Statutory Net Income vs Statutory Income
Just want to make sure I got this right...
Statutory Income = Statutory Net Income, and the only difference is in how you arrive at those values, right? Because it depends on what you're given.
So for Statutory Income... you simply add up UW Inc + Inv Inc + Other Inc - PH dvnds - Fed/Foreign incurred taxes
and to solve for Statutory Net Income... you'll be given Current/Prior Surplus values and have to back into Statutory Net Income.
Did I get that right?
I thought I had this straight, but I've been reading a few sources and for a quick sec thought one of the Statutory [Net] Income formulas ignored the removal of PH dividends & fed/foreign taxes... but that doesn't sound right.
Thanks in advance!