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Glossary definition for three year accounts

L

Leala

Member
The definition is:
Underwriting profit recognised at the end of the third accounting year from the start of the underwriting year.
My question: Is the the third or first underwriting year it's referreing to?
Thanks
Leala
 
for a given underwriting year, eg 2005, profit is recognised at the end of the 3rd year, ie end 2007.
 
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