Milliman：2025年欧洲保险业务清算机构的利润分成研究报告：并购与业务组合迁移的影响（英文版）

Before any merger or acquisition can be finalised, it must receive approval from the relevant financial authority. 1 These authorities assess the solvency of the acquiring company and examine various factors such as company history, structure and ownership to ensure the security of the policies acquired. Several factors enable a runoff insurer to increase profits on closed-book portfolios: consolidating risk, improving actuarial assumptions due to more available experiential data for analysis