U&IE
I have memorized the difference between IEE and U&IE, but I am having trouble understanding U&IE from a high level. What is the purpose of U&IE? Is it included in annual financial statements? It is different than the income statement, right?
Thanks!
Comments
U&IE and IEE are similar. U&IE is found in the Annual Statement, whereas IEE is standalone. Generally, U&IE provides more detail on premium and loss, while IEE provides more detail on expenses. Most importantly, IEE is "goal-oriented," in that it walks through the steps to arrive at profit and investment gain by LOB. In that sense, IEE is a by-LOB version of the Income Statement.
I guess in the formation of the Annual Statement, profit/investment gain by LOB was not a priority, and IEE was an afterthought to provide these. They may have refrained from simply including IEE in the AS, because that would mean duplication of a lot of data.
Helpful - thank you!
Sure, good luck.