg]_
sn
-u_ Ps k|ltzt jf a9L z]o jfldTj ePsf z]owgLxsf] ljj0f
o aif ut aifqm=+= ljj0f
jfldTjsf] Uuml sd jfldTjsf] Uuml sd
=
=
=
26
cgrLndashamp
hu]8f tyf sf]if
qm=+= ljj0f o aif ut aif
1 kFhLut hu]8f
2 ljz]if hu]8f
3 cGo hu]8f -ljj0f vnfpg]_
4 z]o lk|ldod
5 k|tfljt af]gz z]o
6 Gffkmf gf]Sfg lxfaaf6 f]sf] gfkmf
hDdf
cgrLndash
dxfndashljklQ hu]8fjifsf] zdf dxfndashljklQ hu]8f gfkmf gf]Sfg lxfaaf6 f]sf] jifsf] cGTodf dxfndashljklQ
hu]8fo jif ut jif o jif ut jif o jif ut jif
cgrLndash(
ltg afFsL bL3sflng C0f tyf fk6L
qm=+= ljj0f o aif ut aif
l8j]Gr divide a08
a+s
ljQLo +yf
$ cGo -ljj0f vnfpg]_
hDdf
27
cgrLndash)
ly DklQ
ljj0f kn df]n Xf ssectL vb df]n
zdfHbft
ojif
yk]sf]
ojif
36]sf]
hDdf utjifDd
ojif
laqmLdivide
dfof]hg
hDdf ojifDdsf]
UftjifDdsf]
lk|m xf]N8hldg
ejg
kmlgrtyf
lkmSr
sfofnofdfg
sDKo6tyfrgfk|ljwLpks0f
cb[ZoDklQ-ljj0fvnfpg]_
jfLfwg
lnh xf]N8DklQ
cGo-k|s[ltvnfpg]_
hDdf
lgdf0fflwgkFhLutvr
sn
ut jif
28
cgrLndash
nufgL
qm=+= ljj0f o aif ut aif-s_ bL3sflng nufgL M sfL sfsf] hdfgt k|fKt ]Sol6L jfl0fHo a+ssf] d2tL lgIf]k ljsf a+ssf] d2tL lgIf]k$ gfuls nufgL of]hgf ljQLo +yfsf] d2tL lgIf]k^ cfjf ljQ sDkgLsf] fwf0f z]o -cgrL = adf]lhd_amp cGo sDkgLsf] fwf0f z]o -cgrL = adf]lhd_ a+s tyf ljQLo +yfsf] cu|flwsf z]odividel8j]Gr( cGo -ljj0f vnfpg]_
hDdf M-v_ cNksflng nufgL M sfL sfsf] hdfgt k|fKt ]Sol6L jfl0fHo a+ssf] d2tL lgIf]k ljsf a+ssf] d2tL lgIf]k$ gfuls nufgL of]hgf ljQLo +yfsf] d2tL lgIf]k^ a+s tyf ljQLo +yfsf] cu|flwsf z]odividel8j]Gramp jfl0fHo a+ssf] Aofh k|fKt xg] cGo lgIf]k ljsf a+ssf] Aofh k|fKt xg]] cGo lgIf]k( ljQLo +yfsf] Aofh k|fKt xg] cGo lgIf]k) cGo Aofh k|fKt xg] nufgL -ljj0f vnfpg]_
hDdf McgrLndash=
z]odf nufgL
qm=+= sDkgL vb sd c+lst dNo kn dNo ahf dNo
= ======sDkgLsf]=============yfg====z]o
= ======sDkgLsf]=============yfg=====z]o
= ======sDkgLsf]=============yfg=====z]o
hDdf
gf]6 M = aLdssf] xfos sDkgLdividexf]lN8Euml sDkgL tyf +oQm nufgL ePsf] sDkgLsf] z]odf ePsf]nufgLnfO
5sectfndash5sect vnfpg kg]5
= lgodfgf lrs[t gePsf z]odf ePsf] nufgLnfO 5sect vnfpg kg]5
= +yfks z]o cGo z]odf ePsf] nufgLnfO 5sectf5sect vnfpg kg]5
29
cgrLndash
gub tyf a+s dfHbft
qm=+= ljj0f o aif ut aifgub dfHbft
hDdfa+s dfHbftjfl0fHo a+sxsf] dfHbftljsf a+sxsf] dfHbftljQLo +yfxsf] dfHbft
cGo -ljj0f vnfpg]_hDdfsn
cgrLndash
cGo shf
qm=+= ljj0f o aif ut aif-s_ bL3sflng shf= clestfnfO shf= sdrfLnfO shf= cGo -ljj0f vnfpg]_
hDdf-v_ cNksflng shf= clestfnfO shf= sdrfLnfO shf= cGo -ljj0f vnfpg]_
hDdfcgrLndash$
cGo DklQqm=+= ljj0f o aif ut aif1 nufgLaf6 k|fKt xg afFsL cfo2 aLdfn]vsf] lwtf]df shfaf6 k|fKt xg afFsL Aofh3 cGo -aLdfn]vsf] lwtf]df afx]s_ shfaf6 k|fKt xg afFsL
Aofh4 cGo aLdsaf6 k|fKt xg afFsL5 kgaLdsaf6 k|fKt xg afFsL6 ljljw cffdL7 clu|d eQmfgL8 sdrfL k]ZsL9 cGo k]ZsL10 wf6L11 cn xg afFsL aLdfzNs
Gog M cn xg afFsL aLdfzNs dNtjL -suspense_12 cGo ljj0f vnfpg]
hDdf M
30
cgrLndash
rfn bfloTj
qm=+= ljj0f o aif ut aif1 clestfnfO lbg afFsL2 cGo aLdsnfO lbg afFsL3 kgaLdsnfO lbg afFsL4 cNksflng shf5 aLdfzNs wf6L6 k0f ljj0f gvn]sf] aLdfzNs7 ljljw fx8 xfosdividexf]lN8Euml sDkgLnfO lbg afFsL9 gtf]tdf ssectf ulPsf] s ltg afFsL10 dNo clea[l4 s ltg afFsL11 cfos ltg afFsL12 ]jf zNs ltg afFsL13 sdrfLnfO lbg afFsL14 +rfnsnfO lbg afFsL15 eQmfgL lbg afFsL nfef+z -l8le8]08_16 cGo -ljj0f vnfpg]_
hDdf
cgrLndash^
cdfKt hf]lvd Jojyfqm=+= ljj0f o aif ut aif= ===========aLdfsf] cdfKt hf]lvd hu]8f= ===========aLdfsf] cdfKt hf]lvd hu]8f= ===========aLdfsf] cdfKt hf]lvd hu]8f
===========aLdfsf] cdfKt hf]lvd hu]8f
hDdf
31
cgrL ^scGo Aojyf
aifsf] zdf Aojyfrfn cf=a=df yk ulPsf]
Aojyfrfn cf=a=df ckn]vg
ulPsf] Aojyfrfn cf=a=df lkmtfulPsf] Aojyf
aifsf] cGtdf sfodx]sf] Aojyf
qm=+=
ljj0fo jif ut jif o jif ut jif o jif ut jif o jif ut jif o jif ut jif
nfef+z -l8le8]08_ sf] nflu Aojyf
nufgLdf gf]SfgLsf] nflu Aojyf
shfdf gf]SfgLsf] nflu Aojyf
$ z+sfZkb cffdLsf] nflu Aojyf
cGo gf]SfgLsf] nflu Aojyf
^ sdrfL DaGwL Aojyf-s_ k]Gg tyf pkbfg Aojyf-v_ ljbf jfkt Aojyf-u_ cfjf tyf cGo ljwf Aojyf-3_ sdrfL af]g Aojyf-ordf_ cGo
amp cGo Aojyf -ljj0f vnfpg]_
hDdf
32
cgrLndashamp
ckn]vgdividedfof]hg xg afFsL ljljw vrxqm=+= ljj0f o aif ut aif1 ckn]vg ug afFsL k|flDes vr2 ckn]vg ug afFsL kj +rfng vr3 ckn]vg ug afFsL yug ulPsf vr4 cGo -ljj0f vnfpg]_
hDdf
cgrL ndash
ljQLo ljj0f+u DalGwt k|dv n]vf gLltx
n]vf DaGwL gLltdf vnfpg kg] aFbfx M aLdsn] n]vf DaGwL gLltdf b]xfosf aFbfxvnfpg kg]5
1 ljQLo ljj0f tofLsf cfwfx M sg sg cjwf0ff -concept_ tyf n]vfdfgx sfgg tyf aLdf ldltsf lgb]zgxsf] clwgdf xL ljQLo ljj0f tof ulPsf] xf]f]sf] Joxf]f
ljQLo ljj0f tof ubf sg sfgg aLdf ldltsf] lgb]zg jf n]vfdfg kfngf gePsf]eP f]sf] sf0f lxt Joxf]f
2 ly DklQ n]vfIacuteg gLlt M ly DklQ n]vfIacuteg ubf cjnDag ulPsf] gLlt
3 Xf ssectL gLlt M aLdssf] +rfns ldltaf6 kflt uL nfu ulPsf] Xf ssectL gLlt
4 kFhLs[t gulg] DklQx DaGwL n]vfIacuteg gLlt M aLdssf] +rfns ldltn] sg lglZrtdf]nDd kg] pks0f fdfgx kFhLs[t gug] gLlt lnPsf] 5 eg] f]sf] Joxf]f
5 cfos Jojyf tyf afF8kmFf8 gLlt M cfos Jojyf DaGwdf aLdsn] cjnDag u]sf]gLlt aLdsn] gfkmf gf]Sfg lxfa tyf cfo Joo lxfadf Totf] Jojyf sdafF8kmFf8 ubf cjnDag u]sf] gLlt
6 nufgL n]vfIacuteg gLlt M nufgL n]vfIacutegsf] DaGwdf aLdsn] cjnDag u]sf] gLltxnfOb]xfosf zLifsx cGtut vnfpg kg]5
-s_ sfL artkqdivideC0fkqdf nufgL n]vfIacuteg gLlt
-v_ a+sdivideljQLo +yfsf] d2tL lgIf]kdf nufgL n]vfIacuteg gLlt
-u_ klAns lnld6]8 sDkgLsf] z]odf nufgL n]vfIacuteg gLlt
-3_ klAns lnld6]8 sDkgLn] hfL u]sf] C0fkqxdf nufgL n]vfIacuteg gLlt
7 6xL 36a9 dfof]hg gLlt M ljb]zL db|f+u DalGwt DklQ bfloTj tyf 6xL36a9 cfDbfgL tyf vrxsf] n]vfIacuteg gLlt
8 aLdfzNs cfDbfgL n]vfIacuteg gLlt M aLdsn] aLdfzNs cfDbfgL n]vfIacuteg ubf cjnDagu]sf] gLlt
33
9 kgaLdf sldzg cfDbfgL n]vfIacuteg gLlt M aLdsn] kgaLdf u] afkt k|fKt ug] sldzgsf]n]vfIacuteg ubf cjnDag u]sf] gLlt
10 cGo cfo n]vfIacuteg tyf afF8kmFf8 gLlt M aLdsn] ef8f -Rent_ tyf cGo zLifsaf6 ePsf]cfo n]vfIacuteg tyf afF8kmFf8 ubf cjnDag u]sf] gLlt
11 shf n]vfIacuteg gLlt M aLdsn] aLdfn]vsf] lwtf]df k|bfg u]sf] shf tyf cGo shfn]vfIacuteg ubf cjnDag u]sf] gLlt
12 Jojyfkg vr afF8kmFf8 gLlt M aLdsn] gfkmf gf]Sfg lxfa tyf cfo Joo lxfaxdfJojyfkg vr afF8kmFf8 ubf cjnDag u]sf] gLlt
13 aLdf bfjL eQmfgL vr n]vfIacuteg gLlt M aLdsn] aLdf bfjL eQmfgL vr n]vfIacuteg ubfcjnDag u]sf] gLlt
14 aLdf bfjL afkt bfloTj Jojyf n]vfIacuteg gLlt M -s_ gt[hgf ePsf] t hfgsfLdfgcfPsf] -IBNR_ aLdf bfjL afkt bfloTj Jojyf n]vfIacuteg ubf aLdsn] cjnDagu]sf] gLlt
-v_ aLdsn] aLdf bfjL bfloTj afkt Jojyf ubf cjnDag u]sf] gLlt
15 aLdf Jojfodf art afF8kmFf8 gLlt M aLdsn] gfkmf gf]Sfg lxfa tyf cfo Joolxfaxdf art afF8kmFf8 ubf cjnDag u]sf] gLlt
16 sdrfL pkbfg ljbf tyf cGo ljwf afkt Jojyf gLlt M aLdsn] sdrfL pkbfgljbf tyf cGo ljwf afkt Jojyf ubf cjnDag u]sf] n]vfIacuteg gLlt
17 z+sfkb cffdL Jojyf gLlt M aLdsn] z+sfkb cffdL Jojyf ubf cjnDag u]sf]gLlt
18 ckn]vg vr n]vfIacuteg gLlt M aLdsn] cjnDag u]sf] ckn]vg vr DaGwL gLlt
19 cGo gLltx M plNnlvt gLltx afx]s jfnft gfkmf gf]Sfg lxfa cfo Joo lxfanufotsf ljQLo ljj0fnfO apermilg ljZn]if0f ug 3fp kUg] uL cGo sg] n]vf gLltsf]hfgsfL lbg cfjZos b]lvPdf f] Joxf]f
34
cgrLndash(
ljQLo ljj0f+u DalGwt n]vf DaGwL l6Kk0fLx
n]vf DaGwL l6Kk0fLdf vnfpg kg] aFbfx M aLdsn] n]vf DaGwL l6Kk0fLdf b]xfosf aFbfxvnfpg kg]5
= Defljt bfloTjx M
c_ rQmf jf eQmfgL xg afFsL nufgL
cf_ k|Tofelt k|lta4tf -underwriting commitments_
O_ aLdfn]v cGtut eGbf afx]saf6 aLds pk bfjL k]sf] t aLdsn] bfloTj jLsfgu]sf]
O_ aLdsn] jf aLdssf] tkmaf6 lbOPsf] Uof]06L
p_ cGo bfloTj -ljj0f vnfpg]_
= aLdfIacuteLn] aLdssf] bfloTj dNofIacuteg ubf cjnDag u]sf] cfwfx
= aLdssf] DklQdf cfPsf] Lldttf tyf ljjfbx
$= shf nufgL tyf ly DklQsf] nflu ulPsf] k|lta4tf
= nufgL+u DalGwt b]xfosf vLb laqmL Demftfxsf] dNo M
c_ vLb ulPsf] DklQsf] jfldTj k|fKt gePsf]
cf_ laqmL ulPsf] DklQsf] eQmfgL k|fKt gePsf]
^= o jifeL ulPsf] nufgL tyf laqmLdividelkmtf lnPsf] nufgLsf] DaGwdf +yf ldltkldf0f sd d]t vn]sf] ljj0f
amp= a+s dfHbft lxfa DaGwdf DalGwt a+sdivideljQLo +yfsf] 6]6d]06 lxtsf] lxfaldnfg DaGwL Joxf]f
= aLdsdividekgaLds+u lng lbg afFsL lxfa DaGwdf DalGwt aLdsdividekgaLdssf]dyg lxtsf] lxfa ldnfg DaGwL Joxf]f
gf]6 Mndash bnfn (Broker) dfkmt ePsf] kgaLdfsf] xsdf fdfGot DalGwt bnfnn]kgaLdssf] tkmaf6 dyg lbg Sg]5
(= aLdsn] u]sf] nufgL k|rlnt aLdf P]g lgodfjnL tyf aLdf ldltaf6 tf]lsP adf]lhdx] gx]sf]
)= aLdssf] +rfns jf +rfns+u DalGwt JolQm jf +yf+u ePsf] sff]af
= aLdsn] cfˆgf] DklQsf] If0fdf lnPsf] C0fsf] lwtf] zt tyf cflrTo
= aLdsn] s rQmf k|df0fkq k|fKt u]sf] cf=j=tyf Totf] rQmf k|df0fkq k|fKt xg afFsLcf=j= f] DaGwL ljj0fsf fy] cl3Nnf] cf=j=xsf] s hljfgf Aofh afkt bfjLk]sf] o cf=j=df eQmfgL ePsf] sd
= lkmtf u]sf] aLdfzNssf] kldf0f sf0f
35
$=aLdsn] aLldtnfO k|bfg ug] 3f]lift tyf cGtld af]gsf] b
=l9nf] aLdfzNs eQmfgLdf lanDa zNsdivideAofhsf] b tyf aLdfn]vsf] lwtf]df k|bfg ulg]shfdf Aofhsf] b
^=ckn]vg xg afFsL vrsf] ljj0f
amp=rQmf kFhL dWo] clu|d eQmfgL k|fKt -Paid in advance_ eQmfgL k|fKt xg afFsL -Call inarrears_ hkmt ulPsf t kgM lgisfzg gulPsf z]osf] ljj0f
=lnh xf]N8 DklQdf ut jifDd o jif vr (Amortization) n]lvPsf] sdsf]ljj0f
(= jifeldf ePsf] jfnft aflxsf] sff]afsf] ljj0f
)= cl3Nnf aifx+u DalGwt cfDbfgL tyf vrxsf] 5sectf5sect ljj0f
=plNnlvt aFbfx afx]s jfnft gfkmf gf]Sfg lxfa cfo Joo lxfa nufotsfljQLo ljj0fxnfO apermilg ljZn]if0f ug 3fp kUg] cGo sg hfgsfL lbg cfjZosb]lvPdf cGo Joxf]f d]t vnfpg kg]5
36
cgrL )k|dv rsfIacutex
cf=a=qm=+= ljj0f rsfIacute
g]6 jy = z]o +Vof +Vof k|lt z]o lstfjL dNo =$ vb gfkmf = k|lt z]o cfo (EPS) =^ k|lt z]o nfef+z (DPS) =amp k|lt z]o ahf dNo (MPPS) = dNo cfDbfgL cgkft (PE Ratio) cgkft( k|yd aifsf] aLdfzNs =) sn aLdfzNs = vb aLdfzNsdividesn aLdfzNs k|ltzt vb gfkmfdividesn aLdfzNs k|ltzt sn aLdfzNsdividesn DklQ k|ltzt$ nufgL shfaf6 cfodividesn nufgL shf k|ltzt sn nufgL shfdividehLjg aLdfsf]if k|ltzt^ kgaLdf sldzg cfodividesn kgaLdfzNs k|ltztamp Jojyfkg vrdividesn aLdfzNs k|ltzt aLdf clestf DalGw vrdividesn aLdfzNs k|ltzt( aLdf clestf +Vof +Vof) sdrfL +Vof +Vof sfofnosf] +Vof +Vof sdrfL vrdivideJojyfkg vr k|ltzt sdrfL vrdividesdrfL +Vof =$ eQmfgL xg aFfsL bfjL sddivideeQmfgL ePsf] bfjL
sdk|ltzt
sn sfod x]sf] aLdfn]vsf] +Vof +Vofdf^ o jif gjLs0f ePsf] aLdfn]vsf] +Vofdivideut
jif sfod x]sf] aLdfn]vsf] +Vofk|ltzt
amp bfjL k]sf] aLdfn]vsf] +Vofdividesn sfod x]sf]aLdfn]vsf] +Vof
k|ltzt
f]Ne]GL dflhg k|ltzt( 3f]lift af]g b =
k|ltxhf) cGtld af]g b =
k|ltxhf
37
cgrL ndash
aLdfIacutesf] ljj0f
sfod x]sf]aLdfn]vsf] +Vof
sfod x]sf]aLdfn]v cGtut
hDdf aLdfIacute
d of6 ls(Sum at Risk)
kgaLdsnfOxtfGt0f ulPsf]
d of6 ls(Sum at Risk)
aLdsn] wf0fu]sf] d of6ls (Sum at
Risk)
qm=+= aLdfsf] lsld
o jif ut jif o jif ut jif o jif ut jif o jif ut jif o jif ut jif
hDdf
38
kllzi6 ndash
-lgb]zg +u DalGwt_
ljQLo ljj0fsf zLifsxsf] +lIfKt JofVof
-s_ cfo Joo lxfa tyf f] DaGwL cgrLsf zLifsxsf] +lIfKt JofVof M
1 k|ToIf aLdfzNs M aLdsn] kgaLdf jLsf u] afkt k|fKt aLdfzNs afx]s k|ydjifsf] aLdfzNs gjLs0f aLdfzNs Psn aLdfzNssf] of]ukmnaf6 lgodfgflkmtf u]sf] aLdfzNs ssectf uL o zLifsdf hgfpg kg]5
2 sn aLdfzNs M k|ToIf aLdfzNs aLdsn] kgaLdf jLsf u] afkt k|fKtaLdfzNssf] of]ukmnnfO o zLifsdf hgfpg kg]5
3 aLdfzNs -vb_ M sn aLdfzNsaf6 kgaLdf lbP afktsf] kgaLdf zNs ssectf uLafFsL sdnfO o zLifsdf hgfpg kg]5
4 kgaLdf sldzg cfo M -s_ aLdsn] kgaLdf lbP afkt k|fKt xg] kgaLdfsldzgnfO o zLifsdf hgfpg kg]5
-v_ aFbf g+=-s_ sf] cltlQm kgaLdsaf6 dgfkmf sldzg -Profit Commission_k|fKt ePdf f]nfO o zLifsdf dfj]z uL f]sf] Joxf]f n]vf DaGwLl6Kk0fLdf vnfpg kg]5
5 nufgL shf tyf cGoaf6 cfo M sfL ]Sol6Laf6 cfo d2tL lgIf]kaf6 cfoklAns sDkgLsf] z]odividel8j]Graf6 cfo ef8faf6 cfo shfaf6 cfo -aLdfn]vsf]lwtf]df shf afx]s_ cGo lgIf]kaf6 -d2tL afx]s_ cfo nufgL laqmLdf gfkmf -GognufgL laqmLdf gf]Sfg_ nufgL -vLb_ df gfkmf -Gog nufgL vLbdf gf]Sfg_ly DklQ laqmLaf6 gfkmf -Gog ly DklQ laqmLaf6 gf]Sfg_ vftf ckn]vgaf6cfo tyf cGo cfosf] of]ukmnnfO lgb]zg adf]lhd afF8kFmf8 uL cfPsf]sdnfO o zLifsdf hgfpg kg]5
6 aLdfn]vsf] lwtf]df shfaf6 cfo M aLdfn]vsf] lwtf]df shf k|bfg u] afkt k|fKt xg]Aofh lanDa zNs htf cfonfO o zLifsdf hgfpg kg]5
7 cGo k|ToIf cfoM aLldtn] tf]lsPsf] cjlwleq aLdfzNs gaemfP afkt aLdsn]eQmfgL k|fKt u]sf] hljfgfdivideAofhdivideljnDa zNs tyf aLdfn]vsf] k|ltlnkL btcfo l6s6 bt htf f]xL aLdfsf] lsld+u k|ToIf kdf DalGwt cfonfO ozLifsdf hgfpg kg]5
8 bfjL eQmfgL -vb_ M aLdsn] eQmfgL u]sf] d[To bfjL cjlw dfKtL bfjL cf+lzscjlw dfKtL bfjL dk0f dNo tyf cGo bfjLsf] of]ukmnnfO o zLifsdfhgfpg kg]5
9 clestf sldzg M k|yd jifsf] aLdfzNsdf clestf sldzg gjLs0f aLdfzNsdfclestf sldzg Psn aLdfzNsdf clestf sldzgsf] of]ukmnaf6 kgaLdssf]lxf ssectf uL afFsL sd o zLifsdf hgfpg kg]5
10 jfYo kLIf0f zNs M aLdf hf]lvdfIacutegsf] nflu jfYo kLIf0f ufP afkt aLdsn]Joxf]g k]sf] jfYo kLIf0f zNsnfO o zLifsdf hgfpg kg]5
39
11 kgaLdf sldzg vr M aLdsn] kgaLdf jLsf u] afkt eQmfgL ug kg] sldzgsdnfO o zLifsdf hgfpg kg]5
12 ]jf zNs -vb_ M aLdf ldltnfO aemfpg kg] sn ]jf zNsaf6 kgaLdssf] lxfssectf uL afFsL sdnfO o zLifsdf hgfpg kg]5
13 cGo k|ToIf vr M aLdfsf] lsld+u k|ToIf kn] DalGwt x]sf] cGo vrnfO ozLifsdf hgfpg kg]5
14 Jojyfkg vr M lgb]zg $ adf]lhd afF8kmFf8 uL cfPsf] sdnfO o zLifsdfhgfpg kg]5
15 cfos M -_ aLdssf] cfos bfloTjnfO lgb]zg adf]lhd afF8kmFf8 uL cfPsf]sdnfO o zLifsdf hgfpg kg]5 osf] ljj0f kllzi6 sf] cgrL adf]lhd xg kg]5
-_ cl3Nnf jif-x_ sf] cfos bfloTjnfO kllzi6 sf] cgrL sf] aeligcl3Nnfjifxsf] cfosAElig zLifsdf hgfpg kg]5 t Totf] cfosdf nfu]sf]b08dividehljfgfdivideljnDa zNsnfO gfkmf gf]Sfg lxfasf] aeligcl3Nnf jif+uDalGwt vrAElig zLifsdf hgfpg kg]5
16 cflys jifsf] cGTodf eQmfgL xg afFsL bfjL afkt Jojyf M cflys jifsf] cGTodfeQmfgL xg afFsL d[To bfjL cjlw dfKtL bfjL cf+lzs cjlw dfKtL bfjL dk0fdNo bfjL cGo bfjL tyf gt[hgf ePsf] t hfgsfLdf gcfPsf] bfjLsf] of]ukmndfaLdf lgodfjnL )$( sf] lgod sf] v08 -3_ adf]lhdsf] sd yk ubf xgcfpg] sdnfO o zLifsdf hgfpg kg]5
aLdssf] cgejsf] cfwfdf [hgf ePsf] t hfgsfLdf gcfPsf] bfjLsf] nflusd Aojyf ug kg]5
17 cflys jifsf] cGTodf cdfKt hf]lvd afkt Jojyf M aLdf cjlw dfKtL afktbfjL eQmfgL ug gkg] lsldsf] aLdfsf] cdfKt hf]lvd afkt lgb]zg ( adf]lhdJojyf uL cfPsf] sd o zLifsdf hgfpg kg]5
18 hLjg aLdf sf]ifdividegfkmf gf]Sfg lxfadf f]sf] artdivide-gf]Sfg_ M -_ aLdf cjlwdfKtL afkt bfjL eQmfgL ug kg] lsldsf] aLdfsf] cfo Joo lxfaaf6 art -surplus_ ePsf] cjyfdf o zLifsnfO aelighLjg aLdf sf]ifdf f]sf] artAElig sfoduL Totf] art sdnfO o zLifsdf hgfpg kg]5
-_ aLdf cjlw dfKtL afkt bfjL eQmfgL ug kg] lsldsf] aLdfsf] cfo Joolxfaaf6 gf]Sfg ePsf] cjyfdf o zLifsnfO aeliggfkmf gf]Sfg lxfadff]sf] gf]SfgAElig sfod uL Totf] gf]Sfg sdnfO o zLifsdf C0ffTdskdf hgfpg kg]5
-_ aLdf cjlw dfKtL afkt bfjL eQmfgL ug gkg] lsldsf] aLdfsf] cfo Joolxfasf] nflu o zLifsnfO aelighLjg aLdf sf]ifdf f]sf] sdAElig aeliggfkmfgf]Sfg lxfadf f]sf] artdivide-gf]Sfg_AElig uL bOj6f zLifs sfod uL aelighLjgaLdf sf]ifdf f]sf] sdAElig zLifsdf lgb]zgndash adf]lhdsf] sd hgfO afFsLsdnfO aeliggfkmf gf]Sfg lxfadf f]sf] artdivide-gf]Sfg_AElig zLifsdf hgfpgkg]5 tf]lsP adf]lhd hLjg aLdf sf]ifdf f]sf] sd hgfp+bf gf]Sfg ePdf
40
aeliggfkmf gf]Sfg lxfadf f]sf] artdivide-gf]Sfg_AElig zLifsdf Totf] gf]Sfg ePsf]sdnfO C0ffTds kdf hgfpg kg]5
-v_ gfkmf gf]Sfg lxfa tyf DalGwt cgrLsf zLifsxsf] +lIfKt JofVof M
1 cfo Joo lxfaaf6 f]sf] M aLdf cjlw dfKtL afkt bfjL eQmfgL ug gkg]lsldsf] aLdfxsf] cfo Joo lxfaaf6 aeliggfkmf gf]Sfg lxfadf f]sf] artdivide-gf]Sfg_AElig sdxsf] of]ukmnnfO o zLifsdf hgfpg kg]5
2 hLjg aLdf sf]ifaf6 f]sf] M k|rlnt sfggL Jojyf adf]lhd aLdssf] bfloTjsf]n]vfhf]vf DaGwL aLdfIacuteLsf] k|ltj]bg d]tsf] cfwfdf hLjg aLdf sf]ifaf6 gfkmfgf]Sfg lxfadf fgsf nflu ldltn] jLs[lt k|bfg u]sf] sdnfO o zLifsdfhgfpg kg]5
3 nufgL shf tyf cGoaf6 cfo M lgb]zg adf]lhd afF8kFmf8 uL cfPsf] sdnfOo zLifsdf hgfpg kg]5
4 Jojyf lkmtf M nufgLdf gf]SfgLsf] nflu ulPsf] Jojyf shfdf gf]SfgLsf] nfluulPsf] Jojyf z+sfkb cffdLsf] nflu ulPsf] Jojyf tyf cGosf] nfluulPsf] Jojyf sd cf+lzs jf k0fkn] sfod fVg kg] cjyf gx]df TotfsdxnfO o zLifsdf hgfpg kg]5
5 cGo cfDbfgL M aLdf Aojfo+u f]sf gePsf] kj +rfng cfDbfgL htfcfDbfgLxsf] of]ukmnnfO o zLifsdf hgfpg kg]5
6 Jojyfkg vr M lgb]zg $ adf]lhd afF8kmFf8 uL cfPsf] sdnfO o zLifsdfhgfpg kg]5
7 ckn]vg vr M k|flDes vrx kj +rfng vrx k flPsf vrx nufgLshf cffdL tyf cGo ckn]vg ulPsf] vrnfO o zLifsdf hgfpg kg]5 t+yfks +rfns tyf pRr Jojyfks jf lghx+u DalGwt JolQmdivide+yfDaGwL cffdL ckn]vg ug kfOg] 5g
8 cGo vrx M k|rlnt sfgg adf]lhd aLdf ldlt tyf cGo lgsfon] aLdsnfOtf]s]sf] b08 hljfgf aLdsn] pkof]u u]sf] ]jfsf] aemfpg kg] zNs dodfgaemfP afkt ltg kg] ljnDa zNs hljfgf nufotsf vrx o zLifsdfhgfpg kg]5
9 gf]SfgLsf] nflu Jojyf M nufgLdf gf]SfgLsf] nflu Jojyf shfdf gf]SfgLsf]nflu Jojyf z+sfkb cffdL Jojyf tyf cGo JojyfnfO o zLifsdf hgfpgkg]5
10 cfos M aLdssf] cfos bfloTjnfO lgb]zg adf]lhd afF8kmFf8 uL cfPsf]sdnfO o zLifsdf hgfpg kg]5
11 hLjg aLdf sf]ifdf f]sf] M aLdssf] bfloTjsf] n]vf hf]vf uL aLdfIacuteLn] lbPsf]dNofIacuteg k|ltj]bg d]tsf] cfwfdf ldltn] lbPsf] cfb]zdividelgb]zg adf]lhd hLjg
41
aLdf sf]ifdf f]sf] sdnfO o zLifsdf b]vfpg kg]5 oL hLjg aLdf sf]ifdff]sf] sd gfkmf gf]Sfg lxfadf lkmtf ug kfOg] 5g
12 cl3Nnf jif+u DalGwt vr M cl3Nnf jif-x_sf] cfosdf nfu]sf]b08dividehljfgfdivideljnDa zNs tyf cl3Nnf jifxdf n]vfIacuteg ug 56]sf vrxnufotsf cl3Nnf jif+u DalGwt vrnfO o zLifsdf hgfpg kg]5
-u_ jfnft tyf DalGwt cgrLsf zLifsxsf] +lIfKt JofVof M
1 rQmf kFhL M eQmfgL k|fKt ePsf] fwf0f z]o ckljtgLo cu|flws z]o tyfkljtgLo cu|flwsf z]o afktsf] sdsf] of]ukmnnfO o zLifsdf hgfpg kg]5
2 hu]8f tyf sf]if M aLdsn] hu]8f sfod ug] lnlnfdf gfkmfaf6 afF8kmfF8 ecfPsf jf cGo sg] k|lqmofaf6 gt[hgf ePsf tyf gfkmf gf]Sfg lxfadf afF8kmFf8guL +ro uL flvPsf] sdxnfO o zLifsdf hgfpg kg]5 oL hu]8f k|of]uubf DalGwt hu]8f tyf sf]if lxfadf vr hgfpg kg]5
-s_ kFhLut hu]8f M rQmf gePsf] z]osf] afFsL sd dfu ubf eQmfgL gu]sf]sf0fn] pQm z]onfO hkmt uL k|fKt xg cfPsf] sd kFhLut cgbfg afktk|fKt xg cfPsf] lhGL tyf gub sd tyf aLdssf] kFhL j[l4 ug] p2]Zon]gfkmfaf6 flPsf] sdnfO o zLifsdf hgfpg kg]5
-v_ z]o lk|ldod M aLdsn] cfˆgf] z]o hfL ubf z]osf] clIacutet dNo eGbf a9Lbn] hfL u]sf] x]5 eg] pQm al9 sd hlt o zLifsdf hgfpg kg]5 ozLifsdf hgfOPsf] sd nfef+z ljt0f k|of]hgsf] nflu of]Uo dflgg] 5g
-u_ k|tfljt af]gz z]o M aLdsn] k|tfj uL fwf0f efn] kflt u]sf] t hfLuL gs]sf] af]gz z]onfO o zLifsdf hgfpg kg]5
-3_ ljz]if hu]8f M aLdf ldltsf] lgb]zg adf]lhd sg cGo hu]8f sf]if v8f ugkbf Totf] sdnfO o zLifsdf hgfpg kg]5
-ordf_ cGo hu]8f M aLdsn] cGo k|of]hgsf] nflu v8f u]sf] hu]8fnfO o zLifsdfhgfpg kg]5
-r_ gfkmf gf]Sfg lxfaaf6 f]sf] M aLdssf] gfkmf gf]Sfg lxfaaf6 jfnftdff]sf] gfkmf sdnfO o zLifsdf hgfpg kg]5
3 hLjg aLdf sf]if M lgb]zg adf]lhd fVg kg] hLjg aLdfsf]ifxsf] of]ukmnnfOo zLifsdf hgfpg kg]5
4 dxfndashljkQL hu]8f M 7nf] kldf0fdf aLdf bfjL pTkGg xg Sg] dxfndashljkQL -catastrophy_ sf] cjyfdf aLdssf] ljQLo Ifdtfdf kg Sg] k|ltsn c sd ug]p2]Zon] gfkmfaf6 flPsf] sdnfO o zLifsdf hgfpg kg]5 o zLifsdfhgfOPsf] sd nfef+z ljt0f k|of]hgsf] nflu of]Uo dflgg] 5g
5 ltg afFsL bL3sflng C0f tyf fk6L M jfnftsf] ldltdf eQmfgL ug afFsLbL3sflng fk6LnfO o zLifsdf hgfpg kg]5
42
6 ly DkQL -vb_ MyfoL k|s[ltsf DkQLxsf] sn dNodf Xf ssectf uL afFsL x]sf]sdnfO o zLifsdf hgfpg kg]5
7 bL3sflng nufgL M aLdsn] lgb]zg ^ adf]lhd u]sf] bL3sflng nufgLnfO ozLifsdf hgfpg kg]5
kli6s0f M = jfnftsf] ldltaf6 Ps jif eGbf al9 cjwL kl5 eQmfgLk|fKt xg] sfL sfsf] hdfgt k|fKt ]Sol6Ld2tL lgIf]k gfuls nufgL of]hgf z]o a+s tyfljQLo +yfsf] cu|flwsf z]odividel8j]Gr tyf cGo f]xLk|s[ltsf nufgLxnfO bL3sflng nufgL Demg k5
= aLdsn] klAns sDkgLsf] z]odf nufgL u] afkt k|fKtxg] af]gz z]onfO z]o +Vofdf dfq b]vfO kn df]ndfsg kljtg ug x+bg
amp=s cNksflng nufgL M aLdsn] lgb]zg ^ adf]lhd u]sf] cNksflng nufgLnfO ozLifsdf hgfpg kg]5
kli6s0f M jfnftsf] ldltaf6 Ps jif leq eQmfgL k|fKt xg] sfL sfsf] hdfgt k|fKt ]Sol6L d2tL lgIf]k gfulsnufgL of]hgf a+s tyf ljQLo +yfsf] cu|flwsfz]odividel8j]Gr tyf cGo f]xL k|s[ltsf nufgLxnfOcNksflng nufgL Demg k5
8 aLdfn]vsf] lwtf]df shf M aLdsn] lgb]zg amp adf]lhd k|To]s lsldsf] aLdfsf]aLdfn]vsf] lwtf]df k|bfg u]sf] shfsf] of]ukmnnfO o zLifsdf hgfpg kg]5
9 gub tyf a+s dfHbft M -_ aLds+u x]sf] sn gub dfHbft sd tyf aLdssf]a+sdivideljQLo +yfsf] Aofh k|fKt gxg] vftfdf x]sf] sn sdnfO o zLifsdfhgfpg kg]5
10 cGo bL3sflng shf M lgb]zg amp adf]lhd n]vfIacuteg ulPsf] clestfnfO k|bfgulPsf] bL3sflng shf sdrfLnfO k|bfg ulPsf] bL3sflng shf tyf cGobL3sflng shfsf] of]ukmnnfO o zLifsdf hgfpg kg]5
kli6s0f M jfnftsf] ldltaf6 Ps jif eGbf al9 cjwL kl5 eQmfgLk|fKt xg] clestfnfO k|bfg ulPsf] shf sdrfLnfO k|bfgulPsf] shf tyf cGo f]xL k|s[tLsf shfxnfO bL3sflngshf Demg k5
)s= cGo cNksflng shf M lgb]zg amp adf]lhd n]vfIacuteg ulPsf] clestfnfO k|bfgulPsf] cNksflng shf sdrfLnfO k|bfg ulPsf] cNksflng shf tyf cGocNksflng shfsf] of]ukmnnfO o zLifsdf hgfpg kg]5
kli6s0f M jfnftsf] ldltaf6 Ps jif leq eQmfgL k|fKtxg] clestfnfO k|bfg ulPsf] shf sdrfLnfO k|bfgulPsf] shf tyf cGo f]xL k|s[tLsf shfxnfOcNksflng shf Demg k5
43
11 cGo DkQL M -_ o lgb]zg adf]lhd n]vfIacuteg ulPsf] aLdssf] nufgLaf6 k|fKt xgafFsL cfo aLdfn]vsf] lwtf]df shfaf6 k|fKt xg afFsL Aofh cGo shfaf6 k|fKt xgafFsL Aofh cGo aLdsaf6 k|fKt xg afFsL kgaLdsaf6 k|fKt xg aFfsL ljljwcffdL clu|d eQmfgL sdrfL k]ZsL cGo k]ZsL wf6L tyf cGosf] of]ukmnnfOo zLifsdf hgfpg kg]5
-_ cGo DkQLsf] ljj0f kllzi6 sf] cgrL $ adf]lhd xg kg]5
-_ cn xg afFsL aLdfzNs eP f]sf] of]ukmn kllzi6 sf] cgrL $ dfb]vfpg kg]5 f] cn xg afFsL aLdfzNs afasf] dNtjL -Suspense_ b]vfOvb k|efj (Net effect) zGo agfpg kg]5
12 rfn bfloTj M clestfnfO lbg afFsL cGo aLdsnfO lbg afFsL kgaLdsnfO lbgafFsL aLdfzNs wf6L k0f ljj0f gvn]sf] aLdfzNs ljljw fx xfosdividexf]lN8EumlsDkgLnfO lbg afFsL gtf]tdf ssectf ulPsf] s ltg afFsL cfos ltg afFsL]jfzNs ltg afFsL sdrfLnfO ltg afFsL +rfnsnfO ltg afFsL tyf cGo ltgafFsL sdxsf] of]ukmnnfO o zLifsdf hgfpg kg]5
13 cdfKt hf]lvd jfkt Jojyf M lgb]zg ( adf]lhdsf] cdfKt hf]lvd Jojyfsf]of]ukmnnfO o zLifsdf hgfpg kg]5
14 eQmfgL xg afFsL bfjL jfkt Jojyf M k|To]s lsldsf] aLdfsf] eQmfgL xg afFsLbfjLsf] nflu ulPsf] Jojyfsf] of]ukmnnfO o zLifsdf hgfpg kg]5
15 ckn]vg jf dfof]hg xg afFsL ljljw vrx M ckn]vg ug afFsL k|flDes vrckn]vg ug afFsL kj +rfng vr ckn]vg ug afFsL yug ulPsf vr tyfcGo ckn]vg jf dfof]hg gePsf vrxsf] of]ukmnnfO o zLifsdf hgfpgkg]5
-3_ k|dv rsfIacutexdf +nUg zLifsxsf] +lIfKt JofVof
1 g]6 jy = rQmf kFhL plusmn hu]8f tyf sf]if plusmn dxf ljkQL hu]8f ndashckn]vg jfdfof]hg xg afFsL ljljw vrx ndash gfkmf gf]Sfg lxfaaf6 f]sf] gf]Sfg
2 k|lt z]o lstfaL dNo = g]6 jydividefwf0f z]o +Vof
3 k|lt z]o cfo = vb gfkmfdividefwf0f z]o +Vof
4 dNo cfDbfgL cgkft = k|lt z]o ahf dNodividek|lt z]o cfo
5 sn DklQ = ly DklQ plusmn nufgL plusmn aLdfn]vsf] lwtf]df shf plusmn rfnDklQ shf tyf k]ZsLx
![Page 17: hLjg aLdf Joj;fo ug]{ aLdssf] ljQLo ljj/0f ;DaGwL lgb]{zg](https://reader033.vdocuments.site/reader033/viewer/2022053020/6291631db7b57c39db6663d6/html5/thumbnails/17.jpg)
17
cgrLndash
nufgL shf tyf cGoaf6 cfoqm=+= ljj0f o aif ut aif1 sfL sfsf] hdfgt k|fKt ]Sol6Laf6 cfo2 jfl0fHo a+ssf] d2tL lgIf]kaf6 cfo3 ljsf a+ssf] d2tL lgIf]kaf6 cfo4 gfuls nufgL of]hgfaf6 cfo5 ljQLo +yfsf] d2tL lgIf]kaf6 cfo6 cfjf ljQ sDkgLsf] fwf0f z]oaf6 nfef+z7 cGo klAns sDkgLsf] fwf0f z]oaf6 nfef+z8 a+s tyf ljQLo +yfsf] cu|flwsf z]oaf6 nfef+z9 a+s tyf ljQLo +yfsf] l8j]Graf6 cfo10 cGo -ljj0f vnfpg]_ af6 cfo11 shfaf6 cfo12 cGo lgIf]kaf6 -d2tL afx]s_ cfo13 nufgL laqmLdf gfkmf
Gog nufgL laqmLdf gf]Sfg14 nufgL -vLb_ df gfkmf
Gog nufgL -vLb_ df gf]Sfg15 ly DkQL laqmLaf6 gfkmf
Gog ly DkQL laqmLaf6 gf]Sfg16 vftf ckn]vg17 cl3Nnf jif+u DalGwt cfo18 cGo cfo
hDdfnufgL shf tyf cGoaf6 cfosf] afF8kmfF8
gfkmf gf]Sfg lxfadf f]sf]============ sf] cfo Joo lxfadf f]sf]============ sf] cfo Joo lxfadf f]sf]
hDdfcgrLndash
aLdfn]vsf] lwtf]df shf cfo
aLdfn]vsf] lwtf]df shf aLdfn]vsf] lwtf]df shfaf6 cfoqm=+= aLdfsf] lsld
o aif ut aif o aif ut aif
============= aLdf
============= aLdf
============= aLdf
18
cgrL ndash $bfjL eQmfgL
d[To bfjLeQmfgL
cjlw dfKtLbfjL eQmfgL
cf+lzs cjlwdfKtL bfjL
eQmfgL
dk0f dNo bfjLeQmfgL
cGo bfjLeQmfgL
sn bfjL eQmfgL sn bfjLeQmfgLdfkgaLdssf]
lxf
bfjL eQmfgL-vb_
qm=+= aLdfsf]lsld
o jif ut jif o jif ut jif o jif ut jif o jif ut jif o jif ut jif o jif ut jif o jif ut jif o jif ut jif
===
===
hDdf
19
cgrLndash
clestf sldzg
k|yd aifsf]aLdfzNsdf
clestf sldzg
gjLs0f aLdfzNsdfclestf sldzg
Psn aLdfzNsdfclestf sldzg
hDdf clestfsldzg
qm=+= aLdfsf]lsld
o jif ut jif o jif ut jif o jif ut jif o jif ut jif
hDdf
cgrLndash^
]jf zNs -vb_
sn ]jf zNs sn ]jf zNsdfkgaLdssf] lxf
]jf zNs -vb_qm=+= aLdfsf] lsld
o jif ut jif o jif ut jif o jif ut jif
========aLdf
========aLdf
hDdf
cgrLndash amp
Jojyfkg vr
qm=+= ljj0f o aif ut aif1 sdrfL vr -cgrL amp= adf]lhd_2 3 ef8f3 lahnL tyf kfgL4 ddt tyf Def
-s_ ejg-v_ jfL fwg-u_ sfofno pks0f-3_ cGo
5 +rf6 5kfO tyf dnGb7 vr xg] sfofno fdfg8 kljxg9 e|d0f vr -eQf d]t_
-s_ cfGtls-v_ jb]lzs
10 clestf tflnd11 clestf cGo12 aLdfzNs13 Iff vr14 sfggL tyf kfdz zNs15 kq klqsf tyf kts
20
16 lj1fkg tyf k|rf k|f17 Jofkf k|j4g18 cltyL Tsf19 rGbf tyf pkxf20 +rfns ldlt DaGwL vr
-s_ a7s eQf-v_ cGo
21 cGo ldltdividepkndashldlt DaGwL vr-s_ a7s eQf-v_ cGo
22 fwf0f ef DaGwL vr
23-s_ aLdfIacuteLo ]jf zNs-v_ aLdfIacuteLo vr
24 n]vf kLIf0f DaGwL vr-s_ n]vf kLIf0f zNs-v_ s n]vf kLIf0f zNs-u_ ljt[t n]vf kLIf0f k|ltj]bg zNs-3_ cGo zNs-ordf_ cfGtls n]vf kLIf0f vr-r_ cGo vr
25 Aofh26 as rfh27 zNs tyf bt28 Xf ssectL29 xnfs l6s630 cGo
afF8 kmfF8sf] nflu hDdfgfkmf gf]Sfg lxfadf f]sf]================aLdfsf] cfo Joo lxfadf f]sf]================aLdfsf] cfo Joo lxfadf f]sf]
hDdfcgrL amp=
sdrfL vr
qm=+= ljj0f o aif ut aif= tna= eQf= bz+ vr$= ~rosf]ifdf yk= tflnd vr^= kf]zfsamp= cfifwf]krf= aLdf(= k]Gg tyf pkbfg vr tyf Jojyf)= ljbf afktsf] vr tyf Jojyf= cGo ljwf afkt vr tyf Jojyf -ljj0f vnfpg]_ cGo -ljj0f vnfpg]_
hDdf M
21
cgrLndash
cfos
qm=+= ljj0f o aif ut aif
= o aifsf] cfos
= cl3Nnf aifxsf] cfos
= afF8kmfF8sf] nflu cfossf] hDdf
afF8kmfF8
gfkmf gf]Sfg lxfadf f]sf]
==============aLdfsf] cfo Joo lxfadf f]sf]
==============aLdfsf] cfo Joo lxfadf f]sf]
hDdf
22
cgrL ndash (
cflys jifsf] cGTodf eQmfgL xg afFsL bfjL afkt Jojyf
eQmfgL xgafFsL d[To bfjL
eQmfgL xgafFsL cjlwdfKtL bfjL
eQmfgL xgafFsL cf+lzscjlw dfKtL
bfjL
eQmfgL xgafFsL dk0fdNo bfjL
eQmfgL xgafFsL cGo
bfjL
[hgf ePsf]t hfgsfLdfgcfPsf] bfjL
-cgdflgt_
eQmfgL xgafFsL hDdf
bfjL
eQmfgL xgafFsL hDdf
bfjLdfkgaLdssf]
lxf
eQmfgL xgafFsL bfjL
afkt Jojyf
qm=+= aLdfsf] lsld
ojif
ut jif ojif
utjif
ojif
utjif
ojif
utjif
ojif
utjif
ojif
utjif
ojif
utjif
ojif
utjif
ojif
utjif
=
=
=
$=
hDdf M
23
cgrLndash)
cfo Joo lxfaxaf6 gfkmf gf]Sfg lxfadf f]sf] sd
qm=+= ljj0f o aif ut aif
= ==================== sf] cfo Joo lxfaaf6 f]sf]
= ==================== sf] cfo Joo lxfaaf6 f]sf]
=
$=
hDdf
cgrLndash
hLjg aLdf sf]if
dfof]hg cuf8Lsf]hLjg aLdf sf]if-jifsf] zdf_
cfo Joolxfaaf6 f]sf]
gfkmf gf]Sfglxfaaf6 f]sf]
dfof]hg cuf8Lsf]hLjg aLdfsf]if-jifsf] cGTodf_
qm=+= aLdfsf]lsld
o jif ut jif o jif ut jif o jif ut jif o jif ut jif
=
=
=
$=
hDdf M
hLjg aLdf sf]ifdf dfof]hg
dfof]hgcuf8Lsf]
hLjg aLdfsf]if
-jifsf]cGTodf_
gfkmfgf]Sfglxfadff]sf]
aLdfn]vcGtutbfloTj
af]gsf]nflu
Jojyf
f]Ne]GLdflhgsf]nflu
Jojyf
afF8kmfF8gulPsf]sd
jifsf]cGTodfhLjg
aLdf sf]if
qm=+= aLdfsf]lsld
oaif
utaif
oaif
utaif
oaif
utaif
oaif
utaif
oaif
utaif
oaif
utaif
oaif
utaif
=
=
=
hDdf M
24
cgrLndash
Jojyf lkmtfqm=+= ljj0f o aif ut aif= nufgLdf gf]SfgLsf] nflu Jojyf lkmtf= shfdf gf]SfgLsf] nflu Jojyf lkmtf= z+sfkb cffdL Jojyf lkmtf$ cGo Jojyf lkmtf
hDdf
cgrLndash
ckn]vg vrx
qm=+= ljj0f o aif ut aif1 k|flDes vrx2 kj +rfng vrx3 k flPsf vrx4 ckn]vg ulPsf] nufgL5 ckn]vg ulPsf] shf6 ckn]vg ulPsf] cffdL7 cGo ckn]vg
hDdf
cgrLndash$
cGo vrx
qm=+= ljj0f o aif ut aif
1 b08 hljfgf
2 ljnDa zNs hljfgf
3 cGo -ljj0f vnfpg]_
hDdf
cgrLndash
gf]SfgLsf] nflu Jojyfqm=+= ljj0f o aif ut aif= nufgLdf gf]SfgLsf] nflu Jojyf= shfdf gf]SfgLsf] nflu Jojyf= z+sfkb cffdL Jojyf$ cGo Jojyf
hDdf
25
cgrLndash^
-s_ z]o kFhL
qm=+= ljj0f o aif ut aifclws[t kFhLs_ ================= bsf] ======== yfg fwf0f z]ov_ ============ bsf] ====yfg ckljtgLo cu|flwsfz]o
=
u_ ========== bsf] ====== yfg kljtgLo cu|flwsfz]ohfL kFhLs_ ================= bsf] ======== yfg fwf0f z]ov_ ============ bsf] ====yfg ckljtgLo cu|flwsfz]o
=
u_ ========== bsf] ====== yfg kljtgLo cu|flwsfz]orQmf kFhLs_ ================= bsf] ======== yfg fwf0f z]oGog eQmfgL k|fKt xg afFsL ==== bsf] ===yfg fwf0fz]ov_ ============ bsf] ====yfg ckljtgLo cu|flwsfz]o
=
u_ ========== bsf] ====== yfg kljtgLo cu|flwsfz]o
hDdf-v_ z]o jfldTjsf] +rgf
o aif ut aifz]owgL
fwf0f z]o+Vof
jfldTjsf] Uuml fwf0fz]o +Vof
jfldTjsf] Uuml
g]kfnL +ul7t +yfx
g]kfnL gfuls
ljb]zL+y
fks
hDdf
jfwf0f
cGo -ljj0f vnfpg]_
sn
-u_ Ps k|ltzt jf a9L z]o jfldTj ePsf z]owgLxsf] ljj0f
o aif ut aifqm=+= ljj0f
jfldTjsf] Uuml sd jfldTjsf] Uuml sd
=
=
=
26
cgrLndashamp
hu]8f tyf sf]if
qm=+= ljj0f o aif ut aif
1 kFhLut hu]8f
2 ljz]if hu]8f
3 cGo hu]8f -ljj0f vnfpg]_
4 z]o lk|ldod
5 k|tfljt af]gz z]o
6 Gffkmf gf]Sfg lxfaaf6 f]sf] gfkmf
hDdf
cgrLndash
dxfndashljklQ hu]8fjifsf] zdf dxfndashljklQ hu]8f gfkmf gf]Sfg lxfaaf6 f]sf] jifsf] cGTodf dxfndashljklQ
hu]8fo jif ut jif o jif ut jif o jif ut jif
cgrLndash(
ltg afFsL bL3sflng C0f tyf fk6L
qm=+= ljj0f o aif ut aif
l8j]Gr divide a08
a+s
ljQLo +yf
$ cGo -ljj0f vnfpg]_
hDdf
27
cgrLndash)
ly DklQ
ljj0f kn df]n Xf ssectL vb df]n
zdfHbft
ojif
yk]sf]
ojif
36]sf]
hDdf utjifDd
ojif
laqmLdivide
dfof]hg
hDdf ojifDdsf]
UftjifDdsf]
lk|m xf]N8hldg
ejg
kmlgrtyf
lkmSr
sfofnofdfg
sDKo6tyfrgfk|ljwLpks0f
cb[ZoDklQ-ljj0fvnfpg]_
jfLfwg
lnh xf]N8DklQ
cGo-k|s[ltvnfpg]_
hDdf
lgdf0fflwgkFhLutvr
sn
ut jif
28
cgrLndash
nufgL
qm=+= ljj0f o aif ut aif-s_ bL3sflng nufgL M sfL sfsf] hdfgt k|fKt ]Sol6L jfl0fHo a+ssf] d2tL lgIf]k ljsf a+ssf] d2tL lgIf]k$ gfuls nufgL of]hgf ljQLo +yfsf] d2tL lgIf]k^ cfjf ljQ sDkgLsf] fwf0f z]o -cgrL = adf]lhd_amp cGo sDkgLsf] fwf0f z]o -cgrL = adf]lhd_ a+s tyf ljQLo +yfsf] cu|flwsf z]odividel8j]Gr( cGo -ljj0f vnfpg]_
hDdf M-v_ cNksflng nufgL M sfL sfsf] hdfgt k|fKt ]Sol6L jfl0fHo a+ssf] d2tL lgIf]k ljsf a+ssf] d2tL lgIf]k$ gfuls nufgL of]hgf ljQLo +yfsf] d2tL lgIf]k^ a+s tyf ljQLo +yfsf] cu|flwsf z]odividel8j]Gramp jfl0fHo a+ssf] Aofh k|fKt xg] cGo lgIf]k ljsf a+ssf] Aofh k|fKt xg]] cGo lgIf]k( ljQLo +yfsf] Aofh k|fKt xg] cGo lgIf]k) cGo Aofh k|fKt xg] nufgL -ljj0f vnfpg]_
hDdf McgrLndash=
z]odf nufgL
qm=+= sDkgL vb sd c+lst dNo kn dNo ahf dNo
= ======sDkgLsf]=============yfg====z]o
= ======sDkgLsf]=============yfg=====z]o
= ======sDkgLsf]=============yfg=====z]o
hDdf
gf]6 M = aLdssf] xfos sDkgLdividexf]lN8Euml sDkgL tyf +oQm nufgL ePsf] sDkgLsf] z]odf ePsf]nufgLnfO
5sectfndash5sect vnfpg kg]5
= lgodfgf lrs[t gePsf z]odf ePsf] nufgLnfO 5sect vnfpg kg]5
= +yfks z]o cGo z]odf ePsf] nufgLnfO 5sectf5sect vnfpg kg]5
29
cgrLndash
gub tyf a+s dfHbft
qm=+= ljj0f o aif ut aifgub dfHbft
hDdfa+s dfHbftjfl0fHo a+sxsf] dfHbftljsf a+sxsf] dfHbftljQLo +yfxsf] dfHbft
cGo -ljj0f vnfpg]_hDdfsn
cgrLndash
cGo shf
qm=+= ljj0f o aif ut aif-s_ bL3sflng shf= clestfnfO shf= sdrfLnfO shf= cGo -ljj0f vnfpg]_
hDdf-v_ cNksflng shf= clestfnfO shf= sdrfLnfO shf= cGo -ljj0f vnfpg]_
hDdfcgrLndash$
cGo DklQqm=+= ljj0f o aif ut aif1 nufgLaf6 k|fKt xg afFsL cfo2 aLdfn]vsf] lwtf]df shfaf6 k|fKt xg afFsL Aofh3 cGo -aLdfn]vsf] lwtf]df afx]s_ shfaf6 k|fKt xg afFsL
Aofh4 cGo aLdsaf6 k|fKt xg afFsL5 kgaLdsaf6 k|fKt xg afFsL6 ljljw cffdL7 clu|d eQmfgL8 sdrfL k]ZsL9 cGo k]ZsL10 wf6L11 cn xg afFsL aLdfzNs
Gog M cn xg afFsL aLdfzNs dNtjL -suspense_12 cGo ljj0f vnfpg]
hDdf M
30
cgrLndash
rfn bfloTj
qm=+= ljj0f o aif ut aif1 clestfnfO lbg afFsL2 cGo aLdsnfO lbg afFsL3 kgaLdsnfO lbg afFsL4 cNksflng shf5 aLdfzNs wf6L6 k0f ljj0f gvn]sf] aLdfzNs7 ljljw fx8 xfosdividexf]lN8Euml sDkgLnfO lbg afFsL9 gtf]tdf ssectf ulPsf] s ltg afFsL10 dNo clea[l4 s ltg afFsL11 cfos ltg afFsL12 ]jf zNs ltg afFsL13 sdrfLnfO lbg afFsL14 +rfnsnfO lbg afFsL15 eQmfgL lbg afFsL nfef+z -l8le8]08_16 cGo -ljj0f vnfpg]_
hDdf
cgrLndash^
cdfKt hf]lvd Jojyfqm=+= ljj0f o aif ut aif= ===========aLdfsf] cdfKt hf]lvd hu]8f= ===========aLdfsf] cdfKt hf]lvd hu]8f= ===========aLdfsf] cdfKt hf]lvd hu]8f
===========aLdfsf] cdfKt hf]lvd hu]8f
hDdf
31
cgrL ^scGo Aojyf
aifsf] zdf Aojyfrfn cf=a=df yk ulPsf]
Aojyfrfn cf=a=df ckn]vg
ulPsf] Aojyfrfn cf=a=df lkmtfulPsf] Aojyf
aifsf] cGtdf sfodx]sf] Aojyf
qm=+=
ljj0fo jif ut jif o jif ut jif o jif ut jif o jif ut jif o jif ut jif
nfef+z -l8le8]08_ sf] nflu Aojyf
nufgLdf gf]SfgLsf] nflu Aojyf
shfdf gf]SfgLsf] nflu Aojyf
$ z+sfZkb cffdLsf] nflu Aojyf
cGo gf]SfgLsf] nflu Aojyf
^ sdrfL DaGwL Aojyf-s_ k]Gg tyf pkbfg Aojyf-v_ ljbf jfkt Aojyf-u_ cfjf tyf cGo ljwf Aojyf-3_ sdrfL af]g Aojyf-ordf_ cGo
amp cGo Aojyf -ljj0f vnfpg]_
hDdf
32
cgrLndashamp
ckn]vgdividedfof]hg xg afFsL ljljw vrxqm=+= ljj0f o aif ut aif1 ckn]vg ug afFsL k|flDes vr2 ckn]vg ug afFsL kj +rfng vr3 ckn]vg ug afFsL yug ulPsf vr4 cGo -ljj0f vnfpg]_
hDdf
cgrL ndash
ljQLo ljj0f+u DalGwt k|dv n]vf gLltx
n]vf DaGwL gLltdf vnfpg kg] aFbfx M aLdsn] n]vf DaGwL gLltdf b]xfosf aFbfxvnfpg kg]5
1 ljQLo ljj0f tofLsf cfwfx M sg sg cjwf0ff -concept_ tyf n]vfdfgx sfgg tyf aLdf ldltsf lgb]zgxsf] clwgdf xL ljQLo ljj0f tof ulPsf] xf]f]sf] Joxf]f
ljQLo ljj0f tof ubf sg sfgg aLdf ldltsf] lgb]zg jf n]vfdfg kfngf gePsf]eP f]sf] sf0f lxt Joxf]f
2 ly DklQ n]vfIacuteg gLlt M ly DklQ n]vfIacuteg ubf cjnDag ulPsf] gLlt
3 Xf ssectL gLlt M aLdssf] +rfns ldltaf6 kflt uL nfu ulPsf] Xf ssectL gLlt
4 kFhLs[t gulg] DklQx DaGwL n]vfIacuteg gLlt M aLdssf] +rfns ldltn] sg lglZrtdf]nDd kg] pks0f fdfgx kFhLs[t gug] gLlt lnPsf] 5 eg] f]sf] Joxf]f
5 cfos Jojyf tyf afF8kmFf8 gLlt M cfos Jojyf DaGwdf aLdsn] cjnDag u]sf]gLlt aLdsn] gfkmf gf]Sfg lxfa tyf cfo Joo lxfadf Totf] Jojyf sdafF8kmFf8 ubf cjnDag u]sf] gLlt
6 nufgL n]vfIacuteg gLlt M nufgL n]vfIacutegsf] DaGwdf aLdsn] cjnDag u]sf] gLltxnfOb]xfosf zLifsx cGtut vnfpg kg]5
-s_ sfL artkqdivideC0fkqdf nufgL n]vfIacuteg gLlt
-v_ a+sdivideljQLo +yfsf] d2tL lgIf]kdf nufgL n]vfIacuteg gLlt
-u_ klAns lnld6]8 sDkgLsf] z]odf nufgL n]vfIacuteg gLlt
-3_ klAns lnld6]8 sDkgLn] hfL u]sf] C0fkqxdf nufgL n]vfIacuteg gLlt
7 6xL 36a9 dfof]hg gLlt M ljb]zL db|f+u DalGwt DklQ bfloTj tyf 6xL36a9 cfDbfgL tyf vrxsf] n]vfIacuteg gLlt
8 aLdfzNs cfDbfgL n]vfIacuteg gLlt M aLdsn] aLdfzNs cfDbfgL n]vfIacuteg ubf cjnDagu]sf] gLlt
33
9 kgaLdf sldzg cfDbfgL n]vfIacuteg gLlt M aLdsn] kgaLdf u] afkt k|fKt ug] sldzgsf]n]vfIacuteg ubf cjnDag u]sf] gLlt
10 cGo cfo n]vfIacuteg tyf afF8kmFf8 gLlt M aLdsn] ef8f -Rent_ tyf cGo zLifsaf6 ePsf]cfo n]vfIacuteg tyf afF8kmFf8 ubf cjnDag u]sf] gLlt
11 shf n]vfIacuteg gLlt M aLdsn] aLdfn]vsf] lwtf]df k|bfg u]sf] shf tyf cGo shfn]vfIacuteg ubf cjnDag u]sf] gLlt
12 Jojyfkg vr afF8kmFf8 gLlt M aLdsn] gfkmf gf]Sfg lxfa tyf cfo Joo lxfaxdfJojyfkg vr afF8kmFf8 ubf cjnDag u]sf] gLlt
13 aLdf bfjL eQmfgL vr n]vfIacuteg gLlt M aLdsn] aLdf bfjL eQmfgL vr n]vfIacuteg ubfcjnDag u]sf] gLlt
14 aLdf bfjL afkt bfloTj Jojyf n]vfIacuteg gLlt M -s_ gt[hgf ePsf] t hfgsfLdfgcfPsf] -IBNR_ aLdf bfjL afkt bfloTj Jojyf n]vfIacuteg ubf aLdsn] cjnDagu]sf] gLlt
-v_ aLdsn] aLdf bfjL bfloTj afkt Jojyf ubf cjnDag u]sf] gLlt
15 aLdf Jojfodf art afF8kmFf8 gLlt M aLdsn] gfkmf gf]Sfg lxfa tyf cfo Joolxfaxdf art afF8kmFf8 ubf cjnDag u]sf] gLlt
16 sdrfL pkbfg ljbf tyf cGo ljwf afkt Jojyf gLlt M aLdsn] sdrfL pkbfgljbf tyf cGo ljwf afkt Jojyf ubf cjnDag u]sf] n]vfIacuteg gLlt
17 z+sfkb cffdL Jojyf gLlt M aLdsn] z+sfkb cffdL Jojyf ubf cjnDag u]sf]gLlt
18 ckn]vg vr n]vfIacuteg gLlt M aLdsn] cjnDag u]sf] ckn]vg vr DaGwL gLlt
19 cGo gLltx M plNnlvt gLltx afx]s jfnft gfkmf gf]Sfg lxfa cfo Joo lxfanufotsf ljQLo ljj0fnfO apermilg ljZn]if0f ug 3fp kUg] uL cGo sg] n]vf gLltsf]hfgsfL lbg cfjZos b]lvPdf f] Joxf]f
34
cgrLndash(
ljQLo ljj0f+u DalGwt n]vf DaGwL l6Kk0fLx
n]vf DaGwL l6Kk0fLdf vnfpg kg] aFbfx M aLdsn] n]vf DaGwL l6Kk0fLdf b]xfosf aFbfxvnfpg kg]5
= Defljt bfloTjx M
c_ rQmf jf eQmfgL xg afFsL nufgL
cf_ k|Tofelt k|lta4tf -underwriting commitments_
O_ aLdfn]v cGtut eGbf afx]saf6 aLds pk bfjL k]sf] t aLdsn] bfloTj jLsfgu]sf]
O_ aLdsn] jf aLdssf] tkmaf6 lbOPsf] Uof]06L
p_ cGo bfloTj -ljj0f vnfpg]_
= aLdfIacuteLn] aLdssf] bfloTj dNofIacuteg ubf cjnDag u]sf] cfwfx
= aLdssf] DklQdf cfPsf] Lldttf tyf ljjfbx
$= shf nufgL tyf ly DklQsf] nflu ulPsf] k|lta4tf
= nufgL+u DalGwt b]xfosf vLb laqmL Demftfxsf] dNo M
c_ vLb ulPsf] DklQsf] jfldTj k|fKt gePsf]
cf_ laqmL ulPsf] DklQsf] eQmfgL k|fKt gePsf]
^= o jifeL ulPsf] nufgL tyf laqmLdividelkmtf lnPsf] nufgLsf] DaGwdf +yf ldltkldf0f sd d]t vn]sf] ljj0f
amp= a+s dfHbft lxfa DaGwdf DalGwt a+sdivideljQLo +yfsf] 6]6d]06 lxtsf] lxfaldnfg DaGwL Joxf]f
= aLdsdividekgaLds+u lng lbg afFsL lxfa DaGwdf DalGwt aLdsdividekgaLdssf]dyg lxtsf] lxfa ldnfg DaGwL Joxf]f
gf]6 Mndash bnfn (Broker) dfkmt ePsf] kgaLdfsf] xsdf fdfGot DalGwt bnfnn]kgaLdssf] tkmaf6 dyg lbg Sg]5
(= aLdsn] u]sf] nufgL k|rlnt aLdf P]g lgodfjnL tyf aLdf ldltaf6 tf]lsP adf]lhdx] gx]sf]
)= aLdssf] +rfns jf +rfns+u DalGwt JolQm jf +yf+u ePsf] sff]af
= aLdsn] cfˆgf] DklQsf] If0fdf lnPsf] C0fsf] lwtf] zt tyf cflrTo
= aLdsn] s rQmf k|df0fkq k|fKt u]sf] cf=j=tyf Totf] rQmf k|df0fkq k|fKt xg afFsLcf=j= f] DaGwL ljj0fsf fy] cl3Nnf] cf=j=xsf] s hljfgf Aofh afkt bfjLk]sf] o cf=j=df eQmfgL ePsf] sd
= lkmtf u]sf] aLdfzNssf] kldf0f sf0f
35
$=aLdsn] aLldtnfO k|bfg ug] 3f]lift tyf cGtld af]gsf] b
=l9nf] aLdfzNs eQmfgLdf lanDa zNsdivideAofhsf] b tyf aLdfn]vsf] lwtf]df k|bfg ulg]shfdf Aofhsf] b
^=ckn]vg xg afFsL vrsf] ljj0f
amp=rQmf kFhL dWo] clu|d eQmfgL k|fKt -Paid in advance_ eQmfgL k|fKt xg afFsL -Call inarrears_ hkmt ulPsf t kgM lgisfzg gulPsf z]osf] ljj0f
=lnh xf]N8 DklQdf ut jifDd o jif vr (Amortization) n]lvPsf] sdsf]ljj0f
(= jifeldf ePsf] jfnft aflxsf] sff]afsf] ljj0f
)= cl3Nnf aifx+u DalGwt cfDbfgL tyf vrxsf] 5sectf5sect ljj0f
=plNnlvt aFbfx afx]s jfnft gfkmf gf]Sfg lxfa cfo Joo lxfa nufotsfljQLo ljj0fxnfO apermilg ljZn]if0f ug 3fp kUg] cGo sg hfgsfL lbg cfjZosb]lvPdf cGo Joxf]f d]t vnfpg kg]5
36
cgrL )k|dv rsfIacutex
cf=a=qm=+= ljj0f rsfIacute
g]6 jy = z]o +Vof +Vof k|lt z]o lstfjL dNo =$ vb gfkmf = k|lt z]o cfo (EPS) =^ k|lt z]o nfef+z (DPS) =amp k|lt z]o ahf dNo (MPPS) = dNo cfDbfgL cgkft (PE Ratio) cgkft( k|yd aifsf] aLdfzNs =) sn aLdfzNs = vb aLdfzNsdividesn aLdfzNs k|ltzt vb gfkmfdividesn aLdfzNs k|ltzt sn aLdfzNsdividesn DklQ k|ltzt$ nufgL shfaf6 cfodividesn nufgL shf k|ltzt sn nufgL shfdividehLjg aLdfsf]if k|ltzt^ kgaLdf sldzg cfodividesn kgaLdfzNs k|ltztamp Jojyfkg vrdividesn aLdfzNs k|ltzt aLdf clestf DalGw vrdividesn aLdfzNs k|ltzt( aLdf clestf +Vof +Vof) sdrfL +Vof +Vof sfofnosf] +Vof +Vof sdrfL vrdivideJojyfkg vr k|ltzt sdrfL vrdividesdrfL +Vof =$ eQmfgL xg aFfsL bfjL sddivideeQmfgL ePsf] bfjL
sdk|ltzt
sn sfod x]sf] aLdfn]vsf] +Vof +Vofdf^ o jif gjLs0f ePsf] aLdfn]vsf] +Vofdivideut
jif sfod x]sf] aLdfn]vsf] +Vofk|ltzt
amp bfjL k]sf] aLdfn]vsf] +Vofdividesn sfod x]sf]aLdfn]vsf] +Vof
k|ltzt
f]Ne]GL dflhg k|ltzt( 3f]lift af]g b =
k|ltxhf) cGtld af]g b =
k|ltxhf
37
cgrL ndash
aLdfIacutesf] ljj0f
sfod x]sf]aLdfn]vsf] +Vof
sfod x]sf]aLdfn]v cGtut
hDdf aLdfIacute
d of6 ls(Sum at Risk)
kgaLdsnfOxtfGt0f ulPsf]
d of6 ls(Sum at Risk)
aLdsn] wf0fu]sf] d of6ls (Sum at
Risk)
qm=+= aLdfsf] lsld
o jif ut jif o jif ut jif o jif ut jif o jif ut jif o jif ut jif
hDdf
38
kllzi6 ndash
-lgb]zg +u DalGwt_
ljQLo ljj0fsf zLifsxsf] +lIfKt JofVof
-s_ cfo Joo lxfa tyf f] DaGwL cgrLsf zLifsxsf] +lIfKt JofVof M
1 k|ToIf aLdfzNs M aLdsn] kgaLdf jLsf u] afkt k|fKt aLdfzNs afx]s k|ydjifsf] aLdfzNs gjLs0f aLdfzNs Psn aLdfzNssf] of]ukmnaf6 lgodfgflkmtf u]sf] aLdfzNs ssectf uL o zLifsdf hgfpg kg]5
2 sn aLdfzNs M k|ToIf aLdfzNs aLdsn] kgaLdf jLsf u] afkt k|fKtaLdfzNssf] of]ukmnnfO o zLifsdf hgfpg kg]5
3 aLdfzNs -vb_ M sn aLdfzNsaf6 kgaLdf lbP afktsf] kgaLdf zNs ssectf uLafFsL sdnfO o zLifsdf hgfpg kg]5
4 kgaLdf sldzg cfo M -s_ aLdsn] kgaLdf lbP afkt k|fKt xg] kgaLdfsldzgnfO o zLifsdf hgfpg kg]5
-v_ aFbf g+=-s_ sf] cltlQm kgaLdsaf6 dgfkmf sldzg -Profit Commission_k|fKt ePdf f]nfO o zLifsdf dfj]z uL f]sf] Joxf]f n]vf DaGwLl6Kk0fLdf vnfpg kg]5
5 nufgL shf tyf cGoaf6 cfo M sfL ]Sol6Laf6 cfo d2tL lgIf]kaf6 cfoklAns sDkgLsf] z]odividel8j]Graf6 cfo ef8faf6 cfo shfaf6 cfo -aLdfn]vsf]lwtf]df shf afx]s_ cGo lgIf]kaf6 -d2tL afx]s_ cfo nufgL laqmLdf gfkmf -GognufgL laqmLdf gf]Sfg_ nufgL -vLb_ df gfkmf -Gog nufgL vLbdf gf]Sfg_ly DklQ laqmLaf6 gfkmf -Gog ly DklQ laqmLaf6 gf]Sfg_ vftf ckn]vgaf6cfo tyf cGo cfosf] of]ukmnnfO lgb]zg adf]lhd afF8kFmf8 uL cfPsf]sdnfO o zLifsdf hgfpg kg]5
6 aLdfn]vsf] lwtf]df shfaf6 cfo M aLdfn]vsf] lwtf]df shf k|bfg u] afkt k|fKt xg]Aofh lanDa zNs htf cfonfO o zLifsdf hgfpg kg]5
7 cGo k|ToIf cfoM aLldtn] tf]lsPsf] cjlwleq aLdfzNs gaemfP afkt aLdsn]eQmfgL k|fKt u]sf] hljfgfdivideAofhdivideljnDa zNs tyf aLdfn]vsf] k|ltlnkL btcfo l6s6 bt htf f]xL aLdfsf] lsld+u k|ToIf kdf DalGwt cfonfO ozLifsdf hgfpg kg]5
8 bfjL eQmfgL -vb_ M aLdsn] eQmfgL u]sf] d[To bfjL cjlw dfKtL bfjL cf+lzscjlw dfKtL bfjL dk0f dNo tyf cGo bfjLsf] of]ukmnnfO o zLifsdfhgfpg kg]5
9 clestf sldzg M k|yd jifsf] aLdfzNsdf clestf sldzg gjLs0f aLdfzNsdfclestf sldzg Psn aLdfzNsdf clestf sldzgsf] of]ukmnaf6 kgaLdssf]lxf ssectf uL afFsL sd o zLifsdf hgfpg kg]5
10 jfYo kLIf0f zNs M aLdf hf]lvdfIacutegsf] nflu jfYo kLIf0f ufP afkt aLdsn]Joxf]g k]sf] jfYo kLIf0f zNsnfO o zLifsdf hgfpg kg]5
39
11 kgaLdf sldzg vr M aLdsn] kgaLdf jLsf u] afkt eQmfgL ug kg] sldzgsdnfO o zLifsdf hgfpg kg]5
12 ]jf zNs -vb_ M aLdf ldltnfO aemfpg kg] sn ]jf zNsaf6 kgaLdssf] lxfssectf uL afFsL sdnfO o zLifsdf hgfpg kg]5
13 cGo k|ToIf vr M aLdfsf] lsld+u k|ToIf kn] DalGwt x]sf] cGo vrnfO ozLifsdf hgfpg kg]5
14 Jojyfkg vr M lgb]zg $ adf]lhd afF8kmFf8 uL cfPsf] sdnfO o zLifsdfhgfpg kg]5
15 cfos M -_ aLdssf] cfos bfloTjnfO lgb]zg adf]lhd afF8kmFf8 uL cfPsf]sdnfO o zLifsdf hgfpg kg]5 osf] ljj0f kllzi6 sf] cgrL adf]lhd xg kg]5
-_ cl3Nnf jif-x_ sf] cfos bfloTjnfO kllzi6 sf] cgrL sf] aeligcl3Nnfjifxsf] cfosAElig zLifsdf hgfpg kg]5 t Totf] cfosdf nfu]sf]b08dividehljfgfdivideljnDa zNsnfO gfkmf gf]Sfg lxfasf] aeligcl3Nnf jif+uDalGwt vrAElig zLifsdf hgfpg kg]5
16 cflys jifsf] cGTodf eQmfgL xg afFsL bfjL afkt Jojyf M cflys jifsf] cGTodfeQmfgL xg afFsL d[To bfjL cjlw dfKtL bfjL cf+lzs cjlw dfKtL bfjL dk0fdNo bfjL cGo bfjL tyf gt[hgf ePsf] t hfgsfLdf gcfPsf] bfjLsf] of]ukmndfaLdf lgodfjnL )$( sf] lgod sf] v08 -3_ adf]lhdsf] sd yk ubf xgcfpg] sdnfO o zLifsdf hgfpg kg]5
aLdssf] cgejsf] cfwfdf [hgf ePsf] t hfgsfLdf gcfPsf] bfjLsf] nflusd Aojyf ug kg]5
17 cflys jifsf] cGTodf cdfKt hf]lvd afkt Jojyf M aLdf cjlw dfKtL afktbfjL eQmfgL ug gkg] lsldsf] aLdfsf] cdfKt hf]lvd afkt lgb]zg ( adf]lhdJojyf uL cfPsf] sd o zLifsdf hgfpg kg]5
18 hLjg aLdf sf]ifdividegfkmf gf]Sfg lxfadf f]sf] artdivide-gf]Sfg_ M -_ aLdf cjlwdfKtL afkt bfjL eQmfgL ug kg] lsldsf] aLdfsf] cfo Joo lxfaaf6 art -surplus_ ePsf] cjyfdf o zLifsnfO aelighLjg aLdf sf]ifdf f]sf] artAElig sfoduL Totf] art sdnfO o zLifsdf hgfpg kg]5
-_ aLdf cjlw dfKtL afkt bfjL eQmfgL ug kg] lsldsf] aLdfsf] cfo Joolxfaaf6 gf]Sfg ePsf] cjyfdf o zLifsnfO aeliggfkmf gf]Sfg lxfadff]sf] gf]SfgAElig sfod uL Totf] gf]Sfg sdnfO o zLifsdf C0ffTdskdf hgfpg kg]5
-_ aLdf cjlw dfKtL afkt bfjL eQmfgL ug gkg] lsldsf] aLdfsf] cfo Joolxfasf] nflu o zLifsnfO aelighLjg aLdf sf]ifdf f]sf] sdAElig aeliggfkmfgf]Sfg lxfadf f]sf] artdivide-gf]Sfg_AElig uL bOj6f zLifs sfod uL aelighLjgaLdf sf]ifdf f]sf] sdAElig zLifsdf lgb]zgndash adf]lhdsf] sd hgfO afFsLsdnfO aeliggfkmf gf]Sfg lxfadf f]sf] artdivide-gf]Sfg_AElig zLifsdf hgfpgkg]5 tf]lsP adf]lhd hLjg aLdf sf]ifdf f]sf] sd hgfp+bf gf]Sfg ePdf
40
aeliggfkmf gf]Sfg lxfadf f]sf] artdivide-gf]Sfg_AElig zLifsdf Totf] gf]Sfg ePsf]sdnfO C0ffTds kdf hgfpg kg]5
-v_ gfkmf gf]Sfg lxfa tyf DalGwt cgrLsf zLifsxsf] +lIfKt JofVof M
1 cfo Joo lxfaaf6 f]sf] M aLdf cjlw dfKtL afkt bfjL eQmfgL ug gkg]lsldsf] aLdfxsf] cfo Joo lxfaaf6 aeliggfkmf gf]Sfg lxfadf f]sf] artdivide-gf]Sfg_AElig sdxsf] of]ukmnnfO o zLifsdf hgfpg kg]5
2 hLjg aLdf sf]ifaf6 f]sf] M k|rlnt sfggL Jojyf adf]lhd aLdssf] bfloTjsf]n]vfhf]vf DaGwL aLdfIacuteLsf] k|ltj]bg d]tsf] cfwfdf hLjg aLdf sf]ifaf6 gfkmfgf]Sfg lxfadf fgsf nflu ldltn] jLs[lt k|bfg u]sf] sdnfO o zLifsdfhgfpg kg]5
3 nufgL shf tyf cGoaf6 cfo M lgb]zg adf]lhd afF8kFmf8 uL cfPsf] sdnfOo zLifsdf hgfpg kg]5
4 Jojyf lkmtf M nufgLdf gf]SfgLsf] nflu ulPsf] Jojyf shfdf gf]SfgLsf] nfluulPsf] Jojyf z+sfkb cffdLsf] nflu ulPsf] Jojyf tyf cGosf] nfluulPsf] Jojyf sd cf+lzs jf k0fkn] sfod fVg kg] cjyf gx]df TotfsdxnfO o zLifsdf hgfpg kg]5
5 cGo cfDbfgL M aLdf Aojfo+u f]sf gePsf] kj +rfng cfDbfgL htfcfDbfgLxsf] of]ukmnnfO o zLifsdf hgfpg kg]5
6 Jojyfkg vr M lgb]zg $ adf]lhd afF8kmFf8 uL cfPsf] sdnfO o zLifsdfhgfpg kg]5
7 ckn]vg vr M k|flDes vrx kj +rfng vrx k flPsf vrx nufgLshf cffdL tyf cGo ckn]vg ulPsf] vrnfO o zLifsdf hgfpg kg]5 t+yfks +rfns tyf pRr Jojyfks jf lghx+u DalGwt JolQmdivide+yfDaGwL cffdL ckn]vg ug kfOg] 5g
8 cGo vrx M k|rlnt sfgg adf]lhd aLdf ldlt tyf cGo lgsfon] aLdsnfOtf]s]sf] b08 hljfgf aLdsn] pkof]u u]sf] ]jfsf] aemfpg kg] zNs dodfgaemfP afkt ltg kg] ljnDa zNs hljfgf nufotsf vrx o zLifsdfhgfpg kg]5
9 gf]SfgLsf] nflu Jojyf M nufgLdf gf]SfgLsf] nflu Jojyf shfdf gf]SfgLsf]nflu Jojyf z+sfkb cffdL Jojyf tyf cGo JojyfnfO o zLifsdf hgfpgkg]5
10 cfos M aLdssf] cfos bfloTjnfO lgb]zg adf]lhd afF8kmFf8 uL cfPsf]sdnfO o zLifsdf hgfpg kg]5
11 hLjg aLdf sf]ifdf f]sf] M aLdssf] bfloTjsf] n]vf hf]vf uL aLdfIacuteLn] lbPsf]dNofIacuteg k|ltj]bg d]tsf] cfwfdf ldltn] lbPsf] cfb]zdividelgb]zg adf]lhd hLjg
41
aLdf sf]ifdf f]sf] sdnfO o zLifsdf b]vfpg kg]5 oL hLjg aLdf sf]ifdff]sf] sd gfkmf gf]Sfg lxfadf lkmtf ug kfOg] 5g
12 cl3Nnf jif+u DalGwt vr M cl3Nnf jif-x_sf] cfosdf nfu]sf]b08dividehljfgfdivideljnDa zNs tyf cl3Nnf jifxdf n]vfIacuteg ug 56]sf vrxnufotsf cl3Nnf jif+u DalGwt vrnfO o zLifsdf hgfpg kg]5
-u_ jfnft tyf DalGwt cgrLsf zLifsxsf] +lIfKt JofVof M
1 rQmf kFhL M eQmfgL k|fKt ePsf] fwf0f z]o ckljtgLo cu|flws z]o tyfkljtgLo cu|flwsf z]o afktsf] sdsf] of]ukmnnfO o zLifsdf hgfpg kg]5
2 hu]8f tyf sf]if M aLdsn] hu]8f sfod ug] lnlnfdf gfkmfaf6 afF8kmfF8 ecfPsf jf cGo sg] k|lqmofaf6 gt[hgf ePsf tyf gfkmf gf]Sfg lxfadf afF8kmFf8guL +ro uL flvPsf] sdxnfO o zLifsdf hgfpg kg]5 oL hu]8f k|of]uubf DalGwt hu]8f tyf sf]if lxfadf vr hgfpg kg]5
-s_ kFhLut hu]8f M rQmf gePsf] z]osf] afFsL sd dfu ubf eQmfgL gu]sf]sf0fn] pQm z]onfO hkmt uL k|fKt xg cfPsf] sd kFhLut cgbfg afktk|fKt xg cfPsf] lhGL tyf gub sd tyf aLdssf] kFhL j[l4 ug] p2]Zon]gfkmfaf6 flPsf] sdnfO o zLifsdf hgfpg kg]5
-v_ z]o lk|ldod M aLdsn] cfˆgf] z]o hfL ubf z]osf] clIacutet dNo eGbf a9Lbn] hfL u]sf] x]5 eg] pQm al9 sd hlt o zLifsdf hgfpg kg]5 ozLifsdf hgfOPsf] sd nfef+z ljt0f k|of]hgsf] nflu of]Uo dflgg] 5g
-u_ k|tfljt af]gz z]o M aLdsn] k|tfj uL fwf0f efn] kflt u]sf] t hfLuL gs]sf] af]gz z]onfO o zLifsdf hgfpg kg]5
-3_ ljz]if hu]8f M aLdf ldltsf] lgb]zg adf]lhd sg cGo hu]8f sf]if v8f ugkbf Totf] sdnfO o zLifsdf hgfpg kg]5
-ordf_ cGo hu]8f M aLdsn] cGo k|of]hgsf] nflu v8f u]sf] hu]8fnfO o zLifsdfhgfpg kg]5
-r_ gfkmf gf]Sfg lxfaaf6 f]sf] M aLdssf] gfkmf gf]Sfg lxfaaf6 jfnftdff]sf] gfkmf sdnfO o zLifsdf hgfpg kg]5
3 hLjg aLdf sf]if M lgb]zg adf]lhd fVg kg] hLjg aLdfsf]ifxsf] of]ukmnnfOo zLifsdf hgfpg kg]5
4 dxfndashljkQL hu]8f M 7nf] kldf0fdf aLdf bfjL pTkGg xg Sg] dxfndashljkQL -catastrophy_ sf] cjyfdf aLdssf] ljQLo Ifdtfdf kg Sg] k|ltsn c sd ug]p2]Zon] gfkmfaf6 flPsf] sdnfO o zLifsdf hgfpg kg]5 o zLifsdfhgfOPsf] sd nfef+z ljt0f k|of]hgsf] nflu of]Uo dflgg] 5g
5 ltg afFsL bL3sflng C0f tyf fk6L M jfnftsf] ldltdf eQmfgL ug afFsLbL3sflng fk6LnfO o zLifsdf hgfpg kg]5
42
6 ly DkQL -vb_ MyfoL k|s[ltsf DkQLxsf] sn dNodf Xf ssectf uL afFsL x]sf]sdnfO o zLifsdf hgfpg kg]5
7 bL3sflng nufgL M aLdsn] lgb]zg ^ adf]lhd u]sf] bL3sflng nufgLnfO ozLifsdf hgfpg kg]5
kli6s0f M = jfnftsf] ldltaf6 Ps jif eGbf al9 cjwL kl5 eQmfgLk|fKt xg] sfL sfsf] hdfgt k|fKt ]Sol6Ld2tL lgIf]k gfuls nufgL of]hgf z]o a+s tyfljQLo +yfsf] cu|flwsf z]odividel8j]Gr tyf cGo f]xLk|s[ltsf nufgLxnfO bL3sflng nufgL Demg k5
= aLdsn] klAns sDkgLsf] z]odf nufgL u] afkt k|fKtxg] af]gz z]onfO z]o +Vofdf dfq b]vfO kn df]ndfsg kljtg ug x+bg
amp=s cNksflng nufgL M aLdsn] lgb]zg ^ adf]lhd u]sf] cNksflng nufgLnfO ozLifsdf hgfpg kg]5
kli6s0f M jfnftsf] ldltaf6 Ps jif leq eQmfgL k|fKt xg] sfL sfsf] hdfgt k|fKt ]Sol6L d2tL lgIf]k gfulsnufgL of]hgf a+s tyf ljQLo +yfsf] cu|flwsfz]odividel8j]Gr tyf cGo f]xL k|s[ltsf nufgLxnfOcNksflng nufgL Demg k5
8 aLdfn]vsf] lwtf]df shf M aLdsn] lgb]zg amp adf]lhd k|To]s lsldsf] aLdfsf]aLdfn]vsf] lwtf]df k|bfg u]sf] shfsf] of]ukmnnfO o zLifsdf hgfpg kg]5
9 gub tyf a+s dfHbft M -_ aLds+u x]sf] sn gub dfHbft sd tyf aLdssf]a+sdivideljQLo +yfsf] Aofh k|fKt gxg] vftfdf x]sf] sn sdnfO o zLifsdfhgfpg kg]5
10 cGo bL3sflng shf M lgb]zg amp adf]lhd n]vfIacuteg ulPsf] clestfnfO k|bfgulPsf] bL3sflng shf sdrfLnfO k|bfg ulPsf] bL3sflng shf tyf cGobL3sflng shfsf] of]ukmnnfO o zLifsdf hgfpg kg]5
kli6s0f M jfnftsf] ldltaf6 Ps jif eGbf al9 cjwL kl5 eQmfgLk|fKt xg] clestfnfO k|bfg ulPsf] shf sdrfLnfO k|bfgulPsf] shf tyf cGo f]xL k|s[tLsf shfxnfO bL3sflngshf Demg k5
)s= cGo cNksflng shf M lgb]zg amp adf]lhd n]vfIacuteg ulPsf] clestfnfO k|bfgulPsf] cNksflng shf sdrfLnfO k|bfg ulPsf] cNksflng shf tyf cGocNksflng shfsf] of]ukmnnfO o zLifsdf hgfpg kg]5
kli6s0f M jfnftsf] ldltaf6 Ps jif leq eQmfgL k|fKtxg] clestfnfO k|bfg ulPsf] shf sdrfLnfO k|bfgulPsf] shf tyf cGo f]xL k|s[tLsf shfxnfOcNksflng shf Demg k5
43
11 cGo DkQL M -_ o lgb]zg adf]lhd n]vfIacuteg ulPsf] aLdssf] nufgLaf6 k|fKt xgafFsL cfo aLdfn]vsf] lwtf]df shfaf6 k|fKt xg afFsL Aofh cGo shfaf6 k|fKt xgafFsL Aofh cGo aLdsaf6 k|fKt xg afFsL kgaLdsaf6 k|fKt xg aFfsL ljljwcffdL clu|d eQmfgL sdrfL k]ZsL cGo k]ZsL wf6L tyf cGosf] of]ukmnnfOo zLifsdf hgfpg kg]5
-_ cGo DkQLsf] ljj0f kllzi6 sf] cgrL $ adf]lhd xg kg]5
-_ cn xg afFsL aLdfzNs eP f]sf] of]ukmn kllzi6 sf] cgrL $ dfb]vfpg kg]5 f] cn xg afFsL aLdfzNs afasf] dNtjL -Suspense_ b]vfOvb k|efj (Net effect) zGo agfpg kg]5
12 rfn bfloTj M clestfnfO lbg afFsL cGo aLdsnfO lbg afFsL kgaLdsnfO lbgafFsL aLdfzNs wf6L k0f ljj0f gvn]sf] aLdfzNs ljljw fx xfosdividexf]lN8EumlsDkgLnfO lbg afFsL gtf]tdf ssectf ulPsf] s ltg afFsL cfos ltg afFsL]jfzNs ltg afFsL sdrfLnfO ltg afFsL +rfnsnfO ltg afFsL tyf cGo ltgafFsL sdxsf] of]ukmnnfO o zLifsdf hgfpg kg]5
13 cdfKt hf]lvd jfkt Jojyf M lgb]zg ( adf]lhdsf] cdfKt hf]lvd Jojyfsf]of]ukmnnfO o zLifsdf hgfpg kg]5
14 eQmfgL xg afFsL bfjL jfkt Jojyf M k|To]s lsldsf] aLdfsf] eQmfgL xg afFsLbfjLsf] nflu ulPsf] Jojyfsf] of]ukmnnfO o zLifsdf hgfpg kg]5
15 ckn]vg jf dfof]hg xg afFsL ljljw vrx M ckn]vg ug afFsL k|flDes vrckn]vg ug afFsL kj +rfng vr ckn]vg ug afFsL yug ulPsf vr tyfcGo ckn]vg jf dfof]hg gePsf vrxsf] of]ukmnnfO o zLifsdf hgfpgkg]5
-3_ k|dv rsfIacutexdf +nUg zLifsxsf] +lIfKt JofVof
1 g]6 jy = rQmf kFhL plusmn hu]8f tyf sf]if plusmn dxf ljkQL hu]8f ndashckn]vg jfdfof]hg xg afFsL ljljw vrx ndash gfkmf gf]Sfg lxfaaf6 f]sf] gf]Sfg
2 k|lt z]o lstfaL dNo = g]6 jydividefwf0f z]o +Vof
3 k|lt z]o cfo = vb gfkmfdividefwf0f z]o +Vof
4 dNo cfDbfgL cgkft = k|lt z]o ahf dNodividek|lt z]o cfo
5 sn DklQ = ly DklQ plusmn nufgL plusmn aLdfn]vsf] lwtf]df shf plusmn rfnDklQ shf tyf k]ZsLx
![Page 18: hLjg aLdf Joj;fo ug]{ aLdssf] ljQLo ljj/0f ;DaGwL lgb]{zg](https://reader033.vdocuments.site/reader033/viewer/2022053020/6291631db7b57c39db6663d6/html5/thumbnails/18.jpg)
18
cgrL ndash $bfjL eQmfgL
d[To bfjLeQmfgL
cjlw dfKtLbfjL eQmfgL
cf+lzs cjlwdfKtL bfjL
eQmfgL
dk0f dNo bfjLeQmfgL
cGo bfjLeQmfgL
sn bfjL eQmfgL sn bfjLeQmfgLdfkgaLdssf]
lxf
bfjL eQmfgL-vb_
qm=+= aLdfsf]lsld
o jif ut jif o jif ut jif o jif ut jif o jif ut jif o jif ut jif o jif ut jif o jif ut jif o jif ut jif
===
===
hDdf
19
cgrLndash
clestf sldzg
k|yd aifsf]aLdfzNsdf
clestf sldzg
gjLs0f aLdfzNsdfclestf sldzg
Psn aLdfzNsdfclestf sldzg
hDdf clestfsldzg
qm=+= aLdfsf]lsld
o jif ut jif o jif ut jif o jif ut jif o jif ut jif
hDdf
cgrLndash^
]jf zNs -vb_
sn ]jf zNs sn ]jf zNsdfkgaLdssf] lxf
]jf zNs -vb_qm=+= aLdfsf] lsld
o jif ut jif o jif ut jif o jif ut jif
========aLdf
========aLdf
hDdf
cgrLndash amp
Jojyfkg vr
qm=+= ljj0f o aif ut aif1 sdrfL vr -cgrL amp= adf]lhd_2 3 ef8f3 lahnL tyf kfgL4 ddt tyf Def
-s_ ejg-v_ jfL fwg-u_ sfofno pks0f-3_ cGo
5 +rf6 5kfO tyf dnGb7 vr xg] sfofno fdfg8 kljxg9 e|d0f vr -eQf d]t_
-s_ cfGtls-v_ jb]lzs
10 clestf tflnd11 clestf cGo12 aLdfzNs13 Iff vr14 sfggL tyf kfdz zNs15 kq klqsf tyf kts
20
16 lj1fkg tyf k|rf k|f17 Jofkf k|j4g18 cltyL Tsf19 rGbf tyf pkxf20 +rfns ldlt DaGwL vr
-s_ a7s eQf-v_ cGo
21 cGo ldltdividepkndashldlt DaGwL vr-s_ a7s eQf-v_ cGo
22 fwf0f ef DaGwL vr
23-s_ aLdfIacuteLo ]jf zNs-v_ aLdfIacuteLo vr
24 n]vf kLIf0f DaGwL vr-s_ n]vf kLIf0f zNs-v_ s n]vf kLIf0f zNs-u_ ljt[t n]vf kLIf0f k|ltj]bg zNs-3_ cGo zNs-ordf_ cfGtls n]vf kLIf0f vr-r_ cGo vr
25 Aofh26 as rfh27 zNs tyf bt28 Xf ssectL29 xnfs l6s630 cGo
afF8 kmfF8sf] nflu hDdfgfkmf gf]Sfg lxfadf f]sf]================aLdfsf] cfo Joo lxfadf f]sf]================aLdfsf] cfo Joo lxfadf f]sf]
hDdfcgrL amp=
sdrfL vr
qm=+= ljj0f o aif ut aif= tna= eQf= bz+ vr$= ~rosf]ifdf yk= tflnd vr^= kf]zfsamp= cfifwf]krf= aLdf(= k]Gg tyf pkbfg vr tyf Jojyf)= ljbf afktsf] vr tyf Jojyf= cGo ljwf afkt vr tyf Jojyf -ljj0f vnfpg]_ cGo -ljj0f vnfpg]_
hDdf M
21
cgrLndash
cfos
qm=+= ljj0f o aif ut aif
= o aifsf] cfos
= cl3Nnf aifxsf] cfos
= afF8kmfF8sf] nflu cfossf] hDdf
afF8kmfF8
gfkmf gf]Sfg lxfadf f]sf]
==============aLdfsf] cfo Joo lxfadf f]sf]
==============aLdfsf] cfo Joo lxfadf f]sf]
hDdf
22
cgrL ndash (
cflys jifsf] cGTodf eQmfgL xg afFsL bfjL afkt Jojyf
eQmfgL xgafFsL d[To bfjL
eQmfgL xgafFsL cjlwdfKtL bfjL
eQmfgL xgafFsL cf+lzscjlw dfKtL
bfjL
eQmfgL xgafFsL dk0fdNo bfjL
eQmfgL xgafFsL cGo
bfjL
[hgf ePsf]t hfgsfLdfgcfPsf] bfjL
-cgdflgt_
eQmfgL xgafFsL hDdf
bfjL
eQmfgL xgafFsL hDdf
bfjLdfkgaLdssf]
lxf
eQmfgL xgafFsL bfjL
afkt Jojyf
qm=+= aLdfsf] lsld
ojif
ut jif ojif
utjif
ojif
utjif
ojif
utjif
ojif
utjif
ojif
utjif
ojif
utjif
ojif
utjif
ojif
utjif
=
=
=
$=
hDdf M
23
cgrLndash)
cfo Joo lxfaxaf6 gfkmf gf]Sfg lxfadf f]sf] sd
qm=+= ljj0f o aif ut aif
= ==================== sf] cfo Joo lxfaaf6 f]sf]
= ==================== sf] cfo Joo lxfaaf6 f]sf]
=
$=
hDdf
cgrLndash
hLjg aLdf sf]if
dfof]hg cuf8Lsf]hLjg aLdf sf]if-jifsf] zdf_
cfo Joolxfaaf6 f]sf]
gfkmf gf]Sfglxfaaf6 f]sf]
dfof]hg cuf8Lsf]hLjg aLdfsf]if-jifsf] cGTodf_
qm=+= aLdfsf]lsld
o jif ut jif o jif ut jif o jif ut jif o jif ut jif
=
=
=
$=
hDdf M
hLjg aLdf sf]ifdf dfof]hg
dfof]hgcuf8Lsf]
hLjg aLdfsf]if
-jifsf]cGTodf_
gfkmfgf]Sfglxfadff]sf]
aLdfn]vcGtutbfloTj
af]gsf]nflu
Jojyf
f]Ne]GLdflhgsf]nflu
Jojyf
afF8kmfF8gulPsf]sd
jifsf]cGTodfhLjg
aLdf sf]if
qm=+= aLdfsf]lsld
oaif
utaif
oaif
utaif
oaif
utaif
oaif
utaif
oaif
utaif
oaif
utaif
oaif
utaif
=
=
=
hDdf M
24
cgrLndash
Jojyf lkmtfqm=+= ljj0f o aif ut aif= nufgLdf gf]SfgLsf] nflu Jojyf lkmtf= shfdf gf]SfgLsf] nflu Jojyf lkmtf= z+sfkb cffdL Jojyf lkmtf$ cGo Jojyf lkmtf
hDdf
cgrLndash
ckn]vg vrx
qm=+= ljj0f o aif ut aif1 k|flDes vrx2 kj +rfng vrx3 k flPsf vrx4 ckn]vg ulPsf] nufgL5 ckn]vg ulPsf] shf6 ckn]vg ulPsf] cffdL7 cGo ckn]vg
hDdf
cgrLndash$
cGo vrx
qm=+= ljj0f o aif ut aif
1 b08 hljfgf
2 ljnDa zNs hljfgf
3 cGo -ljj0f vnfpg]_
hDdf
cgrLndash
gf]SfgLsf] nflu Jojyfqm=+= ljj0f o aif ut aif= nufgLdf gf]SfgLsf] nflu Jojyf= shfdf gf]SfgLsf] nflu Jojyf= z+sfkb cffdL Jojyf$ cGo Jojyf
hDdf
25
cgrLndash^
-s_ z]o kFhL
qm=+= ljj0f o aif ut aifclws[t kFhLs_ ================= bsf] ======== yfg fwf0f z]ov_ ============ bsf] ====yfg ckljtgLo cu|flwsfz]o
=
u_ ========== bsf] ====== yfg kljtgLo cu|flwsfz]ohfL kFhLs_ ================= bsf] ======== yfg fwf0f z]ov_ ============ bsf] ====yfg ckljtgLo cu|flwsfz]o
=
u_ ========== bsf] ====== yfg kljtgLo cu|flwsfz]orQmf kFhLs_ ================= bsf] ======== yfg fwf0f z]oGog eQmfgL k|fKt xg afFsL ==== bsf] ===yfg fwf0fz]ov_ ============ bsf] ====yfg ckljtgLo cu|flwsfz]o
=
u_ ========== bsf] ====== yfg kljtgLo cu|flwsfz]o
hDdf-v_ z]o jfldTjsf] +rgf
o aif ut aifz]owgL
fwf0f z]o+Vof
jfldTjsf] Uuml fwf0fz]o +Vof
jfldTjsf] Uuml
g]kfnL +ul7t +yfx
g]kfnL gfuls
ljb]zL+y
fks
hDdf
jfwf0f
cGo -ljj0f vnfpg]_
sn
-u_ Ps k|ltzt jf a9L z]o jfldTj ePsf z]owgLxsf] ljj0f
o aif ut aifqm=+= ljj0f
jfldTjsf] Uuml sd jfldTjsf] Uuml sd
=
=
=
26
cgrLndashamp
hu]8f tyf sf]if
qm=+= ljj0f o aif ut aif
1 kFhLut hu]8f
2 ljz]if hu]8f
3 cGo hu]8f -ljj0f vnfpg]_
4 z]o lk|ldod
5 k|tfljt af]gz z]o
6 Gffkmf gf]Sfg lxfaaf6 f]sf] gfkmf
hDdf
cgrLndash
dxfndashljklQ hu]8fjifsf] zdf dxfndashljklQ hu]8f gfkmf gf]Sfg lxfaaf6 f]sf] jifsf] cGTodf dxfndashljklQ
hu]8fo jif ut jif o jif ut jif o jif ut jif
cgrLndash(
ltg afFsL bL3sflng C0f tyf fk6L
qm=+= ljj0f o aif ut aif
l8j]Gr divide a08
a+s
ljQLo +yf
$ cGo -ljj0f vnfpg]_
hDdf
27
cgrLndash)
ly DklQ
ljj0f kn df]n Xf ssectL vb df]n
zdfHbft
ojif
yk]sf]
ojif
36]sf]
hDdf utjifDd
ojif
laqmLdivide
dfof]hg
hDdf ojifDdsf]
UftjifDdsf]
lk|m xf]N8hldg
ejg
kmlgrtyf
lkmSr
sfofnofdfg
sDKo6tyfrgfk|ljwLpks0f
cb[ZoDklQ-ljj0fvnfpg]_
jfLfwg
lnh xf]N8DklQ
cGo-k|s[ltvnfpg]_
hDdf
lgdf0fflwgkFhLutvr
sn
ut jif
28
cgrLndash
nufgL
qm=+= ljj0f o aif ut aif-s_ bL3sflng nufgL M sfL sfsf] hdfgt k|fKt ]Sol6L jfl0fHo a+ssf] d2tL lgIf]k ljsf a+ssf] d2tL lgIf]k$ gfuls nufgL of]hgf ljQLo +yfsf] d2tL lgIf]k^ cfjf ljQ sDkgLsf] fwf0f z]o -cgrL = adf]lhd_amp cGo sDkgLsf] fwf0f z]o -cgrL = adf]lhd_ a+s tyf ljQLo +yfsf] cu|flwsf z]odividel8j]Gr( cGo -ljj0f vnfpg]_
hDdf M-v_ cNksflng nufgL M sfL sfsf] hdfgt k|fKt ]Sol6L jfl0fHo a+ssf] d2tL lgIf]k ljsf a+ssf] d2tL lgIf]k$ gfuls nufgL of]hgf ljQLo +yfsf] d2tL lgIf]k^ a+s tyf ljQLo +yfsf] cu|flwsf z]odividel8j]Gramp jfl0fHo a+ssf] Aofh k|fKt xg] cGo lgIf]k ljsf a+ssf] Aofh k|fKt xg]] cGo lgIf]k( ljQLo +yfsf] Aofh k|fKt xg] cGo lgIf]k) cGo Aofh k|fKt xg] nufgL -ljj0f vnfpg]_
hDdf McgrLndash=
z]odf nufgL
qm=+= sDkgL vb sd c+lst dNo kn dNo ahf dNo
= ======sDkgLsf]=============yfg====z]o
= ======sDkgLsf]=============yfg=====z]o
= ======sDkgLsf]=============yfg=====z]o
hDdf
gf]6 M = aLdssf] xfos sDkgLdividexf]lN8Euml sDkgL tyf +oQm nufgL ePsf] sDkgLsf] z]odf ePsf]nufgLnfO
5sectfndash5sect vnfpg kg]5
= lgodfgf lrs[t gePsf z]odf ePsf] nufgLnfO 5sect vnfpg kg]5
= +yfks z]o cGo z]odf ePsf] nufgLnfO 5sectf5sect vnfpg kg]5
29
cgrLndash
gub tyf a+s dfHbft
qm=+= ljj0f o aif ut aifgub dfHbft
hDdfa+s dfHbftjfl0fHo a+sxsf] dfHbftljsf a+sxsf] dfHbftljQLo +yfxsf] dfHbft
cGo -ljj0f vnfpg]_hDdfsn
cgrLndash
cGo shf
qm=+= ljj0f o aif ut aif-s_ bL3sflng shf= clestfnfO shf= sdrfLnfO shf= cGo -ljj0f vnfpg]_
hDdf-v_ cNksflng shf= clestfnfO shf= sdrfLnfO shf= cGo -ljj0f vnfpg]_
hDdfcgrLndash$
cGo DklQqm=+= ljj0f o aif ut aif1 nufgLaf6 k|fKt xg afFsL cfo2 aLdfn]vsf] lwtf]df shfaf6 k|fKt xg afFsL Aofh3 cGo -aLdfn]vsf] lwtf]df afx]s_ shfaf6 k|fKt xg afFsL
Aofh4 cGo aLdsaf6 k|fKt xg afFsL5 kgaLdsaf6 k|fKt xg afFsL6 ljljw cffdL7 clu|d eQmfgL8 sdrfL k]ZsL9 cGo k]ZsL10 wf6L11 cn xg afFsL aLdfzNs
Gog M cn xg afFsL aLdfzNs dNtjL -suspense_12 cGo ljj0f vnfpg]
hDdf M
30
cgrLndash
rfn bfloTj
qm=+= ljj0f o aif ut aif1 clestfnfO lbg afFsL2 cGo aLdsnfO lbg afFsL3 kgaLdsnfO lbg afFsL4 cNksflng shf5 aLdfzNs wf6L6 k0f ljj0f gvn]sf] aLdfzNs7 ljljw fx8 xfosdividexf]lN8Euml sDkgLnfO lbg afFsL9 gtf]tdf ssectf ulPsf] s ltg afFsL10 dNo clea[l4 s ltg afFsL11 cfos ltg afFsL12 ]jf zNs ltg afFsL13 sdrfLnfO lbg afFsL14 +rfnsnfO lbg afFsL15 eQmfgL lbg afFsL nfef+z -l8le8]08_16 cGo -ljj0f vnfpg]_
hDdf
cgrLndash^
cdfKt hf]lvd Jojyfqm=+= ljj0f o aif ut aif= ===========aLdfsf] cdfKt hf]lvd hu]8f= ===========aLdfsf] cdfKt hf]lvd hu]8f= ===========aLdfsf] cdfKt hf]lvd hu]8f
===========aLdfsf] cdfKt hf]lvd hu]8f
hDdf
31
cgrL ^scGo Aojyf
aifsf] zdf Aojyfrfn cf=a=df yk ulPsf]
Aojyfrfn cf=a=df ckn]vg
ulPsf] Aojyfrfn cf=a=df lkmtfulPsf] Aojyf
aifsf] cGtdf sfodx]sf] Aojyf
qm=+=
ljj0fo jif ut jif o jif ut jif o jif ut jif o jif ut jif o jif ut jif
nfef+z -l8le8]08_ sf] nflu Aojyf
nufgLdf gf]SfgLsf] nflu Aojyf
shfdf gf]SfgLsf] nflu Aojyf
$ z+sfZkb cffdLsf] nflu Aojyf
cGo gf]SfgLsf] nflu Aojyf
^ sdrfL DaGwL Aojyf-s_ k]Gg tyf pkbfg Aojyf-v_ ljbf jfkt Aojyf-u_ cfjf tyf cGo ljwf Aojyf-3_ sdrfL af]g Aojyf-ordf_ cGo
amp cGo Aojyf -ljj0f vnfpg]_
hDdf
32
cgrLndashamp
ckn]vgdividedfof]hg xg afFsL ljljw vrxqm=+= ljj0f o aif ut aif1 ckn]vg ug afFsL k|flDes vr2 ckn]vg ug afFsL kj +rfng vr3 ckn]vg ug afFsL yug ulPsf vr4 cGo -ljj0f vnfpg]_
hDdf
cgrL ndash
ljQLo ljj0f+u DalGwt k|dv n]vf gLltx
n]vf DaGwL gLltdf vnfpg kg] aFbfx M aLdsn] n]vf DaGwL gLltdf b]xfosf aFbfxvnfpg kg]5
1 ljQLo ljj0f tofLsf cfwfx M sg sg cjwf0ff -concept_ tyf n]vfdfgx sfgg tyf aLdf ldltsf lgb]zgxsf] clwgdf xL ljQLo ljj0f tof ulPsf] xf]f]sf] Joxf]f
ljQLo ljj0f tof ubf sg sfgg aLdf ldltsf] lgb]zg jf n]vfdfg kfngf gePsf]eP f]sf] sf0f lxt Joxf]f
2 ly DklQ n]vfIacuteg gLlt M ly DklQ n]vfIacuteg ubf cjnDag ulPsf] gLlt
3 Xf ssectL gLlt M aLdssf] +rfns ldltaf6 kflt uL nfu ulPsf] Xf ssectL gLlt
4 kFhLs[t gulg] DklQx DaGwL n]vfIacuteg gLlt M aLdssf] +rfns ldltn] sg lglZrtdf]nDd kg] pks0f fdfgx kFhLs[t gug] gLlt lnPsf] 5 eg] f]sf] Joxf]f
5 cfos Jojyf tyf afF8kmFf8 gLlt M cfos Jojyf DaGwdf aLdsn] cjnDag u]sf]gLlt aLdsn] gfkmf gf]Sfg lxfa tyf cfo Joo lxfadf Totf] Jojyf sdafF8kmFf8 ubf cjnDag u]sf] gLlt
6 nufgL n]vfIacuteg gLlt M nufgL n]vfIacutegsf] DaGwdf aLdsn] cjnDag u]sf] gLltxnfOb]xfosf zLifsx cGtut vnfpg kg]5
-s_ sfL artkqdivideC0fkqdf nufgL n]vfIacuteg gLlt
-v_ a+sdivideljQLo +yfsf] d2tL lgIf]kdf nufgL n]vfIacuteg gLlt
-u_ klAns lnld6]8 sDkgLsf] z]odf nufgL n]vfIacuteg gLlt
-3_ klAns lnld6]8 sDkgLn] hfL u]sf] C0fkqxdf nufgL n]vfIacuteg gLlt
7 6xL 36a9 dfof]hg gLlt M ljb]zL db|f+u DalGwt DklQ bfloTj tyf 6xL36a9 cfDbfgL tyf vrxsf] n]vfIacuteg gLlt
8 aLdfzNs cfDbfgL n]vfIacuteg gLlt M aLdsn] aLdfzNs cfDbfgL n]vfIacuteg ubf cjnDagu]sf] gLlt
33
9 kgaLdf sldzg cfDbfgL n]vfIacuteg gLlt M aLdsn] kgaLdf u] afkt k|fKt ug] sldzgsf]n]vfIacuteg ubf cjnDag u]sf] gLlt
10 cGo cfo n]vfIacuteg tyf afF8kmFf8 gLlt M aLdsn] ef8f -Rent_ tyf cGo zLifsaf6 ePsf]cfo n]vfIacuteg tyf afF8kmFf8 ubf cjnDag u]sf] gLlt
11 shf n]vfIacuteg gLlt M aLdsn] aLdfn]vsf] lwtf]df k|bfg u]sf] shf tyf cGo shfn]vfIacuteg ubf cjnDag u]sf] gLlt
12 Jojyfkg vr afF8kmFf8 gLlt M aLdsn] gfkmf gf]Sfg lxfa tyf cfo Joo lxfaxdfJojyfkg vr afF8kmFf8 ubf cjnDag u]sf] gLlt
13 aLdf bfjL eQmfgL vr n]vfIacuteg gLlt M aLdsn] aLdf bfjL eQmfgL vr n]vfIacuteg ubfcjnDag u]sf] gLlt
14 aLdf bfjL afkt bfloTj Jojyf n]vfIacuteg gLlt M -s_ gt[hgf ePsf] t hfgsfLdfgcfPsf] -IBNR_ aLdf bfjL afkt bfloTj Jojyf n]vfIacuteg ubf aLdsn] cjnDagu]sf] gLlt
-v_ aLdsn] aLdf bfjL bfloTj afkt Jojyf ubf cjnDag u]sf] gLlt
15 aLdf Jojfodf art afF8kmFf8 gLlt M aLdsn] gfkmf gf]Sfg lxfa tyf cfo Joolxfaxdf art afF8kmFf8 ubf cjnDag u]sf] gLlt
16 sdrfL pkbfg ljbf tyf cGo ljwf afkt Jojyf gLlt M aLdsn] sdrfL pkbfgljbf tyf cGo ljwf afkt Jojyf ubf cjnDag u]sf] n]vfIacuteg gLlt
17 z+sfkb cffdL Jojyf gLlt M aLdsn] z+sfkb cffdL Jojyf ubf cjnDag u]sf]gLlt
18 ckn]vg vr n]vfIacuteg gLlt M aLdsn] cjnDag u]sf] ckn]vg vr DaGwL gLlt
19 cGo gLltx M plNnlvt gLltx afx]s jfnft gfkmf gf]Sfg lxfa cfo Joo lxfanufotsf ljQLo ljj0fnfO apermilg ljZn]if0f ug 3fp kUg] uL cGo sg] n]vf gLltsf]hfgsfL lbg cfjZos b]lvPdf f] Joxf]f
34
cgrLndash(
ljQLo ljj0f+u DalGwt n]vf DaGwL l6Kk0fLx
n]vf DaGwL l6Kk0fLdf vnfpg kg] aFbfx M aLdsn] n]vf DaGwL l6Kk0fLdf b]xfosf aFbfxvnfpg kg]5
= Defljt bfloTjx M
c_ rQmf jf eQmfgL xg afFsL nufgL
cf_ k|Tofelt k|lta4tf -underwriting commitments_
O_ aLdfn]v cGtut eGbf afx]saf6 aLds pk bfjL k]sf] t aLdsn] bfloTj jLsfgu]sf]
O_ aLdsn] jf aLdssf] tkmaf6 lbOPsf] Uof]06L
p_ cGo bfloTj -ljj0f vnfpg]_
= aLdfIacuteLn] aLdssf] bfloTj dNofIacuteg ubf cjnDag u]sf] cfwfx
= aLdssf] DklQdf cfPsf] Lldttf tyf ljjfbx
$= shf nufgL tyf ly DklQsf] nflu ulPsf] k|lta4tf
= nufgL+u DalGwt b]xfosf vLb laqmL Demftfxsf] dNo M
c_ vLb ulPsf] DklQsf] jfldTj k|fKt gePsf]
cf_ laqmL ulPsf] DklQsf] eQmfgL k|fKt gePsf]
^= o jifeL ulPsf] nufgL tyf laqmLdividelkmtf lnPsf] nufgLsf] DaGwdf +yf ldltkldf0f sd d]t vn]sf] ljj0f
amp= a+s dfHbft lxfa DaGwdf DalGwt a+sdivideljQLo +yfsf] 6]6d]06 lxtsf] lxfaldnfg DaGwL Joxf]f
= aLdsdividekgaLds+u lng lbg afFsL lxfa DaGwdf DalGwt aLdsdividekgaLdssf]dyg lxtsf] lxfa ldnfg DaGwL Joxf]f
gf]6 Mndash bnfn (Broker) dfkmt ePsf] kgaLdfsf] xsdf fdfGot DalGwt bnfnn]kgaLdssf] tkmaf6 dyg lbg Sg]5
(= aLdsn] u]sf] nufgL k|rlnt aLdf P]g lgodfjnL tyf aLdf ldltaf6 tf]lsP adf]lhdx] gx]sf]
)= aLdssf] +rfns jf +rfns+u DalGwt JolQm jf +yf+u ePsf] sff]af
= aLdsn] cfˆgf] DklQsf] If0fdf lnPsf] C0fsf] lwtf] zt tyf cflrTo
= aLdsn] s rQmf k|df0fkq k|fKt u]sf] cf=j=tyf Totf] rQmf k|df0fkq k|fKt xg afFsLcf=j= f] DaGwL ljj0fsf fy] cl3Nnf] cf=j=xsf] s hljfgf Aofh afkt bfjLk]sf] o cf=j=df eQmfgL ePsf] sd
= lkmtf u]sf] aLdfzNssf] kldf0f sf0f
35
$=aLdsn] aLldtnfO k|bfg ug] 3f]lift tyf cGtld af]gsf] b
=l9nf] aLdfzNs eQmfgLdf lanDa zNsdivideAofhsf] b tyf aLdfn]vsf] lwtf]df k|bfg ulg]shfdf Aofhsf] b
^=ckn]vg xg afFsL vrsf] ljj0f
amp=rQmf kFhL dWo] clu|d eQmfgL k|fKt -Paid in advance_ eQmfgL k|fKt xg afFsL -Call inarrears_ hkmt ulPsf t kgM lgisfzg gulPsf z]osf] ljj0f
=lnh xf]N8 DklQdf ut jifDd o jif vr (Amortization) n]lvPsf] sdsf]ljj0f
(= jifeldf ePsf] jfnft aflxsf] sff]afsf] ljj0f
)= cl3Nnf aifx+u DalGwt cfDbfgL tyf vrxsf] 5sectf5sect ljj0f
=plNnlvt aFbfx afx]s jfnft gfkmf gf]Sfg lxfa cfo Joo lxfa nufotsfljQLo ljj0fxnfO apermilg ljZn]if0f ug 3fp kUg] cGo sg hfgsfL lbg cfjZosb]lvPdf cGo Joxf]f d]t vnfpg kg]5
36
cgrL )k|dv rsfIacutex
cf=a=qm=+= ljj0f rsfIacute
g]6 jy = z]o +Vof +Vof k|lt z]o lstfjL dNo =$ vb gfkmf = k|lt z]o cfo (EPS) =^ k|lt z]o nfef+z (DPS) =amp k|lt z]o ahf dNo (MPPS) = dNo cfDbfgL cgkft (PE Ratio) cgkft( k|yd aifsf] aLdfzNs =) sn aLdfzNs = vb aLdfzNsdividesn aLdfzNs k|ltzt vb gfkmfdividesn aLdfzNs k|ltzt sn aLdfzNsdividesn DklQ k|ltzt$ nufgL shfaf6 cfodividesn nufgL shf k|ltzt sn nufgL shfdividehLjg aLdfsf]if k|ltzt^ kgaLdf sldzg cfodividesn kgaLdfzNs k|ltztamp Jojyfkg vrdividesn aLdfzNs k|ltzt aLdf clestf DalGw vrdividesn aLdfzNs k|ltzt( aLdf clestf +Vof +Vof) sdrfL +Vof +Vof sfofnosf] +Vof +Vof sdrfL vrdivideJojyfkg vr k|ltzt sdrfL vrdividesdrfL +Vof =$ eQmfgL xg aFfsL bfjL sddivideeQmfgL ePsf] bfjL
sdk|ltzt
sn sfod x]sf] aLdfn]vsf] +Vof +Vofdf^ o jif gjLs0f ePsf] aLdfn]vsf] +Vofdivideut
jif sfod x]sf] aLdfn]vsf] +Vofk|ltzt
amp bfjL k]sf] aLdfn]vsf] +Vofdividesn sfod x]sf]aLdfn]vsf] +Vof
k|ltzt
f]Ne]GL dflhg k|ltzt( 3f]lift af]g b =
k|ltxhf) cGtld af]g b =
k|ltxhf
37
cgrL ndash
aLdfIacutesf] ljj0f
sfod x]sf]aLdfn]vsf] +Vof
sfod x]sf]aLdfn]v cGtut
hDdf aLdfIacute
d of6 ls(Sum at Risk)
kgaLdsnfOxtfGt0f ulPsf]
d of6 ls(Sum at Risk)
aLdsn] wf0fu]sf] d of6ls (Sum at
Risk)
qm=+= aLdfsf] lsld
o jif ut jif o jif ut jif o jif ut jif o jif ut jif o jif ut jif
hDdf
38
kllzi6 ndash
-lgb]zg +u DalGwt_
ljQLo ljj0fsf zLifsxsf] +lIfKt JofVof
-s_ cfo Joo lxfa tyf f] DaGwL cgrLsf zLifsxsf] +lIfKt JofVof M
1 k|ToIf aLdfzNs M aLdsn] kgaLdf jLsf u] afkt k|fKt aLdfzNs afx]s k|ydjifsf] aLdfzNs gjLs0f aLdfzNs Psn aLdfzNssf] of]ukmnaf6 lgodfgflkmtf u]sf] aLdfzNs ssectf uL o zLifsdf hgfpg kg]5
2 sn aLdfzNs M k|ToIf aLdfzNs aLdsn] kgaLdf jLsf u] afkt k|fKtaLdfzNssf] of]ukmnnfO o zLifsdf hgfpg kg]5
3 aLdfzNs -vb_ M sn aLdfzNsaf6 kgaLdf lbP afktsf] kgaLdf zNs ssectf uLafFsL sdnfO o zLifsdf hgfpg kg]5
4 kgaLdf sldzg cfo M -s_ aLdsn] kgaLdf lbP afkt k|fKt xg] kgaLdfsldzgnfO o zLifsdf hgfpg kg]5
-v_ aFbf g+=-s_ sf] cltlQm kgaLdsaf6 dgfkmf sldzg -Profit Commission_k|fKt ePdf f]nfO o zLifsdf dfj]z uL f]sf] Joxf]f n]vf DaGwLl6Kk0fLdf vnfpg kg]5
5 nufgL shf tyf cGoaf6 cfo M sfL ]Sol6Laf6 cfo d2tL lgIf]kaf6 cfoklAns sDkgLsf] z]odividel8j]Graf6 cfo ef8faf6 cfo shfaf6 cfo -aLdfn]vsf]lwtf]df shf afx]s_ cGo lgIf]kaf6 -d2tL afx]s_ cfo nufgL laqmLdf gfkmf -GognufgL laqmLdf gf]Sfg_ nufgL -vLb_ df gfkmf -Gog nufgL vLbdf gf]Sfg_ly DklQ laqmLaf6 gfkmf -Gog ly DklQ laqmLaf6 gf]Sfg_ vftf ckn]vgaf6cfo tyf cGo cfosf] of]ukmnnfO lgb]zg adf]lhd afF8kFmf8 uL cfPsf]sdnfO o zLifsdf hgfpg kg]5
6 aLdfn]vsf] lwtf]df shfaf6 cfo M aLdfn]vsf] lwtf]df shf k|bfg u] afkt k|fKt xg]Aofh lanDa zNs htf cfonfO o zLifsdf hgfpg kg]5
7 cGo k|ToIf cfoM aLldtn] tf]lsPsf] cjlwleq aLdfzNs gaemfP afkt aLdsn]eQmfgL k|fKt u]sf] hljfgfdivideAofhdivideljnDa zNs tyf aLdfn]vsf] k|ltlnkL btcfo l6s6 bt htf f]xL aLdfsf] lsld+u k|ToIf kdf DalGwt cfonfO ozLifsdf hgfpg kg]5
8 bfjL eQmfgL -vb_ M aLdsn] eQmfgL u]sf] d[To bfjL cjlw dfKtL bfjL cf+lzscjlw dfKtL bfjL dk0f dNo tyf cGo bfjLsf] of]ukmnnfO o zLifsdfhgfpg kg]5
9 clestf sldzg M k|yd jifsf] aLdfzNsdf clestf sldzg gjLs0f aLdfzNsdfclestf sldzg Psn aLdfzNsdf clestf sldzgsf] of]ukmnaf6 kgaLdssf]lxf ssectf uL afFsL sd o zLifsdf hgfpg kg]5
10 jfYo kLIf0f zNs M aLdf hf]lvdfIacutegsf] nflu jfYo kLIf0f ufP afkt aLdsn]Joxf]g k]sf] jfYo kLIf0f zNsnfO o zLifsdf hgfpg kg]5
39
11 kgaLdf sldzg vr M aLdsn] kgaLdf jLsf u] afkt eQmfgL ug kg] sldzgsdnfO o zLifsdf hgfpg kg]5
12 ]jf zNs -vb_ M aLdf ldltnfO aemfpg kg] sn ]jf zNsaf6 kgaLdssf] lxfssectf uL afFsL sdnfO o zLifsdf hgfpg kg]5
13 cGo k|ToIf vr M aLdfsf] lsld+u k|ToIf kn] DalGwt x]sf] cGo vrnfO ozLifsdf hgfpg kg]5
14 Jojyfkg vr M lgb]zg $ adf]lhd afF8kmFf8 uL cfPsf] sdnfO o zLifsdfhgfpg kg]5
15 cfos M -_ aLdssf] cfos bfloTjnfO lgb]zg adf]lhd afF8kmFf8 uL cfPsf]sdnfO o zLifsdf hgfpg kg]5 osf] ljj0f kllzi6 sf] cgrL adf]lhd xg kg]5
-_ cl3Nnf jif-x_ sf] cfos bfloTjnfO kllzi6 sf] cgrL sf] aeligcl3Nnfjifxsf] cfosAElig zLifsdf hgfpg kg]5 t Totf] cfosdf nfu]sf]b08dividehljfgfdivideljnDa zNsnfO gfkmf gf]Sfg lxfasf] aeligcl3Nnf jif+uDalGwt vrAElig zLifsdf hgfpg kg]5
16 cflys jifsf] cGTodf eQmfgL xg afFsL bfjL afkt Jojyf M cflys jifsf] cGTodfeQmfgL xg afFsL d[To bfjL cjlw dfKtL bfjL cf+lzs cjlw dfKtL bfjL dk0fdNo bfjL cGo bfjL tyf gt[hgf ePsf] t hfgsfLdf gcfPsf] bfjLsf] of]ukmndfaLdf lgodfjnL )$( sf] lgod sf] v08 -3_ adf]lhdsf] sd yk ubf xgcfpg] sdnfO o zLifsdf hgfpg kg]5
aLdssf] cgejsf] cfwfdf [hgf ePsf] t hfgsfLdf gcfPsf] bfjLsf] nflusd Aojyf ug kg]5
17 cflys jifsf] cGTodf cdfKt hf]lvd afkt Jojyf M aLdf cjlw dfKtL afktbfjL eQmfgL ug gkg] lsldsf] aLdfsf] cdfKt hf]lvd afkt lgb]zg ( adf]lhdJojyf uL cfPsf] sd o zLifsdf hgfpg kg]5
18 hLjg aLdf sf]ifdividegfkmf gf]Sfg lxfadf f]sf] artdivide-gf]Sfg_ M -_ aLdf cjlwdfKtL afkt bfjL eQmfgL ug kg] lsldsf] aLdfsf] cfo Joo lxfaaf6 art -surplus_ ePsf] cjyfdf o zLifsnfO aelighLjg aLdf sf]ifdf f]sf] artAElig sfoduL Totf] art sdnfO o zLifsdf hgfpg kg]5
-_ aLdf cjlw dfKtL afkt bfjL eQmfgL ug kg] lsldsf] aLdfsf] cfo Joolxfaaf6 gf]Sfg ePsf] cjyfdf o zLifsnfO aeliggfkmf gf]Sfg lxfadff]sf] gf]SfgAElig sfod uL Totf] gf]Sfg sdnfO o zLifsdf C0ffTdskdf hgfpg kg]5
-_ aLdf cjlw dfKtL afkt bfjL eQmfgL ug gkg] lsldsf] aLdfsf] cfo Joolxfasf] nflu o zLifsnfO aelighLjg aLdf sf]ifdf f]sf] sdAElig aeliggfkmfgf]Sfg lxfadf f]sf] artdivide-gf]Sfg_AElig uL bOj6f zLifs sfod uL aelighLjgaLdf sf]ifdf f]sf] sdAElig zLifsdf lgb]zgndash adf]lhdsf] sd hgfO afFsLsdnfO aeliggfkmf gf]Sfg lxfadf f]sf] artdivide-gf]Sfg_AElig zLifsdf hgfpgkg]5 tf]lsP adf]lhd hLjg aLdf sf]ifdf f]sf] sd hgfp+bf gf]Sfg ePdf
40
aeliggfkmf gf]Sfg lxfadf f]sf] artdivide-gf]Sfg_AElig zLifsdf Totf] gf]Sfg ePsf]sdnfO C0ffTds kdf hgfpg kg]5
-v_ gfkmf gf]Sfg lxfa tyf DalGwt cgrLsf zLifsxsf] +lIfKt JofVof M
1 cfo Joo lxfaaf6 f]sf] M aLdf cjlw dfKtL afkt bfjL eQmfgL ug gkg]lsldsf] aLdfxsf] cfo Joo lxfaaf6 aeliggfkmf gf]Sfg lxfadf f]sf] artdivide-gf]Sfg_AElig sdxsf] of]ukmnnfO o zLifsdf hgfpg kg]5
2 hLjg aLdf sf]ifaf6 f]sf] M k|rlnt sfggL Jojyf adf]lhd aLdssf] bfloTjsf]n]vfhf]vf DaGwL aLdfIacuteLsf] k|ltj]bg d]tsf] cfwfdf hLjg aLdf sf]ifaf6 gfkmfgf]Sfg lxfadf fgsf nflu ldltn] jLs[lt k|bfg u]sf] sdnfO o zLifsdfhgfpg kg]5
3 nufgL shf tyf cGoaf6 cfo M lgb]zg adf]lhd afF8kFmf8 uL cfPsf] sdnfOo zLifsdf hgfpg kg]5
4 Jojyf lkmtf M nufgLdf gf]SfgLsf] nflu ulPsf] Jojyf shfdf gf]SfgLsf] nfluulPsf] Jojyf z+sfkb cffdLsf] nflu ulPsf] Jojyf tyf cGosf] nfluulPsf] Jojyf sd cf+lzs jf k0fkn] sfod fVg kg] cjyf gx]df TotfsdxnfO o zLifsdf hgfpg kg]5
5 cGo cfDbfgL M aLdf Aojfo+u f]sf gePsf] kj +rfng cfDbfgL htfcfDbfgLxsf] of]ukmnnfO o zLifsdf hgfpg kg]5
6 Jojyfkg vr M lgb]zg $ adf]lhd afF8kmFf8 uL cfPsf] sdnfO o zLifsdfhgfpg kg]5
7 ckn]vg vr M k|flDes vrx kj +rfng vrx k flPsf vrx nufgLshf cffdL tyf cGo ckn]vg ulPsf] vrnfO o zLifsdf hgfpg kg]5 t+yfks +rfns tyf pRr Jojyfks jf lghx+u DalGwt JolQmdivide+yfDaGwL cffdL ckn]vg ug kfOg] 5g
8 cGo vrx M k|rlnt sfgg adf]lhd aLdf ldlt tyf cGo lgsfon] aLdsnfOtf]s]sf] b08 hljfgf aLdsn] pkof]u u]sf] ]jfsf] aemfpg kg] zNs dodfgaemfP afkt ltg kg] ljnDa zNs hljfgf nufotsf vrx o zLifsdfhgfpg kg]5
9 gf]SfgLsf] nflu Jojyf M nufgLdf gf]SfgLsf] nflu Jojyf shfdf gf]SfgLsf]nflu Jojyf z+sfkb cffdL Jojyf tyf cGo JojyfnfO o zLifsdf hgfpgkg]5
10 cfos M aLdssf] cfos bfloTjnfO lgb]zg adf]lhd afF8kmFf8 uL cfPsf]sdnfO o zLifsdf hgfpg kg]5
11 hLjg aLdf sf]ifdf f]sf] M aLdssf] bfloTjsf] n]vf hf]vf uL aLdfIacuteLn] lbPsf]dNofIacuteg k|ltj]bg d]tsf] cfwfdf ldltn] lbPsf] cfb]zdividelgb]zg adf]lhd hLjg
41
aLdf sf]ifdf f]sf] sdnfO o zLifsdf b]vfpg kg]5 oL hLjg aLdf sf]ifdff]sf] sd gfkmf gf]Sfg lxfadf lkmtf ug kfOg] 5g
12 cl3Nnf jif+u DalGwt vr M cl3Nnf jif-x_sf] cfosdf nfu]sf]b08dividehljfgfdivideljnDa zNs tyf cl3Nnf jifxdf n]vfIacuteg ug 56]sf vrxnufotsf cl3Nnf jif+u DalGwt vrnfO o zLifsdf hgfpg kg]5
-u_ jfnft tyf DalGwt cgrLsf zLifsxsf] +lIfKt JofVof M
1 rQmf kFhL M eQmfgL k|fKt ePsf] fwf0f z]o ckljtgLo cu|flws z]o tyfkljtgLo cu|flwsf z]o afktsf] sdsf] of]ukmnnfO o zLifsdf hgfpg kg]5
2 hu]8f tyf sf]if M aLdsn] hu]8f sfod ug] lnlnfdf gfkmfaf6 afF8kmfF8 ecfPsf jf cGo sg] k|lqmofaf6 gt[hgf ePsf tyf gfkmf gf]Sfg lxfadf afF8kmFf8guL +ro uL flvPsf] sdxnfO o zLifsdf hgfpg kg]5 oL hu]8f k|of]uubf DalGwt hu]8f tyf sf]if lxfadf vr hgfpg kg]5
-s_ kFhLut hu]8f M rQmf gePsf] z]osf] afFsL sd dfu ubf eQmfgL gu]sf]sf0fn] pQm z]onfO hkmt uL k|fKt xg cfPsf] sd kFhLut cgbfg afktk|fKt xg cfPsf] lhGL tyf gub sd tyf aLdssf] kFhL j[l4 ug] p2]Zon]gfkmfaf6 flPsf] sdnfO o zLifsdf hgfpg kg]5
-v_ z]o lk|ldod M aLdsn] cfˆgf] z]o hfL ubf z]osf] clIacutet dNo eGbf a9Lbn] hfL u]sf] x]5 eg] pQm al9 sd hlt o zLifsdf hgfpg kg]5 ozLifsdf hgfOPsf] sd nfef+z ljt0f k|of]hgsf] nflu of]Uo dflgg] 5g
-u_ k|tfljt af]gz z]o M aLdsn] k|tfj uL fwf0f efn] kflt u]sf] t hfLuL gs]sf] af]gz z]onfO o zLifsdf hgfpg kg]5
-3_ ljz]if hu]8f M aLdf ldltsf] lgb]zg adf]lhd sg cGo hu]8f sf]if v8f ugkbf Totf] sdnfO o zLifsdf hgfpg kg]5
-ordf_ cGo hu]8f M aLdsn] cGo k|of]hgsf] nflu v8f u]sf] hu]8fnfO o zLifsdfhgfpg kg]5
-r_ gfkmf gf]Sfg lxfaaf6 f]sf] M aLdssf] gfkmf gf]Sfg lxfaaf6 jfnftdff]sf] gfkmf sdnfO o zLifsdf hgfpg kg]5
3 hLjg aLdf sf]if M lgb]zg adf]lhd fVg kg] hLjg aLdfsf]ifxsf] of]ukmnnfOo zLifsdf hgfpg kg]5
4 dxfndashljkQL hu]8f M 7nf] kldf0fdf aLdf bfjL pTkGg xg Sg] dxfndashljkQL -catastrophy_ sf] cjyfdf aLdssf] ljQLo Ifdtfdf kg Sg] k|ltsn c sd ug]p2]Zon] gfkmfaf6 flPsf] sdnfO o zLifsdf hgfpg kg]5 o zLifsdfhgfOPsf] sd nfef+z ljt0f k|of]hgsf] nflu of]Uo dflgg] 5g
5 ltg afFsL bL3sflng C0f tyf fk6L M jfnftsf] ldltdf eQmfgL ug afFsLbL3sflng fk6LnfO o zLifsdf hgfpg kg]5
42
6 ly DkQL -vb_ MyfoL k|s[ltsf DkQLxsf] sn dNodf Xf ssectf uL afFsL x]sf]sdnfO o zLifsdf hgfpg kg]5
7 bL3sflng nufgL M aLdsn] lgb]zg ^ adf]lhd u]sf] bL3sflng nufgLnfO ozLifsdf hgfpg kg]5
kli6s0f M = jfnftsf] ldltaf6 Ps jif eGbf al9 cjwL kl5 eQmfgLk|fKt xg] sfL sfsf] hdfgt k|fKt ]Sol6Ld2tL lgIf]k gfuls nufgL of]hgf z]o a+s tyfljQLo +yfsf] cu|flwsf z]odividel8j]Gr tyf cGo f]xLk|s[ltsf nufgLxnfO bL3sflng nufgL Demg k5
= aLdsn] klAns sDkgLsf] z]odf nufgL u] afkt k|fKtxg] af]gz z]onfO z]o +Vofdf dfq b]vfO kn df]ndfsg kljtg ug x+bg
amp=s cNksflng nufgL M aLdsn] lgb]zg ^ adf]lhd u]sf] cNksflng nufgLnfO ozLifsdf hgfpg kg]5
kli6s0f M jfnftsf] ldltaf6 Ps jif leq eQmfgL k|fKt xg] sfL sfsf] hdfgt k|fKt ]Sol6L d2tL lgIf]k gfulsnufgL of]hgf a+s tyf ljQLo +yfsf] cu|flwsfz]odividel8j]Gr tyf cGo f]xL k|s[ltsf nufgLxnfOcNksflng nufgL Demg k5
8 aLdfn]vsf] lwtf]df shf M aLdsn] lgb]zg amp adf]lhd k|To]s lsldsf] aLdfsf]aLdfn]vsf] lwtf]df k|bfg u]sf] shfsf] of]ukmnnfO o zLifsdf hgfpg kg]5
9 gub tyf a+s dfHbft M -_ aLds+u x]sf] sn gub dfHbft sd tyf aLdssf]a+sdivideljQLo +yfsf] Aofh k|fKt gxg] vftfdf x]sf] sn sdnfO o zLifsdfhgfpg kg]5
10 cGo bL3sflng shf M lgb]zg amp adf]lhd n]vfIacuteg ulPsf] clestfnfO k|bfgulPsf] bL3sflng shf sdrfLnfO k|bfg ulPsf] bL3sflng shf tyf cGobL3sflng shfsf] of]ukmnnfO o zLifsdf hgfpg kg]5
kli6s0f M jfnftsf] ldltaf6 Ps jif eGbf al9 cjwL kl5 eQmfgLk|fKt xg] clestfnfO k|bfg ulPsf] shf sdrfLnfO k|bfgulPsf] shf tyf cGo f]xL k|s[tLsf shfxnfO bL3sflngshf Demg k5
)s= cGo cNksflng shf M lgb]zg amp adf]lhd n]vfIacuteg ulPsf] clestfnfO k|bfgulPsf] cNksflng shf sdrfLnfO k|bfg ulPsf] cNksflng shf tyf cGocNksflng shfsf] of]ukmnnfO o zLifsdf hgfpg kg]5
kli6s0f M jfnftsf] ldltaf6 Ps jif leq eQmfgL k|fKtxg] clestfnfO k|bfg ulPsf] shf sdrfLnfO k|bfgulPsf] shf tyf cGo f]xL k|s[tLsf shfxnfOcNksflng shf Demg k5
43
11 cGo DkQL M -_ o lgb]zg adf]lhd n]vfIacuteg ulPsf] aLdssf] nufgLaf6 k|fKt xgafFsL cfo aLdfn]vsf] lwtf]df shfaf6 k|fKt xg afFsL Aofh cGo shfaf6 k|fKt xgafFsL Aofh cGo aLdsaf6 k|fKt xg afFsL kgaLdsaf6 k|fKt xg aFfsL ljljwcffdL clu|d eQmfgL sdrfL k]ZsL cGo k]ZsL wf6L tyf cGosf] of]ukmnnfOo zLifsdf hgfpg kg]5
-_ cGo DkQLsf] ljj0f kllzi6 sf] cgrL $ adf]lhd xg kg]5
-_ cn xg afFsL aLdfzNs eP f]sf] of]ukmn kllzi6 sf] cgrL $ dfb]vfpg kg]5 f] cn xg afFsL aLdfzNs afasf] dNtjL -Suspense_ b]vfOvb k|efj (Net effect) zGo agfpg kg]5
12 rfn bfloTj M clestfnfO lbg afFsL cGo aLdsnfO lbg afFsL kgaLdsnfO lbgafFsL aLdfzNs wf6L k0f ljj0f gvn]sf] aLdfzNs ljljw fx xfosdividexf]lN8EumlsDkgLnfO lbg afFsL gtf]tdf ssectf ulPsf] s ltg afFsL cfos ltg afFsL]jfzNs ltg afFsL sdrfLnfO ltg afFsL +rfnsnfO ltg afFsL tyf cGo ltgafFsL sdxsf] of]ukmnnfO o zLifsdf hgfpg kg]5
13 cdfKt hf]lvd jfkt Jojyf M lgb]zg ( adf]lhdsf] cdfKt hf]lvd Jojyfsf]of]ukmnnfO o zLifsdf hgfpg kg]5
14 eQmfgL xg afFsL bfjL jfkt Jojyf M k|To]s lsldsf] aLdfsf] eQmfgL xg afFsLbfjLsf] nflu ulPsf] Jojyfsf] of]ukmnnfO o zLifsdf hgfpg kg]5
15 ckn]vg jf dfof]hg xg afFsL ljljw vrx M ckn]vg ug afFsL k|flDes vrckn]vg ug afFsL kj +rfng vr ckn]vg ug afFsL yug ulPsf vr tyfcGo ckn]vg jf dfof]hg gePsf vrxsf] of]ukmnnfO o zLifsdf hgfpgkg]5
-3_ k|dv rsfIacutexdf +nUg zLifsxsf] +lIfKt JofVof
1 g]6 jy = rQmf kFhL plusmn hu]8f tyf sf]if plusmn dxf ljkQL hu]8f ndashckn]vg jfdfof]hg xg afFsL ljljw vrx ndash gfkmf gf]Sfg lxfaaf6 f]sf] gf]Sfg
2 k|lt z]o lstfaL dNo = g]6 jydividefwf0f z]o +Vof
3 k|lt z]o cfo = vb gfkmfdividefwf0f z]o +Vof
4 dNo cfDbfgL cgkft = k|lt z]o ahf dNodividek|lt z]o cfo
5 sn DklQ = ly DklQ plusmn nufgL plusmn aLdfn]vsf] lwtf]df shf plusmn rfnDklQ shf tyf k]ZsLx
![Page 19: hLjg aLdf Joj;fo ug]{ aLdssf] ljQLo ljj/0f ;DaGwL lgb]{zg](https://reader033.vdocuments.site/reader033/viewer/2022053020/6291631db7b57c39db6663d6/html5/thumbnails/19.jpg)
19
cgrLndash
clestf sldzg
k|yd aifsf]aLdfzNsdf
clestf sldzg
gjLs0f aLdfzNsdfclestf sldzg
Psn aLdfzNsdfclestf sldzg
hDdf clestfsldzg
qm=+= aLdfsf]lsld
o jif ut jif o jif ut jif o jif ut jif o jif ut jif
hDdf
cgrLndash^
]jf zNs -vb_
sn ]jf zNs sn ]jf zNsdfkgaLdssf] lxf
]jf zNs -vb_qm=+= aLdfsf] lsld
o jif ut jif o jif ut jif o jif ut jif
========aLdf
========aLdf
hDdf
cgrLndash amp
Jojyfkg vr
qm=+= ljj0f o aif ut aif1 sdrfL vr -cgrL amp= adf]lhd_2 3 ef8f3 lahnL tyf kfgL4 ddt tyf Def
-s_ ejg-v_ jfL fwg-u_ sfofno pks0f-3_ cGo
5 +rf6 5kfO tyf dnGb7 vr xg] sfofno fdfg8 kljxg9 e|d0f vr -eQf d]t_
-s_ cfGtls-v_ jb]lzs
10 clestf tflnd11 clestf cGo12 aLdfzNs13 Iff vr14 sfggL tyf kfdz zNs15 kq klqsf tyf kts
20
16 lj1fkg tyf k|rf k|f17 Jofkf k|j4g18 cltyL Tsf19 rGbf tyf pkxf20 +rfns ldlt DaGwL vr
-s_ a7s eQf-v_ cGo
21 cGo ldltdividepkndashldlt DaGwL vr-s_ a7s eQf-v_ cGo
22 fwf0f ef DaGwL vr
23-s_ aLdfIacuteLo ]jf zNs-v_ aLdfIacuteLo vr
24 n]vf kLIf0f DaGwL vr-s_ n]vf kLIf0f zNs-v_ s n]vf kLIf0f zNs-u_ ljt[t n]vf kLIf0f k|ltj]bg zNs-3_ cGo zNs-ordf_ cfGtls n]vf kLIf0f vr-r_ cGo vr
25 Aofh26 as rfh27 zNs tyf bt28 Xf ssectL29 xnfs l6s630 cGo
afF8 kmfF8sf] nflu hDdfgfkmf gf]Sfg lxfadf f]sf]================aLdfsf] cfo Joo lxfadf f]sf]================aLdfsf] cfo Joo lxfadf f]sf]
hDdfcgrL amp=
sdrfL vr
qm=+= ljj0f o aif ut aif= tna= eQf= bz+ vr$= ~rosf]ifdf yk= tflnd vr^= kf]zfsamp= cfifwf]krf= aLdf(= k]Gg tyf pkbfg vr tyf Jojyf)= ljbf afktsf] vr tyf Jojyf= cGo ljwf afkt vr tyf Jojyf -ljj0f vnfpg]_ cGo -ljj0f vnfpg]_
hDdf M
21
cgrLndash
cfos
qm=+= ljj0f o aif ut aif
= o aifsf] cfos
= cl3Nnf aifxsf] cfos
= afF8kmfF8sf] nflu cfossf] hDdf
afF8kmfF8
gfkmf gf]Sfg lxfadf f]sf]
==============aLdfsf] cfo Joo lxfadf f]sf]
==============aLdfsf] cfo Joo lxfadf f]sf]
hDdf
22
cgrL ndash (
cflys jifsf] cGTodf eQmfgL xg afFsL bfjL afkt Jojyf
eQmfgL xgafFsL d[To bfjL
eQmfgL xgafFsL cjlwdfKtL bfjL
eQmfgL xgafFsL cf+lzscjlw dfKtL
bfjL
eQmfgL xgafFsL dk0fdNo bfjL
eQmfgL xgafFsL cGo
bfjL
[hgf ePsf]t hfgsfLdfgcfPsf] bfjL
-cgdflgt_
eQmfgL xgafFsL hDdf
bfjL
eQmfgL xgafFsL hDdf
bfjLdfkgaLdssf]
lxf
eQmfgL xgafFsL bfjL
afkt Jojyf
qm=+= aLdfsf] lsld
ojif
ut jif ojif
utjif
ojif
utjif
ojif
utjif
ojif
utjif
ojif
utjif
ojif
utjif
ojif
utjif
ojif
utjif
=
=
=
$=
hDdf M
23
cgrLndash)
cfo Joo lxfaxaf6 gfkmf gf]Sfg lxfadf f]sf] sd
qm=+= ljj0f o aif ut aif
= ==================== sf] cfo Joo lxfaaf6 f]sf]
= ==================== sf] cfo Joo lxfaaf6 f]sf]
=
$=
hDdf
cgrLndash
hLjg aLdf sf]if
dfof]hg cuf8Lsf]hLjg aLdf sf]if-jifsf] zdf_
cfo Joolxfaaf6 f]sf]
gfkmf gf]Sfglxfaaf6 f]sf]
dfof]hg cuf8Lsf]hLjg aLdfsf]if-jifsf] cGTodf_
qm=+= aLdfsf]lsld
o jif ut jif o jif ut jif o jif ut jif o jif ut jif
=
=
=
$=
hDdf M
hLjg aLdf sf]ifdf dfof]hg
dfof]hgcuf8Lsf]
hLjg aLdfsf]if
-jifsf]cGTodf_
gfkmfgf]Sfglxfadff]sf]
aLdfn]vcGtutbfloTj
af]gsf]nflu
Jojyf
f]Ne]GLdflhgsf]nflu
Jojyf
afF8kmfF8gulPsf]sd
jifsf]cGTodfhLjg
aLdf sf]if
qm=+= aLdfsf]lsld
oaif
utaif
oaif
utaif
oaif
utaif
oaif
utaif
oaif
utaif
oaif
utaif
oaif
utaif
=
=
=
hDdf M
24
cgrLndash
Jojyf lkmtfqm=+= ljj0f o aif ut aif= nufgLdf gf]SfgLsf] nflu Jojyf lkmtf= shfdf gf]SfgLsf] nflu Jojyf lkmtf= z+sfkb cffdL Jojyf lkmtf$ cGo Jojyf lkmtf
hDdf
cgrLndash
ckn]vg vrx
qm=+= ljj0f o aif ut aif1 k|flDes vrx2 kj +rfng vrx3 k flPsf vrx4 ckn]vg ulPsf] nufgL5 ckn]vg ulPsf] shf6 ckn]vg ulPsf] cffdL7 cGo ckn]vg
hDdf
cgrLndash$
cGo vrx
qm=+= ljj0f o aif ut aif
1 b08 hljfgf
2 ljnDa zNs hljfgf
3 cGo -ljj0f vnfpg]_
hDdf
cgrLndash
gf]SfgLsf] nflu Jojyfqm=+= ljj0f o aif ut aif= nufgLdf gf]SfgLsf] nflu Jojyf= shfdf gf]SfgLsf] nflu Jojyf= z+sfkb cffdL Jojyf$ cGo Jojyf
hDdf
25
cgrLndash^
-s_ z]o kFhL
qm=+= ljj0f o aif ut aifclws[t kFhLs_ ================= bsf] ======== yfg fwf0f z]ov_ ============ bsf] ====yfg ckljtgLo cu|flwsfz]o
=
u_ ========== bsf] ====== yfg kljtgLo cu|flwsfz]ohfL kFhLs_ ================= bsf] ======== yfg fwf0f z]ov_ ============ bsf] ====yfg ckljtgLo cu|flwsfz]o
=
u_ ========== bsf] ====== yfg kljtgLo cu|flwsfz]orQmf kFhLs_ ================= bsf] ======== yfg fwf0f z]oGog eQmfgL k|fKt xg afFsL ==== bsf] ===yfg fwf0fz]ov_ ============ bsf] ====yfg ckljtgLo cu|flwsfz]o
=
u_ ========== bsf] ====== yfg kljtgLo cu|flwsfz]o
hDdf-v_ z]o jfldTjsf] +rgf
o aif ut aifz]owgL
fwf0f z]o+Vof
jfldTjsf] Uuml fwf0fz]o +Vof
jfldTjsf] Uuml
g]kfnL +ul7t +yfx
g]kfnL gfuls
ljb]zL+y
fks
hDdf
jfwf0f
cGo -ljj0f vnfpg]_
sn
-u_ Ps k|ltzt jf a9L z]o jfldTj ePsf z]owgLxsf] ljj0f
o aif ut aifqm=+= ljj0f
jfldTjsf] Uuml sd jfldTjsf] Uuml sd
=
=
=
26
cgrLndashamp
hu]8f tyf sf]if
qm=+= ljj0f o aif ut aif
1 kFhLut hu]8f
2 ljz]if hu]8f
3 cGo hu]8f -ljj0f vnfpg]_
4 z]o lk|ldod
5 k|tfljt af]gz z]o
6 Gffkmf gf]Sfg lxfaaf6 f]sf] gfkmf
hDdf
cgrLndash
dxfndashljklQ hu]8fjifsf] zdf dxfndashljklQ hu]8f gfkmf gf]Sfg lxfaaf6 f]sf] jifsf] cGTodf dxfndashljklQ
hu]8fo jif ut jif o jif ut jif o jif ut jif
cgrLndash(
ltg afFsL bL3sflng C0f tyf fk6L
qm=+= ljj0f o aif ut aif
l8j]Gr divide a08
a+s
ljQLo +yf
$ cGo -ljj0f vnfpg]_
hDdf
27
cgrLndash)
ly DklQ
ljj0f kn df]n Xf ssectL vb df]n
zdfHbft
ojif
yk]sf]
ojif
36]sf]
hDdf utjifDd
ojif
laqmLdivide
dfof]hg
hDdf ojifDdsf]
UftjifDdsf]
lk|m xf]N8hldg
ejg
kmlgrtyf
lkmSr
sfofnofdfg
sDKo6tyfrgfk|ljwLpks0f
cb[ZoDklQ-ljj0fvnfpg]_
jfLfwg
lnh xf]N8DklQ
cGo-k|s[ltvnfpg]_
hDdf
lgdf0fflwgkFhLutvr
sn
ut jif
28
cgrLndash
nufgL
qm=+= ljj0f o aif ut aif-s_ bL3sflng nufgL M sfL sfsf] hdfgt k|fKt ]Sol6L jfl0fHo a+ssf] d2tL lgIf]k ljsf a+ssf] d2tL lgIf]k$ gfuls nufgL of]hgf ljQLo +yfsf] d2tL lgIf]k^ cfjf ljQ sDkgLsf] fwf0f z]o -cgrL = adf]lhd_amp cGo sDkgLsf] fwf0f z]o -cgrL = adf]lhd_ a+s tyf ljQLo +yfsf] cu|flwsf z]odividel8j]Gr( cGo -ljj0f vnfpg]_
hDdf M-v_ cNksflng nufgL M sfL sfsf] hdfgt k|fKt ]Sol6L jfl0fHo a+ssf] d2tL lgIf]k ljsf a+ssf] d2tL lgIf]k$ gfuls nufgL of]hgf ljQLo +yfsf] d2tL lgIf]k^ a+s tyf ljQLo +yfsf] cu|flwsf z]odividel8j]Gramp jfl0fHo a+ssf] Aofh k|fKt xg] cGo lgIf]k ljsf a+ssf] Aofh k|fKt xg]] cGo lgIf]k( ljQLo +yfsf] Aofh k|fKt xg] cGo lgIf]k) cGo Aofh k|fKt xg] nufgL -ljj0f vnfpg]_
hDdf McgrLndash=
z]odf nufgL
qm=+= sDkgL vb sd c+lst dNo kn dNo ahf dNo
= ======sDkgLsf]=============yfg====z]o
= ======sDkgLsf]=============yfg=====z]o
= ======sDkgLsf]=============yfg=====z]o
hDdf
gf]6 M = aLdssf] xfos sDkgLdividexf]lN8Euml sDkgL tyf +oQm nufgL ePsf] sDkgLsf] z]odf ePsf]nufgLnfO
5sectfndash5sect vnfpg kg]5
= lgodfgf lrs[t gePsf z]odf ePsf] nufgLnfO 5sect vnfpg kg]5
= +yfks z]o cGo z]odf ePsf] nufgLnfO 5sectf5sect vnfpg kg]5
29
cgrLndash
gub tyf a+s dfHbft
qm=+= ljj0f o aif ut aifgub dfHbft
hDdfa+s dfHbftjfl0fHo a+sxsf] dfHbftljsf a+sxsf] dfHbftljQLo +yfxsf] dfHbft
cGo -ljj0f vnfpg]_hDdfsn
cgrLndash
cGo shf
qm=+= ljj0f o aif ut aif-s_ bL3sflng shf= clestfnfO shf= sdrfLnfO shf= cGo -ljj0f vnfpg]_
hDdf-v_ cNksflng shf= clestfnfO shf= sdrfLnfO shf= cGo -ljj0f vnfpg]_
hDdfcgrLndash$
cGo DklQqm=+= ljj0f o aif ut aif1 nufgLaf6 k|fKt xg afFsL cfo2 aLdfn]vsf] lwtf]df shfaf6 k|fKt xg afFsL Aofh3 cGo -aLdfn]vsf] lwtf]df afx]s_ shfaf6 k|fKt xg afFsL
Aofh4 cGo aLdsaf6 k|fKt xg afFsL5 kgaLdsaf6 k|fKt xg afFsL6 ljljw cffdL7 clu|d eQmfgL8 sdrfL k]ZsL9 cGo k]ZsL10 wf6L11 cn xg afFsL aLdfzNs
Gog M cn xg afFsL aLdfzNs dNtjL -suspense_12 cGo ljj0f vnfpg]
hDdf M
30
cgrLndash
rfn bfloTj
qm=+= ljj0f o aif ut aif1 clestfnfO lbg afFsL2 cGo aLdsnfO lbg afFsL3 kgaLdsnfO lbg afFsL4 cNksflng shf5 aLdfzNs wf6L6 k0f ljj0f gvn]sf] aLdfzNs7 ljljw fx8 xfosdividexf]lN8Euml sDkgLnfO lbg afFsL9 gtf]tdf ssectf ulPsf] s ltg afFsL10 dNo clea[l4 s ltg afFsL11 cfos ltg afFsL12 ]jf zNs ltg afFsL13 sdrfLnfO lbg afFsL14 +rfnsnfO lbg afFsL15 eQmfgL lbg afFsL nfef+z -l8le8]08_16 cGo -ljj0f vnfpg]_
hDdf
cgrLndash^
cdfKt hf]lvd Jojyfqm=+= ljj0f o aif ut aif= ===========aLdfsf] cdfKt hf]lvd hu]8f= ===========aLdfsf] cdfKt hf]lvd hu]8f= ===========aLdfsf] cdfKt hf]lvd hu]8f
===========aLdfsf] cdfKt hf]lvd hu]8f
hDdf
31
cgrL ^scGo Aojyf
aifsf] zdf Aojyfrfn cf=a=df yk ulPsf]
Aojyfrfn cf=a=df ckn]vg
ulPsf] Aojyfrfn cf=a=df lkmtfulPsf] Aojyf
aifsf] cGtdf sfodx]sf] Aojyf
qm=+=
ljj0fo jif ut jif o jif ut jif o jif ut jif o jif ut jif o jif ut jif
nfef+z -l8le8]08_ sf] nflu Aojyf
nufgLdf gf]SfgLsf] nflu Aojyf
shfdf gf]SfgLsf] nflu Aojyf
$ z+sfZkb cffdLsf] nflu Aojyf
cGo gf]SfgLsf] nflu Aojyf
^ sdrfL DaGwL Aojyf-s_ k]Gg tyf pkbfg Aojyf-v_ ljbf jfkt Aojyf-u_ cfjf tyf cGo ljwf Aojyf-3_ sdrfL af]g Aojyf-ordf_ cGo
amp cGo Aojyf -ljj0f vnfpg]_
hDdf
32
cgrLndashamp
ckn]vgdividedfof]hg xg afFsL ljljw vrxqm=+= ljj0f o aif ut aif1 ckn]vg ug afFsL k|flDes vr2 ckn]vg ug afFsL kj +rfng vr3 ckn]vg ug afFsL yug ulPsf vr4 cGo -ljj0f vnfpg]_
hDdf
cgrL ndash
ljQLo ljj0f+u DalGwt k|dv n]vf gLltx
n]vf DaGwL gLltdf vnfpg kg] aFbfx M aLdsn] n]vf DaGwL gLltdf b]xfosf aFbfxvnfpg kg]5
1 ljQLo ljj0f tofLsf cfwfx M sg sg cjwf0ff -concept_ tyf n]vfdfgx sfgg tyf aLdf ldltsf lgb]zgxsf] clwgdf xL ljQLo ljj0f tof ulPsf] xf]f]sf] Joxf]f
ljQLo ljj0f tof ubf sg sfgg aLdf ldltsf] lgb]zg jf n]vfdfg kfngf gePsf]eP f]sf] sf0f lxt Joxf]f
2 ly DklQ n]vfIacuteg gLlt M ly DklQ n]vfIacuteg ubf cjnDag ulPsf] gLlt
3 Xf ssectL gLlt M aLdssf] +rfns ldltaf6 kflt uL nfu ulPsf] Xf ssectL gLlt
4 kFhLs[t gulg] DklQx DaGwL n]vfIacuteg gLlt M aLdssf] +rfns ldltn] sg lglZrtdf]nDd kg] pks0f fdfgx kFhLs[t gug] gLlt lnPsf] 5 eg] f]sf] Joxf]f
5 cfos Jojyf tyf afF8kmFf8 gLlt M cfos Jojyf DaGwdf aLdsn] cjnDag u]sf]gLlt aLdsn] gfkmf gf]Sfg lxfa tyf cfo Joo lxfadf Totf] Jojyf sdafF8kmFf8 ubf cjnDag u]sf] gLlt
6 nufgL n]vfIacuteg gLlt M nufgL n]vfIacutegsf] DaGwdf aLdsn] cjnDag u]sf] gLltxnfOb]xfosf zLifsx cGtut vnfpg kg]5
-s_ sfL artkqdivideC0fkqdf nufgL n]vfIacuteg gLlt
-v_ a+sdivideljQLo +yfsf] d2tL lgIf]kdf nufgL n]vfIacuteg gLlt
-u_ klAns lnld6]8 sDkgLsf] z]odf nufgL n]vfIacuteg gLlt
-3_ klAns lnld6]8 sDkgLn] hfL u]sf] C0fkqxdf nufgL n]vfIacuteg gLlt
7 6xL 36a9 dfof]hg gLlt M ljb]zL db|f+u DalGwt DklQ bfloTj tyf 6xL36a9 cfDbfgL tyf vrxsf] n]vfIacuteg gLlt
8 aLdfzNs cfDbfgL n]vfIacuteg gLlt M aLdsn] aLdfzNs cfDbfgL n]vfIacuteg ubf cjnDagu]sf] gLlt
33
9 kgaLdf sldzg cfDbfgL n]vfIacuteg gLlt M aLdsn] kgaLdf u] afkt k|fKt ug] sldzgsf]n]vfIacuteg ubf cjnDag u]sf] gLlt
10 cGo cfo n]vfIacuteg tyf afF8kmFf8 gLlt M aLdsn] ef8f -Rent_ tyf cGo zLifsaf6 ePsf]cfo n]vfIacuteg tyf afF8kmFf8 ubf cjnDag u]sf] gLlt
11 shf n]vfIacuteg gLlt M aLdsn] aLdfn]vsf] lwtf]df k|bfg u]sf] shf tyf cGo shfn]vfIacuteg ubf cjnDag u]sf] gLlt
12 Jojyfkg vr afF8kmFf8 gLlt M aLdsn] gfkmf gf]Sfg lxfa tyf cfo Joo lxfaxdfJojyfkg vr afF8kmFf8 ubf cjnDag u]sf] gLlt
13 aLdf bfjL eQmfgL vr n]vfIacuteg gLlt M aLdsn] aLdf bfjL eQmfgL vr n]vfIacuteg ubfcjnDag u]sf] gLlt
14 aLdf bfjL afkt bfloTj Jojyf n]vfIacuteg gLlt M -s_ gt[hgf ePsf] t hfgsfLdfgcfPsf] -IBNR_ aLdf bfjL afkt bfloTj Jojyf n]vfIacuteg ubf aLdsn] cjnDagu]sf] gLlt
-v_ aLdsn] aLdf bfjL bfloTj afkt Jojyf ubf cjnDag u]sf] gLlt
15 aLdf Jojfodf art afF8kmFf8 gLlt M aLdsn] gfkmf gf]Sfg lxfa tyf cfo Joolxfaxdf art afF8kmFf8 ubf cjnDag u]sf] gLlt
16 sdrfL pkbfg ljbf tyf cGo ljwf afkt Jojyf gLlt M aLdsn] sdrfL pkbfgljbf tyf cGo ljwf afkt Jojyf ubf cjnDag u]sf] n]vfIacuteg gLlt
17 z+sfkb cffdL Jojyf gLlt M aLdsn] z+sfkb cffdL Jojyf ubf cjnDag u]sf]gLlt
18 ckn]vg vr n]vfIacuteg gLlt M aLdsn] cjnDag u]sf] ckn]vg vr DaGwL gLlt
19 cGo gLltx M plNnlvt gLltx afx]s jfnft gfkmf gf]Sfg lxfa cfo Joo lxfanufotsf ljQLo ljj0fnfO apermilg ljZn]if0f ug 3fp kUg] uL cGo sg] n]vf gLltsf]hfgsfL lbg cfjZos b]lvPdf f] Joxf]f
34
cgrLndash(
ljQLo ljj0f+u DalGwt n]vf DaGwL l6Kk0fLx
n]vf DaGwL l6Kk0fLdf vnfpg kg] aFbfx M aLdsn] n]vf DaGwL l6Kk0fLdf b]xfosf aFbfxvnfpg kg]5
= Defljt bfloTjx M
c_ rQmf jf eQmfgL xg afFsL nufgL
cf_ k|Tofelt k|lta4tf -underwriting commitments_
O_ aLdfn]v cGtut eGbf afx]saf6 aLds pk bfjL k]sf] t aLdsn] bfloTj jLsfgu]sf]
O_ aLdsn] jf aLdssf] tkmaf6 lbOPsf] Uof]06L
p_ cGo bfloTj -ljj0f vnfpg]_
= aLdfIacuteLn] aLdssf] bfloTj dNofIacuteg ubf cjnDag u]sf] cfwfx
= aLdssf] DklQdf cfPsf] Lldttf tyf ljjfbx
$= shf nufgL tyf ly DklQsf] nflu ulPsf] k|lta4tf
= nufgL+u DalGwt b]xfosf vLb laqmL Demftfxsf] dNo M
c_ vLb ulPsf] DklQsf] jfldTj k|fKt gePsf]
cf_ laqmL ulPsf] DklQsf] eQmfgL k|fKt gePsf]
^= o jifeL ulPsf] nufgL tyf laqmLdividelkmtf lnPsf] nufgLsf] DaGwdf +yf ldltkldf0f sd d]t vn]sf] ljj0f
amp= a+s dfHbft lxfa DaGwdf DalGwt a+sdivideljQLo +yfsf] 6]6d]06 lxtsf] lxfaldnfg DaGwL Joxf]f
= aLdsdividekgaLds+u lng lbg afFsL lxfa DaGwdf DalGwt aLdsdividekgaLdssf]dyg lxtsf] lxfa ldnfg DaGwL Joxf]f
gf]6 Mndash bnfn (Broker) dfkmt ePsf] kgaLdfsf] xsdf fdfGot DalGwt bnfnn]kgaLdssf] tkmaf6 dyg lbg Sg]5
(= aLdsn] u]sf] nufgL k|rlnt aLdf P]g lgodfjnL tyf aLdf ldltaf6 tf]lsP adf]lhdx] gx]sf]
)= aLdssf] +rfns jf +rfns+u DalGwt JolQm jf +yf+u ePsf] sff]af
= aLdsn] cfˆgf] DklQsf] If0fdf lnPsf] C0fsf] lwtf] zt tyf cflrTo
= aLdsn] s rQmf k|df0fkq k|fKt u]sf] cf=j=tyf Totf] rQmf k|df0fkq k|fKt xg afFsLcf=j= f] DaGwL ljj0fsf fy] cl3Nnf] cf=j=xsf] s hljfgf Aofh afkt bfjLk]sf] o cf=j=df eQmfgL ePsf] sd
= lkmtf u]sf] aLdfzNssf] kldf0f sf0f
35
$=aLdsn] aLldtnfO k|bfg ug] 3f]lift tyf cGtld af]gsf] b
=l9nf] aLdfzNs eQmfgLdf lanDa zNsdivideAofhsf] b tyf aLdfn]vsf] lwtf]df k|bfg ulg]shfdf Aofhsf] b
^=ckn]vg xg afFsL vrsf] ljj0f
amp=rQmf kFhL dWo] clu|d eQmfgL k|fKt -Paid in advance_ eQmfgL k|fKt xg afFsL -Call inarrears_ hkmt ulPsf t kgM lgisfzg gulPsf z]osf] ljj0f
=lnh xf]N8 DklQdf ut jifDd o jif vr (Amortization) n]lvPsf] sdsf]ljj0f
(= jifeldf ePsf] jfnft aflxsf] sff]afsf] ljj0f
)= cl3Nnf aifx+u DalGwt cfDbfgL tyf vrxsf] 5sectf5sect ljj0f
=plNnlvt aFbfx afx]s jfnft gfkmf gf]Sfg lxfa cfo Joo lxfa nufotsfljQLo ljj0fxnfO apermilg ljZn]if0f ug 3fp kUg] cGo sg hfgsfL lbg cfjZosb]lvPdf cGo Joxf]f d]t vnfpg kg]5
36
cgrL )k|dv rsfIacutex
cf=a=qm=+= ljj0f rsfIacute
g]6 jy = z]o +Vof +Vof k|lt z]o lstfjL dNo =$ vb gfkmf = k|lt z]o cfo (EPS) =^ k|lt z]o nfef+z (DPS) =amp k|lt z]o ahf dNo (MPPS) = dNo cfDbfgL cgkft (PE Ratio) cgkft( k|yd aifsf] aLdfzNs =) sn aLdfzNs = vb aLdfzNsdividesn aLdfzNs k|ltzt vb gfkmfdividesn aLdfzNs k|ltzt sn aLdfzNsdividesn DklQ k|ltzt$ nufgL shfaf6 cfodividesn nufgL shf k|ltzt sn nufgL shfdividehLjg aLdfsf]if k|ltzt^ kgaLdf sldzg cfodividesn kgaLdfzNs k|ltztamp Jojyfkg vrdividesn aLdfzNs k|ltzt aLdf clestf DalGw vrdividesn aLdfzNs k|ltzt( aLdf clestf +Vof +Vof) sdrfL +Vof +Vof sfofnosf] +Vof +Vof sdrfL vrdivideJojyfkg vr k|ltzt sdrfL vrdividesdrfL +Vof =$ eQmfgL xg aFfsL bfjL sddivideeQmfgL ePsf] bfjL
sdk|ltzt
sn sfod x]sf] aLdfn]vsf] +Vof +Vofdf^ o jif gjLs0f ePsf] aLdfn]vsf] +Vofdivideut
jif sfod x]sf] aLdfn]vsf] +Vofk|ltzt
amp bfjL k]sf] aLdfn]vsf] +Vofdividesn sfod x]sf]aLdfn]vsf] +Vof
k|ltzt
f]Ne]GL dflhg k|ltzt( 3f]lift af]g b =
k|ltxhf) cGtld af]g b =
k|ltxhf
37
cgrL ndash
aLdfIacutesf] ljj0f
sfod x]sf]aLdfn]vsf] +Vof
sfod x]sf]aLdfn]v cGtut
hDdf aLdfIacute
d of6 ls(Sum at Risk)
kgaLdsnfOxtfGt0f ulPsf]
d of6 ls(Sum at Risk)
aLdsn] wf0fu]sf] d of6ls (Sum at
Risk)
qm=+= aLdfsf] lsld
o jif ut jif o jif ut jif o jif ut jif o jif ut jif o jif ut jif
hDdf
38
kllzi6 ndash
-lgb]zg +u DalGwt_
ljQLo ljj0fsf zLifsxsf] +lIfKt JofVof
-s_ cfo Joo lxfa tyf f] DaGwL cgrLsf zLifsxsf] +lIfKt JofVof M
1 k|ToIf aLdfzNs M aLdsn] kgaLdf jLsf u] afkt k|fKt aLdfzNs afx]s k|ydjifsf] aLdfzNs gjLs0f aLdfzNs Psn aLdfzNssf] of]ukmnaf6 lgodfgflkmtf u]sf] aLdfzNs ssectf uL o zLifsdf hgfpg kg]5
2 sn aLdfzNs M k|ToIf aLdfzNs aLdsn] kgaLdf jLsf u] afkt k|fKtaLdfzNssf] of]ukmnnfO o zLifsdf hgfpg kg]5
3 aLdfzNs -vb_ M sn aLdfzNsaf6 kgaLdf lbP afktsf] kgaLdf zNs ssectf uLafFsL sdnfO o zLifsdf hgfpg kg]5
4 kgaLdf sldzg cfo M -s_ aLdsn] kgaLdf lbP afkt k|fKt xg] kgaLdfsldzgnfO o zLifsdf hgfpg kg]5
-v_ aFbf g+=-s_ sf] cltlQm kgaLdsaf6 dgfkmf sldzg -Profit Commission_k|fKt ePdf f]nfO o zLifsdf dfj]z uL f]sf] Joxf]f n]vf DaGwLl6Kk0fLdf vnfpg kg]5
5 nufgL shf tyf cGoaf6 cfo M sfL ]Sol6Laf6 cfo d2tL lgIf]kaf6 cfoklAns sDkgLsf] z]odividel8j]Graf6 cfo ef8faf6 cfo shfaf6 cfo -aLdfn]vsf]lwtf]df shf afx]s_ cGo lgIf]kaf6 -d2tL afx]s_ cfo nufgL laqmLdf gfkmf -GognufgL laqmLdf gf]Sfg_ nufgL -vLb_ df gfkmf -Gog nufgL vLbdf gf]Sfg_ly DklQ laqmLaf6 gfkmf -Gog ly DklQ laqmLaf6 gf]Sfg_ vftf ckn]vgaf6cfo tyf cGo cfosf] of]ukmnnfO lgb]zg adf]lhd afF8kFmf8 uL cfPsf]sdnfO o zLifsdf hgfpg kg]5
6 aLdfn]vsf] lwtf]df shfaf6 cfo M aLdfn]vsf] lwtf]df shf k|bfg u] afkt k|fKt xg]Aofh lanDa zNs htf cfonfO o zLifsdf hgfpg kg]5
7 cGo k|ToIf cfoM aLldtn] tf]lsPsf] cjlwleq aLdfzNs gaemfP afkt aLdsn]eQmfgL k|fKt u]sf] hljfgfdivideAofhdivideljnDa zNs tyf aLdfn]vsf] k|ltlnkL btcfo l6s6 bt htf f]xL aLdfsf] lsld+u k|ToIf kdf DalGwt cfonfO ozLifsdf hgfpg kg]5
8 bfjL eQmfgL -vb_ M aLdsn] eQmfgL u]sf] d[To bfjL cjlw dfKtL bfjL cf+lzscjlw dfKtL bfjL dk0f dNo tyf cGo bfjLsf] of]ukmnnfO o zLifsdfhgfpg kg]5
9 clestf sldzg M k|yd jifsf] aLdfzNsdf clestf sldzg gjLs0f aLdfzNsdfclestf sldzg Psn aLdfzNsdf clestf sldzgsf] of]ukmnaf6 kgaLdssf]lxf ssectf uL afFsL sd o zLifsdf hgfpg kg]5
10 jfYo kLIf0f zNs M aLdf hf]lvdfIacutegsf] nflu jfYo kLIf0f ufP afkt aLdsn]Joxf]g k]sf] jfYo kLIf0f zNsnfO o zLifsdf hgfpg kg]5
39
11 kgaLdf sldzg vr M aLdsn] kgaLdf jLsf u] afkt eQmfgL ug kg] sldzgsdnfO o zLifsdf hgfpg kg]5
12 ]jf zNs -vb_ M aLdf ldltnfO aemfpg kg] sn ]jf zNsaf6 kgaLdssf] lxfssectf uL afFsL sdnfO o zLifsdf hgfpg kg]5
13 cGo k|ToIf vr M aLdfsf] lsld+u k|ToIf kn] DalGwt x]sf] cGo vrnfO ozLifsdf hgfpg kg]5
14 Jojyfkg vr M lgb]zg $ adf]lhd afF8kmFf8 uL cfPsf] sdnfO o zLifsdfhgfpg kg]5
15 cfos M -_ aLdssf] cfos bfloTjnfO lgb]zg adf]lhd afF8kmFf8 uL cfPsf]sdnfO o zLifsdf hgfpg kg]5 osf] ljj0f kllzi6 sf] cgrL adf]lhd xg kg]5
-_ cl3Nnf jif-x_ sf] cfos bfloTjnfO kllzi6 sf] cgrL sf] aeligcl3Nnfjifxsf] cfosAElig zLifsdf hgfpg kg]5 t Totf] cfosdf nfu]sf]b08dividehljfgfdivideljnDa zNsnfO gfkmf gf]Sfg lxfasf] aeligcl3Nnf jif+uDalGwt vrAElig zLifsdf hgfpg kg]5
16 cflys jifsf] cGTodf eQmfgL xg afFsL bfjL afkt Jojyf M cflys jifsf] cGTodfeQmfgL xg afFsL d[To bfjL cjlw dfKtL bfjL cf+lzs cjlw dfKtL bfjL dk0fdNo bfjL cGo bfjL tyf gt[hgf ePsf] t hfgsfLdf gcfPsf] bfjLsf] of]ukmndfaLdf lgodfjnL )$( sf] lgod sf] v08 -3_ adf]lhdsf] sd yk ubf xgcfpg] sdnfO o zLifsdf hgfpg kg]5
aLdssf] cgejsf] cfwfdf [hgf ePsf] t hfgsfLdf gcfPsf] bfjLsf] nflusd Aojyf ug kg]5
17 cflys jifsf] cGTodf cdfKt hf]lvd afkt Jojyf M aLdf cjlw dfKtL afktbfjL eQmfgL ug gkg] lsldsf] aLdfsf] cdfKt hf]lvd afkt lgb]zg ( adf]lhdJojyf uL cfPsf] sd o zLifsdf hgfpg kg]5
18 hLjg aLdf sf]ifdividegfkmf gf]Sfg lxfadf f]sf] artdivide-gf]Sfg_ M -_ aLdf cjlwdfKtL afkt bfjL eQmfgL ug kg] lsldsf] aLdfsf] cfo Joo lxfaaf6 art -surplus_ ePsf] cjyfdf o zLifsnfO aelighLjg aLdf sf]ifdf f]sf] artAElig sfoduL Totf] art sdnfO o zLifsdf hgfpg kg]5
-_ aLdf cjlw dfKtL afkt bfjL eQmfgL ug kg] lsldsf] aLdfsf] cfo Joolxfaaf6 gf]Sfg ePsf] cjyfdf o zLifsnfO aeliggfkmf gf]Sfg lxfadff]sf] gf]SfgAElig sfod uL Totf] gf]Sfg sdnfO o zLifsdf C0ffTdskdf hgfpg kg]5
-_ aLdf cjlw dfKtL afkt bfjL eQmfgL ug gkg] lsldsf] aLdfsf] cfo Joolxfasf] nflu o zLifsnfO aelighLjg aLdf sf]ifdf f]sf] sdAElig aeliggfkmfgf]Sfg lxfadf f]sf] artdivide-gf]Sfg_AElig uL bOj6f zLifs sfod uL aelighLjgaLdf sf]ifdf f]sf] sdAElig zLifsdf lgb]zgndash adf]lhdsf] sd hgfO afFsLsdnfO aeliggfkmf gf]Sfg lxfadf f]sf] artdivide-gf]Sfg_AElig zLifsdf hgfpgkg]5 tf]lsP adf]lhd hLjg aLdf sf]ifdf f]sf] sd hgfp+bf gf]Sfg ePdf
40
aeliggfkmf gf]Sfg lxfadf f]sf] artdivide-gf]Sfg_AElig zLifsdf Totf] gf]Sfg ePsf]sdnfO C0ffTds kdf hgfpg kg]5
-v_ gfkmf gf]Sfg lxfa tyf DalGwt cgrLsf zLifsxsf] +lIfKt JofVof M
1 cfo Joo lxfaaf6 f]sf] M aLdf cjlw dfKtL afkt bfjL eQmfgL ug gkg]lsldsf] aLdfxsf] cfo Joo lxfaaf6 aeliggfkmf gf]Sfg lxfadf f]sf] artdivide-gf]Sfg_AElig sdxsf] of]ukmnnfO o zLifsdf hgfpg kg]5
2 hLjg aLdf sf]ifaf6 f]sf] M k|rlnt sfggL Jojyf adf]lhd aLdssf] bfloTjsf]n]vfhf]vf DaGwL aLdfIacuteLsf] k|ltj]bg d]tsf] cfwfdf hLjg aLdf sf]ifaf6 gfkmfgf]Sfg lxfadf fgsf nflu ldltn] jLs[lt k|bfg u]sf] sdnfO o zLifsdfhgfpg kg]5
3 nufgL shf tyf cGoaf6 cfo M lgb]zg adf]lhd afF8kFmf8 uL cfPsf] sdnfOo zLifsdf hgfpg kg]5
4 Jojyf lkmtf M nufgLdf gf]SfgLsf] nflu ulPsf] Jojyf shfdf gf]SfgLsf] nfluulPsf] Jojyf z+sfkb cffdLsf] nflu ulPsf] Jojyf tyf cGosf] nfluulPsf] Jojyf sd cf+lzs jf k0fkn] sfod fVg kg] cjyf gx]df TotfsdxnfO o zLifsdf hgfpg kg]5
5 cGo cfDbfgL M aLdf Aojfo+u f]sf gePsf] kj +rfng cfDbfgL htfcfDbfgLxsf] of]ukmnnfO o zLifsdf hgfpg kg]5
6 Jojyfkg vr M lgb]zg $ adf]lhd afF8kmFf8 uL cfPsf] sdnfO o zLifsdfhgfpg kg]5
7 ckn]vg vr M k|flDes vrx kj +rfng vrx k flPsf vrx nufgLshf cffdL tyf cGo ckn]vg ulPsf] vrnfO o zLifsdf hgfpg kg]5 t+yfks +rfns tyf pRr Jojyfks jf lghx+u DalGwt JolQmdivide+yfDaGwL cffdL ckn]vg ug kfOg] 5g
8 cGo vrx M k|rlnt sfgg adf]lhd aLdf ldlt tyf cGo lgsfon] aLdsnfOtf]s]sf] b08 hljfgf aLdsn] pkof]u u]sf] ]jfsf] aemfpg kg] zNs dodfgaemfP afkt ltg kg] ljnDa zNs hljfgf nufotsf vrx o zLifsdfhgfpg kg]5
9 gf]SfgLsf] nflu Jojyf M nufgLdf gf]SfgLsf] nflu Jojyf shfdf gf]SfgLsf]nflu Jojyf z+sfkb cffdL Jojyf tyf cGo JojyfnfO o zLifsdf hgfpgkg]5
10 cfos M aLdssf] cfos bfloTjnfO lgb]zg adf]lhd afF8kmFf8 uL cfPsf]sdnfO o zLifsdf hgfpg kg]5
11 hLjg aLdf sf]ifdf f]sf] M aLdssf] bfloTjsf] n]vf hf]vf uL aLdfIacuteLn] lbPsf]dNofIacuteg k|ltj]bg d]tsf] cfwfdf ldltn] lbPsf] cfb]zdividelgb]zg adf]lhd hLjg
41
aLdf sf]ifdf f]sf] sdnfO o zLifsdf b]vfpg kg]5 oL hLjg aLdf sf]ifdff]sf] sd gfkmf gf]Sfg lxfadf lkmtf ug kfOg] 5g
12 cl3Nnf jif+u DalGwt vr M cl3Nnf jif-x_sf] cfosdf nfu]sf]b08dividehljfgfdivideljnDa zNs tyf cl3Nnf jifxdf n]vfIacuteg ug 56]sf vrxnufotsf cl3Nnf jif+u DalGwt vrnfO o zLifsdf hgfpg kg]5
-u_ jfnft tyf DalGwt cgrLsf zLifsxsf] +lIfKt JofVof M
1 rQmf kFhL M eQmfgL k|fKt ePsf] fwf0f z]o ckljtgLo cu|flws z]o tyfkljtgLo cu|flwsf z]o afktsf] sdsf] of]ukmnnfO o zLifsdf hgfpg kg]5
2 hu]8f tyf sf]if M aLdsn] hu]8f sfod ug] lnlnfdf gfkmfaf6 afF8kmfF8 ecfPsf jf cGo sg] k|lqmofaf6 gt[hgf ePsf tyf gfkmf gf]Sfg lxfadf afF8kmFf8guL +ro uL flvPsf] sdxnfO o zLifsdf hgfpg kg]5 oL hu]8f k|of]uubf DalGwt hu]8f tyf sf]if lxfadf vr hgfpg kg]5
-s_ kFhLut hu]8f M rQmf gePsf] z]osf] afFsL sd dfu ubf eQmfgL gu]sf]sf0fn] pQm z]onfO hkmt uL k|fKt xg cfPsf] sd kFhLut cgbfg afktk|fKt xg cfPsf] lhGL tyf gub sd tyf aLdssf] kFhL j[l4 ug] p2]Zon]gfkmfaf6 flPsf] sdnfO o zLifsdf hgfpg kg]5
-v_ z]o lk|ldod M aLdsn] cfˆgf] z]o hfL ubf z]osf] clIacutet dNo eGbf a9Lbn] hfL u]sf] x]5 eg] pQm al9 sd hlt o zLifsdf hgfpg kg]5 ozLifsdf hgfOPsf] sd nfef+z ljt0f k|of]hgsf] nflu of]Uo dflgg] 5g
-u_ k|tfljt af]gz z]o M aLdsn] k|tfj uL fwf0f efn] kflt u]sf] t hfLuL gs]sf] af]gz z]onfO o zLifsdf hgfpg kg]5
-3_ ljz]if hu]8f M aLdf ldltsf] lgb]zg adf]lhd sg cGo hu]8f sf]if v8f ugkbf Totf] sdnfO o zLifsdf hgfpg kg]5
-ordf_ cGo hu]8f M aLdsn] cGo k|of]hgsf] nflu v8f u]sf] hu]8fnfO o zLifsdfhgfpg kg]5
-r_ gfkmf gf]Sfg lxfaaf6 f]sf] M aLdssf] gfkmf gf]Sfg lxfaaf6 jfnftdff]sf] gfkmf sdnfO o zLifsdf hgfpg kg]5
3 hLjg aLdf sf]if M lgb]zg adf]lhd fVg kg] hLjg aLdfsf]ifxsf] of]ukmnnfOo zLifsdf hgfpg kg]5
4 dxfndashljkQL hu]8f M 7nf] kldf0fdf aLdf bfjL pTkGg xg Sg] dxfndashljkQL -catastrophy_ sf] cjyfdf aLdssf] ljQLo Ifdtfdf kg Sg] k|ltsn c sd ug]p2]Zon] gfkmfaf6 flPsf] sdnfO o zLifsdf hgfpg kg]5 o zLifsdfhgfOPsf] sd nfef+z ljt0f k|of]hgsf] nflu of]Uo dflgg] 5g
5 ltg afFsL bL3sflng C0f tyf fk6L M jfnftsf] ldltdf eQmfgL ug afFsLbL3sflng fk6LnfO o zLifsdf hgfpg kg]5
42
6 ly DkQL -vb_ MyfoL k|s[ltsf DkQLxsf] sn dNodf Xf ssectf uL afFsL x]sf]sdnfO o zLifsdf hgfpg kg]5
7 bL3sflng nufgL M aLdsn] lgb]zg ^ adf]lhd u]sf] bL3sflng nufgLnfO ozLifsdf hgfpg kg]5
kli6s0f M = jfnftsf] ldltaf6 Ps jif eGbf al9 cjwL kl5 eQmfgLk|fKt xg] sfL sfsf] hdfgt k|fKt ]Sol6Ld2tL lgIf]k gfuls nufgL of]hgf z]o a+s tyfljQLo +yfsf] cu|flwsf z]odividel8j]Gr tyf cGo f]xLk|s[ltsf nufgLxnfO bL3sflng nufgL Demg k5
= aLdsn] klAns sDkgLsf] z]odf nufgL u] afkt k|fKtxg] af]gz z]onfO z]o +Vofdf dfq b]vfO kn df]ndfsg kljtg ug x+bg
amp=s cNksflng nufgL M aLdsn] lgb]zg ^ adf]lhd u]sf] cNksflng nufgLnfO ozLifsdf hgfpg kg]5
kli6s0f M jfnftsf] ldltaf6 Ps jif leq eQmfgL k|fKt xg] sfL sfsf] hdfgt k|fKt ]Sol6L d2tL lgIf]k gfulsnufgL of]hgf a+s tyf ljQLo +yfsf] cu|flwsfz]odividel8j]Gr tyf cGo f]xL k|s[ltsf nufgLxnfOcNksflng nufgL Demg k5
8 aLdfn]vsf] lwtf]df shf M aLdsn] lgb]zg amp adf]lhd k|To]s lsldsf] aLdfsf]aLdfn]vsf] lwtf]df k|bfg u]sf] shfsf] of]ukmnnfO o zLifsdf hgfpg kg]5
9 gub tyf a+s dfHbft M -_ aLds+u x]sf] sn gub dfHbft sd tyf aLdssf]a+sdivideljQLo +yfsf] Aofh k|fKt gxg] vftfdf x]sf] sn sdnfO o zLifsdfhgfpg kg]5
10 cGo bL3sflng shf M lgb]zg amp adf]lhd n]vfIacuteg ulPsf] clestfnfO k|bfgulPsf] bL3sflng shf sdrfLnfO k|bfg ulPsf] bL3sflng shf tyf cGobL3sflng shfsf] of]ukmnnfO o zLifsdf hgfpg kg]5
kli6s0f M jfnftsf] ldltaf6 Ps jif eGbf al9 cjwL kl5 eQmfgLk|fKt xg] clestfnfO k|bfg ulPsf] shf sdrfLnfO k|bfgulPsf] shf tyf cGo f]xL k|s[tLsf shfxnfO bL3sflngshf Demg k5
)s= cGo cNksflng shf M lgb]zg amp adf]lhd n]vfIacuteg ulPsf] clestfnfO k|bfgulPsf] cNksflng shf sdrfLnfO k|bfg ulPsf] cNksflng shf tyf cGocNksflng shfsf] of]ukmnnfO o zLifsdf hgfpg kg]5
kli6s0f M jfnftsf] ldltaf6 Ps jif leq eQmfgL k|fKtxg] clestfnfO k|bfg ulPsf] shf sdrfLnfO k|bfgulPsf] shf tyf cGo f]xL k|s[tLsf shfxnfOcNksflng shf Demg k5
43
11 cGo DkQL M -_ o lgb]zg adf]lhd n]vfIacuteg ulPsf] aLdssf] nufgLaf6 k|fKt xgafFsL cfo aLdfn]vsf] lwtf]df shfaf6 k|fKt xg afFsL Aofh cGo shfaf6 k|fKt xgafFsL Aofh cGo aLdsaf6 k|fKt xg afFsL kgaLdsaf6 k|fKt xg aFfsL ljljwcffdL clu|d eQmfgL sdrfL k]ZsL cGo k]ZsL wf6L tyf cGosf] of]ukmnnfOo zLifsdf hgfpg kg]5
-_ cGo DkQLsf] ljj0f kllzi6 sf] cgrL $ adf]lhd xg kg]5
-_ cn xg afFsL aLdfzNs eP f]sf] of]ukmn kllzi6 sf] cgrL $ dfb]vfpg kg]5 f] cn xg afFsL aLdfzNs afasf] dNtjL -Suspense_ b]vfOvb k|efj (Net effect) zGo agfpg kg]5
12 rfn bfloTj M clestfnfO lbg afFsL cGo aLdsnfO lbg afFsL kgaLdsnfO lbgafFsL aLdfzNs wf6L k0f ljj0f gvn]sf] aLdfzNs ljljw fx xfosdividexf]lN8EumlsDkgLnfO lbg afFsL gtf]tdf ssectf ulPsf] s ltg afFsL cfos ltg afFsL]jfzNs ltg afFsL sdrfLnfO ltg afFsL +rfnsnfO ltg afFsL tyf cGo ltgafFsL sdxsf] of]ukmnnfO o zLifsdf hgfpg kg]5
13 cdfKt hf]lvd jfkt Jojyf M lgb]zg ( adf]lhdsf] cdfKt hf]lvd Jojyfsf]of]ukmnnfO o zLifsdf hgfpg kg]5
14 eQmfgL xg afFsL bfjL jfkt Jojyf M k|To]s lsldsf] aLdfsf] eQmfgL xg afFsLbfjLsf] nflu ulPsf] Jojyfsf] of]ukmnnfO o zLifsdf hgfpg kg]5
15 ckn]vg jf dfof]hg xg afFsL ljljw vrx M ckn]vg ug afFsL k|flDes vrckn]vg ug afFsL kj +rfng vr ckn]vg ug afFsL yug ulPsf vr tyfcGo ckn]vg jf dfof]hg gePsf vrxsf] of]ukmnnfO o zLifsdf hgfpgkg]5
-3_ k|dv rsfIacutexdf +nUg zLifsxsf] +lIfKt JofVof
1 g]6 jy = rQmf kFhL plusmn hu]8f tyf sf]if plusmn dxf ljkQL hu]8f ndashckn]vg jfdfof]hg xg afFsL ljljw vrx ndash gfkmf gf]Sfg lxfaaf6 f]sf] gf]Sfg
2 k|lt z]o lstfaL dNo = g]6 jydividefwf0f z]o +Vof
3 k|lt z]o cfo = vb gfkmfdividefwf0f z]o +Vof
4 dNo cfDbfgL cgkft = k|lt z]o ahf dNodividek|lt z]o cfo
5 sn DklQ = ly DklQ plusmn nufgL plusmn aLdfn]vsf] lwtf]df shf plusmn rfnDklQ shf tyf k]ZsLx
![Page 20: hLjg aLdf Joj;fo ug]{ aLdssf] ljQLo ljj/0f ;DaGwL lgb]{zg](https://reader033.vdocuments.site/reader033/viewer/2022053020/6291631db7b57c39db6663d6/html5/thumbnails/20.jpg)
20
16 lj1fkg tyf k|rf k|f17 Jofkf k|j4g18 cltyL Tsf19 rGbf tyf pkxf20 +rfns ldlt DaGwL vr
-s_ a7s eQf-v_ cGo
21 cGo ldltdividepkndashldlt DaGwL vr-s_ a7s eQf-v_ cGo
22 fwf0f ef DaGwL vr
23-s_ aLdfIacuteLo ]jf zNs-v_ aLdfIacuteLo vr
24 n]vf kLIf0f DaGwL vr-s_ n]vf kLIf0f zNs-v_ s n]vf kLIf0f zNs-u_ ljt[t n]vf kLIf0f k|ltj]bg zNs-3_ cGo zNs-ordf_ cfGtls n]vf kLIf0f vr-r_ cGo vr
25 Aofh26 as rfh27 zNs tyf bt28 Xf ssectL29 xnfs l6s630 cGo
afF8 kmfF8sf] nflu hDdfgfkmf gf]Sfg lxfadf f]sf]================aLdfsf] cfo Joo lxfadf f]sf]================aLdfsf] cfo Joo lxfadf f]sf]
hDdfcgrL amp=
sdrfL vr
qm=+= ljj0f o aif ut aif= tna= eQf= bz+ vr$= ~rosf]ifdf yk= tflnd vr^= kf]zfsamp= cfifwf]krf= aLdf(= k]Gg tyf pkbfg vr tyf Jojyf)= ljbf afktsf] vr tyf Jojyf= cGo ljwf afkt vr tyf Jojyf -ljj0f vnfpg]_ cGo -ljj0f vnfpg]_
hDdf M
21
cgrLndash
cfos
qm=+= ljj0f o aif ut aif
= o aifsf] cfos
= cl3Nnf aifxsf] cfos
= afF8kmfF8sf] nflu cfossf] hDdf
afF8kmfF8
gfkmf gf]Sfg lxfadf f]sf]
==============aLdfsf] cfo Joo lxfadf f]sf]
==============aLdfsf] cfo Joo lxfadf f]sf]
hDdf
22
cgrL ndash (
cflys jifsf] cGTodf eQmfgL xg afFsL bfjL afkt Jojyf
eQmfgL xgafFsL d[To bfjL
eQmfgL xgafFsL cjlwdfKtL bfjL
eQmfgL xgafFsL cf+lzscjlw dfKtL
bfjL
eQmfgL xgafFsL dk0fdNo bfjL
eQmfgL xgafFsL cGo
bfjL
[hgf ePsf]t hfgsfLdfgcfPsf] bfjL
-cgdflgt_
eQmfgL xgafFsL hDdf
bfjL
eQmfgL xgafFsL hDdf
bfjLdfkgaLdssf]
lxf
eQmfgL xgafFsL bfjL
afkt Jojyf
qm=+= aLdfsf] lsld
ojif
ut jif ojif
utjif
ojif
utjif
ojif
utjif
ojif
utjif
ojif
utjif
ojif
utjif
ojif
utjif
ojif
utjif
=
=
=
$=
hDdf M
23
cgrLndash)
cfo Joo lxfaxaf6 gfkmf gf]Sfg lxfadf f]sf] sd
qm=+= ljj0f o aif ut aif
= ==================== sf] cfo Joo lxfaaf6 f]sf]
= ==================== sf] cfo Joo lxfaaf6 f]sf]
=
$=
hDdf
cgrLndash
hLjg aLdf sf]if
dfof]hg cuf8Lsf]hLjg aLdf sf]if-jifsf] zdf_
cfo Joolxfaaf6 f]sf]
gfkmf gf]Sfglxfaaf6 f]sf]
dfof]hg cuf8Lsf]hLjg aLdfsf]if-jifsf] cGTodf_
qm=+= aLdfsf]lsld
o jif ut jif o jif ut jif o jif ut jif o jif ut jif
=
=
=
$=
hDdf M
hLjg aLdf sf]ifdf dfof]hg
dfof]hgcuf8Lsf]
hLjg aLdfsf]if
-jifsf]cGTodf_
gfkmfgf]Sfglxfadff]sf]
aLdfn]vcGtutbfloTj
af]gsf]nflu
Jojyf
f]Ne]GLdflhgsf]nflu
Jojyf
afF8kmfF8gulPsf]sd
jifsf]cGTodfhLjg
aLdf sf]if
qm=+= aLdfsf]lsld
oaif
utaif
oaif
utaif
oaif
utaif
oaif
utaif
oaif
utaif
oaif
utaif
oaif
utaif
=
=
=
hDdf M
24
cgrLndash
Jojyf lkmtfqm=+= ljj0f o aif ut aif= nufgLdf gf]SfgLsf] nflu Jojyf lkmtf= shfdf gf]SfgLsf] nflu Jojyf lkmtf= z+sfkb cffdL Jojyf lkmtf$ cGo Jojyf lkmtf
hDdf
cgrLndash
ckn]vg vrx
qm=+= ljj0f o aif ut aif1 k|flDes vrx2 kj +rfng vrx3 k flPsf vrx4 ckn]vg ulPsf] nufgL5 ckn]vg ulPsf] shf6 ckn]vg ulPsf] cffdL7 cGo ckn]vg
hDdf
cgrLndash$
cGo vrx
qm=+= ljj0f o aif ut aif
1 b08 hljfgf
2 ljnDa zNs hljfgf
3 cGo -ljj0f vnfpg]_
hDdf
cgrLndash
gf]SfgLsf] nflu Jojyfqm=+= ljj0f o aif ut aif= nufgLdf gf]SfgLsf] nflu Jojyf= shfdf gf]SfgLsf] nflu Jojyf= z+sfkb cffdL Jojyf$ cGo Jojyf
hDdf
25
cgrLndash^
-s_ z]o kFhL
qm=+= ljj0f o aif ut aifclws[t kFhLs_ ================= bsf] ======== yfg fwf0f z]ov_ ============ bsf] ====yfg ckljtgLo cu|flwsfz]o
=
u_ ========== bsf] ====== yfg kljtgLo cu|flwsfz]ohfL kFhLs_ ================= bsf] ======== yfg fwf0f z]ov_ ============ bsf] ====yfg ckljtgLo cu|flwsfz]o
=
u_ ========== bsf] ====== yfg kljtgLo cu|flwsfz]orQmf kFhLs_ ================= bsf] ======== yfg fwf0f z]oGog eQmfgL k|fKt xg afFsL ==== bsf] ===yfg fwf0fz]ov_ ============ bsf] ====yfg ckljtgLo cu|flwsfz]o
=
u_ ========== bsf] ====== yfg kljtgLo cu|flwsfz]o
hDdf-v_ z]o jfldTjsf] +rgf
o aif ut aifz]owgL
fwf0f z]o+Vof
jfldTjsf] Uuml fwf0fz]o +Vof
jfldTjsf] Uuml
g]kfnL +ul7t +yfx
g]kfnL gfuls
ljb]zL+y
fks
hDdf
jfwf0f
cGo -ljj0f vnfpg]_
sn
-u_ Ps k|ltzt jf a9L z]o jfldTj ePsf z]owgLxsf] ljj0f
o aif ut aifqm=+= ljj0f
jfldTjsf] Uuml sd jfldTjsf] Uuml sd
=
=
=
26
cgrLndashamp
hu]8f tyf sf]if
qm=+= ljj0f o aif ut aif
1 kFhLut hu]8f
2 ljz]if hu]8f
3 cGo hu]8f -ljj0f vnfpg]_
4 z]o lk|ldod
5 k|tfljt af]gz z]o
6 Gffkmf gf]Sfg lxfaaf6 f]sf] gfkmf
hDdf
cgrLndash
dxfndashljklQ hu]8fjifsf] zdf dxfndashljklQ hu]8f gfkmf gf]Sfg lxfaaf6 f]sf] jifsf] cGTodf dxfndashljklQ
hu]8fo jif ut jif o jif ut jif o jif ut jif
cgrLndash(
ltg afFsL bL3sflng C0f tyf fk6L
qm=+= ljj0f o aif ut aif
l8j]Gr divide a08
a+s
ljQLo +yf
$ cGo -ljj0f vnfpg]_
hDdf
27
cgrLndash)
ly DklQ
ljj0f kn df]n Xf ssectL vb df]n
zdfHbft
ojif
yk]sf]
ojif
36]sf]
hDdf utjifDd
ojif
laqmLdivide
dfof]hg
hDdf ojifDdsf]
UftjifDdsf]
lk|m xf]N8hldg
ejg
kmlgrtyf
lkmSr
sfofnofdfg
sDKo6tyfrgfk|ljwLpks0f
cb[ZoDklQ-ljj0fvnfpg]_
jfLfwg
lnh xf]N8DklQ
cGo-k|s[ltvnfpg]_
hDdf
lgdf0fflwgkFhLutvr
sn
ut jif
28
cgrLndash
nufgL
qm=+= ljj0f o aif ut aif-s_ bL3sflng nufgL M sfL sfsf] hdfgt k|fKt ]Sol6L jfl0fHo a+ssf] d2tL lgIf]k ljsf a+ssf] d2tL lgIf]k$ gfuls nufgL of]hgf ljQLo +yfsf] d2tL lgIf]k^ cfjf ljQ sDkgLsf] fwf0f z]o -cgrL = adf]lhd_amp cGo sDkgLsf] fwf0f z]o -cgrL = adf]lhd_ a+s tyf ljQLo +yfsf] cu|flwsf z]odividel8j]Gr( cGo -ljj0f vnfpg]_
hDdf M-v_ cNksflng nufgL M sfL sfsf] hdfgt k|fKt ]Sol6L jfl0fHo a+ssf] d2tL lgIf]k ljsf a+ssf] d2tL lgIf]k$ gfuls nufgL of]hgf ljQLo +yfsf] d2tL lgIf]k^ a+s tyf ljQLo +yfsf] cu|flwsf z]odividel8j]Gramp jfl0fHo a+ssf] Aofh k|fKt xg] cGo lgIf]k ljsf a+ssf] Aofh k|fKt xg]] cGo lgIf]k( ljQLo +yfsf] Aofh k|fKt xg] cGo lgIf]k) cGo Aofh k|fKt xg] nufgL -ljj0f vnfpg]_
hDdf McgrLndash=
z]odf nufgL
qm=+= sDkgL vb sd c+lst dNo kn dNo ahf dNo
= ======sDkgLsf]=============yfg====z]o
= ======sDkgLsf]=============yfg=====z]o
= ======sDkgLsf]=============yfg=====z]o
hDdf
gf]6 M = aLdssf] xfos sDkgLdividexf]lN8Euml sDkgL tyf +oQm nufgL ePsf] sDkgLsf] z]odf ePsf]nufgLnfO
5sectfndash5sect vnfpg kg]5
= lgodfgf lrs[t gePsf z]odf ePsf] nufgLnfO 5sect vnfpg kg]5
= +yfks z]o cGo z]odf ePsf] nufgLnfO 5sectf5sect vnfpg kg]5
29
cgrLndash
gub tyf a+s dfHbft
qm=+= ljj0f o aif ut aifgub dfHbft
hDdfa+s dfHbftjfl0fHo a+sxsf] dfHbftljsf a+sxsf] dfHbftljQLo +yfxsf] dfHbft
cGo -ljj0f vnfpg]_hDdfsn
cgrLndash
cGo shf
qm=+= ljj0f o aif ut aif-s_ bL3sflng shf= clestfnfO shf= sdrfLnfO shf= cGo -ljj0f vnfpg]_
hDdf-v_ cNksflng shf= clestfnfO shf= sdrfLnfO shf= cGo -ljj0f vnfpg]_
hDdfcgrLndash$
cGo DklQqm=+= ljj0f o aif ut aif1 nufgLaf6 k|fKt xg afFsL cfo2 aLdfn]vsf] lwtf]df shfaf6 k|fKt xg afFsL Aofh3 cGo -aLdfn]vsf] lwtf]df afx]s_ shfaf6 k|fKt xg afFsL
Aofh4 cGo aLdsaf6 k|fKt xg afFsL5 kgaLdsaf6 k|fKt xg afFsL6 ljljw cffdL7 clu|d eQmfgL8 sdrfL k]ZsL9 cGo k]ZsL10 wf6L11 cn xg afFsL aLdfzNs
Gog M cn xg afFsL aLdfzNs dNtjL -suspense_12 cGo ljj0f vnfpg]
hDdf M
30
cgrLndash
rfn bfloTj
qm=+= ljj0f o aif ut aif1 clestfnfO lbg afFsL2 cGo aLdsnfO lbg afFsL3 kgaLdsnfO lbg afFsL4 cNksflng shf5 aLdfzNs wf6L6 k0f ljj0f gvn]sf] aLdfzNs7 ljljw fx8 xfosdividexf]lN8Euml sDkgLnfO lbg afFsL9 gtf]tdf ssectf ulPsf] s ltg afFsL10 dNo clea[l4 s ltg afFsL11 cfos ltg afFsL12 ]jf zNs ltg afFsL13 sdrfLnfO lbg afFsL14 +rfnsnfO lbg afFsL15 eQmfgL lbg afFsL nfef+z -l8le8]08_16 cGo -ljj0f vnfpg]_
hDdf
cgrLndash^
cdfKt hf]lvd Jojyfqm=+= ljj0f o aif ut aif= ===========aLdfsf] cdfKt hf]lvd hu]8f= ===========aLdfsf] cdfKt hf]lvd hu]8f= ===========aLdfsf] cdfKt hf]lvd hu]8f
===========aLdfsf] cdfKt hf]lvd hu]8f
hDdf
31
cgrL ^scGo Aojyf
aifsf] zdf Aojyfrfn cf=a=df yk ulPsf]
Aojyfrfn cf=a=df ckn]vg
ulPsf] Aojyfrfn cf=a=df lkmtfulPsf] Aojyf
aifsf] cGtdf sfodx]sf] Aojyf
qm=+=
ljj0fo jif ut jif o jif ut jif o jif ut jif o jif ut jif o jif ut jif
nfef+z -l8le8]08_ sf] nflu Aojyf
nufgLdf gf]SfgLsf] nflu Aojyf
shfdf gf]SfgLsf] nflu Aojyf
$ z+sfZkb cffdLsf] nflu Aojyf
cGo gf]SfgLsf] nflu Aojyf
^ sdrfL DaGwL Aojyf-s_ k]Gg tyf pkbfg Aojyf-v_ ljbf jfkt Aojyf-u_ cfjf tyf cGo ljwf Aojyf-3_ sdrfL af]g Aojyf-ordf_ cGo
amp cGo Aojyf -ljj0f vnfpg]_
hDdf
32
cgrLndashamp
ckn]vgdividedfof]hg xg afFsL ljljw vrxqm=+= ljj0f o aif ut aif1 ckn]vg ug afFsL k|flDes vr2 ckn]vg ug afFsL kj +rfng vr3 ckn]vg ug afFsL yug ulPsf vr4 cGo -ljj0f vnfpg]_
hDdf
cgrL ndash
ljQLo ljj0f+u DalGwt k|dv n]vf gLltx
n]vf DaGwL gLltdf vnfpg kg] aFbfx M aLdsn] n]vf DaGwL gLltdf b]xfosf aFbfxvnfpg kg]5
1 ljQLo ljj0f tofLsf cfwfx M sg sg cjwf0ff -concept_ tyf n]vfdfgx sfgg tyf aLdf ldltsf lgb]zgxsf] clwgdf xL ljQLo ljj0f tof ulPsf] xf]f]sf] Joxf]f
ljQLo ljj0f tof ubf sg sfgg aLdf ldltsf] lgb]zg jf n]vfdfg kfngf gePsf]eP f]sf] sf0f lxt Joxf]f
2 ly DklQ n]vfIacuteg gLlt M ly DklQ n]vfIacuteg ubf cjnDag ulPsf] gLlt
3 Xf ssectL gLlt M aLdssf] +rfns ldltaf6 kflt uL nfu ulPsf] Xf ssectL gLlt
4 kFhLs[t gulg] DklQx DaGwL n]vfIacuteg gLlt M aLdssf] +rfns ldltn] sg lglZrtdf]nDd kg] pks0f fdfgx kFhLs[t gug] gLlt lnPsf] 5 eg] f]sf] Joxf]f
5 cfos Jojyf tyf afF8kmFf8 gLlt M cfos Jojyf DaGwdf aLdsn] cjnDag u]sf]gLlt aLdsn] gfkmf gf]Sfg lxfa tyf cfo Joo lxfadf Totf] Jojyf sdafF8kmFf8 ubf cjnDag u]sf] gLlt
6 nufgL n]vfIacuteg gLlt M nufgL n]vfIacutegsf] DaGwdf aLdsn] cjnDag u]sf] gLltxnfOb]xfosf zLifsx cGtut vnfpg kg]5
-s_ sfL artkqdivideC0fkqdf nufgL n]vfIacuteg gLlt
-v_ a+sdivideljQLo +yfsf] d2tL lgIf]kdf nufgL n]vfIacuteg gLlt
-u_ klAns lnld6]8 sDkgLsf] z]odf nufgL n]vfIacuteg gLlt
-3_ klAns lnld6]8 sDkgLn] hfL u]sf] C0fkqxdf nufgL n]vfIacuteg gLlt
7 6xL 36a9 dfof]hg gLlt M ljb]zL db|f+u DalGwt DklQ bfloTj tyf 6xL36a9 cfDbfgL tyf vrxsf] n]vfIacuteg gLlt
8 aLdfzNs cfDbfgL n]vfIacuteg gLlt M aLdsn] aLdfzNs cfDbfgL n]vfIacuteg ubf cjnDagu]sf] gLlt
33
9 kgaLdf sldzg cfDbfgL n]vfIacuteg gLlt M aLdsn] kgaLdf u] afkt k|fKt ug] sldzgsf]n]vfIacuteg ubf cjnDag u]sf] gLlt
10 cGo cfo n]vfIacuteg tyf afF8kmFf8 gLlt M aLdsn] ef8f -Rent_ tyf cGo zLifsaf6 ePsf]cfo n]vfIacuteg tyf afF8kmFf8 ubf cjnDag u]sf] gLlt
11 shf n]vfIacuteg gLlt M aLdsn] aLdfn]vsf] lwtf]df k|bfg u]sf] shf tyf cGo shfn]vfIacuteg ubf cjnDag u]sf] gLlt
12 Jojyfkg vr afF8kmFf8 gLlt M aLdsn] gfkmf gf]Sfg lxfa tyf cfo Joo lxfaxdfJojyfkg vr afF8kmFf8 ubf cjnDag u]sf] gLlt
13 aLdf bfjL eQmfgL vr n]vfIacuteg gLlt M aLdsn] aLdf bfjL eQmfgL vr n]vfIacuteg ubfcjnDag u]sf] gLlt
14 aLdf bfjL afkt bfloTj Jojyf n]vfIacuteg gLlt M -s_ gt[hgf ePsf] t hfgsfLdfgcfPsf] -IBNR_ aLdf bfjL afkt bfloTj Jojyf n]vfIacuteg ubf aLdsn] cjnDagu]sf] gLlt
-v_ aLdsn] aLdf bfjL bfloTj afkt Jojyf ubf cjnDag u]sf] gLlt
15 aLdf Jojfodf art afF8kmFf8 gLlt M aLdsn] gfkmf gf]Sfg lxfa tyf cfo Joolxfaxdf art afF8kmFf8 ubf cjnDag u]sf] gLlt
16 sdrfL pkbfg ljbf tyf cGo ljwf afkt Jojyf gLlt M aLdsn] sdrfL pkbfgljbf tyf cGo ljwf afkt Jojyf ubf cjnDag u]sf] n]vfIacuteg gLlt
17 z+sfkb cffdL Jojyf gLlt M aLdsn] z+sfkb cffdL Jojyf ubf cjnDag u]sf]gLlt
18 ckn]vg vr n]vfIacuteg gLlt M aLdsn] cjnDag u]sf] ckn]vg vr DaGwL gLlt
19 cGo gLltx M plNnlvt gLltx afx]s jfnft gfkmf gf]Sfg lxfa cfo Joo lxfanufotsf ljQLo ljj0fnfO apermilg ljZn]if0f ug 3fp kUg] uL cGo sg] n]vf gLltsf]hfgsfL lbg cfjZos b]lvPdf f] Joxf]f
34
cgrLndash(
ljQLo ljj0f+u DalGwt n]vf DaGwL l6Kk0fLx
n]vf DaGwL l6Kk0fLdf vnfpg kg] aFbfx M aLdsn] n]vf DaGwL l6Kk0fLdf b]xfosf aFbfxvnfpg kg]5
= Defljt bfloTjx M
c_ rQmf jf eQmfgL xg afFsL nufgL
cf_ k|Tofelt k|lta4tf -underwriting commitments_
O_ aLdfn]v cGtut eGbf afx]saf6 aLds pk bfjL k]sf] t aLdsn] bfloTj jLsfgu]sf]
O_ aLdsn] jf aLdssf] tkmaf6 lbOPsf] Uof]06L
p_ cGo bfloTj -ljj0f vnfpg]_
= aLdfIacuteLn] aLdssf] bfloTj dNofIacuteg ubf cjnDag u]sf] cfwfx
= aLdssf] DklQdf cfPsf] Lldttf tyf ljjfbx
$= shf nufgL tyf ly DklQsf] nflu ulPsf] k|lta4tf
= nufgL+u DalGwt b]xfosf vLb laqmL Demftfxsf] dNo M
c_ vLb ulPsf] DklQsf] jfldTj k|fKt gePsf]
cf_ laqmL ulPsf] DklQsf] eQmfgL k|fKt gePsf]
^= o jifeL ulPsf] nufgL tyf laqmLdividelkmtf lnPsf] nufgLsf] DaGwdf +yf ldltkldf0f sd d]t vn]sf] ljj0f
amp= a+s dfHbft lxfa DaGwdf DalGwt a+sdivideljQLo +yfsf] 6]6d]06 lxtsf] lxfaldnfg DaGwL Joxf]f
= aLdsdividekgaLds+u lng lbg afFsL lxfa DaGwdf DalGwt aLdsdividekgaLdssf]dyg lxtsf] lxfa ldnfg DaGwL Joxf]f
gf]6 Mndash bnfn (Broker) dfkmt ePsf] kgaLdfsf] xsdf fdfGot DalGwt bnfnn]kgaLdssf] tkmaf6 dyg lbg Sg]5
(= aLdsn] u]sf] nufgL k|rlnt aLdf P]g lgodfjnL tyf aLdf ldltaf6 tf]lsP adf]lhdx] gx]sf]
)= aLdssf] +rfns jf +rfns+u DalGwt JolQm jf +yf+u ePsf] sff]af
= aLdsn] cfˆgf] DklQsf] If0fdf lnPsf] C0fsf] lwtf] zt tyf cflrTo
= aLdsn] s rQmf k|df0fkq k|fKt u]sf] cf=j=tyf Totf] rQmf k|df0fkq k|fKt xg afFsLcf=j= f] DaGwL ljj0fsf fy] cl3Nnf] cf=j=xsf] s hljfgf Aofh afkt bfjLk]sf] o cf=j=df eQmfgL ePsf] sd
= lkmtf u]sf] aLdfzNssf] kldf0f sf0f
35
$=aLdsn] aLldtnfO k|bfg ug] 3f]lift tyf cGtld af]gsf] b
=l9nf] aLdfzNs eQmfgLdf lanDa zNsdivideAofhsf] b tyf aLdfn]vsf] lwtf]df k|bfg ulg]shfdf Aofhsf] b
^=ckn]vg xg afFsL vrsf] ljj0f
amp=rQmf kFhL dWo] clu|d eQmfgL k|fKt -Paid in advance_ eQmfgL k|fKt xg afFsL -Call inarrears_ hkmt ulPsf t kgM lgisfzg gulPsf z]osf] ljj0f
=lnh xf]N8 DklQdf ut jifDd o jif vr (Amortization) n]lvPsf] sdsf]ljj0f
(= jifeldf ePsf] jfnft aflxsf] sff]afsf] ljj0f
)= cl3Nnf aifx+u DalGwt cfDbfgL tyf vrxsf] 5sectf5sect ljj0f
=plNnlvt aFbfx afx]s jfnft gfkmf gf]Sfg lxfa cfo Joo lxfa nufotsfljQLo ljj0fxnfO apermilg ljZn]if0f ug 3fp kUg] cGo sg hfgsfL lbg cfjZosb]lvPdf cGo Joxf]f d]t vnfpg kg]5
36
cgrL )k|dv rsfIacutex
cf=a=qm=+= ljj0f rsfIacute
g]6 jy = z]o +Vof +Vof k|lt z]o lstfjL dNo =$ vb gfkmf = k|lt z]o cfo (EPS) =^ k|lt z]o nfef+z (DPS) =amp k|lt z]o ahf dNo (MPPS) = dNo cfDbfgL cgkft (PE Ratio) cgkft( k|yd aifsf] aLdfzNs =) sn aLdfzNs = vb aLdfzNsdividesn aLdfzNs k|ltzt vb gfkmfdividesn aLdfzNs k|ltzt sn aLdfzNsdividesn DklQ k|ltzt$ nufgL shfaf6 cfodividesn nufgL shf k|ltzt sn nufgL shfdividehLjg aLdfsf]if k|ltzt^ kgaLdf sldzg cfodividesn kgaLdfzNs k|ltztamp Jojyfkg vrdividesn aLdfzNs k|ltzt aLdf clestf DalGw vrdividesn aLdfzNs k|ltzt( aLdf clestf +Vof +Vof) sdrfL +Vof +Vof sfofnosf] +Vof +Vof sdrfL vrdivideJojyfkg vr k|ltzt sdrfL vrdividesdrfL +Vof =$ eQmfgL xg aFfsL bfjL sddivideeQmfgL ePsf] bfjL
sdk|ltzt
sn sfod x]sf] aLdfn]vsf] +Vof +Vofdf^ o jif gjLs0f ePsf] aLdfn]vsf] +Vofdivideut
jif sfod x]sf] aLdfn]vsf] +Vofk|ltzt
amp bfjL k]sf] aLdfn]vsf] +Vofdividesn sfod x]sf]aLdfn]vsf] +Vof
k|ltzt
f]Ne]GL dflhg k|ltzt( 3f]lift af]g b =
k|ltxhf) cGtld af]g b =
k|ltxhf
37
cgrL ndash
aLdfIacutesf] ljj0f
sfod x]sf]aLdfn]vsf] +Vof
sfod x]sf]aLdfn]v cGtut
hDdf aLdfIacute
d of6 ls(Sum at Risk)
kgaLdsnfOxtfGt0f ulPsf]
d of6 ls(Sum at Risk)
aLdsn] wf0fu]sf] d of6ls (Sum at
Risk)
qm=+= aLdfsf] lsld
o jif ut jif o jif ut jif o jif ut jif o jif ut jif o jif ut jif
hDdf
38
kllzi6 ndash
-lgb]zg +u DalGwt_
ljQLo ljj0fsf zLifsxsf] +lIfKt JofVof
-s_ cfo Joo lxfa tyf f] DaGwL cgrLsf zLifsxsf] +lIfKt JofVof M
1 k|ToIf aLdfzNs M aLdsn] kgaLdf jLsf u] afkt k|fKt aLdfzNs afx]s k|ydjifsf] aLdfzNs gjLs0f aLdfzNs Psn aLdfzNssf] of]ukmnaf6 lgodfgflkmtf u]sf] aLdfzNs ssectf uL o zLifsdf hgfpg kg]5
2 sn aLdfzNs M k|ToIf aLdfzNs aLdsn] kgaLdf jLsf u] afkt k|fKtaLdfzNssf] of]ukmnnfO o zLifsdf hgfpg kg]5
3 aLdfzNs -vb_ M sn aLdfzNsaf6 kgaLdf lbP afktsf] kgaLdf zNs ssectf uLafFsL sdnfO o zLifsdf hgfpg kg]5
4 kgaLdf sldzg cfo M -s_ aLdsn] kgaLdf lbP afkt k|fKt xg] kgaLdfsldzgnfO o zLifsdf hgfpg kg]5
-v_ aFbf g+=-s_ sf] cltlQm kgaLdsaf6 dgfkmf sldzg -Profit Commission_k|fKt ePdf f]nfO o zLifsdf dfj]z uL f]sf] Joxf]f n]vf DaGwLl6Kk0fLdf vnfpg kg]5
5 nufgL shf tyf cGoaf6 cfo M sfL ]Sol6Laf6 cfo d2tL lgIf]kaf6 cfoklAns sDkgLsf] z]odividel8j]Graf6 cfo ef8faf6 cfo shfaf6 cfo -aLdfn]vsf]lwtf]df shf afx]s_ cGo lgIf]kaf6 -d2tL afx]s_ cfo nufgL laqmLdf gfkmf -GognufgL laqmLdf gf]Sfg_ nufgL -vLb_ df gfkmf -Gog nufgL vLbdf gf]Sfg_ly DklQ laqmLaf6 gfkmf -Gog ly DklQ laqmLaf6 gf]Sfg_ vftf ckn]vgaf6cfo tyf cGo cfosf] of]ukmnnfO lgb]zg adf]lhd afF8kFmf8 uL cfPsf]sdnfO o zLifsdf hgfpg kg]5
6 aLdfn]vsf] lwtf]df shfaf6 cfo M aLdfn]vsf] lwtf]df shf k|bfg u] afkt k|fKt xg]Aofh lanDa zNs htf cfonfO o zLifsdf hgfpg kg]5
7 cGo k|ToIf cfoM aLldtn] tf]lsPsf] cjlwleq aLdfzNs gaemfP afkt aLdsn]eQmfgL k|fKt u]sf] hljfgfdivideAofhdivideljnDa zNs tyf aLdfn]vsf] k|ltlnkL btcfo l6s6 bt htf f]xL aLdfsf] lsld+u k|ToIf kdf DalGwt cfonfO ozLifsdf hgfpg kg]5
8 bfjL eQmfgL -vb_ M aLdsn] eQmfgL u]sf] d[To bfjL cjlw dfKtL bfjL cf+lzscjlw dfKtL bfjL dk0f dNo tyf cGo bfjLsf] of]ukmnnfO o zLifsdfhgfpg kg]5
9 clestf sldzg M k|yd jifsf] aLdfzNsdf clestf sldzg gjLs0f aLdfzNsdfclestf sldzg Psn aLdfzNsdf clestf sldzgsf] of]ukmnaf6 kgaLdssf]lxf ssectf uL afFsL sd o zLifsdf hgfpg kg]5
10 jfYo kLIf0f zNs M aLdf hf]lvdfIacutegsf] nflu jfYo kLIf0f ufP afkt aLdsn]Joxf]g k]sf] jfYo kLIf0f zNsnfO o zLifsdf hgfpg kg]5
39
11 kgaLdf sldzg vr M aLdsn] kgaLdf jLsf u] afkt eQmfgL ug kg] sldzgsdnfO o zLifsdf hgfpg kg]5
12 ]jf zNs -vb_ M aLdf ldltnfO aemfpg kg] sn ]jf zNsaf6 kgaLdssf] lxfssectf uL afFsL sdnfO o zLifsdf hgfpg kg]5
13 cGo k|ToIf vr M aLdfsf] lsld+u k|ToIf kn] DalGwt x]sf] cGo vrnfO ozLifsdf hgfpg kg]5
14 Jojyfkg vr M lgb]zg $ adf]lhd afF8kmFf8 uL cfPsf] sdnfO o zLifsdfhgfpg kg]5
15 cfos M -_ aLdssf] cfos bfloTjnfO lgb]zg adf]lhd afF8kmFf8 uL cfPsf]sdnfO o zLifsdf hgfpg kg]5 osf] ljj0f kllzi6 sf] cgrL adf]lhd xg kg]5
-_ cl3Nnf jif-x_ sf] cfos bfloTjnfO kllzi6 sf] cgrL sf] aeligcl3Nnfjifxsf] cfosAElig zLifsdf hgfpg kg]5 t Totf] cfosdf nfu]sf]b08dividehljfgfdivideljnDa zNsnfO gfkmf gf]Sfg lxfasf] aeligcl3Nnf jif+uDalGwt vrAElig zLifsdf hgfpg kg]5
16 cflys jifsf] cGTodf eQmfgL xg afFsL bfjL afkt Jojyf M cflys jifsf] cGTodfeQmfgL xg afFsL d[To bfjL cjlw dfKtL bfjL cf+lzs cjlw dfKtL bfjL dk0fdNo bfjL cGo bfjL tyf gt[hgf ePsf] t hfgsfLdf gcfPsf] bfjLsf] of]ukmndfaLdf lgodfjnL )$( sf] lgod sf] v08 -3_ adf]lhdsf] sd yk ubf xgcfpg] sdnfO o zLifsdf hgfpg kg]5
aLdssf] cgejsf] cfwfdf [hgf ePsf] t hfgsfLdf gcfPsf] bfjLsf] nflusd Aojyf ug kg]5
17 cflys jifsf] cGTodf cdfKt hf]lvd afkt Jojyf M aLdf cjlw dfKtL afktbfjL eQmfgL ug gkg] lsldsf] aLdfsf] cdfKt hf]lvd afkt lgb]zg ( adf]lhdJojyf uL cfPsf] sd o zLifsdf hgfpg kg]5
18 hLjg aLdf sf]ifdividegfkmf gf]Sfg lxfadf f]sf] artdivide-gf]Sfg_ M -_ aLdf cjlwdfKtL afkt bfjL eQmfgL ug kg] lsldsf] aLdfsf] cfo Joo lxfaaf6 art -surplus_ ePsf] cjyfdf o zLifsnfO aelighLjg aLdf sf]ifdf f]sf] artAElig sfoduL Totf] art sdnfO o zLifsdf hgfpg kg]5
-_ aLdf cjlw dfKtL afkt bfjL eQmfgL ug kg] lsldsf] aLdfsf] cfo Joolxfaaf6 gf]Sfg ePsf] cjyfdf o zLifsnfO aeliggfkmf gf]Sfg lxfadff]sf] gf]SfgAElig sfod uL Totf] gf]Sfg sdnfO o zLifsdf C0ffTdskdf hgfpg kg]5
-_ aLdf cjlw dfKtL afkt bfjL eQmfgL ug gkg] lsldsf] aLdfsf] cfo Joolxfasf] nflu o zLifsnfO aelighLjg aLdf sf]ifdf f]sf] sdAElig aeliggfkmfgf]Sfg lxfadf f]sf] artdivide-gf]Sfg_AElig uL bOj6f zLifs sfod uL aelighLjgaLdf sf]ifdf f]sf] sdAElig zLifsdf lgb]zgndash adf]lhdsf] sd hgfO afFsLsdnfO aeliggfkmf gf]Sfg lxfadf f]sf] artdivide-gf]Sfg_AElig zLifsdf hgfpgkg]5 tf]lsP adf]lhd hLjg aLdf sf]ifdf f]sf] sd hgfp+bf gf]Sfg ePdf
40
aeliggfkmf gf]Sfg lxfadf f]sf] artdivide-gf]Sfg_AElig zLifsdf Totf] gf]Sfg ePsf]sdnfO C0ffTds kdf hgfpg kg]5
-v_ gfkmf gf]Sfg lxfa tyf DalGwt cgrLsf zLifsxsf] +lIfKt JofVof M
1 cfo Joo lxfaaf6 f]sf] M aLdf cjlw dfKtL afkt bfjL eQmfgL ug gkg]lsldsf] aLdfxsf] cfo Joo lxfaaf6 aeliggfkmf gf]Sfg lxfadf f]sf] artdivide-gf]Sfg_AElig sdxsf] of]ukmnnfO o zLifsdf hgfpg kg]5
2 hLjg aLdf sf]ifaf6 f]sf] M k|rlnt sfggL Jojyf adf]lhd aLdssf] bfloTjsf]n]vfhf]vf DaGwL aLdfIacuteLsf] k|ltj]bg d]tsf] cfwfdf hLjg aLdf sf]ifaf6 gfkmfgf]Sfg lxfadf fgsf nflu ldltn] jLs[lt k|bfg u]sf] sdnfO o zLifsdfhgfpg kg]5
3 nufgL shf tyf cGoaf6 cfo M lgb]zg adf]lhd afF8kFmf8 uL cfPsf] sdnfOo zLifsdf hgfpg kg]5
4 Jojyf lkmtf M nufgLdf gf]SfgLsf] nflu ulPsf] Jojyf shfdf gf]SfgLsf] nfluulPsf] Jojyf z+sfkb cffdLsf] nflu ulPsf] Jojyf tyf cGosf] nfluulPsf] Jojyf sd cf+lzs jf k0fkn] sfod fVg kg] cjyf gx]df TotfsdxnfO o zLifsdf hgfpg kg]5
5 cGo cfDbfgL M aLdf Aojfo+u f]sf gePsf] kj +rfng cfDbfgL htfcfDbfgLxsf] of]ukmnnfO o zLifsdf hgfpg kg]5
6 Jojyfkg vr M lgb]zg $ adf]lhd afF8kmFf8 uL cfPsf] sdnfO o zLifsdfhgfpg kg]5
7 ckn]vg vr M k|flDes vrx kj +rfng vrx k flPsf vrx nufgLshf cffdL tyf cGo ckn]vg ulPsf] vrnfO o zLifsdf hgfpg kg]5 t+yfks +rfns tyf pRr Jojyfks jf lghx+u DalGwt JolQmdivide+yfDaGwL cffdL ckn]vg ug kfOg] 5g
8 cGo vrx M k|rlnt sfgg adf]lhd aLdf ldlt tyf cGo lgsfon] aLdsnfOtf]s]sf] b08 hljfgf aLdsn] pkof]u u]sf] ]jfsf] aemfpg kg] zNs dodfgaemfP afkt ltg kg] ljnDa zNs hljfgf nufotsf vrx o zLifsdfhgfpg kg]5
9 gf]SfgLsf] nflu Jojyf M nufgLdf gf]SfgLsf] nflu Jojyf shfdf gf]SfgLsf]nflu Jojyf z+sfkb cffdL Jojyf tyf cGo JojyfnfO o zLifsdf hgfpgkg]5
10 cfos M aLdssf] cfos bfloTjnfO lgb]zg adf]lhd afF8kmFf8 uL cfPsf]sdnfO o zLifsdf hgfpg kg]5
11 hLjg aLdf sf]ifdf f]sf] M aLdssf] bfloTjsf] n]vf hf]vf uL aLdfIacuteLn] lbPsf]dNofIacuteg k|ltj]bg d]tsf] cfwfdf ldltn] lbPsf] cfb]zdividelgb]zg adf]lhd hLjg
41
aLdf sf]ifdf f]sf] sdnfO o zLifsdf b]vfpg kg]5 oL hLjg aLdf sf]ifdff]sf] sd gfkmf gf]Sfg lxfadf lkmtf ug kfOg] 5g
12 cl3Nnf jif+u DalGwt vr M cl3Nnf jif-x_sf] cfosdf nfu]sf]b08dividehljfgfdivideljnDa zNs tyf cl3Nnf jifxdf n]vfIacuteg ug 56]sf vrxnufotsf cl3Nnf jif+u DalGwt vrnfO o zLifsdf hgfpg kg]5
-u_ jfnft tyf DalGwt cgrLsf zLifsxsf] +lIfKt JofVof M
1 rQmf kFhL M eQmfgL k|fKt ePsf] fwf0f z]o ckljtgLo cu|flws z]o tyfkljtgLo cu|flwsf z]o afktsf] sdsf] of]ukmnnfO o zLifsdf hgfpg kg]5
2 hu]8f tyf sf]if M aLdsn] hu]8f sfod ug] lnlnfdf gfkmfaf6 afF8kmfF8 ecfPsf jf cGo sg] k|lqmofaf6 gt[hgf ePsf tyf gfkmf gf]Sfg lxfadf afF8kmFf8guL +ro uL flvPsf] sdxnfO o zLifsdf hgfpg kg]5 oL hu]8f k|of]uubf DalGwt hu]8f tyf sf]if lxfadf vr hgfpg kg]5
-s_ kFhLut hu]8f M rQmf gePsf] z]osf] afFsL sd dfu ubf eQmfgL gu]sf]sf0fn] pQm z]onfO hkmt uL k|fKt xg cfPsf] sd kFhLut cgbfg afktk|fKt xg cfPsf] lhGL tyf gub sd tyf aLdssf] kFhL j[l4 ug] p2]Zon]gfkmfaf6 flPsf] sdnfO o zLifsdf hgfpg kg]5
-v_ z]o lk|ldod M aLdsn] cfˆgf] z]o hfL ubf z]osf] clIacutet dNo eGbf a9Lbn] hfL u]sf] x]5 eg] pQm al9 sd hlt o zLifsdf hgfpg kg]5 ozLifsdf hgfOPsf] sd nfef+z ljt0f k|of]hgsf] nflu of]Uo dflgg] 5g
-u_ k|tfljt af]gz z]o M aLdsn] k|tfj uL fwf0f efn] kflt u]sf] t hfLuL gs]sf] af]gz z]onfO o zLifsdf hgfpg kg]5
-3_ ljz]if hu]8f M aLdf ldltsf] lgb]zg adf]lhd sg cGo hu]8f sf]if v8f ugkbf Totf] sdnfO o zLifsdf hgfpg kg]5
-ordf_ cGo hu]8f M aLdsn] cGo k|of]hgsf] nflu v8f u]sf] hu]8fnfO o zLifsdfhgfpg kg]5
-r_ gfkmf gf]Sfg lxfaaf6 f]sf] M aLdssf] gfkmf gf]Sfg lxfaaf6 jfnftdff]sf] gfkmf sdnfO o zLifsdf hgfpg kg]5
3 hLjg aLdf sf]if M lgb]zg adf]lhd fVg kg] hLjg aLdfsf]ifxsf] of]ukmnnfOo zLifsdf hgfpg kg]5
4 dxfndashljkQL hu]8f M 7nf] kldf0fdf aLdf bfjL pTkGg xg Sg] dxfndashljkQL -catastrophy_ sf] cjyfdf aLdssf] ljQLo Ifdtfdf kg Sg] k|ltsn c sd ug]p2]Zon] gfkmfaf6 flPsf] sdnfO o zLifsdf hgfpg kg]5 o zLifsdfhgfOPsf] sd nfef+z ljt0f k|of]hgsf] nflu of]Uo dflgg] 5g
5 ltg afFsL bL3sflng C0f tyf fk6L M jfnftsf] ldltdf eQmfgL ug afFsLbL3sflng fk6LnfO o zLifsdf hgfpg kg]5
42
6 ly DkQL -vb_ MyfoL k|s[ltsf DkQLxsf] sn dNodf Xf ssectf uL afFsL x]sf]sdnfO o zLifsdf hgfpg kg]5
7 bL3sflng nufgL M aLdsn] lgb]zg ^ adf]lhd u]sf] bL3sflng nufgLnfO ozLifsdf hgfpg kg]5
kli6s0f M = jfnftsf] ldltaf6 Ps jif eGbf al9 cjwL kl5 eQmfgLk|fKt xg] sfL sfsf] hdfgt k|fKt ]Sol6Ld2tL lgIf]k gfuls nufgL of]hgf z]o a+s tyfljQLo +yfsf] cu|flwsf z]odividel8j]Gr tyf cGo f]xLk|s[ltsf nufgLxnfO bL3sflng nufgL Demg k5
= aLdsn] klAns sDkgLsf] z]odf nufgL u] afkt k|fKtxg] af]gz z]onfO z]o +Vofdf dfq b]vfO kn df]ndfsg kljtg ug x+bg
amp=s cNksflng nufgL M aLdsn] lgb]zg ^ adf]lhd u]sf] cNksflng nufgLnfO ozLifsdf hgfpg kg]5
kli6s0f M jfnftsf] ldltaf6 Ps jif leq eQmfgL k|fKt xg] sfL sfsf] hdfgt k|fKt ]Sol6L d2tL lgIf]k gfulsnufgL of]hgf a+s tyf ljQLo +yfsf] cu|flwsfz]odividel8j]Gr tyf cGo f]xL k|s[ltsf nufgLxnfOcNksflng nufgL Demg k5
8 aLdfn]vsf] lwtf]df shf M aLdsn] lgb]zg amp adf]lhd k|To]s lsldsf] aLdfsf]aLdfn]vsf] lwtf]df k|bfg u]sf] shfsf] of]ukmnnfO o zLifsdf hgfpg kg]5
9 gub tyf a+s dfHbft M -_ aLds+u x]sf] sn gub dfHbft sd tyf aLdssf]a+sdivideljQLo +yfsf] Aofh k|fKt gxg] vftfdf x]sf] sn sdnfO o zLifsdfhgfpg kg]5
10 cGo bL3sflng shf M lgb]zg amp adf]lhd n]vfIacuteg ulPsf] clestfnfO k|bfgulPsf] bL3sflng shf sdrfLnfO k|bfg ulPsf] bL3sflng shf tyf cGobL3sflng shfsf] of]ukmnnfO o zLifsdf hgfpg kg]5
kli6s0f M jfnftsf] ldltaf6 Ps jif eGbf al9 cjwL kl5 eQmfgLk|fKt xg] clestfnfO k|bfg ulPsf] shf sdrfLnfO k|bfgulPsf] shf tyf cGo f]xL k|s[tLsf shfxnfO bL3sflngshf Demg k5
)s= cGo cNksflng shf M lgb]zg amp adf]lhd n]vfIacuteg ulPsf] clestfnfO k|bfgulPsf] cNksflng shf sdrfLnfO k|bfg ulPsf] cNksflng shf tyf cGocNksflng shfsf] of]ukmnnfO o zLifsdf hgfpg kg]5
kli6s0f M jfnftsf] ldltaf6 Ps jif leq eQmfgL k|fKtxg] clestfnfO k|bfg ulPsf] shf sdrfLnfO k|bfgulPsf] shf tyf cGo f]xL k|s[tLsf shfxnfOcNksflng shf Demg k5
43
11 cGo DkQL M -_ o lgb]zg adf]lhd n]vfIacuteg ulPsf] aLdssf] nufgLaf6 k|fKt xgafFsL cfo aLdfn]vsf] lwtf]df shfaf6 k|fKt xg afFsL Aofh cGo shfaf6 k|fKt xgafFsL Aofh cGo aLdsaf6 k|fKt xg afFsL kgaLdsaf6 k|fKt xg aFfsL ljljwcffdL clu|d eQmfgL sdrfL k]ZsL cGo k]ZsL wf6L tyf cGosf] of]ukmnnfOo zLifsdf hgfpg kg]5
-_ cGo DkQLsf] ljj0f kllzi6 sf] cgrL $ adf]lhd xg kg]5
-_ cn xg afFsL aLdfzNs eP f]sf] of]ukmn kllzi6 sf] cgrL $ dfb]vfpg kg]5 f] cn xg afFsL aLdfzNs afasf] dNtjL -Suspense_ b]vfOvb k|efj (Net effect) zGo agfpg kg]5
12 rfn bfloTj M clestfnfO lbg afFsL cGo aLdsnfO lbg afFsL kgaLdsnfO lbgafFsL aLdfzNs wf6L k0f ljj0f gvn]sf] aLdfzNs ljljw fx xfosdividexf]lN8EumlsDkgLnfO lbg afFsL gtf]tdf ssectf ulPsf] s ltg afFsL cfos ltg afFsL]jfzNs ltg afFsL sdrfLnfO ltg afFsL +rfnsnfO ltg afFsL tyf cGo ltgafFsL sdxsf] of]ukmnnfO o zLifsdf hgfpg kg]5
13 cdfKt hf]lvd jfkt Jojyf M lgb]zg ( adf]lhdsf] cdfKt hf]lvd Jojyfsf]of]ukmnnfO o zLifsdf hgfpg kg]5
14 eQmfgL xg afFsL bfjL jfkt Jojyf M k|To]s lsldsf] aLdfsf] eQmfgL xg afFsLbfjLsf] nflu ulPsf] Jojyfsf] of]ukmnnfO o zLifsdf hgfpg kg]5
15 ckn]vg jf dfof]hg xg afFsL ljljw vrx M ckn]vg ug afFsL k|flDes vrckn]vg ug afFsL kj +rfng vr ckn]vg ug afFsL yug ulPsf vr tyfcGo ckn]vg jf dfof]hg gePsf vrxsf] of]ukmnnfO o zLifsdf hgfpgkg]5
-3_ k|dv rsfIacutexdf +nUg zLifsxsf] +lIfKt JofVof
1 g]6 jy = rQmf kFhL plusmn hu]8f tyf sf]if plusmn dxf ljkQL hu]8f ndashckn]vg jfdfof]hg xg afFsL ljljw vrx ndash gfkmf gf]Sfg lxfaaf6 f]sf] gf]Sfg
2 k|lt z]o lstfaL dNo = g]6 jydividefwf0f z]o +Vof
3 k|lt z]o cfo = vb gfkmfdividefwf0f z]o +Vof
4 dNo cfDbfgL cgkft = k|lt z]o ahf dNodividek|lt z]o cfo
5 sn DklQ = ly DklQ plusmn nufgL plusmn aLdfn]vsf] lwtf]df shf plusmn rfnDklQ shf tyf k]ZsLx
![Page 21: hLjg aLdf Joj;fo ug]{ aLdssf] ljQLo ljj/0f ;DaGwL lgb]{zg](https://reader033.vdocuments.site/reader033/viewer/2022053020/6291631db7b57c39db6663d6/html5/thumbnails/21.jpg)
21
cgrLndash
cfos
qm=+= ljj0f o aif ut aif
= o aifsf] cfos
= cl3Nnf aifxsf] cfos
= afF8kmfF8sf] nflu cfossf] hDdf
afF8kmfF8
gfkmf gf]Sfg lxfadf f]sf]
==============aLdfsf] cfo Joo lxfadf f]sf]
==============aLdfsf] cfo Joo lxfadf f]sf]
hDdf
22
cgrL ndash (
cflys jifsf] cGTodf eQmfgL xg afFsL bfjL afkt Jojyf
eQmfgL xgafFsL d[To bfjL
eQmfgL xgafFsL cjlwdfKtL bfjL
eQmfgL xgafFsL cf+lzscjlw dfKtL
bfjL
eQmfgL xgafFsL dk0fdNo bfjL
eQmfgL xgafFsL cGo
bfjL
[hgf ePsf]t hfgsfLdfgcfPsf] bfjL
-cgdflgt_
eQmfgL xgafFsL hDdf
bfjL
eQmfgL xgafFsL hDdf
bfjLdfkgaLdssf]
lxf
eQmfgL xgafFsL bfjL
afkt Jojyf
qm=+= aLdfsf] lsld
ojif
ut jif ojif
utjif
ojif
utjif
ojif
utjif
ojif
utjif
ojif
utjif
ojif
utjif
ojif
utjif
ojif
utjif
=
=
=
$=
hDdf M
23
cgrLndash)
cfo Joo lxfaxaf6 gfkmf gf]Sfg lxfadf f]sf] sd
qm=+= ljj0f o aif ut aif
= ==================== sf] cfo Joo lxfaaf6 f]sf]
= ==================== sf] cfo Joo lxfaaf6 f]sf]
=
$=
hDdf
cgrLndash
hLjg aLdf sf]if
dfof]hg cuf8Lsf]hLjg aLdf sf]if-jifsf] zdf_
cfo Joolxfaaf6 f]sf]
gfkmf gf]Sfglxfaaf6 f]sf]
dfof]hg cuf8Lsf]hLjg aLdfsf]if-jifsf] cGTodf_
qm=+= aLdfsf]lsld
o jif ut jif o jif ut jif o jif ut jif o jif ut jif
=
=
=
$=
hDdf M
hLjg aLdf sf]ifdf dfof]hg
dfof]hgcuf8Lsf]
hLjg aLdfsf]if
-jifsf]cGTodf_
gfkmfgf]Sfglxfadff]sf]
aLdfn]vcGtutbfloTj
af]gsf]nflu
Jojyf
f]Ne]GLdflhgsf]nflu
Jojyf
afF8kmfF8gulPsf]sd
jifsf]cGTodfhLjg
aLdf sf]if
qm=+= aLdfsf]lsld
oaif
utaif
oaif
utaif
oaif
utaif
oaif
utaif
oaif
utaif
oaif
utaif
oaif
utaif
=
=
=
hDdf M
24
cgrLndash
Jojyf lkmtfqm=+= ljj0f o aif ut aif= nufgLdf gf]SfgLsf] nflu Jojyf lkmtf= shfdf gf]SfgLsf] nflu Jojyf lkmtf= z+sfkb cffdL Jojyf lkmtf$ cGo Jojyf lkmtf
hDdf
cgrLndash
ckn]vg vrx
qm=+= ljj0f o aif ut aif1 k|flDes vrx2 kj +rfng vrx3 k flPsf vrx4 ckn]vg ulPsf] nufgL5 ckn]vg ulPsf] shf6 ckn]vg ulPsf] cffdL7 cGo ckn]vg
hDdf
cgrLndash$
cGo vrx
qm=+= ljj0f o aif ut aif
1 b08 hljfgf
2 ljnDa zNs hljfgf
3 cGo -ljj0f vnfpg]_
hDdf
cgrLndash
gf]SfgLsf] nflu Jojyfqm=+= ljj0f o aif ut aif= nufgLdf gf]SfgLsf] nflu Jojyf= shfdf gf]SfgLsf] nflu Jojyf= z+sfkb cffdL Jojyf$ cGo Jojyf
hDdf
25
cgrLndash^
-s_ z]o kFhL
qm=+= ljj0f o aif ut aifclws[t kFhLs_ ================= bsf] ======== yfg fwf0f z]ov_ ============ bsf] ====yfg ckljtgLo cu|flwsfz]o
=
u_ ========== bsf] ====== yfg kljtgLo cu|flwsfz]ohfL kFhLs_ ================= bsf] ======== yfg fwf0f z]ov_ ============ bsf] ====yfg ckljtgLo cu|flwsfz]o
=
u_ ========== bsf] ====== yfg kljtgLo cu|flwsfz]orQmf kFhLs_ ================= bsf] ======== yfg fwf0f z]oGog eQmfgL k|fKt xg afFsL ==== bsf] ===yfg fwf0fz]ov_ ============ bsf] ====yfg ckljtgLo cu|flwsfz]o
=
u_ ========== bsf] ====== yfg kljtgLo cu|flwsfz]o
hDdf-v_ z]o jfldTjsf] +rgf
o aif ut aifz]owgL
fwf0f z]o+Vof
jfldTjsf] Uuml fwf0fz]o +Vof
jfldTjsf] Uuml
g]kfnL +ul7t +yfx
g]kfnL gfuls
ljb]zL+y
fks
hDdf
jfwf0f
cGo -ljj0f vnfpg]_
sn
-u_ Ps k|ltzt jf a9L z]o jfldTj ePsf z]owgLxsf] ljj0f
o aif ut aifqm=+= ljj0f
jfldTjsf] Uuml sd jfldTjsf] Uuml sd
=
=
=
26
cgrLndashamp
hu]8f tyf sf]if
qm=+= ljj0f o aif ut aif
1 kFhLut hu]8f
2 ljz]if hu]8f
3 cGo hu]8f -ljj0f vnfpg]_
4 z]o lk|ldod
5 k|tfljt af]gz z]o
6 Gffkmf gf]Sfg lxfaaf6 f]sf] gfkmf
hDdf
cgrLndash
dxfndashljklQ hu]8fjifsf] zdf dxfndashljklQ hu]8f gfkmf gf]Sfg lxfaaf6 f]sf] jifsf] cGTodf dxfndashljklQ
hu]8fo jif ut jif o jif ut jif o jif ut jif
cgrLndash(
ltg afFsL bL3sflng C0f tyf fk6L
qm=+= ljj0f o aif ut aif
l8j]Gr divide a08
a+s
ljQLo +yf
$ cGo -ljj0f vnfpg]_
hDdf
27
cgrLndash)
ly DklQ
ljj0f kn df]n Xf ssectL vb df]n
zdfHbft
ojif
yk]sf]
ojif
36]sf]
hDdf utjifDd
ojif
laqmLdivide
dfof]hg
hDdf ojifDdsf]
UftjifDdsf]
lk|m xf]N8hldg
ejg
kmlgrtyf
lkmSr
sfofnofdfg
sDKo6tyfrgfk|ljwLpks0f
cb[ZoDklQ-ljj0fvnfpg]_
jfLfwg
lnh xf]N8DklQ
cGo-k|s[ltvnfpg]_
hDdf
lgdf0fflwgkFhLutvr
sn
ut jif
28
cgrLndash
nufgL
qm=+= ljj0f o aif ut aif-s_ bL3sflng nufgL M sfL sfsf] hdfgt k|fKt ]Sol6L jfl0fHo a+ssf] d2tL lgIf]k ljsf a+ssf] d2tL lgIf]k$ gfuls nufgL of]hgf ljQLo +yfsf] d2tL lgIf]k^ cfjf ljQ sDkgLsf] fwf0f z]o -cgrL = adf]lhd_amp cGo sDkgLsf] fwf0f z]o -cgrL = adf]lhd_ a+s tyf ljQLo +yfsf] cu|flwsf z]odividel8j]Gr( cGo -ljj0f vnfpg]_
hDdf M-v_ cNksflng nufgL M sfL sfsf] hdfgt k|fKt ]Sol6L jfl0fHo a+ssf] d2tL lgIf]k ljsf a+ssf] d2tL lgIf]k$ gfuls nufgL of]hgf ljQLo +yfsf] d2tL lgIf]k^ a+s tyf ljQLo +yfsf] cu|flwsf z]odividel8j]Gramp jfl0fHo a+ssf] Aofh k|fKt xg] cGo lgIf]k ljsf a+ssf] Aofh k|fKt xg]] cGo lgIf]k( ljQLo +yfsf] Aofh k|fKt xg] cGo lgIf]k) cGo Aofh k|fKt xg] nufgL -ljj0f vnfpg]_
hDdf McgrLndash=
z]odf nufgL
qm=+= sDkgL vb sd c+lst dNo kn dNo ahf dNo
= ======sDkgLsf]=============yfg====z]o
= ======sDkgLsf]=============yfg=====z]o
= ======sDkgLsf]=============yfg=====z]o
hDdf
gf]6 M = aLdssf] xfos sDkgLdividexf]lN8Euml sDkgL tyf +oQm nufgL ePsf] sDkgLsf] z]odf ePsf]nufgLnfO
5sectfndash5sect vnfpg kg]5
= lgodfgf lrs[t gePsf z]odf ePsf] nufgLnfO 5sect vnfpg kg]5
= +yfks z]o cGo z]odf ePsf] nufgLnfO 5sectf5sect vnfpg kg]5
29
cgrLndash
gub tyf a+s dfHbft
qm=+= ljj0f o aif ut aifgub dfHbft
hDdfa+s dfHbftjfl0fHo a+sxsf] dfHbftljsf a+sxsf] dfHbftljQLo +yfxsf] dfHbft
cGo -ljj0f vnfpg]_hDdfsn
cgrLndash
cGo shf
qm=+= ljj0f o aif ut aif-s_ bL3sflng shf= clestfnfO shf= sdrfLnfO shf= cGo -ljj0f vnfpg]_
hDdf-v_ cNksflng shf= clestfnfO shf= sdrfLnfO shf= cGo -ljj0f vnfpg]_
hDdfcgrLndash$
cGo DklQqm=+= ljj0f o aif ut aif1 nufgLaf6 k|fKt xg afFsL cfo2 aLdfn]vsf] lwtf]df shfaf6 k|fKt xg afFsL Aofh3 cGo -aLdfn]vsf] lwtf]df afx]s_ shfaf6 k|fKt xg afFsL
Aofh4 cGo aLdsaf6 k|fKt xg afFsL5 kgaLdsaf6 k|fKt xg afFsL6 ljljw cffdL7 clu|d eQmfgL8 sdrfL k]ZsL9 cGo k]ZsL10 wf6L11 cn xg afFsL aLdfzNs
Gog M cn xg afFsL aLdfzNs dNtjL -suspense_12 cGo ljj0f vnfpg]
hDdf M
30
cgrLndash
rfn bfloTj
qm=+= ljj0f o aif ut aif1 clestfnfO lbg afFsL2 cGo aLdsnfO lbg afFsL3 kgaLdsnfO lbg afFsL4 cNksflng shf5 aLdfzNs wf6L6 k0f ljj0f gvn]sf] aLdfzNs7 ljljw fx8 xfosdividexf]lN8Euml sDkgLnfO lbg afFsL9 gtf]tdf ssectf ulPsf] s ltg afFsL10 dNo clea[l4 s ltg afFsL11 cfos ltg afFsL12 ]jf zNs ltg afFsL13 sdrfLnfO lbg afFsL14 +rfnsnfO lbg afFsL15 eQmfgL lbg afFsL nfef+z -l8le8]08_16 cGo -ljj0f vnfpg]_
hDdf
cgrLndash^
cdfKt hf]lvd Jojyfqm=+= ljj0f o aif ut aif= ===========aLdfsf] cdfKt hf]lvd hu]8f= ===========aLdfsf] cdfKt hf]lvd hu]8f= ===========aLdfsf] cdfKt hf]lvd hu]8f
===========aLdfsf] cdfKt hf]lvd hu]8f
hDdf
31
cgrL ^scGo Aojyf
aifsf] zdf Aojyfrfn cf=a=df yk ulPsf]
Aojyfrfn cf=a=df ckn]vg
ulPsf] Aojyfrfn cf=a=df lkmtfulPsf] Aojyf
aifsf] cGtdf sfodx]sf] Aojyf
qm=+=
ljj0fo jif ut jif o jif ut jif o jif ut jif o jif ut jif o jif ut jif
nfef+z -l8le8]08_ sf] nflu Aojyf
nufgLdf gf]SfgLsf] nflu Aojyf
shfdf gf]SfgLsf] nflu Aojyf
$ z+sfZkb cffdLsf] nflu Aojyf
cGo gf]SfgLsf] nflu Aojyf
^ sdrfL DaGwL Aojyf-s_ k]Gg tyf pkbfg Aojyf-v_ ljbf jfkt Aojyf-u_ cfjf tyf cGo ljwf Aojyf-3_ sdrfL af]g Aojyf-ordf_ cGo
amp cGo Aojyf -ljj0f vnfpg]_
hDdf
32
cgrLndashamp
ckn]vgdividedfof]hg xg afFsL ljljw vrxqm=+= ljj0f o aif ut aif1 ckn]vg ug afFsL k|flDes vr2 ckn]vg ug afFsL kj +rfng vr3 ckn]vg ug afFsL yug ulPsf vr4 cGo -ljj0f vnfpg]_
hDdf
cgrL ndash
ljQLo ljj0f+u DalGwt k|dv n]vf gLltx
n]vf DaGwL gLltdf vnfpg kg] aFbfx M aLdsn] n]vf DaGwL gLltdf b]xfosf aFbfxvnfpg kg]5
1 ljQLo ljj0f tofLsf cfwfx M sg sg cjwf0ff -concept_ tyf n]vfdfgx sfgg tyf aLdf ldltsf lgb]zgxsf] clwgdf xL ljQLo ljj0f tof ulPsf] xf]f]sf] Joxf]f
ljQLo ljj0f tof ubf sg sfgg aLdf ldltsf] lgb]zg jf n]vfdfg kfngf gePsf]eP f]sf] sf0f lxt Joxf]f
2 ly DklQ n]vfIacuteg gLlt M ly DklQ n]vfIacuteg ubf cjnDag ulPsf] gLlt
3 Xf ssectL gLlt M aLdssf] +rfns ldltaf6 kflt uL nfu ulPsf] Xf ssectL gLlt
4 kFhLs[t gulg] DklQx DaGwL n]vfIacuteg gLlt M aLdssf] +rfns ldltn] sg lglZrtdf]nDd kg] pks0f fdfgx kFhLs[t gug] gLlt lnPsf] 5 eg] f]sf] Joxf]f
5 cfos Jojyf tyf afF8kmFf8 gLlt M cfos Jojyf DaGwdf aLdsn] cjnDag u]sf]gLlt aLdsn] gfkmf gf]Sfg lxfa tyf cfo Joo lxfadf Totf] Jojyf sdafF8kmFf8 ubf cjnDag u]sf] gLlt
6 nufgL n]vfIacuteg gLlt M nufgL n]vfIacutegsf] DaGwdf aLdsn] cjnDag u]sf] gLltxnfOb]xfosf zLifsx cGtut vnfpg kg]5
-s_ sfL artkqdivideC0fkqdf nufgL n]vfIacuteg gLlt
-v_ a+sdivideljQLo +yfsf] d2tL lgIf]kdf nufgL n]vfIacuteg gLlt
-u_ klAns lnld6]8 sDkgLsf] z]odf nufgL n]vfIacuteg gLlt
-3_ klAns lnld6]8 sDkgLn] hfL u]sf] C0fkqxdf nufgL n]vfIacuteg gLlt
7 6xL 36a9 dfof]hg gLlt M ljb]zL db|f+u DalGwt DklQ bfloTj tyf 6xL36a9 cfDbfgL tyf vrxsf] n]vfIacuteg gLlt
8 aLdfzNs cfDbfgL n]vfIacuteg gLlt M aLdsn] aLdfzNs cfDbfgL n]vfIacuteg ubf cjnDagu]sf] gLlt
33
9 kgaLdf sldzg cfDbfgL n]vfIacuteg gLlt M aLdsn] kgaLdf u] afkt k|fKt ug] sldzgsf]n]vfIacuteg ubf cjnDag u]sf] gLlt
10 cGo cfo n]vfIacuteg tyf afF8kmFf8 gLlt M aLdsn] ef8f -Rent_ tyf cGo zLifsaf6 ePsf]cfo n]vfIacuteg tyf afF8kmFf8 ubf cjnDag u]sf] gLlt
11 shf n]vfIacuteg gLlt M aLdsn] aLdfn]vsf] lwtf]df k|bfg u]sf] shf tyf cGo shfn]vfIacuteg ubf cjnDag u]sf] gLlt
12 Jojyfkg vr afF8kmFf8 gLlt M aLdsn] gfkmf gf]Sfg lxfa tyf cfo Joo lxfaxdfJojyfkg vr afF8kmFf8 ubf cjnDag u]sf] gLlt
13 aLdf bfjL eQmfgL vr n]vfIacuteg gLlt M aLdsn] aLdf bfjL eQmfgL vr n]vfIacuteg ubfcjnDag u]sf] gLlt
14 aLdf bfjL afkt bfloTj Jojyf n]vfIacuteg gLlt M -s_ gt[hgf ePsf] t hfgsfLdfgcfPsf] -IBNR_ aLdf bfjL afkt bfloTj Jojyf n]vfIacuteg ubf aLdsn] cjnDagu]sf] gLlt
-v_ aLdsn] aLdf bfjL bfloTj afkt Jojyf ubf cjnDag u]sf] gLlt
15 aLdf Jojfodf art afF8kmFf8 gLlt M aLdsn] gfkmf gf]Sfg lxfa tyf cfo Joolxfaxdf art afF8kmFf8 ubf cjnDag u]sf] gLlt
16 sdrfL pkbfg ljbf tyf cGo ljwf afkt Jojyf gLlt M aLdsn] sdrfL pkbfgljbf tyf cGo ljwf afkt Jojyf ubf cjnDag u]sf] n]vfIacuteg gLlt
17 z+sfkb cffdL Jojyf gLlt M aLdsn] z+sfkb cffdL Jojyf ubf cjnDag u]sf]gLlt
18 ckn]vg vr n]vfIacuteg gLlt M aLdsn] cjnDag u]sf] ckn]vg vr DaGwL gLlt
19 cGo gLltx M plNnlvt gLltx afx]s jfnft gfkmf gf]Sfg lxfa cfo Joo lxfanufotsf ljQLo ljj0fnfO apermilg ljZn]if0f ug 3fp kUg] uL cGo sg] n]vf gLltsf]hfgsfL lbg cfjZos b]lvPdf f] Joxf]f
34
cgrLndash(
ljQLo ljj0f+u DalGwt n]vf DaGwL l6Kk0fLx
n]vf DaGwL l6Kk0fLdf vnfpg kg] aFbfx M aLdsn] n]vf DaGwL l6Kk0fLdf b]xfosf aFbfxvnfpg kg]5
= Defljt bfloTjx M
c_ rQmf jf eQmfgL xg afFsL nufgL
cf_ k|Tofelt k|lta4tf -underwriting commitments_
O_ aLdfn]v cGtut eGbf afx]saf6 aLds pk bfjL k]sf] t aLdsn] bfloTj jLsfgu]sf]
O_ aLdsn] jf aLdssf] tkmaf6 lbOPsf] Uof]06L
p_ cGo bfloTj -ljj0f vnfpg]_
= aLdfIacuteLn] aLdssf] bfloTj dNofIacuteg ubf cjnDag u]sf] cfwfx
= aLdssf] DklQdf cfPsf] Lldttf tyf ljjfbx
$= shf nufgL tyf ly DklQsf] nflu ulPsf] k|lta4tf
= nufgL+u DalGwt b]xfosf vLb laqmL Demftfxsf] dNo M
c_ vLb ulPsf] DklQsf] jfldTj k|fKt gePsf]
cf_ laqmL ulPsf] DklQsf] eQmfgL k|fKt gePsf]
^= o jifeL ulPsf] nufgL tyf laqmLdividelkmtf lnPsf] nufgLsf] DaGwdf +yf ldltkldf0f sd d]t vn]sf] ljj0f
amp= a+s dfHbft lxfa DaGwdf DalGwt a+sdivideljQLo +yfsf] 6]6d]06 lxtsf] lxfaldnfg DaGwL Joxf]f
= aLdsdividekgaLds+u lng lbg afFsL lxfa DaGwdf DalGwt aLdsdividekgaLdssf]dyg lxtsf] lxfa ldnfg DaGwL Joxf]f
gf]6 Mndash bnfn (Broker) dfkmt ePsf] kgaLdfsf] xsdf fdfGot DalGwt bnfnn]kgaLdssf] tkmaf6 dyg lbg Sg]5
(= aLdsn] u]sf] nufgL k|rlnt aLdf P]g lgodfjnL tyf aLdf ldltaf6 tf]lsP adf]lhdx] gx]sf]
)= aLdssf] +rfns jf +rfns+u DalGwt JolQm jf +yf+u ePsf] sff]af
= aLdsn] cfˆgf] DklQsf] If0fdf lnPsf] C0fsf] lwtf] zt tyf cflrTo
= aLdsn] s rQmf k|df0fkq k|fKt u]sf] cf=j=tyf Totf] rQmf k|df0fkq k|fKt xg afFsLcf=j= f] DaGwL ljj0fsf fy] cl3Nnf] cf=j=xsf] s hljfgf Aofh afkt bfjLk]sf] o cf=j=df eQmfgL ePsf] sd
= lkmtf u]sf] aLdfzNssf] kldf0f sf0f
35
$=aLdsn] aLldtnfO k|bfg ug] 3f]lift tyf cGtld af]gsf] b
=l9nf] aLdfzNs eQmfgLdf lanDa zNsdivideAofhsf] b tyf aLdfn]vsf] lwtf]df k|bfg ulg]shfdf Aofhsf] b
^=ckn]vg xg afFsL vrsf] ljj0f
amp=rQmf kFhL dWo] clu|d eQmfgL k|fKt -Paid in advance_ eQmfgL k|fKt xg afFsL -Call inarrears_ hkmt ulPsf t kgM lgisfzg gulPsf z]osf] ljj0f
=lnh xf]N8 DklQdf ut jifDd o jif vr (Amortization) n]lvPsf] sdsf]ljj0f
(= jifeldf ePsf] jfnft aflxsf] sff]afsf] ljj0f
)= cl3Nnf aifx+u DalGwt cfDbfgL tyf vrxsf] 5sectf5sect ljj0f
=plNnlvt aFbfx afx]s jfnft gfkmf gf]Sfg lxfa cfo Joo lxfa nufotsfljQLo ljj0fxnfO apermilg ljZn]if0f ug 3fp kUg] cGo sg hfgsfL lbg cfjZosb]lvPdf cGo Joxf]f d]t vnfpg kg]5
36
cgrL )k|dv rsfIacutex
cf=a=qm=+= ljj0f rsfIacute
g]6 jy = z]o +Vof +Vof k|lt z]o lstfjL dNo =$ vb gfkmf = k|lt z]o cfo (EPS) =^ k|lt z]o nfef+z (DPS) =amp k|lt z]o ahf dNo (MPPS) = dNo cfDbfgL cgkft (PE Ratio) cgkft( k|yd aifsf] aLdfzNs =) sn aLdfzNs = vb aLdfzNsdividesn aLdfzNs k|ltzt vb gfkmfdividesn aLdfzNs k|ltzt sn aLdfzNsdividesn DklQ k|ltzt$ nufgL shfaf6 cfodividesn nufgL shf k|ltzt sn nufgL shfdividehLjg aLdfsf]if k|ltzt^ kgaLdf sldzg cfodividesn kgaLdfzNs k|ltztamp Jojyfkg vrdividesn aLdfzNs k|ltzt aLdf clestf DalGw vrdividesn aLdfzNs k|ltzt( aLdf clestf +Vof +Vof) sdrfL +Vof +Vof sfofnosf] +Vof +Vof sdrfL vrdivideJojyfkg vr k|ltzt sdrfL vrdividesdrfL +Vof =$ eQmfgL xg aFfsL bfjL sddivideeQmfgL ePsf] bfjL
sdk|ltzt
sn sfod x]sf] aLdfn]vsf] +Vof +Vofdf^ o jif gjLs0f ePsf] aLdfn]vsf] +Vofdivideut
jif sfod x]sf] aLdfn]vsf] +Vofk|ltzt
amp bfjL k]sf] aLdfn]vsf] +Vofdividesn sfod x]sf]aLdfn]vsf] +Vof
k|ltzt
f]Ne]GL dflhg k|ltzt( 3f]lift af]g b =
k|ltxhf) cGtld af]g b =
k|ltxhf
37
cgrL ndash
aLdfIacutesf] ljj0f
sfod x]sf]aLdfn]vsf] +Vof
sfod x]sf]aLdfn]v cGtut
hDdf aLdfIacute
d of6 ls(Sum at Risk)
kgaLdsnfOxtfGt0f ulPsf]
d of6 ls(Sum at Risk)
aLdsn] wf0fu]sf] d of6ls (Sum at
Risk)
qm=+= aLdfsf] lsld
o jif ut jif o jif ut jif o jif ut jif o jif ut jif o jif ut jif
hDdf
38
kllzi6 ndash
-lgb]zg +u DalGwt_
ljQLo ljj0fsf zLifsxsf] +lIfKt JofVof
-s_ cfo Joo lxfa tyf f] DaGwL cgrLsf zLifsxsf] +lIfKt JofVof M
1 k|ToIf aLdfzNs M aLdsn] kgaLdf jLsf u] afkt k|fKt aLdfzNs afx]s k|ydjifsf] aLdfzNs gjLs0f aLdfzNs Psn aLdfzNssf] of]ukmnaf6 lgodfgflkmtf u]sf] aLdfzNs ssectf uL o zLifsdf hgfpg kg]5
2 sn aLdfzNs M k|ToIf aLdfzNs aLdsn] kgaLdf jLsf u] afkt k|fKtaLdfzNssf] of]ukmnnfO o zLifsdf hgfpg kg]5
3 aLdfzNs -vb_ M sn aLdfzNsaf6 kgaLdf lbP afktsf] kgaLdf zNs ssectf uLafFsL sdnfO o zLifsdf hgfpg kg]5
4 kgaLdf sldzg cfo M -s_ aLdsn] kgaLdf lbP afkt k|fKt xg] kgaLdfsldzgnfO o zLifsdf hgfpg kg]5
-v_ aFbf g+=-s_ sf] cltlQm kgaLdsaf6 dgfkmf sldzg -Profit Commission_k|fKt ePdf f]nfO o zLifsdf dfj]z uL f]sf] Joxf]f n]vf DaGwLl6Kk0fLdf vnfpg kg]5
5 nufgL shf tyf cGoaf6 cfo M sfL ]Sol6Laf6 cfo d2tL lgIf]kaf6 cfoklAns sDkgLsf] z]odividel8j]Graf6 cfo ef8faf6 cfo shfaf6 cfo -aLdfn]vsf]lwtf]df shf afx]s_ cGo lgIf]kaf6 -d2tL afx]s_ cfo nufgL laqmLdf gfkmf -GognufgL laqmLdf gf]Sfg_ nufgL -vLb_ df gfkmf -Gog nufgL vLbdf gf]Sfg_ly DklQ laqmLaf6 gfkmf -Gog ly DklQ laqmLaf6 gf]Sfg_ vftf ckn]vgaf6cfo tyf cGo cfosf] of]ukmnnfO lgb]zg adf]lhd afF8kFmf8 uL cfPsf]sdnfO o zLifsdf hgfpg kg]5
6 aLdfn]vsf] lwtf]df shfaf6 cfo M aLdfn]vsf] lwtf]df shf k|bfg u] afkt k|fKt xg]Aofh lanDa zNs htf cfonfO o zLifsdf hgfpg kg]5
7 cGo k|ToIf cfoM aLldtn] tf]lsPsf] cjlwleq aLdfzNs gaemfP afkt aLdsn]eQmfgL k|fKt u]sf] hljfgfdivideAofhdivideljnDa zNs tyf aLdfn]vsf] k|ltlnkL btcfo l6s6 bt htf f]xL aLdfsf] lsld+u k|ToIf kdf DalGwt cfonfO ozLifsdf hgfpg kg]5
8 bfjL eQmfgL -vb_ M aLdsn] eQmfgL u]sf] d[To bfjL cjlw dfKtL bfjL cf+lzscjlw dfKtL bfjL dk0f dNo tyf cGo bfjLsf] of]ukmnnfO o zLifsdfhgfpg kg]5
9 clestf sldzg M k|yd jifsf] aLdfzNsdf clestf sldzg gjLs0f aLdfzNsdfclestf sldzg Psn aLdfzNsdf clestf sldzgsf] of]ukmnaf6 kgaLdssf]lxf ssectf uL afFsL sd o zLifsdf hgfpg kg]5
10 jfYo kLIf0f zNs M aLdf hf]lvdfIacutegsf] nflu jfYo kLIf0f ufP afkt aLdsn]Joxf]g k]sf] jfYo kLIf0f zNsnfO o zLifsdf hgfpg kg]5
39
11 kgaLdf sldzg vr M aLdsn] kgaLdf jLsf u] afkt eQmfgL ug kg] sldzgsdnfO o zLifsdf hgfpg kg]5
12 ]jf zNs -vb_ M aLdf ldltnfO aemfpg kg] sn ]jf zNsaf6 kgaLdssf] lxfssectf uL afFsL sdnfO o zLifsdf hgfpg kg]5
13 cGo k|ToIf vr M aLdfsf] lsld+u k|ToIf kn] DalGwt x]sf] cGo vrnfO ozLifsdf hgfpg kg]5
14 Jojyfkg vr M lgb]zg $ adf]lhd afF8kmFf8 uL cfPsf] sdnfO o zLifsdfhgfpg kg]5
15 cfos M -_ aLdssf] cfos bfloTjnfO lgb]zg adf]lhd afF8kmFf8 uL cfPsf]sdnfO o zLifsdf hgfpg kg]5 osf] ljj0f kllzi6 sf] cgrL adf]lhd xg kg]5
-_ cl3Nnf jif-x_ sf] cfos bfloTjnfO kllzi6 sf] cgrL sf] aeligcl3Nnfjifxsf] cfosAElig zLifsdf hgfpg kg]5 t Totf] cfosdf nfu]sf]b08dividehljfgfdivideljnDa zNsnfO gfkmf gf]Sfg lxfasf] aeligcl3Nnf jif+uDalGwt vrAElig zLifsdf hgfpg kg]5
16 cflys jifsf] cGTodf eQmfgL xg afFsL bfjL afkt Jojyf M cflys jifsf] cGTodfeQmfgL xg afFsL d[To bfjL cjlw dfKtL bfjL cf+lzs cjlw dfKtL bfjL dk0fdNo bfjL cGo bfjL tyf gt[hgf ePsf] t hfgsfLdf gcfPsf] bfjLsf] of]ukmndfaLdf lgodfjnL )$( sf] lgod sf] v08 -3_ adf]lhdsf] sd yk ubf xgcfpg] sdnfO o zLifsdf hgfpg kg]5
aLdssf] cgejsf] cfwfdf [hgf ePsf] t hfgsfLdf gcfPsf] bfjLsf] nflusd Aojyf ug kg]5
17 cflys jifsf] cGTodf cdfKt hf]lvd afkt Jojyf M aLdf cjlw dfKtL afktbfjL eQmfgL ug gkg] lsldsf] aLdfsf] cdfKt hf]lvd afkt lgb]zg ( adf]lhdJojyf uL cfPsf] sd o zLifsdf hgfpg kg]5
18 hLjg aLdf sf]ifdividegfkmf gf]Sfg lxfadf f]sf] artdivide-gf]Sfg_ M -_ aLdf cjlwdfKtL afkt bfjL eQmfgL ug kg] lsldsf] aLdfsf] cfo Joo lxfaaf6 art -surplus_ ePsf] cjyfdf o zLifsnfO aelighLjg aLdf sf]ifdf f]sf] artAElig sfoduL Totf] art sdnfO o zLifsdf hgfpg kg]5
-_ aLdf cjlw dfKtL afkt bfjL eQmfgL ug kg] lsldsf] aLdfsf] cfo Joolxfaaf6 gf]Sfg ePsf] cjyfdf o zLifsnfO aeliggfkmf gf]Sfg lxfadff]sf] gf]SfgAElig sfod uL Totf] gf]Sfg sdnfO o zLifsdf C0ffTdskdf hgfpg kg]5
-_ aLdf cjlw dfKtL afkt bfjL eQmfgL ug gkg] lsldsf] aLdfsf] cfo Joolxfasf] nflu o zLifsnfO aelighLjg aLdf sf]ifdf f]sf] sdAElig aeliggfkmfgf]Sfg lxfadf f]sf] artdivide-gf]Sfg_AElig uL bOj6f zLifs sfod uL aelighLjgaLdf sf]ifdf f]sf] sdAElig zLifsdf lgb]zgndash adf]lhdsf] sd hgfO afFsLsdnfO aeliggfkmf gf]Sfg lxfadf f]sf] artdivide-gf]Sfg_AElig zLifsdf hgfpgkg]5 tf]lsP adf]lhd hLjg aLdf sf]ifdf f]sf] sd hgfp+bf gf]Sfg ePdf
40
aeliggfkmf gf]Sfg lxfadf f]sf] artdivide-gf]Sfg_AElig zLifsdf Totf] gf]Sfg ePsf]sdnfO C0ffTds kdf hgfpg kg]5
-v_ gfkmf gf]Sfg lxfa tyf DalGwt cgrLsf zLifsxsf] +lIfKt JofVof M
1 cfo Joo lxfaaf6 f]sf] M aLdf cjlw dfKtL afkt bfjL eQmfgL ug gkg]lsldsf] aLdfxsf] cfo Joo lxfaaf6 aeliggfkmf gf]Sfg lxfadf f]sf] artdivide-gf]Sfg_AElig sdxsf] of]ukmnnfO o zLifsdf hgfpg kg]5
2 hLjg aLdf sf]ifaf6 f]sf] M k|rlnt sfggL Jojyf adf]lhd aLdssf] bfloTjsf]n]vfhf]vf DaGwL aLdfIacuteLsf] k|ltj]bg d]tsf] cfwfdf hLjg aLdf sf]ifaf6 gfkmfgf]Sfg lxfadf fgsf nflu ldltn] jLs[lt k|bfg u]sf] sdnfO o zLifsdfhgfpg kg]5
3 nufgL shf tyf cGoaf6 cfo M lgb]zg adf]lhd afF8kFmf8 uL cfPsf] sdnfOo zLifsdf hgfpg kg]5
4 Jojyf lkmtf M nufgLdf gf]SfgLsf] nflu ulPsf] Jojyf shfdf gf]SfgLsf] nfluulPsf] Jojyf z+sfkb cffdLsf] nflu ulPsf] Jojyf tyf cGosf] nfluulPsf] Jojyf sd cf+lzs jf k0fkn] sfod fVg kg] cjyf gx]df TotfsdxnfO o zLifsdf hgfpg kg]5
5 cGo cfDbfgL M aLdf Aojfo+u f]sf gePsf] kj +rfng cfDbfgL htfcfDbfgLxsf] of]ukmnnfO o zLifsdf hgfpg kg]5
6 Jojyfkg vr M lgb]zg $ adf]lhd afF8kmFf8 uL cfPsf] sdnfO o zLifsdfhgfpg kg]5
7 ckn]vg vr M k|flDes vrx kj +rfng vrx k flPsf vrx nufgLshf cffdL tyf cGo ckn]vg ulPsf] vrnfO o zLifsdf hgfpg kg]5 t+yfks +rfns tyf pRr Jojyfks jf lghx+u DalGwt JolQmdivide+yfDaGwL cffdL ckn]vg ug kfOg] 5g
8 cGo vrx M k|rlnt sfgg adf]lhd aLdf ldlt tyf cGo lgsfon] aLdsnfOtf]s]sf] b08 hljfgf aLdsn] pkof]u u]sf] ]jfsf] aemfpg kg] zNs dodfgaemfP afkt ltg kg] ljnDa zNs hljfgf nufotsf vrx o zLifsdfhgfpg kg]5
9 gf]SfgLsf] nflu Jojyf M nufgLdf gf]SfgLsf] nflu Jojyf shfdf gf]SfgLsf]nflu Jojyf z+sfkb cffdL Jojyf tyf cGo JojyfnfO o zLifsdf hgfpgkg]5
10 cfos M aLdssf] cfos bfloTjnfO lgb]zg adf]lhd afF8kmFf8 uL cfPsf]sdnfO o zLifsdf hgfpg kg]5
11 hLjg aLdf sf]ifdf f]sf] M aLdssf] bfloTjsf] n]vf hf]vf uL aLdfIacuteLn] lbPsf]dNofIacuteg k|ltj]bg d]tsf] cfwfdf ldltn] lbPsf] cfb]zdividelgb]zg adf]lhd hLjg
41
aLdf sf]ifdf f]sf] sdnfO o zLifsdf b]vfpg kg]5 oL hLjg aLdf sf]ifdff]sf] sd gfkmf gf]Sfg lxfadf lkmtf ug kfOg] 5g
12 cl3Nnf jif+u DalGwt vr M cl3Nnf jif-x_sf] cfosdf nfu]sf]b08dividehljfgfdivideljnDa zNs tyf cl3Nnf jifxdf n]vfIacuteg ug 56]sf vrxnufotsf cl3Nnf jif+u DalGwt vrnfO o zLifsdf hgfpg kg]5
-u_ jfnft tyf DalGwt cgrLsf zLifsxsf] +lIfKt JofVof M
1 rQmf kFhL M eQmfgL k|fKt ePsf] fwf0f z]o ckljtgLo cu|flws z]o tyfkljtgLo cu|flwsf z]o afktsf] sdsf] of]ukmnnfO o zLifsdf hgfpg kg]5
2 hu]8f tyf sf]if M aLdsn] hu]8f sfod ug] lnlnfdf gfkmfaf6 afF8kmfF8 ecfPsf jf cGo sg] k|lqmofaf6 gt[hgf ePsf tyf gfkmf gf]Sfg lxfadf afF8kmFf8guL +ro uL flvPsf] sdxnfO o zLifsdf hgfpg kg]5 oL hu]8f k|of]uubf DalGwt hu]8f tyf sf]if lxfadf vr hgfpg kg]5
-s_ kFhLut hu]8f M rQmf gePsf] z]osf] afFsL sd dfu ubf eQmfgL gu]sf]sf0fn] pQm z]onfO hkmt uL k|fKt xg cfPsf] sd kFhLut cgbfg afktk|fKt xg cfPsf] lhGL tyf gub sd tyf aLdssf] kFhL j[l4 ug] p2]Zon]gfkmfaf6 flPsf] sdnfO o zLifsdf hgfpg kg]5
-v_ z]o lk|ldod M aLdsn] cfˆgf] z]o hfL ubf z]osf] clIacutet dNo eGbf a9Lbn] hfL u]sf] x]5 eg] pQm al9 sd hlt o zLifsdf hgfpg kg]5 ozLifsdf hgfOPsf] sd nfef+z ljt0f k|of]hgsf] nflu of]Uo dflgg] 5g
-u_ k|tfljt af]gz z]o M aLdsn] k|tfj uL fwf0f efn] kflt u]sf] t hfLuL gs]sf] af]gz z]onfO o zLifsdf hgfpg kg]5
-3_ ljz]if hu]8f M aLdf ldltsf] lgb]zg adf]lhd sg cGo hu]8f sf]if v8f ugkbf Totf] sdnfO o zLifsdf hgfpg kg]5
-ordf_ cGo hu]8f M aLdsn] cGo k|of]hgsf] nflu v8f u]sf] hu]8fnfO o zLifsdfhgfpg kg]5
-r_ gfkmf gf]Sfg lxfaaf6 f]sf] M aLdssf] gfkmf gf]Sfg lxfaaf6 jfnftdff]sf] gfkmf sdnfO o zLifsdf hgfpg kg]5
3 hLjg aLdf sf]if M lgb]zg adf]lhd fVg kg] hLjg aLdfsf]ifxsf] of]ukmnnfOo zLifsdf hgfpg kg]5
4 dxfndashljkQL hu]8f M 7nf] kldf0fdf aLdf bfjL pTkGg xg Sg] dxfndashljkQL -catastrophy_ sf] cjyfdf aLdssf] ljQLo Ifdtfdf kg Sg] k|ltsn c sd ug]p2]Zon] gfkmfaf6 flPsf] sdnfO o zLifsdf hgfpg kg]5 o zLifsdfhgfOPsf] sd nfef+z ljt0f k|of]hgsf] nflu of]Uo dflgg] 5g
5 ltg afFsL bL3sflng C0f tyf fk6L M jfnftsf] ldltdf eQmfgL ug afFsLbL3sflng fk6LnfO o zLifsdf hgfpg kg]5
42
6 ly DkQL -vb_ MyfoL k|s[ltsf DkQLxsf] sn dNodf Xf ssectf uL afFsL x]sf]sdnfO o zLifsdf hgfpg kg]5
7 bL3sflng nufgL M aLdsn] lgb]zg ^ adf]lhd u]sf] bL3sflng nufgLnfO ozLifsdf hgfpg kg]5
kli6s0f M = jfnftsf] ldltaf6 Ps jif eGbf al9 cjwL kl5 eQmfgLk|fKt xg] sfL sfsf] hdfgt k|fKt ]Sol6Ld2tL lgIf]k gfuls nufgL of]hgf z]o a+s tyfljQLo +yfsf] cu|flwsf z]odividel8j]Gr tyf cGo f]xLk|s[ltsf nufgLxnfO bL3sflng nufgL Demg k5
= aLdsn] klAns sDkgLsf] z]odf nufgL u] afkt k|fKtxg] af]gz z]onfO z]o +Vofdf dfq b]vfO kn df]ndfsg kljtg ug x+bg
amp=s cNksflng nufgL M aLdsn] lgb]zg ^ adf]lhd u]sf] cNksflng nufgLnfO ozLifsdf hgfpg kg]5
kli6s0f M jfnftsf] ldltaf6 Ps jif leq eQmfgL k|fKt xg] sfL sfsf] hdfgt k|fKt ]Sol6L d2tL lgIf]k gfulsnufgL of]hgf a+s tyf ljQLo +yfsf] cu|flwsfz]odividel8j]Gr tyf cGo f]xL k|s[ltsf nufgLxnfOcNksflng nufgL Demg k5
8 aLdfn]vsf] lwtf]df shf M aLdsn] lgb]zg amp adf]lhd k|To]s lsldsf] aLdfsf]aLdfn]vsf] lwtf]df k|bfg u]sf] shfsf] of]ukmnnfO o zLifsdf hgfpg kg]5
9 gub tyf a+s dfHbft M -_ aLds+u x]sf] sn gub dfHbft sd tyf aLdssf]a+sdivideljQLo +yfsf] Aofh k|fKt gxg] vftfdf x]sf] sn sdnfO o zLifsdfhgfpg kg]5
10 cGo bL3sflng shf M lgb]zg amp adf]lhd n]vfIacuteg ulPsf] clestfnfO k|bfgulPsf] bL3sflng shf sdrfLnfO k|bfg ulPsf] bL3sflng shf tyf cGobL3sflng shfsf] of]ukmnnfO o zLifsdf hgfpg kg]5
kli6s0f M jfnftsf] ldltaf6 Ps jif eGbf al9 cjwL kl5 eQmfgLk|fKt xg] clestfnfO k|bfg ulPsf] shf sdrfLnfO k|bfgulPsf] shf tyf cGo f]xL k|s[tLsf shfxnfO bL3sflngshf Demg k5
)s= cGo cNksflng shf M lgb]zg amp adf]lhd n]vfIacuteg ulPsf] clestfnfO k|bfgulPsf] cNksflng shf sdrfLnfO k|bfg ulPsf] cNksflng shf tyf cGocNksflng shfsf] of]ukmnnfO o zLifsdf hgfpg kg]5
kli6s0f M jfnftsf] ldltaf6 Ps jif leq eQmfgL k|fKtxg] clestfnfO k|bfg ulPsf] shf sdrfLnfO k|bfgulPsf] shf tyf cGo f]xL k|s[tLsf shfxnfOcNksflng shf Demg k5
43
11 cGo DkQL M -_ o lgb]zg adf]lhd n]vfIacuteg ulPsf] aLdssf] nufgLaf6 k|fKt xgafFsL cfo aLdfn]vsf] lwtf]df shfaf6 k|fKt xg afFsL Aofh cGo shfaf6 k|fKt xgafFsL Aofh cGo aLdsaf6 k|fKt xg afFsL kgaLdsaf6 k|fKt xg aFfsL ljljwcffdL clu|d eQmfgL sdrfL k]ZsL cGo k]ZsL wf6L tyf cGosf] of]ukmnnfOo zLifsdf hgfpg kg]5
-_ cGo DkQLsf] ljj0f kllzi6 sf] cgrL $ adf]lhd xg kg]5
-_ cn xg afFsL aLdfzNs eP f]sf] of]ukmn kllzi6 sf] cgrL $ dfb]vfpg kg]5 f] cn xg afFsL aLdfzNs afasf] dNtjL -Suspense_ b]vfOvb k|efj (Net effect) zGo agfpg kg]5
12 rfn bfloTj M clestfnfO lbg afFsL cGo aLdsnfO lbg afFsL kgaLdsnfO lbgafFsL aLdfzNs wf6L k0f ljj0f gvn]sf] aLdfzNs ljljw fx xfosdividexf]lN8EumlsDkgLnfO lbg afFsL gtf]tdf ssectf ulPsf] s ltg afFsL cfos ltg afFsL]jfzNs ltg afFsL sdrfLnfO ltg afFsL +rfnsnfO ltg afFsL tyf cGo ltgafFsL sdxsf] of]ukmnnfO o zLifsdf hgfpg kg]5
13 cdfKt hf]lvd jfkt Jojyf M lgb]zg ( adf]lhdsf] cdfKt hf]lvd Jojyfsf]of]ukmnnfO o zLifsdf hgfpg kg]5
14 eQmfgL xg afFsL bfjL jfkt Jojyf M k|To]s lsldsf] aLdfsf] eQmfgL xg afFsLbfjLsf] nflu ulPsf] Jojyfsf] of]ukmnnfO o zLifsdf hgfpg kg]5
15 ckn]vg jf dfof]hg xg afFsL ljljw vrx M ckn]vg ug afFsL k|flDes vrckn]vg ug afFsL kj +rfng vr ckn]vg ug afFsL yug ulPsf vr tyfcGo ckn]vg jf dfof]hg gePsf vrxsf] of]ukmnnfO o zLifsdf hgfpgkg]5
-3_ k|dv rsfIacutexdf +nUg zLifsxsf] +lIfKt JofVof
1 g]6 jy = rQmf kFhL plusmn hu]8f tyf sf]if plusmn dxf ljkQL hu]8f ndashckn]vg jfdfof]hg xg afFsL ljljw vrx ndash gfkmf gf]Sfg lxfaaf6 f]sf] gf]Sfg
2 k|lt z]o lstfaL dNo = g]6 jydividefwf0f z]o +Vof
3 k|lt z]o cfo = vb gfkmfdividefwf0f z]o +Vof
4 dNo cfDbfgL cgkft = k|lt z]o ahf dNodividek|lt z]o cfo
5 sn DklQ = ly DklQ plusmn nufgL plusmn aLdfn]vsf] lwtf]df shf plusmn rfnDklQ shf tyf k]ZsLx
![Page 22: hLjg aLdf Joj;fo ug]{ aLdssf] ljQLo ljj/0f ;DaGwL lgb]{zg](https://reader033.vdocuments.site/reader033/viewer/2022053020/6291631db7b57c39db6663d6/html5/thumbnails/22.jpg)
22
cgrL ndash (
cflys jifsf] cGTodf eQmfgL xg afFsL bfjL afkt Jojyf
eQmfgL xgafFsL d[To bfjL
eQmfgL xgafFsL cjlwdfKtL bfjL
eQmfgL xgafFsL cf+lzscjlw dfKtL
bfjL
eQmfgL xgafFsL dk0fdNo bfjL
eQmfgL xgafFsL cGo
bfjL
[hgf ePsf]t hfgsfLdfgcfPsf] bfjL
-cgdflgt_
eQmfgL xgafFsL hDdf
bfjL
eQmfgL xgafFsL hDdf
bfjLdfkgaLdssf]
lxf
eQmfgL xgafFsL bfjL
afkt Jojyf
qm=+= aLdfsf] lsld
ojif
ut jif ojif
utjif
ojif
utjif
ojif
utjif
ojif
utjif
ojif
utjif
ojif
utjif
ojif
utjif
ojif
utjif
=
=
=
$=
hDdf M
23
cgrLndash)
cfo Joo lxfaxaf6 gfkmf gf]Sfg lxfadf f]sf] sd
qm=+= ljj0f o aif ut aif
= ==================== sf] cfo Joo lxfaaf6 f]sf]
= ==================== sf] cfo Joo lxfaaf6 f]sf]
=
$=
hDdf
cgrLndash
hLjg aLdf sf]if
dfof]hg cuf8Lsf]hLjg aLdf sf]if-jifsf] zdf_
cfo Joolxfaaf6 f]sf]
gfkmf gf]Sfglxfaaf6 f]sf]
dfof]hg cuf8Lsf]hLjg aLdfsf]if-jifsf] cGTodf_
qm=+= aLdfsf]lsld
o jif ut jif o jif ut jif o jif ut jif o jif ut jif
=
=
=
$=
hDdf M
hLjg aLdf sf]ifdf dfof]hg
dfof]hgcuf8Lsf]
hLjg aLdfsf]if
-jifsf]cGTodf_
gfkmfgf]Sfglxfadff]sf]
aLdfn]vcGtutbfloTj
af]gsf]nflu
Jojyf
f]Ne]GLdflhgsf]nflu
Jojyf
afF8kmfF8gulPsf]sd
jifsf]cGTodfhLjg
aLdf sf]if
qm=+= aLdfsf]lsld
oaif
utaif
oaif
utaif
oaif
utaif
oaif
utaif
oaif
utaif
oaif
utaif
oaif
utaif
=
=
=
hDdf M
24
cgrLndash
Jojyf lkmtfqm=+= ljj0f o aif ut aif= nufgLdf gf]SfgLsf] nflu Jojyf lkmtf= shfdf gf]SfgLsf] nflu Jojyf lkmtf= z+sfkb cffdL Jojyf lkmtf$ cGo Jojyf lkmtf
hDdf
cgrLndash
ckn]vg vrx
qm=+= ljj0f o aif ut aif1 k|flDes vrx2 kj +rfng vrx3 k flPsf vrx4 ckn]vg ulPsf] nufgL5 ckn]vg ulPsf] shf6 ckn]vg ulPsf] cffdL7 cGo ckn]vg
hDdf
cgrLndash$
cGo vrx
qm=+= ljj0f o aif ut aif
1 b08 hljfgf
2 ljnDa zNs hljfgf
3 cGo -ljj0f vnfpg]_
hDdf
cgrLndash
gf]SfgLsf] nflu Jojyfqm=+= ljj0f o aif ut aif= nufgLdf gf]SfgLsf] nflu Jojyf= shfdf gf]SfgLsf] nflu Jojyf= z+sfkb cffdL Jojyf$ cGo Jojyf
hDdf
25
cgrLndash^
-s_ z]o kFhL
qm=+= ljj0f o aif ut aifclws[t kFhLs_ ================= bsf] ======== yfg fwf0f z]ov_ ============ bsf] ====yfg ckljtgLo cu|flwsfz]o
=
u_ ========== bsf] ====== yfg kljtgLo cu|flwsfz]ohfL kFhLs_ ================= bsf] ======== yfg fwf0f z]ov_ ============ bsf] ====yfg ckljtgLo cu|flwsfz]o
=
u_ ========== bsf] ====== yfg kljtgLo cu|flwsfz]orQmf kFhLs_ ================= bsf] ======== yfg fwf0f z]oGog eQmfgL k|fKt xg afFsL ==== bsf] ===yfg fwf0fz]ov_ ============ bsf] ====yfg ckljtgLo cu|flwsfz]o
=
u_ ========== bsf] ====== yfg kljtgLo cu|flwsfz]o
hDdf-v_ z]o jfldTjsf] +rgf
o aif ut aifz]owgL
fwf0f z]o+Vof
jfldTjsf] Uuml fwf0fz]o +Vof
jfldTjsf] Uuml
g]kfnL +ul7t +yfx
g]kfnL gfuls
ljb]zL+y
fks
hDdf
jfwf0f
cGo -ljj0f vnfpg]_
sn
-u_ Ps k|ltzt jf a9L z]o jfldTj ePsf z]owgLxsf] ljj0f
o aif ut aifqm=+= ljj0f
jfldTjsf] Uuml sd jfldTjsf] Uuml sd
=
=
=
26
cgrLndashamp
hu]8f tyf sf]if
qm=+= ljj0f o aif ut aif
1 kFhLut hu]8f
2 ljz]if hu]8f
3 cGo hu]8f -ljj0f vnfpg]_
4 z]o lk|ldod
5 k|tfljt af]gz z]o
6 Gffkmf gf]Sfg lxfaaf6 f]sf] gfkmf
hDdf
cgrLndash
dxfndashljklQ hu]8fjifsf] zdf dxfndashljklQ hu]8f gfkmf gf]Sfg lxfaaf6 f]sf] jifsf] cGTodf dxfndashljklQ
hu]8fo jif ut jif o jif ut jif o jif ut jif
cgrLndash(
ltg afFsL bL3sflng C0f tyf fk6L
qm=+= ljj0f o aif ut aif
l8j]Gr divide a08
a+s
ljQLo +yf
$ cGo -ljj0f vnfpg]_
hDdf
27
cgrLndash)
ly DklQ
ljj0f kn df]n Xf ssectL vb df]n
zdfHbft
ojif
yk]sf]
ojif
36]sf]
hDdf utjifDd
ojif
laqmLdivide
dfof]hg
hDdf ojifDdsf]
UftjifDdsf]
lk|m xf]N8hldg
ejg
kmlgrtyf
lkmSr
sfofnofdfg
sDKo6tyfrgfk|ljwLpks0f
cb[ZoDklQ-ljj0fvnfpg]_
jfLfwg
lnh xf]N8DklQ
cGo-k|s[ltvnfpg]_
hDdf
lgdf0fflwgkFhLutvr
sn
ut jif
28
cgrLndash
nufgL
qm=+= ljj0f o aif ut aif-s_ bL3sflng nufgL M sfL sfsf] hdfgt k|fKt ]Sol6L jfl0fHo a+ssf] d2tL lgIf]k ljsf a+ssf] d2tL lgIf]k$ gfuls nufgL of]hgf ljQLo +yfsf] d2tL lgIf]k^ cfjf ljQ sDkgLsf] fwf0f z]o -cgrL = adf]lhd_amp cGo sDkgLsf] fwf0f z]o -cgrL = adf]lhd_ a+s tyf ljQLo +yfsf] cu|flwsf z]odividel8j]Gr( cGo -ljj0f vnfpg]_
hDdf M-v_ cNksflng nufgL M sfL sfsf] hdfgt k|fKt ]Sol6L jfl0fHo a+ssf] d2tL lgIf]k ljsf a+ssf] d2tL lgIf]k$ gfuls nufgL of]hgf ljQLo +yfsf] d2tL lgIf]k^ a+s tyf ljQLo +yfsf] cu|flwsf z]odividel8j]Gramp jfl0fHo a+ssf] Aofh k|fKt xg] cGo lgIf]k ljsf a+ssf] Aofh k|fKt xg]] cGo lgIf]k( ljQLo +yfsf] Aofh k|fKt xg] cGo lgIf]k) cGo Aofh k|fKt xg] nufgL -ljj0f vnfpg]_
hDdf McgrLndash=
z]odf nufgL
qm=+= sDkgL vb sd c+lst dNo kn dNo ahf dNo
= ======sDkgLsf]=============yfg====z]o
= ======sDkgLsf]=============yfg=====z]o
= ======sDkgLsf]=============yfg=====z]o
hDdf
gf]6 M = aLdssf] xfos sDkgLdividexf]lN8Euml sDkgL tyf +oQm nufgL ePsf] sDkgLsf] z]odf ePsf]nufgLnfO
5sectfndash5sect vnfpg kg]5
= lgodfgf lrs[t gePsf z]odf ePsf] nufgLnfO 5sect vnfpg kg]5
= +yfks z]o cGo z]odf ePsf] nufgLnfO 5sectf5sect vnfpg kg]5
29
cgrLndash
gub tyf a+s dfHbft
qm=+= ljj0f o aif ut aifgub dfHbft
hDdfa+s dfHbftjfl0fHo a+sxsf] dfHbftljsf a+sxsf] dfHbftljQLo +yfxsf] dfHbft
cGo -ljj0f vnfpg]_hDdfsn
cgrLndash
cGo shf
qm=+= ljj0f o aif ut aif-s_ bL3sflng shf= clestfnfO shf= sdrfLnfO shf= cGo -ljj0f vnfpg]_
hDdf-v_ cNksflng shf= clestfnfO shf= sdrfLnfO shf= cGo -ljj0f vnfpg]_
hDdfcgrLndash$
cGo DklQqm=+= ljj0f o aif ut aif1 nufgLaf6 k|fKt xg afFsL cfo2 aLdfn]vsf] lwtf]df shfaf6 k|fKt xg afFsL Aofh3 cGo -aLdfn]vsf] lwtf]df afx]s_ shfaf6 k|fKt xg afFsL
Aofh4 cGo aLdsaf6 k|fKt xg afFsL5 kgaLdsaf6 k|fKt xg afFsL6 ljljw cffdL7 clu|d eQmfgL8 sdrfL k]ZsL9 cGo k]ZsL10 wf6L11 cn xg afFsL aLdfzNs
Gog M cn xg afFsL aLdfzNs dNtjL -suspense_12 cGo ljj0f vnfpg]
hDdf M
30
cgrLndash
rfn bfloTj
qm=+= ljj0f o aif ut aif1 clestfnfO lbg afFsL2 cGo aLdsnfO lbg afFsL3 kgaLdsnfO lbg afFsL4 cNksflng shf5 aLdfzNs wf6L6 k0f ljj0f gvn]sf] aLdfzNs7 ljljw fx8 xfosdividexf]lN8Euml sDkgLnfO lbg afFsL9 gtf]tdf ssectf ulPsf] s ltg afFsL10 dNo clea[l4 s ltg afFsL11 cfos ltg afFsL12 ]jf zNs ltg afFsL13 sdrfLnfO lbg afFsL14 +rfnsnfO lbg afFsL15 eQmfgL lbg afFsL nfef+z -l8le8]08_16 cGo -ljj0f vnfpg]_
hDdf
cgrLndash^
cdfKt hf]lvd Jojyfqm=+= ljj0f o aif ut aif= ===========aLdfsf] cdfKt hf]lvd hu]8f= ===========aLdfsf] cdfKt hf]lvd hu]8f= ===========aLdfsf] cdfKt hf]lvd hu]8f
===========aLdfsf] cdfKt hf]lvd hu]8f
hDdf
31
cgrL ^scGo Aojyf
aifsf] zdf Aojyfrfn cf=a=df yk ulPsf]
Aojyfrfn cf=a=df ckn]vg
ulPsf] Aojyfrfn cf=a=df lkmtfulPsf] Aojyf
aifsf] cGtdf sfodx]sf] Aojyf
qm=+=
ljj0fo jif ut jif o jif ut jif o jif ut jif o jif ut jif o jif ut jif
nfef+z -l8le8]08_ sf] nflu Aojyf
nufgLdf gf]SfgLsf] nflu Aojyf
shfdf gf]SfgLsf] nflu Aojyf
$ z+sfZkb cffdLsf] nflu Aojyf
cGo gf]SfgLsf] nflu Aojyf
^ sdrfL DaGwL Aojyf-s_ k]Gg tyf pkbfg Aojyf-v_ ljbf jfkt Aojyf-u_ cfjf tyf cGo ljwf Aojyf-3_ sdrfL af]g Aojyf-ordf_ cGo
amp cGo Aojyf -ljj0f vnfpg]_
hDdf
32
cgrLndashamp
ckn]vgdividedfof]hg xg afFsL ljljw vrxqm=+= ljj0f o aif ut aif1 ckn]vg ug afFsL k|flDes vr2 ckn]vg ug afFsL kj +rfng vr3 ckn]vg ug afFsL yug ulPsf vr4 cGo -ljj0f vnfpg]_
hDdf
cgrL ndash
ljQLo ljj0f+u DalGwt k|dv n]vf gLltx
n]vf DaGwL gLltdf vnfpg kg] aFbfx M aLdsn] n]vf DaGwL gLltdf b]xfosf aFbfxvnfpg kg]5
1 ljQLo ljj0f tofLsf cfwfx M sg sg cjwf0ff -concept_ tyf n]vfdfgx sfgg tyf aLdf ldltsf lgb]zgxsf] clwgdf xL ljQLo ljj0f tof ulPsf] xf]f]sf] Joxf]f
ljQLo ljj0f tof ubf sg sfgg aLdf ldltsf] lgb]zg jf n]vfdfg kfngf gePsf]eP f]sf] sf0f lxt Joxf]f
2 ly DklQ n]vfIacuteg gLlt M ly DklQ n]vfIacuteg ubf cjnDag ulPsf] gLlt
3 Xf ssectL gLlt M aLdssf] +rfns ldltaf6 kflt uL nfu ulPsf] Xf ssectL gLlt
4 kFhLs[t gulg] DklQx DaGwL n]vfIacuteg gLlt M aLdssf] +rfns ldltn] sg lglZrtdf]nDd kg] pks0f fdfgx kFhLs[t gug] gLlt lnPsf] 5 eg] f]sf] Joxf]f
5 cfos Jojyf tyf afF8kmFf8 gLlt M cfos Jojyf DaGwdf aLdsn] cjnDag u]sf]gLlt aLdsn] gfkmf gf]Sfg lxfa tyf cfo Joo lxfadf Totf] Jojyf sdafF8kmFf8 ubf cjnDag u]sf] gLlt
6 nufgL n]vfIacuteg gLlt M nufgL n]vfIacutegsf] DaGwdf aLdsn] cjnDag u]sf] gLltxnfOb]xfosf zLifsx cGtut vnfpg kg]5
-s_ sfL artkqdivideC0fkqdf nufgL n]vfIacuteg gLlt
-v_ a+sdivideljQLo +yfsf] d2tL lgIf]kdf nufgL n]vfIacuteg gLlt
-u_ klAns lnld6]8 sDkgLsf] z]odf nufgL n]vfIacuteg gLlt
-3_ klAns lnld6]8 sDkgLn] hfL u]sf] C0fkqxdf nufgL n]vfIacuteg gLlt
7 6xL 36a9 dfof]hg gLlt M ljb]zL db|f+u DalGwt DklQ bfloTj tyf 6xL36a9 cfDbfgL tyf vrxsf] n]vfIacuteg gLlt
8 aLdfzNs cfDbfgL n]vfIacuteg gLlt M aLdsn] aLdfzNs cfDbfgL n]vfIacuteg ubf cjnDagu]sf] gLlt
33
9 kgaLdf sldzg cfDbfgL n]vfIacuteg gLlt M aLdsn] kgaLdf u] afkt k|fKt ug] sldzgsf]n]vfIacuteg ubf cjnDag u]sf] gLlt
10 cGo cfo n]vfIacuteg tyf afF8kmFf8 gLlt M aLdsn] ef8f -Rent_ tyf cGo zLifsaf6 ePsf]cfo n]vfIacuteg tyf afF8kmFf8 ubf cjnDag u]sf] gLlt
11 shf n]vfIacuteg gLlt M aLdsn] aLdfn]vsf] lwtf]df k|bfg u]sf] shf tyf cGo shfn]vfIacuteg ubf cjnDag u]sf] gLlt
12 Jojyfkg vr afF8kmFf8 gLlt M aLdsn] gfkmf gf]Sfg lxfa tyf cfo Joo lxfaxdfJojyfkg vr afF8kmFf8 ubf cjnDag u]sf] gLlt
13 aLdf bfjL eQmfgL vr n]vfIacuteg gLlt M aLdsn] aLdf bfjL eQmfgL vr n]vfIacuteg ubfcjnDag u]sf] gLlt
14 aLdf bfjL afkt bfloTj Jojyf n]vfIacuteg gLlt M -s_ gt[hgf ePsf] t hfgsfLdfgcfPsf] -IBNR_ aLdf bfjL afkt bfloTj Jojyf n]vfIacuteg ubf aLdsn] cjnDagu]sf] gLlt
-v_ aLdsn] aLdf bfjL bfloTj afkt Jojyf ubf cjnDag u]sf] gLlt
15 aLdf Jojfodf art afF8kmFf8 gLlt M aLdsn] gfkmf gf]Sfg lxfa tyf cfo Joolxfaxdf art afF8kmFf8 ubf cjnDag u]sf] gLlt
16 sdrfL pkbfg ljbf tyf cGo ljwf afkt Jojyf gLlt M aLdsn] sdrfL pkbfgljbf tyf cGo ljwf afkt Jojyf ubf cjnDag u]sf] n]vfIacuteg gLlt
17 z+sfkb cffdL Jojyf gLlt M aLdsn] z+sfkb cffdL Jojyf ubf cjnDag u]sf]gLlt
18 ckn]vg vr n]vfIacuteg gLlt M aLdsn] cjnDag u]sf] ckn]vg vr DaGwL gLlt
19 cGo gLltx M plNnlvt gLltx afx]s jfnft gfkmf gf]Sfg lxfa cfo Joo lxfanufotsf ljQLo ljj0fnfO apermilg ljZn]if0f ug 3fp kUg] uL cGo sg] n]vf gLltsf]hfgsfL lbg cfjZos b]lvPdf f] Joxf]f
34
cgrLndash(
ljQLo ljj0f+u DalGwt n]vf DaGwL l6Kk0fLx
n]vf DaGwL l6Kk0fLdf vnfpg kg] aFbfx M aLdsn] n]vf DaGwL l6Kk0fLdf b]xfosf aFbfxvnfpg kg]5
= Defljt bfloTjx M
c_ rQmf jf eQmfgL xg afFsL nufgL
cf_ k|Tofelt k|lta4tf -underwriting commitments_
O_ aLdfn]v cGtut eGbf afx]saf6 aLds pk bfjL k]sf] t aLdsn] bfloTj jLsfgu]sf]
O_ aLdsn] jf aLdssf] tkmaf6 lbOPsf] Uof]06L
p_ cGo bfloTj -ljj0f vnfpg]_
= aLdfIacuteLn] aLdssf] bfloTj dNofIacuteg ubf cjnDag u]sf] cfwfx
= aLdssf] DklQdf cfPsf] Lldttf tyf ljjfbx
$= shf nufgL tyf ly DklQsf] nflu ulPsf] k|lta4tf
= nufgL+u DalGwt b]xfosf vLb laqmL Demftfxsf] dNo M
c_ vLb ulPsf] DklQsf] jfldTj k|fKt gePsf]
cf_ laqmL ulPsf] DklQsf] eQmfgL k|fKt gePsf]
^= o jifeL ulPsf] nufgL tyf laqmLdividelkmtf lnPsf] nufgLsf] DaGwdf +yf ldltkldf0f sd d]t vn]sf] ljj0f
amp= a+s dfHbft lxfa DaGwdf DalGwt a+sdivideljQLo +yfsf] 6]6d]06 lxtsf] lxfaldnfg DaGwL Joxf]f
= aLdsdividekgaLds+u lng lbg afFsL lxfa DaGwdf DalGwt aLdsdividekgaLdssf]dyg lxtsf] lxfa ldnfg DaGwL Joxf]f
gf]6 Mndash bnfn (Broker) dfkmt ePsf] kgaLdfsf] xsdf fdfGot DalGwt bnfnn]kgaLdssf] tkmaf6 dyg lbg Sg]5
(= aLdsn] u]sf] nufgL k|rlnt aLdf P]g lgodfjnL tyf aLdf ldltaf6 tf]lsP adf]lhdx] gx]sf]
)= aLdssf] +rfns jf +rfns+u DalGwt JolQm jf +yf+u ePsf] sff]af
= aLdsn] cfˆgf] DklQsf] If0fdf lnPsf] C0fsf] lwtf] zt tyf cflrTo
= aLdsn] s rQmf k|df0fkq k|fKt u]sf] cf=j=tyf Totf] rQmf k|df0fkq k|fKt xg afFsLcf=j= f] DaGwL ljj0fsf fy] cl3Nnf] cf=j=xsf] s hljfgf Aofh afkt bfjLk]sf] o cf=j=df eQmfgL ePsf] sd
= lkmtf u]sf] aLdfzNssf] kldf0f sf0f
35
$=aLdsn] aLldtnfO k|bfg ug] 3f]lift tyf cGtld af]gsf] b
=l9nf] aLdfzNs eQmfgLdf lanDa zNsdivideAofhsf] b tyf aLdfn]vsf] lwtf]df k|bfg ulg]shfdf Aofhsf] b
^=ckn]vg xg afFsL vrsf] ljj0f
amp=rQmf kFhL dWo] clu|d eQmfgL k|fKt -Paid in advance_ eQmfgL k|fKt xg afFsL -Call inarrears_ hkmt ulPsf t kgM lgisfzg gulPsf z]osf] ljj0f
=lnh xf]N8 DklQdf ut jifDd o jif vr (Amortization) n]lvPsf] sdsf]ljj0f
(= jifeldf ePsf] jfnft aflxsf] sff]afsf] ljj0f
)= cl3Nnf aifx+u DalGwt cfDbfgL tyf vrxsf] 5sectf5sect ljj0f
=plNnlvt aFbfx afx]s jfnft gfkmf gf]Sfg lxfa cfo Joo lxfa nufotsfljQLo ljj0fxnfO apermilg ljZn]if0f ug 3fp kUg] cGo sg hfgsfL lbg cfjZosb]lvPdf cGo Joxf]f d]t vnfpg kg]5
36
cgrL )k|dv rsfIacutex
cf=a=qm=+= ljj0f rsfIacute
g]6 jy = z]o +Vof +Vof k|lt z]o lstfjL dNo =$ vb gfkmf = k|lt z]o cfo (EPS) =^ k|lt z]o nfef+z (DPS) =amp k|lt z]o ahf dNo (MPPS) = dNo cfDbfgL cgkft (PE Ratio) cgkft( k|yd aifsf] aLdfzNs =) sn aLdfzNs = vb aLdfzNsdividesn aLdfzNs k|ltzt vb gfkmfdividesn aLdfzNs k|ltzt sn aLdfzNsdividesn DklQ k|ltzt$ nufgL shfaf6 cfodividesn nufgL shf k|ltzt sn nufgL shfdividehLjg aLdfsf]if k|ltzt^ kgaLdf sldzg cfodividesn kgaLdfzNs k|ltztamp Jojyfkg vrdividesn aLdfzNs k|ltzt aLdf clestf DalGw vrdividesn aLdfzNs k|ltzt( aLdf clestf +Vof +Vof) sdrfL +Vof +Vof sfofnosf] +Vof +Vof sdrfL vrdivideJojyfkg vr k|ltzt sdrfL vrdividesdrfL +Vof =$ eQmfgL xg aFfsL bfjL sddivideeQmfgL ePsf] bfjL
sdk|ltzt
sn sfod x]sf] aLdfn]vsf] +Vof +Vofdf^ o jif gjLs0f ePsf] aLdfn]vsf] +Vofdivideut
jif sfod x]sf] aLdfn]vsf] +Vofk|ltzt
amp bfjL k]sf] aLdfn]vsf] +Vofdividesn sfod x]sf]aLdfn]vsf] +Vof
k|ltzt
f]Ne]GL dflhg k|ltzt( 3f]lift af]g b =
k|ltxhf) cGtld af]g b =
k|ltxhf
37
cgrL ndash
aLdfIacutesf] ljj0f
sfod x]sf]aLdfn]vsf] +Vof
sfod x]sf]aLdfn]v cGtut
hDdf aLdfIacute
d of6 ls(Sum at Risk)
kgaLdsnfOxtfGt0f ulPsf]
d of6 ls(Sum at Risk)
aLdsn] wf0fu]sf] d of6ls (Sum at
Risk)
qm=+= aLdfsf] lsld
o jif ut jif o jif ut jif o jif ut jif o jif ut jif o jif ut jif
hDdf
38
kllzi6 ndash
-lgb]zg +u DalGwt_
ljQLo ljj0fsf zLifsxsf] +lIfKt JofVof
-s_ cfo Joo lxfa tyf f] DaGwL cgrLsf zLifsxsf] +lIfKt JofVof M
1 k|ToIf aLdfzNs M aLdsn] kgaLdf jLsf u] afkt k|fKt aLdfzNs afx]s k|ydjifsf] aLdfzNs gjLs0f aLdfzNs Psn aLdfzNssf] of]ukmnaf6 lgodfgflkmtf u]sf] aLdfzNs ssectf uL o zLifsdf hgfpg kg]5
2 sn aLdfzNs M k|ToIf aLdfzNs aLdsn] kgaLdf jLsf u] afkt k|fKtaLdfzNssf] of]ukmnnfO o zLifsdf hgfpg kg]5
3 aLdfzNs -vb_ M sn aLdfzNsaf6 kgaLdf lbP afktsf] kgaLdf zNs ssectf uLafFsL sdnfO o zLifsdf hgfpg kg]5
4 kgaLdf sldzg cfo M -s_ aLdsn] kgaLdf lbP afkt k|fKt xg] kgaLdfsldzgnfO o zLifsdf hgfpg kg]5
-v_ aFbf g+=-s_ sf] cltlQm kgaLdsaf6 dgfkmf sldzg -Profit Commission_k|fKt ePdf f]nfO o zLifsdf dfj]z uL f]sf] Joxf]f n]vf DaGwLl6Kk0fLdf vnfpg kg]5
5 nufgL shf tyf cGoaf6 cfo M sfL ]Sol6Laf6 cfo d2tL lgIf]kaf6 cfoklAns sDkgLsf] z]odividel8j]Graf6 cfo ef8faf6 cfo shfaf6 cfo -aLdfn]vsf]lwtf]df shf afx]s_ cGo lgIf]kaf6 -d2tL afx]s_ cfo nufgL laqmLdf gfkmf -GognufgL laqmLdf gf]Sfg_ nufgL -vLb_ df gfkmf -Gog nufgL vLbdf gf]Sfg_ly DklQ laqmLaf6 gfkmf -Gog ly DklQ laqmLaf6 gf]Sfg_ vftf ckn]vgaf6cfo tyf cGo cfosf] of]ukmnnfO lgb]zg adf]lhd afF8kFmf8 uL cfPsf]sdnfO o zLifsdf hgfpg kg]5
6 aLdfn]vsf] lwtf]df shfaf6 cfo M aLdfn]vsf] lwtf]df shf k|bfg u] afkt k|fKt xg]Aofh lanDa zNs htf cfonfO o zLifsdf hgfpg kg]5
7 cGo k|ToIf cfoM aLldtn] tf]lsPsf] cjlwleq aLdfzNs gaemfP afkt aLdsn]eQmfgL k|fKt u]sf] hljfgfdivideAofhdivideljnDa zNs tyf aLdfn]vsf] k|ltlnkL btcfo l6s6 bt htf f]xL aLdfsf] lsld+u k|ToIf kdf DalGwt cfonfO ozLifsdf hgfpg kg]5
8 bfjL eQmfgL -vb_ M aLdsn] eQmfgL u]sf] d[To bfjL cjlw dfKtL bfjL cf+lzscjlw dfKtL bfjL dk0f dNo tyf cGo bfjLsf] of]ukmnnfO o zLifsdfhgfpg kg]5
9 clestf sldzg M k|yd jifsf] aLdfzNsdf clestf sldzg gjLs0f aLdfzNsdfclestf sldzg Psn aLdfzNsdf clestf sldzgsf] of]ukmnaf6 kgaLdssf]lxf ssectf uL afFsL sd o zLifsdf hgfpg kg]5
10 jfYo kLIf0f zNs M aLdf hf]lvdfIacutegsf] nflu jfYo kLIf0f ufP afkt aLdsn]Joxf]g k]sf] jfYo kLIf0f zNsnfO o zLifsdf hgfpg kg]5
39
11 kgaLdf sldzg vr M aLdsn] kgaLdf jLsf u] afkt eQmfgL ug kg] sldzgsdnfO o zLifsdf hgfpg kg]5
12 ]jf zNs -vb_ M aLdf ldltnfO aemfpg kg] sn ]jf zNsaf6 kgaLdssf] lxfssectf uL afFsL sdnfO o zLifsdf hgfpg kg]5
13 cGo k|ToIf vr M aLdfsf] lsld+u k|ToIf kn] DalGwt x]sf] cGo vrnfO ozLifsdf hgfpg kg]5
14 Jojyfkg vr M lgb]zg $ adf]lhd afF8kmFf8 uL cfPsf] sdnfO o zLifsdfhgfpg kg]5
15 cfos M -_ aLdssf] cfos bfloTjnfO lgb]zg adf]lhd afF8kmFf8 uL cfPsf]sdnfO o zLifsdf hgfpg kg]5 osf] ljj0f kllzi6 sf] cgrL adf]lhd xg kg]5
-_ cl3Nnf jif-x_ sf] cfos bfloTjnfO kllzi6 sf] cgrL sf] aeligcl3Nnfjifxsf] cfosAElig zLifsdf hgfpg kg]5 t Totf] cfosdf nfu]sf]b08dividehljfgfdivideljnDa zNsnfO gfkmf gf]Sfg lxfasf] aeligcl3Nnf jif+uDalGwt vrAElig zLifsdf hgfpg kg]5
16 cflys jifsf] cGTodf eQmfgL xg afFsL bfjL afkt Jojyf M cflys jifsf] cGTodfeQmfgL xg afFsL d[To bfjL cjlw dfKtL bfjL cf+lzs cjlw dfKtL bfjL dk0fdNo bfjL cGo bfjL tyf gt[hgf ePsf] t hfgsfLdf gcfPsf] bfjLsf] of]ukmndfaLdf lgodfjnL )$( sf] lgod sf] v08 -3_ adf]lhdsf] sd yk ubf xgcfpg] sdnfO o zLifsdf hgfpg kg]5
aLdssf] cgejsf] cfwfdf [hgf ePsf] t hfgsfLdf gcfPsf] bfjLsf] nflusd Aojyf ug kg]5
17 cflys jifsf] cGTodf cdfKt hf]lvd afkt Jojyf M aLdf cjlw dfKtL afktbfjL eQmfgL ug gkg] lsldsf] aLdfsf] cdfKt hf]lvd afkt lgb]zg ( adf]lhdJojyf uL cfPsf] sd o zLifsdf hgfpg kg]5
18 hLjg aLdf sf]ifdividegfkmf gf]Sfg lxfadf f]sf] artdivide-gf]Sfg_ M -_ aLdf cjlwdfKtL afkt bfjL eQmfgL ug kg] lsldsf] aLdfsf] cfo Joo lxfaaf6 art -surplus_ ePsf] cjyfdf o zLifsnfO aelighLjg aLdf sf]ifdf f]sf] artAElig sfoduL Totf] art sdnfO o zLifsdf hgfpg kg]5
-_ aLdf cjlw dfKtL afkt bfjL eQmfgL ug kg] lsldsf] aLdfsf] cfo Joolxfaaf6 gf]Sfg ePsf] cjyfdf o zLifsnfO aeliggfkmf gf]Sfg lxfadff]sf] gf]SfgAElig sfod uL Totf] gf]Sfg sdnfO o zLifsdf C0ffTdskdf hgfpg kg]5
-_ aLdf cjlw dfKtL afkt bfjL eQmfgL ug gkg] lsldsf] aLdfsf] cfo Joolxfasf] nflu o zLifsnfO aelighLjg aLdf sf]ifdf f]sf] sdAElig aeliggfkmfgf]Sfg lxfadf f]sf] artdivide-gf]Sfg_AElig uL bOj6f zLifs sfod uL aelighLjgaLdf sf]ifdf f]sf] sdAElig zLifsdf lgb]zgndash adf]lhdsf] sd hgfO afFsLsdnfO aeliggfkmf gf]Sfg lxfadf f]sf] artdivide-gf]Sfg_AElig zLifsdf hgfpgkg]5 tf]lsP adf]lhd hLjg aLdf sf]ifdf f]sf] sd hgfp+bf gf]Sfg ePdf
40
aeliggfkmf gf]Sfg lxfadf f]sf] artdivide-gf]Sfg_AElig zLifsdf Totf] gf]Sfg ePsf]sdnfO C0ffTds kdf hgfpg kg]5
-v_ gfkmf gf]Sfg lxfa tyf DalGwt cgrLsf zLifsxsf] +lIfKt JofVof M
1 cfo Joo lxfaaf6 f]sf] M aLdf cjlw dfKtL afkt bfjL eQmfgL ug gkg]lsldsf] aLdfxsf] cfo Joo lxfaaf6 aeliggfkmf gf]Sfg lxfadf f]sf] artdivide-gf]Sfg_AElig sdxsf] of]ukmnnfO o zLifsdf hgfpg kg]5
2 hLjg aLdf sf]ifaf6 f]sf] M k|rlnt sfggL Jojyf adf]lhd aLdssf] bfloTjsf]n]vfhf]vf DaGwL aLdfIacuteLsf] k|ltj]bg d]tsf] cfwfdf hLjg aLdf sf]ifaf6 gfkmfgf]Sfg lxfadf fgsf nflu ldltn] jLs[lt k|bfg u]sf] sdnfO o zLifsdfhgfpg kg]5
3 nufgL shf tyf cGoaf6 cfo M lgb]zg adf]lhd afF8kFmf8 uL cfPsf] sdnfOo zLifsdf hgfpg kg]5
4 Jojyf lkmtf M nufgLdf gf]SfgLsf] nflu ulPsf] Jojyf shfdf gf]SfgLsf] nfluulPsf] Jojyf z+sfkb cffdLsf] nflu ulPsf] Jojyf tyf cGosf] nfluulPsf] Jojyf sd cf+lzs jf k0fkn] sfod fVg kg] cjyf gx]df TotfsdxnfO o zLifsdf hgfpg kg]5
5 cGo cfDbfgL M aLdf Aojfo+u f]sf gePsf] kj +rfng cfDbfgL htfcfDbfgLxsf] of]ukmnnfO o zLifsdf hgfpg kg]5
6 Jojyfkg vr M lgb]zg $ adf]lhd afF8kmFf8 uL cfPsf] sdnfO o zLifsdfhgfpg kg]5
7 ckn]vg vr M k|flDes vrx kj +rfng vrx k flPsf vrx nufgLshf cffdL tyf cGo ckn]vg ulPsf] vrnfO o zLifsdf hgfpg kg]5 t+yfks +rfns tyf pRr Jojyfks jf lghx+u DalGwt JolQmdivide+yfDaGwL cffdL ckn]vg ug kfOg] 5g
8 cGo vrx M k|rlnt sfgg adf]lhd aLdf ldlt tyf cGo lgsfon] aLdsnfOtf]s]sf] b08 hljfgf aLdsn] pkof]u u]sf] ]jfsf] aemfpg kg] zNs dodfgaemfP afkt ltg kg] ljnDa zNs hljfgf nufotsf vrx o zLifsdfhgfpg kg]5
9 gf]SfgLsf] nflu Jojyf M nufgLdf gf]SfgLsf] nflu Jojyf shfdf gf]SfgLsf]nflu Jojyf z+sfkb cffdL Jojyf tyf cGo JojyfnfO o zLifsdf hgfpgkg]5
10 cfos M aLdssf] cfos bfloTjnfO lgb]zg adf]lhd afF8kmFf8 uL cfPsf]sdnfO o zLifsdf hgfpg kg]5
11 hLjg aLdf sf]ifdf f]sf] M aLdssf] bfloTjsf] n]vf hf]vf uL aLdfIacuteLn] lbPsf]dNofIacuteg k|ltj]bg d]tsf] cfwfdf ldltn] lbPsf] cfb]zdividelgb]zg adf]lhd hLjg
41
aLdf sf]ifdf f]sf] sdnfO o zLifsdf b]vfpg kg]5 oL hLjg aLdf sf]ifdff]sf] sd gfkmf gf]Sfg lxfadf lkmtf ug kfOg] 5g
12 cl3Nnf jif+u DalGwt vr M cl3Nnf jif-x_sf] cfosdf nfu]sf]b08dividehljfgfdivideljnDa zNs tyf cl3Nnf jifxdf n]vfIacuteg ug 56]sf vrxnufotsf cl3Nnf jif+u DalGwt vrnfO o zLifsdf hgfpg kg]5
-u_ jfnft tyf DalGwt cgrLsf zLifsxsf] +lIfKt JofVof M
1 rQmf kFhL M eQmfgL k|fKt ePsf] fwf0f z]o ckljtgLo cu|flws z]o tyfkljtgLo cu|flwsf z]o afktsf] sdsf] of]ukmnnfO o zLifsdf hgfpg kg]5
2 hu]8f tyf sf]if M aLdsn] hu]8f sfod ug] lnlnfdf gfkmfaf6 afF8kmfF8 ecfPsf jf cGo sg] k|lqmofaf6 gt[hgf ePsf tyf gfkmf gf]Sfg lxfadf afF8kmFf8guL +ro uL flvPsf] sdxnfO o zLifsdf hgfpg kg]5 oL hu]8f k|of]uubf DalGwt hu]8f tyf sf]if lxfadf vr hgfpg kg]5
-s_ kFhLut hu]8f M rQmf gePsf] z]osf] afFsL sd dfu ubf eQmfgL gu]sf]sf0fn] pQm z]onfO hkmt uL k|fKt xg cfPsf] sd kFhLut cgbfg afktk|fKt xg cfPsf] lhGL tyf gub sd tyf aLdssf] kFhL j[l4 ug] p2]Zon]gfkmfaf6 flPsf] sdnfO o zLifsdf hgfpg kg]5
-v_ z]o lk|ldod M aLdsn] cfˆgf] z]o hfL ubf z]osf] clIacutet dNo eGbf a9Lbn] hfL u]sf] x]5 eg] pQm al9 sd hlt o zLifsdf hgfpg kg]5 ozLifsdf hgfOPsf] sd nfef+z ljt0f k|of]hgsf] nflu of]Uo dflgg] 5g
-u_ k|tfljt af]gz z]o M aLdsn] k|tfj uL fwf0f efn] kflt u]sf] t hfLuL gs]sf] af]gz z]onfO o zLifsdf hgfpg kg]5
-3_ ljz]if hu]8f M aLdf ldltsf] lgb]zg adf]lhd sg cGo hu]8f sf]if v8f ugkbf Totf] sdnfO o zLifsdf hgfpg kg]5
-ordf_ cGo hu]8f M aLdsn] cGo k|of]hgsf] nflu v8f u]sf] hu]8fnfO o zLifsdfhgfpg kg]5
-r_ gfkmf gf]Sfg lxfaaf6 f]sf] M aLdssf] gfkmf gf]Sfg lxfaaf6 jfnftdff]sf] gfkmf sdnfO o zLifsdf hgfpg kg]5
3 hLjg aLdf sf]if M lgb]zg adf]lhd fVg kg] hLjg aLdfsf]ifxsf] of]ukmnnfOo zLifsdf hgfpg kg]5
4 dxfndashljkQL hu]8f M 7nf] kldf0fdf aLdf bfjL pTkGg xg Sg] dxfndashljkQL -catastrophy_ sf] cjyfdf aLdssf] ljQLo Ifdtfdf kg Sg] k|ltsn c sd ug]p2]Zon] gfkmfaf6 flPsf] sdnfO o zLifsdf hgfpg kg]5 o zLifsdfhgfOPsf] sd nfef+z ljt0f k|of]hgsf] nflu of]Uo dflgg] 5g
5 ltg afFsL bL3sflng C0f tyf fk6L M jfnftsf] ldltdf eQmfgL ug afFsLbL3sflng fk6LnfO o zLifsdf hgfpg kg]5
42
6 ly DkQL -vb_ MyfoL k|s[ltsf DkQLxsf] sn dNodf Xf ssectf uL afFsL x]sf]sdnfO o zLifsdf hgfpg kg]5
7 bL3sflng nufgL M aLdsn] lgb]zg ^ adf]lhd u]sf] bL3sflng nufgLnfO ozLifsdf hgfpg kg]5
kli6s0f M = jfnftsf] ldltaf6 Ps jif eGbf al9 cjwL kl5 eQmfgLk|fKt xg] sfL sfsf] hdfgt k|fKt ]Sol6Ld2tL lgIf]k gfuls nufgL of]hgf z]o a+s tyfljQLo +yfsf] cu|flwsf z]odividel8j]Gr tyf cGo f]xLk|s[ltsf nufgLxnfO bL3sflng nufgL Demg k5
= aLdsn] klAns sDkgLsf] z]odf nufgL u] afkt k|fKtxg] af]gz z]onfO z]o +Vofdf dfq b]vfO kn df]ndfsg kljtg ug x+bg
amp=s cNksflng nufgL M aLdsn] lgb]zg ^ adf]lhd u]sf] cNksflng nufgLnfO ozLifsdf hgfpg kg]5
kli6s0f M jfnftsf] ldltaf6 Ps jif leq eQmfgL k|fKt xg] sfL sfsf] hdfgt k|fKt ]Sol6L d2tL lgIf]k gfulsnufgL of]hgf a+s tyf ljQLo +yfsf] cu|flwsfz]odividel8j]Gr tyf cGo f]xL k|s[ltsf nufgLxnfOcNksflng nufgL Demg k5
8 aLdfn]vsf] lwtf]df shf M aLdsn] lgb]zg amp adf]lhd k|To]s lsldsf] aLdfsf]aLdfn]vsf] lwtf]df k|bfg u]sf] shfsf] of]ukmnnfO o zLifsdf hgfpg kg]5
9 gub tyf a+s dfHbft M -_ aLds+u x]sf] sn gub dfHbft sd tyf aLdssf]a+sdivideljQLo +yfsf] Aofh k|fKt gxg] vftfdf x]sf] sn sdnfO o zLifsdfhgfpg kg]5
10 cGo bL3sflng shf M lgb]zg amp adf]lhd n]vfIacuteg ulPsf] clestfnfO k|bfgulPsf] bL3sflng shf sdrfLnfO k|bfg ulPsf] bL3sflng shf tyf cGobL3sflng shfsf] of]ukmnnfO o zLifsdf hgfpg kg]5
kli6s0f M jfnftsf] ldltaf6 Ps jif eGbf al9 cjwL kl5 eQmfgLk|fKt xg] clestfnfO k|bfg ulPsf] shf sdrfLnfO k|bfgulPsf] shf tyf cGo f]xL k|s[tLsf shfxnfO bL3sflngshf Demg k5
)s= cGo cNksflng shf M lgb]zg amp adf]lhd n]vfIacuteg ulPsf] clestfnfO k|bfgulPsf] cNksflng shf sdrfLnfO k|bfg ulPsf] cNksflng shf tyf cGocNksflng shfsf] of]ukmnnfO o zLifsdf hgfpg kg]5
kli6s0f M jfnftsf] ldltaf6 Ps jif leq eQmfgL k|fKtxg] clestfnfO k|bfg ulPsf] shf sdrfLnfO k|bfgulPsf] shf tyf cGo f]xL k|s[tLsf shfxnfOcNksflng shf Demg k5
43
11 cGo DkQL M -_ o lgb]zg adf]lhd n]vfIacuteg ulPsf] aLdssf] nufgLaf6 k|fKt xgafFsL cfo aLdfn]vsf] lwtf]df shfaf6 k|fKt xg afFsL Aofh cGo shfaf6 k|fKt xgafFsL Aofh cGo aLdsaf6 k|fKt xg afFsL kgaLdsaf6 k|fKt xg aFfsL ljljwcffdL clu|d eQmfgL sdrfL k]ZsL cGo k]ZsL wf6L tyf cGosf] of]ukmnnfOo zLifsdf hgfpg kg]5
-_ cGo DkQLsf] ljj0f kllzi6 sf] cgrL $ adf]lhd xg kg]5
-_ cn xg afFsL aLdfzNs eP f]sf] of]ukmn kllzi6 sf] cgrL $ dfb]vfpg kg]5 f] cn xg afFsL aLdfzNs afasf] dNtjL -Suspense_ b]vfOvb k|efj (Net effect) zGo agfpg kg]5
12 rfn bfloTj M clestfnfO lbg afFsL cGo aLdsnfO lbg afFsL kgaLdsnfO lbgafFsL aLdfzNs wf6L k0f ljj0f gvn]sf] aLdfzNs ljljw fx xfosdividexf]lN8EumlsDkgLnfO lbg afFsL gtf]tdf ssectf ulPsf] s ltg afFsL cfos ltg afFsL]jfzNs ltg afFsL sdrfLnfO ltg afFsL +rfnsnfO ltg afFsL tyf cGo ltgafFsL sdxsf] of]ukmnnfO o zLifsdf hgfpg kg]5
13 cdfKt hf]lvd jfkt Jojyf M lgb]zg ( adf]lhdsf] cdfKt hf]lvd Jojyfsf]of]ukmnnfO o zLifsdf hgfpg kg]5
14 eQmfgL xg afFsL bfjL jfkt Jojyf M k|To]s lsldsf] aLdfsf] eQmfgL xg afFsLbfjLsf] nflu ulPsf] Jojyfsf] of]ukmnnfO o zLifsdf hgfpg kg]5
15 ckn]vg jf dfof]hg xg afFsL ljljw vrx M ckn]vg ug afFsL k|flDes vrckn]vg ug afFsL kj +rfng vr ckn]vg ug afFsL yug ulPsf vr tyfcGo ckn]vg jf dfof]hg gePsf vrxsf] of]ukmnnfO o zLifsdf hgfpgkg]5
-3_ k|dv rsfIacutexdf +nUg zLifsxsf] +lIfKt JofVof
1 g]6 jy = rQmf kFhL plusmn hu]8f tyf sf]if plusmn dxf ljkQL hu]8f ndashckn]vg jfdfof]hg xg afFsL ljljw vrx ndash gfkmf gf]Sfg lxfaaf6 f]sf] gf]Sfg
2 k|lt z]o lstfaL dNo = g]6 jydividefwf0f z]o +Vof
3 k|lt z]o cfo = vb gfkmfdividefwf0f z]o +Vof
4 dNo cfDbfgL cgkft = k|lt z]o ahf dNodividek|lt z]o cfo
5 sn DklQ = ly DklQ plusmn nufgL plusmn aLdfn]vsf] lwtf]df shf plusmn rfnDklQ shf tyf k]ZsLx
![Page 23: hLjg aLdf Joj;fo ug]{ aLdssf] ljQLo ljj/0f ;DaGwL lgb]{zg](https://reader033.vdocuments.site/reader033/viewer/2022053020/6291631db7b57c39db6663d6/html5/thumbnails/23.jpg)
23
cgrLndash)
cfo Joo lxfaxaf6 gfkmf gf]Sfg lxfadf f]sf] sd
qm=+= ljj0f o aif ut aif
= ==================== sf] cfo Joo lxfaaf6 f]sf]
= ==================== sf] cfo Joo lxfaaf6 f]sf]
=
$=
hDdf
cgrLndash
hLjg aLdf sf]if
dfof]hg cuf8Lsf]hLjg aLdf sf]if-jifsf] zdf_
cfo Joolxfaaf6 f]sf]
gfkmf gf]Sfglxfaaf6 f]sf]
dfof]hg cuf8Lsf]hLjg aLdfsf]if-jifsf] cGTodf_
qm=+= aLdfsf]lsld
o jif ut jif o jif ut jif o jif ut jif o jif ut jif
=
=
=
$=
hDdf M
hLjg aLdf sf]ifdf dfof]hg
dfof]hgcuf8Lsf]
hLjg aLdfsf]if
-jifsf]cGTodf_
gfkmfgf]Sfglxfadff]sf]
aLdfn]vcGtutbfloTj
af]gsf]nflu
Jojyf
f]Ne]GLdflhgsf]nflu
Jojyf
afF8kmfF8gulPsf]sd
jifsf]cGTodfhLjg
aLdf sf]if
qm=+= aLdfsf]lsld
oaif
utaif
oaif
utaif
oaif
utaif
oaif
utaif
oaif
utaif
oaif
utaif
oaif
utaif
=
=
=
hDdf M
24
cgrLndash
Jojyf lkmtfqm=+= ljj0f o aif ut aif= nufgLdf gf]SfgLsf] nflu Jojyf lkmtf= shfdf gf]SfgLsf] nflu Jojyf lkmtf= z+sfkb cffdL Jojyf lkmtf$ cGo Jojyf lkmtf
hDdf
cgrLndash
ckn]vg vrx
qm=+= ljj0f o aif ut aif1 k|flDes vrx2 kj +rfng vrx3 k flPsf vrx4 ckn]vg ulPsf] nufgL5 ckn]vg ulPsf] shf6 ckn]vg ulPsf] cffdL7 cGo ckn]vg
hDdf
cgrLndash$
cGo vrx
qm=+= ljj0f o aif ut aif
1 b08 hljfgf
2 ljnDa zNs hljfgf
3 cGo -ljj0f vnfpg]_
hDdf
cgrLndash
gf]SfgLsf] nflu Jojyfqm=+= ljj0f o aif ut aif= nufgLdf gf]SfgLsf] nflu Jojyf= shfdf gf]SfgLsf] nflu Jojyf= z+sfkb cffdL Jojyf$ cGo Jojyf
hDdf
25
cgrLndash^
-s_ z]o kFhL
qm=+= ljj0f o aif ut aifclws[t kFhLs_ ================= bsf] ======== yfg fwf0f z]ov_ ============ bsf] ====yfg ckljtgLo cu|flwsfz]o
=
u_ ========== bsf] ====== yfg kljtgLo cu|flwsfz]ohfL kFhLs_ ================= bsf] ======== yfg fwf0f z]ov_ ============ bsf] ====yfg ckljtgLo cu|flwsfz]o
=
u_ ========== bsf] ====== yfg kljtgLo cu|flwsfz]orQmf kFhLs_ ================= bsf] ======== yfg fwf0f z]oGog eQmfgL k|fKt xg afFsL ==== bsf] ===yfg fwf0fz]ov_ ============ bsf] ====yfg ckljtgLo cu|flwsfz]o
=
u_ ========== bsf] ====== yfg kljtgLo cu|flwsfz]o
hDdf-v_ z]o jfldTjsf] +rgf
o aif ut aifz]owgL
fwf0f z]o+Vof
jfldTjsf] Uuml fwf0fz]o +Vof
jfldTjsf] Uuml
g]kfnL +ul7t +yfx
g]kfnL gfuls
ljb]zL+y
fks
hDdf
jfwf0f
cGo -ljj0f vnfpg]_
sn
-u_ Ps k|ltzt jf a9L z]o jfldTj ePsf z]owgLxsf] ljj0f
o aif ut aifqm=+= ljj0f
jfldTjsf] Uuml sd jfldTjsf] Uuml sd
=
=
=
26
cgrLndashamp
hu]8f tyf sf]if
qm=+= ljj0f o aif ut aif
1 kFhLut hu]8f
2 ljz]if hu]8f
3 cGo hu]8f -ljj0f vnfpg]_
4 z]o lk|ldod
5 k|tfljt af]gz z]o
6 Gffkmf gf]Sfg lxfaaf6 f]sf] gfkmf
hDdf
cgrLndash
dxfndashljklQ hu]8fjifsf] zdf dxfndashljklQ hu]8f gfkmf gf]Sfg lxfaaf6 f]sf] jifsf] cGTodf dxfndashljklQ
hu]8fo jif ut jif o jif ut jif o jif ut jif
cgrLndash(
ltg afFsL bL3sflng C0f tyf fk6L
qm=+= ljj0f o aif ut aif
l8j]Gr divide a08
a+s
ljQLo +yf
$ cGo -ljj0f vnfpg]_
hDdf
27
cgrLndash)
ly DklQ
ljj0f kn df]n Xf ssectL vb df]n
zdfHbft
ojif
yk]sf]
ojif
36]sf]
hDdf utjifDd
ojif
laqmLdivide
dfof]hg
hDdf ojifDdsf]
UftjifDdsf]
lk|m xf]N8hldg
ejg
kmlgrtyf
lkmSr
sfofnofdfg
sDKo6tyfrgfk|ljwLpks0f
cb[ZoDklQ-ljj0fvnfpg]_
jfLfwg
lnh xf]N8DklQ
cGo-k|s[ltvnfpg]_
hDdf
lgdf0fflwgkFhLutvr
sn
ut jif
28
cgrLndash
nufgL
qm=+= ljj0f o aif ut aif-s_ bL3sflng nufgL M sfL sfsf] hdfgt k|fKt ]Sol6L jfl0fHo a+ssf] d2tL lgIf]k ljsf a+ssf] d2tL lgIf]k$ gfuls nufgL of]hgf ljQLo +yfsf] d2tL lgIf]k^ cfjf ljQ sDkgLsf] fwf0f z]o -cgrL = adf]lhd_amp cGo sDkgLsf] fwf0f z]o -cgrL = adf]lhd_ a+s tyf ljQLo +yfsf] cu|flwsf z]odividel8j]Gr( cGo -ljj0f vnfpg]_
hDdf M-v_ cNksflng nufgL M sfL sfsf] hdfgt k|fKt ]Sol6L jfl0fHo a+ssf] d2tL lgIf]k ljsf a+ssf] d2tL lgIf]k$ gfuls nufgL of]hgf ljQLo +yfsf] d2tL lgIf]k^ a+s tyf ljQLo +yfsf] cu|flwsf z]odividel8j]Gramp jfl0fHo a+ssf] Aofh k|fKt xg] cGo lgIf]k ljsf a+ssf] Aofh k|fKt xg]] cGo lgIf]k( ljQLo +yfsf] Aofh k|fKt xg] cGo lgIf]k) cGo Aofh k|fKt xg] nufgL -ljj0f vnfpg]_
hDdf McgrLndash=
z]odf nufgL
qm=+= sDkgL vb sd c+lst dNo kn dNo ahf dNo
= ======sDkgLsf]=============yfg====z]o
= ======sDkgLsf]=============yfg=====z]o
= ======sDkgLsf]=============yfg=====z]o
hDdf
gf]6 M = aLdssf] xfos sDkgLdividexf]lN8Euml sDkgL tyf +oQm nufgL ePsf] sDkgLsf] z]odf ePsf]nufgLnfO
5sectfndash5sect vnfpg kg]5
= lgodfgf lrs[t gePsf z]odf ePsf] nufgLnfO 5sect vnfpg kg]5
= +yfks z]o cGo z]odf ePsf] nufgLnfO 5sectf5sect vnfpg kg]5
29
cgrLndash
gub tyf a+s dfHbft
qm=+= ljj0f o aif ut aifgub dfHbft
hDdfa+s dfHbftjfl0fHo a+sxsf] dfHbftljsf a+sxsf] dfHbftljQLo +yfxsf] dfHbft
cGo -ljj0f vnfpg]_hDdfsn
cgrLndash
cGo shf
qm=+= ljj0f o aif ut aif-s_ bL3sflng shf= clestfnfO shf= sdrfLnfO shf= cGo -ljj0f vnfpg]_
hDdf-v_ cNksflng shf= clestfnfO shf= sdrfLnfO shf= cGo -ljj0f vnfpg]_
hDdfcgrLndash$
cGo DklQqm=+= ljj0f o aif ut aif1 nufgLaf6 k|fKt xg afFsL cfo2 aLdfn]vsf] lwtf]df shfaf6 k|fKt xg afFsL Aofh3 cGo -aLdfn]vsf] lwtf]df afx]s_ shfaf6 k|fKt xg afFsL
Aofh4 cGo aLdsaf6 k|fKt xg afFsL5 kgaLdsaf6 k|fKt xg afFsL6 ljljw cffdL7 clu|d eQmfgL8 sdrfL k]ZsL9 cGo k]ZsL10 wf6L11 cn xg afFsL aLdfzNs
Gog M cn xg afFsL aLdfzNs dNtjL -suspense_12 cGo ljj0f vnfpg]
hDdf M
30
cgrLndash
rfn bfloTj
qm=+= ljj0f o aif ut aif1 clestfnfO lbg afFsL2 cGo aLdsnfO lbg afFsL3 kgaLdsnfO lbg afFsL4 cNksflng shf5 aLdfzNs wf6L6 k0f ljj0f gvn]sf] aLdfzNs7 ljljw fx8 xfosdividexf]lN8Euml sDkgLnfO lbg afFsL9 gtf]tdf ssectf ulPsf] s ltg afFsL10 dNo clea[l4 s ltg afFsL11 cfos ltg afFsL12 ]jf zNs ltg afFsL13 sdrfLnfO lbg afFsL14 +rfnsnfO lbg afFsL15 eQmfgL lbg afFsL nfef+z -l8le8]08_16 cGo -ljj0f vnfpg]_
hDdf
cgrLndash^
cdfKt hf]lvd Jojyfqm=+= ljj0f o aif ut aif= ===========aLdfsf] cdfKt hf]lvd hu]8f= ===========aLdfsf] cdfKt hf]lvd hu]8f= ===========aLdfsf] cdfKt hf]lvd hu]8f
===========aLdfsf] cdfKt hf]lvd hu]8f
hDdf
31
cgrL ^scGo Aojyf
aifsf] zdf Aojyfrfn cf=a=df yk ulPsf]
Aojyfrfn cf=a=df ckn]vg
ulPsf] Aojyfrfn cf=a=df lkmtfulPsf] Aojyf
aifsf] cGtdf sfodx]sf] Aojyf
qm=+=
ljj0fo jif ut jif o jif ut jif o jif ut jif o jif ut jif o jif ut jif
nfef+z -l8le8]08_ sf] nflu Aojyf
nufgLdf gf]SfgLsf] nflu Aojyf
shfdf gf]SfgLsf] nflu Aojyf
$ z+sfZkb cffdLsf] nflu Aojyf
cGo gf]SfgLsf] nflu Aojyf
^ sdrfL DaGwL Aojyf-s_ k]Gg tyf pkbfg Aojyf-v_ ljbf jfkt Aojyf-u_ cfjf tyf cGo ljwf Aojyf-3_ sdrfL af]g Aojyf-ordf_ cGo
amp cGo Aojyf -ljj0f vnfpg]_
hDdf
32
cgrLndashamp
ckn]vgdividedfof]hg xg afFsL ljljw vrxqm=+= ljj0f o aif ut aif1 ckn]vg ug afFsL k|flDes vr2 ckn]vg ug afFsL kj +rfng vr3 ckn]vg ug afFsL yug ulPsf vr4 cGo -ljj0f vnfpg]_
hDdf
cgrL ndash
ljQLo ljj0f+u DalGwt k|dv n]vf gLltx
n]vf DaGwL gLltdf vnfpg kg] aFbfx M aLdsn] n]vf DaGwL gLltdf b]xfosf aFbfxvnfpg kg]5
1 ljQLo ljj0f tofLsf cfwfx M sg sg cjwf0ff -concept_ tyf n]vfdfgx sfgg tyf aLdf ldltsf lgb]zgxsf] clwgdf xL ljQLo ljj0f tof ulPsf] xf]f]sf] Joxf]f
ljQLo ljj0f tof ubf sg sfgg aLdf ldltsf] lgb]zg jf n]vfdfg kfngf gePsf]eP f]sf] sf0f lxt Joxf]f
2 ly DklQ n]vfIacuteg gLlt M ly DklQ n]vfIacuteg ubf cjnDag ulPsf] gLlt
3 Xf ssectL gLlt M aLdssf] +rfns ldltaf6 kflt uL nfu ulPsf] Xf ssectL gLlt
4 kFhLs[t gulg] DklQx DaGwL n]vfIacuteg gLlt M aLdssf] +rfns ldltn] sg lglZrtdf]nDd kg] pks0f fdfgx kFhLs[t gug] gLlt lnPsf] 5 eg] f]sf] Joxf]f
5 cfos Jojyf tyf afF8kmFf8 gLlt M cfos Jojyf DaGwdf aLdsn] cjnDag u]sf]gLlt aLdsn] gfkmf gf]Sfg lxfa tyf cfo Joo lxfadf Totf] Jojyf sdafF8kmFf8 ubf cjnDag u]sf] gLlt
6 nufgL n]vfIacuteg gLlt M nufgL n]vfIacutegsf] DaGwdf aLdsn] cjnDag u]sf] gLltxnfOb]xfosf zLifsx cGtut vnfpg kg]5
-s_ sfL artkqdivideC0fkqdf nufgL n]vfIacuteg gLlt
-v_ a+sdivideljQLo +yfsf] d2tL lgIf]kdf nufgL n]vfIacuteg gLlt
-u_ klAns lnld6]8 sDkgLsf] z]odf nufgL n]vfIacuteg gLlt
-3_ klAns lnld6]8 sDkgLn] hfL u]sf] C0fkqxdf nufgL n]vfIacuteg gLlt
7 6xL 36a9 dfof]hg gLlt M ljb]zL db|f+u DalGwt DklQ bfloTj tyf 6xL36a9 cfDbfgL tyf vrxsf] n]vfIacuteg gLlt
8 aLdfzNs cfDbfgL n]vfIacuteg gLlt M aLdsn] aLdfzNs cfDbfgL n]vfIacuteg ubf cjnDagu]sf] gLlt
33
9 kgaLdf sldzg cfDbfgL n]vfIacuteg gLlt M aLdsn] kgaLdf u] afkt k|fKt ug] sldzgsf]n]vfIacuteg ubf cjnDag u]sf] gLlt
10 cGo cfo n]vfIacuteg tyf afF8kmFf8 gLlt M aLdsn] ef8f -Rent_ tyf cGo zLifsaf6 ePsf]cfo n]vfIacuteg tyf afF8kmFf8 ubf cjnDag u]sf] gLlt
11 shf n]vfIacuteg gLlt M aLdsn] aLdfn]vsf] lwtf]df k|bfg u]sf] shf tyf cGo shfn]vfIacuteg ubf cjnDag u]sf] gLlt
12 Jojyfkg vr afF8kmFf8 gLlt M aLdsn] gfkmf gf]Sfg lxfa tyf cfo Joo lxfaxdfJojyfkg vr afF8kmFf8 ubf cjnDag u]sf] gLlt
13 aLdf bfjL eQmfgL vr n]vfIacuteg gLlt M aLdsn] aLdf bfjL eQmfgL vr n]vfIacuteg ubfcjnDag u]sf] gLlt
14 aLdf bfjL afkt bfloTj Jojyf n]vfIacuteg gLlt M -s_ gt[hgf ePsf] t hfgsfLdfgcfPsf] -IBNR_ aLdf bfjL afkt bfloTj Jojyf n]vfIacuteg ubf aLdsn] cjnDagu]sf] gLlt
-v_ aLdsn] aLdf bfjL bfloTj afkt Jojyf ubf cjnDag u]sf] gLlt
15 aLdf Jojfodf art afF8kmFf8 gLlt M aLdsn] gfkmf gf]Sfg lxfa tyf cfo Joolxfaxdf art afF8kmFf8 ubf cjnDag u]sf] gLlt
16 sdrfL pkbfg ljbf tyf cGo ljwf afkt Jojyf gLlt M aLdsn] sdrfL pkbfgljbf tyf cGo ljwf afkt Jojyf ubf cjnDag u]sf] n]vfIacuteg gLlt
17 z+sfkb cffdL Jojyf gLlt M aLdsn] z+sfkb cffdL Jojyf ubf cjnDag u]sf]gLlt
18 ckn]vg vr n]vfIacuteg gLlt M aLdsn] cjnDag u]sf] ckn]vg vr DaGwL gLlt
19 cGo gLltx M plNnlvt gLltx afx]s jfnft gfkmf gf]Sfg lxfa cfo Joo lxfanufotsf ljQLo ljj0fnfO apermilg ljZn]if0f ug 3fp kUg] uL cGo sg] n]vf gLltsf]hfgsfL lbg cfjZos b]lvPdf f] Joxf]f
34
cgrLndash(
ljQLo ljj0f+u DalGwt n]vf DaGwL l6Kk0fLx
n]vf DaGwL l6Kk0fLdf vnfpg kg] aFbfx M aLdsn] n]vf DaGwL l6Kk0fLdf b]xfosf aFbfxvnfpg kg]5
= Defljt bfloTjx M
c_ rQmf jf eQmfgL xg afFsL nufgL
cf_ k|Tofelt k|lta4tf -underwriting commitments_
O_ aLdfn]v cGtut eGbf afx]saf6 aLds pk bfjL k]sf] t aLdsn] bfloTj jLsfgu]sf]
O_ aLdsn] jf aLdssf] tkmaf6 lbOPsf] Uof]06L
p_ cGo bfloTj -ljj0f vnfpg]_
= aLdfIacuteLn] aLdssf] bfloTj dNofIacuteg ubf cjnDag u]sf] cfwfx
= aLdssf] DklQdf cfPsf] Lldttf tyf ljjfbx
$= shf nufgL tyf ly DklQsf] nflu ulPsf] k|lta4tf
= nufgL+u DalGwt b]xfosf vLb laqmL Demftfxsf] dNo M
c_ vLb ulPsf] DklQsf] jfldTj k|fKt gePsf]
cf_ laqmL ulPsf] DklQsf] eQmfgL k|fKt gePsf]
^= o jifeL ulPsf] nufgL tyf laqmLdividelkmtf lnPsf] nufgLsf] DaGwdf +yf ldltkldf0f sd d]t vn]sf] ljj0f
amp= a+s dfHbft lxfa DaGwdf DalGwt a+sdivideljQLo +yfsf] 6]6d]06 lxtsf] lxfaldnfg DaGwL Joxf]f
= aLdsdividekgaLds+u lng lbg afFsL lxfa DaGwdf DalGwt aLdsdividekgaLdssf]dyg lxtsf] lxfa ldnfg DaGwL Joxf]f
gf]6 Mndash bnfn (Broker) dfkmt ePsf] kgaLdfsf] xsdf fdfGot DalGwt bnfnn]kgaLdssf] tkmaf6 dyg lbg Sg]5
(= aLdsn] u]sf] nufgL k|rlnt aLdf P]g lgodfjnL tyf aLdf ldltaf6 tf]lsP adf]lhdx] gx]sf]
)= aLdssf] +rfns jf +rfns+u DalGwt JolQm jf +yf+u ePsf] sff]af
= aLdsn] cfˆgf] DklQsf] If0fdf lnPsf] C0fsf] lwtf] zt tyf cflrTo
= aLdsn] s rQmf k|df0fkq k|fKt u]sf] cf=j=tyf Totf] rQmf k|df0fkq k|fKt xg afFsLcf=j= f] DaGwL ljj0fsf fy] cl3Nnf] cf=j=xsf] s hljfgf Aofh afkt bfjLk]sf] o cf=j=df eQmfgL ePsf] sd
= lkmtf u]sf] aLdfzNssf] kldf0f sf0f
35
$=aLdsn] aLldtnfO k|bfg ug] 3f]lift tyf cGtld af]gsf] b
=l9nf] aLdfzNs eQmfgLdf lanDa zNsdivideAofhsf] b tyf aLdfn]vsf] lwtf]df k|bfg ulg]shfdf Aofhsf] b
^=ckn]vg xg afFsL vrsf] ljj0f
amp=rQmf kFhL dWo] clu|d eQmfgL k|fKt -Paid in advance_ eQmfgL k|fKt xg afFsL -Call inarrears_ hkmt ulPsf t kgM lgisfzg gulPsf z]osf] ljj0f
=lnh xf]N8 DklQdf ut jifDd o jif vr (Amortization) n]lvPsf] sdsf]ljj0f
(= jifeldf ePsf] jfnft aflxsf] sff]afsf] ljj0f
)= cl3Nnf aifx+u DalGwt cfDbfgL tyf vrxsf] 5sectf5sect ljj0f
=plNnlvt aFbfx afx]s jfnft gfkmf gf]Sfg lxfa cfo Joo lxfa nufotsfljQLo ljj0fxnfO apermilg ljZn]if0f ug 3fp kUg] cGo sg hfgsfL lbg cfjZosb]lvPdf cGo Joxf]f d]t vnfpg kg]5
36
cgrL )k|dv rsfIacutex
cf=a=qm=+= ljj0f rsfIacute
g]6 jy = z]o +Vof +Vof k|lt z]o lstfjL dNo =$ vb gfkmf = k|lt z]o cfo (EPS) =^ k|lt z]o nfef+z (DPS) =amp k|lt z]o ahf dNo (MPPS) = dNo cfDbfgL cgkft (PE Ratio) cgkft( k|yd aifsf] aLdfzNs =) sn aLdfzNs = vb aLdfzNsdividesn aLdfzNs k|ltzt vb gfkmfdividesn aLdfzNs k|ltzt sn aLdfzNsdividesn DklQ k|ltzt$ nufgL shfaf6 cfodividesn nufgL shf k|ltzt sn nufgL shfdividehLjg aLdfsf]if k|ltzt^ kgaLdf sldzg cfodividesn kgaLdfzNs k|ltztamp Jojyfkg vrdividesn aLdfzNs k|ltzt aLdf clestf DalGw vrdividesn aLdfzNs k|ltzt( aLdf clestf +Vof +Vof) sdrfL +Vof +Vof sfofnosf] +Vof +Vof sdrfL vrdivideJojyfkg vr k|ltzt sdrfL vrdividesdrfL +Vof =$ eQmfgL xg aFfsL bfjL sddivideeQmfgL ePsf] bfjL
sdk|ltzt
sn sfod x]sf] aLdfn]vsf] +Vof +Vofdf^ o jif gjLs0f ePsf] aLdfn]vsf] +Vofdivideut
jif sfod x]sf] aLdfn]vsf] +Vofk|ltzt
amp bfjL k]sf] aLdfn]vsf] +Vofdividesn sfod x]sf]aLdfn]vsf] +Vof
k|ltzt
f]Ne]GL dflhg k|ltzt( 3f]lift af]g b =
k|ltxhf) cGtld af]g b =
k|ltxhf
37
cgrL ndash
aLdfIacutesf] ljj0f
sfod x]sf]aLdfn]vsf] +Vof
sfod x]sf]aLdfn]v cGtut
hDdf aLdfIacute
d of6 ls(Sum at Risk)
kgaLdsnfOxtfGt0f ulPsf]
d of6 ls(Sum at Risk)
aLdsn] wf0fu]sf] d of6ls (Sum at
Risk)
qm=+= aLdfsf] lsld
o jif ut jif o jif ut jif o jif ut jif o jif ut jif o jif ut jif
hDdf
38
kllzi6 ndash
-lgb]zg +u DalGwt_
ljQLo ljj0fsf zLifsxsf] +lIfKt JofVof
-s_ cfo Joo lxfa tyf f] DaGwL cgrLsf zLifsxsf] +lIfKt JofVof M
1 k|ToIf aLdfzNs M aLdsn] kgaLdf jLsf u] afkt k|fKt aLdfzNs afx]s k|ydjifsf] aLdfzNs gjLs0f aLdfzNs Psn aLdfzNssf] of]ukmnaf6 lgodfgflkmtf u]sf] aLdfzNs ssectf uL o zLifsdf hgfpg kg]5
2 sn aLdfzNs M k|ToIf aLdfzNs aLdsn] kgaLdf jLsf u] afkt k|fKtaLdfzNssf] of]ukmnnfO o zLifsdf hgfpg kg]5
3 aLdfzNs -vb_ M sn aLdfzNsaf6 kgaLdf lbP afktsf] kgaLdf zNs ssectf uLafFsL sdnfO o zLifsdf hgfpg kg]5
4 kgaLdf sldzg cfo M -s_ aLdsn] kgaLdf lbP afkt k|fKt xg] kgaLdfsldzgnfO o zLifsdf hgfpg kg]5
-v_ aFbf g+=-s_ sf] cltlQm kgaLdsaf6 dgfkmf sldzg -Profit Commission_k|fKt ePdf f]nfO o zLifsdf dfj]z uL f]sf] Joxf]f n]vf DaGwLl6Kk0fLdf vnfpg kg]5
5 nufgL shf tyf cGoaf6 cfo M sfL ]Sol6Laf6 cfo d2tL lgIf]kaf6 cfoklAns sDkgLsf] z]odividel8j]Graf6 cfo ef8faf6 cfo shfaf6 cfo -aLdfn]vsf]lwtf]df shf afx]s_ cGo lgIf]kaf6 -d2tL afx]s_ cfo nufgL laqmLdf gfkmf -GognufgL laqmLdf gf]Sfg_ nufgL -vLb_ df gfkmf -Gog nufgL vLbdf gf]Sfg_ly DklQ laqmLaf6 gfkmf -Gog ly DklQ laqmLaf6 gf]Sfg_ vftf ckn]vgaf6cfo tyf cGo cfosf] of]ukmnnfO lgb]zg adf]lhd afF8kFmf8 uL cfPsf]sdnfO o zLifsdf hgfpg kg]5
6 aLdfn]vsf] lwtf]df shfaf6 cfo M aLdfn]vsf] lwtf]df shf k|bfg u] afkt k|fKt xg]Aofh lanDa zNs htf cfonfO o zLifsdf hgfpg kg]5
7 cGo k|ToIf cfoM aLldtn] tf]lsPsf] cjlwleq aLdfzNs gaemfP afkt aLdsn]eQmfgL k|fKt u]sf] hljfgfdivideAofhdivideljnDa zNs tyf aLdfn]vsf] k|ltlnkL btcfo l6s6 bt htf f]xL aLdfsf] lsld+u k|ToIf kdf DalGwt cfonfO ozLifsdf hgfpg kg]5
8 bfjL eQmfgL -vb_ M aLdsn] eQmfgL u]sf] d[To bfjL cjlw dfKtL bfjL cf+lzscjlw dfKtL bfjL dk0f dNo tyf cGo bfjLsf] of]ukmnnfO o zLifsdfhgfpg kg]5
9 clestf sldzg M k|yd jifsf] aLdfzNsdf clestf sldzg gjLs0f aLdfzNsdfclestf sldzg Psn aLdfzNsdf clestf sldzgsf] of]ukmnaf6 kgaLdssf]lxf ssectf uL afFsL sd o zLifsdf hgfpg kg]5
10 jfYo kLIf0f zNs M aLdf hf]lvdfIacutegsf] nflu jfYo kLIf0f ufP afkt aLdsn]Joxf]g k]sf] jfYo kLIf0f zNsnfO o zLifsdf hgfpg kg]5
39
11 kgaLdf sldzg vr M aLdsn] kgaLdf jLsf u] afkt eQmfgL ug kg] sldzgsdnfO o zLifsdf hgfpg kg]5
12 ]jf zNs -vb_ M aLdf ldltnfO aemfpg kg] sn ]jf zNsaf6 kgaLdssf] lxfssectf uL afFsL sdnfO o zLifsdf hgfpg kg]5
13 cGo k|ToIf vr M aLdfsf] lsld+u k|ToIf kn] DalGwt x]sf] cGo vrnfO ozLifsdf hgfpg kg]5
14 Jojyfkg vr M lgb]zg $ adf]lhd afF8kmFf8 uL cfPsf] sdnfO o zLifsdfhgfpg kg]5
15 cfos M -_ aLdssf] cfos bfloTjnfO lgb]zg adf]lhd afF8kmFf8 uL cfPsf]sdnfO o zLifsdf hgfpg kg]5 osf] ljj0f kllzi6 sf] cgrL adf]lhd xg kg]5
-_ cl3Nnf jif-x_ sf] cfos bfloTjnfO kllzi6 sf] cgrL sf] aeligcl3Nnfjifxsf] cfosAElig zLifsdf hgfpg kg]5 t Totf] cfosdf nfu]sf]b08dividehljfgfdivideljnDa zNsnfO gfkmf gf]Sfg lxfasf] aeligcl3Nnf jif+uDalGwt vrAElig zLifsdf hgfpg kg]5
16 cflys jifsf] cGTodf eQmfgL xg afFsL bfjL afkt Jojyf M cflys jifsf] cGTodfeQmfgL xg afFsL d[To bfjL cjlw dfKtL bfjL cf+lzs cjlw dfKtL bfjL dk0fdNo bfjL cGo bfjL tyf gt[hgf ePsf] t hfgsfLdf gcfPsf] bfjLsf] of]ukmndfaLdf lgodfjnL )$( sf] lgod sf] v08 -3_ adf]lhdsf] sd yk ubf xgcfpg] sdnfO o zLifsdf hgfpg kg]5
aLdssf] cgejsf] cfwfdf [hgf ePsf] t hfgsfLdf gcfPsf] bfjLsf] nflusd Aojyf ug kg]5
17 cflys jifsf] cGTodf cdfKt hf]lvd afkt Jojyf M aLdf cjlw dfKtL afktbfjL eQmfgL ug gkg] lsldsf] aLdfsf] cdfKt hf]lvd afkt lgb]zg ( adf]lhdJojyf uL cfPsf] sd o zLifsdf hgfpg kg]5
18 hLjg aLdf sf]ifdividegfkmf gf]Sfg lxfadf f]sf] artdivide-gf]Sfg_ M -_ aLdf cjlwdfKtL afkt bfjL eQmfgL ug kg] lsldsf] aLdfsf] cfo Joo lxfaaf6 art -surplus_ ePsf] cjyfdf o zLifsnfO aelighLjg aLdf sf]ifdf f]sf] artAElig sfoduL Totf] art sdnfO o zLifsdf hgfpg kg]5
-_ aLdf cjlw dfKtL afkt bfjL eQmfgL ug kg] lsldsf] aLdfsf] cfo Joolxfaaf6 gf]Sfg ePsf] cjyfdf o zLifsnfO aeliggfkmf gf]Sfg lxfadff]sf] gf]SfgAElig sfod uL Totf] gf]Sfg sdnfO o zLifsdf C0ffTdskdf hgfpg kg]5
-_ aLdf cjlw dfKtL afkt bfjL eQmfgL ug gkg] lsldsf] aLdfsf] cfo Joolxfasf] nflu o zLifsnfO aelighLjg aLdf sf]ifdf f]sf] sdAElig aeliggfkmfgf]Sfg lxfadf f]sf] artdivide-gf]Sfg_AElig uL bOj6f zLifs sfod uL aelighLjgaLdf sf]ifdf f]sf] sdAElig zLifsdf lgb]zgndash adf]lhdsf] sd hgfO afFsLsdnfO aeliggfkmf gf]Sfg lxfadf f]sf] artdivide-gf]Sfg_AElig zLifsdf hgfpgkg]5 tf]lsP adf]lhd hLjg aLdf sf]ifdf f]sf] sd hgfp+bf gf]Sfg ePdf
40
aeliggfkmf gf]Sfg lxfadf f]sf] artdivide-gf]Sfg_AElig zLifsdf Totf] gf]Sfg ePsf]sdnfO C0ffTds kdf hgfpg kg]5
-v_ gfkmf gf]Sfg lxfa tyf DalGwt cgrLsf zLifsxsf] +lIfKt JofVof M
1 cfo Joo lxfaaf6 f]sf] M aLdf cjlw dfKtL afkt bfjL eQmfgL ug gkg]lsldsf] aLdfxsf] cfo Joo lxfaaf6 aeliggfkmf gf]Sfg lxfadf f]sf] artdivide-gf]Sfg_AElig sdxsf] of]ukmnnfO o zLifsdf hgfpg kg]5
2 hLjg aLdf sf]ifaf6 f]sf] M k|rlnt sfggL Jojyf adf]lhd aLdssf] bfloTjsf]n]vfhf]vf DaGwL aLdfIacuteLsf] k|ltj]bg d]tsf] cfwfdf hLjg aLdf sf]ifaf6 gfkmfgf]Sfg lxfadf fgsf nflu ldltn] jLs[lt k|bfg u]sf] sdnfO o zLifsdfhgfpg kg]5
3 nufgL shf tyf cGoaf6 cfo M lgb]zg adf]lhd afF8kFmf8 uL cfPsf] sdnfOo zLifsdf hgfpg kg]5
4 Jojyf lkmtf M nufgLdf gf]SfgLsf] nflu ulPsf] Jojyf shfdf gf]SfgLsf] nfluulPsf] Jojyf z+sfkb cffdLsf] nflu ulPsf] Jojyf tyf cGosf] nfluulPsf] Jojyf sd cf+lzs jf k0fkn] sfod fVg kg] cjyf gx]df TotfsdxnfO o zLifsdf hgfpg kg]5
5 cGo cfDbfgL M aLdf Aojfo+u f]sf gePsf] kj +rfng cfDbfgL htfcfDbfgLxsf] of]ukmnnfO o zLifsdf hgfpg kg]5
6 Jojyfkg vr M lgb]zg $ adf]lhd afF8kmFf8 uL cfPsf] sdnfO o zLifsdfhgfpg kg]5
7 ckn]vg vr M k|flDes vrx kj +rfng vrx k flPsf vrx nufgLshf cffdL tyf cGo ckn]vg ulPsf] vrnfO o zLifsdf hgfpg kg]5 t+yfks +rfns tyf pRr Jojyfks jf lghx+u DalGwt JolQmdivide+yfDaGwL cffdL ckn]vg ug kfOg] 5g
8 cGo vrx M k|rlnt sfgg adf]lhd aLdf ldlt tyf cGo lgsfon] aLdsnfOtf]s]sf] b08 hljfgf aLdsn] pkof]u u]sf] ]jfsf] aemfpg kg] zNs dodfgaemfP afkt ltg kg] ljnDa zNs hljfgf nufotsf vrx o zLifsdfhgfpg kg]5
9 gf]SfgLsf] nflu Jojyf M nufgLdf gf]SfgLsf] nflu Jojyf shfdf gf]SfgLsf]nflu Jojyf z+sfkb cffdL Jojyf tyf cGo JojyfnfO o zLifsdf hgfpgkg]5
10 cfos M aLdssf] cfos bfloTjnfO lgb]zg adf]lhd afF8kmFf8 uL cfPsf]sdnfO o zLifsdf hgfpg kg]5
11 hLjg aLdf sf]ifdf f]sf] M aLdssf] bfloTjsf] n]vf hf]vf uL aLdfIacuteLn] lbPsf]dNofIacuteg k|ltj]bg d]tsf] cfwfdf ldltn] lbPsf] cfb]zdividelgb]zg adf]lhd hLjg
41
aLdf sf]ifdf f]sf] sdnfO o zLifsdf b]vfpg kg]5 oL hLjg aLdf sf]ifdff]sf] sd gfkmf gf]Sfg lxfadf lkmtf ug kfOg] 5g
12 cl3Nnf jif+u DalGwt vr M cl3Nnf jif-x_sf] cfosdf nfu]sf]b08dividehljfgfdivideljnDa zNs tyf cl3Nnf jifxdf n]vfIacuteg ug 56]sf vrxnufotsf cl3Nnf jif+u DalGwt vrnfO o zLifsdf hgfpg kg]5
-u_ jfnft tyf DalGwt cgrLsf zLifsxsf] +lIfKt JofVof M
1 rQmf kFhL M eQmfgL k|fKt ePsf] fwf0f z]o ckljtgLo cu|flws z]o tyfkljtgLo cu|flwsf z]o afktsf] sdsf] of]ukmnnfO o zLifsdf hgfpg kg]5
2 hu]8f tyf sf]if M aLdsn] hu]8f sfod ug] lnlnfdf gfkmfaf6 afF8kmfF8 ecfPsf jf cGo sg] k|lqmofaf6 gt[hgf ePsf tyf gfkmf gf]Sfg lxfadf afF8kmFf8guL +ro uL flvPsf] sdxnfO o zLifsdf hgfpg kg]5 oL hu]8f k|of]uubf DalGwt hu]8f tyf sf]if lxfadf vr hgfpg kg]5
-s_ kFhLut hu]8f M rQmf gePsf] z]osf] afFsL sd dfu ubf eQmfgL gu]sf]sf0fn] pQm z]onfO hkmt uL k|fKt xg cfPsf] sd kFhLut cgbfg afktk|fKt xg cfPsf] lhGL tyf gub sd tyf aLdssf] kFhL j[l4 ug] p2]Zon]gfkmfaf6 flPsf] sdnfO o zLifsdf hgfpg kg]5
-v_ z]o lk|ldod M aLdsn] cfˆgf] z]o hfL ubf z]osf] clIacutet dNo eGbf a9Lbn] hfL u]sf] x]5 eg] pQm al9 sd hlt o zLifsdf hgfpg kg]5 ozLifsdf hgfOPsf] sd nfef+z ljt0f k|of]hgsf] nflu of]Uo dflgg] 5g
-u_ k|tfljt af]gz z]o M aLdsn] k|tfj uL fwf0f efn] kflt u]sf] t hfLuL gs]sf] af]gz z]onfO o zLifsdf hgfpg kg]5
-3_ ljz]if hu]8f M aLdf ldltsf] lgb]zg adf]lhd sg cGo hu]8f sf]if v8f ugkbf Totf] sdnfO o zLifsdf hgfpg kg]5
-ordf_ cGo hu]8f M aLdsn] cGo k|of]hgsf] nflu v8f u]sf] hu]8fnfO o zLifsdfhgfpg kg]5
-r_ gfkmf gf]Sfg lxfaaf6 f]sf] M aLdssf] gfkmf gf]Sfg lxfaaf6 jfnftdff]sf] gfkmf sdnfO o zLifsdf hgfpg kg]5
3 hLjg aLdf sf]if M lgb]zg adf]lhd fVg kg] hLjg aLdfsf]ifxsf] of]ukmnnfOo zLifsdf hgfpg kg]5
4 dxfndashljkQL hu]8f M 7nf] kldf0fdf aLdf bfjL pTkGg xg Sg] dxfndashljkQL -catastrophy_ sf] cjyfdf aLdssf] ljQLo Ifdtfdf kg Sg] k|ltsn c sd ug]p2]Zon] gfkmfaf6 flPsf] sdnfO o zLifsdf hgfpg kg]5 o zLifsdfhgfOPsf] sd nfef+z ljt0f k|of]hgsf] nflu of]Uo dflgg] 5g
5 ltg afFsL bL3sflng C0f tyf fk6L M jfnftsf] ldltdf eQmfgL ug afFsLbL3sflng fk6LnfO o zLifsdf hgfpg kg]5
42
6 ly DkQL -vb_ MyfoL k|s[ltsf DkQLxsf] sn dNodf Xf ssectf uL afFsL x]sf]sdnfO o zLifsdf hgfpg kg]5
7 bL3sflng nufgL M aLdsn] lgb]zg ^ adf]lhd u]sf] bL3sflng nufgLnfO ozLifsdf hgfpg kg]5
kli6s0f M = jfnftsf] ldltaf6 Ps jif eGbf al9 cjwL kl5 eQmfgLk|fKt xg] sfL sfsf] hdfgt k|fKt ]Sol6Ld2tL lgIf]k gfuls nufgL of]hgf z]o a+s tyfljQLo +yfsf] cu|flwsf z]odividel8j]Gr tyf cGo f]xLk|s[ltsf nufgLxnfO bL3sflng nufgL Demg k5
= aLdsn] klAns sDkgLsf] z]odf nufgL u] afkt k|fKtxg] af]gz z]onfO z]o +Vofdf dfq b]vfO kn df]ndfsg kljtg ug x+bg
amp=s cNksflng nufgL M aLdsn] lgb]zg ^ adf]lhd u]sf] cNksflng nufgLnfO ozLifsdf hgfpg kg]5
kli6s0f M jfnftsf] ldltaf6 Ps jif leq eQmfgL k|fKt xg] sfL sfsf] hdfgt k|fKt ]Sol6L d2tL lgIf]k gfulsnufgL of]hgf a+s tyf ljQLo +yfsf] cu|flwsfz]odividel8j]Gr tyf cGo f]xL k|s[ltsf nufgLxnfOcNksflng nufgL Demg k5
8 aLdfn]vsf] lwtf]df shf M aLdsn] lgb]zg amp adf]lhd k|To]s lsldsf] aLdfsf]aLdfn]vsf] lwtf]df k|bfg u]sf] shfsf] of]ukmnnfO o zLifsdf hgfpg kg]5
9 gub tyf a+s dfHbft M -_ aLds+u x]sf] sn gub dfHbft sd tyf aLdssf]a+sdivideljQLo +yfsf] Aofh k|fKt gxg] vftfdf x]sf] sn sdnfO o zLifsdfhgfpg kg]5
10 cGo bL3sflng shf M lgb]zg amp adf]lhd n]vfIacuteg ulPsf] clestfnfO k|bfgulPsf] bL3sflng shf sdrfLnfO k|bfg ulPsf] bL3sflng shf tyf cGobL3sflng shfsf] of]ukmnnfO o zLifsdf hgfpg kg]5
kli6s0f M jfnftsf] ldltaf6 Ps jif eGbf al9 cjwL kl5 eQmfgLk|fKt xg] clestfnfO k|bfg ulPsf] shf sdrfLnfO k|bfgulPsf] shf tyf cGo f]xL k|s[tLsf shfxnfO bL3sflngshf Demg k5
)s= cGo cNksflng shf M lgb]zg amp adf]lhd n]vfIacuteg ulPsf] clestfnfO k|bfgulPsf] cNksflng shf sdrfLnfO k|bfg ulPsf] cNksflng shf tyf cGocNksflng shfsf] of]ukmnnfO o zLifsdf hgfpg kg]5
kli6s0f M jfnftsf] ldltaf6 Ps jif leq eQmfgL k|fKtxg] clestfnfO k|bfg ulPsf] shf sdrfLnfO k|bfgulPsf] shf tyf cGo f]xL k|s[tLsf shfxnfOcNksflng shf Demg k5
43
11 cGo DkQL M -_ o lgb]zg adf]lhd n]vfIacuteg ulPsf] aLdssf] nufgLaf6 k|fKt xgafFsL cfo aLdfn]vsf] lwtf]df shfaf6 k|fKt xg afFsL Aofh cGo shfaf6 k|fKt xgafFsL Aofh cGo aLdsaf6 k|fKt xg afFsL kgaLdsaf6 k|fKt xg aFfsL ljljwcffdL clu|d eQmfgL sdrfL k]ZsL cGo k]ZsL wf6L tyf cGosf] of]ukmnnfOo zLifsdf hgfpg kg]5
-_ cGo DkQLsf] ljj0f kllzi6 sf] cgrL $ adf]lhd xg kg]5
-_ cn xg afFsL aLdfzNs eP f]sf] of]ukmn kllzi6 sf] cgrL $ dfb]vfpg kg]5 f] cn xg afFsL aLdfzNs afasf] dNtjL -Suspense_ b]vfOvb k|efj (Net effect) zGo agfpg kg]5
12 rfn bfloTj M clestfnfO lbg afFsL cGo aLdsnfO lbg afFsL kgaLdsnfO lbgafFsL aLdfzNs wf6L k0f ljj0f gvn]sf] aLdfzNs ljljw fx xfosdividexf]lN8EumlsDkgLnfO lbg afFsL gtf]tdf ssectf ulPsf] s ltg afFsL cfos ltg afFsL]jfzNs ltg afFsL sdrfLnfO ltg afFsL +rfnsnfO ltg afFsL tyf cGo ltgafFsL sdxsf] of]ukmnnfO o zLifsdf hgfpg kg]5
13 cdfKt hf]lvd jfkt Jojyf M lgb]zg ( adf]lhdsf] cdfKt hf]lvd Jojyfsf]of]ukmnnfO o zLifsdf hgfpg kg]5
14 eQmfgL xg afFsL bfjL jfkt Jojyf M k|To]s lsldsf] aLdfsf] eQmfgL xg afFsLbfjLsf] nflu ulPsf] Jojyfsf] of]ukmnnfO o zLifsdf hgfpg kg]5
15 ckn]vg jf dfof]hg xg afFsL ljljw vrx M ckn]vg ug afFsL k|flDes vrckn]vg ug afFsL kj +rfng vr ckn]vg ug afFsL yug ulPsf vr tyfcGo ckn]vg jf dfof]hg gePsf vrxsf] of]ukmnnfO o zLifsdf hgfpgkg]5
-3_ k|dv rsfIacutexdf +nUg zLifsxsf] +lIfKt JofVof
1 g]6 jy = rQmf kFhL plusmn hu]8f tyf sf]if plusmn dxf ljkQL hu]8f ndashckn]vg jfdfof]hg xg afFsL ljljw vrx ndash gfkmf gf]Sfg lxfaaf6 f]sf] gf]Sfg
2 k|lt z]o lstfaL dNo = g]6 jydividefwf0f z]o +Vof
3 k|lt z]o cfo = vb gfkmfdividefwf0f z]o +Vof
4 dNo cfDbfgL cgkft = k|lt z]o ahf dNodividek|lt z]o cfo
5 sn DklQ = ly DklQ plusmn nufgL plusmn aLdfn]vsf] lwtf]df shf plusmn rfnDklQ shf tyf k]ZsLx
![Page 24: hLjg aLdf Joj;fo ug]{ aLdssf] ljQLo ljj/0f ;DaGwL lgb]{zg](https://reader033.vdocuments.site/reader033/viewer/2022053020/6291631db7b57c39db6663d6/html5/thumbnails/24.jpg)
24
cgrLndash
Jojyf lkmtfqm=+= ljj0f o aif ut aif= nufgLdf gf]SfgLsf] nflu Jojyf lkmtf= shfdf gf]SfgLsf] nflu Jojyf lkmtf= z+sfkb cffdL Jojyf lkmtf$ cGo Jojyf lkmtf
hDdf
cgrLndash
ckn]vg vrx
qm=+= ljj0f o aif ut aif1 k|flDes vrx2 kj +rfng vrx3 k flPsf vrx4 ckn]vg ulPsf] nufgL5 ckn]vg ulPsf] shf6 ckn]vg ulPsf] cffdL7 cGo ckn]vg
hDdf
cgrLndash$
cGo vrx
qm=+= ljj0f o aif ut aif
1 b08 hljfgf
2 ljnDa zNs hljfgf
3 cGo -ljj0f vnfpg]_
hDdf
cgrLndash
gf]SfgLsf] nflu Jojyfqm=+= ljj0f o aif ut aif= nufgLdf gf]SfgLsf] nflu Jojyf= shfdf gf]SfgLsf] nflu Jojyf= z+sfkb cffdL Jojyf$ cGo Jojyf
hDdf
25
cgrLndash^
-s_ z]o kFhL
qm=+= ljj0f o aif ut aifclws[t kFhLs_ ================= bsf] ======== yfg fwf0f z]ov_ ============ bsf] ====yfg ckljtgLo cu|flwsfz]o
=
u_ ========== bsf] ====== yfg kljtgLo cu|flwsfz]ohfL kFhLs_ ================= bsf] ======== yfg fwf0f z]ov_ ============ bsf] ====yfg ckljtgLo cu|flwsfz]o
=
u_ ========== bsf] ====== yfg kljtgLo cu|flwsfz]orQmf kFhLs_ ================= bsf] ======== yfg fwf0f z]oGog eQmfgL k|fKt xg afFsL ==== bsf] ===yfg fwf0fz]ov_ ============ bsf] ====yfg ckljtgLo cu|flwsfz]o
=
u_ ========== bsf] ====== yfg kljtgLo cu|flwsfz]o
hDdf-v_ z]o jfldTjsf] +rgf
o aif ut aifz]owgL
fwf0f z]o+Vof
jfldTjsf] Uuml fwf0fz]o +Vof
jfldTjsf] Uuml
g]kfnL +ul7t +yfx
g]kfnL gfuls
ljb]zL+y
fks
hDdf
jfwf0f
cGo -ljj0f vnfpg]_
sn
-u_ Ps k|ltzt jf a9L z]o jfldTj ePsf z]owgLxsf] ljj0f
o aif ut aifqm=+= ljj0f
jfldTjsf] Uuml sd jfldTjsf] Uuml sd
=
=
=
26
cgrLndashamp
hu]8f tyf sf]if
qm=+= ljj0f o aif ut aif
1 kFhLut hu]8f
2 ljz]if hu]8f
3 cGo hu]8f -ljj0f vnfpg]_
4 z]o lk|ldod
5 k|tfljt af]gz z]o
6 Gffkmf gf]Sfg lxfaaf6 f]sf] gfkmf
hDdf
cgrLndash
dxfndashljklQ hu]8fjifsf] zdf dxfndashljklQ hu]8f gfkmf gf]Sfg lxfaaf6 f]sf] jifsf] cGTodf dxfndashljklQ
hu]8fo jif ut jif o jif ut jif o jif ut jif
cgrLndash(
ltg afFsL bL3sflng C0f tyf fk6L
qm=+= ljj0f o aif ut aif
l8j]Gr divide a08
a+s
ljQLo +yf
$ cGo -ljj0f vnfpg]_
hDdf
27
cgrLndash)
ly DklQ
ljj0f kn df]n Xf ssectL vb df]n
zdfHbft
ojif
yk]sf]
ojif
36]sf]
hDdf utjifDd
ojif
laqmLdivide
dfof]hg
hDdf ojifDdsf]
UftjifDdsf]
lk|m xf]N8hldg
ejg
kmlgrtyf
lkmSr
sfofnofdfg
sDKo6tyfrgfk|ljwLpks0f
cb[ZoDklQ-ljj0fvnfpg]_
jfLfwg
lnh xf]N8DklQ
cGo-k|s[ltvnfpg]_
hDdf
lgdf0fflwgkFhLutvr
sn
ut jif
28
cgrLndash
nufgL
qm=+= ljj0f o aif ut aif-s_ bL3sflng nufgL M sfL sfsf] hdfgt k|fKt ]Sol6L jfl0fHo a+ssf] d2tL lgIf]k ljsf a+ssf] d2tL lgIf]k$ gfuls nufgL of]hgf ljQLo +yfsf] d2tL lgIf]k^ cfjf ljQ sDkgLsf] fwf0f z]o -cgrL = adf]lhd_amp cGo sDkgLsf] fwf0f z]o -cgrL = adf]lhd_ a+s tyf ljQLo +yfsf] cu|flwsf z]odividel8j]Gr( cGo -ljj0f vnfpg]_
hDdf M-v_ cNksflng nufgL M sfL sfsf] hdfgt k|fKt ]Sol6L jfl0fHo a+ssf] d2tL lgIf]k ljsf a+ssf] d2tL lgIf]k$ gfuls nufgL of]hgf ljQLo +yfsf] d2tL lgIf]k^ a+s tyf ljQLo +yfsf] cu|flwsf z]odividel8j]Gramp jfl0fHo a+ssf] Aofh k|fKt xg] cGo lgIf]k ljsf a+ssf] Aofh k|fKt xg]] cGo lgIf]k( ljQLo +yfsf] Aofh k|fKt xg] cGo lgIf]k) cGo Aofh k|fKt xg] nufgL -ljj0f vnfpg]_
hDdf McgrLndash=
z]odf nufgL
qm=+= sDkgL vb sd c+lst dNo kn dNo ahf dNo
= ======sDkgLsf]=============yfg====z]o
= ======sDkgLsf]=============yfg=====z]o
= ======sDkgLsf]=============yfg=====z]o
hDdf
gf]6 M = aLdssf] xfos sDkgLdividexf]lN8Euml sDkgL tyf +oQm nufgL ePsf] sDkgLsf] z]odf ePsf]nufgLnfO
5sectfndash5sect vnfpg kg]5
= lgodfgf lrs[t gePsf z]odf ePsf] nufgLnfO 5sect vnfpg kg]5
= +yfks z]o cGo z]odf ePsf] nufgLnfO 5sectf5sect vnfpg kg]5
29
cgrLndash
gub tyf a+s dfHbft
qm=+= ljj0f o aif ut aifgub dfHbft
hDdfa+s dfHbftjfl0fHo a+sxsf] dfHbftljsf a+sxsf] dfHbftljQLo +yfxsf] dfHbft
cGo -ljj0f vnfpg]_hDdfsn
cgrLndash
cGo shf
qm=+= ljj0f o aif ut aif-s_ bL3sflng shf= clestfnfO shf= sdrfLnfO shf= cGo -ljj0f vnfpg]_
hDdf-v_ cNksflng shf= clestfnfO shf= sdrfLnfO shf= cGo -ljj0f vnfpg]_
hDdfcgrLndash$
cGo DklQqm=+= ljj0f o aif ut aif1 nufgLaf6 k|fKt xg afFsL cfo2 aLdfn]vsf] lwtf]df shfaf6 k|fKt xg afFsL Aofh3 cGo -aLdfn]vsf] lwtf]df afx]s_ shfaf6 k|fKt xg afFsL
Aofh4 cGo aLdsaf6 k|fKt xg afFsL5 kgaLdsaf6 k|fKt xg afFsL6 ljljw cffdL7 clu|d eQmfgL8 sdrfL k]ZsL9 cGo k]ZsL10 wf6L11 cn xg afFsL aLdfzNs
Gog M cn xg afFsL aLdfzNs dNtjL -suspense_12 cGo ljj0f vnfpg]
hDdf M
30
cgrLndash
rfn bfloTj
qm=+= ljj0f o aif ut aif1 clestfnfO lbg afFsL2 cGo aLdsnfO lbg afFsL3 kgaLdsnfO lbg afFsL4 cNksflng shf5 aLdfzNs wf6L6 k0f ljj0f gvn]sf] aLdfzNs7 ljljw fx8 xfosdividexf]lN8Euml sDkgLnfO lbg afFsL9 gtf]tdf ssectf ulPsf] s ltg afFsL10 dNo clea[l4 s ltg afFsL11 cfos ltg afFsL12 ]jf zNs ltg afFsL13 sdrfLnfO lbg afFsL14 +rfnsnfO lbg afFsL15 eQmfgL lbg afFsL nfef+z -l8le8]08_16 cGo -ljj0f vnfpg]_
hDdf
cgrLndash^
cdfKt hf]lvd Jojyfqm=+= ljj0f o aif ut aif= ===========aLdfsf] cdfKt hf]lvd hu]8f= ===========aLdfsf] cdfKt hf]lvd hu]8f= ===========aLdfsf] cdfKt hf]lvd hu]8f
===========aLdfsf] cdfKt hf]lvd hu]8f
hDdf
31
cgrL ^scGo Aojyf
aifsf] zdf Aojyfrfn cf=a=df yk ulPsf]
Aojyfrfn cf=a=df ckn]vg
ulPsf] Aojyfrfn cf=a=df lkmtfulPsf] Aojyf
aifsf] cGtdf sfodx]sf] Aojyf
qm=+=
ljj0fo jif ut jif o jif ut jif o jif ut jif o jif ut jif o jif ut jif
nfef+z -l8le8]08_ sf] nflu Aojyf
nufgLdf gf]SfgLsf] nflu Aojyf
shfdf gf]SfgLsf] nflu Aojyf
$ z+sfZkb cffdLsf] nflu Aojyf
cGo gf]SfgLsf] nflu Aojyf
^ sdrfL DaGwL Aojyf-s_ k]Gg tyf pkbfg Aojyf-v_ ljbf jfkt Aojyf-u_ cfjf tyf cGo ljwf Aojyf-3_ sdrfL af]g Aojyf-ordf_ cGo
amp cGo Aojyf -ljj0f vnfpg]_
hDdf
32
cgrLndashamp
ckn]vgdividedfof]hg xg afFsL ljljw vrxqm=+= ljj0f o aif ut aif1 ckn]vg ug afFsL k|flDes vr2 ckn]vg ug afFsL kj +rfng vr3 ckn]vg ug afFsL yug ulPsf vr4 cGo -ljj0f vnfpg]_
hDdf
cgrL ndash
ljQLo ljj0f+u DalGwt k|dv n]vf gLltx
n]vf DaGwL gLltdf vnfpg kg] aFbfx M aLdsn] n]vf DaGwL gLltdf b]xfosf aFbfxvnfpg kg]5
1 ljQLo ljj0f tofLsf cfwfx M sg sg cjwf0ff -concept_ tyf n]vfdfgx sfgg tyf aLdf ldltsf lgb]zgxsf] clwgdf xL ljQLo ljj0f tof ulPsf] xf]f]sf] Joxf]f
ljQLo ljj0f tof ubf sg sfgg aLdf ldltsf] lgb]zg jf n]vfdfg kfngf gePsf]eP f]sf] sf0f lxt Joxf]f
2 ly DklQ n]vfIacuteg gLlt M ly DklQ n]vfIacuteg ubf cjnDag ulPsf] gLlt
3 Xf ssectL gLlt M aLdssf] +rfns ldltaf6 kflt uL nfu ulPsf] Xf ssectL gLlt
4 kFhLs[t gulg] DklQx DaGwL n]vfIacuteg gLlt M aLdssf] +rfns ldltn] sg lglZrtdf]nDd kg] pks0f fdfgx kFhLs[t gug] gLlt lnPsf] 5 eg] f]sf] Joxf]f
5 cfos Jojyf tyf afF8kmFf8 gLlt M cfos Jojyf DaGwdf aLdsn] cjnDag u]sf]gLlt aLdsn] gfkmf gf]Sfg lxfa tyf cfo Joo lxfadf Totf] Jojyf sdafF8kmFf8 ubf cjnDag u]sf] gLlt
6 nufgL n]vfIacuteg gLlt M nufgL n]vfIacutegsf] DaGwdf aLdsn] cjnDag u]sf] gLltxnfOb]xfosf zLifsx cGtut vnfpg kg]5
-s_ sfL artkqdivideC0fkqdf nufgL n]vfIacuteg gLlt
-v_ a+sdivideljQLo +yfsf] d2tL lgIf]kdf nufgL n]vfIacuteg gLlt
-u_ klAns lnld6]8 sDkgLsf] z]odf nufgL n]vfIacuteg gLlt
-3_ klAns lnld6]8 sDkgLn] hfL u]sf] C0fkqxdf nufgL n]vfIacuteg gLlt
7 6xL 36a9 dfof]hg gLlt M ljb]zL db|f+u DalGwt DklQ bfloTj tyf 6xL36a9 cfDbfgL tyf vrxsf] n]vfIacuteg gLlt
8 aLdfzNs cfDbfgL n]vfIacuteg gLlt M aLdsn] aLdfzNs cfDbfgL n]vfIacuteg ubf cjnDagu]sf] gLlt
33
9 kgaLdf sldzg cfDbfgL n]vfIacuteg gLlt M aLdsn] kgaLdf u] afkt k|fKt ug] sldzgsf]n]vfIacuteg ubf cjnDag u]sf] gLlt
10 cGo cfo n]vfIacuteg tyf afF8kmFf8 gLlt M aLdsn] ef8f -Rent_ tyf cGo zLifsaf6 ePsf]cfo n]vfIacuteg tyf afF8kmFf8 ubf cjnDag u]sf] gLlt
11 shf n]vfIacuteg gLlt M aLdsn] aLdfn]vsf] lwtf]df k|bfg u]sf] shf tyf cGo shfn]vfIacuteg ubf cjnDag u]sf] gLlt
12 Jojyfkg vr afF8kmFf8 gLlt M aLdsn] gfkmf gf]Sfg lxfa tyf cfo Joo lxfaxdfJojyfkg vr afF8kmFf8 ubf cjnDag u]sf] gLlt
13 aLdf bfjL eQmfgL vr n]vfIacuteg gLlt M aLdsn] aLdf bfjL eQmfgL vr n]vfIacuteg ubfcjnDag u]sf] gLlt
14 aLdf bfjL afkt bfloTj Jojyf n]vfIacuteg gLlt M -s_ gt[hgf ePsf] t hfgsfLdfgcfPsf] -IBNR_ aLdf bfjL afkt bfloTj Jojyf n]vfIacuteg ubf aLdsn] cjnDagu]sf] gLlt
-v_ aLdsn] aLdf bfjL bfloTj afkt Jojyf ubf cjnDag u]sf] gLlt
15 aLdf Jojfodf art afF8kmFf8 gLlt M aLdsn] gfkmf gf]Sfg lxfa tyf cfo Joolxfaxdf art afF8kmFf8 ubf cjnDag u]sf] gLlt
16 sdrfL pkbfg ljbf tyf cGo ljwf afkt Jojyf gLlt M aLdsn] sdrfL pkbfgljbf tyf cGo ljwf afkt Jojyf ubf cjnDag u]sf] n]vfIacuteg gLlt
17 z+sfkb cffdL Jojyf gLlt M aLdsn] z+sfkb cffdL Jojyf ubf cjnDag u]sf]gLlt
18 ckn]vg vr n]vfIacuteg gLlt M aLdsn] cjnDag u]sf] ckn]vg vr DaGwL gLlt
19 cGo gLltx M plNnlvt gLltx afx]s jfnft gfkmf gf]Sfg lxfa cfo Joo lxfanufotsf ljQLo ljj0fnfO apermilg ljZn]if0f ug 3fp kUg] uL cGo sg] n]vf gLltsf]hfgsfL lbg cfjZos b]lvPdf f] Joxf]f
34
cgrLndash(
ljQLo ljj0f+u DalGwt n]vf DaGwL l6Kk0fLx
n]vf DaGwL l6Kk0fLdf vnfpg kg] aFbfx M aLdsn] n]vf DaGwL l6Kk0fLdf b]xfosf aFbfxvnfpg kg]5
= Defljt bfloTjx M
c_ rQmf jf eQmfgL xg afFsL nufgL
cf_ k|Tofelt k|lta4tf -underwriting commitments_
O_ aLdfn]v cGtut eGbf afx]saf6 aLds pk bfjL k]sf] t aLdsn] bfloTj jLsfgu]sf]
O_ aLdsn] jf aLdssf] tkmaf6 lbOPsf] Uof]06L
p_ cGo bfloTj -ljj0f vnfpg]_
= aLdfIacuteLn] aLdssf] bfloTj dNofIacuteg ubf cjnDag u]sf] cfwfx
= aLdssf] DklQdf cfPsf] Lldttf tyf ljjfbx
$= shf nufgL tyf ly DklQsf] nflu ulPsf] k|lta4tf
= nufgL+u DalGwt b]xfosf vLb laqmL Demftfxsf] dNo M
c_ vLb ulPsf] DklQsf] jfldTj k|fKt gePsf]
cf_ laqmL ulPsf] DklQsf] eQmfgL k|fKt gePsf]
^= o jifeL ulPsf] nufgL tyf laqmLdividelkmtf lnPsf] nufgLsf] DaGwdf +yf ldltkldf0f sd d]t vn]sf] ljj0f
amp= a+s dfHbft lxfa DaGwdf DalGwt a+sdivideljQLo +yfsf] 6]6d]06 lxtsf] lxfaldnfg DaGwL Joxf]f
= aLdsdividekgaLds+u lng lbg afFsL lxfa DaGwdf DalGwt aLdsdividekgaLdssf]dyg lxtsf] lxfa ldnfg DaGwL Joxf]f
gf]6 Mndash bnfn (Broker) dfkmt ePsf] kgaLdfsf] xsdf fdfGot DalGwt bnfnn]kgaLdssf] tkmaf6 dyg lbg Sg]5
(= aLdsn] u]sf] nufgL k|rlnt aLdf P]g lgodfjnL tyf aLdf ldltaf6 tf]lsP adf]lhdx] gx]sf]
)= aLdssf] +rfns jf +rfns+u DalGwt JolQm jf +yf+u ePsf] sff]af
= aLdsn] cfˆgf] DklQsf] If0fdf lnPsf] C0fsf] lwtf] zt tyf cflrTo
= aLdsn] s rQmf k|df0fkq k|fKt u]sf] cf=j=tyf Totf] rQmf k|df0fkq k|fKt xg afFsLcf=j= f] DaGwL ljj0fsf fy] cl3Nnf] cf=j=xsf] s hljfgf Aofh afkt bfjLk]sf] o cf=j=df eQmfgL ePsf] sd
= lkmtf u]sf] aLdfzNssf] kldf0f sf0f
35
$=aLdsn] aLldtnfO k|bfg ug] 3f]lift tyf cGtld af]gsf] b
=l9nf] aLdfzNs eQmfgLdf lanDa zNsdivideAofhsf] b tyf aLdfn]vsf] lwtf]df k|bfg ulg]shfdf Aofhsf] b
^=ckn]vg xg afFsL vrsf] ljj0f
amp=rQmf kFhL dWo] clu|d eQmfgL k|fKt -Paid in advance_ eQmfgL k|fKt xg afFsL -Call inarrears_ hkmt ulPsf t kgM lgisfzg gulPsf z]osf] ljj0f
=lnh xf]N8 DklQdf ut jifDd o jif vr (Amortization) n]lvPsf] sdsf]ljj0f
(= jifeldf ePsf] jfnft aflxsf] sff]afsf] ljj0f
)= cl3Nnf aifx+u DalGwt cfDbfgL tyf vrxsf] 5sectf5sect ljj0f
=plNnlvt aFbfx afx]s jfnft gfkmf gf]Sfg lxfa cfo Joo lxfa nufotsfljQLo ljj0fxnfO apermilg ljZn]if0f ug 3fp kUg] cGo sg hfgsfL lbg cfjZosb]lvPdf cGo Joxf]f d]t vnfpg kg]5
36
cgrL )k|dv rsfIacutex
cf=a=qm=+= ljj0f rsfIacute
g]6 jy = z]o +Vof +Vof k|lt z]o lstfjL dNo =$ vb gfkmf = k|lt z]o cfo (EPS) =^ k|lt z]o nfef+z (DPS) =amp k|lt z]o ahf dNo (MPPS) = dNo cfDbfgL cgkft (PE Ratio) cgkft( k|yd aifsf] aLdfzNs =) sn aLdfzNs = vb aLdfzNsdividesn aLdfzNs k|ltzt vb gfkmfdividesn aLdfzNs k|ltzt sn aLdfzNsdividesn DklQ k|ltzt$ nufgL shfaf6 cfodividesn nufgL shf k|ltzt sn nufgL shfdividehLjg aLdfsf]if k|ltzt^ kgaLdf sldzg cfodividesn kgaLdfzNs k|ltztamp Jojyfkg vrdividesn aLdfzNs k|ltzt aLdf clestf DalGw vrdividesn aLdfzNs k|ltzt( aLdf clestf +Vof +Vof) sdrfL +Vof +Vof sfofnosf] +Vof +Vof sdrfL vrdivideJojyfkg vr k|ltzt sdrfL vrdividesdrfL +Vof =$ eQmfgL xg aFfsL bfjL sddivideeQmfgL ePsf] bfjL
sdk|ltzt
sn sfod x]sf] aLdfn]vsf] +Vof +Vofdf^ o jif gjLs0f ePsf] aLdfn]vsf] +Vofdivideut
jif sfod x]sf] aLdfn]vsf] +Vofk|ltzt
amp bfjL k]sf] aLdfn]vsf] +Vofdividesn sfod x]sf]aLdfn]vsf] +Vof
k|ltzt
f]Ne]GL dflhg k|ltzt( 3f]lift af]g b =
k|ltxhf) cGtld af]g b =
k|ltxhf
37
cgrL ndash
aLdfIacutesf] ljj0f
sfod x]sf]aLdfn]vsf] +Vof
sfod x]sf]aLdfn]v cGtut
hDdf aLdfIacute
d of6 ls(Sum at Risk)
kgaLdsnfOxtfGt0f ulPsf]
d of6 ls(Sum at Risk)
aLdsn] wf0fu]sf] d of6ls (Sum at
Risk)
qm=+= aLdfsf] lsld
o jif ut jif o jif ut jif o jif ut jif o jif ut jif o jif ut jif
hDdf
38
kllzi6 ndash
-lgb]zg +u DalGwt_
ljQLo ljj0fsf zLifsxsf] +lIfKt JofVof
-s_ cfo Joo lxfa tyf f] DaGwL cgrLsf zLifsxsf] +lIfKt JofVof M
1 k|ToIf aLdfzNs M aLdsn] kgaLdf jLsf u] afkt k|fKt aLdfzNs afx]s k|ydjifsf] aLdfzNs gjLs0f aLdfzNs Psn aLdfzNssf] of]ukmnaf6 lgodfgflkmtf u]sf] aLdfzNs ssectf uL o zLifsdf hgfpg kg]5
2 sn aLdfzNs M k|ToIf aLdfzNs aLdsn] kgaLdf jLsf u] afkt k|fKtaLdfzNssf] of]ukmnnfO o zLifsdf hgfpg kg]5
3 aLdfzNs -vb_ M sn aLdfzNsaf6 kgaLdf lbP afktsf] kgaLdf zNs ssectf uLafFsL sdnfO o zLifsdf hgfpg kg]5
4 kgaLdf sldzg cfo M -s_ aLdsn] kgaLdf lbP afkt k|fKt xg] kgaLdfsldzgnfO o zLifsdf hgfpg kg]5
-v_ aFbf g+=-s_ sf] cltlQm kgaLdsaf6 dgfkmf sldzg -Profit Commission_k|fKt ePdf f]nfO o zLifsdf dfj]z uL f]sf] Joxf]f n]vf DaGwLl6Kk0fLdf vnfpg kg]5
5 nufgL shf tyf cGoaf6 cfo M sfL ]Sol6Laf6 cfo d2tL lgIf]kaf6 cfoklAns sDkgLsf] z]odividel8j]Graf6 cfo ef8faf6 cfo shfaf6 cfo -aLdfn]vsf]lwtf]df shf afx]s_ cGo lgIf]kaf6 -d2tL afx]s_ cfo nufgL laqmLdf gfkmf -GognufgL laqmLdf gf]Sfg_ nufgL -vLb_ df gfkmf -Gog nufgL vLbdf gf]Sfg_ly DklQ laqmLaf6 gfkmf -Gog ly DklQ laqmLaf6 gf]Sfg_ vftf ckn]vgaf6cfo tyf cGo cfosf] of]ukmnnfO lgb]zg adf]lhd afF8kFmf8 uL cfPsf]sdnfO o zLifsdf hgfpg kg]5
6 aLdfn]vsf] lwtf]df shfaf6 cfo M aLdfn]vsf] lwtf]df shf k|bfg u] afkt k|fKt xg]Aofh lanDa zNs htf cfonfO o zLifsdf hgfpg kg]5
7 cGo k|ToIf cfoM aLldtn] tf]lsPsf] cjlwleq aLdfzNs gaemfP afkt aLdsn]eQmfgL k|fKt u]sf] hljfgfdivideAofhdivideljnDa zNs tyf aLdfn]vsf] k|ltlnkL btcfo l6s6 bt htf f]xL aLdfsf] lsld+u k|ToIf kdf DalGwt cfonfO ozLifsdf hgfpg kg]5
8 bfjL eQmfgL -vb_ M aLdsn] eQmfgL u]sf] d[To bfjL cjlw dfKtL bfjL cf+lzscjlw dfKtL bfjL dk0f dNo tyf cGo bfjLsf] of]ukmnnfO o zLifsdfhgfpg kg]5
9 clestf sldzg M k|yd jifsf] aLdfzNsdf clestf sldzg gjLs0f aLdfzNsdfclestf sldzg Psn aLdfzNsdf clestf sldzgsf] of]ukmnaf6 kgaLdssf]lxf ssectf uL afFsL sd o zLifsdf hgfpg kg]5
10 jfYo kLIf0f zNs M aLdf hf]lvdfIacutegsf] nflu jfYo kLIf0f ufP afkt aLdsn]Joxf]g k]sf] jfYo kLIf0f zNsnfO o zLifsdf hgfpg kg]5
39
11 kgaLdf sldzg vr M aLdsn] kgaLdf jLsf u] afkt eQmfgL ug kg] sldzgsdnfO o zLifsdf hgfpg kg]5
12 ]jf zNs -vb_ M aLdf ldltnfO aemfpg kg] sn ]jf zNsaf6 kgaLdssf] lxfssectf uL afFsL sdnfO o zLifsdf hgfpg kg]5
13 cGo k|ToIf vr M aLdfsf] lsld+u k|ToIf kn] DalGwt x]sf] cGo vrnfO ozLifsdf hgfpg kg]5
14 Jojyfkg vr M lgb]zg $ adf]lhd afF8kmFf8 uL cfPsf] sdnfO o zLifsdfhgfpg kg]5
15 cfos M -_ aLdssf] cfos bfloTjnfO lgb]zg adf]lhd afF8kmFf8 uL cfPsf]sdnfO o zLifsdf hgfpg kg]5 osf] ljj0f kllzi6 sf] cgrL adf]lhd xg kg]5
-_ cl3Nnf jif-x_ sf] cfos bfloTjnfO kllzi6 sf] cgrL sf] aeligcl3Nnfjifxsf] cfosAElig zLifsdf hgfpg kg]5 t Totf] cfosdf nfu]sf]b08dividehljfgfdivideljnDa zNsnfO gfkmf gf]Sfg lxfasf] aeligcl3Nnf jif+uDalGwt vrAElig zLifsdf hgfpg kg]5
16 cflys jifsf] cGTodf eQmfgL xg afFsL bfjL afkt Jojyf M cflys jifsf] cGTodfeQmfgL xg afFsL d[To bfjL cjlw dfKtL bfjL cf+lzs cjlw dfKtL bfjL dk0fdNo bfjL cGo bfjL tyf gt[hgf ePsf] t hfgsfLdf gcfPsf] bfjLsf] of]ukmndfaLdf lgodfjnL )$( sf] lgod sf] v08 -3_ adf]lhdsf] sd yk ubf xgcfpg] sdnfO o zLifsdf hgfpg kg]5
aLdssf] cgejsf] cfwfdf [hgf ePsf] t hfgsfLdf gcfPsf] bfjLsf] nflusd Aojyf ug kg]5
17 cflys jifsf] cGTodf cdfKt hf]lvd afkt Jojyf M aLdf cjlw dfKtL afktbfjL eQmfgL ug gkg] lsldsf] aLdfsf] cdfKt hf]lvd afkt lgb]zg ( adf]lhdJojyf uL cfPsf] sd o zLifsdf hgfpg kg]5
18 hLjg aLdf sf]ifdividegfkmf gf]Sfg lxfadf f]sf] artdivide-gf]Sfg_ M -_ aLdf cjlwdfKtL afkt bfjL eQmfgL ug kg] lsldsf] aLdfsf] cfo Joo lxfaaf6 art -surplus_ ePsf] cjyfdf o zLifsnfO aelighLjg aLdf sf]ifdf f]sf] artAElig sfoduL Totf] art sdnfO o zLifsdf hgfpg kg]5
-_ aLdf cjlw dfKtL afkt bfjL eQmfgL ug kg] lsldsf] aLdfsf] cfo Joolxfaaf6 gf]Sfg ePsf] cjyfdf o zLifsnfO aeliggfkmf gf]Sfg lxfadff]sf] gf]SfgAElig sfod uL Totf] gf]Sfg sdnfO o zLifsdf C0ffTdskdf hgfpg kg]5
-_ aLdf cjlw dfKtL afkt bfjL eQmfgL ug gkg] lsldsf] aLdfsf] cfo Joolxfasf] nflu o zLifsnfO aelighLjg aLdf sf]ifdf f]sf] sdAElig aeliggfkmfgf]Sfg lxfadf f]sf] artdivide-gf]Sfg_AElig uL bOj6f zLifs sfod uL aelighLjgaLdf sf]ifdf f]sf] sdAElig zLifsdf lgb]zgndash adf]lhdsf] sd hgfO afFsLsdnfO aeliggfkmf gf]Sfg lxfadf f]sf] artdivide-gf]Sfg_AElig zLifsdf hgfpgkg]5 tf]lsP adf]lhd hLjg aLdf sf]ifdf f]sf] sd hgfp+bf gf]Sfg ePdf
40
aeliggfkmf gf]Sfg lxfadf f]sf] artdivide-gf]Sfg_AElig zLifsdf Totf] gf]Sfg ePsf]sdnfO C0ffTds kdf hgfpg kg]5
-v_ gfkmf gf]Sfg lxfa tyf DalGwt cgrLsf zLifsxsf] +lIfKt JofVof M
1 cfo Joo lxfaaf6 f]sf] M aLdf cjlw dfKtL afkt bfjL eQmfgL ug gkg]lsldsf] aLdfxsf] cfo Joo lxfaaf6 aeliggfkmf gf]Sfg lxfadf f]sf] artdivide-gf]Sfg_AElig sdxsf] of]ukmnnfO o zLifsdf hgfpg kg]5
2 hLjg aLdf sf]ifaf6 f]sf] M k|rlnt sfggL Jojyf adf]lhd aLdssf] bfloTjsf]n]vfhf]vf DaGwL aLdfIacuteLsf] k|ltj]bg d]tsf] cfwfdf hLjg aLdf sf]ifaf6 gfkmfgf]Sfg lxfadf fgsf nflu ldltn] jLs[lt k|bfg u]sf] sdnfO o zLifsdfhgfpg kg]5
3 nufgL shf tyf cGoaf6 cfo M lgb]zg adf]lhd afF8kFmf8 uL cfPsf] sdnfOo zLifsdf hgfpg kg]5
4 Jojyf lkmtf M nufgLdf gf]SfgLsf] nflu ulPsf] Jojyf shfdf gf]SfgLsf] nfluulPsf] Jojyf z+sfkb cffdLsf] nflu ulPsf] Jojyf tyf cGosf] nfluulPsf] Jojyf sd cf+lzs jf k0fkn] sfod fVg kg] cjyf gx]df TotfsdxnfO o zLifsdf hgfpg kg]5
5 cGo cfDbfgL M aLdf Aojfo+u f]sf gePsf] kj +rfng cfDbfgL htfcfDbfgLxsf] of]ukmnnfO o zLifsdf hgfpg kg]5
6 Jojyfkg vr M lgb]zg $ adf]lhd afF8kmFf8 uL cfPsf] sdnfO o zLifsdfhgfpg kg]5
7 ckn]vg vr M k|flDes vrx kj +rfng vrx k flPsf vrx nufgLshf cffdL tyf cGo ckn]vg ulPsf] vrnfO o zLifsdf hgfpg kg]5 t+yfks +rfns tyf pRr Jojyfks jf lghx+u DalGwt JolQmdivide+yfDaGwL cffdL ckn]vg ug kfOg] 5g
8 cGo vrx M k|rlnt sfgg adf]lhd aLdf ldlt tyf cGo lgsfon] aLdsnfOtf]s]sf] b08 hljfgf aLdsn] pkof]u u]sf] ]jfsf] aemfpg kg] zNs dodfgaemfP afkt ltg kg] ljnDa zNs hljfgf nufotsf vrx o zLifsdfhgfpg kg]5
9 gf]SfgLsf] nflu Jojyf M nufgLdf gf]SfgLsf] nflu Jojyf shfdf gf]SfgLsf]nflu Jojyf z+sfkb cffdL Jojyf tyf cGo JojyfnfO o zLifsdf hgfpgkg]5
10 cfos M aLdssf] cfos bfloTjnfO lgb]zg adf]lhd afF8kmFf8 uL cfPsf]sdnfO o zLifsdf hgfpg kg]5
11 hLjg aLdf sf]ifdf f]sf] M aLdssf] bfloTjsf] n]vf hf]vf uL aLdfIacuteLn] lbPsf]dNofIacuteg k|ltj]bg d]tsf] cfwfdf ldltn] lbPsf] cfb]zdividelgb]zg adf]lhd hLjg
41
aLdf sf]ifdf f]sf] sdnfO o zLifsdf b]vfpg kg]5 oL hLjg aLdf sf]ifdff]sf] sd gfkmf gf]Sfg lxfadf lkmtf ug kfOg] 5g
12 cl3Nnf jif+u DalGwt vr M cl3Nnf jif-x_sf] cfosdf nfu]sf]b08dividehljfgfdivideljnDa zNs tyf cl3Nnf jifxdf n]vfIacuteg ug 56]sf vrxnufotsf cl3Nnf jif+u DalGwt vrnfO o zLifsdf hgfpg kg]5
-u_ jfnft tyf DalGwt cgrLsf zLifsxsf] +lIfKt JofVof M
1 rQmf kFhL M eQmfgL k|fKt ePsf] fwf0f z]o ckljtgLo cu|flws z]o tyfkljtgLo cu|flwsf z]o afktsf] sdsf] of]ukmnnfO o zLifsdf hgfpg kg]5
2 hu]8f tyf sf]if M aLdsn] hu]8f sfod ug] lnlnfdf gfkmfaf6 afF8kmfF8 ecfPsf jf cGo sg] k|lqmofaf6 gt[hgf ePsf tyf gfkmf gf]Sfg lxfadf afF8kmFf8guL +ro uL flvPsf] sdxnfO o zLifsdf hgfpg kg]5 oL hu]8f k|of]uubf DalGwt hu]8f tyf sf]if lxfadf vr hgfpg kg]5
-s_ kFhLut hu]8f M rQmf gePsf] z]osf] afFsL sd dfu ubf eQmfgL gu]sf]sf0fn] pQm z]onfO hkmt uL k|fKt xg cfPsf] sd kFhLut cgbfg afktk|fKt xg cfPsf] lhGL tyf gub sd tyf aLdssf] kFhL j[l4 ug] p2]Zon]gfkmfaf6 flPsf] sdnfO o zLifsdf hgfpg kg]5
-v_ z]o lk|ldod M aLdsn] cfˆgf] z]o hfL ubf z]osf] clIacutet dNo eGbf a9Lbn] hfL u]sf] x]5 eg] pQm al9 sd hlt o zLifsdf hgfpg kg]5 ozLifsdf hgfOPsf] sd nfef+z ljt0f k|of]hgsf] nflu of]Uo dflgg] 5g
-u_ k|tfljt af]gz z]o M aLdsn] k|tfj uL fwf0f efn] kflt u]sf] t hfLuL gs]sf] af]gz z]onfO o zLifsdf hgfpg kg]5
-3_ ljz]if hu]8f M aLdf ldltsf] lgb]zg adf]lhd sg cGo hu]8f sf]if v8f ugkbf Totf] sdnfO o zLifsdf hgfpg kg]5
-ordf_ cGo hu]8f M aLdsn] cGo k|of]hgsf] nflu v8f u]sf] hu]8fnfO o zLifsdfhgfpg kg]5
-r_ gfkmf gf]Sfg lxfaaf6 f]sf] M aLdssf] gfkmf gf]Sfg lxfaaf6 jfnftdff]sf] gfkmf sdnfO o zLifsdf hgfpg kg]5
3 hLjg aLdf sf]if M lgb]zg adf]lhd fVg kg] hLjg aLdfsf]ifxsf] of]ukmnnfOo zLifsdf hgfpg kg]5
4 dxfndashljkQL hu]8f M 7nf] kldf0fdf aLdf bfjL pTkGg xg Sg] dxfndashljkQL -catastrophy_ sf] cjyfdf aLdssf] ljQLo Ifdtfdf kg Sg] k|ltsn c sd ug]p2]Zon] gfkmfaf6 flPsf] sdnfO o zLifsdf hgfpg kg]5 o zLifsdfhgfOPsf] sd nfef+z ljt0f k|of]hgsf] nflu of]Uo dflgg] 5g
5 ltg afFsL bL3sflng C0f tyf fk6L M jfnftsf] ldltdf eQmfgL ug afFsLbL3sflng fk6LnfO o zLifsdf hgfpg kg]5
42
6 ly DkQL -vb_ MyfoL k|s[ltsf DkQLxsf] sn dNodf Xf ssectf uL afFsL x]sf]sdnfO o zLifsdf hgfpg kg]5
7 bL3sflng nufgL M aLdsn] lgb]zg ^ adf]lhd u]sf] bL3sflng nufgLnfO ozLifsdf hgfpg kg]5
kli6s0f M = jfnftsf] ldltaf6 Ps jif eGbf al9 cjwL kl5 eQmfgLk|fKt xg] sfL sfsf] hdfgt k|fKt ]Sol6Ld2tL lgIf]k gfuls nufgL of]hgf z]o a+s tyfljQLo +yfsf] cu|flwsf z]odividel8j]Gr tyf cGo f]xLk|s[ltsf nufgLxnfO bL3sflng nufgL Demg k5
= aLdsn] klAns sDkgLsf] z]odf nufgL u] afkt k|fKtxg] af]gz z]onfO z]o +Vofdf dfq b]vfO kn df]ndfsg kljtg ug x+bg
amp=s cNksflng nufgL M aLdsn] lgb]zg ^ adf]lhd u]sf] cNksflng nufgLnfO ozLifsdf hgfpg kg]5
kli6s0f M jfnftsf] ldltaf6 Ps jif leq eQmfgL k|fKt xg] sfL sfsf] hdfgt k|fKt ]Sol6L d2tL lgIf]k gfulsnufgL of]hgf a+s tyf ljQLo +yfsf] cu|flwsfz]odividel8j]Gr tyf cGo f]xL k|s[ltsf nufgLxnfOcNksflng nufgL Demg k5
8 aLdfn]vsf] lwtf]df shf M aLdsn] lgb]zg amp adf]lhd k|To]s lsldsf] aLdfsf]aLdfn]vsf] lwtf]df k|bfg u]sf] shfsf] of]ukmnnfO o zLifsdf hgfpg kg]5
9 gub tyf a+s dfHbft M -_ aLds+u x]sf] sn gub dfHbft sd tyf aLdssf]a+sdivideljQLo +yfsf] Aofh k|fKt gxg] vftfdf x]sf] sn sdnfO o zLifsdfhgfpg kg]5
10 cGo bL3sflng shf M lgb]zg amp adf]lhd n]vfIacuteg ulPsf] clestfnfO k|bfgulPsf] bL3sflng shf sdrfLnfO k|bfg ulPsf] bL3sflng shf tyf cGobL3sflng shfsf] of]ukmnnfO o zLifsdf hgfpg kg]5
kli6s0f M jfnftsf] ldltaf6 Ps jif eGbf al9 cjwL kl5 eQmfgLk|fKt xg] clestfnfO k|bfg ulPsf] shf sdrfLnfO k|bfgulPsf] shf tyf cGo f]xL k|s[tLsf shfxnfO bL3sflngshf Demg k5
)s= cGo cNksflng shf M lgb]zg amp adf]lhd n]vfIacuteg ulPsf] clestfnfO k|bfgulPsf] cNksflng shf sdrfLnfO k|bfg ulPsf] cNksflng shf tyf cGocNksflng shfsf] of]ukmnnfO o zLifsdf hgfpg kg]5
kli6s0f M jfnftsf] ldltaf6 Ps jif leq eQmfgL k|fKtxg] clestfnfO k|bfg ulPsf] shf sdrfLnfO k|bfgulPsf] shf tyf cGo f]xL k|s[tLsf shfxnfOcNksflng shf Demg k5
43
11 cGo DkQL M -_ o lgb]zg adf]lhd n]vfIacuteg ulPsf] aLdssf] nufgLaf6 k|fKt xgafFsL cfo aLdfn]vsf] lwtf]df shfaf6 k|fKt xg afFsL Aofh cGo shfaf6 k|fKt xgafFsL Aofh cGo aLdsaf6 k|fKt xg afFsL kgaLdsaf6 k|fKt xg aFfsL ljljwcffdL clu|d eQmfgL sdrfL k]ZsL cGo k]ZsL wf6L tyf cGosf] of]ukmnnfOo zLifsdf hgfpg kg]5
-_ cGo DkQLsf] ljj0f kllzi6 sf] cgrL $ adf]lhd xg kg]5
-_ cn xg afFsL aLdfzNs eP f]sf] of]ukmn kllzi6 sf] cgrL $ dfb]vfpg kg]5 f] cn xg afFsL aLdfzNs afasf] dNtjL -Suspense_ b]vfOvb k|efj (Net effect) zGo agfpg kg]5
12 rfn bfloTj M clestfnfO lbg afFsL cGo aLdsnfO lbg afFsL kgaLdsnfO lbgafFsL aLdfzNs wf6L k0f ljj0f gvn]sf] aLdfzNs ljljw fx xfosdividexf]lN8EumlsDkgLnfO lbg afFsL gtf]tdf ssectf ulPsf] s ltg afFsL cfos ltg afFsL]jfzNs ltg afFsL sdrfLnfO ltg afFsL +rfnsnfO ltg afFsL tyf cGo ltgafFsL sdxsf] of]ukmnnfO o zLifsdf hgfpg kg]5
13 cdfKt hf]lvd jfkt Jojyf M lgb]zg ( adf]lhdsf] cdfKt hf]lvd Jojyfsf]of]ukmnnfO o zLifsdf hgfpg kg]5
14 eQmfgL xg afFsL bfjL jfkt Jojyf M k|To]s lsldsf] aLdfsf] eQmfgL xg afFsLbfjLsf] nflu ulPsf] Jojyfsf] of]ukmnnfO o zLifsdf hgfpg kg]5
15 ckn]vg jf dfof]hg xg afFsL ljljw vrx M ckn]vg ug afFsL k|flDes vrckn]vg ug afFsL kj +rfng vr ckn]vg ug afFsL yug ulPsf vr tyfcGo ckn]vg jf dfof]hg gePsf vrxsf] of]ukmnnfO o zLifsdf hgfpgkg]5
-3_ k|dv rsfIacutexdf +nUg zLifsxsf] +lIfKt JofVof
1 g]6 jy = rQmf kFhL plusmn hu]8f tyf sf]if plusmn dxf ljkQL hu]8f ndashckn]vg jfdfof]hg xg afFsL ljljw vrx ndash gfkmf gf]Sfg lxfaaf6 f]sf] gf]Sfg
2 k|lt z]o lstfaL dNo = g]6 jydividefwf0f z]o +Vof
3 k|lt z]o cfo = vb gfkmfdividefwf0f z]o +Vof
4 dNo cfDbfgL cgkft = k|lt z]o ahf dNodividek|lt z]o cfo
5 sn DklQ = ly DklQ plusmn nufgL plusmn aLdfn]vsf] lwtf]df shf plusmn rfnDklQ shf tyf k]ZsLx
![Page 25: hLjg aLdf Joj;fo ug]{ aLdssf] ljQLo ljj/0f ;DaGwL lgb]{zg](https://reader033.vdocuments.site/reader033/viewer/2022053020/6291631db7b57c39db6663d6/html5/thumbnails/25.jpg)
25
cgrLndash^
-s_ z]o kFhL
qm=+= ljj0f o aif ut aifclws[t kFhLs_ ================= bsf] ======== yfg fwf0f z]ov_ ============ bsf] ====yfg ckljtgLo cu|flwsfz]o
=
u_ ========== bsf] ====== yfg kljtgLo cu|flwsfz]ohfL kFhLs_ ================= bsf] ======== yfg fwf0f z]ov_ ============ bsf] ====yfg ckljtgLo cu|flwsfz]o
=
u_ ========== bsf] ====== yfg kljtgLo cu|flwsfz]orQmf kFhLs_ ================= bsf] ======== yfg fwf0f z]oGog eQmfgL k|fKt xg afFsL ==== bsf] ===yfg fwf0fz]ov_ ============ bsf] ====yfg ckljtgLo cu|flwsfz]o
=
u_ ========== bsf] ====== yfg kljtgLo cu|flwsfz]o
hDdf-v_ z]o jfldTjsf] +rgf
o aif ut aifz]owgL
fwf0f z]o+Vof
jfldTjsf] Uuml fwf0fz]o +Vof
jfldTjsf] Uuml
g]kfnL +ul7t +yfx
g]kfnL gfuls
ljb]zL+y
fks
hDdf
jfwf0f
cGo -ljj0f vnfpg]_
sn
-u_ Ps k|ltzt jf a9L z]o jfldTj ePsf z]owgLxsf] ljj0f
o aif ut aifqm=+= ljj0f
jfldTjsf] Uuml sd jfldTjsf] Uuml sd
=
=
=
26
cgrLndashamp
hu]8f tyf sf]if
qm=+= ljj0f o aif ut aif
1 kFhLut hu]8f
2 ljz]if hu]8f
3 cGo hu]8f -ljj0f vnfpg]_
4 z]o lk|ldod
5 k|tfljt af]gz z]o
6 Gffkmf gf]Sfg lxfaaf6 f]sf] gfkmf
hDdf
cgrLndash
dxfndashljklQ hu]8fjifsf] zdf dxfndashljklQ hu]8f gfkmf gf]Sfg lxfaaf6 f]sf] jifsf] cGTodf dxfndashljklQ
hu]8fo jif ut jif o jif ut jif o jif ut jif
cgrLndash(
ltg afFsL bL3sflng C0f tyf fk6L
qm=+= ljj0f o aif ut aif
l8j]Gr divide a08
a+s
ljQLo +yf
$ cGo -ljj0f vnfpg]_
hDdf
27
cgrLndash)
ly DklQ
ljj0f kn df]n Xf ssectL vb df]n
zdfHbft
ojif
yk]sf]
ojif
36]sf]
hDdf utjifDd
ojif
laqmLdivide
dfof]hg
hDdf ojifDdsf]
UftjifDdsf]
lk|m xf]N8hldg
ejg
kmlgrtyf
lkmSr
sfofnofdfg
sDKo6tyfrgfk|ljwLpks0f
cb[ZoDklQ-ljj0fvnfpg]_
jfLfwg
lnh xf]N8DklQ
cGo-k|s[ltvnfpg]_
hDdf
lgdf0fflwgkFhLutvr
sn
ut jif
28
cgrLndash
nufgL
qm=+= ljj0f o aif ut aif-s_ bL3sflng nufgL M sfL sfsf] hdfgt k|fKt ]Sol6L jfl0fHo a+ssf] d2tL lgIf]k ljsf a+ssf] d2tL lgIf]k$ gfuls nufgL of]hgf ljQLo +yfsf] d2tL lgIf]k^ cfjf ljQ sDkgLsf] fwf0f z]o -cgrL = adf]lhd_amp cGo sDkgLsf] fwf0f z]o -cgrL = adf]lhd_ a+s tyf ljQLo +yfsf] cu|flwsf z]odividel8j]Gr( cGo -ljj0f vnfpg]_
hDdf M-v_ cNksflng nufgL M sfL sfsf] hdfgt k|fKt ]Sol6L jfl0fHo a+ssf] d2tL lgIf]k ljsf a+ssf] d2tL lgIf]k$ gfuls nufgL of]hgf ljQLo +yfsf] d2tL lgIf]k^ a+s tyf ljQLo +yfsf] cu|flwsf z]odividel8j]Gramp jfl0fHo a+ssf] Aofh k|fKt xg] cGo lgIf]k ljsf a+ssf] Aofh k|fKt xg]] cGo lgIf]k( ljQLo +yfsf] Aofh k|fKt xg] cGo lgIf]k) cGo Aofh k|fKt xg] nufgL -ljj0f vnfpg]_
hDdf McgrLndash=
z]odf nufgL
qm=+= sDkgL vb sd c+lst dNo kn dNo ahf dNo
= ======sDkgLsf]=============yfg====z]o
= ======sDkgLsf]=============yfg=====z]o
= ======sDkgLsf]=============yfg=====z]o
hDdf
gf]6 M = aLdssf] xfos sDkgLdividexf]lN8Euml sDkgL tyf +oQm nufgL ePsf] sDkgLsf] z]odf ePsf]nufgLnfO
5sectfndash5sect vnfpg kg]5
= lgodfgf lrs[t gePsf z]odf ePsf] nufgLnfO 5sect vnfpg kg]5
= +yfks z]o cGo z]odf ePsf] nufgLnfO 5sectf5sect vnfpg kg]5
29
cgrLndash
gub tyf a+s dfHbft
qm=+= ljj0f o aif ut aifgub dfHbft
hDdfa+s dfHbftjfl0fHo a+sxsf] dfHbftljsf a+sxsf] dfHbftljQLo +yfxsf] dfHbft
cGo -ljj0f vnfpg]_hDdfsn
cgrLndash
cGo shf
qm=+= ljj0f o aif ut aif-s_ bL3sflng shf= clestfnfO shf= sdrfLnfO shf= cGo -ljj0f vnfpg]_
hDdf-v_ cNksflng shf= clestfnfO shf= sdrfLnfO shf= cGo -ljj0f vnfpg]_
hDdfcgrLndash$
cGo DklQqm=+= ljj0f o aif ut aif1 nufgLaf6 k|fKt xg afFsL cfo2 aLdfn]vsf] lwtf]df shfaf6 k|fKt xg afFsL Aofh3 cGo -aLdfn]vsf] lwtf]df afx]s_ shfaf6 k|fKt xg afFsL
Aofh4 cGo aLdsaf6 k|fKt xg afFsL5 kgaLdsaf6 k|fKt xg afFsL6 ljljw cffdL7 clu|d eQmfgL8 sdrfL k]ZsL9 cGo k]ZsL10 wf6L11 cn xg afFsL aLdfzNs
Gog M cn xg afFsL aLdfzNs dNtjL -suspense_12 cGo ljj0f vnfpg]
hDdf M
30
cgrLndash
rfn bfloTj
qm=+= ljj0f o aif ut aif1 clestfnfO lbg afFsL2 cGo aLdsnfO lbg afFsL3 kgaLdsnfO lbg afFsL4 cNksflng shf5 aLdfzNs wf6L6 k0f ljj0f gvn]sf] aLdfzNs7 ljljw fx8 xfosdividexf]lN8Euml sDkgLnfO lbg afFsL9 gtf]tdf ssectf ulPsf] s ltg afFsL10 dNo clea[l4 s ltg afFsL11 cfos ltg afFsL12 ]jf zNs ltg afFsL13 sdrfLnfO lbg afFsL14 +rfnsnfO lbg afFsL15 eQmfgL lbg afFsL nfef+z -l8le8]08_16 cGo -ljj0f vnfpg]_
hDdf
cgrLndash^
cdfKt hf]lvd Jojyfqm=+= ljj0f o aif ut aif= ===========aLdfsf] cdfKt hf]lvd hu]8f= ===========aLdfsf] cdfKt hf]lvd hu]8f= ===========aLdfsf] cdfKt hf]lvd hu]8f
===========aLdfsf] cdfKt hf]lvd hu]8f
hDdf
31
cgrL ^scGo Aojyf
aifsf] zdf Aojyfrfn cf=a=df yk ulPsf]
Aojyfrfn cf=a=df ckn]vg
ulPsf] Aojyfrfn cf=a=df lkmtfulPsf] Aojyf
aifsf] cGtdf sfodx]sf] Aojyf
qm=+=
ljj0fo jif ut jif o jif ut jif o jif ut jif o jif ut jif o jif ut jif
nfef+z -l8le8]08_ sf] nflu Aojyf
nufgLdf gf]SfgLsf] nflu Aojyf
shfdf gf]SfgLsf] nflu Aojyf
$ z+sfZkb cffdLsf] nflu Aojyf
cGo gf]SfgLsf] nflu Aojyf
^ sdrfL DaGwL Aojyf-s_ k]Gg tyf pkbfg Aojyf-v_ ljbf jfkt Aojyf-u_ cfjf tyf cGo ljwf Aojyf-3_ sdrfL af]g Aojyf-ordf_ cGo
amp cGo Aojyf -ljj0f vnfpg]_
hDdf
32
cgrLndashamp
ckn]vgdividedfof]hg xg afFsL ljljw vrxqm=+= ljj0f o aif ut aif1 ckn]vg ug afFsL k|flDes vr2 ckn]vg ug afFsL kj +rfng vr3 ckn]vg ug afFsL yug ulPsf vr4 cGo -ljj0f vnfpg]_
hDdf
cgrL ndash
ljQLo ljj0f+u DalGwt k|dv n]vf gLltx
n]vf DaGwL gLltdf vnfpg kg] aFbfx M aLdsn] n]vf DaGwL gLltdf b]xfosf aFbfxvnfpg kg]5
1 ljQLo ljj0f tofLsf cfwfx M sg sg cjwf0ff -concept_ tyf n]vfdfgx sfgg tyf aLdf ldltsf lgb]zgxsf] clwgdf xL ljQLo ljj0f tof ulPsf] xf]f]sf] Joxf]f
ljQLo ljj0f tof ubf sg sfgg aLdf ldltsf] lgb]zg jf n]vfdfg kfngf gePsf]eP f]sf] sf0f lxt Joxf]f
2 ly DklQ n]vfIacuteg gLlt M ly DklQ n]vfIacuteg ubf cjnDag ulPsf] gLlt
3 Xf ssectL gLlt M aLdssf] +rfns ldltaf6 kflt uL nfu ulPsf] Xf ssectL gLlt
4 kFhLs[t gulg] DklQx DaGwL n]vfIacuteg gLlt M aLdssf] +rfns ldltn] sg lglZrtdf]nDd kg] pks0f fdfgx kFhLs[t gug] gLlt lnPsf] 5 eg] f]sf] Joxf]f
5 cfos Jojyf tyf afF8kmFf8 gLlt M cfos Jojyf DaGwdf aLdsn] cjnDag u]sf]gLlt aLdsn] gfkmf gf]Sfg lxfa tyf cfo Joo lxfadf Totf] Jojyf sdafF8kmFf8 ubf cjnDag u]sf] gLlt
6 nufgL n]vfIacuteg gLlt M nufgL n]vfIacutegsf] DaGwdf aLdsn] cjnDag u]sf] gLltxnfOb]xfosf zLifsx cGtut vnfpg kg]5
-s_ sfL artkqdivideC0fkqdf nufgL n]vfIacuteg gLlt
-v_ a+sdivideljQLo +yfsf] d2tL lgIf]kdf nufgL n]vfIacuteg gLlt
-u_ klAns lnld6]8 sDkgLsf] z]odf nufgL n]vfIacuteg gLlt
-3_ klAns lnld6]8 sDkgLn] hfL u]sf] C0fkqxdf nufgL n]vfIacuteg gLlt
7 6xL 36a9 dfof]hg gLlt M ljb]zL db|f+u DalGwt DklQ bfloTj tyf 6xL36a9 cfDbfgL tyf vrxsf] n]vfIacuteg gLlt
8 aLdfzNs cfDbfgL n]vfIacuteg gLlt M aLdsn] aLdfzNs cfDbfgL n]vfIacuteg ubf cjnDagu]sf] gLlt
33
9 kgaLdf sldzg cfDbfgL n]vfIacuteg gLlt M aLdsn] kgaLdf u] afkt k|fKt ug] sldzgsf]n]vfIacuteg ubf cjnDag u]sf] gLlt
10 cGo cfo n]vfIacuteg tyf afF8kmFf8 gLlt M aLdsn] ef8f -Rent_ tyf cGo zLifsaf6 ePsf]cfo n]vfIacuteg tyf afF8kmFf8 ubf cjnDag u]sf] gLlt
11 shf n]vfIacuteg gLlt M aLdsn] aLdfn]vsf] lwtf]df k|bfg u]sf] shf tyf cGo shfn]vfIacuteg ubf cjnDag u]sf] gLlt
12 Jojyfkg vr afF8kmFf8 gLlt M aLdsn] gfkmf gf]Sfg lxfa tyf cfo Joo lxfaxdfJojyfkg vr afF8kmFf8 ubf cjnDag u]sf] gLlt
13 aLdf bfjL eQmfgL vr n]vfIacuteg gLlt M aLdsn] aLdf bfjL eQmfgL vr n]vfIacuteg ubfcjnDag u]sf] gLlt
14 aLdf bfjL afkt bfloTj Jojyf n]vfIacuteg gLlt M -s_ gt[hgf ePsf] t hfgsfLdfgcfPsf] -IBNR_ aLdf bfjL afkt bfloTj Jojyf n]vfIacuteg ubf aLdsn] cjnDagu]sf] gLlt
-v_ aLdsn] aLdf bfjL bfloTj afkt Jojyf ubf cjnDag u]sf] gLlt
15 aLdf Jojfodf art afF8kmFf8 gLlt M aLdsn] gfkmf gf]Sfg lxfa tyf cfo Joolxfaxdf art afF8kmFf8 ubf cjnDag u]sf] gLlt
16 sdrfL pkbfg ljbf tyf cGo ljwf afkt Jojyf gLlt M aLdsn] sdrfL pkbfgljbf tyf cGo ljwf afkt Jojyf ubf cjnDag u]sf] n]vfIacuteg gLlt
17 z+sfkb cffdL Jojyf gLlt M aLdsn] z+sfkb cffdL Jojyf ubf cjnDag u]sf]gLlt
18 ckn]vg vr n]vfIacuteg gLlt M aLdsn] cjnDag u]sf] ckn]vg vr DaGwL gLlt
19 cGo gLltx M plNnlvt gLltx afx]s jfnft gfkmf gf]Sfg lxfa cfo Joo lxfanufotsf ljQLo ljj0fnfO apermilg ljZn]if0f ug 3fp kUg] uL cGo sg] n]vf gLltsf]hfgsfL lbg cfjZos b]lvPdf f] Joxf]f
34
cgrLndash(
ljQLo ljj0f+u DalGwt n]vf DaGwL l6Kk0fLx
n]vf DaGwL l6Kk0fLdf vnfpg kg] aFbfx M aLdsn] n]vf DaGwL l6Kk0fLdf b]xfosf aFbfxvnfpg kg]5
= Defljt bfloTjx M
c_ rQmf jf eQmfgL xg afFsL nufgL
cf_ k|Tofelt k|lta4tf -underwriting commitments_
O_ aLdfn]v cGtut eGbf afx]saf6 aLds pk bfjL k]sf] t aLdsn] bfloTj jLsfgu]sf]
O_ aLdsn] jf aLdssf] tkmaf6 lbOPsf] Uof]06L
p_ cGo bfloTj -ljj0f vnfpg]_
= aLdfIacuteLn] aLdssf] bfloTj dNofIacuteg ubf cjnDag u]sf] cfwfx
= aLdssf] DklQdf cfPsf] Lldttf tyf ljjfbx
$= shf nufgL tyf ly DklQsf] nflu ulPsf] k|lta4tf
= nufgL+u DalGwt b]xfosf vLb laqmL Demftfxsf] dNo M
c_ vLb ulPsf] DklQsf] jfldTj k|fKt gePsf]
cf_ laqmL ulPsf] DklQsf] eQmfgL k|fKt gePsf]
^= o jifeL ulPsf] nufgL tyf laqmLdividelkmtf lnPsf] nufgLsf] DaGwdf +yf ldltkldf0f sd d]t vn]sf] ljj0f
amp= a+s dfHbft lxfa DaGwdf DalGwt a+sdivideljQLo +yfsf] 6]6d]06 lxtsf] lxfaldnfg DaGwL Joxf]f
= aLdsdividekgaLds+u lng lbg afFsL lxfa DaGwdf DalGwt aLdsdividekgaLdssf]dyg lxtsf] lxfa ldnfg DaGwL Joxf]f
gf]6 Mndash bnfn (Broker) dfkmt ePsf] kgaLdfsf] xsdf fdfGot DalGwt bnfnn]kgaLdssf] tkmaf6 dyg lbg Sg]5
(= aLdsn] u]sf] nufgL k|rlnt aLdf P]g lgodfjnL tyf aLdf ldltaf6 tf]lsP adf]lhdx] gx]sf]
)= aLdssf] +rfns jf +rfns+u DalGwt JolQm jf +yf+u ePsf] sff]af
= aLdsn] cfˆgf] DklQsf] If0fdf lnPsf] C0fsf] lwtf] zt tyf cflrTo
= aLdsn] s rQmf k|df0fkq k|fKt u]sf] cf=j=tyf Totf] rQmf k|df0fkq k|fKt xg afFsLcf=j= f] DaGwL ljj0fsf fy] cl3Nnf] cf=j=xsf] s hljfgf Aofh afkt bfjLk]sf] o cf=j=df eQmfgL ePsf] sd
= lkmtf u]sf] aLdfzNssf] kldf0f sf0f
35
$=aLdsn] aLldtnfO k|bfg ug] 3f]lift tyf cGtld af]gsf] b
=l9nf] aLdfzNs eQmfgLdf lanDa zNsdivideAofhsf] b tyf aLdfn]vsf] lwtf]df k|bfg ulg]shfdf Aofhsf] b
^=ckn]vg xg afFsL vrsf] ljj0f
amp=rQmf kFhL dWo] clu|d eQmfgL k|fKt -Paid in advance_ eQmfgL k|fKt xg afFsL -Call inarrears_ hkmt ulPsf t kgM lgisfzg gulPsf z]osf] ljj0f
=lnh xf]N8 DklQdf ut jifDd o jif vr (Amortization) n]lvPsf] sdsf]ljj0f
(= jifeldf ePsf] jfnft aflxsf] sff]afsf] ljj0f
)= cl3Nnf aifx+u DalGwt cfDbfgL tyf vrxsf] 5sectf5sect ljj0f
=plNnlvt aFbfx afx]s jfnft gfkmf gf]Sfg lxfa cfo Joo lxfa nufotsfljQLo ljj0fxnfO apermilg ljZn]if0f ug 3fp kUg] cGo sg hfgsfL lbg cfjZosb]lvPdf cGo Joxf]f d]t vnfpg kg]5
36
cgrL )k|dv rsfIacutex
cf=a=qm=+= ljj0f rsfIacute
g]6 jy = z]o +Vof +Vof k|lt z]o lstfjL dNo =$ vb gfkmf = k|lt z]o cfo (EPS) =^ k|lt z]o nfef+z (DPS) =amp k|lt z]o ahf dNo (MPPS) = dNo cfDbfgL cgkft (PE Ratio) cgkft( k|yd aifsf] aLdfzNs =) sn aLdfzNs = vb aLdfzNsdividesn aLdfzNs k|ltzt vb gfkmfdividesn aLdfzNs k|ltzt sn aLdfzNsdividesn DklQ k|ltzt$ nufgL shfaf6 cfodividesn nufgL shf k|ltzt sn nufgL shfdividehLjg aLdfsf]if k|ltzt^ kgaLdf sldzg cfodividesn kgaLdfzNs k|ltztamp Jojyfkg vrdividesn aLdfzNs k|ltzt aLdf clestf DalGw vrdividesn aLdfzNs k|ltzt( aLdf clestf +Vof +Vof) sdrfL +Vof +Vof sfofnosf] +Vof +Vof sdrfL vrdivideJojyfkg vr k|ltzt sdrfL vrdividesdrfL +Vof =$ eQmfgL xg aFfsL bfjL sddivideeQmfgL ePsf] bfjL
sdk|ltzt
sn sfod x]sf] aLdfn]vsf] +Vof +Vofdf^ o jif gjLs0f ePsf] aLdfn]vsf] +Vofdivideut
jif sfod x]sf] aLdfn]vsf] +Vofk|ltzt
amp bfjL k]sf] aLdfn]vsf] +Vofdividesn sfod x]sf]aLdfn]vsf] +Vof
k|ltzt
f]Ne]GL dflhg k|ltzt( 3f]lift af]g b =
k|ltxhf) cGtld af]g b =
k|ltxhf
37
cgrL ndash
aLdfIacutesf] ljj0f
sfod x]sf]aLdfn]vsf] +Vof
sfod x]sf]aLdfn]v cGtut
hDdf aLdfIacute
d of6 ls(Sum at Risk)
kgaLdsnfOxtfGt0f ulPsf]
d of6 ls(Sum at Risk)
aLdsn] wf0fu]sf] d of6ls (Sum at
Risk)
qm=+= aLdfsf] lsld
o jif ut jif o jif ut jif o jif ut jif o jif ut jif o jif ut jif
hDdf
38
kllzi6 ndash
-lgb]zg +u DalGwt_
ljQLo ljj0fsf zLifsxsf] +lIfKt JofVof
-s_ cfo Joo lxfa tyf f] DaGwL cgrLsf zLifsxsf] +lIfKt JofVof M
1 k|ToIf aLdfzNs M aLdsn] kgaLdf jLsf u] afkt k|fKt aLdfzNs afx]s k|ydjifsf] aLdfzNs gjLs0f aLdfzNs Psn aLdfzNssf] of]ukmnaf6 lgodfgflkmtf u]sf] aLdfzNs ssectf uL o zLifsdf hgfpg kg]5
2 sn aLdfzNs M k|ToIf aLdfzNs aLdsn] kgaLdf jLsf u] afkt k|fKtaLdfzNssf] of]ukmnnfO o zLifsdf hgfpg kg]5
3 aLdfzNs -vb_ M sn aLdfzNsaf6 kgaLdf lbP afktsf] kgaLdf zNs ssectf uLafFsL sdnfO o zLifsdf hgfpg kg]5
4 kgaLdf sldzg cfo M -s_ aLdsn] kgaLdf lbP afkt k|fKt xg] kgaLdfsldzgnfO o zLifsdf hgfpg kg]5
-v_ aFbf g+=-s_ sf] cltlQm kgaLdsaf6 dgfkmf sldzg -Profit Commission_k|fKt ePdf f]nfO o zLifsdf dfj]z uL f]sf] Joxf]f n]vf DaGwLl6Kk0fLdf vnfpg kg]5
5 nufgL shf tyf cGoaf6 cfo M sfL ]Sol6Laf6 cfo d2tL lgIf]kaf6 cfoklAns sDkgLsf] z]odividel8j]Graf6 cfo ef8faf6 cfo shfaf6 cfo -aLdfn]vsf]lwtf]df shf afx]s_ cGo lgIf]kaf6 -d2tL afx]s_ cfo nufgL laqmLdf gfkmf -GognufgL laqmLdf gf]Sfg_ nufgL -vLb_ df gfkmf -Gog nufgL vLbdf gf]Sfg_ly DklQ laqmLaf6 gfkmf -Gog ly DklQ laqmLaf6 gf]Sfg_ vftf ckn]vgaf6cfo tyf cGo cfosf] of]ukmnnfO lgb]zg adf]lhd afF8kFmf8 uL cfPsf]sdnfO o zLifsdf hgfpg kg]5
6 aLdfn]vsf] lwtf]df shfaf6 cfo M aLdfn]vsf] lwtf]df shf k|bfg u] afkt k|fKt xg]Aofh lanDa zNs htf cfonfO o zLifsdf hgfpg kg]5
7 cGo k|ToIf cfoM aLldtn] tf]lsPsf] cjlwleq aLdfzNs gaemfP afkt aLdsn]eQmfgL k|fKt u]sf] hljfgfdivideAofhdivideljnDa zNs tyf aLdfn]vsf] k|ltlnkL btcfo l6s6 bt htf f]xL aLdfsf] lsld+u k|ToIf kdf DalGwt cfonfO ozLifsdf hgfpg kg]5
8 bfjL eQmfgL -vb_ M aLdsn] eQmfgL u]sf] d[To bfjL cjlw dfKtL bfjL cf+lzscjlw dfKtL bfjL dk0f dNo tyf cGo bfjLsf] of]ukmnnfO o zLifsdfhgfpg kg]5
9 clestf sldzg M k|yd jifsf] aLdfzNsdf clestf sldzg gjLs0f aLdfzNsdfclestf sldzg Psn aLdfzNsdf clestf sldzgsf] of]ukmnaf6 kgaLdssf]lxf ssectf uL afFsL sd o zLifsdf hgfpg kg]5
10 jfYo kLIf0f zNs M aLdf hf]lvdfIacutegsf] nflu jfYo kLIf0f ufP afkt aLdsn]Joxf]g k]sf] jfYo kLIf0f zNsnfO o zLifsdf hgfpg kg]5
39
11 kgaLdf sldzg vr M aLdsn] kgaLdf jLsf u] afkt eQmfgL ug kg] sldzgsdnfO o zLifsdf hgfpg kg]5
12 ]jf zNs -vb_ M aLdf ldltnfO aemfpg kg] sn ]jf zNsaf6 kgaLdssf] lxfssectf uL afFsL sdnfO o zLifsdf hgfpg kg]5
13 cGo k|ToIf vr M aLdfsf] lsld+u k|ToIf kn] DalGwt x]sf] cGo vrnfO ozLifsdf hgfpg kg]5
14 Jojyfkg vr M lgb]zg $ adf]lhd afF8kmFf8 uL cfPsf] sdnfO o zLifsdfhgfpg kg]5
15 cfos M -_ aLdssf] cfos bfloTjnfO lgb]zg adf]lhd afF8kmFf8 uL cfPsf]sdnfO o zLifsdf hgfpg kg]5 osf] ljj0f kllzi6 sf] cgrL adf]lhd xg kg]5
-_ cl3Nnf jif-x_ sf] cfos bfloTjnfO kllzi6 sf] cgrL sf] aeligcl3Nnfjifxsf] cfosAElig zLifsdf hgfpg kg]5 t Totf] cfosdf nfu]sf]b08dividehljfgfdivideljnDa zNsnfO gfkmf gf]Sfg lxfasf] aeligcl3Nnf jif+uDalGwt vrAElig zLifsdf hgfpg kg]5
16 cflys jifsf] cGTodf eQmfgL xg afFsL bfjL afkt Jojyf M cflys jifsf] cGTodfeQmfgL xg afFsL d[To bfjL cjlw dfKtL bfjL cf+lzs cjlw dfKtL bfjL dk0fdNo bfjL cGo bfjL tyf gt[hgf ePsf] t hfgsfLdf gcfPsf] bfjLsf] of]ukmndfaLdf lgodfjnL )$( sf] lgod sf] v08 -3_ adf]lhdsf] sd yk ubf xgcfpg] sdnfO o zLifsdf hgfpg kg]5
aLdssf] cgejsf] cfwfdf [hgf ePsf] t hfgsfLdf gcfPsf] bfjLsf] nflusd Aojyf ug kg]5
17 cflys jifsf] cGTodf cdfKt hf]lvd afkt Jojyf M aLdf cjlw dfKtL afktbfjL eQmfgL ug gkg] lsldsf] aLdfsf] cdfKt hf]lvd afkt lgb]zg ( adf]lhdJojyf uL cfPsf] sd o zLifsdf hgfpg kg]5
18 hLjg aLdf sf]ifdividegfkmf gf]Sfg lxfadf f]sf] artdivide-gf]Sfg_ M -_ aLdf cjlwdfKtL afkt bfjL eQmfgL ug kg] lsldsf] aLdfsf] cfo Joo lxfaaf6 art -surplus_ ePsf] cjyfdf o zLifsnfO aelighLjg aLdf sf]ifdf f]sf] artAElig sfoduL Totf] art sdnfO o zLifsdf hgfpg kg]5
-_ aLdf cjlw dfKtL afkt bfjL eQmfgL ug kg] lsldsf] aLdfsf] cfo Joolxfaaf6 gf]Sfg ePsf] cjyfdf o zLifsnfO aeliggfkmf gf]Sfg lxfadff]sf] gf]SfgAElig sfod uL Totf] gf]Sfg sdnfO o zLifsdf C0ffTdskdf hgfpg kg]5
-_ aLdf cjlw dfKtL afkt bfjL eQmfgL ug gkg] lsldsf] aLdfsf] cfo Joolxfasf] nflu o zLifsnfO aelighLjg aLdf sf]ifdf f]sf] sdAElig aeliggfkmfgf]Sfg lxfadf f]sf] artdivide-gf]Sfg_AElig uL bOj6f zLifs sfod uL aelighLjgaLdf sf]ifdf f]sf] sdAElig zLifsdf lgb]zgndash adf]lhdsf] sd hgfO afFsLsdnfO aeliggfkmf gf]Sfg lxfadf f]sf] artdivide-gf]Sfg_AElig zLifsdf hgfpgkg]5 tf]lsP adf]lhd hLjg aLdf sf]ifdf f]sf] sd hgfp+bf gf]Sfg ePdf
40
aeliggfkmf gf]Sfg lxfadf f]sf] artdivide-gf]Sfg_AElig zLifsdf Totf] gf]Sfg ePsf]sdnfO C0ffTds kdf hgfpg kg]5
-v_ gfkmf gf]Sfg lxfa tyf DalGwt cgrLsf zLifsxsf] +lIfKt JofVof M
1 cfo Joo lxfaaf6 f]sf] M aLdf cjlw dfKtL afkt bfjL eQmfgL ug gkg]lsldsf] aLdfxsf] cfo Joo lxfaaf6 aeliggfkmf gf]Sfg lxfadf f]sf] artdivide-gf]Sfg_AElig sdxsf] of]ukmnnfO o zLifsdf hgfpg kg]5
2 hLjg aLdf sf]ifaf6 f]sf] M k|rlnt sfggL Jojyf adf]lhd aLdssf] bfloTjsf]n]vfhf]vf DaGwL aLdfIacuteLsf] k|ltj]bg d]tsf] cfwfdf hLjg aLdf sf]ifaf6 gfkmfgf]Sfg lxfadf fgsf nflu ldltn] jLs[lt k|bfg u]sf] sdnfO o zLifsdfhgfpg kg]5
3 nufgL shf tyf cGoaf6 cfo M lgb]zg adf]lhd afF8kFmf8 uL cfPsf] sdnfOo zLifsdf hgfpg kg]5
4 Jojyf lkmtf M nufgLdf gf]SfgLsf] nflu ulPsf] Jojyf shfdf gf]SfgLsf] nfluulPsf] Jojyf z+sfkb cffdLsf] nflu ulPsf] Jojyf tyf cGosf] nfluulPsf] Jojyf sd cf+lzs jf k0fkn] sfod fVg kg] cjyf gx]df TotfsdxnfO o zLifsdf hgfpg kg]5
5 cGo cfDbfgL M aLdf Aojfo+u f]sf gePsf] kj +rfng cfDbfgL htfcfDbfgLxsf] of]ukmnnfO o zLifsdf hgfpg kg]5
6 Jojyfkg vr M lgb]zg $ adf]lhd afF8kmFf8 uL cfPsf] sdnfO o zLifsdfhgfpg kg]5
7 ckn]vg vr M k|flDes vrx kj +rfng vrx k flPsf vrx nufgLshf cffdL tyf cGo ckn]vg ulPsf] vrnfO o zLifsdf hgfpg kg]5 t+yfks +rfns tyf pRr Jojyfks jf lghx+u DalGwt JolQmdivide+yfDaGwL cffdL ckn]vg ug kfOg] 5g
8 cGo vrx M k|rlnt sfgg adf]lhd aLdf ldlt tyf cGo lgsfon] aLdsnfOtf]s]sf] b08 hljfgf aLdsn] pkof]u u]sf] ]jfsf] aemfpg kg] zNs dodfgaemfP afkt ltg kg] ljnDa zNs hljfgf nufotsf vrx o zLifsdfhgfpg kg]5
9 gf]SfgLsf] nflu Jojyf M nufgLdf gf]SfgLsf] nflu Jojyf shfdf gf]SfgLsf]nflu Jojyf z+sfkb cffdL Jojyf tyf cGo JojyfnfO o zLifsdf hgfpgkg]5
10 cfos M aLdssf] cfos bfloTjnfO lgb]zg adf]lhd afF8kmFf8 uL cfPsf]sdnfO o zLifsdf hgfpg kg]5
11 hLjg aLdf sf]ifdf f]sf] M aLdssf] bfloTjsf] n]vf hf]vf uL aLdfIacuteLn] lbPsf]dNofIacuteg k|ltj]bg d]tsf] cfwfdf ldltn] lbPsf] cfb]zdividelgb]zg adf]lhd hLjg
41
aLdf sf]ifdf f]sf] sdnfO o zLifsdf b]vfpg kg]5 oL hLjg aLdf sf]ifdff]sf] sd gfkmf gf]Sfg lxfadf lkmtf ug kfOg] 5g
12 cl3Nnf jif+u DalGwt vr M cl3Nnf jif-x_sf] cfosdf nfu]sf]b08dividehljfgfdivideljnDa zNs tyf cl3Nnf jifxdf n]vfIacuteg ug 56]sf vrxnufotsf cl3Nnf jif+u DalGwt vrnfO o zLifsdf hgfpg kg]5
-u_ jfnft tyf DalGwt cgrLsf zLifsxsf] +lIfKt JofVof M
1 rQmf kFhL M eQmfgL k|fKt ePsf] fwf0f z]o ckljtgLo cu|flws z]o tyfkljtgLo cu|flwsf z]o afktsf] sdsf] of]ukmnnfO o zLifsdf hgfpg kg]5
2 hu]8f tyf sf]if M aLdsn] hu]8f sfod ug] lnlnfdf gfkmfaf6 afF8kmfF8 ecfPsf jf cGo sg] k|lqmofaf6 gt[hgf ePsf tyf gfkmf gf]Sfg lxfadf afF8kmFf8guL +ro uL flvPsf] sdxnfO o zLifsdf hgfpg kg]5 oL hu]8f k|of]uubf DalGwt hu]8f tyf sf]if lxfadf vr hgfpg kg]5
-s_ kFhLut hu]8f M rQmf gePsf] z]osf] afFsL sd dfu ubf eQmfgL gu]sf]sf0fn] pQm z]onfO hkmt uL k|fKt xg cfPsf] sd kFhLut cgbfg afktk|fKt xg cfPsf] lhGL tyf gub sd tyf aLdssf] kFhL j[l4 ug] p2]Zon]gfkmfaf6 flPsf] sdnfO o zLifsdf hgfpg kg]5
-v_ z]o lk|ldod M aLdsn] cfˆgf] z]o hfL ubf z]osf] clIacutet dNo eGbf a9Lbn] hfL u]sf] x]5 eg] pQm al9 sd hlt o zLifsdf hgfpg kg]5 ozLifsdf hgfOPsf] sd nfef+z ljt0f k|of]hgsf] nflu of]Uo dflgg] 5g
-u_ k|tfljt af]gz z]o M aLdsn] k|tfj uL fwf0f efn] kflt u]sf] t hfLuL gs]sf] af]gz z]onfO o zLifsdf hgfpg kg]5
-3_ ljz]if hu]8f M aLdf ldltsf] lgb]zg adf]lhd sg cGo hu]8f sf]if v8f ugkbf Totf] sdnfO o zLifsdf hgfpg kg]5
-ordf_ cGo hu]8f M aLdsn] cGo k|of]hgsf] nflu v8f u]sf] hu]8fnfO o zLifsdfhgfpg kg]5
-r_ gfkmf gf]Sfg lxfaaf6 f]sf] M aLdssf] gfkmf gf]Sfg lxfaaf6 jfnftdff]sf] gfkmf sdnfO o zLifsdf hgfpg kg]5
3 hLjg aLdf sf]if M lgb]zg adf]lhd fVg kg] hLjg aLdfsf]ifxsf] of]ukmnnfOo zLifsdf hgfpg kg]5
4 dxfndashljkQL hu]8f M 7nf] kldf0fdf aLdf bfjL pTkGg xg Sg] dxfndashljkQL -catastrophy_ sf] cjyfdf aLdssf] ljQLo Ifdtfdf kg Sg] k|ltsn c sd ug]p2]Zon] gfkmfaf6 flPsf] sdnfO o zLifsdf hgfpg kg]5 o zLifsdfhgfOPsf] sd nfef+z ljt0f k|of]hgsf] nflu of]Uo dflgg] 5g
5 ltg afFsL bL3sflng C0f tyf fk6L M jfnftsf] ldltdf eQmfgL ug afFsLbL3sflng fk6LnfO o zLifsdf hgfpg kg]5
42
6 ly DkQL -vb_ MyfoL k|s[ltsf DkQLxsf] sn dNodf Xf ssectf uL afFsL x]sf]sdnfO o zLifsdf hgfpg kg]5
7 bL3sflng nufgL M aLdsn] lgb]zg ^ adf]lhd u]sf] bL3sflng nufgLnfO ozLifsdf hgfpg kg]5
kli6s0f M = jfnftsf] ldltaf6 Ps jif eGbf al9 cjwL kl5 eQmfgLk|fKt xg] sfL sfsf] hdfgt k|fKt ]Sol6Ld2tL lgIf]k gfuls nufgL of]hgf z]o a+s tyfljQLo +yfsf] cu|flwsf z]odividel8j]Gr tyf cGo f]xLk|s[ltsf nufgLxnfO bL3sflng nufgL Demg k5
= aLdsn] klAns sDkgLsf] z]odf nufgL u] afkt k|fKtxg] af]gz z]onfO z]o +Vofdf dfq b]vfO kn df]ndfsg kljtg ug x+bg
amp=s cNksflng nufgL M aLdsn] lgb]zg ^ adf]lhd u]sf] cNksflng nufgLnfO ozLifsdf hgfpg kg]5
kli6s0f M jfnftsf] ldltaf6 Ps jif leq eQmfgL k|fKt xg] sfL sfsf] hdfgt k|fKt ]Sol6L d2tL lgIf]k gfulsnufgL of]hgf a+s tyf ljQLo +yfsf] cu|flwsfz]odividel8j]Gr tyf cGo f]xL k|s[ltsf nufgLxnfOcNksflng nufgL Demg k5
8 aLdfn]vsf] lwtf]df shf M aLdsn] lgb]zg amp adf]lhd k|To]s lsldsf] aLdfsf]aLdfn]vsf] lwtf]df k|bfg u]sf] shfsf] of]ukmnnfO o zLifsdf hgfpg kg]5
9 gub tyf a+s dfHbft M -_ aLds+u x]sf] sn gub dfHbft sd tyf aLdssf]a+sdivideljQLo +yfsf] Aofh k|fKt gxg] vftfdf x]sf] sn sdnfO o zLifsdfhgfpg kg]5
10 cGo bL3sflng shf M lgb]zg amp adf]lhd n]vfIacuteg ulPsf] clestfnfO k|bfgulPsf] bL3sflng shf sdrfLnfO k|bfg ulPsf] bL3sflng shf tyf cGobL3sflng shfsf] of]ukmnnfO o zLifsdf hgfpg kg]5
kli6s0f M jfnftsf] ldltaf6 Ps jif eGbf al9 cjwL kl5 eQmfgLk|fKt xg] clestfnfO k|bfg ulPsf] shf sdrfLnfO k|bfgulPsf] shf tyf cGo f]xL k|s[tLsf shfxnfO bL3sflngshf Demg k5
)s= cGo cNksflng shf M lgb]zg amp adf]lhd n]vfIacuteg ulPsf] clestfnfO k|bfgulPsf] cNksflng shf sdrfLnfO k|bfg ulPsf] cNksflng shf tyf cGocNksflng shfsf] of]ukmnnfO o zLifsdf hgfpg kg]5
kli6s0f M jfnftsf] ldltaf6 Ps jif leq eQmfgL k|fKtxg] clestfnfO k|bfg ulPsf] shf sdrfLnfO k|bfgulPsf] shf tyf cGo f]xL k|s[tLsf shfxnfOcNksflng shf Demg k5
43
11 cGo DkQL M -_ o lgb]zg adf]lhd n]vfIacuteg ulPsf] aLdssf] nufgLaf6 k|fKt xgafFsL cfo aLdfn]vsf] lwtf]df shfaf6 k|fKt xg afFsL Aofh cGo shfaf6 k|fKt xgafFsL Aofh cGo aLdsaf6 k|fKt xg afFsL kgaLdsaf6 k|fKt xg aFfsL ljljwcffdL clu|d eQmfgL sdrfL k]ZsL cGo k]ZsL wf6L tyf cGosf] of]ukmnnfOo zLifsdf hgfpg kg]5
-_ cGo DkQLsf] ljj0f kllzi6 sf] cgrL $ adf]lhd xg kg]5
-_ cn xg afFsL aLdfzNs eP f]sf] of]ukmn kllzi6 sf] cgrL $ dfb]vfpg kg]5 f] cn xg afFsL aLdfzNs afasf] dNtjL -Suspense_ b]vfOvb k|efj (Net effect) zGo agfpg kg]5
12 rfn bfloTj M clestfnfO lbg afFsL cGo aLdsnfO lbg afFsL kgaLdsnfO lbgafFsL aLdfzNs wf6L k0f ljj0f gvn]sf] aLdfzNs ljljw fx xfosdividexf]lN8EumlsDkgLnfO lbg afFsL gtf]tdf ssectf ulPsf] s ltg afFsL cfos ltg afFsL]jfzNs ltg afFsL sdrfLnfO ltg afFsL +rfnsnfO ltg afFsL tyf cGo ltgafFsL sdxsf] of]ukmnnfO o zLifsdf hgfpg kg]5
13 cdfKt hf]lvd jfkt Jojyf M lgb]zg ( adf]lhdsf] cdfKt hf]lvd Jojyfsf]of]ukmnnfO o zLifsdf hgfpg kg]5
14 eQmfgL xg afFsL bfjL jfkt Jojyf M k|To]s lsldsf] aLdfsf] eQmfgL xg afFsLbfjLsf] nflu ulPsf] Jojyfsf] of]ukmnnfO o zLifsdf hgfpg kg]5
15 ckn]vg jf dfof]hg xg afFsL ljljw vrx M ckn]vg ug afFsL k|flDes vrckn]vg ug afFsL kj +rfng vr ckn]vg ug afFsL yug ulPsf vr tyfcGo ckn]vg jf dfof]hg gePsf vrxsf] of]ukmnnfO o zLifsdf hgfpgkg]5
-3_ k|dv rsfIacutexdf +nUg zLifsxsf] +lIfKt JofVof
1 g]6 jy = rQmf kFhL plusmn hu]8f tyf sf]if plusmn dxf ljkQL hu]8f ndashckn]vg jfdfof]hg xg afFsL ljljw vrx ndash gfkmf gf]Sfg lxfaaf6 f]sf] gf]Sfg
2 k|lt z]o lstfaL dNo = g]6 jydividefwf0f z]o +Vof
3 k|lt z]o cfo = vb gfkmfdividefwf0f z]o +Vof
4 dNo cfDbfgL cgkft = k|lt z]o ahf dNodividek|lt z]o cfo
5 sn DklQ = ly DklQ plusmn nufgL plusmn aLdfn]vsf] lwtf]df shf plusmn rfnDklQ shf tyf k]ZsLx
![Page 26: hLjg aLdf Joj;fo ug]{ aLdssf] ljQLo ljj/0f ;DaGwL lgb]{zg](https://reader033.vdocuments.site/reader033/viewer/2022053020/6291631db7b57c39db6663d6/html5/thumbnails/26.jpg)
26
cgrLndashamp
hu]8f tyf sf]if
qm=+= ljj0f o aif ut aif
1 kFhLut hu]8f
2 ljz]if hu]8f
3 cGo hu]8f -ljj0f vnfpg]_
4 z]o lk|ldod
5 k|tfljt af]gz z]o
6 Gffkmf gf]Sfg lxfaaf6 f]sf] gfkmf
hDdf
cgrLndash
dxfndashljklQ hu]8fjifsf] zdf dxfndashljklQ hu]8f gfkmf gf]Sfg lxfaaf6 f]sf] jifsf] cGTodf dxfndashljklQ
hu]8fo jif ut jif o jif ut jif o jif ut jif
cgrLndash(
ltg afFsL bL3sflng C0f tyf fk6L
qm=+= ljj0f o aif ut aif
l8j]Gr divide a08
a+s
ljQLo +yf
$ cGo -ljj0f vnfpg]_
hDdf
27
cgrLndash)
ly DklQ
ljj0f kn df]n Xf ssectL vb df]n
zdfHbft
ojif
yk]sf]
ojif
36]sf]
hDdf utjifDd
ojif
laqmLdivide
dfof]hg
hDdf ojifDdsf]
UftjifDdsf]
lk|m xf]N8hldg
ejg
kmlgrtyf
lkmSr
sfofnofdfg
sDKo6tyfrgfk|ljwLpks0f
cb[ZoDklQ-ljj0fvnfpg]_
jfLfwg
lnh xf]N8DklQ
cGo-k|s[ltvnfpg]_
hDdf
lgdf0fflwgkFhLutvr
sn
ut jif
28
cgrLndash
nufgL
qm=+= ljj0f o aif ut aif-s_ bL3sflng nufgL M sfL sfsf] hdfgt k|fKt ]Sol6L jfl0fHo a+ssf] d2tL lgIf]k ljsf a+ssf] d2tL lgIf]k$ gfuls nufgL of]hgf ljQLo +yfsf] d2tL lgIf]k^ cfjf ljQ sDkgLsf] fwf0f z]o -cgrL = adf]lhd_amp cGo sDkgLsf] fwf0f z]o -cgrL = adf]lhd_ a+s tyf ljQLo +yfsf] cu|flwsf z]odividel8j]Gr( cGo -ljj0f vnfpg]_
hDdf M-v_ cNksflng nufgL M sfL sfsf] hdfgt k|fKt ]Sol6L jfl0fHo a+ssf] d2tL lgIf]k ljsf a+ssf] d2tL lgIf]k$ gfuls nufgL of]hgf ljQLo +yfsf] d2tL lgIf]k^ a+s tyf ljQLo +yfsf] cu|flwsf z]odividel8j]Gramp jfl0fHo a+ssf] Aofh k|fKt xg] cGo lgIf]k ljsf a+ssf] Aofh k|fKt xg]] cGo lgIf]k( ljQLo +yfsf] Aofh k|fKt xg] cGo lgIf]k) cGo Aofh k|fKt xg] nufgL -ljj0f vnfpg]_
hDdf McgrLndash=
z]odf nufgL
qm=+= sDkgL vb sd c+lst dNo kn dNo ahf dNo
= ======sDkgLsf]=============yfg====z]o
= ======sDkgLsf]=============yfg=====z]o
= ======sDkgLsf]=============yfg=====z]o
hDdf
gf]6 M = aLdssf] xfos sDkgLdividexf]lN8Euml sDkgL tyf +oQm nufgL ePsf] sDkgLsf] z]odf ePsf]nufgLnfO
5sectfndash5sect vnfpg kg]5
= lgodfgf lrs[t gePsf z]odf ePsf] nufgLnfO 5sect vnfpg kg]5
= +yfks z]o cGo z]odf ePsf] nufgLnfO 5sectf5sect vnfpg kg]5
29
cgrLndash
gub tyf a+s dfHbft
qm=+= ljj0f o aif ut aifgub dfHbft
hDdfa+s dfHbftjfl0fHo a+sxsf] dfHbftljsf a+sxsf] dfHbftljQLo +yfxsf] dfHbft
cGo -ljj0f vnfpg]_hDdfsn
cgrLndash
cGo shf
qm=+= ljj0f o aif ut aif-s_ bL3sflng shf= clestfnfO shf= sdrfLnfO shf= cGo -ljj0f vnfpg]_
hDdf-v_ cNksflng shf= clestfnfO shf= sdrfLnfO shf= cGo -ljj0f vnfpg]_
hDdfcgrLndash$
cGo DklQqm=+= ljj0f o aif ut aif1 nufgLaf6 k|fKt xg afFsL cfo2 aLdfn]vsf] lwtf]df shfaf6 k|fKt xg afFsL Aofh3 cGo -aLdfn]vsf] lwtf]df afx]s_ shfaf6 k|fKt xg afFsL
Aofh4 cGo aLdsaf6 k|fKt xg afFsL5 kgaLdsaf6 k|fKt xg afFsL6 ljljw cffdL7 clu|d eQmfgL8 sdrfL k]ZsL9 cGo k]ZsL10 wf6L11 cn xg afFsL aLdfzNs
Gog M cn xg afFsL aLdfzNs dNtjL -suspense_12 cGo ljj0f vnfpg]
hDdf M
30
cgrLndash
rfn bfloTj
qm=+= ljj0f o aif ut aif1 clestfnfO lbg afFsL2 cGo aLdsnfO lbg afFsL3 kgaLdsnfO lbg afFsL4 cNksflng shf5 aLdfzNs wf6L6 k0f ljj0f gvn]sf] aLdfzNs7 ljljw fx8 xfosdividexf]lN8Euml sDkgLnfO lbg afFsL9 gtf]tdf ssectf ulPsf] s ltg afFsL10 dNo clea[l4 s ltg afFsL11 cfos ltg afFsL12 ]jf zNs ltg afFsL13 sdrfLnfO lbg afFsL14 +rfnsnfO lbg afFsL15 eQmfgL lbg afFsL nfef+z -l8le8]08_16 cGo -ljj0f vnfpg]_
hDdf
cgrLndash^
cdfKt hf]lvd Jojyfqm=+= ljj0f o aif ut aif= ===========aLdfsf] cdfKt hf]lvd hu]8f= ===========aLdfsf] cdfKt hf]lvd hu]8f= ===========aLdfsf] cdfKt hf]lvd hu]8f
===========aLdfsf] cdfKt hf]lvd hu]8f
hDdf
31
cgrL ^scGo Aojyf
aifsf] zdf Aojyfrfn cf=a=df yk ulPsf]
Aojyfrfn cf=a=df ckn]vg
ulPsf] Aojyfrfn cf=a=df lkmtfulPsf] Aojyf
aifsf] cGtdf sfodx]sf] Aojyf
qm=+=
ljj0fo jif ut jif o jif ut jif o jif ut jif o jif ut jif o jif ut jif
nfef+z -l8le8]08_ sf] nflu Aojyf
nufgLdf gf]SfgLsf] nflu Aojyf
shfdf gf]SfgLsf] nflu Aojyf
$ z+sfZkb cffdLsf] nflu Aojyf
cGo gf]SfgLsf] nflu Aojyf
^ sdrfL DaGwL Aojyf-s_ k]Gg tyf pkbfg Aojyf-v_ ljbf jfkt Aojyf-u_ cfjf tyf cGo ljwf Aojyf-3_ sdrfL af]g Aojyf-ordf_ cGo
amp cGo Aojyf -ljj0f vnfpg]_
hDdf
32
cgrLndashamp
ckn]vgdividedfof]hg xg afFsL ljljw vrxqm=+= ljj0f o aif ut aif1 ckn]vg ug afFsL k|flDes vr2 ckn]vg ug afFsL kj +rfng vr3 ckn]vg ug afFsL yug ulPsf vr4 cGo -ljj0f vnfpg]_
hDdf
cgrL ndash
ljQLo ljj0f+u DalGwt k|dv n]vf gLltx
n]vf DaGwL gLltdf vnfpg kg] aFbfx M aLdsn] n]vf DaGwL gLltdf b]xfosf aFbfxvnfpg kg]5
1 ljQLo ljj0f tofLsf cfwfx M sg sg cjwf0ff -concept_ tyf n]vfdfgx sfgg tyf aLdf ldltsf lgb]zgxsf] clwgdf xL ljQLo ljj0f tof ulPsf] xf]f]sf] Joxf]f
ljQLo ljj0f tof ubf sg sfgg aLdf ldltsf] lgb]zg jf n]vfdfg kfngf gePsf]eP f]sf] sf0f lxt Joxf]f
2 ly DklQ n]vfIacuteg gLlt M ly DklQ n]vfIacuteg ubf cjnDag ulPsf] gLlt
3 Xf ssectL gLlt M aLdssf] +rfns ldltaf6 kflt uL nfu ulPsf] Xf ssectL gLlt
4 kFhLs[t gulg] DklQx DaGwL n]vfIacuteg gLlt M aLdssf] +rfns ldltn] sg lglZrtdf]nDd kg] pks0f fdfgx kFhLs[t gug] gLlt lnPsf] 5 eg] f]sf] Joxf]f
5 cfos Jojyf tyf afF8kmFf8 gLlt M cfos Jojyf DaGwdf aLdsn] cjnDag u]sf]gLlt aLdsn] gfkmf gf]Sfg lxfa tyf cfo Joo lxfadf Totf] Jojyf sdafF8kmFf8 ubf cjnDag u]sf] gLlt
6 nufgL n]vfIacuteg gLlt M nufgL n]vfIacutegsf] DaGwdf aLdsn] cjnDag u]sf] gLltxnfOb]xfosf zLifsx cGtut vnfpg kg]5
-s_ sfL artkqdivideC0fkqdf nufgL n]vfIacuteg gLlt
-v_ a+sdivideljQLo +yfsf] d2tL lgIf]kdf nufgL n]vfIacuteg gLlt
-u_ klAns lnld6]8 sDkgLsf] z]odf nufgL n]vfIacuteg gLlt
-3_ klAns lnld6]8 sDkgLn] hfL u]sf] C0fkqxdf nufgL n]vfIacuteg gLlt
7 6xL 36a9 dfof]hg gLlt M ljb]zL db|f+u DalGwt DklQ bfloTj tyf 6xL36a9 cfDbfgL tyf vrxsf] n]vfIacuteg gLlt
8 aLdfzNs cfDbfgL n]vfIacuteg gLlt M aLdsn] aLdfzNs cfDbfgL n]vfIacuteg ubf cjnDagu]sf] gLlt
33
9 kgaLdf sldzg cfDbfgL n]vfIacuteg gLlt M aLdsn] kgaLdf u] afkt k|fKt ug] sldzgsf]n]vfIacuteg ubf cjnDag u]sf] gLlt
10 cGo cfo n]vfIacuteg tyf afF8kmFf8 gLlt M aLdsn] ef8f -Rent_ tyf cGo zLifsaf6 ePsf]cfo n]vfIacuteg tyf afF8kmFf8 ubf cjnDag u]sf] gLlt
11 shf n]vfIacuteg gLlt M aLdsn] aLdfn]vsf] lwtf]df k|bfg u]sf] shf tyf cGo shfn]vfIacuteg ubf cjnDag u]sf] gLlt
12 Jojyfkg vr afF8kmFf8 gLlt M aLdsn] gfkmf gf]Sfg lxfa tyf cfo Joo lxfaxdfJojyfkg vr afF8kmFf8 ubf cjnDag u]sf] gLlt
13 aLdf bfjL eQmfgL vr n]vfIacuteg gLlt M aLdsn] aLdf bfjL eQmfgL vr n]vfIacuteg ubfcjnDag u]sf] gLlt
14 aLdf bfjL afkt bfloTj Jojyf n]vfIacuteg gLlt M -s_ gt[hgf ePsf] t hfgsfLdfgcfPsf] -IBNR_ aLdf bfjL afkt bfloTj Jojyf n]vfIacuteg ubf aLdsn] cjnDagu]sf] gLlt
-v_ aLdsn] aLdf bfjL bfloTj afkt Jojyf ubf cjnDag u]sf] gLlt
15 aLdf Jojfodf art afF8kmFf8 gLlt M aLdsn] gfkmf gf]Sfg lxfa tyf cfo Joolxfaxdf art afF8kmFf8 ubf cjnDag u]sf] gLlt
16 sdrfL pkbfg ljbf tyf cGo ljwf afkt Jojyf gLlt M aLdsn] sdrfL pkbfgljbf tyf cGo ljwf afkt Jojyf ubf cjnDag u]sf] n]vfIacuteg gLlt
17 z+sfkb cffdL Jojyf gLlt M aLdsn] z+sfkb cffdL Jojyf ubf cjnDag u]sf]gLlt
18 ckn]vg vr n]vfIacuteg gLlt M aLdsn] cjnDag u]sf] ckn]vg vr DaGwL gLlt
19 cGo gLltx M plNnlvt gLltx afx]s jfnft gfkmf gf]Sfg lxfa cfo Joo lxfanufotsf ljQLo ljj0fnfO apermilg ljZn]if0f ug 3fp kUg] uL cGo sg] n]vf gLltsf]hfgsfL lbg cfjZos b]lvPdf f] Joxf]f
34
cgrLndash(
ljQLo ljj0f+u DalGwt n]vf DaGwL l6Kk0fLx
n]vf DaGwL l6Kk0fLdf vnfpg kg] aFbfx M aLdsn] n]vf DaGwL l6Kk0fLdf b]xfosf aFbfxvnfpg kg]5
= Defljt bfloTjx M
c_ rQmf jf eQmfgL xg afFsL nufgL
cf_ k|Tofelt k|lta4tf -underwriting commitments_
O_ aLdfn]v cGtut eGbf afx]saf6 aLds pk bfjL k]sf] t aLdsn] bfloTj jLsfgu]sf]
O_ aLdsn] jf aLdssf] tkmaf6 lbOPsf] Uof]06L
p_ cGo bfloTj -ljj0f vnfpg]_
= aLdfIacuteLn] aLdssf] bfloTj dNofIacuteg ubf cjnDag u]sf] cfwfx
= aLdssf] DklQdf cfPsf] Lldttf tyf ljjfbx
$= shf nufgL tyf ly DklQsf] nflu ulPsf] k|lta4tf
= nufgL+u DalGwt b]xfosf vLb laqmL Demftfxsf] dNo M
c_ vLb ulPsf] DklQsf] jfldTj k|fKt gePsf]
cf_ laqmL ulPsf] DklQsf] eQmfgL k|fKt gePsf]
^= o jifeL ulPsf] nufgL tyf laqmLdividelkmtf lnPsf] nufgLsf] DaGwdf +yf ldltkldf0f sd d]t vn]sf] ljj0f
amp= a+s dfHbft lxfa DaGwdf DalGwt a+sdivideljQLo +yfsf] 6]6d]06 lxtsf] lxfaldnfg DaGwL Joxf]f
= aLdsdividekgaLds+u lng lbg afFsL lxfa DaGwdf DalGwt aLdsdividekgaLdssf]dyg lxtsf] lxfa ldnfg DaGwL Joxf]f
gf]6 Mndash bnfn (Broker) dfkmt ePsf] kgaLdfsf] xsdf fdfGot DalGwt bnfnn]kgaLdssf] tkmaf6 dyg lbg Sg]5
(= aLdsn] u]sf] nufgL k|rlnt aLdf P]g lgodfjnL tyf aLdf ldltaf6 tf]lsP adf]lhdx] gx]sf]
)= aLdssf] +rfns jf +rfns+u DalGwt JolQm jf +yf+u ePsf] sff]af
= aLdsn] cfˆgf] DklQsf] If0fdf lnPsf] C0fsf] lwtf] zt tyf cflrTo
= aLdsn] s rQmf k|df0fkq k|fKt u]sf] cf=j=tyf Totf] rQmf k|df0fkq k|fKt xg afFsLcf=j= f] DaGwL ljj0fsf fy] cl3Nnf] cf=j=xsf] s hljfgf Aofh afkt bfjLk]sf] o cf=j=df eQmfgL ePsf] sd
= lkmtf u]sf] aLdfzNssf] kldf0f sf0f
35
$=aLdsn] aLldtnfO k|bfg ug] 3f]lift tyf cGtld af]gsf] b
=l9nf] aLdfzNs eQmfgLdf lanDa zNsdivideAofhsf] b tyf aLdfn]vsf] lwtf]df k|bfg ulg]shfdf Aofhsf] b
^=ckn]vg xg afFsL vrsf] ljj0f
amp=rQmf kFhL dWo] clu|d eQmfgL k|fKt -Paid in advance_ eQmfgL k|fKt xg afFsL -Call inarrears_ hkmt ulPsf t kgM lgisfzg gulPsf z]osf] ljj0f
=lnh xf]N8 DklQdf ut jifDd o jif vr (Amortization) n]lvPsf] sdsf]ljj0f
(= jifeldf ePsf] jfnft aflxsf] sff]afsf] ljj0f
)= cl3Nnf aifx+u DalGwt cfDbfgL tyf vrxsf] 5sectf5sect ljj0f
=plNnlvt aFbfx afx]s jfnft gfkmf gf]Sfg lxfa cfo Joo lxfa nufotsfljQLo ljj0fxnfO apermilg ljZn]if0f ug 3fp kUg] cGo sg hfgsfL lbg cfjZosb]lvPdf cGo Joxf]f d]t vnfpg kg]5
36
cgrL )k|dv rsfIacutex
cf=a=qm=+= ljj0f rsfIacute
g]6 jy = z]o +Vof +Vof k|lt z]o lstfjL dNo =$ vb gfkmf = k|lt z]o cfo (EPS) =^ k|lt z]o nfef+z (DPS) =amp k|lt z]o ahf dNo (MPPS) = dNo cfDbfgL cgkft (PE Ratio) cgkft( k|yd aifsf] aLdfzNs =) sn aLdfzNs = vb aLdfzNsdividesn aLdfzNs k|ltzt vb gfkmfdividesn aLdfzNs k|ltzt sn aLdfzNsdividesn DklQ k|ltzt$ nufgL shfaf6 cfodividesn nufgL shf k|ltzt sn nufgL shfdividehLjg aLdfsf]if k|ltzt^ kgaLdf sldzg cfodividesn kgaLdfzNs k|ltztamp Jojyfkg vrdividesn aLdfzNs k|ltzt aLdf clestf DalGw vrdividesn aLdfzNs k|ltzt( aLdf clestf +Vof +Vof) sdrfL +Vof +Vof sfofnosf] +Vof +Vof sdrfL vrdivideJojyfkg vr k|ltzt sdrfL vrdividesdrfL +Vof =$ eQmfgL xg aFfsL bfjL sddivideeQmfgL ePsf] bfjL
sdk|ltzt
sn sfod x]sf] aLdfn]vsf] +Vof +Vofdf^ o jif gjLs0f ePsf] aLdfn]vsf] +Vofdivideut
jif sfod x]sf] aLdfn]vsf] +Vofk|ltzt
amp bfjL k]sf] aLdfn]vsf] +Vofdividesn sfod x]sf]aLdfn]vsf] +Vof
k|ltzt
f]Ne]GL dflhg k|ltzt( 3f]lift af]g b =
k|ltxhf) cGtld af]g b =
k|ltxhf
37
cgrL ndash
aLdfIacutesf] ljj0f
sfod x]sf]aLdfn]vsf] +Vof
sfod x]sf]aLdfn]v cGtut
hDdf aLdfIacute
d of6 ls(Sum at Risk)
kgaLdsnfOxtfGt0f ulPsf]
d of6 ls(Sum at Risk)
aLdsn] wf0fu]sf] d of6ls (Sum at
Risk)
qm=+= aLdfsf] lsld
o jif ut jif o jif ut jif o jif ut jif o jif ut jif o jif ut jif
hDdf
38
kllzi6 ndash
-lgb]zg +u DalGwt_
ljQLo ljj0fsf zLifsxsf] +lIfKt JofVof
-s_ cfo Joo lxfa tyf f] DaGwL cgrLsf zLifsxsf] +lIfKt JofVof M
1 k|ToIf aLdfzNs M aLdsn] kgaLdf jLsf u] afkt k|fKt aLdfzNs afx]s k|ydjifsf] aLdfzNs gjLs0f aLdfzNs Psn aLdfzNssf] of]ukmnaf6 lgodfgflkmtf u]sf] aLdfzNs ssectf uL o zLifsdf hgfpg kg]5
2 sn aLdfzNs M k|ToIf aLdfzNs aLdsn] kgaLdf jLsf u] afkt k|fKtaLdfzNssf] of]ukmnnfO o zLifsdf hgfpg kg]5
3 aLdfzNs -vb_ M sn aLdfzNsaf6 kgaLdf lbP afktsf] kgaLdf zNs ssectf uLafFsL sdnfO o zLifsdf hgfpg kg]5
4 kgaLdf sldzg cfo M -s_ aLdsn] kgaLdf lbP afkt k|fKt xg] kgaLdfsldzgnfO o zLifsdf hgfpg kg]5
-v_ aFbf g+=-s_ sf] cltlQm kgaLdsaf6 dgfkmf sldzg -Profit Commission_k|fKt ePdf f]nfO o zLifsdf dfj]z uL f]sf] Joxf]f n]vf DaGwLl6Kk0fLdf vnfpg kg]5
5 nufgL shf tyf cGoaf6 cfo M sfL ]Sol6Laf6 cfo d2tL lgIf]kaf6 cfoklAns sDkgLsf] z]odividel8j]Graf6 cfo ef8faf6 cfo shfaf6 cfo -aLdfn]vsf]lwtf]df shf afx]s_ cGo lgIf]kaf6 -d2tL afx]s_ cfo nufgL laqmLdf gfkmf -GognufgL laqmLdf gf]Sfg_ nufgL -vLb_ df gfkmf -Gog nufgL vLbdf gf]Sfg_ly DklQ laqmLaf6 gfkmf -Gog ly DklQ laqmLaf6 gf]Sfg_ vftf ckn]vgaf6cfo tyf cGo cfosf] of]ukmnnfO lgb]zg adf]lhd afF8kFmf8 uL cfPsf]sdnfO o zLifsdf hgfpg kg]5
6 aLdfn]vsf] lwtf]df shfaf6 cfo M aLdfn]vsf] lwtf]df shf k|bfg u] afkt k|fKt xg]Aofh lanDa zNs htf cfonfO o zLifsdf hgfpg kg]5
7 cGo k|ToIf cfoM aLldtn] tf]lsPsf] cjlwleq aLdfzNs gaemfP afkt aLdsn]eQmfgL k|fKt u]sf] hljfgfdivideAofhdivideljnDa zNs tyf aLdfn]vsf] k|ltlnkL btcfo l6s6 bt htf f]xL aLdfsf] lsld+u k|ToIf kdf DalGwt cfonfO ozLifsdf hgfpg kg]5
8 bfjL eQmfgL -vb_ M aLdsn] eQmfgL u]sf] d[To bfjL cjlw dfKtL bfjL cf+lzscjlw dfKtL bfjL dk0f dNo tyf cGo bfjLsf] of]ukmnnfO o zLifsdfhgfpg kg]5
9 clestf sldzg M k|yd jifsf] aLdfzNsdf clestf sldzg gjLs0f aLdfzNsdfclestf sldzg Psn aLdfzNsdf clestf sldzgsf] of]ukmnaf6 kgaLdssf]lxf ssectf uL afFsL sd o zLifsdf hgfpg kg]5
10 jfYo kLIf0f zNs M aLdf hf]lvdfIacutegsf] nflu jfYo kLIf0f ufP afkt aLdsn]Joxf]g k]sf] jfYo kLIf0f zNsnfO o zLifsdf hgfpg kg]5
39
11 kgaLdf sldzg vr M aLdsn] kgaLdf jLsf u] afkt eQmfgL ug kg] sldzgsdnfO o zLifsdf hgfpg kg]5
12 ]jf zNs -vb_ M aLdf ldltnfO aemfpg kg] sn ]jf zNsaf6 kgaLdssf] lxfssectf uL afFsL sdnfO o zLifsdf hgfpg kg]5
13 cGo k|ToIf vr M aLdfsf] lsld+u k|ToIf kn] DalGwt x]sf] cGo vrnfO ozLifsdf hgfpg kg]5
14 Jojyfkg vr M lgb]zg $ adf]lhd afF8kmFf8 uL cfPsf] sdnfO o zLifsdfhgfpg kg]5
15 cfos M -_ aLdssf] cfos bfloTjnfO lgb]zg adf]lhd afF8kmFf8 uL cfPsf]sdnfO o zLifsdf hgfpg kg]5 osf] ljj0f kllzi6 sf] cgrL adf]lhd xg kg]5
-_ cl3Nnf jif-x_ sf] cfos bfloTjnfO kllzi6 sf] cgrL sf] aeligcl3Nnfjifxsf] cfosAElig zLifsdf hgfpg kg]5 t Totf] cfosdf nfu]sf]b08dividehljfgfdivideljnDa zNsnfO gfkmf gf]Sfg lxfasf] aeligcl3Nnf jif+uDalGwt vrAElig zLifsdf hgfpg kg]5
16 cflys jifsf] cGTodf eQmfgL xg afFsL bfjL afkt Jojyf M cflys jifsf] cGTodfeQmfgL xg afFsL d[To bfjL cjlw dfKtL bfjL cf+lzs cjlw dfKtL bfjL dk0fdNo bfjL cGo bfjL tyf gt[hgf ePsf] t hfgsfLdf gcfPsf] bfjLsf] of]ukmndfaLdf lgodfjnL )$( sf] lgod sf] v08 -3_ adf]lhdsf] sd yk ubf xgcfpg] sdnfO o zLifsdf hgfpg kg]5
aLdssf] cgejsf] cfwfdf [hgf ePsf] t hfgsfLdf gcfPsf] bfjLsf] nflusd Aojyf ug kg]5
17 cflys jifsf] cGTodf cdfKt hf]lvd afkt Jojyf M aLdf cjlw dfKtL afktbfjL eQmfgL ug gkg] lsldsf] aLdfsf] cdfKt hf]lvd afkt lgb]zg ( adf]lhdJojyf uL cfPsf] sd o zLifsdf hgfpg kg]5
18 hLjg aLdf sf]ifdividegfkmf gf]Sfg lxfadf f]sf] artdivide-gf]Sfg_ M -_ aLdf cjlwdfKtL afkt bfjL eQmfgL ug kg] lsldsf] aLdfsf] cfo Joo lxfaaf6 art -surplus_ ePsf] cjyfdf o zLifsnfO aelighLjg aLdf sf]ifdf f]sf] artAElig sfoduL Totf] art sdnfO o zLifsdf hgfpg kg]5
-_ aLdf cjlw dfKtL afkt bfjL eQmfgL ug kg] lsldsf] aLdfsf] cfo Joolxfaaf6 gf]Sfg ePsf] cjyfdf o zLifsnfO aeliggfkmf gf]Sfg lxfadff]sf] gf]SfgAElig sfod uL Totf] gf]Sfg sdnfO o zLifsdf C0ffTdskdf hgfpg kg]5
-_ aLdf cjlw dfKtL afkt bfjL eQmfgL ug gkg] lsldsf] aLdfsf] cfo Joolxfasf] nflu o zLifsnfO aelighLjg aLdf sf]ifdf f]sf] sdAElig aeliggfkmfgf]Sfg lxfadf f]sf] artdivide-gf]Sfg_AElig uL bOj6f zLifs sfod uL aelighLjgaLdf sf]ifdf f]sf] sdAElig zLifsdf lgb]zgndash adf]lhdsf] sd hgfO afFsLsdnfO aeliggfkmf gf]Sfg lxfadf f]sf] artdivide-gf]Sfg_AElig zLifsdf hgfpgkg]5 tf]lsP adf]lhd hLjg aLdf sf]ifdf f]sf] sd hgfp+bf gf]Sfg ePdf
40
aeliggfkmf gf]Sfg lxfadf f]sf] artdivide-gf]Sfg_AElig zLifsdf Totf] gf]Sfg ePsf]sdnfO C0ffTds kdf hgfpg kg]5
-v_ gfkmf gf]Sfg lxfa tyf DalGwt cgrLsf zLifsxsf] +lIfKt JofVof M
1 cfo Joo lxfaaf6 f]sf] M aLdf cjlw dfKtL afkt bfjL eQmfgL ug gkg]lsldsf] aLdfxsf] cfo Joo lxfaaf6 aeliggfkmf gf]Sfg lxfadf f]sf] artdivide-gf]Sfg_AElig sdxsf] of]ukmnnfO o zLifsdf hgfpg kg]5
2 hLjg aLdf sf]ifaf6 f]sf] M k|rlnt sfggL Jojyf adf]lhd aLdssf] bfloTjsf]n]vfhf]vf DaGwL aLdfIacuteLsf] k|ltj]bg d]tsf] cfwfdf hLjg aLdf sf]ifaf6 gfkmfgf]Sfg lxfadf fgsf nflu ldltn] jLs[lt k|bfg u]sf] sdnfO o zLifsdfhgfpg kg]5
3 nufgL shf tyf cGoaf6 cfo M lgb]zg adf]lhd afF8kFmf8 uL cfPsf] sdnfOo zLifsdf hgfpg kg]5
4 Jojyf lkmtf M nufgLdf gf]SfgLsf] nflu ulPsf] Jojyf shfdf gf]SfgLsf] nfluulPsf] Jojyf z+sfkb cffdLsf] nflu ulPsf] Jojyf tyf cGosf] nfluulPsf] Jojyf sd cf+lzs jf k0fkn] sfod fVg kg] cjyf gx]df TotfsdxnfO o zLifsdf hgfpg kg]5
5 cGo cfDbfgL M aLdf Aojfo+u f]sf gePsf] kj +rfng cfDbfgL htfcfDbfgLxsf] of]ukmnnfO o zLifsdf hgfpg kg]5
6 Jojyfkg vr M lgb]zg $ adf]lhd afF8kmFf8 uL cfPsf] sdnfO o zLifsdfhgfpg kg]5
7 ckn]vg vr M k|flDes vrx kj +rfng vrx k flPsf vrx nufgLshf cffdL tyf cGo ckn]vg ulPsf] vrnfO o zLifsdf hgfpg kg]5 t+yfks +rfns tyf pRr Jojyfks jf lghx+u DalGwt JolQmdivide+yfDaGwL cffdL ckn]vg ug kfOg] 5g
8 cGo vrx M k|rlnt sfgg adf]lhd aLdf ldlt tyf cGo lgsfon] aLdsnfOtf]s]sf] b08 hljfgf aLdsn] pkof]u u]sf] ]jfsf] aemfpg kg] zNs dodfgaemfP afkt ltg kg] ljnDa zNs hljfgf nufotsf vrx o zLifsdfhgfpg kg]5
9 gf]SfgLsf] nflu Jojyf M nufgLdf gf]SfgLsf] nflu Jojyf shfdf gf]SfgLsf]nflu Jojyf z+sfkb cffdL Jojyf tyf cGo JojyfnfO o zLifsdf hgfpgkg]5
10 cfos M aLdssf] cfos bfloTjnfO lgb]zg adf]lhd afF8kmFf8 uL cfPsf]sdnfO o zLifsdf hgfpg kg]5
11 hLjg aLdf sf]ifdf f]sf] M aLdssf] bfloTjsf] n]vf hf]vf uL aLdfIacuteLn] lbPsf]dNofIacuteg k|ltj]bg d]tsf] cfwfdf ldltn] lbPsf] cfb]zdividelgb]zg adf]lhd hLjg
41
aLdf sf]ifdf f]sf] sdnfO o zLifsdf b]vfpg kg]5 oL hLjg aLdf sf]ifdff]sf] sd gfkmf gf]Sfg lxfadf lkmtf ug kfOg] 5g
12 cl3Nnf jif+u DalGwt vr M cl3Nnf jif-x_sf] cfosdf nfu]sf]b08dividehljfgfdivideljnDa zNs tyf cl3Nnf jifxdf n]vfIacuteg ug 56]sf vrxnufotsf cl3Nnf jif+u DalGwt vrnfO o zLifsdf hgfpg kg]5
-u_ jfnft tyf DalGwt cgrLsf zLifsxsf] +lIfKt JofVof M
1 rQmf kFhL M eQmfgL k|fKt ePsf] fwf0f z]o ckljtgLo cu|flws z]o tyfkljtgLo cu|flwsf z]o afktsf] sdsf] of]ukmnnfO o zLifsdf hgfpg kg]5
2 hu]8f tyf sf]if M aLdsn] hu]8f sfod ug] lnlnfdf gfkmfaf6 afF8kmfF8 ecfPsf jf cGo sg] k|lqmofaf6 gt[hgf ePsf tyf gfkmf gf]Sfg lxfadf afF8kmFf8guL +ro uL flvPsf] sdxnfO o zLifsdf hgfpg kg]5 oL hu]8f k|of]uubf DalGwt hu]8f tyf sf]if lxfadf vr hgfpg kg]5
-s_ kFhLut hu]8f M rQmf gePsf] z]osf] afFsL sd dfu ubf eQmfgL gu]sf]sf0fn] pQm z]onfO hkmt uL k|fKt xg cfPsf] sd kFhLut cgbfg afktk|fKt xg cfPsf] lhGL tyf gub sd tyf aLdssf] kFhL j[l4 ug] p2]Zon]gfkmfaf6 flPsf] sdnfO o zLifsdf hgfpg kg]5
-v_ z]o lk|ldod M aLdsn] cfˆgf] z]o hfL ubf z]osf] clIacutet dNo eGbf a9Lbn] hfL u]sf] x]5 eg] pQm al9 sd hlt o zLifsdf hgfpg kg]5 ozLifsdf hgfOPsf] sd nfef+z ljt0f k|of]hgsf] nflu of]Uo dflgg] 5g
-u_ k|tfljt af]gz z]o M aLdsn] k|tfj uL fwf0f efn] kflt u]sf] t hfLuL gs]sf] af]gz z]onfO o zLifsdf hgfpg kg]5
-3_ ljz]if hu]8f M aLdf ldltsf] lgb]zg adf]lhd sg cGo hu]8f sf]if v8f ugkbf Totf] sdnfO o zLifsdf hgfpg kg]5
-ordf_ cGo hu]8f M aLdsn] cGo k|of]hgsf] nflu v8f u]sf] hu]8fnfO o zLifsdfhgfpg kg]5
-r_ gfkmf gf]Sfg lxfaaf6 f]sf] M aLdssf] gfkmf gf]Sfg lxfaaf6 jfnftdff]sf] gfkmf sdnfO o zLifsdf hgfpg kg]5
3 hLjg aLdf sf]if M lgb]zg adf]lhd fVg kg] hLjg aLdfsf]ifxsf] of]ukmnnfOo zLifsdf hgfpg kg]5
4 dxfndashljkQL hu]8f M 7nf] kldf0fdf aLdf bfjL pTkGg xg Sg] dxfndashljkQL -catastrophy_ sf] cjyfdf aLdssf] ljQLo Ifdtfdf kg Sg] k|ltsn c sd ug]p2]Zon] gfkmfaf6 flPsf] sdnfO o zLifsdf hgfpg kg]5 o zLifsdfhgfOPsf] sd nfef+z ljt0f k|of]hgsf] nflu of]Uo dflgg] 5g
5 ltg afFsL bL3sflng C0f tyf fk6L M jfnftsf] ldltdf eQmfgL ug afFsLbL3sflng fk6LnfO o zLifsdf hgfpg kg]5
42
6 ly DkQL -vb_ MyfoL k|s[ltsf DkQLxsf] sn dNodf Xf ssectf uL afFsL x]sf]sdnfO o zLifsdf hgfpg kg]5
7 bL3sflng nufgL M aLdsn] lgb]zg ^ adf]lhd u]sf] bL3sflng nufgLnfO ozLifsdf hgfpg kg]5
kli6s0f M = jfnftsf] ldltaf6 Ps jif eGbf al9 cjwL kl5 eQmfgLk|fKt xg] sfL sfsf] hdfgt k|fKt ]Sol6Ld2tL lgIf]k gfuls nufgL of]hgf z]o a+s tyfljQLo +yfsf] cu|flwsf z]odividel8j]Gr tyf cGo f]xLk|s[ltsf nufgLxnfO bL3sflng nufgL Demg k5
= aLdsn] klAns sDkgLsf] z]odf nufgL u] afkt k|fKtxg] af]gz z]onfO z]o +Vofdf dfq b]vfO kn df]ndfsg kljtg ug x+bg
amp=s cNksflng nufgL M aLdsn] lgb]zg ^ adf]lhd u]sf] cNksflng nufgLnfO ozLifsdf hgfpg kg]5
kli6s0f M jfnftsf] ldltaf6 Ps jif leq eQmfgL k|fKt xg] sfL sfsf] hdfgt k|fKt ]Sol6L d2tL lgIf]k gfulsnufgL of]hgf a+s tyf ljQLo +yfsf] cu|flwsfz]odividel8j]Gr tyf cGo f]xL k|s[ltsf nufgLxnfOcNksflng nufgL Demg k5
8 aLdfn]vsf] lwtf]df shf M aLdsn] lgb]zg amp adf]lhd k|To]s lsldsf] aLdfsf]aLdfn]vsf] lwtf]df k|bfg u]sf] shfsf] of]ukmnnfO o zLifsdf hgfpg kg]5
9 gub tyf a+s dfHbft M -_ aLds+u x]sf] sn gub dfHbft sd tyf aLdssf]a+sdivideljQLo +yfsf] Aofh k|fKt gxg] vftfdf x]sf] sn sdnfO o zLifsdfhgfpg kg]5
10 cGo bL3sflng shf M lgb]zg amp adf]lhd n]vfIacuteg ulPsf] clestfnfO k|bfgulPsf] bL3sflng shf sdrfLnfO k|bfg ulPsf] bL3sflng shf tyf cGobL3sflng shfsf] of]ukmnnfO o zLifsdf hgfpg kg]5
kli6s0f M jfnftsf] ldltaf6 Ps jif eGbf al9 cjwL kl5 eQmfgLk|fKt xg] clestfnfO k|bfg ulPsf] shf sdrfLnfO k|bfgulPsf] shf tyf cGo f]xL k|s[tLsf shfxnfO bL3sflngshf Demg k5
)s= cGo cNksflng shf M lgb]zg amp adf]lhd n]vfIacuteg ulPsf] clestfnfO k|bfgulPsf] cNksflng shf sdrfLnfO k|bfg ulPsf] cNksflng shf tyf cGocNksflng shfsf] of]ukmnnfO o zLifsdf hgfpg kg]5
kli6s0f M jfnftsf] ldltaf6 Ps jif leq eQmfgL k|fKtxg] clestfnfO k|bfg ulPsf] shf sdrfLnfO k|bfgulPsf] shf tyf cGo f]xL k|s[tLsf shfxnfOcNksflng shf Demg k5
43
11 cGo DkQL M -_ o lgb]zg adf]lhd n]vfIacuteg ulPsf] aLdssf] nufgLaf6 k|fKt xgafFsL cfo aLdfn]vsf] lwtf]df shfaf6 k|fKt xg afFsL Aofh cGo shfaf6 k|fKt xgafFsL Aofh cGo aLdsaf6 k|fKt xg afFsL kgaLdsaf6 k|fKt xg aFfsL ljljwcffdL clu|d eQmfgL sdrfL k]ZsL cGo k]ZsL wf6L tyf cGosf] of]ukmnnfOo zLifsdf hgfpg kg]5
-_ cGo DkQLsf] ljj0f kllzi6 sf] cgrL $ adf]lhd xg kg]5
-_ cn xg afFsL aLdfzNs eP f]sf] of]ukmn kllzi6 sf] cgrL $ dfb]vfpg kg]5 f] cn xg afFsL aLdfzNs afasf] dNtjL -Suspense_ b]vfOvb k|efj (Net effect) zGo agfpg kg]5
12 rfn bfloTj M clestfnfO lbg afFsL cGo aLdsnfO lbg afFsL kgaLdsnfO lbgafFsL aLdfzNs wf6L k0f ljj0f gvn]sf] aLdfzNs ljljw fx xfosdividexf]lN8EumlsDkgLnfO lbg afFsL gtf]tdf ssectf ulPsf] s ltg afFsL cfos ltg afFsL]jfzNs ltg afFsL sdrfLnfO ltg afFsL +rfnsnfO ltg afFsL tyf cGo ltgafFsL sdxsf] of]ukmnnfO o zLifsdf hgfpg kg]5
13 cdfKt hf]lvd jfkt Jojyf M lgb]zg ( adf]lhdsf] cdfKt hf]lvd Jojyfsf]of]ukmnnfO o zLifsdf hgfpg kg]5
14 eQmfgL xg afFsL bfjL jfkt Jojyf M k|To]s lsldsf] aLdfsf] eQmfgL xg afFsLbfjLsf] nflu ulPsf] Jojyfsf] of]ukmnnfO o zLifsdf hgfpg kg]5
15 ckn]vg jf dfof]hg xg afFsL ljljw vrx M ckn]vg ug afFsL k|flDes vrckn]vg ug afFsL kj +rfng vr ckn]vg ug afFsL yug ulPsf vr tyfcGo ckn]vg jf dfof]hg gePsf vrxsf] of]ukmnnfO o zLifsdf hgfpgkg]5
-3_ k|dv rsfIacutexdf +nUg zLifsxsf] +lIfKt JofVof
1 g]6 jy = rQmf kFhL plusmn hu]8f tyf sf]if plusmn dxf ljkQL hu]8f ndashckn]vg jfdfof]hg xg afFsL ljljw vrx ndash gfkmf gf]Sfg lxfaaf6 f]sf] gf]Sfg
2 k|lt z]o lstfaL dNo = g]6 jydividefwf0f z]o +Vof
3 k|lt z]o cfo = vb gfkmfdividefwf0f z]o +Vof
4 dNo cfDbfgL cgkft = k|lt z]o ahf dNodividek|lt z]o cfo
5 sn DklQ = ly DklQ plusmn nufgL plusmn aLdfn]vsf] lwtf]df shf plusmn rfnDklQ shf tyf k]ZsLx
![Page 27: hLjg aLdf Joj;fo ug]{ aLdssf] ljQLo ljj/0f ;DaGwL lgb]{zg](https://reader033.vdocuments.site/reader033/viewer/2022053020/6291631db7b57c39db6663d6/html5/thumbnails/27.jpg)
27
cgrLndash)
ly DklQ
ljj0f kn df]n Xf ssectL vb df]n
zdfHbft
ojif
yk]sf]
ojif
36]sf]
hDdf utjifDd
ojif
laqmLdivide
dfof]hg
hDdf ojifDdsf]
UftjifDdsf]
lk|m xf]N8hldg
ejg
kmlgrtyf
lkmSr
sfofnofdfg
sDKo6tyfrgfk|ljwLpks0f
cb[ZoDklQ-ljj0fvnfpg]_
jfLfwg
lnh xf]N8DklQ
cGo-k|s[ltvnfpg]_
hDdf
lgdf0fflwgkFhLutvr
sn
ut jif
28
cgrLndash
nufgL
qm=+= ljj0f o aif ut aif-s_ bL3sflng nufgL M sfL sfsf] hdfgt k|fKt ]Sol6L jfl0fHo a+ssf] d2tL lgIf]k ljsf a+ssf] d2tL lgIf]k$ gfuls nufgL of]hgf ljQLo +yfsf] d2tL lgIf]k^ cfjf ljQ sDkgLsf] fwf0f z]o -cgrL = adf]lhd_amp cGo sDkgLsf] fwf0f z]o -cgrL = adf]lhd_ a+s tyf ljQLo +yfsf] cu|flwsf z]odividel8j]Gr( cGo -ljj0f vnfpg]_
hDdf M-v_ cNksflng nufgL M sfL sfsf] hdfgt k|fKt ]Sol6L jfl0fHo a+ssf] d2tL lgIf]k ljsf a+ssf] d2tL lgIf]k$ gfuls nufgL of]hgf ljQLo +yfsf] d2tL lgIf]k^ a+s tyf ljQLo +yfsf] cu|flwsf z]odividel8j]Gramp jfl0fHo a+ssf] Aofh k|fKt xg] cGo lgIf]k ljsf a+ssf] Aofh k|fKt xg]] cGo lgIf]k( ljQLo +yfsf] Aofh k|fKt xg] cGo lgIf]k) cGo Aofh k|fKt xg] nufgL -ljj0f vnfpg]_
hDdf McgrLndash=
z]odf nufgL
qm=+= sDkgL vb sd c+lst dNo kn dNo ahf dNo
= ======sDkgLsf]=============yfg====z]o
= ======sDkgLsf]=============yfg=====z]o
= ======sDkgLsf]=============yfg=====z]o
hDdf
gf]6 M = aLdssf] xfos sDkgLdividexf]lN8Euml sDkgL tyf +oQm nufgL ePsf] sDkgLsf] z]odf ePsf]nufgLnfO
5sectfndash5sect vnfpg kg]5
= lgodfgf lrs[t gePsf z]odf ePsf] nufgLnfO 5sect vnfpg kg]5
= +yfks z]o cGo z]odf ePsf] nufgLnfO 5sectf5sect vnfpg kg]5
29
cgrLndash
gub tyf a+s dfHbft
qm=+= ljj0f o aif ut aifgub dfHbft
hDdfa+s dfHbftjfl0fHo a+sxsf] dfHbftljsf a+sxsf] dfHbftljQLo +yfxsf] dfHbft
cGo -ljj0f vnfpg]_hDdfsn
cgrLndash
cGo shf
qm=+= ljj0f o aif ut aif-s_ bL3sflng shf= clestfnfO shf= sdrfLnfO shf= cGo -ljj0f vnfpg]_
hDdf-v_ cNksflng shf= clestfnfO shf= sdrfLnfO shf= cGo -ljj0f vnfpg]_
hDdfcgrLndash$
cGo DklQqm=+= ljj0f o aif ut aif1 nufgLaf6 k|fKt xg afFsL cfo2 aLdfn]vsf] lwtf]df shfaf6 k|fKt xg afFsL Aofh3 cGo -aLdfn]vsf] lwtf]df afx]s_ shfaf6 k|fKt xg afFsL
Aofh4 cGo aLdsaf6 k|fKt xg afFsL5 kgaLdsaf6 k|fKt xg afFsL6 ljljw cffdL7 clu|d eQmfgL8 sdrfL k]ZsL9 cGo k]ZsL10 wf6L11 cn xg afFsL aLdfzNs
Gog M cn xg afFsL aLdfzNs dNtjL -suspense_12 cGo ljj0f vnfpg]
hDdf M
30
cgrLndash
rfn bfloTj
qm=+= ljj0f o aif ut aif1 clestfnfO lbg afFsL2 cGo aLdsnfO lbg afFsL3 kgaLdsnfO lbg afFsL4 cNksflng shf5 aLdfzNs wf6L6 k0f ljj0f gvn]sf] aLdfzNs7 ljljw fx8 xfosdividexf]lN8Euml sDkgLnfO lbg afFsL9 gtf]tdf ssectf ulPsf] s ltg afFsL10 dNo clea[l4 s ltg afFsL11 cfos ltg afFsL12 ]jf zNs ltg afFsL13 sdrfLnfO lbg afFsL14 +rfnsnfO lbg afFsL15 eQmfgL lbg afFsL nfef+z -l8le8]08_16 cGo -ljj0f vnfpg]_
hDdf
cgrLndash^
cdfKt hf]lvd Jojyfqm=+= ljj0f o aif ut aif= ===========aLdfsf] cdfKt hf]lvd hu]8f= ===========aLdfsf] cdfKt hf]lvd hu]8f= ===========aLdfsf] cdfKt hf]lvd hu]8f
===========aLdfsf] cdfKt hf]lvd hu]8f
hDdf
31
cgrL ^scGo Aojyf
aifsf] zdf Aojyfrfn cf=a=df yk ulPsf]
Aojyfrfn cf=a=df ckn]vg
ulPsf] Aojyfrfn cf=a=df lkmtfulPsf] Aojyf
aifsf] cGtdf sfodx]sf] Aojyf
qm=+=
ljj0fo jif ut jif o jif ut jif o jif ut jif o jif ut jif o jif ut jif
nfef+z -l8le8]08_ sf] nflu Aojyf
nufgLdf gf]SfgLsf] nflu Aojyf
shfdf gf]SfgLsf] nflu Aojyf
$ z+sfZkb cffdLsf] nflu Aojyf
cGo gf]SfgLsf] nflu Aojyf
^ sdrfL DaGwL Aojyf-s_ k]Gg tyf pkbfg Aojyf-v_ ljbf jfkt Aojyf-u_ cfjf tyf cGo ljwf Aojyf-3_ sdrfL af]g Aojyf-ordf_ cGo
amp cGo Aojyf -ljj0f vnfpg]_
hDdf
32
cgrLndashamp
ckn]vgdividedfof]hg xg afFsL ljljw vrxqm=+= ljj0f o aif ut aif1 ckn]vg ug afFsL k|flDes vr2 ckn]vg ug afFsL kj +rfng vr3 ckn]vg ug afFsL yug ulPsf vr4 cGo -ljj0f vnfpg]_
hDdf
cgrL ndash
ljQLo ljj0f+u DalGwt k|dv n]vf gLltx
n]vf DaGwL gLltdf vnfpg kg] aFbfx M aLdsn] n]vf DaGwL gLltdf b]xfosf aFbfxvnfpg kg]5
1 ljQLo ljj0f tofLsf cfwfx M sg sg cjwf0ff -concept_ tyf n]vfdfgx sfgg tyf aLdf ldltsf lgb]zgxsf] clwgdf xL ljQLo ljj0f tof ulPsf] xf]f]sf] Joxf]f
ljQLo ljj0f tof ubf sg sfgg aLdf ldltsf] lgb]zg jf n]vfdfg kfngf gePsf]eP f]sf] sf0f lxt Joxf]f
2 ly DklQ n]vfIacuteg gLlt M ly DklQ n]vfIacuteg ubf cjnDag ulPsf] gLlt
3 Xf ssectL gLlt M aLdssf] +rfns ldltaf6 kflt uL nfu ulPsf] Xf ssectL gLlt
4 kFhLs[t gulg] DklQx DaGwL n]vfIacuteg gLlt M aLdssf] +rfns ldltn] sg lglZrtdf]nDd kg] pks0f fdfgx kFhLs[t gug] gLlt lnPsf] 5 eg] f]sf] Joxf]f
5 cfos Jojyf tyf afF8kmFf8 gLlt M cfos Jojyf DaGwdf aLdsn] cjnDag u]sf]gLlt aLdsn] gfkmf gf]Sfg lxfa tyf cfo Joo lxfadf Totf] Jojyf sdafF8kmFf8 ubf cjnDag u]sf] gLlt
6 nufgL n]vfIacuteg gLlt M nufgL n]vfIacutegsf] DaGwdf aLdsn] cjnDag u]sf] gLltxnfOb]xfosf zLifsx cGtut vnfpg kg]5
-s_ sfL artkqdivideC0fkqdf nufgL n]vfIacuteg gLlt
-v_ a+sdivideljQLo +yfsf] d2tL lgIf]kdf nufgL n]vfIacuteg gLlt
-u_ klAns lnld6]8 sDkgLsf] z]odf nufgL n]vfIacuteg gLlt
-3_ klAns lnld6]8 sDkgLn] hfL u]sf] C0fkqxdf nufgL n]vfIacuteg gLlt
7 6xL 36a9 dfof]hg gLlt M ljb]zL db|f+u DalGwt DklQ bfloTj tyf 6xL36a9 cfDbfgL tyf vrxsf] n]vfIacuteg gLlt
8 aLdfzNs cfDbfgL n]vfIacuteg gLlt M aLdsn] aLdfzNs cfDbfgL n]vfIacuteg ubf cjnDagu]sf] gLlt
33
9 kgaLdf sldzg cfDbfgL n]vfIacuteg gLlt M aLdsn] kgaLdf u] afkt k|fKt ug] sldzgsf]n]vfIacuteg ubf cjnDag u]sf] gLlt
10 cGo cfo n]vfIacuteg tyf afF8kmFf8 gLlt M aLdsn] ef8f -Rent_ tyf cGo zLifsaf6 ePsf]cfo n]vfIacuteg tyf afF8kmFf8 ubf cjnDag u]sf] gLlt
11 shf n]vfIacuteg gLlt M aLdsn] aLdfn]vsf] lwtf]df k|bfg u]sf] shf tyf cGo shfn]vfIacuteg ubf cjnDag u]sf] gLlt
12 Jojyfkg vr afF8kmFf8 gLlt M aLdsn] gfkmf gf]Sfg lxfa tyf cfo Joo lxfaxdfJojyfkg vr afF8kmFf8 ubf cjnDag u]sf] gLlt
13 aLdf bfjL eQmfgL vr n]vfIacuteg gLlt M aLdsn] aLdf bfjL eQmfgL vr n]vfIacuteg ubfcjnDag u]sf] gLlt
14 aLdf bfjL afkt bfloTj Jojyf n]vfIacuteg gLlt M -s_ gt[hgf ePsf] t hfgsfLdfgcfPsf] -IBNR_ aLdf bfjL afkt bfloTj Jojyf n]vfIacuteg ubf aLdsn] cjnDagu]sf] gLlt
-v_ aLdsn] aLdf bfjL bfloTj afkt Jojyf ubf cjnDag u]sf] gLlt
15 aLdf Jojfodf art afF8kmFf8 gLlt M aLdsn] gfkmf gf]Sfg lxfa tyf cfo Joolxfaxdf art afF8kmFf8 ubf cjnDag u]sf] gLlt
16 sdrfL pkbfg ljbf tyf cGo ljwf afkt Jojyf gLlt M aLdsn] sdrfL pkbfgljbf tyf cGo ljwf afkt Jojyf ubf cjnDag u]sf] n]vfIacuteg gLlt
17 z+sfkb cffdL Jojyf gLlt M aLdsn] z+sfkb cffdL Jojyf ubf cjnDag u]sf]gLlt
18 ckn]vg vr n]vfIacuteg gLlt M aLdsn] cjnDag u]sf] ckn]vg vr DaGwL gLlt
19 cGo gLltx M plNnlvt gLltx afx]s jfnft gfkmf gf]Sfg lxfa cfo Joo lxfanufotsf ljQLo ljj0fnfO apermilg ljZn]if0f ug 3fp kUg] uL cGo sg] n]vf gLltsf]hfgsfL lbg cfjZos b]lvPdf f] Joxf]f
34
cgrLndash(
ljQLo ljj0f+u DalGwt n]vf DaGwL l6Kk0fLx
n]vf DaGwL l6Kk0fLdf vnfpg kg] aFbfx M aLdsn] n]vf DaGwL l6Kk0fLdf b]xfosf aFbfxvnfpg kg]5
= Defljt bfloTjx M
c_ rQmf jf eQmfgL xg afFsL nufgL
cf_ k|Tofelt k|lta4tf -underwriting commitments_
O_ aLdfn]v cGtut eGbf afx]saf6 aLds pk bfjL k]sf] t aLdsn] bfloTj jLsfgu]sf]
O_ aLdsn] jf aLdssf] tkmaf6 lbOPsf] Uof]06L
p_ cGo bfloTj -ljj0f vnfpg]_
= aLdfIacuteLn] aLdssf] bfloTj dNofIacuteg ubf cjnDag u]sf] cfwfx
= aLdssf] DklQdf cfPsf] Lldttf tyf ljjfbx
$= shf nufgL tyf ly DklQsf] nflu ulPsf] k|lta4tf
= nufgL+u DalGwt b]xfosf vLb laqmL Demftfxsf] dNo M
c_ vLb ulPsf] DklQsf] jfldTj k|fKt gePsf]
cf_ laqmL ulPsf] DklQsf] eQmfgL k|fKt gePsf]
^= o jifeL ulPsf] nufgL tyf laqmLdividelkmtf lnPsf] nufgLsf] DaGwdf +yf ldltkldf0f sd d]t vn]sf] ljj0f
amp= a+s dfHbft lxfa DaGwdf DalGwt a+sdivideljQLo +yfsf] 6]6d]06 lxtsf] lxfaldnfg DaGwL Joxf]f
= aLdsdividekgaLds+u lng lbg afFsL lxfa DaGwdf DalGwt aLdsdividekgaLdssf]dyg lxtsf] lxfa ldnfg DaGwL Joxf]f
gf]6 Mndash bnfn (Broker) dfkmt ePsf] kgaLdfsf] xsdf fdfGot DalGwt bnfnn]kgaLdssf] tkmaf6 dyg lbg Sg]5
(= aLdsn] u]sf] nufgL k|rlnt aLdf P]g lgodfjnL tyf aLdf ldltaf6 tf]lsP adf]lhdx] gx]sf]
)= aLdssf] +rfns jf +rfns+u DalGwt JolQm jf +yf+u ePsf] sff]af
= aLdsn] cfˆgf] DklQsf] If0fdf lnPsf] C0fsf] lwtf] zt tyf cflrTo
= aLdsn] s rQmf k|df0fkq k|fKt u]sf] cf=j=tyf Totf] rQmf k|df0fkq k|fKt xg afFsLcf=j= f] DaGwL ljj0fsf fy] cl3Nnf] cf=j=xsf] s hljfgf Aofh afkt bfjLk]sf] o cf=j=df eQmfgL ePsf] sd
= lkmtf u]sf] aLdfzNssf] kldf0f sf0f
35
$=aLdsn] aLldtnfO k|bfg ug] 3f]lift tyf cGtld af]gsf] b
=l9nf] aLdfzNs eQmfgLdf lanDa zNsdivideAofhsf] b tyf aLdfn]vsf] lwtf]df k|bfg ulg]shfdf Aofhsf] b
^=ckn]vg xg afFsL vrsf] ljj0f
amp=rQmf kFhL dWo] clu|d eQmfgL k|fKt -Paid in advance_ eQmfgL k|fKt xg afFsL -Call inarrears_ hkmt ulPsf t kgM lgisfzg gulPsf z]osf] ljj0f
=lnh xf]N8 DklQdf ut jifDd o jif vr (Amortization) n]lvPsf] sdsf]ljj0f
(= jifeldf ePsf] jfnft aflxsf] sff]afsf] ljj0f
)= cl3Nnf aifx+u DalGwt cfDbfgL tyf vrxsf] 5sectf5sect ljj0f
=plNnlvt aFbfx afx]s jfnft gfkmf gf]Sfg lxfa cfo Joo lxfa nufotsfljQLo ljj0fxnfO apermilg ljZn]if0f ug 3fp kUg] cGo sg hfgsfL lbg cfjZosb]lvPdf cGo Joxf]f d]t vnfpg kg]5
36
cgrL )k|dv rsfIacutex
cf=a=qm=+= ljj0f rsfIacute
g]6 jy = z]o +Vof +Vof k|lt z]o lstfjL dNo =$ vb gfkmf = k|lt z]o cfo (EPS) =^ k|lt z]o nfef+z (DPS) =amp k|lt z]o ahf dNo (MPPS) = dNo cfDbfgL cgkft (PE Ratio) cgkft( k|yd aifsf] aLdfzNs =) sn aLdfzNs = vb aLdfzNsdividesn aLdfzNs k|ltzt vb gfkmfdividesn aLdfzNs k|ltzt sn aLdfzNsdividesn DklQ k|ltzt$ nufgL shfaf6 cfodividesn nufgL shf k|ltzt sn nufgL shfdividehLjg aLdfsf]if k|ltzt^ kgaLdf sldzg cfodividesn kgaLdfzNs k|ltztamp Jojyfkg vrdividesn aLdfzNs k|ltzt aLdf clestf DalGw vrdividesn aLdfzNs k|ltzt( aLdf clestf +Vof +Vof) sdrfL +Vof +Vof sfofnosf] +Vof +Vof sdrfL vrdivideJojyfkg vr k|ltzt sdrfL vrdividesdrfL +Vof =$ eQmfgL xg aFfsL bfjL sddivideeQmfgL ePsf] bfjL
sdk|ltzt
sn sfod x]sf] aLdfn]vsf] +Vof +Vofdf^ o jif gjLs0f ePsf] aLdfn]vsf] +Vofdivideut
jif sfod x]sf] aLdfn]vsf] +Vofk|ltzt
amp bfjL k]sf] aLdfn]vsf] +Vofdividesn sfod x]sf]aLdfn]vsf] +Vof
k|ltzt
f]Ne]GL dflhg k|ltzt( 3f]lift af]g b =
k|ltxhf) cGtld af]g b =
k|ltxhf
37
cgrL ndash
aLdfIacutesf] ljj0f
sfod x]sf]aLdfn]vsf] +Vof
sfod x]sf]aLdfn]v cGtut
hDdf aLdfIacute
d of6 ls(Sum at Risk)
kgaLdsnfOxtfGt0f ulPsf]
d of6 ls(Sum at Risk)
aLdsn] wf0fu]sf] d of6ls (Sum at
Risk)
qm=+= aLdfsf] lsld
o jif ut jif o jif ut jif o jif ut jif o jif ut jif o jif ut jif
hDdf
38
kllzi6 ndash
-lgb]zg +u DalGwt_
ljQLo ljj0fsf zLifsxsf] +lIfKt JofVof
-s_ cfo Joo lxfa tyf f] DaGwL cgrLsf zLifsxsf] +lIfKt JofVof M
1 k|ToIf aLdfzNs M aLdsn] kgaLdf jLsf u] afkt k|fKt aLdfzNs afx]s k|ydjifsf] aLdfzNs gjLs0f aLdfzNs Psn aLdfzNssf] of]ukmnaf6 lgodfgflkmtf u]sf] aLdfzNs ssectf uL o zLifsdf hgfpg kg]5
2 sn aLdfzNs M k|ToIf aLdfzNs aLdsn] kgaLdf jLsf u] afkt k|fKtaLdfzNssf] of]ukmnnfO o zLifsdf hgfpg kg]5
3 aLdfzNs -vb_ M sn aLdfzNsaf6 kgaLdf lbP afktsf] kgaLdf zNs ssectf uLafFsL sdnfO o zLifsdf hgfpg kg]5
4 kgaLdf sldzg cfo M -s_ aLdsn] kgaLdf lbP afkt k|fKt xg] kgaLdfsldzgnfO o zLifsdf hgfpg kg]5
-v_ aFbf g+=-s_ sf] cltlQm kgaLdsaf6 dgfkmf sldzg -Profit Commission_k|fKt ePdf f]nfO o zLifsdf dfj]z uL f]sf] Joxf]f n]vf DaGwLl6Kk0fLdf vnfpg kg]5
5 nufgL shf tyf cGoaf6 cfo M sfL ]Sol6Laf6 cfo d2tL lgIf]kaf6 cfoklAns sDkgLsf] z]odividel8j]Graf6 cfo ef8faf6 cfo shfaf6 cfo -aLdfn]vsf]lwtf]df shf afx]s_ cGo lgIf]kaf6 -d2tL afx]s_ cfo nufgL laqmLdf gfkmf -GognufgL laqmLdf gf]Sfg_ nufgL -vLb_ df gfkmf -Gog nufgL vLbdf gf]Sfg_ly DklQ laqmLaf6 gfkmf -Gog ly DklQ laqmLaf6 gf]Sfg_ vftf ckn]vgaf6cfo tyf cGo cfosf] of]ukmnnfO lgb]zg adf]lhd afF8kFmf8 uL cfPsf]sdnfO o zLifsdf hgfpg kg]5
6 aLdfn]vsf] lwtf]df shfaf6 cfo M aLdfn]vsf] lwtf]df shf k|bfg u] afkt k|fKt xg]Aofh lanDa zNs htf cfonfO o zLifsdf hgfpg kg]5
7 cGo k|ToIf cfoM aLldtn] tf]lsPsf] cjlwleq aLdfzNs gaemfP afkt aLdsn]eQmfgL k|fKt u]sf] hljfgfdivideAofhdivideljnDa zNs tyf aLdfn]vsf] k|ltlnkL btcfo l6s6 bt htf f]xL aLdfsf] lsld+u k|ToIf kdf DalGwt cfonfO ozLifsdf hgfpg kg]5
8 bfjL eQmfgL -vb_ M aLdsn] eQmfgL u]sf] d[To bfjL cjlw dfKtL bfjL cf+lzscjlw dfKtL bfjL dk0f dNo tyf cGo bfjLsf] of]ukmnnfO o zLifsdfhgfpg kg]5
9 clestf sldzg M k|yd jifsf] aLdfzNsdf clestf sldzg gjLs0f aLdfzNsdfclestf sldzg Psn aLdfzNsdf clestf sldzgsf] of]ukmnaf6 kgaLdssf]lxf ssectf uL afFsL sd o zLifsdf hgfpg kg]5
10 jfYo kLIf0f zNs M aLdf hf]lvdfIacutegsf] nflu jfYo kLIf0f ufP afkt aLdsn]Joxf]g k]sf] jfYo kLIf0f zNsnfO o zLifsdf hgfpg kg]5
39
11 kgaLdf sldzg vr M aLdsn] kgaLdf jLsf u] afkt eQmfgL ug kg] sldzgsdnfO o zLifsdf hgfpg kg]5
12 ]jf zNs -vb_ M aLdf ldltnfO aemfpg kg] sn ]jf zNsaf6 kgaLdssf] lxfssectf uL afFsL sdnfO o zLifsdf hgfpg kg]5
13 cGo k|ToIf vr M aLdfsf] lsld+u k|ToIf kn] DalGwt x]sf] cGo vrnfO ozLifsdf hgfpg kg]5
14 Jojyfkg vr M lgb]zg $ adf]lhd afF8kmFf8 uL cfPsf] sdnfO o zLifsdfhgfpg kg]5
15 cfos M -_ aLdssf] cfos bfloTjnfO lgb]zg adf]lhd afF8kmFf8 uL cfPsf]sdnfO o zLifsdf hgfpg kg]5 osf] ljj0f kllzi6 sf] cgrL adf]lhd xg kg]5
-_ cl3Nnf jif-x_ sf] cfos bfloTjnfO kllzi6 sf] cgrL sf] aeligcl3Nnfjifxsf] cfosAElig zLifsdf hgfpg kg]5 t Totf] cfosdf nfu]sf]b08dividehljfgfdivideljnDa zNsnfO gfkmf gf]Sfg lxfasf] aeligcl3Nnf jif+uDalGwt vrAElig zLifsdf hgfpg kg]5
16 cflys jifsf] cGTodf eQmfgL xg afFsL bfjL afkt Jojyf M cflys jifsf] cGTodfeQmfgL xg afFsL d[To bfjL cjlw dfKtL bfjL cf+lzs cjlw dfKtL bfjL dk0fdNo bfjL cGo bfjL tyf gt[hgf ePsf] t hfgsfLdf gcfPsf] bfjLsf] of]ukmndfaLdf lgodfjnL )$( sf] lgod sf] v08 -3_ adf]lhdsf] sd yk ubf xgcfpg] sdnfO o zLifsdf hgfpg kg]5
aLdssf] cgejsf] cfwfdf [hgf ePsf] t hfgsfLdf gcfPsf] bfjLsf] nflusd Aojyf ug kg]5
17 cflys jifsf] cGTodf cdfKt hf]lvd afkt Jojyf M aLdf cjlw dfKtL afktbfjL eQmfgL ug gkg] lsldsf] aLdfsf] cdfKt hf]lvd afkt lgb]zg ( adf]lhdJojyf uL cfPsf] sd o zLifsdf hgfpg kg]5
18 hLjg aLdf sf]ifdividegfkmf gf]Sfg lxfadf f]sf] artdivide-gf]Sfg_ M -_ aLdf cjlwdfKtL afkt bfjL eQmfgL ug kg] lsldsf] aLdfsf] cfo Joo lxfaaf6 art -surplus_ ePsf] cjyfdf o zLifsnfO aelighLjg aLdf sf]ifdf f]sf] artAElig sfoduL Totf] art sdnfO o zLifsdf hgfpg kg]5
-_ aLdf cjlw dfKtL afkt bfjL eQmfgL ug kg] lsldsf] aLdfsf] cfo Joolxfaaf6 gf]Sfg ePsf] cjyfdf o zLifsnfO aeliggfkmf gf]Sfg lxfadff]sf] gf]SfgAElig sfod uL Totf] gf]Sfg sdnfO o zLifsdf C0ffTdskdf hgfpg kg]5
-_ aLdf cjlw dfKtL afkt bfjL eQmfgL ug gkg] lsldsf] aLdfsf] cfo Joolxfasf] nflu o zLifsnfO aelighLjg aLdf sf]ifdf f]sf] sdAElig aeliggfkmfgf]Sfg lxfadf f]sf] artdivide-gf]Sfg_AElig uL bOj6f zLifs sfod uL aelighLjgaLdf sf]ifdf f]sf] sdAElig zLifsdf lgb]zgndash adf]lhdsf] sd hgfO afFsLsdnfO aeliggfkmf gf]Sfg lxfadf f]sf] artdivide-gf]Sfg_AElig zLifsdf hgfpgkg]5 tf]lsP adf]lhd hLjg aLdf sf]ifdf f]sf] sd hgfp+bf gf]Sfg ePdf
40
aeliggfkmf gf]Sfg lxfadf f]sf] artdivide-gf]Sfg_AElig zLifsdf Totf] gf]Sfg ePsf]sdnfO C0ffTds kdf hgfpg kg]5
-v_ gfkmf gf]Sfg lxfa tyf DalGwt cgrLsf zLifsxsf] +lIfKt JofVof M
1 cfo Joo lxfaaf6 f]sf] M aLdf cjlw dfKtL afkt bfjL eQmfgL ug gkg]lsldsf] aLdfxsf] cfo Joo lxfaaf6 aeliggfkmf gf]Sfg lxfadf f]sf] artdivide-gf]Sfg_AElig sdxsf] of]ukmnnfO o zLifsdf hgfpg kg]5
2 hLjg aLdf sf]ifaf6 f]sf] M k|rlnt sfggL Jojyf adf]lhd aLdssf] bfloTjsf]n]vfhf]vf DaGwL aLdfIacuteLsf] k|ltj]bg d]tsf] cfwfdf hLjg aLdf sf]ifaf6 gfkmfgf]Sfg lxfadf fgsf nflu ldltn] jLs[lt k|bfg u]sf] sdnfO o zLifsdfhgfpg kg]5
3 nufgL shf tyf cGoaf6 cfo M lgb]zg adf]lhd afF8kFmf8 uL cfPsf] sdnfOo zLifsdf hgfpg kg]5
4 Jojyf lkmtf M nufgLdf gf]SfgLsf] nflu ulPsf] Jojyf shfdf gf]SfgLsf] nfluulPsf] Jojyf z+sfkb cffdLsf] nflu ulPsf] Jojyf tyf cGosf] nfluulPsf] Jojyf sd cf+lzs jf k0fkn] sfod fVg kg] cjyf gx]df TotfsdxnfO o zLifsdf hgfpg kg]5
5 cGo cfDbfgL M aLdf Aojfo+u f]sf gePsf] kj +rfng cfDbfgL htfcfDbfgLxsf] of]ukmnnfO o zLifsdf hgfpg kg]5
6 Jojyfkg vr M lgb]zg $ adf]lhd afF8kmFf8 uL cfPsf] sdnfO o zLifsdfhgfpg kg]5
7 ckn]vg vr M k|flDes vrx kj +rfng vrx k flPsf vrx nufgLshf cffdL tyf cGo ckn]vg ulPsf] vrnfO o zLifsdf hgfpg kg]5 t+yfks +rfns tyf pRr Jojyfks jf lghx+u DalGwt JolQmdivide+yfDaGwL cffdL ckn]vg ug kfOg] 5g
8 cGo vrx M k|rlnt sfgg adf]lhd aLdf ldlt tyf cGo lgsfon] aLdsnfOtf]s]sf] b08 hljfgf aLdsn] pkof]u u]sf] ]jfsf] aemfpg kg] zNs dodfgaemfP afkt ltg kg] ljnDa zNs hljfgf nufotsf vrx o zLifsdfhgfpg kg]5
9 gf]SfgLsf] nflu Jojyf M nufgLdf gf]SfgLsf] nflu Jojyf shfdf gf]SfgLsf]nflu Jojyf z+sfkb cffdL Jojyf tyf cGo JojyfnfO o zLifsdf hgfpgkg]5
10 cfos M aLdssf] cfos bfloTjnfO lgb]zg adf]lhd afF8kmFf8 uL cfPsf]sdnfO o zLifsdf hgfpg kg]5
11 hLjg aLdf sf]ifdf f]sf] M aLdssf] bfloTjsf] n]vf hf]vf uL aLdfIacuteLn] lbPsf]dNofIacuteg k|ltj]bg d]tsf] cfwfdf ldltn] lbPsf] cfb]zdividelgb]zg adf]lhd hLjg
41
aLdf sf]ifdf f]sf] sdnfO o zLifsdf b]vfpg kg]5 oL hLjg aLdf sf]ifdff]sf] sd gfkmf gf]Sfg lxfadf lkmtf ug kfOg] 5g
12 cl3Nnf jif+u DalGwt vr M cl3Nnf jif-x_sf] cfosdf nfu]sf]b08dividehljfgfdivideljnDa zNs tyf cl3Nnf jifxdf n]vfIacuteg ug 56]sf vrxnufotsf cl3Nnf jif+u DalGwt vrnfO o zLifsdf hgfpg kg]5
-u_ jfnft tyf DalGwt cgrLsf zLifsxsf] +lIfKt JofVof M
1 rQmf kFhL M eQmfgL k|fKt ePsf] fwf0f z]o ckljtgLo cu|flws z]o tyfkljtgLo cu|flwsf z]o afktsf] sdsf] of]ukmnnfO o zLifsdf hgfpg kg]5
2 hu]8f tyf sf]if M aLdsn] hu]8f sfod ug] lnlnfdf gfkmfaf6 afF8kmfF8 ecfPsf jf cGo sg] k|lqmofaf6 gt[hgf ePsf tyf gfkmf gf]Sfg lxfadf afF8kmFf8guL +ro uL flvPsf] sdxnfO o zLifsdf hgfpg kg]5 oL hu]8f k|of]uubf DalGwt hu]8f tyf sf]if lxfadf vr hgfpg kg]5
-s_ kFhLut hu]8f M rQmf gePsf] z]osf] afFsL sd dfu ubf eQmfgL gu]sf]sf0fn] pQm z]onfO hkmt uL k|fKt xg cfPsf] sd kFhLut cgbfg afktk|fKt xg cfPsf] lhGL tyf gub sd tyf aLdssf] kFhL j[l4 ug] p2]Zon]gfkmfaf6 flPsf] sdnfO o zLifsdf hgfpg kg]5
-v_ z]o lk|ldod M aLdsn] cfˆgf] z]o hfL ubf z]osf] clIacutet dNo eGbf a9Lbn] hfL u]sf] x]5 eg] pQm al9 sd hlt o zLifsdf hgfpg kg]5 ozLifsdf hgfOPsf] sd nfef+z ljt0f k|of]hgsf] nflu of]Uo dflgg] 5g
-u_ k|tfljt af]gz z]o M aLdsn] k|tfj uL fwf0f efn] kflt u]sf] t hfLuL gs]sf] af]gz z]onfO o zLifsdf hgfpg kg]5
-3_ ljz]if hu]8f M aLdf ldltsf] lgb]zg adf]lhd sg cGo hu]8f sf]if v8f ugkbf Totf] sdnfO o zLifsdf hgfpg kg]5
-ordf_ cGo hu]8f M aLdsn] cGo k|of]hgsf] nflu v8f u]sf] hu]8fnfO o zLifsdfhgfpg kg]5
-r_ gfkmf gf]Sfg lxfaaf6 f]sf] M aLdssf] gfkmf gf]Sfg lxfaaf6 jfnftdff]sf] gfkmf sdnfO o zLifsdf hgfpg kg]5
3 hLjg aLdf sf]if M lgb]zg adf]lhd fVg kg] hLjg aLdfsf]ifxsf] of]ukmnnfOo zLifsdf hgfpg kg]5
4 dxfndashljkQL hu]8f M 7nf] kldf0fdf aLdf bfjL pTkGg xg Sg] dxfndashljkQL -catastrophy_ sf] cjyfdf aLdssf] ljQLo Ifdtfdf kg Sg] k|ltsn c sd ug]p2]Zon] gfkmfaf6 flPsf] sdnfO o zLifsdf hgfpg kg]5 o zLifsdfhgfOPsf] sd nfef+z ljt0f k|of]hgsf] nflu of]Uo dflgg] 5g
5 ltg afFsL bL3sflng C0f tyf fk6L M jfnftsf] ldltdf eQmfgL ug afFsLbL3sflng fk6LnfO o zLifsdf hgfpg kg]5
42
6 ly DkQL -vb_ MyfoL k|s[ltsf DkQLxsf] sn dNodf Xf ssectf uL afFsL x]sf]sdnfO o zLifsdf hgfpg kg]5
7 bL3sflng nufgL M aLdsn] lgb]zg ^ adf]lhd u]sf] bL3sflng nufgLnfO ozLifsdf hgfpg kg]5
kli6s0f M = jfnftsf] ldltaf6 Ps jif eGbf al9 cjwL kl5 eQmfgLk|fKt xg] sfL sfsf] hdfgt k|fKt ]Sol6Ld2tL lgIf]k gfuls nufgL of]hgf z]o a+s tyfljQLo +yfsf] cu|flwsf z]odividel8j]Gr tyf cGo f]xLk|s[ltsf nufgLxnfO bL3sflng nufgL Demg k5
= aLdsn] klAns sDkgLsf] z]odf nufgL u] afkt k|fKtxg] af]gz z]onfO z]o +Vofdf dfq b]vfO kn df]ndfsg kljtg ug x+bg
amp=s cNksflng nufgL M aLdsn] lgb]zg ^ adf]lhd u]sf] cNksflng nufgLnfO ozLifsdf hgfpg kg]5
kli6s0f M jfnftsf] ldltaf6 Ps jif leq eQmfgL k|fKt xg] sfL sfsf] hdfgt k|fKt ]Sol6L d2tL lgIf]k gfulsnufgL of]hgf a+s tyf ljQLo +yfsf] cu|flwsfz]odividel8j]Gr tyf cGo f]xL k|s[ltsf nufgLxnfOcNksflng nufgL Demg k5
8 aLdfn]vsf] lwtf]df shf M aLdsn] lgb]zg amp adf]lhd k|To]s lsldsf] aLdfsf]aLdfn]vsf] lwtf]df k|bfg u]sf] shfsf] of]ukmnnfO o zLifsdf hgfpg kg]5
9 gub tyf a+s dfHbft M -_ aLds+u x]sf] sn gub dfHbft sd tyf aLdssf]a+sdivideljQLo +yfsf] Aofh k|fKt gxg] vftfdf x]sf] sn sdnfO o zLifsdfhgfpg kg]5
10 cGo bL3sflng shf M lgb]zg amp adf]lhd n]vfIacuteg ulPsf] clestfnfO k|bfgulPsf] bL3sflng shf sdrfLnfO k|bfg ulPsf] bL3sflng shf tyf cGobL3sflng shfsf] of]ukmnnfO o zLifsdf hgfpg kg]5
kli6s0f M jfnftsf] ldltaf6 Ps jif eGbf al9 cjwL kl5 eQmfgLk|fKt xg] clestfnfO k|bfg ulPsf] shf sdrfLnfO k|bfgulPsf] shf tyf cGo f]xL k|s[tLsf shfxnfO bL3sflngshf Demg k5
)s= cGo cNksflng shf M lgb]zg amp adf]lhd n]vfIacuteg ulPsf] clestfnfO k|bfgulPsf] cNksflng shf sdrfLnfO k|bfg ulPsf] cNksflng shf tyf cGocNksflng shfsf] of]ukmnnfO o zLifsdf hgfpg kg]5
kli6s0f M jfnftsf] ldltaf6 Ps jif leq eQmfgL k|fKtxg] clestfnfO k|bfg ulPsf] shf sdrfLnfO k|bfgulPsf] shf tyf cGo f]xL k|s[tLsf shfxnfOcNksflng shf Demg k5
43
11 cGo DkQL M -_ o lgb]zg adf]lhd n]vfIacuteg ulPsf] aLdssf] nufgLaf6 k|fKt xgafFsL cfo aLdfn]vsf] lwtf]df shfaf6 k|fKt xg afFsL Aofh cGo shfaf6 k|fKt xgafFsL Aofh cGo aLdsaf6 k|fKt xg afFsL kgaLdsaf6 k|fKt xg aFfsL ljljwcffdL clu|d eQmfgL sdrfL k]ZsL cGo k]ZsL wf6L tyf cGosf] of]ukmnnfOo zLifsdf hgfpg kg]5
-_ cGo DkQLsf] ljj0f kllzi6 sf] cgrL $ adf]lhd xg kg]5
-_ cn xg afFsL aLdfzNs eP f]sf] of]ukmn kllzi6 sf] cgrL $ dfb]vfpg kg]5 f] cn xg afFsL aLdfzNs afasf] dNtjL -Suspense_ b]vfOvb k|efj (Net effect) zGo agfpg kg]5
12 rfn bfloTj M clestfnfO lbg afFsL cGo aLdsnfO lbg afFsL kgaLdsnfO lbgafFsL aLdfzNs wf6L k0f ljj0f gvn]sf] aLdfzNs ljljw fx xfosdividexf]lN8EumlsDkgLnfO lbg afFsL gtf]tdf ssectf ulPsf] s ltg afFsL cfos ltg afFsL]jfzNs ltg afFsL sdrfLnfO ltg afFsL +rfnsnfO ltg afFsL tyf cGo ltgafFsL sdxsf] of]ukmnnfO o zLifsdf hgfpg kg]5
13 cdfKt hf]lvd jfkt Jojyf M lgb]zg ( adf]lhdsf] cdfKt hf]lvd Jojyfsf]of]ukmnnfO o zLifsdf hgfpg kg]5
14 eQmfgL xg afFsL bfjL jfkt Jojyf M k|To]s lsldsf] aLdfsf] eQmfgL xg afFsLbfjLsf] nflu ulPsf] Jojyfsf] of]ukmnnfO o zLifsdf hgfpg kg]5
15 ckn]vg jf dfof]hg xg afFsL ljljw vrx M ckn]vg ug afFsL k|flDes vrckn]vg ug afFsL kj +rfng vr ckn]vg ug afFsL yug ulPsf vr tyfcGo ckn]vg jf dfof]hg gePsf vrxsf] of]ukmnnfO o zLifsdf hgfpgkg]5
-3_ k|dv rsfIacutexdf +nUg zLifsxsf] +lIfKt JofVof
1 g]6 jy = rQmf kFhL plusmn hu]8f tyf sf]if plusmn dxf ljkQL hu]8f ndashckn]vg jfdfof]hg xg afFsL ljljw vrx ndash gfkmf gf]Sfg lxfaaf6 f]sf] gf]Sfg
2 k|lt z]o lstfaL dNo = g]6 jydividefwf0f z]o +Vof
3 k|lt z]o cfo = vb gfkmfdividefwf0f z]o +Vof
4 dNo cfDbfgL cgkft = k|lt z]o ahf dNodividek|lt z]o cfo
5 sn DklQ = ly DklQ plusmn nufgL plusmn aLdfn]vsf] lwtf]df shf plusmn rfnDklQ shf tyf k]ZsLx
![Page 28: hLjg aLdf Joj;fo ug]{ aLdssf] ljQLo ljj/0f ;DaGwL lgb]{zg](https://reader033.vdocuments.site/reader033/viewer/2022053020/6291631db7b57c39db6663d6/html5/thumbnails/28.jpg)
28
cgrLndash
nufgL
qm=+= ljj0f o aif ut aif-s_ bL3sflng nufgL M sfL sfsf] hdfgt k|fKt ]Sol6L jfl0fHo a+ssf] d2tL lgIf]k ljsf a+ssf] d2tL lgIf]k$ gfuls nufgL of]hgf ljQLo +yfsf] d2tL lgIf]k^ cfjf ljQ sDkgLsf] fwf0f z]o -cgrL = adf]lhd_amp cGo sDkgLsf] fwf0f z]o -cgrL = adf]lhd_ a+s tyf ljQLo +yfsf] cu|flwsf z]odividel8j]Gr( cGo -ljj0f vnfpg]_
hDdf M-v_ cNksflng nufgL M sfL sfsf] hdfgt k|fKt ]Sol6L jfl0fHo a+ssf] d2tL lgIf]k ljsf a+ssf] d2tL lgIf]k$ gfuls nufgL of]hgf ljQLo +yfsf] d2tL lgIf]k^ a+s tyf ljQLo +yfsf] cu|flwsf z]odividel8j]Gramp jfl0fHo a+ssf] Aofh k|fKt xg] cGo lgIf]k ljsf a+ssf] Aofh k|fKt xg]] cGo lgIf]k( ljQLo +yfsf] Aofh k|fKt xg] cGo lgIf]k) cGo Aofh k|fKt xg] nufgL -ljj0f vnfpg]_
hDdf McgrLndash=
z]odf nufgL
qm=+= sDkgL vb sd c+lst dNo kn dNo ahf dNo
= ======sDkgLsf]=============yfg====z]o
= ======sDkgLsf]=============yfg=====z]o
= ======sDkgLsf]=============yfg=====z]o
hDdf
gf]6 M = aLdssf] xfos sDkgLdividexf]lN8Euml sDkgL tyf +oQm nufgL ePsf] sDkgLsf] z]odf ePsf]nufgLnfO
5sectfndash5sect vnfpg kg]5
= lgodfgf lrs[t gePsf z]odf ePsf] nufgLnfO 5sect vnfpg kg]5
= +yfks z]o cGo z]odf ePsf] nufgLnfO 5sectf5sect vnfpg kg]5
29
cgrLndash
gub tyf a+s dfHbft
qm=+= ljj0f o aif ut aifgub dfHbft
hDdfa+s dfHbftjfl0fHo a+sxsf] dfHbftljsf a+sxsf] dfHbftljQLo +yfxsf] dfHbft
cGo -ljj0f vnfpg]_hDdfsn
cgrLndash
cGo shf
qm=+= ljj0f o aif ut aif-s_ bL3sflng shf= clestfnfO shf= sdrfLnfO shf= cGo -ljj0f vnfpg]_
hDdf-v_ cNksflng shf= clestfnfO shf= sdrfLnfO shf= cGo -ljj0f vnfpg]_
hDdfcgrLndash$
cGo DklQqm=+= ljj0f o aif ut aif1 nufgLaf6 k|fKt xg afFsL cfo2 aLdfn]vsf] lwtf]df shfaf6 k|fKt xg afFsL Aofh3 cGo -aLdfn]vsf] lwtf]df afx]s_ shfaf6 k|fKt xg afFsL
Aofh4 cGo aLdsaf6 k|fKt xg afFsL5 kgaLdsaf6 k|fKt xg afFsL6 ljljw cffdL7 clu|d eQmfgL8 sdrfL k]ZsL9 cGo k]ZsL10 wf6L11 cn xg afFsL aLdfzNs
Gog M cn xg afFsL aLdfzNs dNtjL -suspense_12 cGo ljj0f vnfpg]
hDdf M
30
cgrLndash
rfn bfloTj
qm=+= ljj0f o aif ut aif1 clestfnfO lbg afFsL2 cGo aLdsnfO lbg afFsL3 kgaLdsnfO lbg afFsL4 cNksflng shf5 aLdfzNs wf6L6 k0f ljj0f gvn]sf] aLdfzNs7 ljljw fx8 xfosdividexf]lN8Euml sDkgLnfO lbg afFsL9 gtf]tdf ssectf ulPsf] s ltg afFsL10 dNo clea[l4 s ltg afFsL11 cfos ltg afFsL12 ]jf zNs ltg afFsL13 sdrfLnfO lbg afFsL14 +rfnsnfO lbg afFsL15 eQmfgL lbg afFsL nfef+z -l8le8]08_16 cGo -ljj0f vnfpg]_
hDdf
cgrLndash^
cdfKt hf]lvd Jojyfqm=+= ljj0f o aif ut aif= ===========aLdfsf] cdfKt hf]lvd hu]8f= ===========aLdfsf] cdfKt hf]lvd hu]8f= ===========aLdfsf] cdfKt hf]lvd hu]8f
===========aLdfsf] cdfKt hf]lvd hu]8f
hDdf
31
cgrL ^scGo Aojyf
aifsf] zdf Aojyfrfn cf=a=df yk ulPsf]
Aojyfrfn cf=a=df ckn]vg
ulPsf] Aojyfrfn cf=a=df lkmtfulPsf] Aojyf
aifsf] cGtdf sfodx]sf] Aojyf
qm=+=
ljj0fo jif ut jif o jif ut jif o jif ut jif o jif ut jif o jif ut jif
nfef+z -l8le8]08_ sf] nflu Aojyf
nufgLdf gf]SfgLsf] nflu Aojyf
shfdf gf]SfgLsf] nflu Aojyf
$ z+sfZkb cffdLsf] nflu Aojyf
cGo gf]SfgLsf] nflu Aojyf
^ sdrfL DaGwL Aojyf-s_ k]Gg tyf pkbfg Aojyf-v_ ljbf jfkt Aojyf-u_ cfjf tyf cGo ljwf Aojyf-3_ sdrfL af]g Aojyf-ordf_ cGo
amp cGo Aojyf -ljj0f vnfpg]_
hDdf
32
cgrLndashamp
ckn]vgdividedfof]hg xg afFsL ljljw vrxqm=+= ljj0f o aif ut aif1 ckn]vg ug afFsL k|flDes vr2 ckn]vg ug afFsL kj +rfng vr3 ckn]vg ug afFsL yug ulPsf vr4 cGo -ljj0f vnfpg]_
hDdf
cgrL ndash
ljQLo ljj0f+u DalGwt k|dv n]vf gLltx
n]vf DaGwL gLltdf vnfpg kg] aFbfx M aLdsn] n]vf DaGwL gLltdf b]xfosf aFbfxvnfpg kg]5
1 ljQLo ljj0f tofLsf cfwfx M sg sg cjwf0ff -concept_ tyf n]vfdfgx sfgg tyf aLdf ldltsf lgb]zgxsf] clwgdf xL ljQLo ljj0f tof ulPsf] xf]f]sf] Joxf]f
ljQLo ljj0f tof ubf sg sfgg aLdf ldltsf] lgb]zg jf n]vfdfg kfngf gePsf]eP f]sf] sf0f lxt Joxf]f
2 ly DklQ n]vfIacuteg gLlt M ly DklQ n]vfIacuteg ubf cjnDag ulPsf] gLlt
3 Xf ssectL gLlt M aLdssf] +rfns ldltaf6 kflt uL nfu ulPsf] Xf ssectL gLlt
4 kFhLs[t gulg] DklQx DaGwL n]vfIacuteg gLlt M aLdssf] +rfns ldltn] sg lglZrtdf]nDd kg] pks0f fdfgx kFhLs[t gug] gLlt lnPsf] 5 eg] f]sf] Joxf]f
5 cfos Jojyf tyf afF8kmFf8 gLlt M cfos Jojyf DaGwdf aLdsn] cjnDag u]sf]gLlt aLdsn] gfkmf gf]Sfg lxfa tyf cfo Joo lxfadf Totf] Jojyf sdafF8kmFf8 ubf cjnDag u]sf] gLlt
6 nufgL n]vfIacuteg gLlt M nufgL n]vfIacutegsf] DaGwdf aLdsn] cjnDag u]sf] gLltxnfOb]xfosf zLifsx cGtut vnfpg kg]5
-s_ sfL artkqdivideC0fkqdf nufgL n]vfIacuteg gLlt
-v_ a+sdivideljQLo +yfsf] d2tL lgIf]kdf nufgL n]vfIacuteg gLlt
-u_ klAns lnld6]8 sDkgLsf] z]odf nufgL n]vfIacuteg gLlt
-3_ klAns lnld6]8 sDkgLn] hfL u]sf] C0fkqxdf nufgL n]vfIacuteg gLlt
7 6xL 36a9 dfof]hg gLlt M ljb]zL db|f+u DalGwt DklQ bfloTj tyf 6xL36a9 cfDbfgL tyf vrxsf] n]vfIacuteg gLlt
8 aLdfzNs cfDbfgL n]vfIacuteg gLlt M aLdsn] aLdfzNs cfDbfgL n]vfIacuteg ubf cjnDagu]sf] gLlt
33
9 kgaLdf sldzg cfDbfgL n]vfIacuteg gLlt M aLdsn] kgaLdf u] afkt k|fKt ug] sldzgsf]n]vfIacuteg ubf cjnDag u]sf] gLlt
10 cGo cfo n]vfIacuteg tyf afF8kmFf8 gLlt M aLdsn] ef8f -Rent_ tyf cGo zLifsaf6 ePsf]cfo n]vfIacuteg tyf afF8kmFf8 ubf cjnDag u]sf] gLlt
11 shf n]vfIacuteg gLlt M aLdsn] aLdfn]vsf] lwtf]df k|bfg u]sf] shf tyf cGo shfn]vfIacuteg ubf cjnDag u]sf] gLlt
12 Jojyfkg vr afF8kmFf8 gLlt M aLdsn] gfkmf gf]Sfg lxfa tyf cfo Joo lxfaxdfJojyfkg vr afF8kmFf8 ubf cjnDag u]sf] gLlt
13 aLdf bfjL eQmfgL vr n]vfIacuteg gLlt M aLdsn] aLdf bfjL eQmfgL vr n]vfIacuteg ubfcjnDag u]sf] gLlt
14 aLdf bfjL afkt bfloTj Jojyf n]vfIacuteg gLlt M -s_ gt[hgf ePsf] t hfgsfLdfgcfPsf] -IBNR_ aLdf bfjL afkt bfloTj Jojyf n]vfIacuteg ubf aLdsn] cjnDagu]sf] gLlt
-v_ aLdsn] aLdf bfjL bfloTj afkt Jojyf ubf cjnDag u]sf] gLlt
15 aLdf Jojfodf art afF8kmFf8 gLlt M aLdsn] gfkmf gf]Sfg lxfa tyf cfo Joolxfaxdf art afF8kmFf8 ubf cjnDag u]sf] gLlt
16 sdrfL pkbfg ljbf tyf cGo ljwf afkt Jojyf gLlt M aLdsn] sdrfL pkbfgljbf tyf cGo ljwf afkt Jojyf ubf cjnDag u]sf] n]vfIacuteg gLlt
17 z+sfkb cffdL Jojyf gLlt M aLdsn] z+sfkb cffdL Jojyf ubf cjnDag u]sf]gLlt
18 ckn]vg vr n]vfIacuteg gLlt M aLdsn] cjnDag u]sf] ckn]vg vr DaGwL gLlt
19 cGo gLltx M plNnlvt gLltx afx]s jfnft gfkmf gf]Sfg lxfa cfo Joo lxfanufotsf ljQLo ljj0fnfO apermilg ljZn]if0f ug 3fp kUg] uL cGo sg] n]vf gLltsf]hfgsfL lbg cfjZos b]lvPdf f] Joxf]f
34
cgrLndash(
ljQLo ljj0f+u DalGwt n]vf DaGwL l6Kk0fLx
n]vf DaGwL l6Kk0fLdf vnfpg kg] aFbfx M aLdsn] n]vf DaGwL l6Kk0fLdf b]xfosf aFbfxvnfpg kg]5
= Defljt bfloTjx M
c_ rQmf jf eQmfgL xg afFsL nufgL
cf_ k|Tofelt k|lta4tf -underwriting commitments_
O_ aLdfn]v cGtut eGbf afx]saf6 aLds pk bfjL k]sf] t aLdsn] bfloTj jLsfgu]sf]
O_ aLdsn] jf aLdssf] tkmaf6 lbOPsf] Uof]06L
p_ cGo bfloTj -ljj0f vnfpg]_
= aLdfIacuteLn] aLdssf] bfloTj dNofIacuteg ubf cjnDag u]sf] cfwfx
= aLdssf] DklQdf cfPsf] Lldttf tyf ljjfbx
$= shf nufgL tyf ly DklQsf] nflu ulPsf] k|lta4tf
= nufgL+u DalGwt b]xfosf vLb laqmL Demftfxsf] dNo M
c_ vLb ulPsf] DklQsf] jfldTj k|fKt gePsf]
cf_ laqmL ulPsf] DklQsf] eQmfgL k|fKt gePsf]
^= o jifeL ulPsf] nufgL tyf laqmLdividelkmtf lnPsf] nufgLsf] DaGwdf +yf ldltkldf0f sd d]t vn]sf] ljj0f
amp= a+s dfHbft lxfa DaGwdf DalGwt a+sdivideljQLo +yfsf] 6]6d]06 lxtsf] lxfaldnfg DaGwL Joxf]f
= aLdsdividekgaLds+u lng lbg afFsL lxfa DaGwdf DalGwt aLdsdividekgaLdssf]dyg lxtsf] lxfa ldnfg DaGwL Joxf]f
gf]6 Mndash bnfn (Broker) dfkmt ePsf] kgaLdfsf] xsdf fdfGot DalGwt bnfnn]kgaLdssf] tkmaf6 dyg lbg Sg]5
(= aLdsn] u]sf] nufgL k|rlnt aLdf P]g lgodfjnL tyf aLdf ldltaf6 tf]lsP adf]lhdx] gx]sf]
)= aLdssf] +rfns jf +rfns+u DalGwt JolQm jf +yf+u ePsf] sff]af
= aLdsn] cfˆgf] DklQsf] If0fdf lnPsf] C0fsf] lwtf] zt tyf cflrTo
= aLdsn] s rQmf k|df0fkq k|fKt u]sf] cf=j=tyf Totf] rQmf k|df0fkq k|fKt xg afFsLcf=j= f] DaGwL ljj0fsf fy] cl3Nnf] cf=j=xsf] s hljfgf Aofh afkt bfjLk]sf] o cf=j=df eQmfgL ePsf] sd
= lkmtf u]sf] aLdfzNssf] kldf0f sf0f
35
$=aLdsn] aLldtnfO k|bfg ug] 3f]lift tyf cGtld af]gsf] b
=l9nf] aLdfzNs eQmfgLdf lanDa zNsdivideAofhsf] b tyf aLdfn]vsf] lwtf]df k|bfg ulg]shfdf Aofhsf] b
^=ckn]vg xg afFsL vrsf] ljj0f
amp=rQmf kFhL dWo] clu|d eQmfgL k|fKt -Paid in advance_ eQmfgL k|fKt xg afFsL -Call inarrears_ hkmt ulPsf t kgM lgisfzg gulPsf z]osf] ljj0f
=lnh xf]N8 DklQdf ut jifDd o jif vr (Amortization) n]lvPsf] sdsf]ljj0f
(= jifeldf ePsf] jfnft aflxsf] sff]afsf] ljj0f
)= cl3Nnf aifx+u DalGwt cfDbfgL tyf vrxsf] 5sectf5sect ljj0f
=plNnlvt aFbfx afx]s jfnft gfkmf gf]Sfg lxfa cfo Joo lxfa nufotsfljQLo ljj0fxnfO apermilg ljZn]if0f ug 3fp kUg] cGo sg hfgsfL lbg cfjZosb]lvPdf cGo Joxf]f d]t vnfpg kg]5
36
cgrL )k|dv rsfIacutex
cf=a=qm=+= ljj0f rsfIacute
g]6 jy = z]o +Vof +Vof k|lt z]o lstfjL dNo =$ vb gfkmf = k|lt z]o cfo (EPS) =^ k|lt z]o nfef+z (DPS) =amp k|lt z]o ahf dNo (MPPS) = dNo cfDbfgL cgkft (PE Ratio) cgkft( k|yd aifsf] aLdfzNs =) sn aLdfzNs = vb aLdfzNsdividesn aLdfzNs k|ltzt vb gfkmfdividesn aLdfzNs k|ltzt sn aLdfzNsdividesn DklQ k|ltzt$ nufgL shfaf6 cfodividesn nufgL shf k|ltzt sn nufgL shfdividehLjg aLdfsf]if k|ltzt^ kgaLdf sldzg cfodividesn kgaLdfzNs k|ltztamp Jojyfkg vrdividesn aLdfzNs k|ltzt aLdf clestf DalGw vrdividesn aLdfzNs k|ltzt( aLdf clestf +Vof +Vof) sdrfL +Vof +Vof sfofnosf] +Vof +Vof sdrfL vrdivideJojyfkg vr k|ltzt sdrfL vrdividesdrfL +Vof =$ eQmfgL xg aFfsL bfjL sddivideeQmfgL ePsf] bfjL
sdk|ltzt
sn sfod x]sf] aLdfn]vsf] +Vof +Vofdf^ o jif gjLs0f ePsf] aLdfn]vsf] +Vofdivideut
jif sfod x]sf] aLdfn]vsf] +Vofk|ltzt
amp bfjL k]sf] aLdfn]vsf] +Vofdividesn sfod x]sf]aLdfn]vsf] +Vof
k|ltzt
f]Ne]GL dflhg k|ltzt( 3f]lift af]g b =
k|ltxhf) cGtld af]g b =
k|ltxhf
37
cgrL ndash
aLdfIacutesf] ljj0f
sfod x]sf]aLdfn]vsf] +Vof
sfod x]sf]aLdfn]v cGtut
hDdf aLdfIacute
d of6 ls(Sum at Risk)
kgaLdsnfOxtfGt0f ulPsf]
d of6 ls(Sum at Risk)
aLdsn] wf0fu]sf] d of6ls (Sum at
Risk)
qm=+= aLdfsf] lsld
o jif ut jif o jif ut jif o jif ut jif o jif ut jif o jif ut jif
hDdf
38
kllzi6 ndash
-lgb]zg +u DalGwt_
ljQLo ljj0fsf zLifsxsf] +lIfKt JofVof
-s_ cfo Joo lxfa tyf f] DaGwL cgrLsf zLifsxsf] +lIfKt JofVof M
1 k|ToIf aLdfzNs M aLdsn] kgaLdf jLsf u] afkt k|fKt aLdfzNs afx]s k|ydjifsf] aLdfzNs gjLs0f aLdfzNs Psn aLdfzNssf] of]ukmnaf6 lgodfgflkmtf u]sf] aLdfzNs ssectf uL o zLifsdf hgfpg kg]5
2 sn aLdfzNs M k|ToIf aLdfzNs aLdsn] kgaLdf jLsf u] afkt k|fKtaLdfzNssf] of]ukmnnfO o zLifsdf hgfpg kg]5
3 aLdfzNs -vb_ M sn aLdfzNsaf6 kgaLdf lbP afktsf] kgaLdf zNs ssectf uLafFsL sdnfO o zLifsdf hgfpg kg]5
4 kgaLdf sldzg cfo M -s_ aLdsn] kgaLdf lbP afkt k|fKt xg] kgaLdfsldzgnfO o zLifsdf hgfpg kg]5
-v_ aFbf g+=-s_ sf] cltlQm kgaLdsaf6 dgfkmf sldzg -Profit Commission_k|fKt ePdf f]nfO o zLifsdf dfj]z uL f]sf] Joxf]f n]vf DaGwLl6Kk0fLdf vnfpg kg]5
5 nufgL shf tyf cGoaf6 cfo M sfL ]Sol6Laf6 cfo d2tL lgIf]kaf6 cfoklAns sDkgLsf] z]odividel8j]Graf6 cfo ef8faf6 cfo shfaf6 cfo -aLdfn]vsf]lwtf]df shf afx]s_ cGo lgIf]kaf6 -d2tL afx]s_ cfo nufgL laqmLdf gfkmf -GognufgL laqmLdf gf]Sfg_ nufgL -vLb_ df gfkmf -Gog nufgL vLbdf gf]Sfg_ly DklQ laqmLaf6 gfkmf -Gog ly DklQ laqmLaf6 gf]Sfg_ vftf ckn]vgaf6cfo tyf cGo cfosf] of]ukmnnfO lgb]zg adf]lhd afF8kFmf8 uL cfPsf]sdnfO o zLifsdf hgfpg kg]5
6 aLdfn]vsf] lwtf]df shfaf6 cfo M aLdfn]vsf] lwtf]df shf k|bfg u] afkt k|fKt xg]Aofh lanDa zNs htf cfonfO o zLifsdf hgfpg kg]5
7 cGo k|ToIf cfoM aLldtn] tf]lsPsf] cjlwleq aLdfzNs gaemfP afkt aLdsn]eQmfgL k|fKt u]sf] hljfgfdivideAofhdivideljnDa zNs tyf aLdfn]vsf] k|ltlnkL btcfo l6s6 bt htf f]xL aLdfsf] lsld+u k|ToIf kdf DalGwt cfonfO ozLifsdf hgfpg kg]5
8 bfjL eQmfgL -vb_ M aLdsn] eQmfgL u]sf] d[To bfjL cjlw dfKtL bfjL cf+lzscjlw dfKtL bfjL dk0f dNo tyf cGo bfjLsf] of]ukmnnfO o zLifsdfhgfpg kg]5
9 clestf sldzg M k|yd jifsf] aLdfzNsdf clestf sldzg gjLs0f aLdfzNsdfclestf sldzg Psn aLdfzNsdf clestf sldzgsf] of]ukmnaf6 kgaLdssf]lxf ssectf uL afFsL sd o zLifsdf hgfpg kg]5
10 jfYo kLIf0f zNs M aLdf hf]lvdfIacutegsf] nflu jfYo kLIf0f ufP afkt aLdsn]Joxf]g k]sf] jfYo kLIf0f zNsnfO o zLifsdf hgfpg kg]5
39
11 kgaLdf sldzg vr M aLdsn] kgaLdf jLsf u] afkt eQmfgL ug kg] sldzgsdnfO o zLifsdf hgfpg kg]5
12 ]jf zNs -vb_ M aLdf ldltnfO aemfpg kg] sn ]jf zNsaf6 kgaLdssf] lxfssectf uL afFsL sdnfO o zLifsdf hgfpg kg]5
13 cGo k|ToIf vr M aLdfsf] lsld+u k|ToIf kn] DalGwt x]sf] cGo vrnfO ozLifsdf hgfpg kg]5
14 Jojyfkg vr M lgb]zg $ adf]lhd afF8kmFf8 uL cfPsf] sdnfO o zLifsdfhgfpg kg]5
15 cfos M -_ aLdssf] cfos bfloTjnfO lgb]zg adf]lhd afF8kmFf8 uL cfPsf]sdnfO o zLifsdf hgfpg kg]5 osf] ljj0f kllzi6 sf] cgrL adf]lhd xg kg]5
-_ cl3Nnf jif-x_ sf] cfos bfloTjnfO kllzi6 sf] cgrL sf] aeligcl3Nnfjifxsf] cfosAElig zLifsdf hgfpg kg]5 t Totf] cfosdf nfu]sf]b08dividehljfgfdivideljnDa zNsnfO gfkmf gf]Sfg lxfasf] aeligcl3Nnf jif+uDalGwt vrAElig zLifsdf hgfpg kg]5
16 cflys jifsf] cGTodf eQmfgL xg afFsL bfjL afkt Jojyf M cflys jifsf] cGTodfeQmfgL xg afFsL d[To bfjL cjlw dfKtL bfjL cf+lzs cjlw dfKtL bfjL dk0fdNo bfjL cGo bfjL tyf gt[hgf ePsf] t hfgsfLdf gcfPsf] bfjLsf] of]ukmndfaLdf lgodfjnL )$( sf] lgod sf] v08 -3_ adf]lhdsf] sd yk ubf xgcfpg] sdnfO o zLifsdf hgfpg kg]5
aLdssf] cgejsf] cfwfdf [hgf ePsf] t hfgsfLdf gcfPsf] bfjLsf] nflusd Aojyf ug kg]5
17 cflys jifsf] cGTodf cdfKt hf]lvd afkt Jojyf M aLdf cjlw dfKtL afktbfjL eQmfgL ug gkg] lsldsf] aLdfsf] cdfKt hf]lvd afkt lgb]zg ( adf]lhdJojyf uL cfPsf] sd o zLifsdf hgfpg kg]5
18 hLjg aLdf sf]ifdividegfkmf gf]Sfg lxfadf f]sf] artdivide-gf]Sfg_ M -_ aLdf cjlwdfKtL afkt bfjL eQmfgL ug kg] lsldsf] aLdfsf] cfo Joo lxfaaf6 art -surplus_ ePsf] cjyfdf o zLifsnfO aelighLjg aLdf sf]ifdf f]sf] artAElig sfoduL Totf] art sdnfO o zLifsdf hgfpg kg]5
-_ aLdf cjlw dfKtL afkt bfjL eQmfgL ug kg] lsldsf] aLdfsf] cfo Joolxfaaf6 gf]Sfg ePsf] cjyfdf o zLifsnfO aeliggfkmf gf]Sfg lxfadff]sf] gf]SfgAElig sfod uL Totf] gf]Sfg sdnfO o zLifsdf C0ffTdskdf hgfpg kg]5
-_ aLdf cjlw dfKtL afkt bfjL eQmfgL ug gkg] lsldsf] aLdfsf] cfo Joolxfasf] nflu o zLifsnfO aelighLjg aLdf sf]ifdf f]sf] sdAElig aeliggfkmfgf]Sfg lxfadf f]sf] artdivide-gf]Sfg_AElig uL bOj6f zLifs sfod uL aelighLjgaLdf sf]ifdf f]sf] sdAElig zLifsdf lgb]zgndash adf]lhdsf] sd hgfO afFsLsdnfO aeliggfkmf gf]Sfg lxfadf f]sf] artdivide-gf]Sfg_AElig zLifsdf hgfpgkg]5 tf]lsP adf]lhd hLjg aLdf sf]ifdf f]sf] sd hgfp+bf gf]Sfg ePdf
40
aeliggfkmf gf]Sfg lxfadf f]sf] artdivide-gf]Sfg_AElig zLifsdf Totf] gf]Sfg ePsf]sdnfO C0ffTds kdf hgfpg kg]5
-v_ gfkmf gf]Sfg lxfa tyf DalGwt cgrLsf zLifsxsf] +lIfKt JofVof M
1 cfo Joo lxfaaf6 f]sf] M aLdf cjlw dfKtL afkt bfjL eQmfgL ug gkg]lsldsf] aLdfxsf] cfo Joo lxfaaf6 aeliggfkmf gf]Sfg lxfadf f]sf] artdivide-gf]Sfg_AElig sdxsf] of]ukmnnfO o zLifsdf hgfpg kg]5
2 hLjg aLdf sf]ifaf6 f]sf] M k|rlnt sfggL Jojyf adf]lhd aLdssf] bfloTjsf]n]vfhf]vf DaGwL aLdfIacuteLsf] k|ltj]bg d]tsf] cfwfdf hLjg aLdf sf]ifaf6 gfkmfgf]Sfg lxfadf fgsf nflu ldltn] jLs[lt k|bfg u]sf] sdnfO o zLifsdfhgfpg kg]5
3 nufgL shf tyf cGoaf6 cfo M lgb]zg adf]lhd afF8kFmf8 uL cfPsf] sdnfOo zLifsdf hgfpg kg]5
4 Jojyf lkmtf M nufgLdf gf]SfgLsf] nflu ulPsf] Jojyf shfdf gf]SfgLsf] nfluulPsf] Jojyf z+sfkb cffdLsf] nflu ulPsf] Jojyf tyf cGosf] nfluulPsf] Jojyf sd cf+lzs jf k0fkn] sfod fVg kg] cjyf gx]df TotfsdxnfO o zLifsdf hgfpg kg]5
5 cGo cfDbfgL M aLdf Aojfo+u f]sf gePsf] kj +rfng cfDbfgL htfcfDbfgLxsf] of]ukmnnfO o zLifsdf hgfpg kg]5
6 Jojyfkg vr M lgb]zg $ adf]lhd afF8kmFf8 uL cfPsf] sdnfO o zLifsdfhgfpg kg]5
7 ckn]vg vr M k|flDes vrx kj +rfng vrx k flPsf vrx nufgLshf cffdL tyf cGo ckn]vg ulPsf] vrnfO o zLifsdf hgfpg kg]5 t+yfks +rfns tyf pRr Jojyfks jf lghx+u DalGwt JolQmdivide+yfDaGwL cffdL ckn]vg ug kfOg] 5g
8 cGo vrx M k|rlnt sfgg adf]lhd aLdf ldlt tyf cGo lgsfon] aLdsnfOtf]s]sf] b08 hljfgf aLdsn] pkof]u u]sf] ]jfsf] aemfpg kg] zNs dodfgaemfP afkt ltg kg] ljnDa zNs hljfgf nufotsf vrx o zLifsdfhgfpg kg]5
9 gf]SfgLsf] nflu Jojyf M nufgLdf gf]SfgLsf] nflu Jojyf shfdf gf]SfgLsf]nflu Jojyf z+sfkb cffdL Jojyf tyf cGo JojyfnfO o zLifsdf hgfpgkg]5
10 cfos M aLdssf] cfos bfloTjnfO lgb]zg adf]lhd afF8kmFf8 uL cfPsf]sdnfO o zLifsdf hgfpg kg]5
11 hLjg aLdf sf]ifdf f]sf] M aLdssf] bfloTjsf] n]vf hf]vf uL aLdfIacuteLn] lbPsf]dNofIacuteg k|ltj]bg d]tsf] cfwfdf ldltn] lbPsf] cfb]zdividelgb]zg adf]lhd hLjg
41
aLdf sf]ifdf f]sf] sdnfO o zLifsdf b]vfpg kg]5 oL hLjg aLdf sf]ifdff]sf] sd gfkmf gf]Sfg lxfadf lkmtf ug kfOg] 5g
12 cl3Nnf jif+u DalGwt vr M cl3Nnf jif-x_sf] cfosdf nfu]sf]b08dividehljfgfdivideljnDa zNs tyf cl3Nnf jifxdf n]vfIacuteg ug 56]sf vrxnufotsf cl3Nnf jif+u DalGwt vrnfO o zLifsdf hgfpg kg]5
-u_ jfnft tyf DalGwt cgrLsf zLifsxsf] +lIfKt JofVof M
1 rQmf kFhL M eQmfgL k|fKt ePsf] fwf0f z]o ckljtgLo cu|flws z]o tyfkljtgLo cu|flwsf z]o afktsf] sdsf] of]ukmnnfO o zLifsdf hgfpg kg]5
2 hu]8f tyf sf]if M aLdsn] hu]8f sfod ug] lnlnfdf gfkmfaf6 afF8kmfF8 ecfPsf jf cGo sg] k|lqmofaf6 gt[hgf ePsf tyf gfkmf gf]Sfg lxfadf afF8kmFf8guL +ro uL flvPsf] sdxnfO o zLifsdf hgfpg kg]5 oL hu]8f k|of]uubf DalGwt hu]8f tyf sf]if lxfadf vr hgfpg kg]5
-s_ kFhLut hu]8f M rQmf gePsf] z]osf] afFsL sd dfu ubf eQmfgL gu]sf]sf0fn] pQm z]onfO hkmt uL k|fKt xg cfPsf] sd kFhLut cgbfg afktk|fKt xg cfPsf] lhGL tyf gub sd tyf aLdssf] kFhL j[l4 ug] p2]Zon]gfkmfaf6 flPsf] sdnfO o zLifsdf hgfpg kg]5
-v_ z]o lk|ldod M aLdsn] cfˆgf] z]o hfL ubf z]osf] clIacutet dNo eGbf a9Lbn] hfL u]sf] x]5 eg] pQm al9 sd hlt o zLifsdf hgfpg kg]5 ozLifsdf hgfOPsf] sd nfef+z ljt0f k|of]hgsf] nflu of]Uo dflgg] 5g
-u_ k|tfljt af]gz z]o M aLdsn] k|tfj uL fwf0f efn] kflt u]sf] t hfLuL gs]sf] af]gz z]onfO o zLifsdf hgfpg kg]5
-3_ ljz]if hu]8f M aLdf ldltsf] lgb]zg adf]lhd sg cGo hu]8f sf]if v8f ugkbf Totf] sdnfO o zLifsdf hgfpg kg]5
-ordf_ cGo hu]8f M aLdsn] cGo k|of]hgsf] nflu v8f u]sf] hu]8fnfO o zLifsdfhgfpg kg]5
-r_ gfkmf gf]Sfg lxfaaf6 f]sf] M aLdssf] gfkmf gf]Sfg lxfaaf6 jfnftdff]sf] gfkmf sdnfO o zLifsdf hgfpg kg]5
3 hLjg aLdf sf]if M lgb]zg adf]lhd fVg kg] hLjg aLdfsf]ifxsf] of]ukmnnfOo zLifsdf hgfpg kg]5
4 dxfndashljkQL hu]8f M 7nf] kldf0fdf aLdf bfjL pTkGg xg Sg] dxfndashljkQL -catastrophy_ sf] cjyfdf aLdssf] ljQLo Ifdtfdf kg Sg] k|ltsn c sd ug]p2]Zon] gfkmfaf6 flPsf] sdnfO o zLifsdf hgfpg kg]5 o zLifsdfhgfOPsf] sd nfef+z ljt0f k|of]hgsf] nflu of]Uo dflgg] 5g
5 ltg afFsL bL3sflng C0f tyf fk6L M jfnftsf] ldltdf eQmfgL ug afFsLbL3sflng fk6LnfO o zLifsdf hgfpg kg]5
42
6 ly DkQL -vb_ MyfoL k|s[ltsf DkQLxsf] sn dNodf Xf ssectf uL afFsL x]sf]sdnfO o zLifsdf hgfpg kg]5
7 bL3sflng nufgL M aLdsn] lgb]zg ^ adf]lhd u]sf] bL3sflng nufgLnfO ozLifsdf hgfpg kg]5
kli6s0f M = jfnftsf] ldltaf6 Ps jif eGbf al9 cjwL kl5 eQmfgLk|fKt xg] sfL sfsf] hdfgt k|fKt ]Sol6Ld2tL lgIf]k gfuls nufgL of]hgf z]o a+s tyfljQLo +yfsf] cu|flwsf z]odividel8j]Gr tyf cGo f]xLk|s[ltsf nufgLxnfO bL3sflng nufgL Demg k5
= aLdsn] klAns sDkgLsf] z]odf nufgL u] afkt k|fKtxg] af]gz z]onfO z]o +Vofdf dfq b]vfO kn df]ndfsg kljtg ug x+bg
amp=s cNksflng nufgL M aLdsn] lgb]zg ^ adf]lhd u]sf] cNksflng nufgLnfO ozLifsdf hgfpg kg]5
kli6s0f M jfnftsf] ldltaf6 Ps jif leq eQmfgL k|fKt xg] sfL sfsf] hdfgt k|fKt ]Sol6L d2tL lgIf]k gfulsnufgL of]hgf a+s tyf ljQLo +yfsf] cu|flwsfz]odividel8j]Gr tyf cGo f]xL k|s[ltsf nufgLxnfOcNksflng nufgL Demg k5
8 aLdfn]vsf] lwtf]df shf M aLdsn] lgb]zg amp adf]lhd k|To]s lsldsf] aLdfsf]aLdfn]vsf] lwtf]df k|bfg u]sf] shfsf] of]ukmnnfO o zLifsdf hgfpg kg]5
9 gub tyf a+s dfHbft M -_ aLds+u x]sf] sn gub dfHbft sd tyf aLdssf]a+sdivideljQLo +yfsf] Aofh k|fKt gxg] vftfdf x]sf] sn sdnfO o zLifsdfhgfpg kg]5
10 cGo bL3sflng shf M lgb]zg amp adf]lhd n]vfIacuteg ulPsf] clestfnfO k|bfgulPsf] bL3sflng shf sdrfLnfO k|bfg ulPsf] bL3sflng shf tyf cGobL3sflng shfsf] of]ukmnnfO o zLifsdf hgfpg kg]5
kli6s0f M jfnftsf] ldltaf6 Ps jif eGbf al9 cjwL kl5 eQmfgLk|fKt xg] clestfnfO k|bfg ulPsf] shf sdrfLnfO k|bfgulPsf] shf tyf cGo f]xL k|s[tLsf shfxnfO bL3sflngshf Demg k5
)s= cGo cNksflng shf M lgb]zg amp adf]lhd n]vfIacuteg ulPsf] clestfnfO k|bfgulPsf] cNksflng shf sdrfLnfO k|bfg ulPsf] cNksflng shf tyf cGocNksflng shfsf] of]ukmnnfO o zLifsdf hgfpg kg]5
kli6s0f M jfnftsf] ldltaf6 Ps jif leq eQmfgL k|fKtxg] clestfnfO k|bfg ulPsf] shf sdrfLnfO k|bfgulPsf] shf tyf cGo f]xL k|s[tLsf shfxnfOcNksflng shf Demg k5
43
11 cGo DkQL M -_ o lgb]zg adf]lhd n]vfIacuteg ulPsf] aLdssf] nufgLaf6 k|fKt xgafFsL cfo aLdfn]vsf] lwtf]df shfaf6 k|fKt xg afFsL Aofh cGo shfaf6 k|fKt xgafFsL Aofh cGo aLdsaf6 k|fKt xg afFsL kgaLdsaf6 k|fKt xg aFfsL ljljwcffdL clu|d eQmfgL sdrfL k]ZsL cGo k]ZsL wf6L tyf cGosf] of]ukmnnfOo zLifsdf hgfpg kg]5
-_ cGo DkQLsf] ljj0f kllzi6 sf] cgrL $ adf]lhd xg kg]5
-_ cn xg afFsL aLdfzNs eP f]sf] of]ukmn kllzi6 sf] cgrL $ dfb]vfpg kg]5 f] cn xg afFsL aLdfzNs afasf] dNtjL -Suspense_ b]vfOvb k|efj (Net effect) zGo agfpg kg]5
12 rfn bfloTj M clestfnfO lbg afFsL cGo aLdsnfO lbg afFsL kgaLdsnfO lbgafFsL aLdfzNs wf6L k0f ljj0f gvn]sf] aLdfzNs ljljw fx xfosdividexf]lN8EumlsDkgLnfO lbg afFsL gtf]tdf ssectf ulPsf] s ltg afFsL cfos ltg afFsL]jfzNs ltg afFsL sdrfLnfO ltg afFsL +rfnsnfO ltg afFsL tyf cGo ltgafFsL sdxsf] of]ukmnnfO o zLifsdf hgfpg kg]5
13 cdfKt hf]lvd jfkt Jojyf M lgb]zg ( adf]lhdsf] cdfKt hf]lvd Jojyfsf]of]ukmnnfO o zLifsdf hgfpg kg]5
14 eQmfgL xg afFsL bfjL jfkt Jojyf M k|To]s lsldsf] aLdfsf] eQmfgL xg afFsLbfjLsf] nflu ulPsf] Jojyfsf] of]ukmnnfO o zLifsdf hgfpg kg]5
15 ckn]vg jf dfof]hg xg afFsL ljljw vrx M ckn]vg ug afFsL k|flDes vrckn]vg ug afFsL kj +rfng vr ckn]vg ug afFsL yug ulPsf vr tyfcGo ckn]vg jf dfof]hg gePsf vrxsf] of]ukmnnfO o zLifsdf hgfpgkg]5
-3_ k|dv rsfIacutexdf +nUg zLifsxsf] +lIfKt JofVof
1 g]6 jy = rQmf kFhL plusmn hu]8f tyf sf]if plusmn dxf ljkQL hu]8f ndashckn]vg jfdfof]hg xg afFsL ljljw vrx ndash gfkmf gf]Sfg lxfaaf6 f]sf] gf]Sfg
2 k|lt z]o lstfaL dNo = g]6 jydividefwf0f z]o +Vof
3 k|lt z]o cfo = vb gfkmfdividefwf0f z]o +Vof
4 dNo cfDbfgL cgkft = k|lt z]o ahf dNodividek|lt z]o cfo
5 sn DklQ = ly DklQ plusmn nufgL plusmn aLdfn]vsf] lwtf]df shf plusmn rfnDklQ shf tyf k]ZsLx
![Page 29: hLjg aLdf Joj;fo ug]{ aLdssf] ljQLo ljj/0f ;DaGwL lgb]{zg](https://reader033.vdocuments.site/reader033/viewer/2022053020/6291631db7b57c39db6663d6/html5/thumbnails/29.jpg)
29
cgrLndash
gub tyf a+s dfHbft
qm=+= ljj0f o aif ut aifgub dfHbft
hDdfa+s dfHbftjfl0fHo a+sxsf] dfHbftljsf a+sxsf] dfHbftljQLo +yfxsf] dfHbft
cGo -ljj0f vnfpg]_hDdfsn
cgrLndash
cGo shf
qm=+= ljj0f o aif ut aif-s_ bL3sflng shf= clestfnfO shf= sdrfLnfO shf= cGo -ljj0f vnfpg]_
hDdf-v_ cNksflng shf= clestfnfO shf= sdrfLnfO shf= cGo -ljj0f vnfpg]_
hDdfcgrLndash$
cGo DklQqm=+= ljj0f o aif ut aif1 nufgLaf6 k|fKt xg afFsL cfo2 aLdfn]vsf] lwtf]df shfaf6 k|fKt xg afFsL Aofh3 cGo -aLdfn]vsf] lwtf]df afx]s_ shfaf6 k|fKt xg afFsL
Aofh4 cGo aLdsaf6 k|fKt xg afFsL5 kgaLdsaf6 k|fKt xg afFsL6 ljljw cffdL7 clu|d eQmfgL8 sdrfL k]ZsL9 cGo k]ZsL10 wf6L11 cn xg afFsL aLdfzNs
Gog M cn xg afFsL aLdfzNs dNtjL -suspense_12 cGo ljj0f vnfpg]
hDdf M
30
cgrLndash
rfn bfloTj
qm=+= ljj0f o aif ut aif1 clestfnfO lbg afFsL2 cGo aLdsnfO lbg afFsL3 kgaLdsnfO lbg afFsL4 cNksflng shf5 aLdfzNs wf6L6 k0f ljj0f gvn]sf] aLdfzNs7 ljljw fx8 xfosdividexf]lN8Euml sDkgLnfO lbg afFsL9 gtf]tdf ssectf ulPsf] s ltg afFsL10 dNo clea[l4 s ltg afFsL11 cfos ltg afFsL12 ]jf zNs ltg afFsL13 sdrfLnfO lbg afFsL14 +rfnsnfO lbg afFsL15 eQmfgL lbg afFsL nfef+z -l8le8]08_16 cGo -ljj0f vnfpg]_
hDdf
cgrLndash^
cdfKt hf]lvd Jojyfqm=+= ljj0f o aif ut aif= ===========aLdfsf] cdfKt hf]lvd hu]8f= ===========aLdfsf] cdfKt hf]lvd hu]8f= ===========aLdfsf] cdfKt hf]lvd hu]8f
===========aLdfsf] cdfKt hf]lvd hu]8f
hDdf
31
cgrL ^scGo Aojyf
aifsf] zdf Aojyfrfn cf=a=df yk ulPsf]
Aojyfrfn cf=a=df ckn]vg
ulPsf] Aojyfrfn cf=a=df lkmtfulPsf] Aojyf
aifsf] cGtdf sfodx]sf] Aojyf
qm=+=
ljj0fo jif ut jif o jif ut jif o jif ut jif o jif ut jif o jif ut jif
nfef+z -l8le8]08_ sf] nflu Aojyf
nufgLdf gf]SfgLsf] nflu Aojyf
shfdf gf]SfgLsf] nflu Aojyf
$ z+sfZkb cffdLsf] nflu Aojyf
cGo gf]SfgLsf] nflu Aojyf
^ sdrfL DaGwL Aojyf-s_ k]Gg tyf pkbfg Aojyf-v_ ljbf jfkt Aojyf-u_ cfjf tyf cGo ljwf Aojyf-3_ sdrfL af]g Aojyf-ordf_ cGo
amp cGo Aojyf -ljj0f vnfpg]_
hDdf
32
cgrLndashamp
ckn]vgdividedfof]hg xg afFsL ljljw vrxqm=+= ljj0f o aif ut aif1 ckn]vg ug afFsL k|flDes vr2 ckn]vg ug afFsL kj +rfng vr3 ckn]vg ug afFsL yug ulPsf vr4 cGo -ljj0f vnfpg]_
hDdf
cgrL ndash
ljQLo ljj0f+u DalGwt k|dv n]vf gLltx
n]vf DaGwL gLltdf vnfpg kg] aFbfx M aLdsn] n]vf DaGwL gLltdf b]xfosf aFbfxvnfpg kg]5
1 ljQLo ljj0f tofLsf cfwfx M sg sg cjwf0ff -concept_ tyf n]vfdfgx sfgg tyf aLdf ldltsf lgb]zgxsf] clwgdf xL ljQLo ljj0f tof ulPsf] xf]f]sf] Joxf]f
ljQLo ljj0f tof ubf sg sfgg aLdf ldltsf] lgb]zg jf n]vfdfg kfngf gePsf]eP f]sf] sf0f lxt Joxf]f
2 ly DklQ n]vfIacuteg gLlt M ly DklQ n]vfIacuteg ubf cjnDag ulPsf] gLlt
3 Xf ssectL gLlt M aLdssf] +rfns ldltaf6 kflt uL nfu ulPsf] Xf ssectL gLlt
4 kFhLs[t gulg] DklQx DaGwL n]vfIacuteg gLlt M aLdssf] +rfns ldltn] sg lglZrtdf]nDd kg] pks0f fdfgx kFhLs[t gug] gLlt lnPsf] 5 eg] f]sf] Joxf]f
5 cfos Jojyf tyf afF8kmFf8 gLlt M cfos Jojyf DaGwdf aLdsn] cjnDag u]sf]gLlt aLdsn] gfkmf gf]Sfg lxfa tyf cfo Joo lxfadf Totf] Jojyf sdafF8kmFf8 ubf cjnDag u]sf] gLlt
6 nufgL n]vfIacuteg gLlt M nufgL n]vfIacutegsf] DaGwdf aLdsn] cjnDag u]sf] gLltxnfOb]xfosf zLifsx cGtut vnfpg kg]5
-s_ sfL artkqdivideC0fkqdf nufgL n]vfIacuteg gLlt
-v_ a+sdivideljQLo +yfsf] d2tL lgIf]kdf nufgL n]vfIacuteg gLlt
-u_ klAns lnld6]8 sDkgLsf] z]odf nufgL n]vfIacuteg gLlt
-3_ klAns lnld6]8 sDkgLn] hfL u]sf] C0fkqxdf nufgL n]vfIacuteg gLlt
7 6xL 36a9 dfof]hg gLlt M ljb]zL db|f+u DalGwt DklQ bfloTj tyf 6xL36a9 cfDbfgL tyf vrxsf] n]vfIacuteg gLlt
8 aLdfzNs cfDbfgL n]vfIacuteg gLlt M aLdsn] aLdfzNs cfDbfgL n]vfIacuteg ubf cjnDagu]sf] gLlt
33
9 kgaLdf sldzg cfDbfgL n]vfIacuteg gLlt M aLdsn] kgaLdf u] afkt k|fKt ug] sldzgsf]n]vfIacuteg ubf cjnDag u]sf] gLlt
10 cGo cfo n]vfIacuteg tyf afF8kmFf8 gLlt M aLdsn] ef8f -Rent_ tyf cGo zLifsaf6 ePsf]cfo n]vfIacuteg tyf afF8kmFf8 ubf cjnDag u]sf] gLlt
11 shf n]vfIacuteg gLlt M aLdsn] aLdfn]vsf] lwtf]df k|bfg u]sf] shf tyf cGo shfn]vfIacuteg ubf cjnDag u]sf] gLlt
12 Jojyfkg vr afF8kmFf8 gLlt M aLdsn] gfkmf gf]Sfg lxfa tyf cfo Joo lxfaxdfJojyfkg vr afF8kmFf8 ubf cjnDag u]sf] gLlt
13 aLdf bfjL eQmfgL vr n]vfIacuteg gLlt M aLdsn] aLdf bfjL eQmfgL vr n]vfIacuteg ubfcjnDag u]sf] gLlt
14 aLdf bfjL afkt bfloTj Jojyf n]vfIacuteg gLlt M -s_ gt[hgf ePsf] t hfgsfLdfgcfPsf] -IBNR_ aLdf bfjL afkt bfloTj Jojyf n]vfIacuteg ubf aLdsn] cjnDagu]sf] gLlt
-v_ aLdsn] aLdf bfjL bfloTj afkt Jojyf ubf cjnDag u]sf] gLlt
15 aLdf Jojfodf art afF8kmFf8 gLlt M aLdsn] gfkmf gf]Sfg lxfa tyf cfo Joolxfaxdf art afF8kmFf8 ubf cjnDag u]sf] gLlt
16 sdrfL pkbfg ljbf tyf cGo ljwf afkt Jojyf gLlt M aLdsn] sdrfL pkbfgljbf tyf cGo ljwf afkt Jojyf ubf cjnDag u]sf] n]vfIacuteg gLlt
17 z+sfkb cffdL Jojyf gLlt M aLdsn] z+sfkb cffdL Jojyf ubf cjnDag u]sf]gLlt
18 ckn]vg vr n]vfIacuteg gLlt M aLdsn] cjnDag u]sf] ckn]vg vr DaGwL gLlt
19 cGo gLltx M plNnlvt gLltx afx]s jfnft gfkmf gf]Sfg lxfa cfo Joo lxfanufotsf ljQLo ljj0fnfO apermilg ljZn]if0f ug 3fp kUg] uL cGo sg] n]vf gLltsf]hfgsfL lbg cfjZos b]lvPdf f] Joxf]f
34
cgrLndash(
ljQLo ljj0f+u DalGwt n]vf DaGwL l6Kk0fLx
n]vf DaGwL l6Kk0fLdf vnfpg kg] aFbfx M aLdsn] n]vf DaGwL l6Kk0fLdf b]xfosf aFbfxvnfpg kg]5
= Defljt bfloTjx M
c_ rQmf jf eQmfgL xg afFsL nufgL
cf_ k|Tofelt k|lta4tf -underwriting commitments_
O_ aLdfn]v cGtut eGbf afx]saf6 aLds pk bfjL k]sf] t aLdsn] bfloTj jLsfgu]sf]
O_ aLdsn] jf aLdssf] tkmaf6 lbOPsf] Uof]06L
p_ cGo bfloTj -ljj0f vnfpg]_
= aLdfIacuteLn] aLdssf] bfloTj dNofIacuteg ubf cjnDag u]sf] cfwfx
= aLdssf] DklQdf cfPsf] Lldttf tyf ljjfbx
$= shf nufgL tyf ly DklQsf] nflu ulPsf] k|lta4tf
= nufgL+u DalGwt b]xfosf vLb laqmL Demftfxsf] dNo M
c_ vLb ulPsf] DklQsf] jfldTj k|fKt gePsf]
cf_ laqmL ulPsf] DklQsf] eQmfgL k|fKt gePsf]
^= o jifeL ulPsf] nufgL tyf laqmLdividelkmtf lnPsf] nufgLsf] DaGwdf +yf ldltkldf0f sd d]t vn]sf] ljj0f
amp= a+s dfHbft lxfa DaGwdf DalGwt a+sdivideljQLo +yfsf] 6]6d]06 lxtsf] lxfaldnfg DaGwL Joxf]f
= aLdsdividekgaLds+u lng lbg afFsL lxfa DaGwdf DalGwt aLdsdividekgaLdssf]dyg lxtsf] lxfa ldnfg DaGwL Joxf]f
gf]6 Mndash bnfn (Broker) dfkmt ePsf] kgaLdfsf] xsdf fdfGot DalGwt bnfnn]kgaLdssf] tkmaf6 dyg lbg Sg]5
(= aLdsn] u]sf] nufgL k|rlnt aLdf P]g lgodfjnL tyf aLdf ldltaf6 tf]lsP adf]lhdx] gx]sf]
)= aLdssf] +rfns jf +rfns+u DalGwt JolQm jf +yf+u ePsf] sff]af
= aLdsn] cfˆgf] DklQsf] If0fdf lnPsf] C0fsf] lwtf] zt tyf cflrTo
= aLdsn] s rQmf k|df0fkq k|fKt u]sf] cf=j=tyf Totf] rQmf k|df0fkq k|fKt xg afFsLcf=j= f] DaGwL ljj0fsf fy] cl3Nnf] cf=j=xsf] s hljfgf Aofh afkt bfjLk]sf] o cf=j=df eQmfgL ePsf] sd
= lkmtf u]sf] aLdfzNssf] kldf0f sf0f
35
$=aLdsn] aLldtnfO k|bfg ug] 3f]lift tyf cGtld af]gsf] b
=l9nf] aLdfzNs eQmfgLdf lanDa zNsdivideAofhsf] b tyf aLdfn]vsf] lwtf]df k|bfg ulg]shfdf Aofhsf] b
^=ckn]vg xg afFsL vrsf] ljj0f
amp=rQmf kFhL dWo] clu|d eQmfgL k|fKt -Paid in advance_ eQmfgL k|fKt xg afFsL -Call inarrears_ hkmt ulPsf t kgM lgisfzg gulPsf z]osf] ljj0f
=lnh xf]N8 DklQdf ut jifDd o jif vr (Amortization) n]lvPsf] sdsf]ljj0f
(= jifeldf ePsf] jfnft aflxsf] sff]afsf] ljj0f
)= cl3Nnf aifx+u DalGwt cfDbfgL tyf vrxsf] 5sectf5sect ljj0f
=plNnlvt aFbfx afx]s jfnft gfkmf gf]Sfg lxfa cfo Joo lxfa nufotsfljQLo ljj0fxnfO apermilg ljZn]if0f ug 3fp kUg] cGo sg hfgsfL lbg cfjZosb]lvPdf cGo Joxf]f d]t vnfpg kg]5
36
cgrL )k|dv rsfIacutex
cf=a=qm=+= ljj0f rsfIacute
g]6 jy = z]o +Vof +Vof k|lt z]o lstfjL dNo =$ vb gfkmf = k|lt z]o cfo (EPS) =^ k|lt z]o nfef+z (DPS) =amp k|lt z]o ahf dNo (MPPS) = dNo cfDbfgL cgkft (PE Ratio) cgkft( k|yd aifsf] aLdfzNs =) sn aLdfzNs = vb aLdfzNsdividesn aLdfzNs k|ltzt vb gfkmfdividesn aLdfzNs k|ltzt sn aLdfzNsdividesn DklQ k|ltzt$ nufgL shfaf6 cfodividesn nufgL shf k|ltzt sn nufgL shfdividehLjg aLdfsf]if k|ltzt^ kgaLdf sldzg cfodividesn kgaLdfzNs k|ltztamp Jojyfkg vrdividesn aLdfzNs k|ltzt aLdf clestf DalGw vrdividesn aLdfzNs k|ltzt( aLdf clestf +Vof +Vof) sdrfL +Vof +Vof sfofnosf] +Vof +Vof sdrfL vrdivideJojyfkg vr k|ltzt sdrfL vrdividesdrfL +Vof =$ eQmfgL xg aFfsL bfjL sddivideeQmfgL ePsf] bfjL
sdk|ltzt
sn sfod x]sf] aLdfn]vsf] +Vof +Vofdf^ o jif gjLs0f ePsf] aLdfn]vsf] +Vofdivideut
jif sfod x]sf] aLdfn]vsf] +Vofk|ltzt
amp bfjL k]sf] aLdfn]vsf] +Vofdividesn sfod x]sf]aLdfn]vsf] +Vof
k|ltzt
f]Ne]GL dflhg k|ltzt( 3f]lift af]g b =
k|ltxhf) cGtld af]g b =
k|ltxhf
37
cgrL ndash
aLdfIacutesf] ljj0f
sfod x]sf]aLdfn]vsf] +Vof
sfod x]sf]aLdfn]v cGtut
hDdf aLdfIacute
d of6 ls(Sum at Risk)
kgaLdsnfOxtfGt0f ulPsf]
d of6 ls(Sum at Risk)
aLdsn] wf0fu]sf] d of6ls (Sum at
Risk)
qm=+= aLdfsf] lsld
o jif ut jif o jif ut jif o jif ut jif o jif ut jif o jif ut jif
hDdf
38
kllzi6 ndash
-lgb]zg +u DalGwt_
ljQLo ljj0fsf zLifsxsf] +lIfKt JofVof
-s_ cfo Joo lxfa tyf f] DaGwL cgrLsf zLifsxsf] +lIfKt JofVof M
1 k|ToIf aLdfzNs M aLdsn] kgaLdf jLsf u] afkt k|fKt aLdfzNs afx]s k|ydjifsf] aLdfzNs gjLs0f aLdfzNs Psn aLdfzNssf] of]ukmnaf6 lgodfgflkmtf u]sf] aLdfzNs ssectf uL o zLifsdf hgfpg kg]5
2 sn aLdfzNs M k|ToIf aLdfzNs aLdsn] kgaLdf jLsf u] afkt k|fKtaLdfzNssf] of]ukmnnfO o zLifsdf hgfpg kg]5
3 aLdfzNs -vb_ M sn aLdfzNsaf6 kgaLdf lbP afktsf] kgaLdf zNs ssectf uLafFsL sdnfO o zLifsdf hgfpg kg]5
4 kgaLdf sldzg cfo M -s_ aLdsn] kgaLdf lbP afkt k|fKt xg] kgaLdfsldzgnfO o zLifsdf hgfpg kg]5
-v_ aFbf g+=-s_ sf] cltlQm kgaLdsaf6 dgfkmf sldzg -Profit Commission_k|fKt ePdf f]nfO o zLifsdf dfj]z uL f]sf] Joxf]f n]vf DaGwLl6Kk0fLdf vnfpg kg]5
5 nufgL shf tyf cGoaf6 cfo M sfL ]Sol6Laf6 cfo d2tL lgIf]kaf6 cfoklAns sDkgLsf] z]odividel8j]Graf6 cfo ef8faf6 cfo shfaf6 cfo -aLdfn]vsf]lwtf]df shf afx]s_ cGo lgIf]kaf6 -d2tL afx]s_ cfo nufgL laqmLdf gfkmf -GognufgL laqmLdf gf]Sfg_ nufgL -vLb_ df gfkmf -Gog nufgL vLbdf gf]Sfg_ly DklQ laqmLaf6 gfkmf -Gog ly DklQ laqmLaf6 gf]Sfg_ vftf ckn]vgaf6cfo tyf cGo cfosf] of]ukmnnfO lgb]zg adf]lhd afF8kFmf8 uL cfPsf]sdnfO o zLifsdf hgfpg kg]5
6 aLdfn]vsf] lwtf]df shfaf6 cfo M aLdfn]vsf] lwtf]df shf k|bfg u] afkt k|fKt xg]Aofh lanDa zNs htf cfonfO o zLifsdf hgfpg kg]5
7 cGo k|ToIf cfoM aLldtn] tf]lsPsf] cjlwleq aLdfzNs gaemfP afkt aLdsn]eQmfgL k|fKt u]sf] hljfgfdivideAofhdivideljnDa zNs tyf aLdfn]vsf] k|ltlnkL btcfo l6s6 bt htf f]xL aLdfsf] lsld+u k|ToIf kdf DalGwt cfonfO ozLifsdf hgfpg kg]5
8 bfjL eQmfgL -vb_ M aLdsn] eQmfgL u]sf] d[To bfjL cjlw dfKtL bfjL cf+lzscjlw dfKtL bfjL dk0f dNo tyf cGo bfjLsf] of]ukmnnfO o zLifsdfhgfpg kg]5
9 clestf sldzg M k|yd jifsf] aLdfzNsdf clestf sldzg gjLs0f aLdfzNsdfclestf sldzg Psn aLdfzNsdf clestf sldzgsf] of]ukmnaf6 kgaLdssf]lxf ssectf uL afFsL sd o zLifsdf hgfpg kg]5
10 jfYo kLIf0f zNs M aLdf hf]lvdfIacutegsf] nflu jfYo kLIf0f ufP afkt aLdsn]Joxf]g k]sf] jfYo kLIf0f zNsnfO o zLifsdf hgfpg kg]5
39
11 kgaLdf sldzg vr M aLdsn] kgaLdf jLsf u] afkt eQmfgL ug kg] sldzgsdnfO o zLifsdf hgfpg kg]5
12 ]jf zNs -vb_ M aLdf ldltnfO aemfpg kg] sn ]jf zNsaf6 kgaLdssf] lxfssectf uL afFsL sdnfO o zLifsdf hgfpg kg]5
13 cGo k|ToIf vr M aLdfsf] lsld+u k|ToIf kn] DalGwt x]sf] cGo vrnfO ozLifsdf hgfpg kg]5
14 Jojyfkg vr M lgb]zg $ adf]lhd afF8kmFf8 uL cfPsf] sdnfO o zLifsdfhgfpg kg]5
15 cfos M -_ aLdssf] cfos bfloTjnfO lgb]zg adf]lhd afF8kmFf8 uL cfPsf]sdnfO o zLifsdf hgfpg kg]5 osf] ljj0f kllzi6 sf] cgrL adf]lhd xg kg]5
-_ cl3Nnf jif-x_ sf] cfos bfloTjnfO kllzi6 sf] cgrL sf] aeligcl3Nnfjifxsf] cfosAElig zLifsdf hgfpg kg]5 t Totf] cfosdf nfu]sf]b08dividehljfgfdivideljnDa zNsnfO gfkmf gf]Sfg lxfasf] aeligcl3Nnf jif+uDalGwt vrAElig zLifsdf hgfpg kg]5
16 cflys jifsf] cGTodf eQmfgL xg afFsL bfjL afkt Jojyf M cflys jifsf] cGTodfeQmfgL xg afFsL d[To bfjL cjlw dfKtL bfjL cf+lzs cjlw dfKtL bfjL dk0fdNo bfjL cGo bfjL tyf gt[hgf ePsf] t hfgsfLdf gcfPsf] bfjLsf] of]ukmndfaLdf lgodfjnL )$( sf] lgod sf] v08 -3_ adf]lhdsf] sd yk ubf xgcfpg] sdnfO o zLifsdf hgfpg kg]5
aLdssf] cgejsf] cfwfdf [hgf ePsf] t hfgsfLdf gcfPsf] bfjLsf] nflusd Aojyf ug kg]5
17 cflys jifsf] cGTodf cdfKt hf]lvd afkt Jojyf M aLdf cjlw dfKtL afktbfjL eQmfgL ug gkg] lsldsf] aLdfsf] cdfKt hf]lvd afkt lgb]zg ( adf]lhdJojyf uL cfPsf] sd o zLifsdf hgfpg kg]5
18 hLjg aLdf sf]ifdividegfkmf gf]Sfg lxfadf f]sf] artdivide-gf]Sfg_ M -_ aLdf cjlwdfKtL afkt bfjL eQmfgL ug kg] lsldsf] aLdfsf] cfo Joo lxfaaf6 art -surplus_ ePsf] cjyfdf o zLifsnfO aelighLjg aLdf sf]ifdf f]sf] artAElig sfoduL Totf] art sdnfO o zLifsdf hgfpg kg]5
-_ aLdf cjlw dfKtL afkt bfjL eQmfgL ug kg] lsldsf] aLdfsf] cfo Joolxfaaf6 gf]Sfg ePsf] cjyfdf o zLifsnfO aeliggfkmf gf]Sfg lxfadff]sf] gf]SfgAElig sfod uL Totf] gf]Sfg sdnfO o zLifsdf C0ffTdskdf hgfpg kg]5
-_ aLdf cjlw dfKtL afkt bfjL eQmfgL ug gkg] lsldsf] aLdfsf] cfo Joolxfasf] nflu o zLifsnfO aelighLjg aLdf sf]ifdf f]sf] sdAElig aeliggfkmfgf]Sfg lxfadf f]sf] artdivide-gf]Sfg_AElig uL bOj6f zLifs sfod uL aelighLjgaLdf sf]ifdf f]sf] sdAElig zLifsdf lgb]zgndash adf]lhdsf] sd hgfO afFsLsdnfO aeliggfkmf gf]Sfg lxfadf f]sf] artdivide-gf]Sfg_AElig zLifsdf hgfpgkg]5 tf]lsP adf]lhd hLjg aLdf sf]ifdf f]sf] sd hgfp+bf gf]Sfg ePdf
40
aeliggfkmf gf]Sfg lxfadf f]sf] artdivide-gf]Sfg_AElig zLifsdf Totf] gf]Sfg ePsf]sdnfO C0ffTds kdf hgfpg kg]5
-v_ gfkmf gf]Sfg lxfa tyf DalGwt cgrLsf zLifsxsf] +lIfKt JofVof M
1 cfo Joo lxfaaf6 f]sf] M aLdf cjlw dfKtL afkt bfjL eQmfgL ug gkg]lsldsf] aLdfxsf] cfo Joo lxfaaf6 aeliggfkmf gf]Sfg lxfadf f]sf] artdivide-gf]Sfg_AElig sdxsf] of]ukmnnfO o zLifsdf hgfpg kg]5
2 hLjg aLdf sf]ifaf6 f]sf] M k|rlnt sfggL Jojyf adf]lhd aLdssf] bfloTjsf]n]vfhf]vf DaGwL aLdfIacuteLsf] k|ltj]bg d]tsf] cfwfdf hLjg aLdf sf]ifaf6 gfkmfgf]Sfg lxfadf fgsf nflu ldltn] jLs[lt k|bfg u]sf] sdnfO o zLifsdfhgfpg kg]5
3 nufgL shf tyf cGoaf6 cfo M lgb]zg adf]lhd afF8kFmf8 uL cfPsf] sdnfOo zLifsdf hgfpg kg]5
4 Jojyf lkmtf M nufgLdf gf]SfgLsf] nflu ulPsf] Jojyf shfdf gf]SfgLsf] nfluulPsf] Jojyf z+sfkb cffdLsf] nflu ulPsf] Jojyf tyf cGosf] nfluulPsf] Jojyf sd cf+lzs jf k0fkn] sfod fVg kg] cjyf gx]df TotfsdxnfO o zLifsdf hgfpg kg]5
5 cGo cfDbfgL M aLdf Aojfo+u f]sf gePsf] kj +rfng cfDbfgL htfcfDbfgLxsf] of]ukmnnfO o zLifsdf hgfpg kg]5
6 Jojyfkg vr M lgb]zg $ adf]lhd afF8kmFf8 uL cfPsf] sdnfO o zLifsdfhgfpg kg]5
7 ckn]vg vr M k|flDes vrx kj +rfng vrx k flPsf vrx nufgLshf cffdL tyf cGo ckn]vg ulPsf] vrnfO o zLifsdf hgfpg kg]5 t+yfks +rfns tyf pRr Jojyfks jf lghx+u DalGwt JolQmdivide+yfDaGwL cffdL ckn]vg ug kfOg] 5g
8 cGo vrx M k|rlnt sfgg adf]lhd aLdf ldlt tyf cGo lgsfon] aLdsnfOtf]s]sf] b08 hljfgf aLdsn] pkof]u u]sf] ]jfsf] aemfpg kg] zNs dodfgaemfP afkt ltg kg] ljnDa zNs hljfgf nufotsf vrx o zLifsdfhgfpg kg]5
9 gf]SfgLsf] nflu Jojyf M nufgLdf gf]SfgLsf] nflu Jojyf shfdf gf]SfgLsf]nflu Jojyf z+sfkb cffdL Jojyf tyf cGo JojyfnfO o zLifsdf hgfpgkg]5
10 cfos M aLdssf] cfos bfloTjnfO lgb]zg adf]lhd afF8kmFf8 uL cfPsf]sdnfO o zLifsdf hgfpg kg]5
11 hLjg aLdf sf]ifdf f]sf] M aLdssf] bfloTjsf] n]vf hf]vf uL aLdfIacuteLn] lbPsf]dNofIacuteg k|ltj]bg d]tsf] cfwfdf ldltn] lbPsf] cfb]zdividelgb]zg adf]lhd hLjg
41
aLdf sf]ifdf f]sf] sdnfO o zLifsdf b]vfpg kg]5 oL hLjg aLdf sf]ifdff]sf] sd gfkmf gf]Sfg lxfadf lkmtf ug kfOg] 5g
12 cl3Nnf jif+u DalGwt vr M cl3Nnf jif-x_sf] cfosdf nfu]sf]b08dividehljfgfdivideljnDa zNs tyf cl3Nnf jifxdf n]vfIacuteg ug 56]sf vrxnufotsf cl3Nnf jif+u DalGwt vrnfO o zLifsdf hgfpg kg]5
-u_ jfnft tyf DalGwt cgrLsf zLifsxsf] +lIfKt JofVof M
1 rQmf kFhL M eQmfgL k|fKt ePsf] fwf0f z]o ckljtgLo cu|flws z]o tyfkljtgLo cu|flwsf z]o afktsf] sdsf] of]ukmnnfO o zLifsdf hgfpg kg]5
2 hu]8f tyf sf]if M aLdsn] hu]8f sfod ug] lnlnfdf gfkmfaf6 afF8kmfF8 ecfPsf jf cGo sg] k|lqmofaf6 gt[hgf ePsf tyf gfkmf gf]Sfg lxfadf afF8kmFf8guL +ro uL flvPsf] sdxnfO o zLifsdf hgfpg kg]5 oL hu]8f k|of]uubf DalGwt hu]8f tyf sf]if lxfadf vr hgfpg kg]5
-s_ kFhLut hu]8f M rQmf gePsf] z]osf] afFsL sd dfu ubf eQmfgL gu]sf]sf0fn] pQm z]onfO hkmt uL k|fKt xg cfPsf] sd kFhLut cgbfg afktk|fKt xg cfPsf] lhGL tyf gub sd tyf aLdssf] kFhL j[l4 ug] p2]Zon]gfkmfaf6 flPsf] sdnfO o zLifsdf hgfpg kg]5
-v_ z]o lk|ldod M aLdsn] cfˆgf] z]o hfL ubf z]osf] clIacutet dNo eGbf a9Lbn] hfL u]sf] x]5 eg] pQm al9 sd hlt o zLifsdf hgfpg kg]5 ozLifsdf hgfOPsf] sd nfef+z ljt0f k|of]hgsf] nflu of]Uo dflgg] 5g
-u_ k|tfljt af]gz z]o M aLdsn] k|tfj uL fwf0f efn] kflt u]sf] t hfLuL gs]sf] af]gz z]onfO o zLifsdf hgfpg kg]5
-3_ ljz]if hu]8f M aLdf ldltsf] lgb]zg adf]lhd sg cGo hu]8f sf]if v8f ugkbf Totf] sdnfO o zLifsdf hgfpg kg]5
-ordf_ cGo hu]8f M aLdsn] cGo k|of]hgsf] nflu v8f u]sf] hu]8fnfO o zLifsdfhgfpg kg]5
-r_ gfkmf gf]Sfg lxfaaf6 f]sf] M aLdssf] gfkmf gf]Sfg lxfaaf6 jfnftdff]sf] gfkmf sdnfO o zLifsdf hgfpg kg]5
3 hLjg aLdf sf]if M lgb]zg adf]lhd fVg kg] hLjg aLdfsf]ifxsf] of]ukmnnfOo zLifsdf hgfpg kg]5
4 dxfndashljkQL hu]8f M 7nf] kldf0fdf aLdf bfjL pTkGg xg Sg] dxfndashljkQL -catastrophy_ sf] cjyfdf aLdssf] ljQLo Ifdtfdf kg Sg] k|ltsn c sd ug]p2]Zon] gfkmfaf6 flPsf] sdnfO o zLifsdf hgfpg kg]5 o zLifsdfhgfOPsf] sd nfef+z ljt0f k|of]hgsf] nflu of]Uo dflgg] 5g
5 ltg afFsL bL3sflng C0f tyf fk6L M jfnftsf] ldltdf eQmfgL ug afFsLbL3sflng fk6LnfO o zLifsdf hgfpg kg]5
42
6 ly DkQL -vb_ MyfoL k|s[ltsf DkQLxsf] sn dNodf Xf ssectf uL afFsL x]sf]sdnfO o zLifsdf hgfpg kg]5
7 bL3sflng nufgL M aLdsn] lgb]zg ^ adf]lhd u]sf] bL3sflng nufgLnfO ozLifsdf hgfpg kg]5
kli6s0f M = jfnftsf] ldltaf6 Ps jif eGbf al9 cjwL kl5 eQmfgLk|fKt xg] sfL sfsf] hdfgt k|fKt ]Sol6Ld2tL lgIf]k gfuls nufgL of]hgf z]o a+s tyfljQLo +yfsf] cu|flwsf z]odividel8j]Gr tyf cGo f]xLk|s[ltsf nufgLxnfO bL3sflng nufgL Demg k5
= aLdsn] klAns sDkgLsf] z]odf nufgL u] afkt k|fKtxg] af]gz z]onfO z]o +Vofdf dfq b]vfO kn df]ndfsg kljtg ug x+bg
amp=s cNksflng nufgL M aLdsn] lgb]zg ^ adf]lhd u]sf] cNksflng nufgLnfO ozLifsdf hgfpg kg]5
kli6s0f M jfnftsf] ldltaf6 Ps jif leq eQmfgL k|fKt xg] sfL sfsf] hdfgt k|fKt ]Sol6L d2tL lgIf]k gfulsnufgL of]hgf a+s tyf ljQLo +yfsf] cu|flwsfz]odividel8j]Gr tyf cGo f]xL k|s[ltsf nufgLxnfOcNksflng nufgL Demg k5
8 aLdfn]vsf] lwtf]df shf M aLdsn] lgb]zg amp adf]lhd k|To]s lsldsf] aLdfsf]aLdfn]vsf] lwtf]df k|bfg u]sf] shfsf] of]ukmnnfO o zLifsdf hgfpg kg]5
9 gub tyf a+s dfHbft M -_ aLds+u x]sf] sn gub dfHbft sd tyf aLdssf]a+sdivideljQLo +yfsf] Aofh k|fKt gxg] vftfdf x]sf] sn sdnfO o zLifsdfhgfpg kg]5
10 cGo bL3sflng shf M lgb]zg amp adf]lhd n]vfIacuteg ulPsf] clestfnfO k|bfgulPsf] bL3sflng shf sdrfLnfO k|bfg ulPsf] bL3sflng shf tyf cGobL3sflng shfsf] of]ukmnnfO o zLifsdf hgfpg kg]5
kli6s0f M jfnftsf] ldltaf6 Ps jif eGbf al9 cjwL kl5 eQmfgLk|fKt xg] clestfnfO k|bfg ulPsf] shf sdrfLnfO k|bfgulPsf] shf tyf cGo f]xL k|s[tLsf shfxnfO bL3sflngshf Demg k5
)s= cGo cNksflng shf M lgb]zg amp adf]lhd n]vfIacuteg ulPsf] clestfnfO k|bfgulPsf] cNksflng shf sdrfLnfO k|bfg ulPsf] cNksflng shf tyf cGocNksflng shfsf] of]ukmnnfO o zLifsdf hgfpg kg]5
kli6s0f M jfnftsf] ldltaf6 Ps jif leq eQmfgL k|fKtxg] clestfnfO k|bfg ulPsf] shf sdrfLnfO k|bfgulPsf] shf tyf cGo f]xL k|s[tLsf shfxnfOcNksflng shf Demg k5
43
11 cGo DkQL M -_ o lgb]zg adf]lhd n]vfIacuteg ulPsf] aLdssf] nufgLaf6 k|fKt xgafFsL cfo aLdfn]vsf] lwtf]df shfaf6 k|fKt xg afFsL Aofh cGo shfaf6 k|fKt xgafFsL Aofh cGo aLdsaf6 k|fKt xg afFsL kgaLdsaf6 k|fKt xg aFfsL ljljwcffdL clu|d eQmfgL sdrfL k]ZsL cGo k]ZsL wf6L tyf cGosf] of]ukmnnfOo zLifsdf hgfpg kg]5
-_ cGo DkQLsf] ljj0f kllzi6 sf] cgrL $ adf]lhd xg kg]5
-_ cn xg afFsL aLdfzNs eP f]sf] of]ukmn kllzi6 sf] cgrL $ dfb]vfpg kg]5 f] cn xg afFsL aLdfzNs afasf] dNtjL -Suspense_ b]vfOvb k|efj (Net effect) zGo agfpg kg]5
12 rfn bfloTj M clestfnfO lbg afFsL cGo aLdsnfO lbg afFsL kgaLdsnfO lbgafFsL aLdfzNs wf6L k0f ljj0f gvn]sf] aLdfzNs ljljw fx xfosdividexf]lN8EumlsDkgLnfO lbg afFsL gtf]tdf ssectf ulPsf] s ltg afFsL cfos ltg afFsL]jfzNs ltg afFsL sdrfLnfO ltg afFsL +rfnsnfO ltg afFsL tyf cGo ltgafFsL sdxsf] of]ukmnnfO o zLifsdf hgfpg kg]5
13 cdfKt hf]lvd jfkt Jojyf M lgb]zg ( adf]lhdsf] cdfKt hf]lvd Jojyfsf]of]ukmnnfO o zLifsdf hgfpg kg]5
14 eQmfgL xg afFsL bfjL jfkt Jojyf M k|To]s lsldsf] aLdfsf] eQmfgL xg afFsLbfjLsf] nflu ulPsf] Jojyfsf] of]ukmnnfO o zLifsdf hgfpg kg]5
15 ckn]vg jf dfof]hg xg afFsL ljljw vrx M ckn]vg ug afFsL k|flDes vrckn]vg ug afFsL kj +rfng vr ckn]vg ug afFsL yug ulPsf vr tyfcGo ckn]vg jf dfof]hg gePsf vrxsf] of]ukmnnfO o zLifsdf hgfpgkg]5
-3_ k|dv rsfIacutexdf +nUg zLifsxsf] +lIfKt JofVof
1 g]6 jy = rQmf kFhL plusmn hu]8f tyf sf]if plusmn dxf ljkQL hu]8f ndashckn]vg jfdfof]hg xg afFsL ljljw vrx ndash gfkmf gf]Sfg lxfaaf6 f]sf] gf]Sfg
2 k|lt z]o lstfaL dNo = g]6 jydividefwf0f z]o +Vof
3 k|lt z]o cfo = vb gfkmfdividefwf0f z]o +Vof
4 dNo cfDbfgL cgkft = k|lt z]o ahf dNodividek|lt z]o cfo
5 sn DklQ = ly DklQ plusmn nufgL plusmn aLdfn]vsf] lwtf]df shf plusmn rfnDklQ shf tyf k]ZsLx
![Page 30: hLjg aLdf Joj;fo ug]{ aLdssf] ljQLo ljj/0f ;DaGwL lgb]{zg](https://reader033.vdocuments.site/reader033/viewer/2022053020/6291631db7b57c39db6663d6/html5/thumbnails/30.jpg)
30
cgrLndash
rfn bfloTj
qm=+= ljj0f o aif ut aif1 clestfnfO lbg afFsL2 cGo aLdsnfO lbg afFsL3 kgaLdsnfO lbg afFsL4 cNksflng shf5 aLdfzNs wf6L6 k0f ljj0f gvn]sf] aLdfzNs7 ljljw fx8 xfosdividexf]lN8Euml sDkgLnfO lbg afFsL9 gtf]tdf ssectf ulPsf] s ltg afFsL10 dNo clea[l4 s ltg afFsL11 cfos ltg afFsL12 ]jf zNs ltg afFsL13 sdrfLnfO lbg afFsL14 +rfnsnfO lbg afFsL15 eQmfgL lbg afFsL nfef+z -l8le8]08_16 cGo -ljj0f vnfpg]_
hDdf
cgrLndash^
cdfKt hf]lvd Jojyfqm=+= ljj0f o aif ut aif= ===========aLdfsf] cdfKt hf]lvd hu]8f= ===========aLdfsf] cdfKt hf]lvd hu]8f= ===========aLdfsf] cdfKt hf]lvd hu]8f
===========aLdfsf] cdfKt hf]lvd hu]8f
hDdf
31
cgrL ^scGo Aojyf
aifsf] zdf Aojyfrfn cf=a=df yk ulPsf]
Aojyfrfn cf=a=df ckn]vg
ulPsf] Aojyfrfn cf=a=df lkmtfulPsf] Aojyf
aifsf] cGtdf sfodx]sf] Aojyf
qm=+=
ljj0fo jif ut jif o jif ut jif o jif ut jif o jif ut jif o jif ut jif
nfef+z -l8le8]08_ sf] nflu Aojyf
nufgLdf gf]SfgLsf] nflu Aojyf
shfdf gf]SfgLsf] nflu Aojyf
$ z+sfZkb cffdLsf] nflu Aojyf
cGo gf]SfgLsf] nflu Aojyf
^ sdrfL DaGwL Aojyf-s_ k]Gg tyf pkbfg Aojyf-v_ ljbf jfkt Aojyf-u_ cfjf tyf cGo ljwf Aojyf-3_ sdrfL af]g Aojyf-ordf_ cGo
amp cGo Aojyf -ljj0f vnfpg]_
hDdf
32
cgrLndashamp
ckn]vgdividedfof]hg xg afFsL ljljw vrxqm=+= ljj0f o aif ut aif1 ckn]vg ug afFsL k|flDes vr2 ckn]vg ug afFsL kj +rfng vr3 ckn]vg ug afFsL yug ulPsf vr4 cGo -ljj0f vnfpg]_
hDdf
cgrL ndash
ljQLo ljj0f+u DalGwt k|dv n]vf gLltx
n]vf DaGwL gLltdf vnfpg kg] aFbfx M aLdsn] n]vf DaGwL gLltdf b]xfosf aFbfxvnfpg kg]5
1 ljQLo ljj0f tofLsf cfwfx M sg sg cjwf0ff -concept_ tyf n]vfdfgx sfgg tyf aLdf ldltsf lgb]zgxsf] clwgdf xL ljQLo ljj0f tof ulPsf] xf]f]sf] Joxf]f
ljQLo ljj0f tof ubf sg sfgg aLdf ldltsf] lgb]zg jf n]vfdfg kfngf gePsf]eP f]sf] sf0f lxt Joxf]f
2 ly DklQ n]vfIacuteg gLlt M ly DklQ n]vfIacuteg ubf cjnDag ulPsf] gLlt
3 Xf ssectL gLlt M aLdssf] +rfns ldltaf6 kflt uL nfu ulPsf] Xf ssectL gLlt
4 kFhLs[t gulg] DklQx DaGwL n]vfIacuteg gLlt M aLdssf] +rfns ldltn] sg lglZrtdf]nDd kg] pks0f fdfgx kFhLs[t gug] gLlt lnPsf] 5 eg] f]sf] Joxf]f
5 cfos Jojyf tyf afF8kmFf8 gLlt M cfos Jojyf DaGwdf aLdsn] cjnDag u]sf]gLlt aLdsn] gfkmf gf]Sfg lxfa tyf cfo Joo lxfadf Totf] Jojyf sdafF8kmFf8 ubf cjnDag u]sf] gLlt
6 nufgL n]vfIacuteg gLlt M nufgL n]vfIacutegsf] DaGwdf aLdsn] cjnDag u]sf] gLltxnfOb]xfosf zLifsx cGtut vnfpg kg]5
-s_ sfL artkqdivideC0fkqdf nufgL n]vfIacuteg gLlt
-v_ a+sdivideljQLo +yfsf] d2tL lgIf]kdf nufgL n]vfIacuteg gLlt
-u_ klAns lnld6]8 sDkgLsf] z]odf nufgL n]vfIacuteg gLlt
-3_ klAns lnld6]8 sDkgLn] hfL u]sf] C0fkqxdf nufgL n]vfIacuteg gLlt
7 6xL 36a9 dfof]hg gLlt M ljb]zL db|f+u DalGwt DklQ bfloTj tyf 6xL36a9 cfDbfgL tyf vrxsf] n]vfIacuteg gLlt
8 aLdfzNs cfDbfgL n]vfIacuteg gLlt M aLdsn] aLdfzNs cfDbfgL n]vfIacuteg ubf cjnDagu]sf] gLlt
33
9 kgaLdf sldzg cfDbfgL n]vfIacuteg gLlt M aLdsn] kgaLdf u] afkt k|fKt ug] sldzgsf]n]vfIacuteg ubf cjnDag u]sf] gLlt
10 cGo cfo n]vfIacuteg tyf afF8kmFf8 gLlt M aLdsn] ef8f -Rent_ tyf cGo zLifsaf6 ePsf]cfo n]vfIacuteg tyf afF8kmFf8 ubf cjnDag u]sf] gLlt
11 shf n]vfIacuteg gLlt M aLdsn] aLdfn]vsf] lwtf]df k|bfg u]sf] shf tyf cGo shfn]vfIacuteg ubf cjnDag u]sf] gLlt
12 Jojyfkg vr afF8kmFf8 gLlt M aLdsn] gfkmf gf]Sfg lxfa tyf cfo Joo lxfaxdfJojyfkg vr afF8kmFf8 ubf cjnDag u]sf] gLlt
13 aLdf bfjL eQmfgL vr n]vfIacuteg gLlt M aLdsn] aLdf bfjL eQmfgL vr n]vfIacuteg ubfcjnDag u]sf] gLlt
14 aLdf bfjL afkt bfloTj Jojyf n]vfIacuteg gLlt M -s_ gt[hgf ePsf] t hfgsfLdfgcfPsf] -IBNR_ aLdf bfjL afkt bfloTj Jojyf n]vfIacuteg ubf aLdsn] cjnDagu]sf] gLlt
-v_ aLdsn] aLdf bfjL bfloTj afkt Jojyf ubf cjnDag u]sf] gLlt
15 aLdf Jojfodf art afF8kmFf8 gLlt M aLdsn] gfkmf gf]Sfg lxfa tyf cfo Joolxfaxdf art afF8kmFf8 ubf cjnDag u]sf] gLlt
16 sdrfL pkbfg ljbf tyf cGo ljwf afkt Jojyf gLlt M aLdsn] sdrfL pkbfgljbf tyf cGo ljwf afkt Jojyf ubf cjnDag u]sf] n]vfIacuteg gLlt
17 z+sfkb cffdL Jojyf gLlt M aLdsn] z+sfkb cffdL Jojyf ubf cjnDag u]sf]gLlt
18 ckn]vg vr n]vfIacuteg gLlt M aLdsn] cjnDag u]sf] ckn]vg vr DaGwL gLlt
19 cGo gLltx M plNnlvt gLltx afx]s jfnft gfkmf gf]Sfg lxfa cfo Joo lxfanufotsf ljQLo ljj0fnfO apermilg ljZn]if0f ug 3fp kUg] uL cGo sg] n]vf gLltsf]hfgsfL lbg cfjZos b]lvPdf f] Joxf]f
34
cgrLndash(
ljQLo ljj0f+u DalGwt n]vf DaGwL l6Kk0fLx
n]vf DaGwL l6Kk0fLdf vnfpg kg] aFbfx M aLdsn] n]vf DaGwL l6Kk0fLdf b]xfosf aFbfxvnfpg kg]5
= Defljt bfloTjx M
c_ rQmf jf eQmfgL xg afFsL nufgL
cf_ k|Tofelt k|lta4tf -underwriting commitments_
O_ aLdfn]v cGtut eGbf afx]saf6 aLds pk bfjL k]sf] t aLdsn] bfloTj jLsfgu]sf]
O_ aLdsn] jf aLdssf] tkmaf6 lbOPsf] Uof]06L
p_ cGo bfloTj -ljj0f vnfpg]_
= aLdfIacuteLn] aLdssf] bfloTj dNofIacuteg ubf cjnDag u]sf] cfwfx
= aLdssf] DklQdf cfPsf] Lldttf tyf ljjfbx
$= shf nufgL tyf ly DklQsf] nflu ulPsf] k|lta4tf
= nufgL+u DalGwt b]xfosf vLb laqmL Demftfxsf] dNo M
c_ vLb ulPsf] DklQsf] jfldTj k|fKt gePsf]
cf_ laqmL ulPsf] DklQsf] eQmfgL k|fKt gePsf]
^= o jifeL ulPsf] nufgL tyf laqmLdividelkmtf lnPsf] nufgLsf] DaGwdf +yf ldltkldf0f sd d]t vn]sf] ljj0f
amp= a+s dfHbft lxfa DaGwdf DalGwt a+sdivideljQLo +yfsf] 6]6d]06 lxtsf] lxfaldnfg DaGwL Joxf]f
= aLdsdividekgaLds+u lng lbg afFsL lxfa DaGwdf DalGwt aLdsdividekgaLdssf]dyg lxtsf] lxfa ldnfg DaGwL Joxf]f
gf]6 Mndash bnfn (Broker) dfkmt ePsf] kgaLdfsf] xsdf fdfGot DalGwt bnfnn]kgaLdssf] tkmaf6 dyg lbg Sg]5
(= aLdsn] u]sf] nufgL k|rlnt aLdf P]g lgodfjnL tyf aLdf ldltaf6 tf]lsP adf]lhdx] gx]sf]
)= aLdssf] +rfns jf +rfns+u DalGwt JolQm jf +yf+u ePsf] sff]af
= aLdsn] cfˆgf] DklQsf] If0fdf lnPsf] C0fsf] lwtf] zt tyf cflrTo
= aLdsn] s rQmf k|df0fkq k|fKt u]sf] cf=j=tyf Totf] rQmf k|df0fkq k|fKt xg afFsLcf=j= f] DaGwL ljj0fsf fy] cl3Nnf] cf=j=xsf] s hljfgf Aofh afkt bfjLk]sf] o cf=j=df eQmfgL ePsf] sd
= lkmtf u]sf] aLdfzNssf] kldf0f sf0f
35
$=aLdsn] aLldtnfO k|bfg ug] 3f]lift tyf cGtld af]gsf] b
=l9nf] aLdfzNs eQmfgLdf lanDa zNsdivideAofhsf] b tyf aLdfn]vsf] lwtf]df k|bfg ulg]shfdf Aofhsf] b
^=ckn]vg xg afFsL vrsf] ljj0f
amp=rQmf kFhL dWo] clu|d eQmfgL k|fKt -Paid in advance_ eQmfgL k|fKt xg afFsL -Call inarrears_ hkmt ulPsf t kgM lgisfzg gulPsf z]osf] ljj0f
=lnh xf]N8 DklQdf ut jifDd o jif vr (Amortization) n]lvPsf] sdsf]ljj0f
(= jifeldf ePsf] jfnft aflxsf] sff]afsf] ljj0f
)= cl3Nnf aifx+u DalGwt cfDbfgL tyf vrxsf] 5sectf5sect ljj0f
=plNnlvt aFbfx afx]s jfnft gfkmf gf]Sfg lxfa cfo Joo lxfa nufotsfljQLo ljj0fxnfO apermilg ljZn]if0f ug 3fp kUg] cGo sg hfgsfL lbg cfjZosb]lvPdf cGo Joxf]f d]t vnfpg kg]5
36
cgrL )k|dv rsfIacutex
cf=a=qm=+= ljj0f rsfIacute
g]6 jy = z]o +Vof +Vof k|lt z]o lstfjL dNo =$ vb gfkmf = k|lt z]o cfo (EPS) =^ k|lt z]o nfef+z (DPS) =amp k|lt z]o ahf dNo (MPPS) = dNo cfDbfgL cgkft (PE Ratio) cgkft( k|yd aifsf] aLdfzNs =) sn aLdfzNs = vb aLdfzNsdividesn aLdfzNs k|ltzt vb gfkmfdividesn aLdfzNs k|ltzt sn aLdfzNsdividesn DklQ k|ltzt$ nufgL shfaf6 cfodividesn nufgL shf k|ltzt sn nufgL shfdividehLjg aLdfsf]if k|ltzt^ kgaLdf sldzg cfodividesn kgaLdfzNs k|ltztamp Jojyfkg vrdividesn aLdfzNs k|ltzt aLdf clestf DalGw vrdividesn aLdfzNs k|ltzt( aLdf clestf +Vof +Vof) sdrfL +Vof +Vof sfofnosf] +Vof +Vof sdrfL vrdivideJojyfkg vr k|ltzt sdrfL vrdividesdrfL +Vof =$ eQmfgL xg aFfsL bfjL sddivideeQmfgL ePsf] bfjL
sdk|ltzt
sn sfod x]sf] aLdfn]vsf] +Vof +Vofdf^ o jif gjLs0f ePsf] aLdfn]vsf] +Vofdivideut
jif sfod x]sf] aLdfn]vsf] +Vofk|ltzt
amp bfjL k]sf] aLdfn]vsf] +Vofdividesn sfod x]sf]aLdfn]vsf] +Vof
k|ltzt
f]Ne]GL dflhg k|ltzt( 3f]lift af]g b =
k|ltxhf) cGtld af]g b =
k|ltxhf
37
cgrL ndash
aLdfIacutesf] ljj0f
sfod x]sf]aLdfn]vsf] +Vof
sfod x]sf]aLdfn]v cGtut
hDdf aLdfIacute
d of6 ls(Sum at Risk)
kgaLdsnfOxtfGt0f ulPsf]
d of6 ls(Sum at Risk)
aLdsn] wf0fu]sf] d of6ls (Sum at
Risk)
qm=+= aLdfsf] lsld
o jif ut jif o jif ut jif o jif ut jif o jif ut jif o jif ut jif
hDdf
38
kllzi6 ndash
-lgb]zg +u DalGwt_
ljQLo ljj0fsf zLifsxsf] +lIfKt JofVof
-s_ cfo Joo lxfa tyf f] DaGwL cgrLsf zLifsxsf] +lIfKt JofVof M
1 k|ToIf aLdfzNs M aLdsn] kgaLdf jLsf u] afkt k|fKt aLdfzNs afx]s k|ydjifsf] aLdfzNs gjLs0f aLdfzNs Psn aLdfzNssf] of]ukmnaf6 lgodfgflkmtf u]sf] aLdfzNs ssectf uL o zLifsdf hgfpg kg]5
2 sn aLdfzNs M k|ToIf aLdfzNs aLdsn] kgaLdf jLsf u] afkt k|fKtaLdfzNssf] of]ukmnnfO o zLifsdf hgfpg kg]5
3 aLdfzNs -vb_ M sn aLdfzNsaf6 kgaLdf lbP afktsf] kgaLdf zNs ssectf uLafFsL sdnfO o zLifsdf hgfpg kg]5
4 kgaLdf sldzg cfo M -s_ aLdsn] kgaLdf lbP afkt k|fKt xg] kgaLdfsldzgnfO o zLifsdf hgfpg kg]5
-v_ aFbf g+=-s_ sf] cltlQm kgaLdsaf6 dgfkmf sldzg -Profit Commission_k|fKt ePdf f]nfO o zLifsdf dfj]z uL f]sf] Joxf]f n]vf DaGwLl6Kk0fLdf vnfpg kg]5
5 nufgL shf tyf cGoaf6 cfo M sfL ]Sol6Laf6 cfo d2tL lgIf]kaf6 cfoklAns sDkgLsf] z]odividel8j]Graf6 cfo ef8faf6 cfo shfaf6 cfo -aLdfn]vsf]lwtf]df shf afx]s_ cGo lgIf]kaf6 -d2tL afx]s_ cfo nufgL laqmLdf gfkmf -GognufgL laqmLdf gf]Sfg_ nufgL -vLb_ df gfkmf -Gog nufgL vLbdf gf]Sfg_ly DklQ laqmLaf6 gfkmf -Gog ly DklQ laqmLaf6 gf]Sfg_ vftf ckn]vgaf6cfo tyf cGo cfosf] of]ukmnnfO lgb]zg adf]lhd afF8kFmf8 uL cfPsf]sdnfO o zLifsdf hgfpg kg]5
6 aLdfn]vsf] lwtf]df shfaf6 cfo M aLdfn]vsf] lwtf]df shf k|bfg u] afkt k|fKt xg]Aofh lanDa zNs htf cfonfO o zLifsdf hgfpg kg]5
7 cGo k|ToIf cfoM aLldtn] tf]lsPsf] cjlwleq aLdfzNs gaemfP afkt aLdsn]eQmfgL k|fKt u]sf] hljfgfdivideAofhdivideljnDa zNs tyf aLdfn]vsf] k|ltlnkL btcfo l6s6 bt htf f]xL aLdfsf] lsld+u k|ToIf kdf DalGwt cfonfO ozLifsdf hgfpg kg]5
8 bfjL eQmfgL -vb_ M aLdsn] eQmfgL u]sf] d[To bfjL cjlw dfKtL bfjL cf+lzscjlw dfKtL bfjL dk0f dNo tyf cGo bfjLsf] of]ukmnnfO o zLifsdfhgfpg kg]5
9 clestf sldzg M k|yd jifsf] aLdfzNsdf clestf sldzg gjLs0f aLdfzNsdfclestf sldzg Psn aLdfzNsdf clestf sldzgsf] of]ukmnaf6 kgaLdssf]lxf ssectf uL afFsL sd o zLifsdf hgfpg kg]5
10 jfYo kLIf0f zNs M aLdf hf]lvdfIacutegsf] nflu jfYo kLIf0f ufP afkt aLdsn]Joxf]g k]sf] jfYo kLIf0f zNsnfO o zLifsdf hgfpg kg]5
39
11 kgaLdf sldzg vr M aLdsn] kgaLdf jLsf u] afkt eQmfgL ug kg] sldzgsdnfO o zLifsdf hgfpg kg]5
12 ]jf zNs -vb_ M aLdf ldltnfO aemfpg kg] sn ]jf zNsaf6 kgaLdssf] lxfssectf uL afFsL sdnfO o zLifsdf hgfpg kg]5
13 cGo k|ToIf vr M aLdfsf] lsld+u k|ToIf kn] DalGwt x]sf] cGo vrnfO ozLifsdf hgfpg kg]5
14 Jojyfkg vr M lgb]zg $ adf]lhd afF8kmFf8 uL cfPsf] sdnfO o zLifsdfhgfpg kg]5
15 cfos M -_ aLdssf] cfos bfloTjnfO lgb]zg adf]lhd afF8kmFf8 uL cfPsf]sdnfO o zLifsdf hgfpg kg]5 osf] ljj0f kllzi6 sf] cgrL adf]lhd xg kg]5
-_ cl3Nnf jif-x_ sf] cfos bfloTjnfO kllzi6 sf] cgrL sf] aeligcl3Nnfjifxsf] cfosAElig zLifsdf hgfpg kg]5 t Totf] cfosdf nfu]sf]b08dividehljfgfdivideljnDa zNsnfO gfkmf gf]Sfg lxfasf] aeligcl3Nnf jif+uDalGwt vrAElig zLifsdf hgfpg kg]5
16 cflys jifsf] cGTodf eQmfgL xg afFsL bfjL afkt Jojyf M cflys jifsf] cGTodfeQmfgL xg afFsL d[To bfjL cjlw dfKtL bfjL cf+lzs cjlw dfKtL bfjL dk0fdNo bfjL cGo bfjL tyf gt[hgf ePsf] t hfgsfLdf gcfPsf] bfjLsf] of]ukmndfaLdf lgodfjnL )$( sf] lgod sf] v08 -3_ adf]lhdsf] sd yk ubf xgcfpg] sdnfO o zLifsdf hgfpg kg]5
aLdssf] cgejsf] cfwfdf [hgf ePsf] t hfgsfLdf gcfPsf] bfjLsf] nflusd Aojyf ug kg]5
17 cflys jifsf] cGTodf cdfKt hf]lvd afkt Jojyf M aLdf cjlw dfKtL afktbfjL eQmfgL ug gkg] lsldsf] aLdfsf] cdfKt hf]lvd afkt lgb]zg ( adf]lhdJojyf uL cfPsf] sd o zLifsdf hgfpg kg]5
18 hLjg aLdf sf]ifdividegfkmf gf]Sfg lxfadf f]sf] artdivide-gf]Sfg_ M -_ aLdf cjlwdfKtL afkt bfjL eQmfgL ug kg] lsldsf] aLdfsf] cfo Joo lxfaaf6 art -surplus_ ePsf] cjyfdf o zLifsnfO aelighLjg aLdf sf]ifdf f]sf] artAElig sfoduL Totf] art sdnfO o zLifsdf hgfpg kg]5
-_ aLdf cjlw dfKtL afkt bfjL eQmfgL ug kg] lsldsf] aLdfsf] cfo Joolxfaaf6 gf]Sfg ePsf] cjyfdf o zLifsnfO aeliggfkmf gf]Sfg lxfadff]sf] gf]SfgAElig sfod uL Totf] gf]Sfg sdnfO o zLifsdf C0ffTdskdf hgfpg kg]5
-_ aLdf cjlw dfKtL afkt bfjL eQmfgL ug gkg] lsldsf] aLdfsf] cfo Joolxfasf] nflu o zLifsnfO aelighLjg aLdf sf]ifdf f]sf] sdAElig aeliggfkmfgf]Sfg lxfadf f]sf] artdivide-gf]Sfg_AElig uL bOj6f zLifs sfod uL aelighLjgaLdf sf]ifdf f]sf] sdAElig zLifsdf lgb]zgndash adf]lhdsf] sd hgfO afFsLsdnfO aeliggfkmf gf]Sfg lxfadf f]sf] artdivide-gf]Sfg_AElig zLifsdf hgfpgkg]5 tf]lsP adf]lhd hLjg aLdf sf]ifdf f]sf] sd hgfp+bf gf]Sfg ePdf
40
aeliggfkmf gf]Sfg lxfadf f]sf] artdivide-gf]Sfg_AElig zLifsdf Totf] gf]Sfg ePsf]sdnfO C0ffTds kdf hgfpg kg]5
-v_ gfkmf gf]Sfg lxfa tyf DalGwt cgrLsf zLifsxsf] +lIfKt JofVof M
1 cfo Joo lxfaaf6 f]sf] M aLdf cjlw dfKtL afkt bfjL eQmfgL ug gkg]lsldsf] aLdfxsf] cfo Joo lxfaaf6 aeliggfkmf gf]Sfg lxfadf f]sf] artdivide-gf]Sfg_AElig sdxsf] of]ukmnnfO o zLifsdf hgfpg kg]5
2 hLjg aLdf sf]ifaf6 f]sf] M k|rlnt sfggL Jojyf adf]lhd aLdssf] bfloTjsf]n]vfhf]vf DaGwL aLdfIacuteLsf] k|ltj]bg d]tsf] cfwfdf hLjg aLdf sf]ifaf6 gfkmfgf]Sfg lxfadf fgsf nflu ldltn] jLs[lt k|bfg u]sf] sdnfO o zLifsdfhgfpg kg]5
3 nufgL shf tyf cGoaf6 cfo M lgb]zg adf]lhd afF8kFmf8 uL cfPsf] sdnfOo zLifsdf hgfpg kg]5
4 Jojyf lkmtf M nufgLdf gf]SfgLsf] nflu ulPsf] Jojyf shfdf gf]SfgLsf] nfluulPsf] Jojyf z+sfkb cffdLsf] nflu ulPsf] Jojyf tyf cGosf] nfluulPsf] Jojyf sd cf+lzs jf k0fkn] sfod fVg kg] cjyf gx]df TotfsdxnfO o zLifsdf hgfpg kg]5
5 cGo cfDbfgL M aLdf Aojfo+u f]sf gePsf] kj +rfng cfDbfgL htfcfDbfgLxsf] of]ukmnnfO o zLifsdf hgfpg kg]5
6 Jojyfkg vr M lgb]zg $ adf]lhd afF8kmFf8 uL cfPsf] sdnfO o zLifsdfhgfpg kg]5
7 ckn]vg vr M k|flDes vrx kj +rfng vrx k flPsf vrx nufgLshf cffdL tyf cGo ckn]vg ulPsf] vrnfO o zLifsdf hgfpg kg]5 t+yfks +rfns tyf pRr Jojyfks jf lghx+u DalGwt JolQmdivide+yfDaGwL cffdL ckn]vg ug kfOg] 5g
8 cGo vrx M k|rlnt sfgg adf]lhd aLdf ldlt tyf cGo lgsfon] aLdsnfOtf]s]sf] b08 hljfgf aLdsn] pkof]u u]sf] ]jfsf] aemfpg kg] zNs dodfgaemfP afkt ltg kg] ljnDa zNs hljfgf nufotsf vrx o zLifsdfhgfpg kg]5
9 gf]SfgLsf] nflu Jojyf M nufgLdf gf]SfgLsf] nflu Jojyf shfdf gf]SfgLsf]nflu Jojyf z+sfkb cffdL Jojyf tyf cGo JojyfnfO o zLifsdf hgfpgkg]5
10 cfos M aLdssf] cfos bfloTjnfO lgb]zg adf]lhd afF8kmFf8 uL cfPsf]sdnfO o zLifsdf hgfpg kg]5
11 hLjg aLdf sf]ifdf f]sf] M aLdssf] bfloTjsf] n]vf hf]vf uL aLdfIacuteLn] lbPsf]dNofIacuteg k|ltj]bg d]tsf] cfwfdf ldltn] lbPsf] cfb]zdividelgb]zg adf]lhd hLjg
41
aLdf sf]ifdf f]sf] sdnfO o zLifsdf b]vfpg kg]5 oL hLjg aLdf sf]ifdff]sf] sd gfkmf gf]Sfg lxfadf lkmtf ug kfOg] 5g
12 cl3Nnf jif+u DalGwt vr M cl3Nnf jif-x_sf] cfosdf nfu]sf]b08dividehljfgfdivideljnDa zNs tyf cl3Nnf jifxdf n]vfIacuteg ug 56]sf vrxnufotsf cl3Nnf jif+u DalGwt vrnfO o zLifsdf hgfpg kg]5
-u_ jfnft tyf DalGwt cgrLsf zLifsxsf] +lIfKt JofVof M
1 rQmf kFhL M eQmfgL k|fKt ePsf] fwf0f z]o ckljtgLo cu|flws z]o tyfkljtgLo cu|flwsf z]o afktsf] sdsf] of]ukmnnfO o zLifsdf hgfpg kg]5
2 hu]8f tyf sf]if M aLdsn] hu]8f sfod ug] lnlnfdf gfkmfaf6 afF8kmfF8 ecfPsf jf cGo sg] k|lqmofaf6 gt[hgf ePsf tyf gfkmf gf]Sfg lxfadf afF8kmFf8guL +ro uL flvPsf] sdxnfO o zLifsdf hgfpg kg]5 oL hu]8f k|of]uubf DalGwt hu]8f tyf sf]if lxfadf vr hgfpg kg]5
-s_ kFhLut hu]8f M rQmf gePsf] z]osf] afFsL sd dfu ubf eQmfgL gu]sf]sf0fn] pQm z]onfO hkmt uL k|fKt xg cfPsf] sd kFhLut cgbfg afktk|fKt xg cfPsf] lhGL tyf gub sd tyf aLdssf] kFhL j[l4 ug] p2]Zon]gfkmfaf6 flPsf] sdnfO o zLifsdf hgfpg kg]5
-v_ z]o lk|ldod M aLdsn] cfˆgf] z]o hfL ubf z]osf] clIacutet dNo eGbf a9Lbn] hfL u]sf] x]5 eg] pQm al9 sd hlt o zLifsdf hgfpg kg]5 ozLifsdf hgfOPsf] sd nfef+z ljt0f k|of]hgsf] nflu of]Uo dflgg] 5g
-u_ k|tfljt af]gz z]o M aLdsn] k|tfj uL fwf0f efn] kflt u]sf] t hfLuL gs]sf] af]gz z]onfO o zLifsdf hgfpg kg]5
-3_ ljz]if hu]8f M aLdf ldltsf] lgb]zg adf]lhd sg cGo hu]8f sf]if v8f ugkbf Totf] sdnfO o zLifsdf hgfpg kg]5
-ordf_ cGo hu]8f M aLdsn] cGo k|of]hgsf] nflu v8f u]sf] hu]8fnfO o zLifsdfhgfpg kg]5
-r_ gfkmf gf]Sfg lxfaaf6 f]sf] M aLdssf] gfkmf gf]Sfg lxfaaf6 jfnftdff]sf] gfkmf sdnfO o zLifsdf hgfpg kg]5
3 hLjg aLdf sf]if M lgb]zg adf]lhd fVg kg] hLjg aLdfsf]ifxsf] of]ukmnnfOo zLifsdf hgfpg kg]5
4 dxfndashljkQL hu]8f M 7nf] kldf0fdf aLdf bfjL pTkGg xg Sg] dxfndashljkQL -catastrophy_ sf] cjyfdf aLdssf] ljQLo Ifdtfdf kg Sg] k|ltsn c sd ug]p2]Zon] gfkmfaf6 flPsf] sdnfO o zLifsdf hgfpg kg]5 o zLifsdfhgfOPsf] sd nfef+z ljt0f k|of]hgsf] nflu of]Uo dflgg] 5g
5 ltg afFsL bL3sflng C0f tyf fk6L M jfnftsf] ldltdf eQmfgL ug afFsLbL3sflng fk6LnfO o zLifsdf hgfpg kg]5
42
6 ly DkQL -vb_ MyfoL k|s[ltsf DkQLxsf] sn dNodf Xf ssectf uL afFsL x]sf]sdnfO o zLifsdf hgfpg kg]5
7 bL3sflng nufgL M aLdsn] lgb]zg ^ adf]lhd u]sf] bL3sflng nufgLnfO ozLifsdf hgfpg kg]5
kli6s0f M = jfnftsf] ldltaf6 Ps jif eGbf al9 cjwL kl5 eQmfgLk|fKt xg] sfL sfsf] hdfgt k|fKt ]Sol6Ld2tL lgIf]k gfuls nufgL of]hgf z]o a+s tyfljQLo +yfsf] cu|flwsf z]odividel8j]Gr tyf cGo f]xLk|s[ltsf nufgLxnfO bL3sflng nufgL Demg k5
= aLdsn] klAns sDkgLsf] z]odf nufgL u] afkt k|fKtxg] af]gz z]onfO z]o +Vofdf dfq b]vfO kn df]ndfsg kljtg ug x+bg
amp=s cNksflng nufgL M aLdsn] lgb]zg ^ adf]lhd u]sf] cNksflng nufgLnfO ozLifsdf hgfpg kg]5
kli6s0f M jfnftsf] ldltaf6 Ps jif leq eQmfgL k|fKt xg] sfL sfsf] hdfgt k|fKt ]Sol6L d2tL lgIf]k gfulsnufgL of]hgf a+s tyf ljQLo +yfsf] cu|flwsfz]odividel8j]Gr tyf cGo f]xL k|s[ltsf nufgLxnfOcNksflng nufgL Demg k5
8 aLdfn]vsf] lwtf]df shf M aLdsn] lgb]zg amp adf]lhd k|To]s lsldsf] aLdfsf]aLdfn]vsf] lwtf]df k|bfg u]sf] shfsf] of]ukmnnfO o zLifsdf hgfpg kg]5
9 gub tyf a+s dfHbft M -_ aLds+u x]sf] sn gub dfHbft sd tyf aLdssf]a+sdivideljQLo +yfsf] Aofh k|fKt gxg] vftfdf x]sf] sn sdnfO o zLifsdfhgfpg kg]5
10 cGo bL3sflng shf M lgb]zg amp adf]lhd n]vfIacuteg ulPsf] clestfnfO k|bfgulPsf] bL3sflng shf sdrfLnfO k|bfg ulPsf] bL3sflng shf tyf cGobL3sflng shfsf] of]ukmnnfO o zLifsdf hgfpg kg]5
kli6s0f M jfnftsf] ldltaf6 Ps jif eGbf al9 cjwL kl5 eQmfgLk|fKt xg] clestfnfO k|bfg ulPsf] shf sdrfLnfO k|bfgulPsf] shf tyf cGo f]xL k|s[tLsf shfxnfO bL3sflngshf Demg k5
)s= cGo cNksflng shf M lgb]zg amp adf]lhd n]vfIacuteg ulPsf] clestfnfO k|bfgulPsf] cNksflng shf sdrfLnfO k|bfg ulPsf] cNksflng shf tyf cGocNksflng shfsf] of]ukmnnfO o zLifsdf hgfpg kg]5
kli6s0f M jfnftsf] ldltaf6 Ps jif leq eQmfgL k|fKtxg] clestfnfO k|bfg ulPsf] shf sdrfLnfO k|bfgulPsf] shf tyf cGo f]xL k|s[tLsf shfxnfOcNksflng shf Demg k5
43
11 cGo DkQL M -_ o lgb]zg adf]lhd n]vfIacuteg ulPsf] aLdssf] nufgLaf6 k|fKt xgafFsL cfo aLdfn]vsf] lwtf]df shfaf6 k|fKt xg afFsL Aofh cGo shfaf6 k|fKt xgafFsL Aofh cGo aLdsaf6 k|fKt xg afFsL kgaLdsaf6 k|fKt xg aFfsL ljljwcffdL clu|d eQmfgL sdrfL k]ZsL cGo k]ZsL wf6L tyf cGosf] of]ukmnnfOo zLifsdf hgfpg kg]5
-_ cGo DkQLsf] ljj0f kllzi6 sf] cgrL $ adf]lhd xg kg]5
-_ cn xg afFsL aLdfzNs eP f]sf] of]ukmn kllzi6 sf] cgrL $ dfb]vfpg kg]5 f] cn xg afFsL aLdfzNs afasf] dNtjL -Suspense_ b]vfOvb k|efj (Net effect) zGo agfpg kg]5
12 rfn bfloTj M clestfnfO lbg afFsL cGo aLdsnfO lbg afFsL kgaLdsnfO lbgafFsL aLdfzNs wf6L k0f ljj0f gvn]sf] aLdfzNs ljljw fx xfosdividexf]lN8EumlsDkgLnfO lbg afFsL gtf]tdf ssectf ulPsf] s ltg afFsL cfos ltg afFsL]jfzNs ltg afFsL sdrfLnfO ltg afFsL +rfnsnfO ltg afFsL tyf cGo ltgafFsL sdxsf] of]ukmnnfO o zLifsdf hgfpg kg]5
13 cdfKt hf]lvd jfkt Jojyf M lgb]zg ( adf]lhdsf] cdfKt hf]lvd Jojyfsf]of]ukmnnfO o zLifsdf hgfpg kg]5
14 eQmfgL xg afFsL bfjL jfkt Jojyf M k|To]s lsldsf] aLdfsf] eQmfgL xg afFsLbfjLsf] nflu ulPsf] Jojyfsf] of]ukmnnfO o zLifsdf hgfpg kg]5
15 ckn]vg jf dfof]hg xg afFsL ljljw vrx M ckn]vg ug afFsL k|flDes vrckn]vg ug afFsL kj +rfng vr ckn]vg ug afFsL yug ulPsf vr tyfcGo ckn]vg jf dfof]hg gePsf vrxsf] of]ukmnnfO o zLifsdf hgfpgkg]5
-3_ k|dv rsfIacutexdf +nUg zLifsxsf] +lIfKt JofVof
1 g]6 jy = rQmf kFhL plusmn hu]8f tyf sf]if plusmn dxf ljkQL hu]8f ndashckn]vg jfdfof]hg xg afFsL ljljw vrx ndash gfkmf gf]Sfg lxfaaf6 f]sf] gf]Sfg
2 k|lt z]o lstfaL dNo = g]6 jydividefwf0f z]o +Vof
3 k|lt z]o cfo = vb gfkmfdividefwf0f z]o +Vof
4 dNo cfDbfgL cgkft = k|lt z]o ahf dNodividek|lt z]o cfo
5 sn DklQ = ly DklQ plusmn nufgL plusmn aLdfn]vsf] lwtf]df shf plusmn rfnDklQ shf tyf k]ZsLx
![Page 31: hLjg aLdf Joj;fo ug]{ aLdssf] ljQLo ljj/0f ;DaGwL lgb]{zg](https://reader033.vdocuments.site/reader033/viewer/2022053020/6291631db7b57c39db6663d6/html5/thumbnails/31.jpg)
31
cgrL ^scGo Aojyf
aifsf] zdf Aojyfrfn cf=a=df yk ulPsf]
Aojyfrfn cf=a=df ckn]vg
ulPsf] Aojyfrfn cf=a=df lkmtfulPsf] Aojyf
aifsf] cGtdf sfodx]sf] Aojyf
qm=+=
ljj0fo jif ut jif o jif ut jif o jif ut jif o jif ut jif o jif ut jif
nfef+z -l8le8]08_ sf] nflu Aojyf
nufgLdf gf]SfgLsf] nflu Aojyf
shfdf gf]SfgLsf] nflu Aojyf
$ z+sfZkb cffdLsf] nflu Aojyf
cGo gf]SfgLsf] nflu Aojyf
^ sdrfL DaGwL Aojyf-s_ k]Gg tyf pkbfg Aojyf-v_ ljbf jfkt Aojyf-u_ cfjf tyf cGo ljwf Aojyf-3_ sdrfL af]g Aojyf-ordf_ cGo
amp cGo Aojyf -ljj0f vnfpg]_
hDdf
32
cgrLndashamp
ckn]vgdividedfof]hg xg afFsL ljljw vrxqm=+= ljj0f o aif ut aif1 ckn]vg ug afFsL k|flDes vr2 ckn]vg ug afFsL kj +rfng vr3 ckn]vg ug afFsL yug ulPsf vr4 cGo -ljj0f vnfpg]_
hDdf
cgrL ndash
ljQLo ljj0f+u DalGwt k|dv n]vf gLltx
n]vf DaGwL gLltdf vnfpg kg] aFbfx M aLdsn] n]vf DaGwL gLltdf b]xfosf aFbfxvnfpg kg]5
1 ljQLo ljj0f tofLsf cfwfx M sg sg cjwf0ff -concept_ tyf n]vfdfgx sfgg tyf aLdf ldltsf lgb]zgxsf] clwgdf xL ljQLo ljj0f tof ulPsf] xf]f]sf] Joxf]f
ljQLo ljj0f tof ubf sg sfgg aLdf ldltsf] lgb]zg jf n]vfdfg kfngf gePsf]eP f]sf] sf0f lxt Joxf]f
2 ly DklQ n]vfIacuteg gLlt M ly DklQ n]vfIacuteg ubf cjnDag ulPsf] gLlt
3 Xf ssectL gLlt M aLdssf] +rfns ldltaf6 kflt uL nfu ulPsf] Xf ssectL gLlt
4 kFhLs[t gulg] DklQx DaGwL n]vfIacuteg gLlt M aLdssf] +rfns ldltn] sg lglZrtdf]nDd kg] pks0f fdfgx kFhLs[t gug] gLlt lnPsf] 5 eg] f]sf] Joxf]f
5 cfos Jojyf tyf afF8kmFf8 gLlt M cfos Jojyf DaGwdf aLdsn] cjnDag u]sf]gLlt aLdsn] gfkmf gf]Sfg lxfa tyf cfo Joo lxfadf Totf] Jojyf sdafF8kmFf8 ubf cjnDag u]sf] gLlt
6 nufgL n]vfIacuteg gLlt M nufgL n]vfIacutegsf] DaGwdf aLdsn] cjnDag u]sf] gLltxnfOb]xfosf zLifsx cGtut vnfpg kg]5
-s_ sfL artkqdivideC0fkqdf nufgL n]vfIacuteg gLlt
-v_ a+sdivideljQLo +yfsf] d2tL lgIf]kdf nufgL n]vfIacuteg gLlt
-u_ klAns lnld6]8 sDkgLsf] z]odf nufgL n]vfIacuteg gLlt
-3_ klAns lnld6]8 sDkgLn] hfL u]sf] C0fkqxdf nufgL n]vfIacuteg gLlt
7 6xL 36a9 dfof]hg gLlt M ljb]zL db|f+u DalGwt DklQ bfloTj tyf 6xL36a9 cfDbfgL tyf vrxsf] n]vfIacuteg gLlt
8 aLdfzNs cfDbfgL n]vfIacuteg gLlt M aLdsn] aLdfzNs cfDbfgL n]vfIacuteg ubf cjnDagu]sf] gLlt
33
9 kgaLdf sldzg cfDbfgL n]vfIacuteg gLlt M aLdsn] kgaLdf u] afkt k|fKt ug] sldzgsf]n]vfIacuteg ubf cjnDag u]sf] gLlt
10 cGo cfo n]vfIacuteg tyf afF8kmFf8 gLlt M aLdsn] ef8f -Rent_ tyf cGo zLifsaf6 ePsf]cfo n]vfIacuteg tyf afF8kmFf8 ubf cjnDag u]sf] gLlt
11 shf n]vfIacuteg gLlt M aLdsn] aLdfn]vsf] lwtf]df k|bfg u]sf] shf tyf cGo shfn]vfIacuteg ubf cjnDag u]sf] gLlt
12 Jojyfkg vr afF8kmFf8 gLlt M aLdsn] gfkmf gf]Sfg lxfa tyf cfo Joo lxfaxdfJojyfkg vr afF8kmFf8 ubf cjnDag u]sf] gLlt
13 aLdf bfjL eQmfgL vr n]vfIacuteg gLlt M aLdsn] aLdf bfjL eQmfgL vr n]vfIacuteg ubfcjnDag u]sf] gLlt
14 aLdf bfjL afkt bfloTj Jojyf n]vfIacuteg gLlt M -s_ gt[hgf ePsf] t hfgsfLdfgcfPsf] -IBNR_ aLdf bfjL afkt bfloTj Jojyf n]vfIacuteg ubf aLdsn] cjnDagu]sf] gLlt
-v_ aLdsn] aLdf bfjL bfloTj afkt Jojyf ubf cjnDag u]sf] gLlt
15 aLdf Jojfodf art afF8kmFf8 gLlt M aLdsn] gfkmf gf]Sfg lxfa tyf cfo Joolxfaxdf art afF8kmFf8 ubf cjnDag u]sf] gLlt
16 sdrfL pkbfg ljbf tyf cGo ljwf afkt Jojyf gLlt M aLdsn] sdrfL pkbfgljbf tyf cGo ljwf afkt Jojyf ubf cjnDag u]sf] n]vfIacuteg gLlt
17 z+sfkb cffdL Jojyf gLlt M aLdsn] z+sfkb cffdL Jojyf ubf cjnDag u]sf]gLlt
18 ckn]vg vr n]vfIacuteg gLlt M aLdsn] cjnDag u]sf] ckn]vg vr DaGwL gLlt
19 cGo gLltx M plNnlvt gLltx afx]s jfnft gfkmf gf]Sfg lxfa cfo Joo lxfanufotsf ljQLo ljj0fnfO apermilg ljZn]if0f ug 3fp kUg] uL cGo sg] n]vf gLltsf]hfgsfL lbg cfjZos b]lvPdf f] Joxf]f
34
cgrLndash(
ljQLo ljj0f+u DalGwt n]vf DaGwL l6Kk0fLx
n]vf DaGwL l6Kk0fLdf vnfpg kg] aFbfx M aLdsn] n]vf DaGwL l6Kk0fLdf b]xfosf aFbfxvnfpg kg]5
= Defljt bfloTjx M
c_ rQmf jf eQmfgL xg afFsL nufgL
cf_ k|Tofelt k|lta4tf -underwriting commitments_
O_ aLdfn]v cGtut eGbf afx]saf6 aLds pk bfjL k]sf] t aLdsn] bfloTj jLsfgu]sf]
O_ aLdsn] jf aLdssf] tkmaf6 lbOPsf] Uof]06L
p_ cGo bfloTj -ljj0f vnfpg]_
= aLdfIacuteLn] aLdssf] bfloTj dNofIacuteg ubf cjnDag u]sf] cfwfx
= aLdssf] DklQdf cfPsf] Lldttf tyf ljjfbx
$= shf nufgL tyf ly DklQsf] nflu ulPsf] k|lta4tf
= nufgL+u DalGwt b]xfosf vLb laqmL Demftfxsf] dNo M
c_ vLb ulPsf] DklQsf] jfldTj k|fKt gePsf]
cf_ laqmL ulPsf] DklQsf] eQmfgL k|fKt gePsf]
^= o jifeL ulPsf] nufgL tyf laqmLdividelkmtf lnPsf] nufgLsf] DaGwdf +yf ldltkldf0f sd d]t vn]sf] ljj0f
amp= a+s dfHbft lxfa DaGwdf DalGwt a+sdivideljQLo +yfsf] 6]6d]06 lxtsf] lxfaldnfg DaGwL Joxf]f
= aLdsdividekgaLds+u lng lbg afFsL lxfa DaGwdf DalGwt aLdsdividekgaLdssf]dyg lxtsf] lxfa ldnfg DaGwL Joxf]f
gf]6 Mndash bnfn (Broker) dfkmt ePsf] kgaLdfsf] xsdf fdfGot DalGwt bnfnn]kgaLdssf] tkmaf6 dyg lbg Sg]5
(= aLdsn] u]sf] nufgL k|rlnt aLdf P]g lgodfjnL tyf aLdf ldltaf6 tf]lsP adf]lhdx] gx]sf]
)= aLdssf] +rfns jf +rfns+u DalGwt JolQm jf +yf+u ePsf] sff]af
= aLdsn] cfˆgf] DklQsf] If0fdf lnPsf] C0fsf] lwtf] zt tyf cflrTo
= aLdsn] s rQmf k|df0fkq k|fKt u]sf] cf=j=tyf Totf] rQmf k|df0fkq k|fKt xg afFsLcf=j= f] DaGwL ljj0fsf fy] cl3Nnf] cf=j=xsf] s hljfgf Aofh afkt bfjLk]sf] o cf=j=df eQmfgL ePsf] sd
= lkmtf u]sf] aLdfzNssf] kldf0f sf0f
35
$=aLdsn] aLldtnfO k|bfg ug] 3f]lift tyf cGtld af]gsf] b
=l9nf] aLdfzNs eQmfgLdf lanDa zNsdivideAofhsf] b tyf aLdfn]vsf] lwtf]df k|bfg ulg]shfdf Aofhsf] b
^=ckn]vg xg afFsL vrsf] ljj0f
amp=rQmf kFhL dWo] clu|d eQmfgL k|fKt -Paid in advance_ eQmfgL k|fKt xg afFsL -Call inarrears_ hkmt ulPsf t kgM lgisfzg gulPsf z]osf] ljj0f
=lnh xf]N8 DklQdf ut jifDd o jif vr (Amortization) n]lvPsf] sdsf]ljj0f
(= jifeldf ePsf] jfnft aflxsf] sff]afsf] ljj0f
)= cl3Nnf aifx+u DalGwt cfDbfgL tyf vrxsf] 5sectf5sect ljj0f
=plNnlvt aFbfx afx]s jfnft gfkmf gf]Sfg lxfa cfo Joo lxfa nufotsfljQLo ljj0fxnfO apermilg ljZn]if0f ug 3fp kUg] cGo sg hfgsfL lbg cfjZosb]lvPdf cGo Joxf]f d]t vnfpg kg]5
36
cgrL )k|dv rsfIacutex
cf=a=qm=+= ljj0f rsfIacute
g]6 jy = z]o +Vof +Vof k|lt z]o lstfjL dNo =$ vb gfkmf = k|lt z]o cfo (EPS) =^ k|lt z]o nfef+z (DPS) =amp k|lt z]o ahf dNo (MPPS) = dNo cfDbfgL cgkft (PE Ratio) cgkft( k|yd aifsf] aLdfzNs =) sn aLdfzNs = vb aLdfzNsdividesn aLdfzNs k|ltzt vb gfkmfdividesn aLdfzNs k|ltzt sn aLdfzNsdividesn DklQ k|ltzt$ nufgL shfaf6 cfodividesn nufgL shf k|ltzt sn nufgL shfdividehLjg aLdfsf]if k|ltzt^ kgaLdf sldzg cfodividesn kgaLdfzNs k|ltztamp Jojyfkg vrdividesn aLdfzNs k|ltzt aLdf clestf DalGw vrdividesn aLdfzNs k|ltzt( aLdf clestf +Vof +Vof) sdrfL +Vof +Vof sfofnosf] +Vof +Vof sdrfL vrdivideJojyfkg vr k|ltzt sdrfL vrdividesdrfL +Vof =$ eQmfgL xg aFfsL bfjL sddivideeQmfgL ePsf] bfjL
sdk|ltzt
sn sfod x]sf] aLdfn]vsf] +Vof +Vofdf^ o jif gjLs0f ePsf] aLdfn]vsf] +Vofdivideut
jif sfod x]sf] aLdfn]vsf] +Vofk|ltzt
amp bfjL k]sf] aLdfn]vsf] +Vofdividesn sfod x]sf]aLdfn]vsf] +Vof
k|ltzt
f]Ne]GL dflhg k|ltzt( 3f]lift af]g b =
k|ltxhf) cGtld af]g b =
k|ltxhf
37
cgrL ndash
aLdfIacutesf] ljj0f
sfod x]sf]aLdfn]vsf] +Vof
sfod x]sf]aLdfn]v cGtut
hDdf aLdfIacute
d of6 ls(Sum at Risk)
kgaLdsnfOxtfGt0f ulPsf]
d of6 ls(Sum at Risk)
aLdsn] wf0fu]sf] d of6ls (Sum at
Risk)
qm=+= aLdfsf] lsld
o jif ut jif o jif ut jif o jif ut jif o jif ut jif o jif ut jif
hDdf
38
kllzi6 ndash
-lgb]zg +u DalGwt_
ljQLo ljj0fsf zLifsxsf] +lIfKt JofVof
-s_ cfo Joo lxfa tyf f] DaGwL cgrLsf zLifsxsf] +lIfKt JofVof M
1 k|ToIf aLdfzNs M aLdsn] kgaLdf jLsf u] afkt k|fKt aLdfzNs afx]s k|ydjifsf] aLdfzNs gjLs0f aLdfzNs Psn aLdfzNssf] of]ukmnaf6 lgodfgflkmtf u]sf] aLdfzNs ssectf uL o zLifsdf hgfpg kg]5
2 sn aLdfzNs M k|ToIf aLdfzNs aLdsn] kgaLdf jLsf u] afkt k|fKtaLdfzNssf] of]ukmnnfO o zLifsdf hgfpg kg]5
3 aLdfzNs -vb_ M sn aLdfzNsaf6 kgaLdf lbP afktsf] kgaLdf zNs ssectf uLafFsL sdnfO o zLifsdf hgfpg kg]5
4 kgaLdf sldzg cfo M -s_ aLdsn] kgaLdf lbP afkt k|fKt xg] kgaLdfsldzgnfO o zLifsdf hgfpg kg]5
-v_ aFbf g+=-s_ sf] cltlQm kgaLdsaf6 dgfkmf sldzg -Profit Commission_k|fKt ePdf f]nfO o zLifsdf dfj]z uL f]sf] Joxf]f n]vf DaGwLl6Kk0fLdf vnfpg kg]5
5 nufgL shf tyf cGoaf6 cfo M sfL ]Sol6Laf6 cfo d2tL lgIf]kaf6 cfoklAns sDkgLsf] z]odividel8j]Graf6 cfo ef8faf6 cfo shfaf6 cfo -aLdfn]vsf]lwtf]df shf afx]s_ cGo lgIf]kaf6 -d2tL afx]s_ cfo nufgL laqmLdf gfkmf -GognufgL laqmLdf gf]Sfg_ nufgL -vLb_ df gfkmf -Gog nufgL vLbdf gf]Sfg_ly DklQ laqmLaf6 gfkmf -Gog ly DklQ laqmLaf6 gf]Sfg_ vftf ckn]vgaf6cfo tyf cGo cfosf] of]ukmnnfO lgb]zg adf]lhd afF8kFmf8 uL cfPsf]sdnfO o zLifsdf hgfpg kg]5
6 aLdfn]vsf] lwtf]df shfaf6 cfo M aLdfn]vsf] lwtf]df shf k|bfg u] afkt k|fKt xg]Aofh lanDa zNs htf cfonfO o zLifsdf hgfpg kg]5
7 cGo k|ToIf cfoM aLldtn] tf]lsPsf] cjlwleq aLdfzNs gaemfP afkt aLdsn]eQmfgL k|fKt u]sf] hljfgfdivideAofhdivideljnDa zNs tyf aLdfn]vsf] k|ltlnkL btcfo l6s6 bt htf f]xL aLdfsf] lsld+u k|ToIf kdf DalGwt cfonfO ozLifsdf hgfpg kg]5
8 bfjL eQmfgL -vb_ M aLdsn] eQmfgL u]sf] d[To bfjL cjlw dfKtL bfjL cf+lzscjlw dfKtL bfjL dk0f dNo tyf cGo bfjLsf] of]ukmnnfO o zLifsdfhgfpg kg]5
9 clestf sldzg M k|yd jifsf] aLdfzNsdf clestf sldzg gjLs0f aLdfzNsdfclestf sldzg Psn aLdfzNsdf clestf sldzgsf] of]ukmnaf6 kgaLdssf]lxf ssectf uL afFsL sd o zLifsdf hgfpg kg]5
10 jfYo kLIf0f zNs M aLdf hf]lvdfIacutegsf] nflu jfYo kLIf0f ufP afkt aLdsn]Joxf]g k]sf] jfYo kLIf0f zNsnfO o zLifsdf hgfpg kg]5
39
11 kgaLdf sldzg vr M aLdsn] kgaLdf jLsf u] afkt eQmfgL ug kg] sldzgsdnfO o zLifsdf hgfpg kg]5
12 ]jf zNs -vb_ M aLdf ldltnfO aemfpg kg] sn ]jf zNsaf6 kgaLdssf] lxfssectf uL afFsL sdnfO o zLifsdf hgfpg kg]5
13 cGo k|ToIf vr M aLdfsf] lsld+u k|ToIf kn] DalGwt x]sf] cGo vrnfO ozLifsdf hgfpg kg]5
14 Jojyfkg vr M lgb]zg $ adf]lhd afF8kmFf8 uL cfPsf] sdnfO o zLifsdfhgfpg kg]5
15 cfos M -_ aLdssf] cfos bfloTjnfO lgb]zg adf]lhd afF8kmFf8 uL cfPsf]sdnfO o zLifsdf hgfpg kg]5 osf] ljj0f kllzi6 sf] cgrL adf]lhd xg kg]5
-_ cl3Nnf jif-x_ sf] cfos bfloTjnfO kllzi6 sf] cgrL sf] aeligcl3Nnfjifxsf] cfosAElig zLifsdf hgfpg kg]5 t Totf] cfosdf nfu]sf]b08dividehljfgfdivideljnDa zNsnfO gfkmf gf]Sfg lxfasf] aeligcl3Nnf jif+uDalGwt vrAElig zLifsdf hgfpg kg]5
16 cflys jifsf] cGTodf eQmfgL xg afFsL bfjL afkt Jojyf M cflys jifsf] cGTodfeQmfgL xg afFsL d[To bfjL cjlw dfKtL bfjL cf+lzs cjlw dfKtL bfjL dk0fdNo bfjL cGo bfjL tyf gt[hgf ePsf] t hfgsfLdf gcfPsf] bfjLsf] of]ukmndfaLdf lgodfjnL )$( sf] lgod sf] v08 -3_ adf]lhdsf] sd yk ubf xgcfpg] sdnfO o zLifsdf hgfpg kg]5
aLdssf] cgejsf] cfwfdf [hgf ePsf] t hfgsfLdf gcfPsf] bfjLsf] nflusd Aojyf ug kg]5
17 cflys jifsf] cGTodf cdfKt hf]lvd afkt Jojyf M aLdf cjlw dfKtL afktbfjL eQmfgL ug gkg] lsldsf] aLdfsf] cdfKt hf]lvd afkt lgb]zg ( adf]lhdJojyf uL cfPsf] sd o zLifsdf hgfpg kg]5
18 hLjg aLdf sf]ifdividegfkmf gf]Sfg lxfadf f]sf] artdivide-gf]Sfg_ M -_ aLdf cjlwdfKtL afkt bfjL eQmfgL ug kg] lsldsf] aLdfsf] cfo Joo lxfaaf6 art -surplus_ ePsf] cjyfdf o zLifsnfO aelighLjg aLdf sf]ifdf f]sf] artAElig sfoduL Totf] art sdnfO o zLifsdf hgfpg kg]5
-_ aLdf cjlw dfKtL afkt bfjL eQmfgL ug kg] lsldsf] aLdfsf] cfo Joolxfaaf6 gf]Sfg ePsf] cjyfdf o zLifsnfO aeliggfkmf gf]Sfg lxfadff]sf] gf]SfgAElig sfod uL Totf] gf]Sfg sdnfO o zLifsdf C0ffTdskdf hgfpg kg]5
-_ aLdf cjlw dfKtL afkt bfjL eQmfgL ug gkg] lsldsf] aLdfsf] cfo Joolxfasf] nflu o zLifsnfO aelighLjg aLdf sf]ifdf f]sf] sdAElig aeliggfkmfgf]Sfg lxfadf f]sf] artdivide-gf]Sfg_AElig uL bOj6f zLifs sfod uL aelighLjgaLdf sf]ifdf f]sf] sdAElig zLifsdf lgb]zgndash adf]lhdsf] sd hgfO afFsLsdnfO aeliggfkmf gf]Sfg lxfadf f]sf] artdivide-gf]Sfg_AElig zLifsdf hgfpgkg]5 tf]lsP adf]lhd hLjg aLdf sf]ifdf f]sf] sd hgfp+bf gf]Sfg ePdf
40
aeliggfkmf gf]Sfg lxfadf f]sf] artdivide-gf]Sfg_AElig zLifsdf Totf] gf]Sfg ePsf]sdnfO C0ffTds kdf hgfpg kg]5
-v_ gfkmf gf]Sfg lxfa tyf DalGwt cgrLsf zLifsxsf] +lIfKt JofVof M
1 cfo Joo lxfaaf6 f]sf] M aLdf cjlw dfKtL afkt bfjL eQmfgL ug gkg]lsldsf] aLdfxsf] cfo Joo lxfaaf6 aeliggfkmf gf]Sfg lxfadf f]sf] artdivide-gf]Sfg_AElig sdxsf] of]ukmnnfO o zLifsdf hgfpg kg]5
2 hLjg aLdf sf]ifaf6 f]sf] M k|rlnt sfggL Jojyf adf]lhd aLdssf] bfloTjsf]n]vfhf]vf DaGwL aLdfIacuteLsf] k|ltj]bg d]tsf] cfwfdf hLjg aLdf sf]ifaf6 gfkmfgf]Sfg lxfadf fgsf nflu ldltn] jLs[lt k|bfg u]sf] sdnfO o zLifsdfhgfpg kg]5
3 nufgL shf tyf cGoaf6 cfo M lgb]zg adf]lhd afF8kFmf8 uL cfPsf] sdnfOo zLifsdf hgfpg kg]5
4 Jojyf lkmtf M nufgLdf gf]SfgLsf] nflu ulPsf] Jojyf shfdf gf]SfgLsf] nfluulPsf] Jojyf z+sfkb cffdLsf] nflu ulPsf] Jojyf tyf cGosf] nfluulPsf] Jojyf sd cf+lzs jf k0fkn] sfod fVg kg] cjyf gx]df TotfsdxnfO o zLifsdf hgfpg kg]5
5 cGo cfDbfgL M aLdf Aojfo+u f]sf gePsf] kj +rfng cfDbfgL htfcfDbfgLxsf] of]ukmnnfO o zLifsdf hgfpg kg]5
6 Jojyfkg vr M lgb]zg $ adf]lhd afF8kmFf8 uL cfPsf] sdnfO o zLifsdfhgfpg kg]5
7 ckn]vg vr M k|flDes vrx kj +rfng vrx k flPsf vrx nufgLshf cffdL tyf cGo ckn]vg ulPsf] vrnfO o zLifsdf hgfpg kg]5 t+yfks +rfns tyf pRr Jojyfks jf lghx+u DalGwt JolQmdivide+yfDaGwL cffdL ckn]vg ug kfOg] 5g
8 cGo vrx M k|rlnt sfgg adf]lhd aLdf ldlt tyf cGo lgsfon] aLdsnfOtf]s]sf] b08 hljfgf aLdsn] pkof]u u]sf] ]jfsf] aemfpg kg] zNs dodfgaemfP afkt ltg kg] ljnDa zNs hljfgf nufotsf vrx o zLifsdfhgfpg kg]5
9 gf]SfgLsf] nflu Jojyf M nufgLdf gf]SfgLsf] nflu Jojyf shfdf gf]SfgLsf]nflu Jojyf z+sfkb cffdL Jojyf tyf cGo JojyfnfO o zLifsdf hgfpgkg]5
10 cfos M aLdssf] cfos bfloTjnfO lgb]zg adf]lhd afF8kmFf8 uL cfPsf]sdnfO o zLifsdf hgfpg kg]5
11 hLjg aLdf sf]ifdf f]sf] M aLdssf] bfloTjsf] n]vf hf]vf uL aLdfIacuteLn] lbPsf]dNofIacuteg k|ltj]bg d]tsf] cfwfdf ldltn] lbPsf] cfb]zdividelgb]zg adf]lhd hLjg
41
aLdf sf]ifdf f]sf] sdnfO o zLifsdf b]vfpg kg]5 oL hLjg aLdf sf]ifdff]sf] sd gfkmf gf]Sfg lxfadf lkmtf ug kfOg] 5g
12 cl3Nnf jif+u DalGwt vr M cl3Nnf jif-x_sf] cfosdf nfu]sf]b08dividehljfgfdivideljnDa zNs tyf cl3Nnf jifxdf n]vfIacuteg ug 56]sf vrxnufotsf cl3Nnf jif+u DalGwt vrnfO o zLifsdf hgfpg kg]5
-u_ jfnft tyf DalGwt cgrLsf zLifsxsf] +lIfKt JofVof M
1 rQmf kFhL M eQmfgL k|fKt ePsf] fwf0f z]o ckljtgLo cu|flws z]o tyfkljtgLo cu|flwsf z]o afktsf] sdsf] of]ukmnnfO o zLifsdf hgfpg kg]5
2 hu]8f tyf sf]if M aLdsn] hu]8f sfod ug] lnlnfdf gfkmfaf6 afF8kmfF8 ecfPsf jf cGo sg] k|lqmofaf6 gt[hgf ePsf tyf gfkmf gf]Sfg lxfadf afF8kmFf8guL +ro uL flvPsf] sdxnfO o zLifsdf hgfpg kg]5 oL hu]8f k|of]uubf DalGwt hu]8f tyf sf]if lxfadf vr hgfpg kg]5
-s_ kFhLut hu]8f M rQmf gePsf] z]osf] afFsL sd dfu ubf eQmfgL gu]sf]sf0fn] pQm z]onfO hkmt uL k|fKt xg cfPsf] sd kFhLut cgbfg afktk|fKt xg cfPsf] lhGL tyf gub sd tyf aLdssf] kFhL j[l4 ug] p2]Zon]gfkmfaf6 flPsf] sdnfO o zLifsdf hgfpg kg]5
-v_ z]o lk|ldod M aLdsn] cfˆgf] z]o hfL ubf z]osf] clIacutet dNo eGbf a9Lbn] hfL u]sf] x]5 eg] pQm al9 sd hlt o zLifsdf hgfpg kg]5 ozLifsdf hgfOPsf] sd nfef+z ljt0f k|of]hgsf] nflu of]Uo dflgg] 5g
-u_ k|tfljt af]gz z]o M aLdsn] k|tfj uL fwf0f efn] kflt u]sf] t hfLuL gs]sf] af]gz z]onfO o zLifsdf hgfpg kg]5
-3_ ljz]if hu]8f M aLdf ldltsf] lgb]zg adf]lhd sg cGo hu]8f sf]if v8f ugkbf Totf] sdnfO o zLifsdf hgfpg kg]5
-ordf_ cGo hu]8f M aLdsn] cGo k|of]hgsf] nflu v8f u]sf] hu]8fnfO o zLifsdfhgfpg kg]5
-r_ gfkmf gf]Sfg lxfaaf6 f]sf] M aLdssf] gfkmf gf]Sfg lxfaaf6 jfnftdff]sf] gfkmf sdnfO o zLifsdf hgfpg kg]5
3 hLjg aLdf sf]if M lgb]zg adf]lhd fVg kg] hLjg aLdfsf]ifxsf] of]ukmnnfOo zLifsdf hgfpg kg]5
4 dxfndashljkQL hu]8f M 7nf] kldf0fdf aLdf bfjL pTkGg xg Sg] dxfndashljkQL -catastrophy_ sf] cjyfdf aLdssf] ljQLo Ifdtfdf kg Sg] k|ltsn c sd ug]p2]Zon] gfkmfaf6 flPsf] sdnfO o zLifsdf hgfpg kg]5 o zLifsdfhgfOPsf] sd nfef+z ljt0f k|of]hgsf] nflu of]Uo dflgg] 5g
5 ltg afFsL bL3sflng C0f tyf fk6L M jfnftsf] ldltdf eQmfgL ug afFsLbL3sflng fk6LnfO o zLifsdf hgfpg kg]5
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6 ly DkQL -vb_ MyfoL k|s[ltsf DkQLxsf] sn dNodf Xf ssectf uL afFsL x]sf]sdnfO o zLifsdf hgfpg kg]5
7 bL3sflng nufgL M aLdsn] lgb]zg ^ adf]lhd u]sf] bL3sflng nufgLnfO ozLifsdf hgfpg kg]5
kli6s0f M = jfnftsf] ldltaf6 Ps jif eGbf al9 cjwL kl5 eQmfgLk|fKt xg] sfL sfsf] hdfgt k|fKt ]Sol6Ld2tL lgIf]k gfuls nufgL of]hgf z]o a+s tyfljQLo +yfsf] cu|flwsf z]odividel8j]Gr tyf cGo f]xLk|s[ltsf nufgLxnfO bL3sflng nufgL Demg k5
= aLdsn] klAns sDkgLsf] z]odf nufgL u] afkt k|fKtxg] af]gz z]onfO z]o +Vofdf dfq b]vfO kn df]ndfsg kljtg ug x+bg
amp=s cNksflng nufgL M aLdsn] lgb]zg ^ adf]lhd u]sf] cNksflng nufgLnfO ozLifsdf hgfpg kg]5
kli6s0f M jfnftsf] ldltaf6 Ps jif leq eQmfgL k|fKt xg] sfL sfsf] hdfgt k|fKt ]Sol6L d2tL lgIf]k gfulsnufgL of]hgf a+s tyf ljQLo +yfsf] cu|flwsfz]odividel8j]Gr tyf cGo f]xL k|s[ltsf nufgLxnfOcNksflng nufgL Demg k5
8 aLdfn]vsf] lwtf]df shf M aLdsn] lgb]zg amp adf]lhd k|To]s lsldsf] aLdfsf]aLdfn]vsf] lwtf]df k|bfg u]sf] shfsf] of]ukmnnfO o zLifsdf hgfpg kg]5
9 gub tyf a+s dfHbft M -_ aLds+u x]sf] sn gub dfHbft sd tyf aLdssf]a+sdivideljQLo +yfsf] Aofh k|fKt gxg] vftfdf x]sf] sn sdnfO o zLifsdfhgfpg kg]5
10 cGo bL3sflng shf M lgb]zg amp adf]lhd n]vfIacuteg ulPsf] clestfnfO k|bfgulPsf] bL3sflng shf sdrfLnfO k|bfg ulPsf] bL3sflng shf tyf cGobL3sflng shfsf] of]ukmnnfO o zLifsdf hgfpg kg]5
kli6s0f M jfnftsf] ldltaf6 Ps jif eGbf al9 cjwL kl5 eQmfgLk|fKt xg] clestfnfO k|bfg ulPsf] shf sdrfLnfO k|bfgulPsf] shf tyf cGo f]xL k|s[tLsf shfxnfO bL3sflngshf Demg k5
)s= cGo cNksflng shf M lgb]zg amp adf]lhd n]vfIacuteg ulPsf] clestfnfO k|bfgulPsf] cNksflng shf sdrfLnfO k|bfg ulPsf] cNksflng shf tyf cGocNksflng shfsf] of]ukmnnfO o zLifsdf hgfpg kg]5
kli6s0f M jfnftsf] ldltaf6 Ps jif leq eQmfgL k|fKtxg] clestfnfO k|bfg ulPsf] shf sdrfLnfO k|bfgulPsf] shf tyf cGo f]xL k|s[tLsf shfxnfOcNksflng shf Demg k5
43
11 cGo DkQL M -_ o lgb]zg adf]lhd n]vfIacuteg ulPsf] aLdssf] nufgLaf6 k|fKt xgafFsL cfo aLdfn]vsf] lwtf]df shfaf6 k|fKt xg afFsL Aofh cGo shfaf6 k|fKt xgafFsL Aofh cGo aLdsaf6 k|fKt xg afFsL kgaLdsaf6 k|fKt xg aFfsL ljljwcffdL clu|d eQmfgL sdrfL k]ZsL cGo k]ZsL wf6L tyf cGosf] of]ukmnnfOo zLifsdf hgfpg kg]5
-_ cGo DkQLsf] ljj0f kllzi6 sf] cgrL $ adf]lhd xg kg]5
-_ cn xg afFsL aLdfzNs eP f]sf] of]ukmn kllzi6 sf] cgrL $ dfb]vfpg kg]5 f] cn xg afFsL aLdfzNs afasf] dNtjL -Suspense_ b]vfOvb k|efj (Net effect) zGo agfpg kg]5
12 rfn bfloTj M clestfnfO lbg afFsL cGo aLdsnfO lbg afFsL kgaLdsnfO lbgafFsL aLdfzNs wf6L k0f ljj0f gvn]sf] aLdfzNs ljljw fx xfosdividexf]lN8EumlsDkgLnfO lbg afFsL gtf]tdf ssectf ulPsf] s ltg afFsL cfos ltg afFsL]jfzNs ltg afFsL sdrfLnfO ltg afFsL +rfnsnfO ltg afFsL tyf cGo ltgafFsL sdxsf] of]ukmnnfO o zLifsdf hgfpg kg]5
13 cdfKt hf]lvd jfkt Jojyf M lgb]zg ( adf]lhdsf] cdfKt hf]lvd Jojyfsf]of]ukmnnfO o zLifsdf hgfpg kg]5
14 eQmfgL xg afFsL bfjL jfkt Jojyf M k|To]s lsldsf] aLdfsf] eQmfgL xg afFsLbfjLsf] nflu ulPsf] Jojyfsf] of]ukmnnfO o zLifsdf hgfpg kg]5
15 ckn]vg jf dfof]hg xg afFsL ljljw vrx M ckn]vg ug afFsL k|flDes vrckn]vg ug afFsL kj +rfng vr ckn]vg ug afFsL yug ulPsf vr tyfcGo ckn]vg jf dfof]hg gePsf vrxsf] of]ukmnnfO o zLifsdf hgfpgkg]5
-3_ k|dv rsfIacutexdf +nUg zLifsxsf] +lIfKt JofVof
1 g]6 jy = rQmf kFhL plusmn hu]8f tyf sf]if plusmn dxf ljkQL hu]8f ndashckn]vg jfdfof]hg xg afFsL ljljw vrx ndash gfkmf gf]Sfg lxfaaf6 f]sf] gf]Sfg
2 k|lt z]o lstfaL dNo = g]6 jydividefwf0f z]o +Vof
3 k|lt z]o cfo = vb gfkmfdividefwf0f z]o +Vof
4 dNo cfDbfgL cgkft = k|lt z]o ahf dNodividek|lt z]o cfo
5 sn DklQ = ly DklQ plusmn nufgL plusmn aLdfn]vsf] lwtf]df shf plusmn rfnDklQ shf tyf k]ZsLx
![Page 32: hLjg aLdf Joj;fo ug]{ aLdssf] ljQLo ljj/0f ;DaGwL lgb]{zg](https://reader033.vdocuments.site/reader033/viewer/2022053020/6291631db7b57c39db6663d6/html5/thumbnails/32.jpg)
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cgrLndashamp
ckn]vgdividedfof]hg xg afFsL ljljw vrxqm=+= ljj0f o aif ut aif1 ckn]vg ug afFsL k|flDes vr2 ckn]vg ug afFsL kj +rfng vr3 ckn]vg ug afFsL yug ulPsf vr4 cGo -ljj0f vnfpg]_
hDdf
cgrL ndash
ljQLo ljj0f+u DalGwt k|dv n]vf gLltx
n]vf DaGwL gLltdf vnfpg kg] aFbfx M aLdsn] n]vf DaGwL gLltdf b]xfosf aFbfxvnfpg kg]5
1 ljQLo ljj0f tofLsf cfwfx M sg sg cjwf0ff -concept_ tyf n]vfdfgx sfgg tyf aLdf ldltsf lgb]zgxsf] clwgdf xL ljQLo ljj0f tof ulPsf] xf]f]sf] Joxf]f
ljQLo ljj0f tof ubf sg sfgg aLdf ldltsf] lgb]zg jf n]vfdfg kfngf gePsf]eP f]sf] sf0f lxt Joxf]f
2 ly DklQ n]vfIacuteg gLlt M ly DklQ n]vfIacuteg ubf cjnDag ulPsf] gLlt
3 Xf ssectL gLlt M aLdssf] +rfns ldltaf6 kflt uL nfu ulPsf] Xf ssectL gLlt
4 kFhLs[t gulg] DklQx DaGwL n]vfIacuteg gLlt M aLdssf] +rfns ldltn] sg lglZrtdf]nDd kg] pks0f fdfgx kFhLs[t gug] gLlt lnPsf] 5 eg] f]sf] Joxf]f
5 cfos Jojyf tyf afF8kmFf8 gLlt M cfos Jojyf DaGwdf aLdsn] cjnDag u]sf]gLlt aLdsn] gfkmf gf]Sfg lxfa tyf cfo Joo lxfadf Totf] Jojyf sdafF8kmFf8 ubf cjnDag u]sf] gLlt
6 nufgL n]vfIacuteg gLlt M nufgL n]vfIacutegsf] DaGwdf aLdsn] cjnDag u]sf] gLltxnfOb]xfosf zLifsx cGtut vnfpg kg]5
-s_ sfL artkqdivideC0fkqdf nufgL n]vfIacuteg gLlt
-v_ a+sdivideljQLo +yfsf] d2tL lgIf]kdf nufgL n]vfIacuteg gLlt
-u_ klAns lnld6]8 sDkgLsf] z]odf nufgL n]vfIacuteg gLlt
-3_ klAns lnld6]8 sDkgLn] hfL u]sf] C0fkqxdf nufgL n]vfIacuteg gLlt
7 6xL 36a9 dfof]hg gLlt M ljb]zL db|f+u DalGwt DklQ bfloTj tyf 6xL36a9 cfDbfgL tyf vrxsf] n]vfIacuteg gLlt
8 aLdfzNs cfDbfgL n]vfIacuteg gLlt M aLdsn] aLdfzNs cfDbfgL n]vfIacuteg ubf cjnDagu]sf] gLlt
33
9 kgaLdf sldzg cfDbfgL n]vfIacuteg gLlt M aLdsn] kgaLdf u] afkt k|fKt ug] sldzgsf]n]vfIacuteg ubf cjnDag u]sf] gLlt
10 cGo cfo n]vfIacuteg tyf afF8kmFf8 gLlt M aLdsn] ef8f -Rent_ tyf cGo zLifsaf6 ePsf]cfo n]vfIacuteg tyf afF8kmFf8 ubf cjnDag u]sf] gLlt
11 shf n]vfIacuteg gLlt M aLdsn] aLdfn]vsf] lwtf]df k|bfg u]sf] shf tyf cGo shfn]vfIacuteg ubf cjnDag u]sf] gLlt
12 Jojyfkg vr afF8kmFf8 gLlt M aLdsn] gfkmf gf]Sfg lxfa tyf cfo Joo lxfaxdfJojyfkg vr afF8kmFf8 ubf cjnDag u]sf] gLlt
13 aLdf bfjL eQmfgL vr n]vfIacuteg gLlt M aLdsn] aLdf bfjL eQmfgL vr n]vfIacuteg ubfcjnDag u]sf] gLlt
14 aLdf bfjL afkt bfloTj Jojyf n]vfIacuteg gLlt M -s_ gt[hgf ePsf] t hfgsfLdfgcfPsf] -IBNR_ aLdf bfjL afkt bfloTj Jojyf n]vfIacuteg ubf aLdsn] cjnDagu]sf] gLlt
-v_ aLdsn] aLdf bfjL bfloTj afkt Jojyf ubf cjnDag u]sf] gLlt
15 aLdf Jojfodf art afF8kmFf8 gLlt M aLdsn] gfkmf gf]Sfg lxfa tyf cfo Joolxfaxdf art afF8kmFf8 ubf cjnDag u]sf] gLlt
16 sdrfL pkbfg ljbf tyf cGo ljwf afkt Jojyf gLlt M aLdsn] sdrfL pkbfgljbf tyf cGo ljwf afkt Jojyf ubf cjnDag u]sf] n]vfIacuteg gLlt
17 z+sfkb cffdL Jojyf gLlt M aLdsn] z+sfkb cffdL Jojyf ubf cjnDag u]sf]gLlt
18 ckn]vg vr n]vfIacuteg gLlt M aLdsn] cjnDag u]sf] ckn]vg vr DaGwL gLlt
19 cGo gLltx M plNnlvt gLltx afx]s jfnft gfkmf gf]Sfg lxfa cfo Joo lxfanufotsf ljQLo ljj0fnfO apermilg ljZn]if0f ug 3fp kUg] uL cGo sg] n]vf gLltsf]hfgsfL lbg cfjZos b]lvPdf f] Joxf]f
34
cgrLndash(
ljQLo ljj0f+u DalGwt n]vf DaGwL l6Kk0fLx
n]vf DaGwL l6Kk0fLdf vnfpg kg] aFbfx M aLdsn] n]vf DaGwL l6Kk0fLdf b]xfosf aFbfxvnfpg kg]5
= Defljt bfloTjx M
c_ rQmf jf eQmfgL xg afFsL nufgL
cf_ k|Tofelt k|lta4tf -underwriting commitments_
O_ aLdfn]v cGtut eGbf afx]saf6 aLds pk bfjL k]sf] t aLdsn] bfloTj jLsfgu]sf]
O_ aLdsn] jf aLdssf] tkmaf6 lbOPsf] Uof]06L
p_ cGo bfloTj -ljj0f vnfpg]_
= aLdfIacuteLn] aLdssf] bfloTj dNofIacuteg ubf cjnDag u]sf] cfwfx
= aLdssf] DklQdf cfPsf] Lldttf tyf ljjfbx
$= shf nufgL tyf ly DklQsf] nflu ulPsf] k|lta4tf
= nufgL+u DalGwt b]xfosf vLb laqmL Demftfxsf] dNo M
c_ vLb ulPsf] DklQsf] jfldTj k|fKt gePsf]
cf_ laqmL ulPsf] DklQsf] eQmfgL k|fKt gePsf]
^= o jifeL ulPsf] nufgL tyf laqmLdividelkmtf lnPsf] nufgLsf] DaGwdf +yf ldltkldf0f sd d]t vn]sf] ljj0f
amp= a+s dfHbft lxfa DaGwdf DalGwt a+sdivideljQLo +yfsf] 6]6d]06 lxtsf] lxfaldnfg DaGwL Joxf]f
= aLdsdividekgaLds+u lng lbg afFsL lxfa DaGwdf DalGwt aLdsdividekgaLdssf]dyg lxtsf] lxfa ldnfg DaGwL Joxf]f
gf]6 Mndash bnfn (Broker) dfkmt ePsf] kgaLdfsf] xsdf fdfGot DalGwt bnfnn]kgaLdssf] tkmaf6 dyg lbg Sg]5
(= aLdsn] u]sf] nufgL k|rlnt aLdf P]g lgodfjnL tyf aLdf ldltaf6 tf]lsP adf]lhdx] gx]sf]
)= aLdssf] +rfns jf +rfns+u DalGwt JolQm jf +yf+u ePsf] sff]af
= aLdsn] cfˆgf] DklQsf] If0fdf lnPsf] C0fsf] lwtf] zt tyf cflrTo
= aLdsn] s rQmf k|df0fkq k|fKt u]sf] cf=j=tyf Totf] rQmf k|df0fkq k|fKt xg afFsLcf=j= f] DaGwL ljj0fsf fy] cl3Nnf] cf=j=xsf] s hljfgf Aofh afkt bfjLk]sf] o cf=j=df eQmfgL ePsf] sd
= lkmtf u]sf] aLdfzNssf] kldf0f sf0f
35
$=aLdsn] aLldtnfO k|bfg ug] 3f]lift tyf cGtld af]gsf] b
=l9nf] aLdfzNs eQmfgLdf lanDa zNsdivideAofhsf] b tyf aLdfn]vsf] lwtf]df k|bfg ulg]shfdf Aofhsf] b
^=ckn]vg xg afFsL vrsf] ljj0f
amp=rQmf kFhL dWo] clu|d eQmfgL k|fKt -Paid in advance_ eQmfgL k|fKt xg afFsL -Call inarrears_ hkmt ulPsf t kgM lgisfzg gulPsf z]osf] ljj0f
=lnh xf]N8 DklQdf ut jifDd o jif vr (Amortization) n]lvPsf] sdsf]ljj0f
(= jifeldf ePsf] jfnft aflxsf] sff]afsf] ljj0f
)= cl3Nnf aifx+u DalGwt cfDbfgL tyf vrxsf] 5sectf5sect ljj0f
=plNnlvt aFbfx afx]s jfnft gfkmf gf]Sfg lxfa cfo Joo lxfa nufotsfljQLo ljj0fxnfO apermilg ljZn]if0f ug 3fp kUg] cGo sg hfgsfL lbg cfjZosb]lvPdf cGo Joxf]f d]t vnfpg kg]5
36
cgrL )k|dv rsfIacutex
cf=a=qm=+= ljj0f rsfIacute
g]6 jy = z]o +Vof +Vof k|lt z]o lstfjL dNo =$ vb gfkmf = k|lt z]o cfo (EPS) =^ k|lt z]o nfef+z (DPS) =amp k|lt z]o ahf dNo (MPPS) = dNo cfDbfgL cgkft (PE Ratio) cgkft( k|yd aifsf] aLdfzNs =) sn aLdfzNs = vb aLdfzNsdividesn aLdfzNs k|ltzt vb gfkmfdividesn aLdfzNs k|ltzt sn aLdfzNsdividesn DklQ k|ltzt$ nufgL shfaf6 cfodividesn nufgL shf k|ltzt sn nufgL shfdividehLjg aLdfsf]if k|ltzt^ kgaLdf sldzg cfodividesn kgaLdfzNs k|ltztamp Jojyfkg vrdividesn aLdfzNs k|ltzt aLdf clestf DalGw vrdividesn aLdfzNs k|ltzt( aLdf clestf +Vof +Vof) sdrfL +Vof +Vof sfofnosf] +Vof +Vof sdrfL vrdivideJojyfkg vr k|ltzt sdrfL vrdividesdrfL +Vof =$ eQmfgL xg aFfsL bfjL sddivideeQmfgL ePsf] bfjL
sdk|ltzt
sn sfod x]sf] aLdfn]vsf] +Vof +Vofdf^ o jif gjLs0f ePsf] aLdfn]vsf] +Vofdivideut
jif sfod x]sf] aLdfn]vsf] +Vofk|ltzt
amp bfjL k]sf] aLdfn]vsf] +Vofdividesn sfod x]sf]aLdfn]vsf] +Vof
k|ltzt
f]Ne]GL dflhg k|ltzt( 3f]lift af]g b =
k|ltxhf) cGtld af]g b =
k|ltxhf
37
cgrL ndash
aLdfIacutesf] ljj0f
sfod x]sf]aLdfn]vsf] +Vof
sfod x]sf]aLdfn]v cGtut
hDdf aLdfIacute
d of6 ls(Sum at Risk)
kgaLdsnfOxtfGt0f ulPsf]
d of6 ls(Sum at Risk)
aLdsn] wf0fu]sf] d of6ls (Sum at
Risk)
qm=+= aLdfsf] lsld
o jif ut jif o jif ut jif o jif ut jif o jif ut jif o jif ut jif
hDdf
38
kllzi6 ndash
-lgb]zg +u DalGwt_
ljQLo ljj0fsf zLifsxsf] +lIfKt JofVof
-s_ cfo Joo lxfa tyf f] DaGwL cgrLsf zLifsxsf] +lIfKt JofVof M
1 k|ToIf aLdfzNs M aLdsn] kgaLdf jLsf u] afkt k|fKt aLdfzNs afx]s k|ydjifsf] aLdfzNs gjLs0f aLdfzNs Psn aLdfzNssf] of]ukmnaf6 lgodfgflkmtf u]sf] aLdfzNs ssectf uL o zLifsdf hgfpg kg]5
2 sn aLdfzNs M k|ToIf aLdfzNs aLdsn] kgaLdf jLsf u] afkt k|fKtaLdfzNssf] of]ukmnnfO o zLifsdf hgfpg kg]5
3 aLdfzNs -vb_ M sn aLdfzNsaf6 kgaLdf lbP afktsf] kgaLdf zNs ssectf uLafFsL sdnfO o zLifsdf hgfpg kg]5
4 kgaLdf sldzg cfo M -s_ aLdsn] kgaLdf lbP afkt k|fKt xg] kgaLdfsldzgnfO o zLifsdf hgfpg kg]5
-v_ aFbf g+=-s_ sf] cltlQm kgaLdsaf6 dgfkmf sldzg -Profit Commission_k|fKt ePdf f]nfO o zLifsdf dfj]z uL f]sf] Joxf]f n]vf DaGwLl6Kk0fLdf vnfpg kg]5
5 nufgL shf tyf cGoaf6 cfo M sfL ]Sol6Laf6 cfo d2tL lgIf]kaf6 cfoklAns sDkgLsf] z]odividel8j]Graf6 cfo ef8faf6 cfo shfaf6 cfo -aLdfn]vsf]lwtf]df shf afx]s_ cGo lgIf]kaf6 -d2tL afx]s_ cfo nufgL laqmLdf gfkmf -GognufgL laqmLdf gf]Sfg_ nufgL -vLb_ df gfkmf -Gog nufgL vLbdf gf]Sfg_ly DklQ laqmLaf6 gfkmf -Gog ly DklQ laqmLaf6 gf]Sfg_ vftf ckn]vgaf6cfo tyf cGo cfosf] of]ukmnnfO lgb]zg adf]lhd afF8kFmf8 uL cfPsf]sdnfO o zLifsdf hgfpg kg]5
6 aLdfn]vsf] lwtf]df shfaf6 cfo M aLdfn]vsf] lwtf]df shf k|bfg u] afkt k|fKt xg]Aofh lanDa zNs htf cfonfO o zLifsdf hgfpg kg]5
7 cGo k|ToIf cfoM aLldtn] tf]lsPsf] cjlwleq aLdfzNs gaemfP afkt aLdsn]eQmfgL k|fKt u]sf] hljfgfdivideAofhdivideljnDa zNs tyf aLdfn]vsf] k|ltlnkL btcfo l6s6 bt htf f]xL aLdfsf] lsld+u k|ToIf kdf DalGwt cfonfO ozLifsdf hgfpg kg]5
8 bfjL eQmfgL -vb_ M aLdsn] eQmfgL u]sf] d[To bfjL cjlw dfKtL bfjL cf+lzscjlw dfKtL bfjL dk0f dNo tyf cGo bfjLsf] of]ukmnnfO o zLifsdfhgfpg kg]5
9 clestf sldzg M k|yd jifsf] aLdfzNsdf clestf sldzg gjLs0f aLdfzNsdfclestf sldzg Psn aLdfzNsdf clestf sldzgsf] of]ukmnaf6 kgaLdssf]lxf ssectf uL afFsL sd o zLifsdf hgfpg kg]5
10 jfYo kLIf0f zNs M aLdf hf]lvdfIacutegsf] nflu jfYo kLIf0f ufP afkt aLdsn]Joxf]g k]sf] jfYo kLIf0f zNsnfO o zLifsdf hgfpg kg]5
39
11 kgaLdf sldzg vr M aLdsn] kgaLdf jLsf u] afkt eQmfgL ug kg] sldzgsdnfO o zLifsdf hgfpg kg]5
12 ]jf zNs -vb_ M aLdf ldltnfO aemfpg kg] sn ]jf zNsaf6 kgaLdssf] lxfssectf uL afFsL sdnfO o zLifsdf hgfpg kg]5
13 cGo k|ToIf vr M aLdfsf] lsld+u k|ToIf kn] DalGwt x]sf] cGo vrnfO ozLifsdf hgfpg kg]5
14 Jojyfkg vr M lgb]zg $ adf]lhd afF8kmFf8 uL cfPsf] sdnfO o zLifsdfhgfpg kg]5
15 cfos M -_ aLdssf] cfos bfloTjnfO lgb]zg adf]lhd afF8kmFf8 uL cfPsf]sdnfO o zLifsdf hgfpg kg]5 osf] ljj0f kllzi6 sf] cgrL adf]lhd xg kg]5
-_ cl3Nnf jif-x_ sf] cfos bfloTjnfO kllzi6 sf] cgrL sf] aeligcl3Nnfjifxsf] cfosAElig zLifsdf hgfpg kg]5 t Totf] cfosdf nfu]sf]b08dividehljfgfdivideljnDa zNsnfO gfkmf gf]Sfg lxfasf] aeligcl3Nnf jif+uDalGwt vrAElig zLifsdf hgfpg kg]5
16 cflys jifsf] cGTodf eQmfgL xg afFsL bfjL afkt Jojyf M cflys jifsf] cGTodfeQmfgL xg afFsL d[To bfjL cjlw dfKtL bfjL cf+lzs cjlw dfKtL bfjL dk0fdNo bfjL cGo bfjL tyf gt[hgf ePsf] t hfgsfLdf gcfPsf] bfjLsf] of]ukmndfaLdf lgodfjnL )$( sf] lgod sf] v08 -3_ adf]lhdsf] sd yk ubf xgcfpg] sdnfO o zLifsdf hgfpg kg]5
aLdssf] cgejsf] cfwfdf [hgf ePsf] t hfgsfLdf gcfPsf] bfjLsf] nflusd Aojyf ug kg]5
17 cflys jifsf] cGTodf cdfKt hf]lvd afkt Jojyf M aLdf cjlw dfKtL afktbfjL eQmfgL ug gkg] lsldsf] aLdfsf] cdfKt hf]lvd afkt lgb]zg ( adf]lhdJojyf uL cfPsf] sd o zLifsdf hgfpg kg]5
18 hLjg aLdf sf]ifdividegfkmf gf]Sfg lxfadf f]sf] artdivide-gf]Sfg_ M -_ aLdf cjlwdfKtL afkt bfjL eQmfgL ug kg] lsldsf] aLdfsf] cfo Joo lxfaaf6 art -surplus_ ePsf] cjyfdf o zLifsnfO aelighLjg aLdf sf]ifdf f]sf] artAElig sfoduL Totf] art sdnfO o zLifsdf hgfpg kg]5
-_ aLdf cjlw dfKtL afkt bfjL eQmfgL ug kg] lsldsf] aLdfsf] cfo Joolxfaaf6 gf]Sfg ePsf] cjyfdf o zLifsnfO aeliggfkmf gf]Sfg lxfadff]sf] gf]SfgAElig sfod uL Totf] gf]Sfg sdnfO o zLifsdf C0ffTdskdf hgfpg kg]5
-_ aLdf cjlw dfKtL afkt bfjL eQmfgL ug gkg] lsldsf] aLdfsf] cfo Joolxfasf] nflu o zLifsnfO aelighLjg aLdf sf]ifdf f]sf] sdAElig aeliggfkmfgf]Sfg lxfadf f]sf] artdivide-gf]Sfg_AElig uL bOj6f zLifs sfod uL aelighLjgaLdf sf]ifdf f]sf] sdAElig zLifsdf lgb]zgndash adf]lhdsf] sd hgfO afFsLsdnfO aeliggfkmf gf]Sfg lxfadf f]sf] artdivide-gf]Sfg_AElig zLifsdf hgfpgkg]5 tf]lsP adf]lhd hLjg aLdf sf]ifdf f]sf] sd hgfp+bf gf]Sfg ePdf
40
aeliggfkmf gf]Sfg lxfadf f]sf] artdivide-gf]Sfg_AElig zLifsdf Totf] gf]Sfg ePsf]sdnfO C0ffTds kdf hgfpg kg]5
-v_ gfkmf gf]Sfg lxfa tyf DalGwt cgrLsf zLifsxsf] +lIfKt JofVof M
1 cfo Joo lxfaaf6 f]sf] M aLdf cjlw dfKtL afkt bfjL eQmfgL ug gkg]lsldsf] aLdfxsf] cfo Joo lxfaaf6 aeliggfkmf gf]Sfg lxfadf f]sf] artdivide-gf]Sfg_AElig sdxsf] of]ukmnnfO o zLifsdf hgfpg kg]5
2 hLjg aLdf sf]ifaf6 f]sf] M k|rlnt sfggL Jojyf adf]lhd aLdssf] bfloTjsf]n]vfhf]vf DaGwL aLdfIacuteLsf] k|ltj]bg d]tsf] cfwfdf hLjg aLdf sf]ifaf6 gfkmfgf]Sfg lxfadf fgsf nflu ldltn] jLs[lt k|bfg u]sf] sdnfO o zLifsdfhgfpg kg]5
3 nufgL shf tyf cGoaf6 cfo M lgb]zg adf]lhd afF8kFmf8 uL cfPsf] sdnfOo zLifsdf hgfpg kg]5
4 Jojyf lkmtf M nufgLdf gf]SfgLsf] nflu ulPsf] Jojyf shfdf gf]SfgLsf] nfluulPsf] Jojyf z+sfkb cffdLsf] nflu ulPsf] Jojyf tyf cGosf] nfluulPsf] Jojyf sd cf+lzs jf k0fkn] sfod fVg kg] cjyf gx]df TotfsdxnfO o zLifsdf hgfpg kg]5
5 cGo cfDbfgL M aLdf Aojfo+u f]sf gePsf] kj +rfng cfDbfgL htfcfDbfgLxsf] of]ukmnnfO o zLifsdf hgfpg kg]5
6 Jojyfkg vr M lgb]zg $ adf]lhd afF8kmFf8 uL cfPsf] sdnfO o zLifsdfhgfpg kg]5
7 ckn]vg vr M k|flDes vrx kj +rfng vrx k flPsf vrx nufgLshf cffdL tyf cGo ckn]vg ulPsf] vrnfO o zLifsdf hgfpg kg]5 t+yfks +rfns tyf pRr Jojyfks jf lghx+u DalGwt JolQmdivide+yfDaGwL cffdL ckn]vg ug kfOg] 5g
8 cGo vrx M k|rlnt sfgg adf]lhd aLdf ldlt tyf cGo lgsfon] aLdsnfOtf]s]sf] b08 hljfgf aLdsn] pkof]u u]sf] ]jfsf] aemfpg kg] zNs dodfgaemfP afkt ltg kg] ljnDa zNs hljfgf nufotsf vrx o zLifsdfhgfpg kg]5
9 gf]SfgLsf] nflu Jojyf M nufgLdf gf]SfgLsf] nflu Jojyf shfdf gf]SfgLsf]nflu Jojyf z+sfkb cffdL Jojyf tyf cGo JojyfnfO o zLifsdf hgfpgkg]5
10 cfos M aLdssf] cfos bfloTjnfO lgb]zg adf]lhd afF8kmFf8 uL cfPsf]sdnfO o zLifsdf hgfpg kg]5
11 hLjg aLdf sf]ifdf f]sf] M aLdssf] bfloTjsf] n]vf hf]vf uL aLdfIacuteLn] lbPsf]dNofIacuteg k|ltj]bg d]tsf] cfwfdf ldltn] lbPsf] cfb]zdividelgb]zg adf]lhd hLjg
41
aLdf sf]ifdf f]sf] sdnfO o zLifsdf b]vfpg kg]5 oL hLjg aLdf sf]ifdff]sf] sd gfkmf gf]Sfg lxfadf lkmtf ug kfOg] 5g
12 cl3Nnf jif+u DalGwt vr M cl3Nnf jif-x_sf] cfosdf nfu]sf]b08dividehljfgfdivideljnDa zNs tyf cl3Nnf jifxdf n]vfIacuteg ug 56]sf vrxnufotsf cl3Nnf jif+u DalGwt vrnfO o zLifsdf hgfpg kg]5
-u_ jfnft tyf DalGwt cgrLsf zLifsxsf] +lIfKt JofVof M
1 rQmf kFhL M eQmfgL k|fKt ePsf] fwf0f z]o ckljtgLo cu|flws z]o tyfkljtgLo cu|flwsf z]o afktsf] sdsf] of]ukmnnfO o zLifsdf hgfpg kg]5
2 hu]8f tyf sf]if M aLdsn] hu]8f sfod ug] lnlnfdf gfkmfaf6 afF8kmfF8 ecfPsf jf cGo sg] k|lqmofaf6 gt[hgf ePsf tyf gfkmf gf]Sfg lxfadf afF8kmFf8guL +ro uL flvPsf] sdxnfO o zLifsdf hgfpg kg]5 oL hu]8f k|of]uubf DalGwt hu]8f tyf sf]if lxfadf vr hgfpg kg]5
-s_ kFhLut hu]8f M rQmf gePsf] z]osf] afFsL sd dfu ubf eQmfgL gu]sf]sf0fn] pQm z]onfO hkmt uL k|fKt xg cfPsf] sd kFhLut cgbfg afktk|fKt xg cfPsf] lhGL tyf gub sd tyf aLdssf] kFhL j[l4 ug] p2]Zon]gfkmfaf6 flPsf] sdnfO o zLifsdf hgfpg kg]5
-v_ z]o lk|ldod M aLdsn] cfˆgf] z]o hfL ubf z]osf] clIacutet dNo eGbf a9Lbn] hfL u]sf] x]5 eg] pQm al9 sd hlt o zLifsdf hgfpg kg]5 ozLifsdf hgfOPsf] sd nfef+z ljt0f k|of]hgsf] nflu of]Uo dflgg] 5g
-u_ k|tfljt af]gz z]o M aLdsn] k|tfj uL fwf0f efn] kflt u]sf] t hfLuL gs]sf] af]gz z]onfO o zLifsdf hgfpg kg]5
-3_ ljz]if hu]8f M aLdf ldltsf] lgb]zg adf]lhd sg cGo hu]8f sf]if v8f ugkbf Totf] sdnfO o zLifsdf hgfpg kg]5
-ordf_ cGo hu]8f M aLdsn] cGo k|of]hgsf] nflu v8f u]sf] hu]8fnfO o zLifsdfhgfpg kg]5
-r_ gfkmf gf]Sfg lxfaaf6 f]sf] M aLdssf] gfkmf gf]Sfg lxfaaf6 jfnftdff]sf] gfkmf sdnfO o zLifsdf hgfpg kg]5
3 hLjg aLdf sf]if M lgb]zg adf]lhd fVg kg] hLjg aLdfsf]ifxsf] of]ukmnnfOo zLifsdf hgfpg kg]5
4 dxfndashljkQL hu]8f M 7nf] kldf0fdf aLdf bfjL pTkGg xg Sg] dxfndashljkQL -catastrophy_ sf] cjyfdf aLdssf] ljQLo Ifdtfdf kg Sg] k|ltsn c sd ug]p2]Zon] gfkmfaf6 flPsf] sdnfO o zLifsdf hgfpg kg]5 o zLifsdfhgfOPsf] sd nfef+z ljt0f k|of]hgsf] nflu of]Uo dflgg] 5g
5 ltg afFsL bL3sflng C0f tyf fk6L M jfnftsf] ldltdf eQmfgL ug afFsLbL3sflng fk6LnfO o zLifsdf hgfpg kg]5
42
6 ly DkQL -vb_ MyfoL k|s[ltsf DkQLxsf] sn dNodf Xf ssectf uL afFsL x]sf]sdnfO o zLifsdf hgfpg kg]5
7 bL3sflng nufgL M aLdsn] lgb]zg ^ adf]lhd u]sf] bL3sflng nufgLnfO ozLifsdf hgfpg kg]5
kli6s0f M = jfnftsf] ldltaf6 Ps jif eGbf al9 cjwL kl5 eQmfgLk|fKt xg] sfL sfsf] hdfgt k|fKt ]Sol6Ld2tL lgIf]k gfuls nufgL of]hgf z]o a+s tyfljQLo +yfsf] cu|flwsf z]odividel8j]Gr tyf cGo f]xLk|s[ltsf nufgLxnfO bL3sflng nufgL Demg k5
= aLdsn] klAns sDkgLsf] z]odf nufgL u] afkt k|fKtxg] af]gz z]onfO z]o +Vofdf dfq b]vfO kn df]ndfsg kljtg ug x+bg
amp=s cNksflng nufgL M aLdsn] lgb]zg ^ adf]lhd u]sf] cNksflng nufgLnfO ozLifsdf hgfpg kg]5
kli6s0f M jfnftsf] ldltaf6 Ps jif leq eQmfgL k|fKt xg] sfL sfsf] hdfgt k|fKt ]Sol6L d2tL lgIf]k gfulsnufgL of]hgf a+s tyf ljQLo +yfsf] cu|flwsfz]odividel8j]Gr tyf cGo f]xL k|s[ltsf nufgLxnfOcNksflng nufgL Demg k5
8 aLdfn]vsf] lwtf]df shf M aLdsn] lgb]zg amp adf]lhd k|To]s lsldsf] aLdfsf]aLdfn]vsf] lwtf]df k|bfg u]sf] shfsf] of]ukmnnfO o zLifsdf hgfpg kg]5
9 gub tyf a+s dfHbft M -_ aLds+u x]sf] sn gub dfHbft sd tyf aLdssf]a+sdivideljQLo +yfsf] Aofh k|fKt gxg] vftfdf x]sf] sn sdnfO o zLifsdfhgfpg kg]5
10 cGo bL3sflng shf M lgb]zg amp adf]lhd n]vfIacuteg ulPsf] clestfnfO k|bfgulPsf] bL3sflng shf sdrfLnfO k|bfg ulPsf] bL3sflng shf tyf cGobL3sflng shfsf] of]ukmnnfO o zLifsdf hgfpg kg]5
kli6s0f M jfnftsf] ldltaf6 Ps jif eGbf al9 cjwL kl5 eQmfgLk|fKt xg] clestfnfO k|bfg ulPsf] shf sdrfLnfO k|bfgulPsf] shf tyf cGo f]xL k|s[tLsf shfxnfO bL3sflngshf Demg k5
)s= cGo cNksflng shf M lgb]zg amp adf]lhd n]vfIacuteg ulPsf] clestfnfO k|bfgulPsf] cNksflng shf sdrfLnfO k|bfg ulPsf] cNksflng shf tyf cGocNksflng shfsf] of]ukmnnfO o zLifsdf hgfpg kg]5
kli6s0f M jfnftsf] ldltaf6 Ps jif leq eQmfgL k|fKtxg] clestfnfO k|bfg ulPsf] shf sdrfLnfO k|bfgulPsf] shf tyf cGo f]xL k|s[tLsf shfxnfOcNksflng shf Demg k5
43
11 cGo DkQL M -_ o lgb]zg adf]lhd n]vfIacuteg ulPsf] aLdssf] nufgLaf6 k|fKt xgafFsL cfo aLdfn]vsf] lwtf]df shfaf6 k|fKt xg afFsL Aofh cGo shfaf6 k|fKt xgafFsL Aofh cGo aLdsaf6 k|fKt xg afFsL kgaLdsaf6 k|fKt xg aFfsL ljljwcffdL clu|d eQmfgL sdrfL k]ZsL cGo k]ZsL wf6L tyf cGosf] of]ukmnnfOo zLifsdf hgfpg kg]5
-_ cGo DkQLsf] ljj0f kllzi6 sf] cgrL $ adf]lhd xg kg]5
-_ cn xg afFsL aLdfzNs eP f]sf] of]ukmn kllzi6 sf] cgrL $ dfb]vfpg kg]5 f] cn xg afFsL aLdfzNs afasf] dNtjL -Suspense_ b]vfOvb k|efj (Net effect) zGo agfpg kg]5
12 rfn bfloTj M clestfnfO lbg afFsL cGo aLdsnfO lbg afFsL kgaLdsnfO lbgafFsL aLdfzNs wf6L k0f ljj0f gvn]sf] aLdfzNs ljljw fx xfosdividexf]lN8EumlsDkgLnfO lbg afFsL gtf]tdf ssectf ulPsf] s ltg afFsL cfos ltg afFsL]jfzNs ltg afFsL sdrfLnfO ltg afFsL +rfnsnfO ltg afFsL tyf cGo ltgafFsL sdxsf] of]ukmnnfO o zLifsdf hgfpg kg]5
13 cdfKt hf]lvd jfkt Jojyf M lgb]zg ( adf]lhdsf] cdfKt hf]lvd Jojyfsf]of]ukmnnfO o zLifsdf hgfpg kg]5
14 eQmfgL xg afFsL bfjL jfkt Jojyf M k|To]s lsldsf] aLdfsf] eQmfgL xg afFsLbfjLsf] nflu ulPsf] Jojyfsf] of]ukmnnfO o zLifsdf hgfpg kg]5
15 ckn]vg jf dfof]hg xg afFsL ljljw vrx M ckn]vg ug afFsL k|flDes vrckn]vg ug afFsL kj +rfng vr ckn]vg ug afFsL yug ulPsf vr tyfcGo ckn]vg jf dfof]hg gePsf vrxsf] of]ukmnnfO o zLifsdf hgfpgkg]5
-3_ k|dv rsfIacutexdf +nUg zLifsxsf] +lIfKt JofVof
1 g]6 jy = rQmf kFhL plusmn hu]8f tyf sf]if plusmn dxf ljkQL hu]8f ndashckn]vg jfdfof]hg xg afFsL ljljw vrx ndash gfkmf gf]Sfg lxfaaf6 f]sf] gf]Sfg
2 k|lt z]o lstfaL dNo = g]6 jydividefwf0f z]o +Vof
3 k|lt z]o cfo = vb gfkmfdividefwf0f z]o +Vof
4 dNo cfDbfgL cgkft = k|lt z]o ahf dNodividek|lt z]o cfo
5 sn DklQ = ly DklQ plusmn nufgL plusmn aLdfn]vsf] lwtf]df shf plusmn rfnDklQ shf tyf k]ZsLx
![Page 33: hLjg aLdf Joj;fo ug]{ aLdssf] ljQLo ljj/0f ;DaGwL lgb]{zg](https://reader033.vdocuments.site/reader033/viewer/2022053020/6291631db7b57c39db6663d6/html5/thumbnails/33.jpg)
33
9 kgaLdf sldzg cfDbfgL n]vfIacuteg gLlt M aLdsn] kgaLdf u] afkt k|fKt ug] sldzgsf]n]vfIacuteg ubf cjnDag u]sf] gLlt
10 cGo cfo n]vfIacuteg tyf afF8kmFf8 gLlt M aLdsn] ef8f -Rent_ tyf cGo zLifsaf6 ePsf]cfo n]vfIacuteg tyf afF8kmFf8 ubf cjnDag u]sf] gLlt
11 shf n]vfIacuteg gLlt M aLdsn] aLdfn]vsf] lwtf]df k|bfg u]sf] shf tyf cGo shfn]vfIacuteg ubf cjnDag u]sf] gLlt
12 Jojyfkg vr afF8kmFf8 gLlt M aLdsn] gfkmf gf]Sfg lxfa tyf cfo Joo lxfaxdfJojyfkg vr afF8kmFf8 ubf cjnDag u]sf] gLlt
13 aLdf bfjL eQmfgL vr n]vfIacuteg gLlt M aLdsn] aLdf bfjL eQmfgL vr n]vfIacuteg ubfcjnDag u]sf] gLlt
14 aLdf bfjL afkt bfloTj Jojyf n]vfIacuteg gLlt M -s_ gt[hgf ePsf] t hfgsfLdfgcfPsf] -IBNR_ aLdf bfjL afkt bfloTj Jojyf n]vfIacuteg ubf aLdsn] cjnDagu]sf] gLlt
-v_ aLdsn] aLdf bfjL bfloTj afkt Jojyf ubf cjnDag u]sf] gLlt
15 aLdf Jojfodf art afF8kmFf8 gLlt M aLdsn] gfkmf gf]Sfg lxfa tyf cfo Joolxfaxdf art afF8kmFf8 ubf cjnDag u]sf] gLlt
16 sdrfL pkbfg ljbf tyf cGo ljwf afkt Jojyf gLlt M aLdsn] sdrfL pkbfgljbf tyf cGo ljwf afkt Jojyf ubf cjnDag u]sf] n]vfIacuteg gLlt
17 z+sfkb cffdL Jojyf gLlt M aLdsn] z+sfkb cffdL Jojyf ubf cjnDag u]sf]gLlt
18 ckn]vg vr n]vfIacuteg gLlt M aLdsn] cjnDag u]sf] ckn]vg vr DaGwL gLlt
19 cGo gLltx M plNnlvt gLltx afx]s jfnft gfkmf gf]Sfg lxfa cfo Joo lxfanufotsf ljQLo ljj0fnfO apermilg ljZn]if0f ug 3fp kUg] uL cGo sg] n]vf gLltsf]hfgsfL lbg cfjZos b]lvPdf f] Joxf]f
34
cgrLndash(
ljQLo ljj0f+u DalGwt n]vf DaGwL l6Kk0fLx
n]vf DaGwL l6Kk0fLdf vnfpg kg] aFbfx M aLdsn] n]vf DaGwL l6Kk0fLdf b]xfosf aFbfxvnfpg kg]5
= Defljt bfloTjx M
c_ rQmf jf eQmfgL xg afFsL nufgL
cf_ k|Tofelt k|lta4tf -underwriting commitments_
O_ aLdfn]v cGtut eGbf afx]saf6 aLds pk bfjL k]sf] t aLdsn] bfloTj jLsfgu]sf]
O_ aLdsn] jf aLdssf] tkmaf6 lbOPsf] Uof]06L
p_ cGo bfloTj -ljj0f vnfpg]_
= aLdfIacuteLn] aLdssf] bfloTj dNofIacuteg ubf cjnDag u]sf] cfwfx
= aLdssf] DklQdf cfPsf] Lldttf tyf ljjfbx
$= shf nufgL tyf ly DklQsf] nflu ulPsf] k|lta4tf
= nufgL+u DalGwt b]xfosf vLb laqmL Demftfxsf] dNo M
c_ vLb ulPsf] DklQsf] jfldTj k|fKt gePsf]
cf_ laqmL ulPsf] DklQsf] eQmfgL k|fKt gePsf]
^= o jifeL ulPsf] nufgL tyf laqmLdividelkmtf lnPsf] nufgLsf] DaGwdf +yf ldltkldf0f sd d]t vn]sf] ljj0f
amp= a+s dfHbft lxfa DaGwdf DalGwt a+sdivideljQLo +yfsf] 6]6d]06 lxtsf] lxfaldnfg DaGwL Joxf]f
= aLdsdividekgaLds+u lng lbg afFsL lxfa DaGwdf DalGwt aLdsdividekgaLdssf]dyg lxtsf] lxfa ldnfg DaGwL Joxf]f
gf]6 Mndash bnfn (Broker) dfkmt ePsf] kgaLdfsf] xsdf fdfGot DalGwt bnfnn]kgaLdssf] tkmaf6 dyg lbg Sg]5
(= aLdsn] u]sf] nufgL k|rlnt aLdf P]g lgodfjnL tyf aLdf ldltaf6 tf]lsP adf]lhdx] gx]sf]
)= aLdssf] +rfns jf +rfns+u DalGwt JolQm jf +yf+u ePsf] sff]af
= aLdsn] cfˆgf] DklQsf] If0fdf lnPsf] C0fsf] lwtf] zt tyf cflrTo
= aLdsn] s rQmf k|df0fkq k|fKt u]sf] cf=j=tyf Totf] rQmf k|df0fkq k|fKt xg afFsLcf=j= f] DaGwL ljj0fsf fy] cl3Nnf] cf=j=xsf] s hljfgf Aofh afkt bfjLk]sf] o cf=j=df eQmfgL ePsf] sd
= lkmtf u]sf] aLdfzNssf] kldf0f sf0f
35
$=aLdsn] aLldtnfO k|bfg ug] 3f]lift tyf cGtld af]gsf] b
=l9nf] aLdfzNs eQmfgLdf lanDa zNsdivideAofhsf] b tyf aLdfn]vsf] lwtf]df k|bfg ulg]shfdf Aofhsf] b
^=ckn]vg xg afFsL vrsf] ljj0f
amp=rQmf kFhL dWo] clu|d eQmfgL k|fKt -Paid in advance_ eQmfgL k|fKt xg afFsL -Call inarrears_ hkmt ulPsf t kgM lgisfzg gulPsf z]osf] ljj0f
=lnh xf]N8 DklQdf ut jifDd o jif vr (Amortization) n]lvPsf] sdsf]ljj0f
(= jifeldf ePsf] jfnft aflxsf] sff]afsf] ljj0f
)= cl3Nnf aifx+u DalGwt cfDbfgL tyf vrxsf] 5sectf5sect ljj0f
=plNnlvt aFbfx afx]s jfnft gfkmf gf]Sfg lxfa cfo Joo lxfa nufotsfljQLo ljj0fxnfO apermilg ljZn]if0f ug 3fp kUg] cGo sg hfgsfL lbg cfjZosb]lvPdf cGo Joxf]f d]t vnfpg kg]5
36
cgrL )k|dv rsfIacutex
cf=a=qm=+= ljj0f rsfIacute
g]6 jy = z]o +Vof +Vof k|lt z]o lstfjL dNo =$ vb gfkmf = k|lt z]o cfo (EPS) =^ k|lt z]o nfef+z (DPS) =amp k|lt z]o ahf dNo (MPPS) = dNo cfDbfgL cgkft (PE Ratio) cgkft( k|yd aifsf] aLdfzNs =) sn aLdfzNs = vb aLdfzNsdividesn aLdfzNs k|ltzt vb gfkmfdividesn aLdfzNs k|ltzt sn aLdfzNsdividesn DklQ k|ltzt$ nufgL shfaf6 cfodividesn nufgL shf k|ltzt sn nufgL shfdividehLjg aLdfsf]if k|ltzt^ kgaLdf sldzg cfodividesn kgaLdfzNs k|ltztamp Jojyfkg vrdividesn aLdfzNs k|ltzt aLdf clestf DalGw vrdividesn aLdfzNs k|ltzt( aLdf clestf +Vof +Vof) sdrfL +Vof +Vof sfofnosf] +Vof +Vof sdrfL vrdivideJojyfkg vr k|ltzt sdrfL vrdividesdrfL +Vof =$ eQmfgL xg aFfsL bfjL sddivideeQmfgL ePsf] bfjL
sdk|ltzt
sn sfod x]sf] aLdfn]vsf] +Vof +Vofdf^ o jif gjLs0f ePsf] aLdfn]vsf] +Vofdivideut
jif sfod x]sf] aLdfn]vsf] +Vofk|ltzt
amp bfjL k]sf] aLdfn]vsf] +Vofdividesn sfod x]sf]aLdfn]vsf] +Vof
k|ltzt
f]Ne]GL dflhg k|ltzt( 3f]lift af]g b =
k|ltxhf) cGtld af]g b =
k|ltxhf
37
cgrL ndash
aLdfIacutesf] ljj0f
sfod x]sf]aLdfn]vsf] +Vof
sfod x]sf]aLdfn]v cGtut
hDdf aLdfIacute
d of6 ls(Sum at Risk)
kgaLdsnfOxtfGt0f ulPsf]
d of6 ls(Sum at Risk)
aLdsn] wf0fu]sf] d of6ls (Sum at
Risk)
qm=+= aLdfsf] lsld
o jif ut jif o jif ut jif o jif ut jif o jif ut jif o jif ut jif
hDdf
38
kllzi6 ndash
-lgb]zg +u DalGwt_
ljQLo ljj0fsf zLifsxsf] +lIfKt JofVof
-s_ cfo Joo lxfa tyf f] DaGwL cgrLsf zLifsxsf] +lIfKt JofVof M
1 k|ToIf aLdfzNs M aLdsn] kgaLdf jLsf u] afkt k|fKt aLdfzNs afx]s k|ydjifsf] aLdfzNs gjLs0f aLdfzNs Psn aLdfzNssf] of]ukmnaf6 lgodfgflkmtf u]sf] aLdfzNs ssectf uL o zLifsdf hgfpg kg]5
2 sn aLdfzNs M k|ToIf aLdfzNs aLdsn] kgaLdf jLsf u] afkt k|fKtaLdfzNssf] of]ukmnnfO o zLifsdf hgfpg kg]5
3 aLdfzNs -vb_ M sn aLdfzNsaf6 kgaLdf lbP afktsf] kgaLdf zNs ssectf uLafFsL sdnfO o zLifsdf hgfpg kg]5
4 kgaLdf sldzg cfo M -s_ aLdsn] kgaLdf lbP afkt k|fKt xg] kgaLdfsldzgnfO o zLifsdf hgfpg kg]5
-v_ aFbf g+=-s_ sf] cltlQm kgaLdsaf6 dgfkmf sldzg -Profit Commission_k|fKt ePdf f]nfO o zLifsdf dfj]z uL f]sf] Joxf]f n]vf DaGwLl6Kk0fLdf vnfpg kg]5
5 nufgL shf tyf cGoaf6 cfo M sfL ]Sol6Laf6 cfo d2tL lgIf]kaf6 cfoklAns sDkgLsf] z]odividel8j]Graf6 cfo ef8faf6 cfo shfaf6 cfo -aLdfn]vsf]lwtf]df shf afx]s_ cGo lgIf]kaf6 -d2tL afx]s_ cfo nufgL laqmLdf gfkmf -GognufgL laqmLdf gf]Sfg_ nufgL -vLb_ df gfkmf -Gog nufgL vLbdf gf]Sfg_ly DklQ laqmLaf6 gfkmf -Gog ly DklQ laqmLaf6 gf]Sfg_ vftf ckn]vgaf6cfo tyf cGo cfosf] of]ukmnnfO lgb]zg adf]lhd afF8kFmf8 uL cfPsf]sdnfO o zLifsdf hgfpg kg]5
6 aLdfn]vsf] lwtf]df shfaf6 cfo M aLdfn]vsf] lwtf]df shf k|bfg u] afkt k|fKt xg]Aofh lanDa zNs htf cfonfO o zLifsdf hgfpg kg]5
7 cGo k|ToIf cfoM aLldtn] tf]lsPsf] cjlwleq aLdfzNs gaemfP afkt aLdsn]eQmfgL k|fKt u]sf] hljfgfdivideAofhdivideljnDa zNs tyf aLdfn]vsf] k|ltlnkL btcfo l6s6 bt htf f]xL aLdfsf] lsld+u k|ToIf kdf DalGwt cfonfO ozLifsdf hgfpg kg]5
8 bfjL eQmfgL -vb_ M aLdsn] eQmfgL u]sf] d[To bfjL cjlw dfKtL bfjL cf+lzscjlw dfKtL bfjL dk0f dNo tyf cGo bfjLsf] of]ukmnnfO o zLifsdfhgfpg kg]5
9 clestf sldzg M k|yd jifsf] aLdfzNsdf clestf sldzg gjLs0f aLdfzNsdfclestf sldzg Psn aLdfzNsdf clestf sldzgsf] of]ukmnaf6 kgaLdssf]lxf ssectf uL afFsL sd o zLifsdf hgfpg kg]5
10 jfYo kLIf0f zNs M aLdf hf]lvdfIacutegsf] nflu jfYo kLIf0f ufP afkt aLdsn]Joxf]g k]sf] jfYo kLIf0f zNsnfO o zLifsdf hgfpg kg]5
39
11 kgaLdf sldzg vr M aLdsn] kgaLdf jLsf u] afkt eQmfgL ug kg] sldzgsdnfO o zLifsdf hgfpg kg]5
12 ]jf zNs -vb_ M aLdf ldltnfO aemfpg kg] sn ]jf zNsaf6 kgaLdssf] lxfssectf uL afFsL sdnfO o zLifsdf hgfpg kg]5
13 cGo k|ToIf vr M aLdfsf] lsld+u k|ToIf kn] DalGwt x]sf] cGo vrnfO ozLifsdf hgfpg kg]5
14 Jojyfkg vr M lgb]zg $ adf]lhd afF8kmFf8 uL cfPsf] sdnfO o zLifsdfhgfpg kg]5
15 cfos M -_ aLdssf] cfos bfloTjnfO lgb]zg adf]lhd afF8kmFf8 uL cfPsf]sdnfO o zLifsdf hgfpg kg]5 osf] ljj0f kllzi6 sf] cgrL adf]lhd xg kg]5
-_ cl3Nnf jif-x_ sf] cfos bfloTjnfO kllzi6 sf] cgrL sf] aeligcl3Nnfjifxsf] cfosAElig zLifsdf hgfpg kg]5 t Totf] cfosdf nfu]sf]b08dividehljfgfdivideljnDa zNsnfO gfkmf gf]Sfg lxfasf] aeligcl3Nnf jif+uDalGwt vrAElig zLifsdf hgfpg kg]5
16 cflys jifsf] cGTodf eQmfgL xg afFsL bfjL afkt Jojyf M cflys jifsf] cGTodfeQmfgL xg afFsL d[To bfjL cjlw dfKtL bfjL cf+lzs cjlw dfKtL bfjL dk0fdNo bfjL cGo bfjL tyf gt[hgf ePsf] t hfgsfLdf gcfPsf] bfjLsf] of]ukmndfaLdf lgodfjnL )$( sf] lgod sf] v08 -3_ adf]lhdsf] sd yk ubf xgcfpg] sdnfO o zLifsdf hgfpg kg]5
aLdssf] cgejsf] cfwfdf [hgf ePsf] t hfgsfLdf gcfPsf] bfjLsf] nflusd Aojyf ug kg]5
17 cflys jifsf] cGTodf cdfKt hf]lvd afkt Jojyf M aLdf cjlw dfKtL afktbfjL eQmfgL ug gkg] lsldsf] aLdfsf] cdfKt hf]lvd afkt lgb]zg ( adf]lhdJojyf uL cfPsf] sd o zLifsdf hgfpg kg]5
18 hLjg aLdf sf]ifdividegfkmf gf]Sfg lxfadf f]sf] artdivide-gf]Sfg_ M -_ aLdf cjlwdfKtL afkt bfjL eQmfgL ug kg] lsldsf] aLdfsf] cfo Joo lxfaaf6 art -surplus_ ePsf] cjyfdf o zLifsnfO aelighLjg aLdf sf]ifdf f]sf] artAElig sfoduL Totf] art sdnfO o zLifsdf hgfpg kg]5
-_ aLdf cjlw dfKtL afkt bfjL eQmfgL ug kg] lsldsf] aLdfsf] cfo Joolxfaaf6 gf]Sfg ePsf] cjyfdf o zLifsnfO aeliggfkmf gf]Sfg lxfadff]sf] gf]SfgAElig sfod uL Totf] gf]Sfg sdnfO o zLifsdf C0ffTdskdf hgfpg kg]5
-_ aLdf cjlw dfKtL afkt bfjL eQmfgL ug gkg] lsldsf] aLdfsf] cfo Joolxfasf] nflu o zLifsnfO aelighLjg aLdf sf]ifdf f]sf] sdAElig aeliggfkmfgf]Sfg lxfadf f]sf] artdivide-gf]Sfg_AElig uL bOj6f zLifs sfod uL aelighLjgaLdf sf]ifdf f]sf] sdAElig zLifsdf lgb]zgndash adf]lhdsf] sd hgfO afFsLsdnfO aeliggfkmf gf]Sfg lxfadf f]sf] artdivide-gf]Sfg_AElig zLifsdf hgfpgkg]5 tf]lsP adf]lhd hLjg aLdf sf]ifdf f]sf] sd hgfp+bf gf]Sfg ePdf
40
aeliggfkmf gf]Sfg lxfadf f]sf] artdivide-gf]Sfg_AElig zLifsdf Totf] gf]Sfg ePsf]sdnfO C0ffTds kdf hgfpg kg]5
-v_ gfkmf gf]Sfg lxfa tyf DalGwt cgrLsf zLifsxsf] +lIfKt JofVof M
1 cfo Joo lxfaaf6 f]sf] M aLdf cjlw dfKtL afkt bfjL eQmfgL ug gkg]lsldsf] aLdfxsf] cfo Joo lxfaaf6 aeliggfkmf gf]Sfg lxfadf f]sf] artdivide-gf]Sfg_AElig sdxsf] of]ukmnnfO o zLifsdf hgfpg kg]5
2 hLjg aLdf sf]ifaf6 f]sf] M k|rlnt sfggL Jojyf adf]lhd aLdssf] bfloTjsf]n]vfhf]vf DaGwL aLdfIacuteLsf] k|ltj]bg d]tsf] cfwfdf hLjg aLdf sf]ifaf6 gfkmfgf]Sfg lxfadf fgsf nflu ldltn] jLs[lt k|bfg u]sf] sdnfO o zLifsdfhgfpg kg]5
3 nufgL shf tyf cGoaf6 cfo M lgb]zg adf]lhd afF8kFmf8 uL cfPsf] sdnfOo zLifsdf hgfpg kg]5
4 Jojyf lkmtf M nufgLdf gf]SfgLsf] nflu ulPsf] Jojyf shfdf gf]SfgLsf] nfluulPsf] Jojyf z+sfkb cffdLsf] nflu ulPsf] Jojyf tyf cGosf] nfluulPsf] Jojyf sd cf+lzs jf k0fkn] sfod fVg kg] cjyf gx]df TotfsdxnfO o zLifsdf hgfpg kg]5
5 cGo cfDbfgL M aLdf Aojfo+u f]sf gePsf] kj +rfng cfDbfgL htfcfDbfgLxsf] of]ukmnnfO o zLifsdf hgfpg kg]5
6 Jojyfkg vr M lgb]zg $ adf]lhd afF8kmFf8 uL cfPsf] sdnfO o zLifsdfhgfpg kg]5
7 ckn]vg vr M k|flDes vrx kj +rfng vrx k flPsf vrx nufgLshf cffdL tyf cGo ckn]vg ulPsf] vrnfO o zLifsdf hgfpg kg]5 t+yfks +rfns tyf pRr Jojyfks jf lghx+u DalGwt JolQmdivide+yfDaGwL cffdL ckn]vg ug kfOg] 5g
8 cGo vrx M k|rlnt sfgg adf]lhd aLdf ldlt tyf cGo lgsfon] aLdsnfOtf]s]sf] b08 hljfgf aLdsn] pkof]u u]sf] ]jfsf] aemfpg kg] zNs dodfgaemfP afkt ltg kg] ljnDa zNs hljfgf nufotsf vrx o zLifsdfhgfpg kg]5
9 gf]SfgLsf] nflu Jojyf M nufgLdf gf]SfgLsf] nflu Jojyf shfdf gf]SfgLsf]nflu Jojyf z+sfkb cffdL Jojyf tyf cGo JojyfnfO o zLifsdf hgfpgkg]5
10 cfos M aLdssf] cfos bfloTjnfO lgb]zg adf]lhd afF8kmFf8 uL cfPsf]sdnfO o zLifsdf hgfpg kg]5
11 hLjg aLdf sf]ifdf f]sf] M aLdssf] bfloTjsf] n]vf hf]vf uL aLdfIacuteLn] lbPsf]dNofIacuteg k|ltj]bg d]tsf] cfwfdf ldltn] lbPsf] cfb]zdividelgb]zg adf]lhd hLjg
41
aLdf sf]ifdf f]sf] sdnfO o zLifsdf b]vfpg kg]5 oL hLjg aLdf sf]ifdff]sf] sd gfkmf gf]Sfg lxfadf lkmtf ug kfOg] 5g
12 cl3Nnf jif+u DalGwt vr M cl3Nnf jif-x_sf] cfosdf nfu]sf]b08dividehljfgfdivideljnDa zNs tyf cl3Nnf jifxdf n]vfIacuteg ug 56]sf vrxnufotsf cl3Nnf jif+u DalGwt vrnfO o zLifsdf hgfpg kg]5
-u_ jfnft tyf DalGwt cgrLsf zLifsxsf] +lIfKt JofVof M
1 rQmf kFhL M eQmfgL k|fKt ePsf] fwf0f z]o ckljtgLo cu|flws z]o tyfkljtgLo cu|flwsf z]o afktsf] sdsf] of]ukmnnfO o zLifsdf hgfpg kg]5
2 hu]8f tyf sf]if M aLdsn] hu]8f sfod ug] lnlnfdf gfkmfaf6 afF8kmfF8 ecfPsf jf cGo sg] k|lqmofaf6 gt[hgf ePsf tyf gfkmf gf]Sfg lxfadf afF8kmFf8guL +ro uL flvPsf] sdxnfO o zLifsdf hgfpg kg]5 oL hu]8f k|of]uubf DalGwt hu]8f tyf sf]if lxfadf vr hgfpg kg]5
-s_ kFhLut hu]8f M rQmf gePsf] z]osf] afFsL sd dfu ubf eQmfgL gu]sf]sf0fn] pQm z]onfO hkmt uL k|fKt xg cfPsf] sd kFhLut cgbfg afktk|fKt xg cfPsf] lhGL tyf gub sd tyf aLdssf] kFhL j[l4 ug] p2]Zon]gfkmfaf6 flPsf] sdnfO o zLifsdf hgfpg kg]5
-v_ z]o lk|ldod M aLdsn] cfˆgf] z]o hfL ubf z]osf] clIacutet dNo eGbf a9Lbn] hfL u]sf] x]5 eg] pQm al9 sd hlt o zLifsdf hgfpg kg]5 ozLifsdf hgfOPsf] sd nfef+z ljt0f k|of]hgsf] nflu of]Uo dflgg] 5g
-u_ k|tfljt af]gz z]o M aLdsn] k|tfj uL fwf0f efn] kflt u]sf] t hfLuL gs]sf] af]gz z]onfO o zLifsdf hgfpg kg]5
-3_ ljz]if hu]8f M aLdf ldltsf] lgb]zg adf]lhd sg cGo hu]8f sf]if v8f ugkbf Totf] sdnfO o zLifsdf hgfpg kg]5
-ordf_ cGo hu]8f M aLdsn] cGo k|of]hgsf] nflu v8f u]sf] hu]8fnfO o zLifsdfhgfpg kg]5
-r_ gfkmf gf]Sfg lxfaaf6 f]sf] M aLdssf] gfkmf gf]Sfg lxfaaf6 jfnftdff]sf] gfkmf sdnfO o zLifsdf hgfpg kg]5
3 hLjg aLdf sf]if M lgb]zg adf]lhd fVg kg] hLjg aLdfsf]ifxsf] of]ukmnnfOo zLifsdf hgfpg kg]5
4 dxfndashljkQL hu]8f M 7nf] kldf0fdf aLdf bfjL pTkGg xg Sg] dxfndashljkQL -catastrophy_ sf] cjyfdf aLdssf] ljQLo Ifdtfdf kg Sg] k|ltsn c sd ug]p2]Zon] gfkmfaf6 flPsf] sdnfO o zLifsdf hgfpg kg]5 o zLifsdfhgfOPsf] sd nfef+z ljt0f k|of]hgsf] nflu of]Uo dflgg] 5g
5 ltg afFsL bL3sflng C0f tyf fk6L M jfnftsf] ldltdf eQmfgL ug afFsLbL3sflng fk6LnfO o zLifsdf hgfpg kg]5
42
6 ly DkQL -vb_ MyfoL k|s[ltsf DkQLxsf] sn dNodf Xf ssectf uL afFsL x]sf]sdnfO o zLifsdf hgfpg kg]5
7 bL3sflng nufgL M aLdsn] lgb]zg ^ adf]lhd u]sf] bL3sflng nufgLnfO ozLifsdf hgfpg kg]5
kli6s0f M = jfnftsf] ldltaf6 Ps jif eGbf al9 cjwL kl5 eQmfgLk|fKt xg] sfL sfsf] hdfgt k|fKt ]Sol6Ld2tL lgIf]k gfuls nufgL of]hgf z]o a+s tyfljQLo +yfsf] cu|flwsf z]odividel8j]Gr tyf cGo f]xLk|s[ltsf nufgLxnfO bL3sflng nufgL Demg k5
= aLdsn] klAns sDkgLsf] z]odf nufgL u] afkt k|fKtxg] af]gz z]onfO z]o +Vofdf dfq b]vfO kn df]ndfsg kljtg ug x+bg
amp=s cNksflng nufgL M aLdsn] lgb]zg ^ adf]lhd u]sf] cNksflng nufgLnfO ozLifsdf hgfpg kg]5
kli6s0f M jfnftsf] ldltaf6 Ps jif leq eQmfgL k|fKt xg] sfL sfsf] hdfgt k|fKt ]Sol6L d2tL lgIf]k gfulsnufgL of]hgf a+s tyf ljQLo +yfsf] cu|flwsfz]odividel8j]Gr tyf cGo f]xL k|s[ltsf nufgLxnfOcNksflng nufgL Demg k5
8 aLdfn]vsf] lwtf]df shf M aLdsn] lgb]zg amp adf]lhd k|To]s lsldsf] aLdfsf]aLdfn]vsf] lwtf]df k|bfg u]sf] shfsf] of]ukmnnfO o zLifsdf hgfpg kg]5
9 gub tyf a+s dfHbft M -_ aLds+u x]sf] sn gub dfHbft sd tyf aLdssf]a+sdivideljQLo +yfsf] Aofh k|fKt gxg] vftfdf x]sf] sn sdnfO o zLifsdfhgfpg kg]5
10 cGo bL3sflng shf M lgb]zg amp adf]lhd n]vfIacuteg ulPsf] clestfnfO k|bfgulPsf] bL3sflng shf sdrfLnfO k|bfg ulPsf] bL3sflng shf tyf cGobL3sflng shfsf] of]ukmnnfO o zLifsdf hgfpg kg]5
kli6s0f M jfnftsf] ldltaf6 Ps jif eGbf al9 cjwL kl5 eQmfgLk|fKt xg] clestfnfO k|bfg ulPsf] shf sdrfLnfO k|bfgulPsf] shf tyf cGo f]xL k|s[tLsf shfxnfO bL3sflngshf Demg k5
)s= cGo cNksflng shf M lgb]zg amp adf]lhd n]vfIacuteg ulPsf] clestfnfO k|bfgulPsf] cNksflng shf sdrfLnfO k|bfg ulPsf] cNksflng shf tyf cGocNksflng shfsf] of]ukmnnfO o zLifsdf hgfpg kg]5
kli6s0f M jfnftsf] ldltaf6 Ps jif leq eQmfgL k|fKtxg] clestfnfO k|bfg ulPsf] shf sdrfLnfO k|bfgulPsf] shf tyf cGo f]xL k|s[tLsf shfxnfOcNksflng shf Demg k5
43
11 cGo DkQL M -_ o lgb]zg adf]lhd n]vfIacuteg ulPsf] aLdssf] nufgLaf6 k|fKt xgafFsL cfo aLdfn]vsf] lwtf]df shfaf6 k|fKt xg afFsL Aofh cGo shfaf6 k|fKt xgafFsL Aofh cGo aLdsaf6 k|fKt xg afFsL kgaLdsaf6 k|fKt xg aFfsL ljljwcffdL clu|d eQmfgL sdrfL k]ZsL cGo k]ZsL wf6L tyf cGosf] of]ukmnnfOo zLifsdf hgfpg kg]5
-_ cGo DkQLsf] ljj0f kllzi6 sf] cgrL $ adf]lhd xg kg]5
-_ cn xg afFsL aLdfzNs eP f]sf] of]ukmn kllzi6 sf] cgrL $ dfb]vfpg kg]5 f] cn xg afFsL aLdfzNs afasf] dNtjL -Suspense_ b]vfOvb k|efj (Net effect) zGo agfpg kg]5
12 rfn bfloTj M clestfnfO lbg afFsL cGo aLdsnfO lbg afFsL kgaLdsnfO lbgafFsL aLdfzNs wf6L k0f ljj0f gvn]sf] aLdfzNs ljljw fx xfosdividexf]lN8EumlsDkgLnfO lbg afFsL gtf]tdf ssectf ulPsf] s ltg afFsL cfos ltg afFsL]jfzNs ltg afFsL sdrfLnfO ltg afFsL +rfnsnfO ltg afFsL tyf cGo ltgafFsL sdxsf] of]ukmnnfO o zLifsdf hgfpg kg]5
13 cdfKt hf]lvd jfkt Jojyf M lgb]zg ( adf]lhdsf] cdfKt hf]lvd Jojyfsf]of]ukmnnfO o zLifsdf hgfpg kg]5
14 eQmfgL xg afFsL bfjL jfkt Jojyf M k|To]s lsldsf] aLdfsf] eQmfgL xg afFsLbfjLsf] nflu ulPsf] Jojyfsf] of]ukmnnfO o zLifsdf hgfpg kg]5
15 ckn]vg jf dfof]hg xg afFsL ljljw vrx M ckn]vg ug afFsL k|flDes vrckn]vg ug afFsL kj +rfng vr ckn]vg ug afFsL yug ulPsf vr tyfcGo ckn]vg jf dfof]hg gePsf vrxsf] of]ukmnnfO o zLifsdf hgfpgkg]5
-3_ k|dv rsfIacutexdf +nUg zLifsxsf] +lIfKt JofVof
1 g]6 jy = rQmf kFhL plusmn hu]8f tyf sf]if plusmn dxf ljkQL hu]8f ndashckn]vg jfdfof]hg xg afFsL ljljw vrx ndash gfkmf gf]Sfg lxfaaf6 f]sf] gf]Sfg
2 k|lt z]o lstfaL dNo = g]6 jydividefwf0f z]o +Vof
3 k|lt z]o cfo = vb gfkmfdividefwf0f z]o +Vof
4 dNo cfDbfgL cgkft = k|lt z]o ahf dNodividek|lt z]o cfo
5 sn DklQ = ly DklQ plusmn nufgL plusmn aLdfn]vsf] lwtf]df shf plusmn rfnDklQ shf tyf k]ZsLx
![Page 34: hLjg aLdf Joj;fo ug]{ aLdssf] ljQLo ljj/0f ;DaGwL lgb]{zg](https://reader033.vdocuments.site/reader033/viewer/2022053020/6291631db7b57c39db6663d6/html5/thumbnails/34.jpg)
34
cgrLndash(
ljQLo ljj0f+u DalGwt n]vf DaGwL l6Kk0fLx
n]vf DaGwL l6Kk0fLdf vnfpg kg] aFbfx M aLdsn] n]vf DaGwL l6Kk0fLdf b]xfosf aFbfxvnfpg kg]5
= Defljt bfloTjx M
c_ rQmf jf eQmfgL xg afFsL nufgL
cf_ k|Tofelt k|lta4tf -underwriting commitments_
O_ aLdfn]v cGtut eGbf afx]saf6 aLds pk bfjL k]sf] t aLdsn] bfloTj jLsfgu]sf]
O_ aLdsn] jf aLdssf] tkmaf6 lbOPsf] Uof]06L
p_ cGo bfloTj -ljj0f vnfpg]_
= aLdfIacuteLn] aLdssf] bfloTj dNofIacuteg ubf cjnDag u]sf] cfwfx
= aLdssf] DklQdf cfPsf] Lldttf tyf ljjfbx
$= shf nufgL tyf ly DklQsf] nflu ulPsf] k|lta4tf
= nufgL+u DalGwt b]xfosf vLb laqmL Demftfxsf] dNo M
c_ vLb ulPsf] DklQsf] jfldTj k|fKt gePsf]
cf_ laqmL ulPsf] DklQsf] eQmfgL k|fKt gePsf]
^= o jifeL ulPsf] nufgL tyf laqmLdividelkmtf lnPsf] nufgLsf] DaGwdf +yf ldltkldf0f sd d]t vn]sf] ljj0f
amp= a+s dfHbft lxfa DaGwdf DalGwt a+sdivideljQLo +yfsf] 6]6d]06 lxtsf] lxfaldnfg DaGwL Joxf]f
= aLdsdividekgaLds+u lng lbg afFsL lxfa DaGwdf DalGwt aLdsdividekgaLdssf]dyg lxtsf] lxfa ldnfg DaGwL Joxf]f
gf]6 Mndash bnfn (Broker) dfkmt ePsf] kgaLdfsf] xsdf fdfGot DalGwt bnfnn]kgaLdssf] tkmaf6 dyg lbg Sg]5
(= aLdsn] u]sf] nufgL k|rlnt aLdf P]g lgodfjnL tyf aLdf ldltaf6 tf]lsP adf]lhdx] gx]sf]
)= aLdssf] +rfns jf +rfns+u DalGwt JolQm jf +yf+u ePsf] sff]af
= aLdsn] cfˆgf] DklQsf] If0fdf lnPsf] C0fsf] lwtf] zt tyf cflrTo
= aLdsn] s rQmf k|df0fkq k|fKt u]sf] cf=j=tyf Totf] rQmf k|df0fkq k|fKt xg afFsLcf=j= f] DaGwL ljj0fsf fy] cl3Nnf] cf=j=xsf] s hljfgf Aofh afkt bfjLk]sf] o cf=j=df eQmfgL ePsf] sd
= lkmtf u]sf] aLdfzNssf] kldf0f sf0f
35
$=aLdsn] aLldtnfO k|bfg ug] 3f]lift tyf cGtld af]gsf] b
=l9nf] aLdfzNs eQmfgLdf lanDa zNsdivideAofhsf] b tyf aLdfn]vsf] lwtf]df k|bfg ulg]shfdf Aofhsf] b
^=ckn]vg xg afFsL vrsf] ljj0f
amp=rQmf kFhL dWo] clu|d eQmfgL k|fKt -Paid in advance_ eQmfgL k|fKt xg afFsL -Call inarrears_ hkmt ulPsf t kgM lgisfzg gulPsf z]osf] ljj0f
=lnh xf]N8 DklQdf ut jifDd o jif vr (Amortization) n]lvPsf] sdsf]ljj0f
(= jifeldf ePsf] jfnft aflxsf] sff]afsf] ljj0f
)= cl3Nnf aifx+u DalGwt cfDbfgL tyf vrxsf] 5sectf5sect ljj0f
=plNnlvt aFbfx afx]s jfnft gfkmf gf]Sfg lxfa cfo Joo lxfa nufotsfljQLo ljj0fxnfO apermilg ljZn]if0f ug 3fp kUg] cGo sg hfgsfL lbg cfjZosb]lvPdf cGo Joxf]f d]t vnfpg kg]5
36
cgrL )k|dv rsfIacutex
cf=a=qm=+= ljj0f rsfIacute
g]6 jy = z]o +Vof +Vof k|lt z]o lstfjL dNo =$ vb gfkmf = k|lt z]o cfo (EPS) =^ k|lt z]o nfef+z (DPS) =amp k|lt z]o ahf dNo (MPPS) = dNo cfDbfgL cgkft (PE Ratio) cgkft( k|yd aifsf] aLdfzNs =) sn aLdfzNs = vb aLdfzNsdividesn aLdfzNs k|ltzt vb gfkmfdividesn aLdfzNs k|ltzt sn aLdfzNsdividesn DklQ k|ltzt$ nufgL shfaf6 cfodividesn nufgL shf k|ltzt sn nufgL shfdividehLjg aLdfsf]if k|ltzt^ kgaLdf sldzg cfodividesn kgaLdfzNs k|ltztamp Jojyfkg vrdividesn aLdfzNs k|ltzt aLdf clestf DalGw vrdividesn aLdfzNs k|ltzt( aLdf clestf +Vof +Vof) sdrfL +Vof +Vof sfofnosf] +Vof +Vof sdrfL vrdivideJojyfkg vr k|ltzt sdrfL vrdividesdrfL +Vof =$ eQmfgL xg aFfsL bfjL sddivideeQmfgL ePsf] bfjL
sdk|ltzt
sn sfod x]sf] aLdfn]vsf] +Vof +Vofdf^ o jif gjLs0f ePsf] aLdfn]vsf] +Vofdivideut
jif sfod x]sf] aLdfn]vsf] +Vofk|ltzt
amp bfjL k]sf] aLdfn]vsf] +Vofdividesn sfod x]sf]aLdfn]vsf] +Vof
k|ltzt
f]Ne]GL dflhg k|ltzt( 3f]lift af]g b =
k|ltxhf) cGtld af]g b =
k|ltxhf
37
cgrL ndash
aLdfIacutesf] ljj0f
sfod x]sf]aLdfn]vsf] +Vof
sfod x]sf]aLdfn]v cGtut
hDdf aLdfIacute
d of6 ls(Sum at Risk)
kgaLdsnfOxtfGt0f ulPsf]
d of6 ls(Sum at Risk)
aLdsn] wf0fu]sf] d of6ls (Sum at
Risk)
qm=+= aLdfsf] lsld
o jif ut jif o jif ut jif o jif ut jif o jif ut jif o jif ut jif
hDdf
38
kllzi6 ndash
-lgb]zg +u DalGwt_
ljQLo ljj0fsf zLifsxsf] +lIfKt JofVof
-s_ cfo Joo lxfa tyf f] DaGwL cgrLsf zLifsxsf] +lIfKt JofVof M
1 k|ToIf aLdfzNs M aLdsn] kgaLdf jLsf u] afkt k|fKt aLdfzNs afx]s k|ydjifsf] aLdfzNs gjLs0f aLdfzNs Psn aLdfzNssf] of]ukmnaf6 lgodfgflkmtf u]sf] aLdfzNs ssectf uL o zLifsdf hgfpg kg]5
2 sn aLdfzNs M k|ToIf aLdfzNs aLdsn] kgaLdf jLsf u] afkt k|fKtaLdfzNssf] of]ukmnnfO o zLifsdf hgfpg kg]5
3 aLdfzNs -vb_ M sn aLdfzNsaf6 kgaLdf lbP afktsf] kgaLdf zNs ssectf uLafFsL sdnfO o zLifsdf hgfpg kg]5
4 kgaLdf sldzg cfo M -s_ aLdsn] kgaLdf lbP afkt k|fKt xg] kgaLdfsldzgnfO o zLifsdf hgfpg kg]5
-v_ aFbf g+=-s_ sf] cltlQm kgaLdsaf6 dgfkmf sldzg -Profit Commission_k|fKt ePdf f]nfO o zLifsdf dfj]z uL f]sf] Joxf]f n]vf DaGwLl6Kk0fLdf vnfpg kg]5
5 nufgL shf tyf cGoaf6 cfo M sfL ]Sol6Laf6 cfo d2tL lgIf]kaf6 cfoklAns sDkgLsf] z]odividel8j]Graf6 cfo ef8faf6 cfo shfaf6 cfo -aLdfn]vsf]lwtf]df shf afx]s_ cGo lgIf]kaf6 -d2tL afx]s_ cfo nufgL laqmLdf gfkmf -GognufgL laqmLdf gf]Sfg_ nufgL -vLb_ df gfkmf -Gog nufgL vLbdf gf]Sfg_ly DklQ laqmLaf6 gfkmf -Gog ly DklQ laqmLaf6 gf]Sfg_ vftf ckn]vgaf6cfo tyf cGo cfosf] of]ukmnnfO lgb]zg adf]lhd afF8kFmf8 uL cfPsf]sdnfO o zLifsdf hgfpg kg]5
6 aLdfn]vsf] lwtf]df shfaf6 cfo M aLdfn]vsf] lwtf]df shf k|bfg u] afkt k|fKt xg]Aofh lanDa zNs htf cfonfO o zLifsdf hgfpg kg]5
7 cGo k|ToIf cfoM aLldtn] tf]lsPsf] cjlwleq aLdfzNs gaemfP afkt aLdsn]eQmfgL k|fKt u]sf] hljfgfdivideAofhdivideljnDa zNs tyf aLdfn]vsf] k|ltlnkL btcfo l6s6 bt htf f]xL aLdfsf] lsld+u k|ToIf kdf DalGwt cfonfO ozLifsdf hgfpg kg]5
8 bfjL eQmfgL -vb_ M aLdsn] eQmfgL u]sf] d[To bfjL cjlw dfKtL bfjL cf+lzscjlw dfKtL bfjL dk0f dNo tyf cGo bfjLsf] of]ukmnnfO o zLifsdfhgfpg kg]5
9 clestf sldzg M k|yd jifsf] aLdfzNsdf clestf sldzg gjLs0f aLdfzNsdfclestf sldzg Psn aLdfzNsdf clestf sldzgsf] of]ukmnaf6 kgaLdssf]lxf ssectf uL afFsL sd o zLifsdf hgfpg kg]5
10 jfYo kLIf0f zNs M aLdf hf]lvdfIacutegsf] nflu jfYo kLIf0f ufP afkt aLdsn]Joxf]g k]sf] jfYo kLIf0f zNsnfO o zLifsdf hgfpg kg]5
39
11 kgaLdf sldzg vr M aLdsn] kgaLdf jLsf u] afkt eQmfgL ug kg] sldzgsdnfO o zLifsdf hgfpg kg]5
12 ]jf zNs -vb_ M aLdf ldltnfO aemfpg kg] sn ]jf zNsaf6 kgaLdssf] lxfssectf uL afFsL sdnfO o zLifsdf hgfpg kg]5
13 cGo k|ToIf vr M aLdfsf] lsld+u k|ToIf kn] DalGwt x]sf] cGo vrnfO ozLifsdf hgfpg kg]5
14 Jojyfkg vr M lgb]zg $ adf]lhd afF8kmFf8 uL cfPsf] sdnfO o zLifsdfhgfpg kg]5
15 cfos M -_ aLdssf] cfos bfloTjnfO lgb]zg adf]lhd afF8kmFf8 uL cfPsf]sdnfO o zLifsdf hgfpg kg]5 osf] ljj0f kllzi6 sf] cgrL adf]lhd xg kg]5
-_ cl3Nnf jif-x_ sf] cfos bfloTjnfO kllzi6 sf] cgrL sf] aeligcl3Nnfjifxsf] cfosAElig zLifsdf hgfpg kg]5 t Totf] cfosdf nfu]sf]b08dividehljfgfdivideljnDa zNsnfO gfkmf gf]Sfg lxfasf] aeligcl3Nnf jif+uDalGwt vrAElig zLifsdf hgfpg kg]5
16 cflys jifsf] cGTodf eQmfgL xg afFsL bfjL afkt Jojyf M cflys jifsf] cGTodfeQmfgL xg afFsL d[To bfjL cjlw dfKtL bfjL cf+lzs cjlw dfKtL bfjL dk0fdNo bfjL cGo bfjL tyf gt[hgf ePsf] t hfgsfLdf gcfPsf] bfjLsf] of]ukmndfaLdf lgodfjnL )$( sf] lgod sf] v08 -3_ adf]lhdsf] sd yk ubf xgcfpg] sdnfO o zLifsdf hgfpg kg]5
aLdssf] cgejsf] cfwfdf [hgf ePsf] t hfgsfLdf gcfPsf] bfjLsf] nflusd Aojyf ug kg]5
17 cflys jifsf] cGTodf cdfKt hf]lvd afkt Jojyf M aLdf cjlw dfKtL afktbfjL eQmfgL ug gkg] lsldsf] aLdfsf] cdfKt hf]lvd afkt lgb]zg ( adf]lhdJojyf uL cfPsf] sd o zLifsdf hgfpg kg]5
18 hLjg aLdf sf]ifdividegfkmf gf]Sfg lxfadf f]sf] artdivide-gf]Sfg_ M -_ aLdf cjlwdfKtL afkt bfjL eQmfgL ug kg] lsldsf] aLdfsf] cfo Joo lxfaaf6 art -surplus_ ePsf] cjyfdf o zLifsnfO aelighLjg aLdf sf]ifdf f]sf] artAElig sfoduL Totf] art sdnfO o zLifsdf hgfpg kg]5
-_ aLdf cjlw dfKtL afkt bfjL eQmfgL ug kg] lsldsf] aLdfsf] cfo Joolxfaaf6 gf]Sfg ePsf] cjyfdf o zLifsnfO aeliggfkmf gf]Sfg lxfadff]sf] gf]SfgAElig sfod uL Totf] gf]Sfg sdnfO o zLifsdf C0ffTdskdf hgfpg kg]5
-_ aLdf cjlw dfKtL afkt bfjL eQmfgL ug gkg] lsldsf] aLdfsf] cfo Joolxfasf] nflu o zLifsnfO aelighLjg aLdf sf]ifdf f]sf] sdAElig aeliggfkmfgf]Sfg lxfadf f]sf] artdivide-gf]Sfg_AElig uL bOj6f zLifs sfod uL aelighLjgaLdf sf]ifdf f]sf] sdAElig zLifsdf lgb]zgndash adf]lhdsf] sd hgfO afFsLsdnfO aeliggfkmf gf]Sfg lxfadf f]sf] artdivide-gf]Sfg_AElig zLifsdf hgfpgkg]5 tf]lsP adf]lhd hLjg aLdf sf]ifdf f]sf] sd hgfp+bf gf]Sfg ePdf
40
aeliggfkmf gf]Sfg lxfadf f]sf] artdivide-gf]Sfg_AElig zLifsdf Totf] gf]Sfg ePsf]sdnfO C0ffTds kdf hgfpg kg]5
-v_ gfkmf gf]Sfg lxfa tyf DalGwt cgrLsf zLifsxsf] +lIfKt JofVof M
1 cfo Joo lxfaaf6 f]sf] M aLdf cjlw dfKtL afkt bfjL eQmfgL ug gkg]lsldsf] aLdfxsf] cfo Joo lxfaaf6 aeliggfkmf gf]Sfg lxfadf f]sf] artdivide-gf]Sfg_AElig sdxsf] of]ukmnnfO o zLifsdf hgfpg kg]5
2 hLjg aLdf sf]ifaf6 f]sf] M k|rlnt sfggL Jojyf adf]lhd aLdssf] bfloTjsf]n]vfhf]vf DaGwL aLdfIacuteLsf] k|ltj]bg d]tsf] cfwfdf hLjg aLdf sf]ifaf6 gfkmfgf]Sfg lxfadf fgsf nflu ldltn] jLs[lt k|bfg u]sf] sdnfO o zLifsdfhgfpg kg]5
3 nufgL shf tyf cGoaf6 cfo M lgb]zg adf]lhd afF8kFmf8 uL cfPsf] sdnfOo zLifsdf hgfpg kg]5
4 Jojyf lkmtf M nufgLdf gf]SfgLsf] nflu ulPsf] Jojyf shfdf gf]SfgLsf] nfluulPsf] Jojyf z+sfkb cffdLsf] nflu ulPsf] Jojyf tyf cGosf] nfluulPsf] Jojyf sd cf+lzs jf k0fkn] sfod fVg kg] cjyf gx]df TotfsdxnfO o zLifsdf hgfpg kg]5
5 cGo cfDbfgL M aLdf Aojfo+u f]sf gePsf] kj +rfng cfDbfgL htfcfDbfgLxsf] of]ukmnnfO o zLifsdf hgfpg kg]5
6 Jojyfkg vr M lgb]zg $ adf]lhd afF8kmFf8 uL cfPsf] sdnfO o zLifsdfhgfpg kg]5
7 ckn]vg vr M k|flDes vrx kj +rfng vrx k flPsf vrx nufgLshf cffdL tyf cGo ckn]vg ulPsf] vrnfO o zLifsdf hgfpg kg]5 t+yfks +rfns tyf pRr Jojyfks jf lghx+u DalGwt JolQmdivide+yfDaGwL cffdL ckn]vg ug kfOg] 5g
8 cGo vrx M k|rlnt sfgg adf]lhd aLdf ldlt tyf cGo lgsfon] aLdsnfOtf]s]sf] b08 hljfgf aLdsn] pkof]u u]sf] ]jfsf] aemfpg kg] zNs dodfgaemfP afkt ltg kg] ljnDa zNs hljfgf nufotsf vrx o zLifsdfhgfpg kg]5
9 gf]SfgLsf] nflu Jojyf M nufgLdf gf]SfgLsf] nflu Jojyf shfdf gf]SfgLsf]nflu Jojyf z+sfkb cffdL Jojyf tyf cGo JojyfnfO o zLifsdf hgfpgkg]5
10 cfos M aLdssf] cfos bfloTjnfO lgb]zg adf]lhd afF8kmFf8 uL cfPsf]sdnfO o zLifsdf hgfpg kg]5
11 hLjg aLdf sf]ifdf f]sf] M aLdssf] bfloTjsf] n]vf hf]vf uL aLdfIacuteLn] lbPsf]dNofIacuteg k|ltj]bg d]tsf] cfwfdf ldltn] lbPsf] cfb]zdividelgb]zg adf]lhd hLjg
41
aLdf sf]ifdf f]sf] sdnfO o zLifsdf b]vfpg kg]5 oL hLjg aLdf sf]ifdff]sf] sd gfkmf gf]Sfg lxfadf lkmtf ug kfOg] 5g
12 cl3Nnf jif+u DalGwt vr M cl3Nnf jif-x_sf] cfosdf nfu]sf]b08dividehljfgfdivideljnDa zNs tyf cl3Nnf jifxdf n]vfIacuteg ug 56]sf vrxnufotsf cl3Nnf jif+u DalGwt vrnfO o zLifsdf hgfpg kg]5
-u_ jfnft tyf DalGwt cgrLsf zLifsxsf] +lIfKt JofVof M
1 rQmf kFhL M eQmfgL k|fKt ePsf] fwf0f z]o ckljtgLo cu|flws z]o tyfkljtgLo cu|flwsf z]o afktsf] sdsf] of]ukmnnfO o zLifsdf hgfpg kg]5
2 hu]8f tyf sf]if M aLdsn] hu]8f sfod ug] lnlnfdf gfkmfaf6 afF8kmfF8 ecfPsf jf cGo sg] k|lqmofaf6 gt[hgf ePsf tyf gfkmf gf]Sfg lxfadf afF8kmFf8guL +ro uL flvPsf] sdxnfO o zLifsdf hgfpg kg]5 oL hu]8f k|of]uubf DalGwt hu]8f tyf sf]if lxfadf vr hgfpg kg]5
-s_ kFhLut hu]8f M rQmf gePsf] z]osf] afFsL sd dfu ubf eQmfgL gu]sf]sf0fn] pQm z]onfO hkmt uL k|fKt xg cfPsf] sd kFhLut cgbfg afktk|fKt xg cfPsf] lhGL tyf gub sd tyf aLdssf] kFhL j[l4 ug] p2]Zon]gfkmfaf6 flPsf] sdnfO o zLifsdf hgfpg kg]5
-v_ z]o lk|ldod M aLdsn] cfˆgf] z]o hfL ubf z]osf] clIacutet dNo eGbf a9Lbn] hfL u]sf] x]5 eg] pQm al9 sd hlt o zLifsdf hgfpg kg]5 ozLifsdf hgfOPsf] sd nfef+z ljt0f k|of]hgsf] nflu of]Uo dflgg] 5g
-u_ k|tfljt af]gz z]o M aLdsn] k|tfj uL fwf0f efn] kflt u]sf] t hfLuL gs]sf] af]gz z]onfO o zLifsdf hgfpg kg]5
-3_ ljz]if hu]8f M aLdf ldltsf] lgb]zg adf]lhd sg cGo hu]8f sf]if v8f ugkbf Totf] sdnfO o zLifsdf hgfpg kg]5
-ordf_ cGo hu]8f M aLdsn] cGo k|of]hgsf] nflu v8f u]sf] hu]8fnfO o zLifsdfhgfpg kg]5
-r_ gfkmf gf]Sfg lxfaaf6 f]sf] M aLdssf] gfkmf gf]Sfg lxfaaf6 jfnftdff]sf] gfkmf sdnfO o zLifsdf hgfpg kg]5
3 hLjg aLdf sf]if M lgb]zg adf]lhd fVg kg] hLjg aLdfsf]ifxsf] of]ukmnnfOo zLifsdf hgfpg kg]5
4 dxfndashljkQL hu]8f M 7nf] kldf0fdf aLdf bfjL pTkGg xg Sg] dxfndashljkQL -catastrophy_ sf] cjyfdf aLdssf] ljQLo Ifdtfdf kg Sg] k|ltsn c sd ug]p2]Zon] gfkmfaf6 flPsf] sdnfO o zLifsdf hgfpg kg]5 o zLifsdfhgfOPsf] sd nfef+z ljt0f k|of]hgsf] nflu of]Uo dflgg] 5g
5 ltg afFsL bL3sflng C0f tyf fk6L M jfnftsf] ldltdf eQmfgL ug afFsLbL3sflng fk6LnfO o zLifsdf hgfpg kg]5
42
6 ly DkQL -vb_ MyfoL k|s[ltsf DkQLxsf] sn dNodf Xf ssectf uL afFsL x]sf]sdnfO o zLifsdf hgfpg kg]5
7 bL3sflng nufgL M aLdsn] lgb]zg ^ adf]lhd u]sf] bL3sflng nufgLnfO ozLifsdf hgfpg kg]5
kli6s0f M = jfnftsf] ldltaf6 Ps jif eGbf al9 cjwL kl5 eQmfgLk|fKt xg] sfL sfsf] hdfgt k|fKt ]Sol6Ld2tL lgIf]k gfuls nufgL of]hgf z]o a+s tyfljQLo +yfsf] cu|flwsf z]odividel8j]Gr tyf cGo f]xLk|s[ltsf nufgLxnfO bL3sflng nufgL Demg k5
= aLdsn] klAns sDkgLsf] z]odf nufgL u] afkt k|fKtxg] af]gz z]onfO z]o +Vofdf dfq b]vfO kn df]ndfsg kljtg ug x+bg
amp=s cNksflng nufgL M aLdsn] lgb]zg ^ adf]lhd u]sf] cNksflng nufgLnfO ozLifsdf hgfpg kg]5
kli6s0f M jfnftsf] ldltaf6 Ps jif leq eQmfgL k|fKt xg] sfL sfsf] hdfgt k|fKt ]Sol6L d2tL lgIf]k gfulsnufgL of]hgf a+s tyf ljQLo +yfsf] cu|flwsfz]odividel8j]Gr tyf cGo f]xL k|s[ltsf nufgLxnfOcNksflng nufgL Demg k5
8 aLdfn]vsf] lwtf]df shf M aLdsn] lgb]zg amp adf]lhd k|To]s lsldsf] aLdfsf]aLdfn]vsf] lwtf]df k|bfg u]sf] shfsf] of]ukmnnfO o zLifsdf hgfpg kg]5
9 gub tyf a+s dfHbft M -_ aLds+u x]sf] sn gub dfHbft sd tyf aLdssf]a+sdivideljQLo +yfsf] Aofh k|fKt gxg] vftfdf x]sf] sn sdnfO o zLifsdfhgfpg kg]5
10 cGo bL3sflng shf M lgb]zg amp adf]lhd n]vfIacuteg ulPsf] clestfnfO k|bfgulPsf] bL3sflng shf sdrfLnfO k|bfg ulPsf] bL3sflng shf tyf cGobL3sflng shfsf] of]ukmnnfO o zLifsdf hgfpg kg]5
kli6s0f M jfnftsf] ldltaf6 Ps jif eGbf al9 cjwL kl5 eQmfgLk|fKt xg] clestfnfO k|bfg ulPsf] shf sdrfLnfO k|bfgulPsf] shf tyf cGo f]xL k|s[tLsf shfxnfO bL3sflngshf Demg k5
)s= cGo cNksflng shf M lgb]zg amp adf]lhd n]vfIacuteg ulPsf] clestfnfO k|bfgulPsf] cNksflng shf sdrfLnfO k|bfg ulPsf] cNksflng shf tyf cGocNksflng shfsf] of]ukmnnfO o zLifsdf hgfpg kg]5
kli6s0f M jfnftsf] ldltaf6 Ps jif leq eQmfgL k|fKtxg] clestfnfO k|bfg ulPsf] shf sdrfLnfO k|bfgulPsf] shf tyf cGo f]xL k|s[tLsf shfxnfOcNksflng shf Demg k5
43
11 cGo DkQL M -_ o lgb]zg adf]lhd n]vfIacuteg ulPsf] aLdssf] nufgLaf6 k|fKt xgafFsL cfo aLdfn]vsf] lwtf]df shfaf6 k|fKt xg afFsL Aofh cGo shfaf6 k|fKt xgafFsL Aofh cGo aLdsaf6 k|fKt xg afFsL kgaLdsaf6 k|fKt xg aFfsL ljljwcffdL clu|d eQmfgL sdrfL k]ZsL cGo k]ZsL wf6L tyf cGosf] of]ukmnnfOo zLifsdf hgfpg kg]5
-_ cGo DkQLsf] ljj0f kllzi6 sf] cgrL $ adf]lhd xg kg]5
-_ cn xg afFsL aLdfzNs eP f]sf] of]ukmn kllzi6 sf] cgrL $ dfb]vfpg kg]5 f] cn xg afFsL aLdfzNs afasf] dNtjL -Suspense_ b]vfOvb k|efj (Net effect) zGo agfpg kg]5
12 rfn bfloTj M clestfnfO lbg afFsL cGo aLdsnfO lbg afFsL kgaLdsnfO lbgafFsL aLdfzNs wf6L k0f ljj0f gvn]sf] aLdfzNs ljljw fx xfosdividexf]lN8EumlsDkgLnfO lbg afFsL gtf]tdf ssectf ulPsf] s ltg afFsL cfos ltg afFsL]jfzNs ltg afFsL sdrfLnfO ltg afFsL +rfnsnfO ltg afFsL tyf cGo ltgafFsL sdxsf] of]ukmnnfO o zLifsdf hgfpg kg]5
13 cdfKt hf]lvd jfkt Jojyf M lgb]zg ( adf]lhdsf] cdfKt hf]lvd Jojyfsf]of]ukmnnfO o zLifsdf hgfpg kg]5
14 eQmfgL xg afFsL bfjL jfkt Jojyf M k|To]s lsldsf] aLdfsf] eQmfgL xg afFsLbfjLsf] nflu ulPsf] Jojyfsf] of]ukmnnfO o zLifsdf hgfpg kg]5
15 ckn]vg jf dfof]hg xg afFsL ljljw vrx M ckn]vg ug afFsL k|flDes vrckn]vg ug afFsL kj +rfng vr ckn]vg ug afFsL yug ulPsf vr tyfcGo ckn]vg jf dfof]hg gePsf vrxsf] of]ukmnnfO o zLifsdf hgfpgkg]5
-3_ k|dv rsfIacutexdf +nUg zLifsxsf] +lIfKt JofVof
1 g]6 jy = rQmf kFhL plusmn hu]8f tyf sf]if plusmn dxf ljkQL hu]8f ndashckn]vg jfdfof]hg xg afFsL ljljw vrx ndash gfkmf gf]Sfg lxfaaf6 f]sf] gf]Sfg
2 k|lt z]o lstfaL dNo = g]6 jydividefwf0f z]o +Vof
3 k|lt z]o cfo = vb gfkmfdividefwf0f z]o +Vof
4 dNo cfDbfgL cgkft = k|lt z]o ahf dNodividek|lt z]o cfo
5 sn DklQ = ly DklQ plusmn nufgL plusmn aLdfn]vsf] lwtf]df shf plusmn rfnDklQ shf tyf k]ZsLx
![Page 35: hLjg aLdf Joj;fo ug]{ aLdssf] ljQLo ljj/0f ;DaGwL lgb]{zg](https://reader033.vdocuments.site/reader033/viewer/2022053020/6291631db7b57c39db6663d6/html5/thumbnails/35.jpg)
35
$=aLdsn] aLldtnfO k|bfg ug] 3f]lift tyf cGtld af]gsf] b
=l9nf] aLdfzNs eQmfgLdf lanDa zNsdivideAofhsf] b tyf aLdfn]vsf] lwtf]df k|bfg ulg]shfdf Aofhsf] b
^=ckn]vg xg afFsL vrsf] ljj0f
amp=rQmf kFhL dWo] clu|d eQmfgL k|fKt -Paid in advance_ eQmfgL k|fKt xg afFsL -Call inarrears_ hkmt ulPsf t kgM lgisfzg gulPsf z]osf] ljj0f
=lnh xf]N8 DklQdf ut jifDd o jif vr (Amortization) n]lvPsf] sdsf]ljj0f
(= jifeldf ePsf] jfnft aflxsf] sff]afsf] ljj0f
)= cl3Nnf aifx+u DalGwt cfDbfgL tyf vrxsf] 5sectf5sect ljj0f
=plNnlvt aFbfx afx]s jfnft gfkmf gf]Sfg lxfa cfo Joo lxfa nufotsfljQLo ljj0fxnfO apermilg ljZn]if0f ug 3fp kUg] cGo sg hfgsfL lbg cfjZosb]lvPdf cGo Joxf]f d]t vnfpg kg]5
36
cgrL )k|dv rsfIacutex
cf=a=qm=+= ljj0f rsfIacute
g]6 jy = z]o +Vof +Vof k|lt z]o lstfjL dNo =$ vb gfkmf = k|lt z]o cfo (EPS) =^ k|lt z]o nfef+z (DPS) =amp k|lt z]o ahf dNo (MPPS) = dNo cfDbfgL cgkft (PE Ratio) cgkft( k|yd aifsf] aLdfzNs =) sn aLdfzNs = vb aLdfzNsdividesn aLdfzNs k|ltzt vb gfkmfdividesn aLdfzNs k|ltzt sn aLdfzNsdividesn DklQ k|ltzt$ nufgL shfaf6 cfodividesn nufgL shf k|ltzt sn nufgL shfdividehLjg aLdfsf]if k|ltzt^ kgaLdf sldzg cfodividesn kgaLdfzNs k|ltztamp Jojyfkg vrdividesn aLdfzNs k|ltzt aLdf clestf DalGw vrdividesn aLdfzNs k|ltzt( aLdf clestf +Vof +Vof) sdrfL +Vof +Vof sfofnosf] +Vof +Vof sdrfL vrdivideJojyfkg vr k|ltzt sdrfL vrdividesdrfL +Vof =$ eQmfgL xg aFfsL bfjL sddivideeQmfgL ePsf] bfjL
sdk|ltzt
sn sfod x]sf] aLdfn]vsf] +Vof +Vofdf^ o jif gjLs0f ePsf] aLdfn]vsf] +Vofdivideut
jif sfod x]sf] aLdfn]vsf] +Vofk|ltzt
amp bfjL k]sf] aLdfn]vsf] +Vofdividesn sfod x]sf]aLdfn]vsf] +Vof
k|ltzt
f]Ne]GL dflhg k|ltzt( 3f]lift af]g b =
k|ltxhf) cGtld af]g b =
k|ltxhf
37
cgrL ndash
aLdfIacutesf] ljj0f
sfod x]sf]aLdfn]vsf] +Vof
sfod x]sf]aLdfn]v cGtut
hDdf aLdfIacute
d of6 ls(Sum at Risk)
kgaLdsnfOxtfGt0f ulPsf]
d of6 ls(Sum at Risk)
aLdsn] wf0fu]sf] d of6ls (Sum at
Risk)
qm=+= aLdfsf] lsld
o jif ut jif o jif ut jif o jif ut jif o jif ut jif o jif ut jif
hDdf
38
kllzi6 ndash
-lgb]zg +u DalGwt_
ljQLo ljj0fsf zLifsxsf] +lIfKt JofVof
-s_ cfo Joo lxfa tyf f] DaGwL cgrLsf zLifsxsf] +lIfKt JofVof M
1 k|ToIf aLdfzNs M aLdsn] kgaLdf jLsf u] afkt k|fKt aLdfzNs afx]s k|ydjifsf] aLdfzNs gjLs0f aLdfzNs Psn aLdfzNssf] of]ukmnaf6 lgodfgflkmtf u]sf] aLdfzNs ssectf uL o zLifsdf hgfpg kg]5
2 sn aLdfzNs M k|ToIf aLdfzNs aLdsn] kgaLdf jLsf u] afkt k|fKtaLdfzNssf] of]ukmnnfO o zLifsdf hgfpg kg]5
3 aLdfzNs -vb_ M sn aLdfzNsaf6 kgaLdf lbP afktsf] kgaLdf zNs ssectf uLafFsL sdnfO o zLifsdf hgfpg kg]5
4 kgaLdf sldzg cfo M -s_ aLdsn] kgaLdf lbP afkt k|fKt xg] kgaLdfsldzgnfO o zLifsdf hgfpg kg]5
-v_ aFbf g+=-s_ sf] cltlQm kgaLdsaf6 dgfkmf sldzg -Profit Commission_k|fKt ePdf f]nfO o zLifsdf dfj]z uL f]sf] Joxf]f n]vf DaGwLl6Kk0fLdf vnfpg kg]5
5 nufgL shf tyf cGoaf6 cfo M sfL ]Sol6Laf6 cfo d2tL lgIf]kaf6 cfoklAns sDkgLsf] z]odividel8j]Graf6 cfo ef8faf6 cfo shfaf6 cfo -aLdfn]vsf]lwtf]df shf afx]s_ cGo lgIf]kaf6 -d2tL afx]s_ cfo nufgL laqmLdf gfkmf -GognufgL laqmLdf gf]Sfg_ nufgL -vLb_ df gfkmf -Gog nufgL vLbdf gf]Sfg_ly DklQ laqmLaf6 gfkmf -Gog ly DklQ laqmLaf6 gf]Sfg_ vftf ckn]vgaf6cfo tyf cGo cfosf] of]ukmnnfO lgb]zg adf]lhd afF8kFmf8 uL cfPsf]sdnfO o zLifsdf hgfpg kg]5
6 aLdfn]vsf] lwtf]df shfaf6 cfo M aLdfn]vsf] lwtf]df shf k|bfg u] afkt k|fKt xg]Aofh lanDa zNs htf cfonfO o zLifsdf hgfpg kg]5
7 cGo k|ToIf cfoM aLldtn] tf]lsPsf] cjlwleq aLdfzNs gaemfP afkt aLdsn]eQmfgL k|fKt u]sf] hljfgfdivideAofhdivideljnDa zNs tyf aLdfn]vsf] k|ltlnkL btcfo l6s6 bt htf f]xL aLdfsf] lsld+u k|ToIf kdf DalGwt cfonfO ozLifsdf hgfpg kg]5
8 bfjL eQmfgL -vb_ M aLdsn] eQmfgL u]sf] d[To bfjL cjlw dfKtL bfjL cf+lzscjlw dfKtL bfjL dk0f dNo tyf cGo bfjLsf] of]ukmnnfO o zLifsdfhgfpg kg]5
9 clestf sldzg M k|yd jifsf] aLdfzNsdf clestf sldzg gjLs0f aLdfzNsdfclestf sldzg Psn aLdfzNsdf clestf sldzgsf] of]ukmnaf6 kgaLdssf]lxf ssectf uL afFsL sd o zLifsdf hgfpg kg]5
10 jfYo kLIf0f zNs M aLdf hf]lvdfIacutegsf] nflu jfYo kLIf0f ufP afkt aLdsn]Joxf]g k]sf] jfYo kLIf0f zNsnfO o zLifsdf hgfpg kg]5
39
11 kgaLdf sldzg vr M aLdsn] kgaLdf jLsf u] afkt eQmfgL ug kg] sldzgsdnfO o zLifsdf hgfpg kg]5
12 ]jf zNs -vb_ M aLdf ldltnfO aemfpg kg] sn ]jf zNsaf6 kgaLdssf] lxfssectf uL afFsL sdnfO o zLifsdf hgfpg kg]5
13 cGo k|ToIf vr M aLdfsf] lsld+u k|ToIf kn] DalGwt x]sf] cGo vrnfO ozLifsdf hgfpg kg]5
14 Jojyfkg vr M lgb]zg $ adf]lhd afF8kmFf8 uL cfPsf] sdnfO o zLifsdfhgfpg kg]5
15 cfos M -_ aLdssf] cfos bfloTjnfO lgb]zg adf]lhd afF8kmFf8 uL cfPsf]sdnfO o zLifsdf hgfpg kg]5 osf] ljj0f kllzi6 sf] cgrL adf]lhd xg kg]5
-_ cl3Nnf jif-x_ sf] cfos bfloTjnfO kllzi6 sf] cgrL sf] aeligcl3Nnfjifxsf] cfosAElig zLifsdf hgfpg kg]5 t Totf] cfosdf nfu]sf]b08dividehljfgfdivideljnDa zNsnfO gfkmf gf]Sfg lxfasf] aeligcl3Nnf jif+uDalGwt vrAElig zLifsdf hgfpg kg]5
16 cflys jifsf] cGTodf eQmfgL xg afFsL bfjL afkt Jojyf M cflys jifsf] cGTodfeQmfgL xg afFsL d[To bfjL cjlw dfKtL bfjL cf+lzs cjlw dfKtL bfjL dk0fdNo bfjL cGo bfjL tyf gt[hgf ePsf] t hfgsfLdf gcfPsf] bfjLsf] of]ukmndfaLdf lgodfjnL )$( sf] lgod sf] v08 -3_ adf]lhdsf] sd yk ubf xgcfpg] sdnfO o zLifsdf hgfpg kg]5
aLdssf] cgejsf] cfwfdf [hgf ePsf] t hfgsfLdf gcfPsf] bfjLsf] nflusd Aojyf ug kg]5
17 cflys jifsf] cGTodf cdfKt hf]lvd afkt Jojyf M aLdf cjlw dfKtL afktbfjL eQmfgL ug gkg] lsldsf] aLdfsf] cdfKt hf]lvd afkt lgb]zg ( adf]lhdJojyf uL cfPsf] sd o zLifsdf hgfpg kg]5
18 hLjg aLdf sf]ifdividegfkmf gf]Sfg lxfadf f]sf] artdivide-gf]Sfg_ M -_ aLdf cjlwdfKtL afkt bfjL eQmfgL ug kg] lsldsf] aLdfsf] cfo Joo lxfaaf6 art -surplus_ ePsf] cjyfdf o zLifsnfO aelighLjg aLdf sf]ifdf f]sf] artAElig sfoduL Totf] art sdnfO o zLifsdf hgfpg kg]5
-_ aLdf cjlw dfKtL afkt bfjL eQmfgL ug kg] lsldsf] aLdfsf] cfo Joolxfaaf6 gf]Sfg ePsf] cjyfdf o zLifsnfO aeliggfkmf gf]Sfg lxfadff]sf] gf]SfgAElig sfod uL Totf] gf]Sfg sdnfO o zLifsdf C0ffTdskdf hgfpg kg]5
-_ aLdf cjlw dfKtL afkt bfjL eQmfgL ug gkg] lsldsf] aLdfsf] cfo Joolxfasf] nflu o zLifsnfO aelighLjg aLdf sf]ifdf f]sf] sdAElig aeliggfkmfgf]Sfg lxfadf f]sf] artdivide-gf]Sfg_AElig uL bOj6f zLifs sfod uL aelighLjgaLdf sf]ifdf f]sf] sdAElig zLifsdf lgb]zgndash adf]lhdsf] sd hgfO afFsLsdnfO aeliggfkmf gf]Sfg lxfadf f]sf] artdivide-gf]Sfg_AElig zLifsdf hgfpgkg]5 tf]lsP adf]lhd hLjg aLdf sf]ifdf f]sf] sd hgfp+bf gf]Sfg ePdf
40
aeliggfkmf gf]Sfg lxfadf f]sf] artdivide-gf]Sfg_AElig zLifsdf Totf] gf]Sfg ePsf]sdnfO C0ffTds kdf hgfpg kg]5
-v_ gfkmf gf]Sfg lxfa tyf DalGwt cgrLsf zLifsxsf] +lIfKt JofVof M
1 cfo Joo lxfaaf6 f]sf] M aLdf cjlw dfKtL afkt bfjL eQmfgL ug gkg]lsldsf] aLdfxsf] cfo Joo lxfaaf6 aeliggfkmf gf]Sfg lxfadf f]sf] artdivide-gf]Sfg_AElig sdxsf] of]ukmnnfO o zLifsdf hgfpg kg]5
2 hLjg aLdf sf]ifaf6 f]sf] M k|rlnt sfggL Jojyf adf]lhd aLdssf] bfloTjsf]n]vfhf]vf DaGwL aLdfIacuteLsf] k|ltj]bg d]tsf] cfwfdf hLjg aLdf sf]ifaf6 gfkmfgf]Sfg lxfadf fgsf nflu ldltn] jLs[lt k|bfg u]sf] sdnfO o zLifsdfhgfpg kg]5
3 nufgL shf tyf cGoaf6 cfo M lgb]zg adf]lhd afF8kFmf8 uL cfPsf] sdnfOo zLifsdf hgfpg kg]5
4 Jojyf lkmtf M nufgLdf gf]SfgLsf] nflu ulPsf] Jojyf shfdf gf]SfgLsf] nfluulPsf] Jojyf z+sfkb cffdLsf] nflu ulPsf] Jojyf tyf cGosf] nfluulPsf] Jojyf sd cf+lzs jf k0fkn] sfod fVg kg] cjyf gx]df TotfsdxnfO o zLifsdf hgfpg kg]5
5 cGo cfDbfgL M aLdf Aojfo+u f]sf gePsf] kj +rfng cfDbfgL htfcfDbfgLxsf] of]ukmnnfO o zLifsdf hgfpg kg]5
6 Jojyfkg vr M lgb]zg $ adf]lhd afF8kmFf8 uL cfPsf] sdnfO o zLifsdfhgfpg kg]5
7 ckn]vg vr M k|flDes vrx kj +rfng vrx k flPsf vrx nufgLshf cffdL tyf cGo ckn]vg ulPsf] vrnfO o zLifsdf hgfpg kg]5 t+yfks +rfns tyf pRr Jojyfks jf lghx+u DalGwt JolQmdivide+yfDaGwL cffdL ckn]vg ug kfOg] 5g
8 cGo vrx M k|rlnt sfgg adf]lhd aLdf ldlt tyf cGo lgsfon] aLdsnfOtf]s]sf] b08 hljfgf aLdsn] pkof]u u]sf] ]jfsf] aemfpg kg] zNs dodfgaemfP afkt ltg kg] ljnDa zNs hljfgf nufotsf vrx o zLifsdfhgfpg kg]5
9 gf]SfgLsf] nflu Jojyf M nufgLdf gf]SfgLsf] nflu Jojyf shfdf gf]SfgLsf]nflu Jojyf z+sfkb cffdL Jojyf tyf cGo JojyfnfO o zLifsdf hgfpgkg]5
10 cfos M aLdssf] cfos bfloTjnfO lgb]zg adf]lhd afF8kmFf8 uL cfPsf]sdnfO o zLifsdf hgfpg kg]5
11 hLjg aLdf sf]ifdf f]sf] M aLdssf] bfloTjsf] n]vf hf]vf uL aLdfIacuteLn] lbPsf]dNofIacuteg k|ltj]bg d]tsf] cfwfdf ldltn] lbPsf] cfb]zdividelgb]zg adf]lhd hLjg
41
aLdf sf]ifdf f]sf] sdnfO o zLifsdf b]vfpg kg]5 oL hLjg aLdf sf]ifdff]sf] sd gfkmf gf]Sfg lxfadf lkmtf ug kfOg] 5g
12 cl3Nnf jif+u DalGwt vr M cl3Nnf jif-x_sf] cfosdf nfu]sf]b08dividehljfgfdivideljnDa zNs tyf cl3Nnf jifxdf n]vfIacuteg ug 56]sf vrxnufotsf cl3Nnf jif+u DalGwt vrnfO o zLifsdf hgfpg kg]5
-u_ jfnft tyf DalGwt cgrLsf zLifsxsf] +lIfKt JofVof M
1 rQmf kFhL M eQmfgL k|fKt ePsf] fwf0f z]o ckljtgLo cu|flws z]o tyfkljtgLo cu|flwsf z]o afktsf] sdsf] of]ukmnnfO o zLifsdf hgfpg kg]5
2 hu]8f tyf sf]if M aLdsn] hu]8f sfod ug] lnlnfdf gfkmfaf6 afF8kmfF8 ecfPsf jf cGo sg] k|lqmofaf6 gt[hgf ePsf tyf gfkmf gf]Sfg lxfadf afF8kmFf8guL +ro uL flvPsf] sdxnfO o zLifsdf hgfpg kg]5 oL hu]8f k|of]uubf DalGwt hu]8f tyf sf]if lxfadf vr hgfpg kg]5
-s_ kFhLut hu]8f M rQmf gePsf] z]osf] afFsL sd dfu ubf eQmfgL gu]sf]sf0fn] pQm z]onfO hkmt uL k|fKt xg cfPsf] sd kFhLut cgbfg afktk|fKt xg cfPsf] lhGL tyf gub sd tyf aLdssf] kFhL j[l4 ug] p2]Zon]gfkmfaf6 flPsf] sdnfO o zLifsdf hgfpg kg]5
-v_ z]o lk|ldod M aLdsn] cfˆgf] z]o hfL ubf z]osf] clIacutet dNo eGbf a9Lbn] hfL u]sf] x]5 eg] pQm al9 sd hlt o zLifsdf hgfpg kg]5 ozLifsdf hgfOPsf] sd nfef+z ljt0f k|of]hgsf] nflu of]Uo dflgg] 5g
-u_ k|tfljt af]gz z]o M aLdsn] k|tfj uL fwf0f efn] kflt u]sf] t hfLuL gs]sf] af]gz z]onfO o zLifsdf hgfpg kg]5
-3_ ljz]if hu]8f M aLdf ldltsf] lgb]zg adf]lhd sg cGo hu]8f sf]if v8f ugkbf Totf] sdnfO o zLifsdf hgfpg kg]5
-ordf_ cGo hu]8f M aLdsn] cGo k|of]hgsf] nflu v8f u]sf] hu]8fnfO o zLifsdfhgfpg kg]5
-r_ gfkmf gf]Sfg lxfaaf6 f]sf] M aLdssf] gfkmf gf]Sfg lxfaaf6 jfnftdff]sf] gfkmf sdnfO o zLifsdf hgfpg kg]5
3 hLjg aLdf sf]if M lgb]zg adf]lhd fVg kg] hLjg aLdfsf]ifxsf] of]ukmnnfOo zLifsdf hgfpg kg]5
4 dxfndashljkQL hu]8f M 7nf] kldf0fdf aLdf bfjL pTkGg xg Sg] dxfndashljkQL -catastrophy_ sf] cjyfdf aLdssf] ljQLo Ifdtfdf kg Sg] k|ltsn c sd ug]p2]Zon] gfkmfaf6 flPsf] sdnfO o zLifsdf hgfpg kg]5 o zLifsdfhgfOPsf] sd nfef+z ljt0f k|of]hgsf] nflu of]Uo dflgg] 5g
5 ltg afFsL bL3sflng C0f tyf fk6L M jfnftsf] ldltdf eQmfgL ug afFsLbL3sflng fk6LnfO o zLifsdf hgfpg kg]5
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6 ly DkQL -vb_ MyfoL k|s[ltsf DkQLxsf] sn dNodf Xf ssectf uL afFsL x]sf]sdnfO o zLifsdf hgfpg kg]5
7 bL3sflng nufgL M aLdsn] lgb]zg ^ adf]lhd u]sf] bL3sflng nufgLnfO ozLifsdf hgfpg kg]5
kli6s0f M = jfnftsf] ldltaf6 Ps jif eGbf al9 cjwL kl5 eQmfgLk|fKt xg] sfL sfsf] hdfgt k|fKt ]Sol6Ld2tL lgIf]k gfuls nufgL of]hgf z]o a+s tyfljQLo +yfsf] cu|flwsf z]odividel8j]Gr tyf cGo f]xLk|s[ltsf nufgLxnfO bL3sflng nufgL Demg k5
= aLdsn] klAns sDkgLsf] z]odf nufgL u] afkt k|fKtxg] af]gz z]onfO z]o +Vofdf dfq b]vfO kn df]ndfsg kljtg ug x+bg
amp=s cNksflng nufgL M aLdsn] lgb]zg ^ adf]lhd u]sf] cNksflng nufgLnfO ozLifsdf hgfpg kg]5
kli6s0f M jfnftsf] ldltaf6 Ps jif leq eQmfgL k|fKt xg] sfL sfsf] hdfgt k|fKt ]Sol6L d2tL lgIf]k gfulsnufgL of]hgf a+s tyf ljQLo +yfsf] cu|flwsfz]odividel8j]Gr tyf cGo f]xL k|s[ltsf nufgLxnfOcNksflng nufgL Demg k5
8 aLdfn]vsf] lwtf]df shf M aLdsn] lgb]zg amp adf]lhd k|To]s lsldsf] aLdfsf]aLdfn]vsf] lwtf]df k|bfg u]sf] shfsf] of]ukmnnfO o zLifsdf hgfpg kg]5
9 gub tyf a+s dfHbft M -_ aLds+u x]sf] sn gub dfHbft sd tyf aLdssf]a+sdivideljQLo +yfsf] Aofh k|fKt gxg] vftfdf x]sf] sn sdnfO o zLifsdfhgfpg kg]5
10 cGo bL3sflng shf M lgb]zg amp adf]lhd n]vfIacuteg ulPsf] clestfnfO k|bfgulPsf] bL3sflng shf sdrfLnfO k|bfg ulPsf] bL3sflng shf tyf cGobL3sflng shfsf] of]ukmnnfO o zLifsdf hgfpg kg]5
kli6s0f M jfnftsf] ldltaf6 Ps jif eGbf al9 cjwL kl5 eQmfgLk|fKt xg] clestfnfO k|bfg ulPsf] shf sdrfLnfO k|bfgulPsf] shf tyf cGo f]xL k|s[tLsf shfxnfO bL3sflngshf Demg k5
)s= cGo cNksflng shf M lgb]zg amp adf]lhd n]vfIacuteg ulPsf] clestfnfO k|bfgulPsf] cNksflng shf sdrfLnfO k|bfg ulPsf] cNksflng shf tyf cGocNksflng shfsf] of]ukmnnfO o zLifsdf hgfpg kg]5
kli6s0f M jfnftsf] ldltaf6 Ps jif leq eQmfgL k|fKtxg] clestfnfO k|bfg ulPsf] shf sdrfLnfO k|bfgulPsf] shf tyf cGo f]xL k|s[tLsf shfxnfOcNksflng shf Demg k5
43
11 cGo DkQL M -_ o lgb]zg adf]lhd n]vfIacuteg ulPsf] aLdssf] nufgLaf6 k|fKt xgafFsL cfo aLdfn]vsf] lwtf]df shfaf6 k|fKt xg afFsL Aofh cGo shfaf6 k|fKt xgafFsL Aofh cGo aLdsaf6 k|fKt xg afFsL kgaLdsaf6 k|fKt xg aFfsL ljljwcffdL clu|d eQmfgL sdrfL k]ZsL cGo k]ZsL wf6L tyf cGosf] of]ukmnnfOo zLifsdf hgfpg kg]5
-_ cGo DkQLsf] ljj0f kllzi6 sf] cgrL $ adf]lhd xg kg]5
-_ cn xg afFsL aLdfzNs eP f]sf] of]ukmn kllzi6 sf] cgrL $ dfb]vfpg kg]5 f] cn xg afFsL aLdfzNs afasf] dNtjL -Suspense_ b]vfOvb k|efj (Net effect) zGo agfpg kg]5
12 rfn bfloTj M clestfnfO lbg afFsL cGo aLdsnfO lbg afFsL kgaLdsnfO lbgafFsL aLdfzNs wf6L k0f ljj0f gvn]sf] aLdfzNs ljljw fx xfosdividexf]lN8EumlsDkgLnfO lbg afFsL gtf]tdf ssectf ulPsf] s ltg afFsL cfos ltg afFsL]jfzNs ltg afFsL sdrfLnfO ltg afFsL +rfnsnfO ltg afFsL tyf cGo ltgafFsL sdxsf] of]ukmnnfO o zLifsdf hgfpg kg]5
13 cdfKt hf]lvd jfkt Jojyf M lgb]zg ( adf]lhdsf] cdfKt hf]lvd Jojyfsf]of]ukmnnfO o zLifsdf hgfpg kg]5
14 eQmfgL xg afFsL bfjL jfkt Jojyf M k|To]s lsldsf] aLdfsf] eQmfgL xg afFsLbfjLsf] nflu ulPsf] Jojyfsf] of]ukmnnfO o zLifsdf hgfpg kg]5
15 ckn]vg jf dfof]hg xg afFsL ljljw vrx M ckn]vg ug afFsL k|flDes vrckn]vg ug afFsL kj +rfng vr ckn]vg ug afFsL yug ulPsf vr tyfcGo ckn]vg jf dfof]hg gePsf vrxsf] of]ukmnnfO o zLifsdf hgfpgkg]5
-3_ k|dv rsfIacutexdf +nUg zLifsxsf] +lIfKt JofVof
1 g]6 jy = rQmf kFhL plusmn hu]8f tyf sf]if plusmn dxf ljkQL hu]8f ndashckn]vg jfdfof]hg xg afFsL ljljw vrx ndash gfkmf gf]Sfg lxfaaf6 f]sf] gf]Sfg
2 k|lt z]o lstfaL dNo = g]6 jydividefwf0f z]o +Vof
3 k|lt z]o cfo = vb gfkmfdividefwf0f z]o +Vof
4 dNo cfDbfgL cgkft = k|lt z]o ahf dNodividek|lt z]o cfo
5 sn DklQ = ly DklQ plusmn nufgL plusmn aLdfn]vsf] lwtf]df shf plusmn rfnDklQ shf tyf k]ZsLx
![Page 36: hLjg aLdf Joj;fo ug]{ aLdssf] ljQLo ljj/0f ;DaGwL lgb]{zg](https://reader033.vdocuments.site/reader033/viewer/2022053020/6291631db7b57c39db6663d6/html5/thumbnails/36.jpg)
36
cgrL )k|dv rsfIacutex
cf=a=qm=+= ljj0f rsfIacute
g]6 jy = z]o +Vof +Vof k|lt z]o lstfjL dNo =$ vb gfkmf = k|lt z]o cfo (EPS) =^ k|lt z]o nfef+z (DPS) =amp k|lt z]o ahf dNo (MPPS) = dNo cfDbfgL cgkft (PE Ratio) cgkft( k|yd aifsf] aLdfzNs =) sn aLdfzNs = vb aLdfzNsdividesn aLdfzNs k|ltzt vb gfkmfdividesn aLdfzNs k|ltzt sn aLdfzNsdividesn DklQ k|ltzt$ nufgL shfaf6 cfodividesn nufgL shf k|ltzt sn nufgL shfdividehLjg aLdfsf]if k|ltzt^ kgaLdf sldzg cfodividesn kgaLdfzNs k|ltztamp Jojyfkg vrdividesn aLdfzNs k|ltzt aLdf clestf DalGw vrdividesn aLdfzNs k|ltzt( aLdf clestf +Vof +Vof) sdrfL +Vof +Vof sfofnosf] +Vof +Vof sdrfL vrdivideJojyfkg vr k|ltzt sdrfL vrdividesdrfL +Vof =$ eQmfgL xg aFfsL bfjL sddivideeQmfgL ePsf] bfjL
sdk|ltzt
sn sfod x]sf] aLdfn]vsf] +Vof +Vofdf^ o jif gjLs0f ePsf] aLdfn]vsf] +Vofdivideut
jif sfod x]sf] aLdfn]vsf] +Vofk|ltzt
amp bfjL k]sf] aLdfn]vsf] +Vofdividesn sfod x]sf]aLdfn]vsf] +Vof
k|ltzt
f]Ne]GL dflhg k|ltzt( 3f]lift af]g b =
k|ltxhf) cGtld af]g b =
k|ltxhf
37
cgrL ndash
aLdfIacutesf] ljj0f
sfod x]sf]aLdfn]vsf] +Vof
sfod x]sf]aLdfn]v cGtut
hDdf aLdfIacute
d of6 ls(Sum at Risk)
kgaLdsnfOxtfGt0f ulPsf]
d of6 ls(Sum at Risk)
aLdsn] wf0fu]sf] d of6ls (Sum at
Risk)
qm=+= aLdfsf] lsld
o jif ut jif o jif ut jif o jif ut jif o jif ut jif o jif ut jif
hDdf
38
kllzi6 ndash
-lgb]zg +u DalGwt_
ljQLo ljj0fsf zLifsxsf] +lIfKt JofVof
-s_ cfo Joo lxfa tyf f] DaGwL cgrLsf zLifsxsf] +lIfKt JofVof M
1 k|ToIf aLdfzNs M aLdsn] kgaLdf jLsf u] afkt k|fKt aLdfzNs afx]s k|ydjifsf] aLdfzNs gjLs0f aLdfzNs Psn aLdfzNssf] of]ukmnaf6 lgodfgflkmtf u]sf] aLdfzNs ssectf uL o zLifsdf hgfpg kg]5
2 sn aLdfzNs M k|ToIf aLdfzNs aLdsn] kgaLdf jLsf u] afkt k|fKtaLdfzNssf] of]ukmnnfO o zLifsdf hgfpg kg]5
3 aLdfzNs -vb_ M sn aLdfzNsaf6 kgaLdf lbP afktsf] kgaLdf zNs ssectf uLafFsL sdnfO o zLifsdf hgfpg kg]5
4 kgaLdf sldzg cfo M -s_ aLdsn] kgaLdf lbP afkt k|fKt xg] kgaLdfsldzgnfO o zLifsdf hgfpg kg]5
-v_ aFbf g+=-s_ sf] cltlQm kgaLdsaf6 dgfkmf sldzg -Profit Commission_k|fKt ePdf f]nfO o zLifsdf dfj]z uL f]sf] Joxf]f n]vf DaGwLl6Kk0fLdf vnfpg kg]5
5 nufgL shf tyf cGoaf6 cfo M sfL ]Sol6Laf6 cfo d2tL lgIf]kaf6 cfoklAns sDkgLsf] z]odividel8j]Graf6 cfo ef8faf6 cfo shfaf6 cfo -aLdfn]vsf]lwtf]df shf afx]s_ cGo lgIf]kaf6 -d2tL afx]s_ cfo nufgL laqmLdf gfkmf -GognufgL laqmLdf gf]Sfg_ nufgL -vLb_ df gfkmf -Gog nufgL vLbdf gf]Sfg_ly DklQ laqmLaf6 gfkmf -Gog ly DklQ laqmLaf6 gf]Sfg_ vftf ckn]vgaf6cfo tyf cGo cfosf] of]ukmnnfO lgb]zg adf]lhd afF8kFmf8 uL cfPsf]sdnfO o zLifsdf hgfpg kg]5
6 aLdfn]vsf] lwtf]df shfaf6 cfo M aLdfn]vsf] lwtf]df shf k|bfg u] afkt k|fKt xg]Aofh lanDa zNs htf cfonfO o zLifsdf hgfpg kg]5
7 cGo k|ToIf cfoM aLldtn] tf]lsPsf] cjlwleq aLdfzNs gaemfP afkt aLdsn]eQmfgL k|fKt u]sf] hljfgfdivideAofhdivideljnDa zNs tyf aLdfn]vsf] k|ltlnkL btcfo l6s6 bt htf f]xL aLdfsf] lsld+u k|ToIf kdf DalGwt cfonfO ozLifsdf hgfpg kg]5
8 bfjL eQmfgL -vb_ M aLdsn] eQmfgL u]sf] d[To bfjL cjlw dfKtL bfjL cf+lzscjlw dfKtL bfjL dk0f dNo tyf cGo bfjLsf] of]ukmnnfO o zLifsdfhgfpg kg]5
9 clestf sldzg M k|yd jifsf] aLdfzNsdf clestf sldzg gjLs0f aLdfzNsdfclestf sldzg Psn aLdfzNsdf clestf sldzgsf] of]ukmnaf6 kgaLdssf]lxf ssectf uL afFsL sd o zLifsdf hgfpg kg]5
10 jfYo kLIf0f zNs M aLdf hf]lvdfIacutegsf] nflu jfYo kLIf0f ufP afkt aLdsn]Joxf]g k]sf] jfYo kLIf0f zNsnfO o zLifsdf hgfpg kg]5
39
11 kgaLdf sldzg vr M aLdsn] kgaLdf jLsf u] afkt eQmfgL ug kg] sldzgsdnfO o zLifsdf hgfpg kg]5
12 ]jf zNs -vb_ M aLdf ldltnfO aemfpg kg] sn ]jf zNsaf6 kgaLdssf] lxfssectf uL afFsL sdnfO o zLifsdf hgfpg kg]5
13 cGo k|ToIf vr M aLdfsf] lsld+u k|ToIf kn] DalGwt x]sf] cGo vrnfO ozLifsdf hgfpg kg]5
14 Jojyfkg vr M lgb]zg $ adf]lhd afF8kmFf8 uL cfPsf] sdnfO o zLifsdfhgfpg kg]5
15 cfos M -_ aLdssf] cfos bfloTjnfO lgb]zg adf]lhd afF8kmFf8 uL cfPsf]sdnfO o zLifsdf hgfpg kg]5 osf] ljj0f kllzi6 sf] cgrL adf]lhd xg kg]5
-_ cl3Nnf jif-x_ sf] cfos bfloTjnfO kllzi6 sf] cgrL sf] aeligcl3Nnfjifxsf] cfosAElig zLifsdf hgfpg kg]5 t Totf] cfosdf nfu]sf]b08dividehljfgfdivideljnDa zNsnfO gfkmf gf]Sfg lxfasf] aeligcl3Nnf jif+uDalGwt vrAElig zLifsdf hgfpg kg]5
16 cflys jifsf] cGTodf eQmfgL xg afFsL bfjL afkt Jojyf M cflys jifsf] cGTodfeQmfgL xg afFsL d[To bfjL cjlw dfKtL bfjL cf+lzs cjlw dfKtL bfjL dk0fdNo bfjL cGo bfjL tyf gt[hgf ePsf] t hfgsfLdf gcfPsf] bfjLsf] of]ukmndfaLdf lgodfjnL )$( sf] lgod sf] v08 -3_ adf]lhdsf] sd yk ubf xgcfpg] sdnfO o zLifsdf hgfpg kg]5
aLdssf] cgejsf] cfwfdf [hgf ePsf] t hfgsfLdf gcfPsf] bfjLsf] nflusd Aojyf ug kg]5
17 cflys jifsf] cGTodf cdfKt hf]lvd afkt Jojyf M aLdf cjlw dfKtL afktbfjL eQmfgL ug gkg] lsldsf] aLdfsf] cdfKt hf]lvd afkt lgb]zg ( adf]lhdJojyf uL cfPsf] sd o zLifsdf hgfpg kg]5
18 hLjg aLdf sf]ifdividegfkmf gf]Sfg lxfadf f]sf] artdivide-gf]Sfg_ M -_ aLdf cjlwdfKtL afkt bfjL eQmfgL ug kg] lsldsf] aLdfsf] cfo Joo lxfaaf6 art -surplus_ ePsf] cjyfdf o zLifsnfO aelighLjg aLdf sf]ifdf f]sf] artAElig sfoduL Totf] art sdnfO o zLifsdf hgfpg kg]5
-_ aLdf cjlw dfKtL afkt bfjL eQmfgL ug kg] lsldsf] aLdfsf] cfo Joolxfaaf6 gf]Sfg ePsf] cjyfdf o zLifsnfO aeliggfkmf gf]Sfg lxfadff]sf] gf]SfgAElig sfod uL Totf] gf]Sfg sdnfO o zLifsdf C0ffTdskdf hgfpg kg]5
-_ aLdf cjlw dfKtL afkt bfjL eQmfgL ug gkg] lsldsf] aLdfsf] cfo Joolxfasf] nflu o zLifsnfO aelighLjg aLdf sf]ifdf f]sf] sdAElig aeliggfkmfgf]Sfg lxfadf f]sf] artdivide-gf]Sfg_AElig uL bOj6f zLifs sfod uL aelighLjgaLdf sf]ifdf f]sf] sdAElig zLifsdf lgb]zgndash adf]lhdsf] sd hgfO afFsLsdnfO aeliggfkmf gf]Sfg lxfadf f]sf] artdivide-gf]Sfg_AElig zLifsdf hgfpgkg]5 tf]lsP adf]lhd hLjg aLdf sf]ifdf f]sf] sd hgfp+bf gf]Sfg ePdf
40
aeliggfkmf gf]Sfg lxfadf f]sf] artdivide-gf]Sfg_AElig zLifsdf Totf] gf]Sfg ePsf]sdnfO C0ffTds kdf hgfpg kg]5
-v_ gfkmf gf]Sfg lxfa tyf DalGwt cgrLsf zLifsxsf] +lIfKt JofVof M
1 cfo Joo lxfaaf6 f]sf] M aLdf cjlw dfKtL afkt bfjL eQmfgL ug gkg]lsldsf] aLdfxsf] cfo Joo lxfaaf6 aeliggfkmf gf]Sfg lxfadf f]sf] artdivide-gf]Sfg_AElig sdxsf] of]ukmnnfO o zLifsdf hgfpg kg]5
2 hLjg aLdf sf]ifaf6 f]sf] M k|rlnt sfggL Jojyf adf]lhd aLdssf] bfloTjsf]n]vfhf]vf DaGwL aLdfIacuteLsf] k|ltj]bg d]tsf] cfwfdf hLjg aLdf sf]ifaf6 gfkmfgf]Sfg lxfadf fgsf nflu ldltn] jLs[lt k|bfg u]sf] sdnfO o zLifsdfhgfpg kg]5
3 nufgL shf tyf cGoaf6 cfo M lgb]zg adf]lhd afF8kFmf8 uL cfPsf] sdnfOo zLifsdf hgfpg kg]5
4 Jojyf lkmtf M nufgLdf gf]SfgLsf] nflu ulPsf] Jojyf shfdf gf]SfgLsf] nfluulPsf] Jojyf z+sfkb cffdLsf] nflu ulPsf] Jojyf tyf cGosf] nfluulPsf] Jojyf sd cf+lzs jf k0fkn] sfod fVg kg] cjyf gx]df TotfsdxnfO o zLifsdf hgfpg kg]5
5 cGo cfDbfgL M aLdf Aojfo+u f]sf gePsf] kj +rfng cfDbfgL htfcfDbfgLxsf] of]ukmnnfO o zLifsdf hgfpg kg]5
6 Jojyfkg vr M lgb]zg $ adf]lhd afF8kmFf8 uL cfPsf] sdnfO o zLifsdfhgfpg kg]5
7 ckn]vg vr M k|flDes vrx kj +rfng vrx k flPsf vrx nufgLshf cffdL tyf cGo ckn]vg ulPsf] vrnfO o zLifsdf hgfpg kg]5 t+yfks +rfns tyf pRr Jojyfks jf lghx+u DalGwt JolQmdivide+yfDaGwL cffdL ckn]vg ug kfOg] 5g
8 cGo vrx M k|rlnt sfgg adf]lhd aLdf ldlt tyf cGo lgsfon] aLdsnfOtf]s]sf] b08 hljfgf aLdsn] pkof]u u]sf] ]jfsf] aemfpg kg] zNs dodfgaemfP afkt ltg kg] ljnDa zNs hljfgf nufotsf vrx o zLifsdfhgfpg kg]5
9 gf]SfgLsf] nflu Jojyf M nufgLdf gf]SfgLsf] nflu Jojyf shfdf gf]SfgLsf]nflu Jojyf z+sfkb cffdL Jojyf tyf cGo JojyfnfO o zLifsdf hgfpgkg]5
10 cfos M aLdssf] cfos bfloTjnfO lgb]zg adf]lhd afF8kmFf8 uL cfPsf]sdnfO o zLifsdf hgfpg kg]5
11 hLjg aLdf sf]ifdf f]sf] M aLdssf] bfloTjsf] n]vf hf]vf uL aLdfIacuteLn] lbPsf]dNofIacuteg k|ltj]bg d]tsf] cfwfdf ldltn] lbPsf] cfb]zdividelgb]zg adf]lhd hLjg
41
aLdf sf]ifdf f]sf] sdnfO o zLifsdf b]vfpg kg]5 oL hLjg aLdf sf]ifdff]sf] sd gfkmf gf]Sfg lxfadf lkmtf ug kfOg] 5g
12 cl3Nnf jif+u DalGwt vr M cl3Nnf jif-x_sf] cfosdf nfu]sf]b08dividehljfgfdivideljnDa zNs tyf cl3Nnf jifxdf n]vfIacuteg ug 56]sf vrxnufotsf cl3Nnf jif+u DalGwt vrnfO o zLifsdf hgfpg kg]5
-u_ jfnft tyf DalGwt cgrLsf zLifsxsf] +lIfKt JofVof M
1 rQmf kFhL M eQmfgL k|fKt ePsf] fwf0f z]o ckljtgLo cu|flws z]o tyfkljtgLo cu|flwsf z]o afktsf] sdsf] of]ukmnnfO o zLifsdf hgfpg kg]5
2 hu]8f tyf sf]if M aLdsn] hu]8f sfod ug] lnlnfdf gfkmfaf6 afF8kmfF8 ecfPsf jf cGo sg] k|lqmofaf6 gt[hgf ePsf tyf gfkmf gf]Sfg lxfadf afF8kmFf8guL +ro uL flvPsf] sdxnfO o zLifsdf hgfpg kg]5 oL hu]8f k|of]uubf DalGwt hu]8f tyf sf]if lxfadf vr hgfpg kg]5
-s_ kFhLut hu]8f M rQmf gePsf] z]osf] afFsL sd dfu ubf eQmfgL gu]sf]sf0fn] pQm z]onfO hkmt uL k|fKt xg cfPsf] sd kFhLut cgbfg afktk|fKt xg cfPsf] lhGL tyf gub sd tyf aLdssf] kFhL j[l4 ug] p2]Zon]gfkmfaf6 flPsf] sdnfO o zLifsdf hgfpg kg]5
-v_ z]o lk|ldod M aLdsn] cfˆgf] z]o hfL ubf z]osf] clIacutet dNo eGbf a9Lbn] hfL u]sf] x]5 eg] pQm al9 sd hlt o zLifsdf hgfpg kg]5 ozLifsdf hgfOPsf] sd nfef+z ljt0f k|of]hgsf] nflu of]Uo dflgg] 5g
-u_ k|tfljt af]gz z]o M aLdsn] k|tfj uL fwf0f efn] kflt u]sf] t hfLuL gs]sf] af]gz z]onfO o zLifsdf hgfpg kg]5
-3_ ljz]if hu]8f M aLdf ldltsf] lgb]zg adf]lhd sg cGo hu]8f sf]if v8f ugkbf Totf] sdnfO o zLifsdf hgfpg kg]5
-ordf_ cGo hu]8f M aLdsn] cGo k|of]hgsf] nflu v8f u]sf] hu]8fnfO o zLifsdfhgfpg kg]5
-r_ gfkmf gf]Sfg lxfaaf6 f]sf] M aLdssf] gfkmf gf]Sfg lxfaaf6 jfnftdff]sf] gfkmf sdnfO o zLifsdf hgfpg kg]5
3 hLjg aLdf sf]if M lgb]zg adf]lhd fVg kg] hLjg aLdfsf]ifxsf] of]ukmnnfOo zLifsdf hgfpg kg]5
4 dxfndashljkQL hu]8f M 7nf] kldf0fdf aLdf bfjL pTkGg xg Sg] dxfndashljkQL -catastrophy_ sf] cjyfdf aLdssf] ljQLo Ifdtfdf kg Sg] k|ltsn c sd ug]p2]Zon] gfkmfaf6 flPsf] sdnfO o zLifsdf hgfpg kg]5 o zLifsdfhgfOPsf] sd nfef+z ljt0f k|of]hgsf] nflu of]Uo dflgg] 5g
5 ltg afFsL bL3sflng C0f tyf fk6L M jfnftsf] ldltdf eQmfgL ug afFsLbL3sflng fk6LnfO o zLifsdf hgfpg kg]5
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6 ly DkQL -vb_ MyfoL k|s[ltsf DkQLxsf] sn dNodf Xf ssectf uL afFsL x]sf]sdnfO o zLifsdf hgfpg kg]5
7 bL3sflng nufgL M aLdsn] lgb]zg ^ adf]lhd u]sf] bL3sflng nufgLnfO ozLifsdf hgfpg kg]5
kli6s0f M = jfnftsf] ldltaf6 Ps jif eGbf al9 cjwL kl5 eQmfgLk|fKt xg] sfL sfsf] hdfgt k|fKt ]Sol6Ld2tL lgIf]k gfuls nufgL of]hgf z]o a+s tyfljQLo +yfsf] cu|flwsf z]odividel8j]Gr tyf cGo f]xLk|s[ltsf nufgLxnfO bL3sflng nufgL Demg k5
= aLdsn] klAns sDkgLsf] z]odf nufgL u] afkt k|fKtxg] af]gz z]onfO z]o +Vofdf dfq b]vfO kn df]ndfsg kljtg ug x+bg
amp=s cNksflng nufgL M aLdsn] lgb]zg ^ adf]lhd u]sf] cNksflng nufgLnfO ozLifsdf hgfpg kg]5
kli6s0f M jfnftsf] ldltaf6 Ps jif leq eQmfgL k|fKt xg] sfL sfsf] hdfgt k|fKt ]Sol6L d2tL lgIf]k gfulsnufgL of]hgf a+s tyf ljQLo +yfsf] cu|flwsfz]odividel8j]Gr tyf cGo f]xL k|s[ltsf nufgLxnfOcNksflng nufgL Demg k5
8 aLdfn]vsf] lwtf]df shf M aLdsn] lgb]zg amp adf]lhd k|To]s lsldsf] aLdfsf]aLdfn]vsf] lwtf]df k|bfg u]sf] shfsf] of]ukmnnfO o zLifsdf hgfpg kg]5
9 gub tyf a+s dfHbft M -_ aLds+u x]sf] sn gub dfHbft sd tyf aLdssf]a+sdivideljQLo +yfsf] Aofh k|fKt gxg] vftfdf x]sf] sn sdnfO o zLifsdfhgfpg kg]5
10 cGo bL3sflng shf M lgb]zg amp adf]lhd n]vfIacuteg ulPsf] clestfnfO k|bfgulPsf] bL3sflng shf sdrfLnfO k|bfg ulPsf] bL3sflng shf tyf cGobL3sflng shfsf] of]ukmnnfO o zLifsdf hgfpg kg]5
kli6s0f M jfnftsf] ldltaf6 Ps jif eGbf al9 cjwL kl5 eQmfgLk|fKt xg] clestfnfO k|bfg ulPsf] shf sdrfLnfO k|bfgulPsf] shf tyf cGo f]xL k|s[tLsf shfxnfO bL3sflngshf Demg k5
)s= cGo cNksflng shf M lgb]zg amp adf]lhd n]vfIacuteg ulPsf] clestfnfO k|bfgulPsf] cNksflng shf sdrfLnfO k|bfg ulPsf] cNksflng shf tyf cGocNksflng shfsf] of]ukmnnfO o zLifsdf hgfpg kg]5
kli6s0f M jfnftsf] ldltaf6 Ps jif leq eQmfgL k|fKtxg] clestfnfO k|bfg ulPsf] shf sdrfLnfO k|bfgulPsf] shf tyf cGo f]xL k|s[tLsf shfxnfOcNksflng shf Demg k5
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11 cGo DkQL M -_ o lgb]zg adf]lhd n]vfIacuteg ulPsf] aLdssf] nufgLaf6 k|fKt xgafFsL cfo aLdfn]vsf] lwtf]df shfaf6 k|fKt xg afFsL Aofh cGo shfaf6 k|fKt xgafFsL Aofh cGo aLdsaf6 k|fKt xg afFsL kgaLdsaf6 k|fKt xg aFfsL ljljwcffdL clu|d eQmfgL sdrfL k]ZsL cGo k]ZsL wf6L tyf cGosf] of]ukmnnfOo zLifsdf hgfpg kg]5
-_ cGo DkQLsf] ljj0f kllzi6 sf] cgrL $ adf]lhd xg kg]5
-_ cn xg afFsL aLdfzNs eP f]sf] of]ukmn kllzi6 sf] cgrL $ dfb]vfpg kg]5 f] cn xg afFsL aLdfzNs afasf] dNtjL -Suspense_ b]vfOvb k|efj (Net effect) zGo agfpg kg]5
12 rfn bfloTj M clestfnfO lbg afFsL cGo aLdsnfO lbg afFsL kgaLdsnfO lbgafFsL aLdfzNs wf6L k0f ljj0f gvn]sf] aLdfzNs ljljw fx xfosdividexf]lN8EumlsDkgLnfO lbg afFsL gtf]tdf ssectf ulPsf] s ltg afFsL cfos ltg afFsL]jfzNs ltg afFsL sdrfLnfO ltg afFsL +rfnsnfO ltg afFsL tyf cGo ltgafFsL sdxsf] of]ukmnnfO o zLifsdf hgfpg kg]5
13 cdfKt hf]lvd jfkt Jojyf M lgb]zg ( adf]lhdsf] cdfKt hf]lvd Jojyfsf]of]ukmnnfO o zLifsdf hgfpg kg]5
14 eQmfgL xg afFsL bfjL jfkt Jojyf M k|To]s lsldsf] aLdfsf] eQmfgL xg afFsLbfjLsf] nflu ulPsf] Jojyfsf] of]ukmnnfO o zLifsdf hgfpg kg]5
15 ckn]vg jf dfof]hg xg afFsL ljljw vrx M ckn]vg ug afFsL k|flDes vrckn]vg ug afFsL kj +rfng vr ckn]vg ug afFsL yug ulPsf vr tyfcGo ckn]vg jf dfof]hg gePsf vrxsf] of]ukmnnfO o zLifsdf hgfpgkg]5
-3_ k|dv rsfIacutexdf +nUg zLifsxsf] +lIfKt JofVof
1 g]6 jy = rQmf kFhL plusmn hu]8f tyf sf]if plusmn dxf ljkQL hu]8f ndashckn]vg jfdfof]hg xg afFsL ljljw vrx ndash gfkmf gf]Sfg lxfaaf6 f]sf] gf]Sfg
2 k|lt z]o lstfaL dNo = g]6 jydividefwf0f z]o +Vof
3 k|lt z]o cfo = vb gfkmfdividefwf0f z]o +Vof
4 dNo cfDbfgL cgkft = k|lt z]o ahf dNodividek|lt z]o cfo
5 sn DklQ = ly DklQ plusmn nufgL plusmn aLdfn]vsf] lwtf]df shf plusmn rfnDklQ shf tyf k]ZsLx
![Page 37: hLjg aLdf Joj;fo ug]{ aLdssf] ljQLo ljj/0f ;DaGwL lgb]{zg](https://reader033.vdocuments.site/reader033/viewer/2022053020/6291631db7b57c39db6663d6/html5/thumbnails/37.jpg)
37
cgrL ndash
aLdfIacutesf] ljj0f
sfod x]sf]aLdfn]vsf] +Vof
sfod x]sf]aLdfn]v cGtut
hDdf aLdfIacute
d of6 ls(Sum at Risk)
kgaLdsnfOxtfGt0f ulPsf]
d of6 ls(Sum at Risk)
aLdsn] wf0fu]sf] d of6ls (Sum at
Risk)
qm=+= aLdfsf] lsld
o jif ut jif o jif ut jif o jif ut jif o jif ut jif o jif ut jif
hDdf
38
kllzi6 ndash
-lgb]zg +u DalGwt_
ljQLo ljj0fsf zLifsxsf] +lIfKt JofVof
-s_ cfo Joo lxfa tyf f] DaGwL cgrLsf zLifsxsf] +lIfKt JofVof M
1 k|ToIf aLdfzNs M aLdsn] kgaLdf jLsf u] afkt k|fKt aLdfzNs afx]s k|ydjifsf] aLdfzNs gjLs0f aLdfzNs Psn aLdfzNssf] of]ukmnaf6 lgodfgflkmtf u]sf] aLdfzNs ssectf uL o zLifsdf hgfpg kg]5
2 sn aLdfzNs M k|ToIf aLdfzNs aLdsn] kgaLdf jLsf u] afkt k|fKtaLdfzNssf] of]ukmnnfO o zLifsdf hgfpg kg]5
3 aLdfzNs -vb_ M sn aLdfzNsaf6 kgaLdf lbP afktsf] kgaLdf zNs ssectf uLafFsL sdnfO o zLifsdf hgfpg kg]5
4 kgaLdf sldzg cfo M -s_ aLdsn] kgaLdf lbP afkt k|fKt xg] kgaLdfsldzgnfO o zLifsdf hgfpg kg]5
-v_ aFbf g+=-s_ sf] cltlQm kgaLdsaf6 dgfkmf sldzg -Profit Commission_k|fKt ePdf f]nfO o zLifsdf dfj]z uL f]sf] Joxf]f n]vf DaGwLl6Kk0fLdf vnfpg kg]5
5 nufgL shf tyf cGoaf6 cfo M sfL ]Sol6Laf6 cfo d2tL lgIf]kaf6 cfoklAns sDkgLsf] z]odividel8j]Graf6 cfo ef8faf6 cfo shfaf6 cfo -aLdfn]vsf]lwtf]df shf afx]s_ cGo lgIf]kaf6 -d2tL afx]s_ cfo nufgL laqmLdf gfkmf -GognufgL laqmLdf gf]Sfg_ nufgL -vLb_ df gfkmf -Gog nufgL vLbdf gf]Sfg_ly DklQ laqmLaf6 gfkmf -Gog ly DklQ laqmLaf6 gf]Sfg_ vftf ckn]vgaf6cfo tyf cGo cfosf] of]ukmnnfO lgb]zg adf]lhd afF8kFmf8 uL cfPsf]sdnfO o zLifsdf hgfpg kg]5
6 aLdfn]vsf] lwtf]df shfaf6 cfo M aLdfn]vsf] lwtf]df shf k|bfg u] afkt k|fKt xg]Aofh lanDa zNs htf cfonfO o zLifsdf hgfpg kg]5
7 cGo k|ToIf cfoM aLldtn] tf]lsPsf] cjlwleq aLdfzNs gaemfP afkt aLdsn]eQmfgL k|fKt u]sf] hljfgfdivideAofhdivideljnDa zNs tyf aLdfn]vsf] k|ltlnkL btcfo l6s6 bt htf f]xL aLdfsf] lsld+u k|ToIf kdf DalGwt cfonfO ozLifsdf hgfpg kg]5
8 bfjL eQmfgL -vb_ M aLdsn] eQmfgL u]sf] d[To bfjL cjlw dfKtL bfjL cf+lzscjlw dfKtL bfjL dk0f dNo tyf cGo bfjLsf] of]ukmnnfO o zLifsdfhgfpg kg]5
9 clestf sldzg M k|yd jifsf] aLdfzNsdf clestf sldzg gjLs0f aLdfzNsdfclestf sldzg Psn aLdfzNsdf clestf sldzgsf] of]ukmnaf6 kgaLdssf]lxf ssectf uL afFsL sd o zLifsdf hgfpg kg]5
10 jfYo kLIf0f zNs M aLdf hf]lvdfIacutegsf] nflu jfYo kLIf0f ufP afkt aLdsn]Joxf]g k]sf] jfYo kLIf0f zNsnfO o zLifsdf hgfpg kg]5
39
11 kgaLdf sldzg vr M aLdsn] kgaLdf jLsf u] afkt eQmfgL ug kg] sldzgsdnfO o zLifsdf hgfpg kg]5
12 ]jf zNs -vb_ M aLdf ldltnfO aemfpg kg] sn ]jf zNsaf6 kgaLdssf] lxfssectf uL afFsL sdnfO o zLifsdf hgfpg kg]5
13 cGo k|ToIf vr M aLdfsf] lsld+u k|ToIf kn] DalGwt x]sf] cGo vrnfO ozLifsdf hgfpg kg]5
14 Jojyfkg vr M lgb]zg $ adf]lhd afF8kmFf8 uL cfPsf] sdnfO o zLifsdfhgfpg kg]5
15 cfos M -_ aLdssf] cfos bfloTjnfO lgb]zg adf]lhd afF8kmFf8 uL cfPsf]sdnfO o zLifsdf hgfpg kg]5 osf] ljj0f kllzi6 sf] cgrL adf]lhd xg kg]5
-_ cl3Nnf jif-x_ sf] cfos bfloTjnfO kllzi6 sf] cgrL sf] aeligcl3Nnfjifxsf] cfosAElig zLifsdf hgfpg kg]5 t Totf] cfosdf nfu]sf]b08dividehljfgfdivideljnDa zNsnfO gfkmf gf]Sfg lxfasf] aeligcl3Nnf jif+uDalGwt vrAElig zLifsdf hgfpg kg]5
16 cflys jifsf] cGTodf eQmfgL xg afFsL bfjL afkt Jojyf M cflys jifsf] cGTodfeQmfgL xg afFsL d[To bfjL cjlw dfKtL bfjL cf+lzs cjlw dfKtL bfjL dk0fdNo bfjL cGo bfjL tyf gt[hgf ePsf] t hfgsfLdf gcfPsf] bfjLsf] of]ukmndfaLdf lgodfjnL )$( sf] lgod sf] v08 -3_ adf]lhdsf] sd yk ubf xgcfpg] sdnfO o zLifsdf hgfpg kg]5
aLdssf] cgejsf] cfwfdf [hgf ePsf] t hfgsfLdf gcfPsf] bfjLsf] nflusd Aojyf ug kg]5
17 cflys jifsf] cGTodf cdfKt hf]lvd afkt Jojyf M aLdf cjlw dfKtL afktbfjL eQmfgL ug gkg] lsldsf] aLdfsf] cdfKt hf]lvd afkt lgb]zg ( adf]lhdJojyf uL cfPsf] sd o zLifsdf hgfpg kg]5
18 hLjg aLdf sf]ifdividegfkmf gf]Sfg lxfadf f]sf] artdivide-gf]Sfg_ M -_ aLdf cjlwdfKtL afkt bfjL eQmfgL ug kg] lsldsf] aLdfsf] cfo Joo lxfaaf6 art -surplus_ ePsf] cjyfdf o zLifsnfO aelighLjg aLdf sf]ifdf f]sf] artAElig sfoduL Totf] art sdnfO o zLifsdf hgfpg kg]5
-_ aLdf cjlw dfKtL afkt bfjL eQmfgL ug kg] lsldsf] aLdfsf] cfo Joolxfaaf6 gf]Sfg ePsf] cjyfdf o zLifsnfO aeliggfkmf gf]Sfg lxfadff]sf] gf]SfgAElig sfod uL Totf] gf]Sfg sdnfO o zLifsdf C0ffTdskdf hgfpg kg]5
-_ aLdf cjlw dfKtL afkt bfjL eQmfgL ug gkg] lsldsf] aLdfsf] cfo Joolxfasf] nflu o zLifsnfO aelighLjg aLdf sf]ifdf f]sf] sdAElig aeliggfkmfgf]Sfg lxfadf f]sf] artdivide-gf]Sfg_AElig uL bOj6f zLifs sfod uL aelighLjgaLdf sf]ifdf f]sf] sdAElig zLifsdf lgb]zgndash adf]lhdsf] sd hgfO afFsLsdnfO aeliggfkmf gf]Sfg lxfadf f]sf] artdivide-gf]Sfg_AElig zLifsdf hgfpgkg]5 tf]lsP adf]lhd hLjg aLdf sf]ifdf f]sf] sd hgfp+bf gf]Sfg ePdf
40
aeliggfkmf gf]Sfg lxfadf f]sf] artdivide-gf]Sfg_AElig zLifsdf Totf] gf]Sfg ePsf]sdnfO C0ffTds kdf hgfpg kg]5
-v_ gfkmf gf]Sfg lxfa tyf DalGwt cgrLsf zLifsxsf] +lIfKt JofVof M
1 cfo Joo lxfaaf6 f]sf] M aLdf cjlw dfKtL afkt bfjL eQmfgL ug gkg]lsldsf] aLdfxsf] cfo Joo lxfaaf6 aeliggfkmf gf]Sfg lxfadf f]sf] artdivide-gf]Sfg_AElig sdxsf] of]ukmnnfO o zLifsdf hgfpg kg]5
2 hLjg aLdf sf]ifaf6 f]sf] M k|rlnt sfggL Jojyf adf]lhd aLdssf] bfloTjsf]n]vfhf]vf DaGwL aLdfIacuteLsf] k|ltj]bg d]tsf] cfwfdf hLjg aLdf sf]ifaf6 gfkmfgf]Sfg lxfadf fgsf nflu ldltn] jLs[lt k|bfg u]sf] sdnfO o zLifsdfhgfpg kg]5
3 nufgL shf tyf cGoaf6 cfo M lgb]zg adf]lhd afF8kFmf8 uL cfPsf] sdnfOo zLifsdf hgfpg kg]5
4 Jojyf lkmtf M nufgLdf gf]SfgLsf] nflu ulPsf] Jojyf shfdf gf]SfgLsf] nfluulPsf] Jojyf z+sfkb cffdLsf] nflu ulPsf] Jojyf tyf cGosf] nfluulPsf] Jojyf sd cf+lzs jf k0fkn] sfod fVg kg] cjyf gx]df TotfsdxnfO o zLifsdf hgfpg kg]5
5 cGo cfDbfgL M aLdf Aojfo+u f]sf gePsf] kj +rfng cfDbfgL htfcfDbfgLxsf] of]ukmnnfO o zLifsdf hgfpg kg]5
6 Jojyfkg vr M lgb]zg $ adf]lhd afF8kmFf8 uL cfPsf] sdnfO o zLifsdfhgfpg kg]5
7 ckn]vg vr M k|flDes vrx kj +rfng vrx k flPsf vrx nufgLshf cffdL tyf cGo ckn]vg ulPsf] vrnfO o zLifsdf hgfpg kg]5 t+yfks +rfns tyf pRr Jojyfks jf lghx+u DalGwt JolQmdivide+yfDaGwL cffdL ckn]vg ug kfOg] 5g
8 cGo vrx M k|rlnt sfgg adf]lhd aLdf ldlt tyf cGo lgsfon] aLdsnfOtf]s]sf] b08 hljfgf aLdsn] pkof]u u]sf] ]jfsf] aemfpg kg] zNs dodfgaemfP afkt ltg kg] ljnDa zNs hljfgf nufotsf vrx o zLifsdfhgfpg kg]5
9 gf]SfgLsf] nflu Jojyf M nufgLdf gf]SfgLsf] nflu Jojyf shfdf gf]SfgLsf]nflu Jojyf z+sfkb cffdL Jojyf tyf cGo JojyfnfO o zLifsdf hgfpgkg]5
10 cfos M aLdssf] cfos bfloTjnfO lgb]zg adf]lhd afF8kmFf8 uL cfPsf]sdnfO o zLifsdf hgfpg kg]5
11 hLjg aLdf sf]ifdf f]sf] M aLdssf] bfloTjsf] n]vf hf]vf uL aLdfIacuteLn] lbPsf]dNofIacuteg k|ltj]bg d]tsf] cfwfdf ldltn] lbPsf] cfb]zdividelgb]zg adf]lhd hLjg
41
aLdf sf]ifdf f]sf] sdnfO o zLifsdf b]vfpg kg]5 oL hLjg aLdf sf]ifdff]sf] sd gfkmf gf]Sfg lxfadf lkmtf ug kfOg] 5g
12 cl3Nnf jif+u DalGwt vr M cl3Nnf jif-x_sf] cfosdf nfu]sf]b08dividehljfgfdivideljnDa zNs tyf cl3Nnf jifxdf n]vfIacuteg ug 56]sf vrxnufotsf cl3Nnf jif+u DalGwt vrnfO o zLifsdf hgfpg kg]5
-u_ jfnft tyf DalGwt cgrLsf zLifsxsf] +lIfKt JofVof M
1 rQmf kFhL M eQmfgL k|fKt ePsf] fwf0f z]o ckljtgLo cu|flws z]o tyfkljtgLo cu|flwsf z]o afktsf] sdsf] of]ukmnnfO o zLifsdf hgfpg kg]5
2 hu]8f tyf sf]if M aLdsn] hu]8f sfod ug] lnlnfdf gfkmfaf6 afF8kmfF8 ecfPsf jf cGo sg] k|lqmofaf6 gt[hgf ePsf tyf gfkmf gf]Sfg lxfadf afF8kmFf8guL +ro uL flvPsf] sdxnfO o zLifsdf hgfpg kg]5 oL hu]8f k|of]uubf DalGwt hu]8f tyf sf]if lxfadf vr hgfpg kg]5
-s_ kFhLut hu]8f M rQmf gePsf] z]osf] afFsL sd dfu ubf eQmfgL gu]sf]sf0fn] pQm z]onfO hkmt uL k|fKt xg cfPsf] sd kFhLut cgbfg afktk|fKt xg cfPsf] lhGL tyf gub sd tyf aLdssf] kFhL j[l4 ug] p2]Zon]gfkmfaf6 flPsf] sdnfO o zLifsdf hgfpg kg]5
-v_ z]o lk|ldod M aLdsn] cfˆgf] z]o hfL ubf z]osf] clIacutet dNo eGbf a9Lbn] hfL u]sf] x]5 eg] pQm al9 sd hlt o zLifsdf hgfpg kg]5 ozLifsdf hgfOPsf] sd nfef+z ljt0f k|of]hgsf] nflu of]Uo dflgg] 5g
-u_ k|tfljt af]gz z]o M aLdsn] k|tfj uL fwf0f efn] kflt u]sf] t hfLuL gs]sf] af]gz z]onfO o zLifsdf hgfpg kg]5
-3_ ljz]if hu]8f M aLdf ldltsf] lgb]zg adf]lhd sg cGo hu]8f sf]if v8f ugkbf Totf] sdnfO o zLifsdf hgfpg kg]5
-ordf_ cGo hu]8f M aLdsn] cGo k|of]hgsf] nflu v8f u]sf] hu]8fnfO o zLifsdfhgfpg kg]5
-r_ gfkmf gf]Sfg lxfaaf6 f]sf] M aLdssf] gfkmf gf]Sfg lxfaaf6 jfnftdff]sf] gfkmf sdnfO o zLifsdf hgfpg kg]5
3 hLjg aLdf sf]if M lgb]zg adf]lhd fVg kg] hLjg aLdfsf]ifxsf] of]ukmnnfOo zLifsdf hgfpg kg]5
4 dxfndashljkQL hu]8f M 7nf] kldf0fdf aLdf bfjL pTkGg xg Sg] dxfndashljkQL -catastrophy_ sf] cjyfdf aLdssf] ljQLo Ifdtfdf kg Sg] k|ltsn c sd ug]p2]Zon] gfkmfaf6 flPsf] sdnfO o zLifsdf hgfpg kg]5 o zLifsdfhgfOPsf] sd nfef+z ljt0f k|of]hgsf] nflu of]Uo dflgg] 5g
5 ltg afFsL bL3sflng C0f tyf fk6L M jfnftsf] ldltdf eQmfgL ug afFsLbL3sflng fk6LnfO o zLifsdf hgfpg kg]5
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6 ly DkQL -vb_ MyfoL k|s[ltsf DkQLxsf] sn dNodf Xf ssectf uL afFsL x]sf]sdnfO o zLifsdf hgfpg kg]5
7 bL3sflng nufgL M aLdsn] lgb]zg ^ adf]lhd u]sf] bL3sflng nufgLnfO ozLifsdf hgfpg kg]5
kli6s0f M = jfnftsf] ldltaf6 Ps jif eGbf al9 cjwL kl5 eQmfgLk|fKt xg] sfL sfsf] hdfgt k|fKt ]Sol6Ld2tL lgIf]k gfuls nufgL of]hgf z]o a+s tyfljQLo +yfsf] cu|flwsf z]odividel8j]Gr tyf cGo f]xLk|s[ltsf nufgLxnfO bL3sflng nufgL Demg k5
= aLdsn] klAns sDkgLsf] z]odf nufgL u] afkt k|fKtxg] af]gz z]onfO z]o +Vofdf dfq b]vfO kn df]ndfsg kljtg ug x+bg
amp=s cNksflng nufgL M aLdsn] lgb]zg ^ adf]lhd u]sf] cNksflng nufgLnfO ozLifsdf hgfpg kg]5
kli6s0f M jfnftsf] ldltaf6 Ps jif leq eQmfgL k|fKt xg] sfL sfsf] hdfgt k|fKt ]Sol6L d2tL lgIf]k gfulsnufgL of]hgf a+s tyf ljQLo +yfsf] cu|flwsfz]odividel8j]Gr tyf cGo f]xL k|s[ltsf nufgLxnfOcNksflng nufgL Demg k5
8 aLdfn]vsf] lwtf]df shf M aLdsn] lgb]zg amp adf]lhd k|To]s lsldsf] aLdfsf]aLdfn]vsf] lwtf]df k|bfg u]sf] shfsf] of]ukmnnfO o zLifsdf hgfpg kg]5
9 gub tyf a+s dfHbft M -_ aLds+u x]sf] sn gub dfHbft sd tyf aLdssf]a+sdivideljQLo +yfsf] Aofh k|fKt gxg] vftfdf x]sf] sn sdnfO o zLifsdfhgfpg kg]5
10 cGo bL3sflng shf M lgb]zg amp adf]lhd n]vfIacuteg ulPsf] clestfnfO k|bfgulPsf] bL3sflng shf sdrfLnfO k|bfg ulPsf] bL3sflng shf tyf cGobL3sflng shfsf] of]ukmnnfO o zLifsdf hgfpg kg]5
kli6s0f M jfnftsf] ldltaf6 Ps jif eGbf al9 cjwL kl5 eQmfgLk|fKt xg] clestfnfO k|bfg ulPsf] shf sdrfLnfO k|bfgulPsf] shf tyf cGo f]xL k|s[tLsf shfxnfO bL3sflngshf Demg k5
)s= cGo cNksflng shf M lgb]zg amp adf]lhd n]vfIacuteg ulPsf] clestfnfO k|bfgulPsf] cNksflng shf sdrfLnfO k|bfg ulPsf] cNksflng shf tyf cGocNksflng shfsf] of]ukmnnfO o zLifsdf hgfpg kg]5
kli6s0f M jfnftsf] ldltaf6 Ps jif leq eQmfgL k|fKtxg] clestfnfO k|bfg ulPsf] shf sdrfLnfO k|bfgulPsf] shf tyf cGo f]xL k|s[tLsf shfxnfOcNksflng shf Demg k5
43
11 cGo DkQL M -_ o lgb]zg adf]lhd n]vfIacuteg ulPsf] aLdssf] nufgLaf6 k|fKt xgafFsL cfo aLdfn]vsf] lwtf]df shfaf6 k|fKt xg afFsL Aofh cGo shfaf6 k|fKt xgafFsL Aofh cGo aLdsaf6 k|fKt xg afFsL kgaLdsaf6 k|fKt xg aFfsL ljljwcffdL clu|d eQmfgL sdrfL k]ZsL cGo k]ZsL wf6L tyf cGosf] of]ukmnnfOo zLifsdf hgfpg kg]5
-_ cGo DkQLsf] ljj0f kllzi6 sf] cgrL $ adf]lhd xg kg]5
-_ cn xg afFsL aLdfzNs eP f]sf] of]ukmn kllzi6 sf] cgrL $ dfb]vfpg kg]5 f] cn xg afFsL aLdfzNs afasf] dNtjL -Suspense_ b]vfOvb k|efj (Net effect) zGo agfpg kg]5
12 rfn bfloTj M clestfnfO lbg afFsL cGo aLdsnfO lbg afFsL kgaLdsnfO lbgafFsL aLdfzNs wf6L k0f ljj0f gvn]sf] aLdfzNs ljljw fx xfosdividexf]lN8EumlsDkgLnfO lbg afFsL gtf]tdf ssectf ulPsf] s ltg afFsL cfos ltg afFsL]jfzNs ltg afFsL sdrfLnfO ltg afFsL +rfnsnfO ltg afFsL tyf cGo ltgafFsL sdxsf] of]ukmnnfO o zLifsdf hgfpg kg]5
13 cdfKt hf]lvd jfkt Jojyf M lgb]zg ( adf]lhdsf] cdfKt hf]lvd Jojyfsf]of]ukmnnfO o zLifsdf hgfpg kg]5
14 eQmfgL xg afFsL bfjL jfkt Jojyf M k|To]s lsldsf] aLdfsf] eQmfgL xg afFsLbfjLsf] nflu ulPsf] Jojyfsf] of]ukmnnfO o zLifsdf hgfpg kg]5
15 ckn]vg jf dfof]hg xg afFsL ljljw vrx M ckn]vg ug afFsL k|flDes vrckn]vg ug afFsL kj +rfng vr ckn]vg ug afFsL yug ulPsf vr tyfcGo ckn]vg jf dfof]hg gePsf vrxsf] of]ukmnnfO o zLifsdf hgfpgkg]5
-3_ k|dv rsfIacutexdf +nUg zLifsxsf] +lIfKt JofVof
1 g]6 jy = rQmf kFhL plusmn hu]8f tyf sf]if plusmn dxf ljkQL hu]8f ndashckn]vg jfdfof]hg xg afFsL ljljw vrx ndash gfkmf gf]Sfg lxfaaf6 f]sf] gf]Sfg
2 k|lt z]o lstfaL dNo = g]6 jydividefwf0f z]o +Vof
3 k|lt z]o cfo = vb gfkmfdividefwf0f z]o +Vof
4 dNo cfDbfgL cgkft = k|lt z]o ahf dNodividek|lt z]o cfo
5 sn DklQ = ly DklQ plusmn nufgL plusmn aLdfn]vsf] lwtf]df shf plusmn rfnDklQ shf tyf k]ZsLx
![Page 38: hLjg aLdf Joj;fo ug]{ aLdssf] ljQLo ljj/0f ;DaGwL lgb]{zg](https://reader033.vdocuments.site/reader033/viewer/2022053020/6291631db7b57c39db6663d6/html5/thumbnails/38.jpg)
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kllzi6 ndash
-lgb]zg +u DalGwt_
ljQLo ljj0fsf zLifsxsf] +lIfKt JofVof
-s_ cfo Joo lxfa tyf f] DaGwL cgrLsf zLifsxsf] +lIfKt JofVof M
1 k|ToIf aLdfzNs M aLdsn] kgaLdf jLsf u] afkt k|fKt aLdfzNs afx]s k|ydjifsf] aLdfzNs gjLs0f aLdfzNs Psn aLdfzNssf] of]ukmnaf6 lgodfgflkmtf u]sf] aLdfzNs ssectf uL o zLifsdf hgfpg kg]5
2 sn aLdfzNs M k|ToIf aLdfzNs aLdsn] kgaLdf jLsf u] afkt k|fKtaLdfzNssf] of]ukmnnfO o zLifsdf hgfpg kg]5
3 aLdfzNs -vb_ M sn aLdfzNsaf6 kgaLdf lbP afktsf] kgaLdf zNs ssectf uLafFsL sdnfO o zLifsdf hgfpg kg]5
4 kgaLdf sldzg cfo M -s_ aLdsn] kgaLdf lbP afkt k|fKt xg] kgaLdfsldzgnfO o zLifsdf hgfpg kg]5
-v_ aFbf g+=-s_ sf] cltlQm kgaLdsaf6 dgfkmf sldzg -Profit Commission_k|fKt ePdf f]nfO o zLifsdf dfj]z uL f]sf] Joxf]f n]vf DaGwLl6Kk0fLdf vnfpg kg]5
5 nufgL shf tyf cGoaf6 cfo M sfL ]Sol6Laf6 cfo d2tL lgIf]kaf6 cfoklAns sDkgLsf] z]odividel8j]Graf6 cfo ef8faf6 cfo shfaf6 cfo -aLdfn]vsf]lwtf]df shf afx]s_ cGo lgIf]kaf6 -d2tL afx]s_ cfo nufgL laqmLdf gfkmf -GognufgL laqmLdf gf]Sfg_ nufgL -vLb_ df gfkmf -Gog nufgL vLbdf gf]Sfg_ly DklQ laqmLaf6 gfkmf -Gog ly DklQ laqmLaf6 gf]Sfg_ vftf ckn]vgaf6cfo tyf cGo cfosf] of]ukmnnfO lgb]zg adf]lhd afF8kFmf8 uL cfPsf]sdnfO o zLifsdf hgfpg kg]5
6 aLdfn]vsf] lwtf]df shfaf6 cfo M aLdfn]vsf] lwtf]df shf k|bfg u] afkt k|fKt xg]Aofh lanDa zNs htf cfonfO o zLifsdf hgfpg kg]5
7 cGo k|ToIf cfoM aLldtn] tf]lsPsf] cjlwleq aLdfzNs gaemfP afkt aLdsn]eQmfgL k|fKt u]sf] hljfgfdivideAofhdivideljnDa zNs tyf aLdfn]vsf] k|ltlnkL btcfo l6s6 bt htf f]xL aLdfsf] lsld+u k|ToIf kdf DalGwt cfonfO ozLifsdf hgfpg kg]5
8 bfjL eQmfgL -vb_ M aLdsn] eQmfgL u]sf] d[To bfjL cjlw dfKtL bfjL cf+lzscjlw dfKtL bfjL dk0f dNo tyf cGo bfjLsf] of]ukmnnfO o zLifsdfhgfpg kg]5
9 clestf sldzg M k|yd jifsf] aLdfzNsdf clestf sldzg gjLs0f aLdfzNsdfclestf sldzg Psn aLdfzNsdf clestf sldzgsf] of]ukmnaf6 kgaLdssf]lxf ssectf uL afFsL sd o zLifsdf hgfpg kg]5
10 jfYo kLIf0f zNs M aLdf hf]lvdfIacutegsf] nflu jfYo kLIf0f ufP afkt aLdsn]Joxf]g k]sf] jfYo kLIf0f zNsnfO o zLifsdf hgfpg kg]5
39
11 kgaLdf sldzg vr M aLdsn] kgaLdf jLsf u] afkt eQmfgL ug kg] sldzgsdnfO o zLifsdf hgfpg kg]5
12 ]jf zNs -vb_ M aLdf ldltnfO aemfpg kg] sn ]jf zNsaf6 kgaLdssf] lxfssectf uL afFsL sdnfO o zLifsdf hgfpg kg]5
13 cGo k|ToIf vr M aLdfsf] lsld+u k|ToIf kn] DalGwt x]sf] cGo vrnfO ozLifsdf hgfpg kg]5
14 Jojyfkg vr M lgb]zg $ adf]lhd afF8kmFf8 uL cfPsf] sdnfO o zLifsdfhgfpg kg]5
15 cfos M -_ aLdssf] cfos bfloTjnfO lgb]zg adf]lhd afF8kmFf8 uL cfPsf]sdnfO o zLifsdf hgfpg kg]5 osf] ljj0f kllzi6 sf] cgrL adf]lhd xg kg]5
-_ cl3Nnf jif-x_ sf] cfos bfloTjnfO kllzi6 sf] cgrL sf] aeligcl3Nnfjifxsf] cfosAElig zLifsdf hgfpg kg]5 t Totf] cfosdf nfu]sf]b08dividehljfgfdivideljnDa zNsnfO gfkmf gf]Sfg lxfasf] aeligcl3Nnf jif+uDalGwt vrAElig zLifsdf hgfpg kg]5
16 cflys jifsf] cGTodf eQmfgL xg afFsL bfjL afkt Jojyf M cflys jifsf] cGTodfeQmfgL xg afFsL d[To bfjL cjlw dfKtL bfjL cf+lzs cjlw dfKtL bfjL dk0fdNo bfjL cGo bfjL tyf gt[hgf ePsf] t hfgsfLdf gcfPsf] bfjLsf] of]ukmndfaLdf lgodfjnL )$( sf] lgod sf] v08 -3_ adf]lhdsf] sd yk ubf xgcfpg] sdnfO o zLifsdf hgfpg kg]5
aLdssf] cgejsf] cfwfdf [hgf ePsf] t hfgsfLdf gcfPsf] bfjLsf] nflusd Aojyf ug kg]5
17 cflys jifsf] cGTodf cdfKt hf]lvd afkt Jojyf M aLdf cjlw dfKtL afktbfjL eQmfgL ug gkg] lsldsf] aLdfsf] cdfKt hf]lvd afkt lgb]zg ( adf]lhdJojyf uL cfPsf] sd o zLifsdf hgfpg kg]5
18 hLjg aLdf sf]ifdividegfkmf gf]Sfg lxfadf f]sf] artdivide-gf]Sfg_ M -_ aLdf cjlwdfKtL afkt bfjL eQmfgL ug kg] lsldsf] aLdfsf] cfo Joo lxfaaf6 art -surplus_ ePsf] cjyfdf o zLifsnfO aelighLjg aLdf sf]ifdf f]sf] artAElig sfoduL Totf] art sdnfO o zLifsdf hgfpg kg]5
-_ aLdf cjlw dfKtL afkt bfjL eQmfgL ug kg] lsldsf] aLdfsf] cfo Joolxfaaf6 gf]Sfg ePsf] cjyfdf o zLifsnfO aeliggfkmf gf]Sfg lxfadff]sf] gf]SfgAElig sfod uL Totf] gf]Sfg sdnfO o zLifsdf C0ffTdskdf hgfpg kg]5
-_ aLdf cjlw dfKtL afkt bfjL eQmfgL ug gkg] lsldsf] aLdfsf] cfo Joolxfasf] nflu o zLifsnfO aelighLjg aLdf sf]ifdf f]sf] sdAElig aeliggfkmfgf]Sfg lxfadf f]sf] artdivide-gf]Sfg_AElig uL bOj6f zLifs sfod uL aelighLjgaLdf sf]ifdf f]sf] sdAElig zLifsdf lgb]zgndash adf]lhdsf] sd hgfO afFsLsdnfO aeliggfkmf gf]Sfg lxfadf f]sf] artdivide-gf]Sfg_AElig zLifsdf hgfpgkg]5 tf]lsP adf]lhd hLjg aLdf sf]ifdf f]sf] sd hgfp+bf gf]Sfg ePdf
40
aeliggfkmf gf]Sfg lxfadf f]sf] artdivide-gf]Sfg_AElig zLifsdf Totf] gf]Sfg ePsf]sdnfO C0ffTds kdf hgfpg kg]5
-v_ gfkmf gf]Sfg lxfa tyf DalGwt cgrLsf zLifsxsf] +lIfKt JofVof M
1 cfo Joo lxfaaf6 f]sf] M aLdf cjlw dfKtL afkt bfjL eQmfgL ug gkg]lsldsf] aLdfxsf] cfo Joo lxfaaf6 aeliggfkmf gf]Sfg lxfadf f]sf] artdivide-gf]Sfg_AElig sdxsf] of]ukmnnfO o zLifsdf hgfpg kg]5
2 hLjg aLdf sf]ifaf6 f]sf] M k|rlnt sfggL Jojyf adf]lhd aLdssf] bfloTjsf]n]vfhf]vf DaGwL aLdfIacuteLsf] k|ltj]bg d]tsf] cfwfdf hLjg aLdf sf]ifaf6 gfkmfgf]Sfg lxfadf fgsf nflu ldltn] jLs[lt k|bfg u]sf] sdnfO o zLifsdfhgfpg kg]5
3 nufgL shf tyf cGoaf6 cfo M lgb]zg adf]lhd afF8kFmf8 uL cfPsf] sdnfOo zLifsdf hgfpg kg]5
4 Jojyf lkmtf M nufgLdf gf]SfgLsf] nflu ulPsf] Jojyf shfdf gf]SfgLsf] nfluulPsf] Jojyf z+sfkb cffdLsf] nflu ulPsf] Jojyf tyf cGosf] nfluulPsf] Jojyf sd cf+lzs jf k0fkn] sfod fVg kg] cjyf gx]df TotfsdxnfO o zLifsdf hgfpg kg]5
5 cGo cfDbfgL M aLdf Aojfo+u f]sf gePsf] kj +rfng cfDbfgL htfcfDbfgLxsf] of]ukmnnfO o zLifsdf hgfpg kg]5
6 Jojyfkg vr M lgb]zg $ adf]lhd afF8kmFf8 uL cfPsf] sdnfO o zLifsdfhgfpg kg]5
7 ckn]vg vr M k|flDes vrx kj +rfng vrx k flPsf vrx nufgLshf cffdL tyf cGo ckn]vg ulPsf] vrnfO o zLifsdf hgfpg kg]5 t+yfks +rfns tyf pRr Jojyfks jf lghx+u DalGwt JolQmdivide+yfDaGwL cffdL ckn]vg ug kfOg] 5g
8 cGo vrx M k|rlnt sfgg adf]lhd aLdf ldlt tyf cGo lgsfon] aLdsnfOtf]s]sf] b08 hljfgf aLdsn] pkof]u u]sf] ]jfsf] aemfpg kg] zNs dodfgaemfP afkt ltg kg] ljnDa zNs hljfgf nufotsf vrx o zLifsdfhgfpg kg]5
9 gf]SfgLsf] nflu Jojyf M nufgLdf gf]SfgLsf] nflu Jojyf shfdf gf]SfgLsf]nflu Jojyf z+sfkb cffdL Jojyf tyf cGo JojyfnfO o zLifsdf hgfpgkg]5
10 cfos M aLdssf] cfos bfloTjnfO lgb]zg adf]lhd afF8kmFf8 uL cfPsf]sdnfO o zLifsdf hgfpg kg]5
11 hLjg aLdf sf]ifdf f]sf] M aLdssf] bfloTjsf] n]vf hf]vf uL aLdfIacuteLn] lbPsf]dNofIacuteg k|ltj]bg d]tsf] cfwfdf ldltn] lbPsf] cfb]zdividelgb]zg adf]lhd hLjg
41
aLdf sf]ifdf f]sf] sdnfO o zLifsdf b]vfpg kg]5 oL hLjg aLdf sf]ifdff]sf] sd gfkmf gf]Sfg lxfadf lkmtf ug kfOg] 5g
12 cl3Nnf jif+u DalGwt vr M cl3Nnf jif-x_sf] cfosdf nfu]sf]b08dividehljfgfdivideljnDa zNs tyf cl3Nnf jifxdf n]vfIacuteg ug 56]sf vrxnufotsf cl3Nnf jif+u DalGwt vrnfO o zLifsdf hgfpg kg]5
-u_ jfnft tyf DalGwt cgrLsf zLifsxsf] +lIfKt JofVof M
1 rQmf kFhL M eQmfgL k|fKt ePsf] fwf0f z]o ckljtgLo cu|flws z]o tyfkljtgLo cu|flwsf z]o afktsf] sdsf] of]ukmnnfO o zLifsdf hgfpg kg]5
2 hu]8f tyf sf]if M aLdsn] hu]8f sfod ug] lnlnfdf gfkmfaf6 afF8kmfF8 ecfPsf jf cGo sg] k|lqmofaf6 gt[hgf ePsf tyf gfkmf gf]Sfg lxfadf afF8kmFf8guL +ro uL flvPsf] sdxnfO o zLifsdf hgfpg kg]5 oL hu]8f k|of]uubf DalGwt hu]8f tyf sf]if lxfadf vr hgfpg kg]5
-s_ kFhLut hu]8f M rQmf gePsf] z]osf] afFsL sd dfu ubf eQmfgL gu]sf]sf0fn] pQm z]onfO hkmt uL k|fKt xg cfPsf] sd kFhLut cgbfg afktk|fKt xg cfPsf] lhGL tyf gub sd tyf aLdssf] kFhL j[l4 ug] p2]Zon]gfkmfaf6 flPsf] sdnfO o zLifsdf hgfpg kg]5
-v_ z]o lk|ldod M aLdsn] cfˆgf] z]o hfL ubf z]osf] clIacutet dNo eGbf a9Lbn] hfL u]sf] x]5 eg] pQm al9 sd hlt o zLifsdf hgfpg kg]5 ozLifsdf hgfOPsf] sd nfef+z ljt0f k|of]hgsf] nflu of]Uo dflgg] 5g
-u_ k|tfljt af]gz z]o M aLdsn] k|tfj uL fwf0f efn] kflt u]sf] t hfLuL gs]sf] af]gz z]onfO o zLifsdf hgfpg kg]5
-3_ ljz]if hu]8f M aLdf ldltsf] lgb]zg adf]lhd sg cGo hu]8f sf]if v8f ugkbf Totf] sdnfO o zLifsdf hgfpg kg]5
-ordf_ cGo hu]8f M aLdsn] cGo k|of]hgsf] nflu v8f u]sf] hu]8fnfO o zLifsdfhgfpg kg]5
-r_ gfkmf gf]Sfg lxfaaf6 f]sf] M aLdssf] gfkmf gf]Sfg lxfaaf6 jfnftdff]sf] gfkmf sdnfO o zLifsdf hgfpg kg]5
3 hLjg aLdf sf]if M lgb]zg adf]lhd fVg kg] hLjg aLdfsf]ifxsf] of]ukmnnfOo zLifsdf hgfpg kg]5
4 dxfndashljkQL hu]8f M 7nf] kldf0fdf aLdf bfjL pTkGg xg Sg] dxfndashljkQL -catastrophy_ sf] cjyfdf aLdssf] ljQLo Ifdtfdf kg Sg] k|ltsn c sd ug]p2]Zon] gfkmfaf6 flPsf] sdnfO o zLifsdf hgfpg kg]5 o zLifsdfhgfOPsf] sd nfef+z ljt0f k|of]hgsf] nflu of]Uo dflgg] 5g
5 ltg afFsL bL3sflng C0f tyf fk6L M jfnftsf] ldltdf eQmfgL ug afFsLbL3sflng fk6LnfO o zLifsdf hgfpg kg]5
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6 ly DkQL -vb_ MyfoL k|s[ltsf DkQLxsf] sn dNodf Xf ssectf uL afFsL x]sf]sdnfO o zLifsdf hgfpg kg]5
7 bL3sflng nufgL M aLdsn] lgb]zg ^ adf]lhd u]sf] bL3sflng nufgLnfO ozLifsdf hgfpg kg]5
kli6s0f M = jfnftsf] ldltaf6 Ps jif eGbf al9 cjwL kl5 eQmfgLk|fKt xg] sfL sfsf] hdfgt k|fKt ]Sol6Ld2tL lgIf]k gfuls nufgL of]hgf z]o a+s tyfljQLo +yfsf] cu|flwsf z]odividel8j]Gr tyf cGo f]xLk|s[ltsf nufgLxnfO bL3sflng nufgL Demg k5
= aLdsn] klAns sDkgLsf] z]odf nufgL u] afkt k|fKtxg] af]gz z]onfO z]o +Vofdf dfq b]vfO kn df]ndfsg kljtg ug x+bg
amp=s cNksflng nufgL M aLdsn] lgb]zg ^ adf]lhd u]sf] cNksflng nufgLnfO ozLifsdf hgfpg kg]5
kli6s0f M jfnftsf] ldltaf6 Ps jif leq eQmfgL k|fKt xg] sfL sfsf] hdfgt k|fKt ]Sol6L d2tL lgIf]k gfulsnufgL of]hgf a+s tyf ljQLo +yfsf] cu|flwsfz]odividel8j]Gr tyf cGo f]xL k|s[ltsf nufgLxnfOcNksflng nufgL Demg k5
8 aLdfn]vsf] lwtf]df shf M aLdsn] lgb]zg amp adf]lhd k|To]s lsldsf] aLdfsf]aLdfn]vsf] lwtf]df k|bfg u]sf] shfsf] of]ukmnnfO o zLifsdf hgfpg kg]5
9 gub tyf a+s dfHbft M -_ aLds+u x]sf] sn gub dfHbft sd tyf aLdssf]a+sdivideljQLo +yfsf] Aofh k|fKt gxg] vftfdf x]sf] sn sdnfO o zLifsdfhgfpg kg]5
10 cGo bL3sflng shf M lgb]zg amp adf]lhd n]vfIacuteg ulPsf] clestfnfO k|bfgulPsf] bL3sflng shf sdrfLnfO k|bfg ulPsf] bL3sflng shf tyf cGobL3sflng shfsf] of]ukmnnfO o zLifsdf hgfpg kg]5
kli6s0f M jfnftsf] ldltaf6 Ps jif eGbf al9 cjwL kl5 eQmfgLk|fKt xg] clestfnfO k|bfg ulPsf] shf sdrfLnfO k|bfgulPsf] shf tyf cGo f]xL k|s[tLsf shfxnfO bL3sflngshf Demg k5
)s= cGo cNksflng shf M lgb]zg amp adf]lhd n]vfIacuteg ulPsf] clestfnfO k|bfgulPsf] cNksflng shf sdrfLnfO k|bfg ulPsf] cNksflng shf tyf cGocNksflng shfsf] of]ukmnnfO o zLifsdf hgfpg kg]5
kli6s0f M jfnftsf] ldltaf6 Ps jif leq eQmfgL k|fKtxg] clestfnfO k|bfg ulPsf] shf sdrfLnfO k|bfgulPsf] shf tyf cGo f]xL k|s[tLsf shfxnfOcNksflng shf Demg k5
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11 cGo DkQL M -_ o lgb]zg adf]lhd n]vfIacuteg ulPsf] aLdssf] nufgLaf6 k|fKt xgafFsL cfo aLdfn]vsf] lwtf]df shfaf6 k|fKt xg afFsL Aofh cGo shfaf6 k|fKt xgafFsL Aofh cGo aLdsaf6 k|fKt xg afFsL kgaLdsaf6 k|fKt xg aFfsL ljljwcffdL clu|d eQmfgL sdrfL k]ZsL cGo k]ZsL wf6L tyf cGosf] of]ukmnnfOo zLifsdf hgfpg kg]5
-_ cGo DkQLsf] ljj0f kllzi6 sf] cgrL $ adf]lhd xg kg]5
-_ cn xg afFsL aLdfzNs eP f]sf] of]ukmn kllzi6 sf] cgrL $ dfb]vfpg kg]5 f] cn xg afFsL aLdfzNs afasf] dNtjL -Suspense_ b]vfOvb k|efj (Net effect) zGo agfpg kg]5
12 rfn bfloTj M clestfnfO lbg afFsL cGo aLdsnfO lbg afFsL kgaLdsnfO lbgafFsL aLdfzNs wf6L k0f ljj0f gvn]sf] aLdfzNs ljljw fx xfosdividexf]lN8EumlsDkgLnfO lbg afFsL gtf]tdf ssectf ulPsf] s ltg afFsL cfos ltg afFsL]jfzNs ltg afFsL sdrfLnfO ltg afFsL +rfnsnfO ltg afFsL tyf cGo ltgafFsL sdxsf] of]ukmnnfO o zLifsdf hgfpg kg]5
13 cdfKt hf]lvd jfkt Jojyf M lgb]zg ( adf]lhdsf] cdfKt hf]lvd Jojyfsf]of]ukmnnfO o zLifsdf hgfpg kg]5
14 eQmfgL xg afFsL bfjL jfkt Jojyf M k|To]s lsldsf] aLdfsf] eQmfgL xg afFsLbfjLsf] nflu ulPsf] Jojyfsf] of]ukmnnfO o zLifsdf hgfpg kg]5
15 ckn]vg jf dfof]hg xg afFsL ljljw vrx M ckn]vg ug afFsL k|flDes vrckn]vg ug afFsL kj +rfng vr ckn]vg ug afFsL yug ulPsf vr tyfcGo ckn]vg jf dfof]hg gePsf vrxsf] of]ukmnnfO o zLifsdf hgfpgkg]5
-3_ k|dv rsfIacutexdf +nUg zLifsxsf] +lIfKt JofVof
1 g]6 jy = rQmf kFhL plusmn hu]8f tyf sf]if plusmn dxf ljkQL hu]8f ndashckn]vg jfdfof]hg xg afFsL ljljw vrx ndash gfkmf gf]Sfg lxfaaf6 f]sf] gf]Sfg
2 k|lt z]o lstfaL dNo = g]6 jydividefwf0f z]o +Vof
3 k|lt z]o cfo = vb gfkmfdividefwf0f z]o +Vof
4 dNo cfDbfgL cgkft = k|lt z]o ahf dNodividek|lt z]o cfo
5 sn DklQ = ly DklQ plusmn nufgL plusmn aLdfn]vsf] lwtf]df shf plusmn rfnDklQ shf tyf k]ZsLx
![Page 39: hLjg aLdf Joj;fo ug]{ aLdssf] ljQLo ljj/0f ;DaGwL lgb]{zg](https://reader033.vdocuments.site/reader033/viewer/2022053020/6291631db7b57c39db6663d6/html5/thumbnails/39.jpg)
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11 kgaLdf sldzg vr M aLdsn] kgaLdf jLsf u] afkt eQmfgL ug kg] sldzgsdnfO o zLifsdf hgfpg kg]5
12 ]jf zNs -vb_ M aLdf ldltnfO aemfpg kg] sn ]jf zNsaf6 kgaLdssf] lxfssectf uL afFsL sdnfO o zLifsdf hgfpg kg]5
13 cGo k|ToIf vr M aLdfsf] lsld+u k|ToIf kn] DalGwt x]sf] cGo vrnfO ozLifsdf hgfpg kg]5
14 Jojyfkg vr M lgb]zg $ adf]lhd afF8kmFf8 uL cfPsf] sdnfO o zLifsdfhgfpg kg]5
15 cfos M -_ aLdssf] cfos bfloTjnfO lgb]zg adf]lhd afF8kmFf8 uL cfPsf]sdnfO o zLifsdf hgfpg kg]5 osf] ljj0f kllzi6 sf] cgrL adf]lhd xg kg]5
-_ cl3Nnf jif-x_ sf] cfos bfloTjnfO kllzi6 sf] cgrL sf] aeligcl3Nnfjifxsf] cfosAElig zLifsdf hgfpg kg]5 t Totf] cfosdf nfu]sf]b08dividehljfgfdivideljnDa zNsnfO gfkmf gf]Sfg lxfasf] aeligcl3Nnf jif+uDalGwt vrAElig zLifsdf hgfpg kg]5
16 cflys jifsf] cGTodf eQmfgL xg afFsL bfjL afkt Jojyf M cflys jifsf] cGTodfeQmfgL xg afFsL d[To bfjL cjlw dfKtL bfjL cf+lzs cjlw dfKtL bfjL dk0fdNo bfjL cGo bfjL tyf gt[hgf ePsf] t hfgsfLdf gcfPsf] bfjLsf] of]ukmndfaLdf lgodfjnL )$( sf] lgod sf] v08 -3_ adf]lhdsf] sd yk ubf xgcfpg] sdnfO o zLifsdf hgfpg kg]5
aLdssf] cgejsf] cfwfdf [hgf ePsf] t hfgsfLdf gcfPsf] bfjLsf] nflusd Aojyf ug kg]5
17 cflys jifsf] cGTodf cdfKt hf]lvd afkt Jojyf M aLdf cjlw dfKtL afktbfjL eQmfgL ug gkg] lsldsf] aLdfsf] cdfKt hf]lvd afkt lgb]zg ( adf]lhdJojyf uL cfPsf] sd o zLifsdf hgfpg kg]5
18 hLjg aLdf sf]ifdividegfkmf gf]Sfg lxfadf f]sf] artdivide-gf]Sfg_ M -_ aLdf cjlwdfKtL afkt bfjL eQmfgL ug kg] lsldsf] aLdfsf] cfo Joo lxfaaf6 art -surplus_ ePsf] cjyfdf o zLifsnfO aelighLjg aLdf sf]ifdf f]sf] artAElig sfoduL Totf] art sdnfO o zLifsdf hgfpg kg]5
-_ aLdf cjlw dfKtL afkt bfjL eQmfgL ug kg] lsldsf] aLdfsf] cfo Joolxfaaf6 gf]Sfg ePsf] cjyfdf o zLifsnfO aeliggfkmf gf]Sfg lxfadff]sf] gf]SfgAElig sfod uL Totf] gf]Sfg sdnfO o zLifsdf C0ffTdskdf hgfpg kg]5
-_ aLdf cjlw dfKtL afkt bfjL eQmfgL ug gkg] lsldsf] aLdfsf] cfo Joolxfasf] nflu o zLifsnfO aelighLjg aLdf sf]ifdf f]sf] sdAElig aeliggfkmfgf]Sfg lxfadf f]sf] artdivide-gf]Sfg_AElig uL bOj6f zLifs sfod uL aelighLjgaLdf sf]ifdf f]sf] sdAElig zLifsdf lgb]zgndash adf]lhdsf] sd hgfO afFsLsdnfO aeliggfkmf gf]Sfg lxfadf f]sf] artdivide-gf]Sfg_AElig zLifsdf hgfpgkg]5 tf]lsP adf]lhd hLjg aLdf sf]ifdf f]sf] sd hgfp+bf gf]Sfg ePdf
40
aeliggfkmf gf]Sfg lxfadf f]sf] artdivide-gf]Sfg_AElig zLifsdf Totf] gf]Sfg ePsf]sdnfO C0ffTds kdf hgfpg kg]5
-v_ gfkmf gf]Sfg lxfa tyf DalGwt cgrLsf zLifsxsf] +lIfKt JofVof M
1 cfo Joo lxfaaf6 f]sf] M aLdf cjlw dfKtL afkt bfjL eQmfgL ug gkg]lsldsf] aLdfxsf] cfo Joo lxfaaf6 aeliggfkmf gf]Sfg lxfadf f]sf] artdivide-gf]Sfg_AElig sdxsf] of]ukmnnfO o zLifsdf hgfpg kg]5
2 hLjg aLdf sf]ifaf6 f]sf] M k|rlnt sfggL Jojyf adf]lhd aLdssf] bfloTjsf]n]vfhf]vf DaGwL aLdfIacuteLsf] k|ltj]bg d]tsf] cfwfdf hLjg aLdf sf]ifaf6 gfkmfgf]Sfg lxfadf fgsf nflu ldltn] jLs[lt k|bfg u]sf] sdnfO o zLifsdfhgfpg kg]5
3 nufgL shf tyf cGoaf6 cfo M lgb]zg adf]lhd afF8kFmf8 uL cfPsf] sdnfOo zLifsdf hgfpg kg]5
4 Jojyf lkmtf M nufgLdf gf]SfgLsf] nflu ulPsf] Jojyf shfdf gf]SfgLsf] nfluulPsf] Jojyf z+sfkb cffdLsf] nflu ulPsf] Jojyf tyf cGosf] nfluulPsf] Jojyf sd cf+lzs jf k0fkn] sfod fVg kg] cjyf gx]df TotfsdxnfO o zLifsdf hgfpg kg]5
5 cGo cfDbfgL M aLdf Aojfo+u f]sf gePsf] kj +rfng cfDbfgL htfcfDbfgLxsf] of]ukmnnfO o zLifsdf hgfpg kg]5
6 Jojyfkg vr M lgb]zg $ adf]lhd afF8kmFf8 uL cfPsf] sdnfO o zLifsdfhgfpg kg]5
7 ckn]vg vr M k|flDes vrx kj +rfng vrx k flPsf vrx nufgLshf cffdL tyf cGo ckn]vg ulPsf] vrnfO o zLifsdf hgfpg kg]5 t+yfks +rfns tyf pRr Jojyfks jf lghx+u DalGwt JolQmdivide+yfDaGwL cffdL ckn]vg ug kfOg] 5g
8 cGo vrx M k|rlnt sfgg adf]lhd aLdf ldlt tyf cGo lgsfon] aLdsnfOtf]s]sf] b08 hljfgf aLdsn] pkof]u u]sf] ]jfsf] aemfpg kg] zNs dodfgaemfP afkt ltg kg] ljnDa zNs hljfgf nufotsf vrx o zLifsdfhgfpg kg]5
9 gf]SfgLsf] nflu Jojyf M nufgLdf gf]SfgLsf] nflu Jojyf shfdf gf]SfgLsf]nflu Jojyf z+sfkb cffdL Jojyf tyf cGo JojyfnfO o zLifsdf hgfpgkg]5
10 cfos M aLdssf] cfos bfloTjnfO lgb]zg adf]lhd afF8kmFf8 uL cfPsf]sdnfO o zLifsdf hgfpg kg]5
11 hLjg aLdf sf]ifdf f]sf] M aLdssf] bfloTjsf] n]vf hf]vf uL aLdfIacuteLn] lbPsf]dNofIacuteg k|ltj]bg d]tsf] cfwfdf ldltn] lbPsf] cfb]zdividelgb]zg adf]lhd hLjg
41
aLdf sf]ifdf f]sf] sdnfO o zLifsdf b]vfpg kg]5 oL hLjg aLdf sf]ifdff]sf] sd gfkmf gf]Sfg lxfadf lkmtf ug kfOg] 5g
12 cl3Nnf jif+u DalGwt vr M cl3Nnf jif-x_sf] cfosdf nfu]sf]b08dividehljfgfdivideljnDa zNs tyf cl3Nnf jifxdf n]vfIacuteg ug 56]sf vrxnufotsf cl3Nnf jif+u DalGwt vrnfO o zLifsdf hgfpg kg]5
-u_ jfnft tyf DalGwt cgrLsf zLifsxsf] +lIfKt JofVof M
1 rQmf kFhL M eQmfgL k|fKt ePsf] fwf0f z]o ckljtgLo cu|flws z]o tyfkljtgLo cu|flwsf z]o afktsf] sdsf] of]ukmnnfO o zLifsdf hgfpg kg]5
2 hu]8f tyf sf]if M aLdsn] hu]8f sfod ug] lnlnfdf gfkmfaf6 afF8kmfF8 ecfPsf jf cGo sg] k|lqmofaf6 gt[hgf ePsf tyf gfkmf gf]Sfg lxfadf afF8kmFf8guL +ro uL flvPsf] sdxnfO o zLifsdf hgfpg kg]5 oL hu]8f k|of]uubf DalGwt hu]8f tyf sf]if lxfadf vr hgfpg kg]5
-s_ kFhLut hu]8f M rQmf gePsf] z]osf] afFsL sd dfu ubf eQmfgL gu]sf]sf0fn] pQm z]onfO hkmt uL k|fKt xg cfPsf] sd kFhLut cgbfg afktk|fKt xg cfPsf] lhGL tyf gub sd tyf aLdssf] kFhL j[l4 ug] p2]Zon]gfkmfaf6 flPsf] sdnfO o zLifsdf hgfpg kg]5
-v_ z]o lk|ldod M aLdsn] cfˆgf] z]o hfL ubf z]osf] clIacutet dNo eGbf a9Lbn] hfL u]sf] x]5 eg] pQm al9 sd hlt o zLifsdf hgfpg kg]5 ozLifsdf hgfOPsf] sd nfef+z ljt0f k|of]hgsf] nflu of]Uo dflgg] 5g
-u_ k|tfljt af]gz z]o M aLdsn] k|tfj uL fwf0f efn] kflt u]sf] t hfLuL gs]sf] af]gz z]onfO o zLifsdf hgfpg kg]5
-3_ ljz]if hu]8f M aLdf ldltsf] lgb]zg adf]lhd sg cGo hu]8f sf]if v8f ugkbf Totf] sdnfO o zLifsdf hgfpg kg]5
-ordf_ cGo hu]8f M aLdsn] cGo k|of]hgsf] nflu v8f u]sf] hu]8fnfO o zLifsdfhgfpg kg]5
-r_ gfkmf gf]Sfg lxfaaf6 f]sf] M aLdssf] gfkmf gf]Sfg lxfaaf6 jfnftdff]sf] gfkmf sdnfO o zLifsdf hgfpg kg]5
3 hLjg aLdf sf]if M lgb]zg adf]lhd fVg kg] hLjg aLdfsf]ifxsf] of]ukmnnfOo zLifsdf hgfpg kg]5
4 dxfndashljkQL hu]8f M 7nf] kldf0fdf aLdf bfjL pTkGg xg Sg] dxfndashljkQL -catastrophy_ sf] cjyfdf aLdssf] ljQLo Ifdtfdf kg Sg] k|ltsn c sd ug]p2]Zon] gfkmfaf6 flPsf] sdnfO o zLifsdf hgfpg kg]5 o zLifsdfhgfOPsf] sd nfef+z ljt0f k|of]hgsf] nflu of]Uo dflgg] 5g
5 ltg afFsL bL3sflng C0f tyf fk6L M jfnftsf] ldltdf eQmfgL ug afFsLbL3sflng fk6LnfO o zLifsdf hgfpg kg]5
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6 ly DkQL -vb_ MyfoL k|s[ltsf DkQLxsf] sn dNodf Xf ssectf uL afFsL x]sf]sdnfO o zLifsdf hgfpg kg]5
7 bL3sflng nufgL M aLdsn] lgb]zg ^ adf]lhd u]sf] bL3sflng nufgLnfO ozLifsdf hgfpg kg]5
kli6s0f M = jfnftsf] ldltaf6 Ps jif eGbf al9 cjwL kl5 eQmfgLk|fKt xg] sfL sfsf] hdfgt k|fKt ]Sol6Ld2tL lgIf]k gfuls nufgL of]hgf z]o a+s tyfljQLo +yfsf] cu|flwsf z]odividel8j]Gr tyf cGo f]xLk|s[ltsf nufgLxnfO bL3sflng nufgL Demg k5
= aLdsn] klAns sDkgLsf] z]odf nufgL u] afkt k|fKtxg] af]gz z]onfO z]o +Vofdf dfq b]vfO kn df]ndfsg kljtg ug x+bg
amp=s cNksflng nufgL M aLdsn] lgb]zg ^ adf]lhd u]sf] cNksflng nufgLnfO ozLifsdf hgfpg kg]5
kli6s0f M jfnftsf] ldltaf6 Ps jif leq eQmfgL k|fKt xg] sfL sfsf] hdfgt k|fKt ]Sol6L d2tL lgIf]k gfulsnufgL of]hgf a+s tyf ljQLo +yfsf] cu|flwsfz]odividel8j]Gr tyf cGo f]xL k|s[ltsf nufgLxnfOcNksflng nufgL Demg k5
8 aLdfn]vsf] lwtf]df shf M aLdsn] lgb]zg amp adf]lhd k|To]s lsldsf] aLdfsf]aLdfn]vsf] lwtf]df k|bfg u]sf] shfsf] of]ukmnnfO o zLifsdf hgfpg kg]5
9 gub tyf a+s dfHbft M -_ aLds+u x]sf] sn gub dfHbft sd tyf aLdssf]a+sdivideljQLo +yfsf] Aofh k|fKt gxg] vftfdf x]sf] sn sdnfO o zLifsdfhgfpg kg]5
10 cGo bL3sflng shf M lgb]zg amp adf]lhd n]vfIacuteg ulPsf] clestfnfO k|bfgulPsf] bL3sflng shf sdrfLnfO k|bfg ulPsf] bL3sflng shf tyf cGobL3sflng shfsf] of]ukmnnfO o zLifsdf hgfpg kg]5
kli6s0f M jfnftsf] ldltaf6 Ps jif eGbf al9 cjwL kl5 eQmfgLk|fKt xg] clestfnfO k|bfg ulPsf] shf sdrfLnfO k|bfgulPsf] shf tyf cGo f]xL k|s[tLsf shfxnfO bL3sflngshf Demg k5
)s= cGo cNksflng shf M lgb]zg amp adf]lhd n]vfIacuteg ulPsf] clestfnfO k|bfgulPsf] cNksflng shf sdrfLnfO k|bfg ulPsf] cNksflng shf tyf cGocNksflng shfsf] of]ukmnnfO o zLifsdf hgfpg kg]5
kli6s0f M jfnftsf] ldltaf6 Ps jif leq eQmfgL k|fKtxg] clestfnfO k|bfg ulPsf] shf sdrfLnfO k|bfgulPsf] shf tyf cGo f]xL k|s[tLsf shfxnfOcNksflng shf Demg k5
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11 cGo DkQL M -_ o lgb]zg adf]lhd n]vfIacuteg ulPsf] aLdssf] nufgLaf6 k|fKt xgafFsL cfo aLdfn]vsf] lwtf]df shfaf6 k|fKt xg afFsL Aofh cGo shfaf6 k|fKt xgafFsL Aofh cGo aLdsaf6 k|fKt xg afFsL kgaLdsaf6 k|fKt xg aFfsL ljljwcffdL clu|d eQmfgL sdrfL k]ZsL cGo k]ZsL wf6L tyf cGosf] of]ukmnnfOo zLifsdf hgfpg kg]5
-_ cGo DkQLsf] ljj0f kllzi6 sf] cgrL $ adf]lhd xg kg]5
-_ cn xg afFsL aLdfzNs eP f]sf] of]ukmn kllzi6 sf] cgrL $ dfb]vfpg kg]5 f] cn xg afFsL aLdfzNs afasf] dNtjL -Suspense_ b]vfOvb k|efj (Net effect) zGo agfpg kg]5
12 rfn bfloTj M clestfnfO lbg afFsL cGo aLdsnfO lbg afFsL kgaLdsnfO lbgafFsL aLdfzNs wf6L k0f ljj0f gvn]sf] aLdfzNs ljljw fx xfosdividexf]lN8EumlsDkgLnfO lbg afFsL gtf]tdf ssectf ulPsf] s ltg afFsL cfos ltg afFsL]jfzNs ltg afFsL sdrfLnfO ltg afFsL +rfnsnfO ltg afFsL tyf cGo ltgafFsL sdxsf] of]ukmnnfO o zLifsdf hgfpg kg]5
13 cdfKt hf]lvd jfkt Jojyf M lgb]zg ( adf]lhdsf] cdfKt hf]lvd Jojyfsf]of]ukmnnfO o zLifsdf hgfpg kg]5
14 eQmfgL xg afFsL bfjL jfkt Jojyf M k|To]s lsldsf] aLdfsf] eQmfgL xg afFsLbfjLsf] nflu ulPsf] Jojyfsf] of]ukmnnfO o zLifsdf hgfpg kg]5
15 ckn]vg jf dfof]hg xg afFsL ljljw vrx M ckn]vg ug afFsL k|flDes vrckn]vg ug afFsL kj +rfng vr ckn]vg ug afFsL yug ulPsf vr tyfcGo ckn]vg jf dfof]hg gePsf vrxsf] of]ukmnnfO o zLifsdf hgfpgkg]5
-3_ k|dv rsfIacutexdf +nUg zLifsxsf] +lIfKt JofVof
1 g]6 jy = rQmf kFhL plusmn hu]8f tyf sf]if plusmn dxf ljkQL hu]8f ndashckn]vg jfdfof]hg xg afFsL ljljw vrx ndash gfkmf gf]Sfg lxfaaf6 f]sf] gf]Sfg
2 k|lt z]o lstfaL dNo = g]6 jydividefwf0f z]o +Vof
3 k|lt z]o cfo = vb gfkmfdividefwf0f z]o +Vof
4 dNo cfDbfgL cgkft = k|lt z]o ahf dNodividek|lt z]o cfo
5 sn DklQ = ly DklQ plusmn nufgL plusmn aLdfn]vsf] lwtf]df shf plusmn rfnDklQ shf tyf k]ZsLx
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aeliggfkmf gf]Sfg lxfadf f]sf] artdivide-gf]Sfg_AElig zLifsdf Totf] gf]Sfg ePsf]sdnfO C0ffTds kdf hgfpg kg]5
-v_ gfkmf gf]Sfg lxfa tyf DalGwt cgrLsf zLifsxsf] +lIfKt JofVof M
1 cfo Joo lxfaaf6 f]sf] M aLdf cjlw dfKtL afkt bfjL eQmfgL ug gkg]lsldsf] aLdfxsf] cfo Joo lxfaaf6 aeliggfkmf gf]Sfg lxfadf f]sf] artdivide-gf]Sfg_AElig sdxsf] of]ukmnnfO o zLifsdf hgfpg kg]5
2 hLjg aLdf sf]ifaf6 f]sf] M k|rlnt sfggL Jojyf adf]lhd aLdssf] bfloTjsf]n]vfhf]vf DaGwL aLdfIacuteLsf] k|ltj]bg d]tsf] cfwfdf hLjg aLdf sf]ifaf6 gfkmfgf]Sfg lxfadf fgsf nflu ldltn] jLs[lt k|bfg u]sf] sdnfO o zLifsdfhgfpg kg]5
3 nufgL shf tyf cGoaf6 cfo M lgb]zg adf]lhd afF8kFmf8 uL cfPsf] sdnfOo zLifsdf hgfpg kg]5
4 Jojyf lkmtf M nufgLdf gf]SfgLsf] nflu ulPsf] Jojyf shfdf gf]SfgLsf] nfluulPsf] Jojyf z+sfkb cffdLsf] nflu ulPsf] Jojyf tyf cGosf] nfluulPsf] Jojyf sd cf+lzs jf k0fkn] sfod fVg kg] cjyf gx]df TotfsdxnfO o zLifsdf hgfpg kg]5
5 cGo cfDbfgL M aLdf Aojfo+u f]sf gePsf] kj +rfng cfDbfgL htfcfDbfgLxsf] of]ukmnnfO o zLifsdf hgfpg kg]5
6 Jojyfkg vr M lgb]zg $ adf]lhd afF8kmFf8 uL cfPsf] sdnfO o zLifsdfhgfpg kg]5
7 ckn]vg vr M k|flDes vrx kj +rfng vrx k flPsf vrx nufgLshf cffdL tyf cGo ckn]vg ulPsf] vrnfO o zLifsdf hgfpg kg]5 t+yfks +rfns tyf pRr Jojyfks jf lghx+u DalGwt JolQmdivide+yfDaGwL cffdL ckn]vg ug kfOg] 5g
8 cGo vrx M k|rlnt sfgg adf]lhd aLdf ldlt tyf cGo lgsfon] aLdsnfOtf]s]sf] b08 hljfgf aLdsn] pkof]u u]sf] ]jfsf] aemfpg kg] zNs dodfgaemfP afkt ltg kg] ljnDa zNs hljfgf nufotsf vrx o zLifsdfhgfpg kg]5
9 gf]SfgLsf] nflu Jojyf M nufgLdf gf]SfgLsf] nflu Jojyf shfdf gf]SfgLsf]nflu Jojyf z+sfkb cffdL Jojyf tyf cGo JojyfnfO o zLifsdf hgfpgkg]5
10 cfos M aLdssf] cfos bfloTjnfO lgb]zg adf]lhd afF8kmFf8 uL cfPsf]sdnfO o zLifsdf hgfpg kg]5
11 hLjg aLdf sf]ifdf f]sf] M aLdssf] bfloTjsf] n]vf hf]vf uL aLdfIacuteLn] lbPsf]dNofIacuteg k|ltj]bg d]tsf] cfwfdf ldltn] lbPsf] cfb]zdividelgb]zg adf]lhd hLjg
41
aLdf sf]ifdf f]sf] sdnfO o zLifsdf b]vfpg kg]5 oL hLjg aLdf sf]ifdff]sf] sd gfkmf gf]Sfg lxfadf lkmtf ug kfOg] 5g
12 cl3Nnf jif+u DalGwt vr M cl3Nnf jif-x_sf] cfosdf nfu]sf]b08dividehljfgfdivideljnDa zNs tyf cl3Nnf jifxdf n]vfIacuteg ug 56]sf vrxnufotsf cl3Nnf jif+u DalGwt vrnfO o zLifsdf hgfpg kg]5
-u_ jfnft tyf DalGwt cgrLsf zLifsxsf] +lIfKt JofVof M
1 rQmf kFhL M eQmfgL k|fKt ePsf] fwf0f z]o ckljtgLo cu|flws z]o tyfkljtgLo cu|flwsf z]o afktsf] sdsf] of]ukmnnfO o zLifsdf hgfpg kg]5
2 hu]8f tyf sf]if M aLdsn] hu]8f sfod ug] lnlnfdf gfkmfaf6 afF8kmfF8 ecfPsf jf cGo sg] k|lqmofaf6 gt[hgf ePsf tyf gfkmf gf]Sfg lxfadf afF8kmFf8guL +ro uL flvPsf] sdxnfO o zLifsdf hgfpg kg]5 oL hu]8f k|of]uubf DalGwt hu]8f tyf sf]if lxfadf vr hgfpg kg]5
-s_ kFhLut hu]8f M rQmf gePsf] z]osf] afFsL sd dfu ubf eQmfgL gu]sf]sf0fn] pQm z]onfO hkmt uL k|fKt xg cfPsf] sd kFhLut cgbfg afktk|fKt xg cfPsf] lhGL tyf gub sd tyf aLdssf] kFhL j[l4 ug] p2]Zon]gfkmfaf6 flPsf] sdnfO o zLifsdf hgfpg kg]5
-v_ z]o lk|ldod M aLdsn] cfˆgf] z]o hfL ubf z]osf] clIacutet dNo eGbf a9Lbn] hfL u]sf] x]5 eg] pQm al9 sd hlt o zLifsdf hgfpg kg]5 ozLifsdf hgfOPsf] sd nfef+z ljt0f k|of]hgsf] nflu of]Uo dflgg] 5g
-u_ k|tfljt af]gz z]o M aLdsn] k|tfj uL fwf0f efn] kflt u]sf] t hfLuL gs]sf] af]gz z]onfO o zLifsdf hgfpg kg]5
-3_ ljz]if hu]8f M aLdf ldltsf] lgb]zg adf]lhd sg cGo hu]8f sf]if v8f ugkbf Totf] sdnfO o zLifsdf hgfpg kg]5
-ordf_ cGo hu]8f M aLdsn] cGo k|of]hgsf] nflu v8f u]sf] hu]8fnfO o zLifsdfhgfpg kg]5
-r_ gfkmf gf]Sfg lxfaaf6 f]sf] M aLdssf] gfkmf gf]Sfg lxfaaf6 jfnftdff]sf] gfkmf sdnfO o zLifsdf hgfpg kg]5
3 hLjg aLdf sf]if M lgb]zg adf]lhd fVg kg] hLjg aLdfsf]ifxsf] of]ukmnnfOo zLifsdf hgfpg kg]5
4 dxfndashljkQL hu]8f M 7nf] kldf0fdf aLdf bfjL pTkGg xg Sg] dxfndashljkQL -catastrophy_ sf] cjyfdf aLdssf] ljQLo Ifdtfdf kg Sg] k|ltsn c sd ug]p2]Zon] gfkmfaf6 flPsf] sdnfO o zLifsdf hgfpg kg]5 o zLifsdfhgfOPsf] sd nfef+z ljt0f k|of]hgsf] nflu of]Uo dflgg] 5g
5 ltg afFsL bL3sflng C0f tyf fk6L M jfnftsf] ldltdf eQmfgL ug afFsLbL3sflng fk6LnfO o zLifsdf hgfpg kg]5
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6 ly DkQL -vb_ MyfoL k|s[ltsf DkQLxsf] sn dNodf Xf ssectf uL afFsL x]sf]sdnfO o zLifsdf hgfpg kg]5
7 bL3sflng nufgL M aLdsn] lgb]zg ^ adf]lhd u]sf] bL3sflng nufgLnfO ozLifsdf hgfpg kg]5
kli6s0f M = jfnftsf] ldltaf6 Ps jif eGbf al9 cjwL kl5 eQmfgLk|fKt xg] sfL sfsf] hdfgt k|fKt ]Sol6Ld2tL lgIf]k gfuls nufgL of]hgf z]o a+s tyfljQLo +yfsf] cu|flwsf z]odividel8j]Gr tyf cGo f]xLk|s[ltsf nufgLxnfO bL3sflng nufgL Demg k5
= aLdsn] klAns sDkgLsf] z]odf nufgL u] afkt k|fKtxg] af]gz z]onfO z]o +Vofdf dfq b]vfO kn df]ndfsg kljtg ug x+bg
amp=s cNksflng nufgL M aLdsn] lgb]zg ^ adf]lhd u]sf] cNksflng nufgLnfO ozLifsdf hgfpg kg]5
kli6s0f M jfnftsf] ldltaf6 Ps jif leq eQmfgL k|fKt xg] sfL sfsf] hdfgt k|fKt ]Sol6L d2tL lgIf]k gfulsnufgL of]hgf a+s tyf ljQLo +yfsf] cu|flwsfz]odividel8j]Gr tyf cGo f]xL k|s[ltsf nufgLxnfOcNksflng nufgL Demg k5
8 aLdfn]vsf] lwtf]df shf M aLdsn] lgb]zg amp adf]lhd k|To]s lsldsf] aLdfsf]aLdfn]vsf] lwtf]df k|bfg u]sf] shfsf] of]ukmnnfO o zLifsdf hgfpg kg]5
9 gub tyf a+s dfHbft M -_ aLds+u x]sf] sn gub dfHbft sd tyf aLdssf]a+sdivideljQLo +yfsf] Aofh k|fKt gxg] vftfdf x]sf] sn sdnfO o zLifsdfhgfpg kg]5
10 cGo bL3sflng shf M lgb]zg amp adf]lhd n]vfIacuteg ulPsf] clestfnfO k|bfgulPsf] bL3sflng shf sdrfLnfO k|bfg ulPsf] bL3sflng shf tyf cGobL3sflng shfsf] of]ukmnnfO o zLifsdf hgfpg kg]5
kli6s0f M jfnftsf] ldltaf6 Ps jif eGbf al9 cjwL kl5 eQmfgLk|fKt xg] clestfnfO k|bfg ulPsf] shf sdrfLnfO k|bfgulPsf] shf tyf cGo f]xL k|s[tLsf shfxnfO bL3sflngshf Demg k5
)s= cGo cNksflng shf M lgb]zg amp adf]lhd n]vfIacuteg ulPsf] clestfnfO k|bfgulPsf] cNksflng shf sdrfLnfO k|bfg ulPsf] cNksflng shf tyf cGocNksflng shfsf] of]ukmnnfO o zLifsdf hgfpg kg]5
kli6s0f M jfnftsf] ldltaf6 Ps jif leq eQmfgL k|fKtxg] clestfnfO k|bfg ulPsf] shf sdrfLnfO k|bfgulPsf] shf tyf cGo f]xL k|s[tLsf shfxnfOcNksflng shf Demg k5
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11 cGo DkQL M -_ o lgb]zg adf]lhd n]vfIacuteg ulPsf] aLdssf] nufgLaf6 k|fKt xgafFsL cfo aLdfn]vsf] lwtf]df shfaf6 k|fKt xg afFsL Aofh cGo shfaf6 k|fKt xgafFsL Aofh cGo aLdsaf6 k|fKt xg afFsL kgaLdsaf6 k|fKt xg aFfsL ljljwcffdL clu|d eQmfgL sdrfL k]ZsL cGo k]ZsL wf6L tyf cGosf] of]ukmnnfOo zLifsdf hgfpg kg]5
-_ cGo DkQLsf] ljj0f kllzi6 sf] cgrL $ adf]lhd xg kg]5
-_ cn xg afFsL aLdfzNs eP f]sf] of]ukmn kllzi6 sf] cgrL $ dfb]vfpg kg]5 f] cn xg afFsL aLdfzNs afasf] dNtjL -Suspense_ b]vfOvb k|efj (Net effect) zGo agfpg kg]5
12 rfn bfloTj M clestfnfO lbg afFsL cGo aLdsnfO lbg afFsL kgaLdsnfO lbgafFsL aLdfzNs wf6L k0f ljj0f gvn]sf] aLdfzNs ljljw fx xfosdividexf]lN8EumlsDkgLnfO lbg afFsL gtf]tdf ssectf ulPsf] s ltg afFsL cfos ltg afFsL]jfzNs ltg afFsL sdrfLnfO ltg afFsL +rfnsnfO ltg afFsL tyf cGo ltgafFsL sdxsf] of]ukmnnfO o zLifsdf hgfpg kg]5
13 cdfKt hf]lvd jfkt Jojyf M lgb]zg ( adf]lhdsf] cdfKt hf]lvd Jojyfsf]of]ukmnnfO o zLifsdf hgfpg kg]5
14 eQmfgL xg afFsL bfjL jfkt Jojyf M k|To]s lsldsf] aLdfsf] eQmfgL xg afFsLbfjLsf] nflu ulPsf] Jojyfsf] of]ukmnnfO o zLifsdf hgfpg kg]5
15 ckn]vg jf dfof]hg xg afFsL ljljw vrx M ckn]vg ug afFsL k|flDes vrckn]vg ug afFsL kj +rfng vr ckn]vg ug afFsL yug ulPsf vr tyfcGo ckn]vg jf dfof]hg gePsf vrxsf] of]ukmnnfO o zLifsdf hgfpgkg]5
-3_ k|dv rsfIacutexdf +nUg zLifsxsf] +lIfKt JofVof
1 g]6 jy = rQmf kFhL plusmn hu]8f tyf sf]if plusmn dxf ljkQL hu]8f ndashckn]vg jfdfof]hg xg afFsL ljljw vrx ndash gfkmf gf]Sfg lxfaaf6 f]sf] gf]Sfg
2 k|lt z]o lstfaL dNo = g]6 jydividefwf0f z]o +Vof
3 k|lt z]o cfo = vb gfkmfdividefwf0f z]o +Vof
4 dNo cfDbfgL cgkft = k|lt z]o ahf dNodividek|lt z]o cfo
5 sn DklQ = ly DklQ plusmn nufgL plusmn aLdfn]vsf] lwtf]df shf plusmn rfnDklQ shf tyf k]ZsLx
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aLdf sf]ifdf f]sf] sdnfO o zLifsdf b]vfpg kg]5 oL hLjg aLdf sf]ifdff]sf] sd gfkmf gf]Sfg lxfadf lkmtf ug kfOg] 5g
12 cl3Nnf jif+u DalGwt vr M cl3Nnf jif-x_sf] cfosdf nfu]sf]b08dividehljfgfdivideljnDa zNs tyf cl3Nnf jifxdf n]vfIacuteg ug 56]sf vrxnufotsf cl3Nnf jif+u DalGwt vrnfO o zLifsdf hgfpg kg]5
-u_ jfnft tyf DalGwt cgrLsf zLifsxsf] +lIfKt JofVof M
1 rQmf kFhL M eQmfgL k|fKt ePsf] fwf0f z]o ckljtgLo cu|flws z]o tyfkljtgLo cu|flwsf z]o afktsf] sdsf] of]ukmnnfO o zLifsdf hgfpg kg]5
2 hu]8f tyf sf]if M aLdsn] hu]8f sfod ug] lnlnfdf gfkmfaf6 afF8kmfF8 ecfPsf jf cGo sg] k|lqmofaf6 gt[hgf ePsf tyf gfkmf gf]Sfg lxfadf afF8kmFf8guL +ro uL flvPsf] sdxnfO o zLifsdf hgfpg kg]5 oL hu]8f k|of]uubf DalGwt hu]8f tyf sf]if lxfadf vr hgfpg kg]5
-s_ kFhLut hu]8f M rQmf gePsf] z]osf] afFsL sd dfu ubf eQmfgL gu]sf]sf0fn] pQm z]onfO hkmt uL k|fKt xg cfPsf] sd kFhLut cgbfg afktk|fKt xg cfPsf] lhGL tyf gub sd tyf aLdssf] kFhL j[l4 ug] p2]Zon]gfkmfaf6 flPsf] sdnfO o zLifsdf hgfpg kg]5
-v_ z]o lk|ldod M aLdsn] cfˆgf] z]o hfL ubf z]osf] clIacutet dNo eGbf a9Lbn] hfL u]sf] x]5 eg] pQm al9 sd hlt o zLifsdf hgfpg kg]5 ozLifsdf hgfOPsf] sd nfef+z ljt0f k|of]hgsf] nflu of]Uo dflgg] 5g
-u_ k|tfljt af]gz z]o M aLdsn] k|tfj uL fwf0f efn] kflt u]sf] t hfLuL gs]sf] af]gz z]onfO o zLifsdf hgfpg kg]5
-3_ ljz]if hu]8f M aLdf ldltsf] lgb]zg adf]lhd sg cGo hu]8f sf]if v8f ugkbf Totf] sdnfO o zLifsdf hgfpg kg]5
-ordf_ cGo hu]8f M aLdsn] cGo k|of]hgsf] nflu v8f u]sf] hu]8fnfO o zLifsdfhgfpg kg]5
-r_ gfkmf gf]Sfg lxfaaf6 f]sf] M aLdssf] gfkmf gf]Sfg lxfaaf6 jfnftdff]sf] gfkmf sdnfO o zLifsdf hgfpg kg]5
3 hLjg aLdf sf]if M lgb]zg adf]lhd fVg kg] hLjg aLdfsf]ifxsf] of]ukmnnfOo zLifsdf hgfpg kg]5
4 dxfndashljkQL hu]8f M 7nf] kldf0fdf aLdf bfjL pTkGg xg Sg] dxfndashljkQL -catastrophy_ sf] cjyfdf aLdssf] ljQLo Ifdtfdf kg Sg] k|ltsn c sd ug]p2]Zon] gfkmfaf6 flPsf] sdnfO o zLifsdf hgfpg kg]5 o zLifsdfhgfOPsf] sd nfef+z ljt0f k|of]hgsf] nflu of]Uo dflgg] 5g
5 ltg afFsL bL3sflng C0f tyf fk6L M jfnftsf] ldltdf eQmfgL ug afFsLbL3sflng fk6LnfO o zLifsdf hgfpg kg]5
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6 ly DkQL -vb_ MyfoL k|s[ltsf DkQLxsf] sn dNodf Xf ssectf uL afFsL x]sf]sdnfO o zLifsdf hgfpg kg]5
7 bL3sflng nufgL M aLdsn] lgb]zg ^ adf]lhd u]sf] bL3sflng nufgLnfO ozLifsdf hgfpg kg]5
kli6s0f M = jfnftsf] ldltaf6 Ps jif eGbf al9 cjwL kl5 eQmfgLk|fKt xg] sfL sfsf] hdfgt k|fKt ]Sol6Ld2tL lgIf]k gfuls nufgL of]hgf z]o a+s tyfljQLo +yfsf] cu|flwsf z]odividel8j]Gr tyf cGo f]xLk|s[ltsf nufgLxnfO bL3sflng nufgL Demg k5
= aLdsn] klAns sDkgLsf] z]odf nufgL u] afkt k|fKtxg] af]gz z]onfO z]o +Vofdf dfq b]vfO kn df]ndfsg kljtg ug x+bg
amp=s cNksflng nufgL M aLdsn] lgb]zg ^ adf]lhd u]sf] cNksflng nufgLnfO ozLifsdf hgfpg kg]5
kli6s0f M jfnftsf] ldltaf6 Ps jif leq eQmfgL k|fKt xg] sfL sfsf] hdfgt k|fKt ]Sol6L d2tL lgIf]k gfulsnufgL of]hgf a+s tyf ljQLo +yfsf] cu|flwsfz]odividel8j]Gr tyf cGo f]xL k|s[ltsf nufgLxnfOcNksflng nufgL Demg k5
8 aLdfn]vsf] lwtf]df shf M aLdsn] lgb]zg amp adf]lhd k|To]s lsldsf] aLdfsf]aLdfn]vsf] lwtf]df k|bfg u]sf] shfsf] of]ukmnnfO o zLifsdf hgfpg kg]5
9 gub tyf a+s dfHbft M -_ aLds+u x]sf] sn gub dfHbft sd tyf aLdssf]a+sdivideljQLo +yfsf] Aofh k|fKt gxg] vftfdf x]sf] sn sdnfO o zLifsdfhgfpg kg]5
10 cGo bL3sflng shf M lgb]zg amp adf]lhd n]vfIacuteg ulPsf] clestfnfO k|bfgulPsf] bL3sflng shf sdrfLnfO k|bfg ulPsf] bL3sflng shf tyf cGobL3sflng shfsf] of]ukmnnfO o zLifsdf hgfpg kg]5
kli6s0f M jfnftsf] ldltaf6 Ps jif eGbf al9 cjwL kl5 eQmfgLk|fKt xg] clestfnfO k|bfg ulPsf] shf sdrfLnfO k|bfgulPsf] shf tyf cGo f]xL k|s[tLsf shfxnfO bL3sflngshf Demg k5
)s= cGo cNksflng shf M lgb]zg amp adf]lhd n]vfIacuteg ulPsf] clestfnfO k|bfgulPsf] cNksflng shf sdrfLnfO k|bfg ulPsf] cNksflng shf tyf cGocNksflng shfsf] of]ukmnnfO o zLifsdf hgfpg kg]5
kli6s0f M jfnftsf] ldltaf6 Ps jif leq eQmfgL k|fKtxg] clestfnfO k|bfg ulPsf] shf sdrfLnfO k|bfgulPsf] shf tyf cGo f]xL k|s[tLsf shfxnfOcNksflng shf Demg k5
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11 cGo DkQL M -_ o lgb]zg adf]lhd n]vfIacuteg ulPsf] aLdssf] nufgLaf6 k|fKt xgafFsL cfo aLdfn]vsf] lwtf]df shfaf6 k|fKt xg afFsL Aofh cGo shfaf6 k|fKt xgafFsL Aofh cGo aLdsaf6 k|fKt xg afFsL kgaLdsaf6 k|fKt xg aFfsL ljljwcffdL clu|d eQmfgL sdrfL k]ZsL cGo k]ZsL wf6L tyf cGosf] of]ukmnnfOo zLifsdf hgfpg kg]5
-_ cGo DkQLsf] ljj0f kllzi6 sf] cgrL $ adf]lhd xg kg]5
-_ cn xg afFsL aLdfzNs eP f]sf] of]ukmn kllzi6 sf] cgrL $ dfb]vfpg kg]5 f] cn xg afFsL aLdfzNs afasf] dNtjL -Suspense_ b]vfOvb k|efj (Net effect) zGo agfpg kg]5
12 rfn bfloTj M clestfnfO lbg afFsL cGo aLdsnfO lbg afFsL kgaLdsnfO lbgafFsL aLdfzNs wf6L k0f ljj0f gvn]sf] aLdfzNs ljljw fx xfosdividexf]lN8EumlsDkgLnfO lbg afFsL gtf]tdf ssectf ulPsf] s ltg afFsL cfos ltg afFsL]jfzNs ltg afFsL sdrfLnfO ltg afFsL +rfnsnfO ltg afFsL tyf cGo ltgafFsL sdxsf] of]ukmnnfO o zLifsdf hgfpg kg]5
13 cdfKt hf]lvd jfkt Jojyf M lgb]zg ( adf]lhdsf] cdfKt hf]lvd Jojyfsf]of]ukmnnfO o zLifsdf hgfpg kg]5
14 eQmfgL xg afFsL bfjL jfkt Jojyf M k|To]s lsldsf] aLdfsf] eQmfgL xg afFsLbfjLsf] nflu ulPsf] Jojyfsf] of]ukmnnfO o zLifsdf hgfpg kg]5
15 ckn]vg jf dfof]hg xg afFsL ljljw vrx M ckn]vg ug afFsL k|flDes vrckn]vg ug afFsL kj +rfng vr ckn]vg ug afFsL yug ulPsf vr tyfcGo ckn]vg jf dfof]hg gePsf vrxsf] of]ukmnnfO o zLifsdf hgfpgkg]5
-3_ k|dv rsfIacutexdf +nUg zLifsxsf] +lIfKt JofVof
1 g]6 jy = rQmf kFhL plusmn hu]8f tyf sf]if plusmn dxf ljkQL hu]8f ndashckn]vg jfdfof]hg xg afFsL ljljw vrx ndash gfkmf gf]Sfg lxfaaf6 f]sf] gf]Sfg
2 k|lt z]o lstfaL dNo = g]6 jydividefwf0f z]o +Vof
3 k|lt z]o cfo = vb gfkmfdividefwf0f z]o +Vof
4 dNo cfDbfgL cgkft = k|lt z]o ahf dNodividek|lt z]o cfo
5 sn DklQ = ly DklQ plusmn nufgL plusmn aLdfn]vsf] lwtf]df shf plusmn rfnDklQ shf tyf k]ZsLx
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6 ly DkQL -vb_ MyfoL k|s[ltsf DkQLxsf] sn dNodf Xf ssectf uL afFsL x]sf]sdnfO o zLifsdf hgfpg kg]5
7 bL3sflng nufgL M aLdsn] lgb]zg ^ adf]lhd u]sf] bL3sflng nufgLnfO ozLifsdf hgfpg kg]5
kli6s0f M = jfnftsf] ldltaf6 Ps jif eGbf al9 cjwL kl5 eQmfgLk|fKt xg] sfL sfsf] hdfgt k|fKt ]Sol6Ld2tL lgIf]k gfuls nufgL of]hgf z]o a+s tyfljQLo +yfsf] cu|flwsf z]odividel8j]Gr tyf cGo f]xLk|s[ltsf nufgLxnfO bL3sflng nufgL Demg k5
= aLdsn] klAns sDkgLsf] z]odf nufgL u] afkt k|fKtxg] af]gz z]onfO z]o +Vofdf dfq b]vfO kn df]ndfsg kljtg ug x+bg
amp=s cNksflng nufgL M aLdsn] lgb]zg ^ adf]lhd u]sf] cNksflng nufgLnfO ozLifsdf hgfpg kg]5
kli6s0f M jfnftsf] ldltaf6 Ps jif leq eQmfgL k|fKt xg] sfL sfsf] hdfgt k|fKt ]Sol6L d2tL lgIf]k gfulsnufgL of]hgf a+s tyf ljQLo +yfsf] cu|flwsfz]odividel8j]Gr tyf cGo f]xL k|s[ltsf nufgLxnfOcNksflng nufgL Demg k5
8 aLdfn]vsf] lwtf]df shf M aLdsn] lgb]zg amp adf]lhd k|To]s lsldsf] aLdfsf]aLdfn]vsf] lwtf]df k|bfg u]sf] shfsf] of]ukmnnfO o zLifsdf hgfpg kg]5
9 gub tyf a+s dfHbft M -_ aLds+u x]sf] sn gub dfHbft sd tyf aLdssf]a+sdivideljQLo +yfsf] Aofh k|fKt gxg] vftfdf x]sf] sn sdnfO o zLifsdfhgfpg kg]5
10 cGo bL3sflng shf M lgb]zg amp adf]lhd n]vfIacuteg ulPsf] clestfnfO k|bfgulPsf] bL3sflng shf sdrfLnfO k|bfg ulPsf] bL3sflng shf tyf cGobL3sflng shfsf] of]ukmnnfO o zLifsdf hgfpg kg]5
kli6s0f M jfnftsf] ldltaf6 Ps jif eGbf al9 cjwL kl5 eQmfgLk|fKt xg] clestfnfO k|bfg ulPsf] shf sdrfLnfO k|bfgulPsf] shf tyf cGo f]xL k|s[tLsf shfxnfO bL3sflngshf Demg k5
)s= cGo cNksflng shf M lgb]zg amp adf]lhd n]vfIacuteg ulPsf] clestfnfO k|bfgulPsf] cNksflng shf sdrfLnfO k|bfg ulPsf] cNksflng shf tyf cGocNksflng shfsf] of]ukmnnfO o zLifsdf hgfpg kg]5
kli6s0f M jfnftsf] ldltaf6 Ps jif leq eQmfgL k|fKtxg] clestfnfO k|bfg ulPsf] shf sdrfLnfO k|bfgulPsf] shf tyf cGo f]xL k|s[tLsf shfxnfOcNksflng shf Demg k5
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11 cGo DkQL M -_ o lgb]zg adf]lhd n]vfIacuteg ulPsf] aLdssf] nufgLaf6 k|fKt xgafFsL cfo aLdfn]vsf] lwtf]df shfaf6 k|fKt xg afFsL Aofh cGo shfaf6 k|fKt xgafFsL Aofh cGo aLdsaf6 k|fKt xg afFsL kgaLdsaf6 k|fKt xg aFfsL ljljwcffdL clu|d eQmfgL sdrfL k]ZsL cGo k]ZsL wf6L tyf cGosf] of]ukmnnfOo zLifsdf hgfpg kg]5
-_ cGo DkQLsf] ljj0f kllzi6 sf] cgrL $ adf]lhd xg kg]5
-_ cn xg afFsL aLdfzNs eP f]sf] of]ukmn kllzi6 sf] cgrL $ dfb]vfpg kg]5 f] cn xg afFsL aLdfzNs afasf] dNtjL -Suspense_ b]vfOvb k|efj (Net effect) zGo agfpg kg]5
12 rfn bfloTj M clestfnfO lbg afFsL cGo aLdsnfO lbg afFsL kgaLdsnfO lbgafFsL aLdfzNs wf6L k0f ljj0f gvn]sf] aLdfzNs ljljw fx xfosdividexf]lN8EumlsDkgLnfO lbg afFsL gtf]tdf ssectf ulPsf] s ltg afFsL cfos ltg afFsL]jfzNs ltg afFsL sdrfLnfO ltg afFsL +rfnsnfO ltg afFsL tyf cGo ltgafFsL sdxsf] of]ukmnnfO o zLifsdf hgfpg kg]5
13 cdfKt hf]lvd jfkt Jojyf M lgb]zg ( adf]lhdsf] cdfKt hf]lvd Jojyfsf]of]ukmnnfO o zLifsdf hgfpg kg]5
14 eQmfgL xg afFsL bfjL jfkt Jojyf M k|To]s lsldsf] aLdfsf] eQmfgL xg afFsLbfjLsf] nflu ulPsf] Jojyfsf] of]ukmnnfO o zLifsdf hgfpg kg]5
15 ckn]vg jf dfof]hg xg afFsL ljljw vrx M ckn]vg ug afFsL k|flDes vrckn]vg ug afFsL kj +rfng vr ckn]vg ug afFsL yug ulPsf vr tyfcGo ckn]vg jf dfof]hg gePsf vrxsf] of]ukmnnfO o zLifsdf hgfpgkg]5
-3_ k|dv rsfIacutexdf +nUg zLifsxsf] +lIfKt JofVof
1 g]6 jy = rQmf kFhL plusmn hu]8f tyf sf]if plusmn dxf ljkQL hu]8f ndashckn]vg jfdfof]hg xg afFsL ljljw vrx ndash gfkmf gf]Sfg lxfaaf6 f]sf] gf]Sfg
2 k|lt z]o lstfaL dNo = g]6 jydividefwf0f z]o +Vof
3 k|lt z]o cfo = vb gfkmfdividefwf0f z]o +Vof
4 dNo cfDbfgL cgkft = k|lt z]o ahf dNodividek|lt z]o cfo
5 sn DklQ = ly DklQ plusmn nufgL plusmn aLdfn]vsf] lwtf]df shf plusmn rfnDklQ shf tyf k]ZsLx
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11 cGo DkQL M -_ o lgb]zg adf]lhd n]vfIacuteg ulPsf] aLdssf] nufgLaf6 k|fKt xgafFsL cfo aLdfn]vsf] lwtf]df shfaf6 k|fKt xg afFsL Aofh cGo shfaf6 k|fKt xgafFsL Aofh cGo aLdsaf6 k|fKt xg afFsL kgaLdsaf6 k|fKt xg aFfsL ljljwcffdL clu|d eQmfgL sdrfL k]ZsL cGo k]ZsL wf6L tyf cGosf] of]ukmnnfOo zLifsdf hgfpg kg]5
-_ cGo DkQLsf] ljj0f kllzi6 sf] cgrL $ adf]lhd xg kg]5
-_ cn xg afFsL aLdfzNs eP f]sf] of]ukmn kllzi6 sf] cgrL $ dfb]vfpg kg]5 f] cn xg afFsL aLdfzNs afasf] dNtjL -Suspense_ b]vfOvb k|efj (Net effect) zGo agfpg kg]5
12 rfn bfloTj M clestfnfO lbg afFsL cGo aLdsnfO lbg afFsL kgaLdsnfO lbgafFsL aLdfzNs wf6L k0f ljj0f gvn]sf] aLdfzNs ljljw fx xfosdividexf]lN8EumlsDkgLnfO lbg afFsL gtf]tdf ssectf ulPsf] s ltg afFsL cfos ltg afFsL]jfzNs ltg afFsL sdrfLnfO ltg afFsL +rfnsnfO ltg afFsL tyf cGo ltgafFsL sdxsf] of]ukmnnfO o zLifsdf hgfpg kg]5
13 cdfKt hf]lvd jfkt Jojyf M lgb]zg ( adf]lhdsf] cdfKt hf]lvd Jojyfsf]of]ukmnnfO o zLifsdf hgfpg kg]5
14 eQmfgL xg afFsL bfjL jfkt Jojyf M k|To]s lsldsf] aLdfsf] eQmfgL xg afFsLbfjLsf] nflu ulPsf] Jojyfsf] of]ukmnnfO o zLifsdf hgfpg kg]5
15 ckn]vg jf dfof]hg xg afFsL ljljw vrx M ckn]vg ug afFsL k|flDes vrckn]vg ug afFsL kj +rfng vr ckn]vg ug afFsL yug ulPsf vr tyfcGo ckn]vg jf dfof]hg gePsf vrxsf] of]ukmnnfO o zLifsdf hgfpgkg]5
-3_ k|dv rsfIacutexdf +nUg zLifsxsf] +lIfKt JofVof
1 g]6 jy = rQmf kFhL plusmn hu]8f tyf sf]if plusmn dxf ljkQL hu]8f ndashckn]vg jfdfof]hg xg afFsL ljljw vrx ndash gfkmf gf]Sfg lxfaaf6 f]sf] gf]Sfg
2 k|lt z]o lstfaL dNo = g]6 jydividefwf0f z]o +Vof
3 k|lt z]o cfo = vb gfkmfdividefwf0f z]o +Vof
4 dNo cfDbfgL cgkft = k|lt z]o ahf dNodividek|lt z]o cfo
5 sn DklQ = ly DklQ plusmn nufgL plusmn aLdfn]vsf] lwtf]df shf plusmn rfnDklQ shf tyf k]ZsLx