From the 10K
So obviously anything designated as 'NPNS' is not marked-to-market but on an accrual basis.
FX is on an accrual basis
From Note 5
So this is 'trading', which was one of the criticisms of the WSJ article.
So let's look at the breakdown:
So the margin cushion = +/- 12%
LOL.
So the reason provided for such a low margin is that '…may include policies that…
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