when there is a question why a company is XSE then the simplest aswer for me to imagine is to say "because it sells term insurance" For term insurance investment income should be low in relation to expenses the company incures and the main income comes from underwriting profit As a result E>I or I-E is very smal compared to NCI profit hence the company is XSE simple as that but there is no such example in study materials but my question is about unit-link policies do we include investment income from units in the I-E calculation ?
