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حسابداری و مالی::
هزینه های مبتنی بر ارزشگذاری
As shown in Figure 17 and Figure 18, Valuation Based Expenses (VBEs) are the major category among all types of expenses and therefore the total expenses mainly follow the trend of the NAVs.
The VBE proportion keeps growing from 50% in 2007/08 to 89% in 2013 with an average of 76%.
Further, the average VBE/NAV Ratio since the foundation of the Company is 3%, and the ratio reached a peak of 5% in 2011 (see Figure 19).
Firstly, the highest VBE/NAV of 5% happened in 2011 (2010: 3%), when the NAV enjoyed a minor decrease (2%) with a similar number of outstanding policies compared to the figure in 2010 (2010: 679, 2011: 674).
Normally, the prolonged LE would cause a reduction in the NAV, thus negatively affecting the VBE.
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