DeepFin-Intelligence/ICBCBench huggingface dataset:
Topic: Insurance-Actuarial & Reserving
Question: Using Zurich Assurance Ltd (ZAL) SFCR disclosures, compute the **decrease in the Solvency II SCR ratio (in percentage points)** from **31 December 2023** to **31 December 2024**.

Data requirement (must be sourced from official ZAL SFCR PDFs):
- ZAL SCR ratio as of 31 Dec 2023
- ZAL SCR ratio as of 31 Dec 2024

Calculation rule:
- Decrease (pp) = SCR ratio(2023) − SCR ratio(2024)
- Report the answer in **percentage points**, rounded to **0 decimal places**.

Answer format: number (percentage points, 0 decimals).
Answer: 35
Topic: Insurance-Actuarial & Reserving
Question: You are an equity analyst reviewing whether the capital-return assumptions in a broker note are internally consistent. The note expects Allianz to deliver FY2025E DPS of €16.94 and assumes a FY25 share buyback of €1.8bn. The same note states a target total payout of 75% of earnings, split as 60% dividend and 15% share buyback. Using the company’s disclosed number of shares outstanding at 4Q 2024 (assume this equals the shares eligible for FY2025 dividends, and ignore intra-year share count changes), compute the difference (in € million) between (A) the buyback amount implied by the 15% buyback share of earnings and (B) the note’s assumed FY25 buyback of €1.8bn. Round to the nearest € million and output a single integer.
Answer: 166
Topic: Insurance-Property & Casualty
Question: As a senior analyst in diversified financial industry of brokerage, I was required to evaluate the investment value and risk of Berkshire Hathaway after the management transition for public fund clients. Based on data from Bloomberg Research, Berkshire's 2024 annual report and other data and public information, which of the following statements are correct? (Multiple choices, at least 1 choice, multiple choices, less choices, wrong choices will not be scored)
A. Based on the research report "Geico's pre-tax underwriting profit margin in 2024 is 18.5%, with an average of 5.7% from 2021 to 2023" and the 2024 revenue data in the annual report, it can be calculated that Geico's pre-tax underwriting profit in 2024 is approximately 7.819 billion US dollars, which is an increase compared to the average level from 2021 to 2023. Cost reduction and policy adjustment have significantly boosted the profit, which is consistent with the research report's view that "profit recovery stems from structural adjustments". 
B. Berkshire's financial decision-making power will be further concentrated at headquarters
C. The research report quotes Buffett as saying that "Abel assumes all the day-to-day operations", and Abel has taken over non-insurance operations, capital allocation and core investment responsibilities. Meanwhile, the annual report shows that the overall profitability of the group in 2024 increased by 8.2% year-on-year, so it can be judged that there is no potential risk of management transition
D. Of 2020-2025, Geico will see the least growth in in-force policies in 2023
E. As of the end of 2024, Berkshire Hathaway's major holdings include technology, banking and other diverse industries
Answer: ABDE
Topic: Insurance-Actuarial & Reserving
Question: Using Aviva Insurance UK Limited (AIUK) official SFCR disclosures, compute the **change in SCR coverage ratio (in percentage points)** from **31 December 2023** to **31 December 2024**.

Data requirement (must be sourced from AIUK SFCR text):
- SCR coverage ratio at 31 Dec 2024
- SCR coverage ratio at 31 Dec 2023 (as referenced in the 2024 SFCR and/or the 2023 SFCR)

Calculation rule:
- Change (pp) = SCR coverage ratio(2024) − SCR coverage ratio(2023)
- Report the answer in **percentage points**, rounded to **0 decimal places**.

Answer format: number (percentage points, 0 decimals).
Answer: -52
Topic: Capital Markets-Special Topics & Policy Research
Question: BCBS d424.pdf provides a transition schedule for the Basel III **output floor**.

Task (time-anchored): Using the floor percentage applicable on **1 January 2026**, compute the **incremental RWA add-on** due to the floor for the following hypothetical bank:
- Standardised-approach RWA = **USD 500.0 bn**
- Internal-model RWA (pre-floor) = **USD 320.0 bn**

Definitions:
- Floor-implied RWA = Floor% × Standardised RWA
- Binding RWA = max(Internal-model RWA, Floor-implied RWA)
- RWA add-on = Binding RWA − Internal-model RWA

Answer requirements:
- answer_type: number
- unit: **USD billions**
- precision: **1 decimal**

Key traps:
- The floor% depends on the date (use **1 Jan 2026**, not 2027).
- Apply the floor to **standardised RWA**.

Answer: 30.0
Topic: Insurance-Life Insurance
Question: You are benchmarking new-business profitability and channel dynamics for a global life insurer.

Using AIA Group Limited Annual Report 2024 (for the year ended 2024-12-31), select EXACTLY THREE options that are correct.

A. For 12 months ended 31 December 2024, Total VONB was US$4,712 million.
B. For 12 months ended 31 December 2024, Total ANP was US$7,650 million.
C. For 12 months ended 31 December 2024, Total VONB margin was 54.5%.
D. The report states that partnership distribution VONB grew by 28% with strong performances from both bancassurance and intermediated channels.
E. For 12 months ended 31 December 2024, Total VONB margin was 45.5%.
F. The report states that Premier Agency VONB declined by 16% in 2024 due to fewer active agents.
Answer: A
C
D
Topic: Banking-Treasury & ALM
Question: HSBC Bank (Singapore) Limited discloses both (i) an **All-currency LCR** table and (ii) an **SGD LCR** table for the **quarter ended 31 December 2024**.

Using ONLY the **SGD million** figures shown in the LCR tables (NOT the headline LCR % row), compute:

**Implied All-currency LCR (%) − Implied SGD LCR (%)**

Where the implied LCR is defined strictly as:
Implied LCR (%) = (Total HQLA / Total Net Cash Outflows) × 100.

Important traps to avoid:
- Do NOT use the reported headline “Liquidity Coverage Ratio (%)” line.
- Use the **Total Adjusted Value** row values: “Total HQLA” and “Total Net Cash Outflows”.
- Return the answer as a single number rounded to **1 decimal place**, unit = **percentage points** (do not include the % sign).

Answer format: number (e.g., 12.3).
Answer: 11.0
Topic: Banking-Treasury & ALM
Question: Using the official FRED SOFR series, compute the **maximum peak-to-trough drawdown** in SOFR over the **five business days 16 Dec 2024 to 20 Dec 2024 (inclusive)**.

Definition (must follow):
- Peak-to-trough drawdown (bp) = (Peak level earlier in time − Subsequent trough level) × 100.
- Report the **absolute drawdown magnitude** as a positive number.

Answer requirements:
- answer_type: number
- unit: **bp**
- precision: **0 decimals**

Critical traps:
- Must be **peak before trough** (time order matters).
- Must be **maximum** drawdown within the window, not end-to-end.

Answer: 35
Topic: Banking-Risk Management
Question: Unlike China, the United States does not set a unified, mandatory minimum regulatory metric for banks called the ' allowance for loan losses to total retained loans' Instead, it ensures the adequacy of reserves through model reviews and capital levels. Based on JPMorgan's annual reports from 2021 to 2024, over these four years, according to China's "Measures for the Administration of Loan Loss Reserves of Commercial Banks," how much does JPMorgan's highest allowance for loan losses to total retained loans during 2021-2024 fall short of China's required allowance for loan losses to total retained loans? Please provide the result as a numerical value, in percentage points (without the % sign), rounded to two decimal places.
Answer: 0.63
Topic: Insurance-Health Insurance
Question: You are the research compliance officer reviewing a sell-side equity note that cites an “Adjusted EPS bridge” from a Wells Fargo research report covering UnitedHealth Group.
The note references a performance metric derived from reported earnings but modified through adjustments not defined within U.S. GAAP accounting standards.
The metric originated in the company’s earnings press release and is reconciled to reported EPS in an investor presentation.
The research note itself does not reproduce the reconciliation table, but merely cites the adjusted metric.
Your firm’s policy requires the internal compliance memo to identify the specific SEC rule that forms the baseline disclosure regime governing the public dissemination of such adjusted performance metrics.
During your regulatory review you observe the following structure in the SEC disclosure framework within Title 17 of the Code of Federal Regulations:
One rule group governs selective disclosure of material information.
Another governs management’s discussion of financial condition and operating results.
A different rule governs financial measures derived from reported results but adjusted outside the accounting framework used to prepare those results.
The rule relevant to this case satisfies these conditions:
It applies to any public dissemination of such adjusted performance metrics, including earnings releases and investor presentations.
Within the CFR hierarchy it appears under Title 17 → Chapter II → Part 244.
The SEC commonly refers to the rule using a short regulation title, but the codified authority appears as a numbered section within that Part.
You further determine that when similar adjusted performance metrics appear inside SEC filings, the disclosure regime is supplemented by a specific paragraph within Regulation S-K that governs the presentation of such measures in filings.
That paragraph imposes conditions including:
reconciliation to reported results,
presentation prominence requirements, and
prohibitions against misleading adjustments.
Questions
(1)
Instead of naming the regulation title, identify the codified CFR section that establishes the baseline disclosure requirement for the type of adjusted financial metric described above.
Requirements:
Provide the exact CFR citation in Title–Part–Section format.
Output one unique citation string.

(2)
Within Regulation S-K, identify the specific paragraph that establishes the primary conditions for presenting such adjusted performance measures in SEC filings.
Requirements:
Provide the Item number and paragraph designation.
Output one exact regulatory citation string.
Answer: 1. 17 CFR 244.100;  2. Item 10(e)（1） of  Regulation S-K
Topic: Insurance-Insurance Investment
Question: You are designing an ALM dashboard rule for solvency monitoring.
Using Swiss Re Annual Report 2024 and Swiss Re Financial Condition Report 2024, compute the change in headroom versus the upper end of Swiss Re’s Group SST target range from:
the reported Group SST ratio as of 1 January 2024; to
the stressed Group SST ratio as of 1 January 2025 after applying the disclosed −50 bps interest-rate sensitivity.
Define headroom as: SST ratio minus the upper end of the target range.
Compute: stressed headroom at 1 Jan 2025 minus reported headroom at 1 Jan 2024.
Report the answer as an integer number of percentage points (pp) with sign.
Time qualifier: Use Swiss Re’s disclosed Group SST ratio points and the 2025 financial market sensitivity disclosure.
Answer: -20
Topic: Banking-Account & Cash Management
Question: Deutsche Bank, founded in 1870 and headquartered in Frankfurt, Germany, is a leading global bank. It offers a wide range of financial services, including corporate and investment banking, asset management, and private banking, to clients worldwide .
which of the following bullet points in the draft presentation are  FACTUALLY CORRECT ?
A.Liquidity Coverage Ratio (LCR) of Deutsche Bank in 2022 was 134%.
B.Deutsche Bank's cost/income ratio in 2024 has decreased compared to 2023.
C.Net interest income was € 13.1 billion in 2024, a decrease of € 536 million compared to 2023 primarily driven by a further normalization of the interest rate environment and the discontinuation of the minimum reserve remuneration.
D.The CAGR of Deutsche Bank's total assets from 2020 to 2024 is 1.15%
E.As of December 31, 2020, our economic capital demand amounted to € 28.6 billion, which 2 % lower than economic capital demand as of December 31, 2019.
F.Deutsche Bank's leverage ratio in 2024 is 4.6%, the highest in five years.

Answer: CDE
Topic: Insurance-Actuarial & Reserving
Question: Acrisure is a company that started as an insurance brokerage and has rapidly grown into a globally leading fintech firm. Between 2023 and 2026, the company experienced significant revenue growth, international expansion, and substantial fundraising, while also announcing layoffs due to technological integration. These dynamics are closely linked to its core insurance business. Based on the information above, answer the following question: Which of the following statements about Acrisure and its insurance business are correct? (Multiple select)
A. As of 2024, its Property/Casualty (P/C) business revenue exceeded $2.8 billion, constituting a significant portion of the company's total revenue.
B. In 2023, the company expanded its insurance client service coverage by adding multiple new European country markets.
C. The company's acquisition of the insurance intelligence business of AI company Tulco aimed to leverage AI capabilities to innovate insurance product development and sales.
D. The company plans to lay off approximately 400 employees in early 2026, primarily to address performance declines in its insurance business division.
E. The company holds a significant share in the U.S. small business insurance market, with nearly 1 in 20 small businesses being its clients.
F. Its partnership with the Pittsburgh Steelers and the naming of Acrisure Arena are marketing strategies specifically aimed at enhancing brand awareness for its insurance business.
G. The $2.1 billion funding round completed in 2025 will be entirely used to expand its international insurance business network.
Answer: ABCE
Topic: Insurance-Actuarial & Reserving
Question: As a leading insurance distribution and services company, Alliant Insurance Services' comprehensive strength is reflected in its strong financial performance, authoritative industry rankings, positive credit rating outlook, and deep commitment to corporate social responsibility. Based on the following factual information about the company, determine whether the descriptions are correct or incorrect.
A. As of the end of 2024, Alliant’s annual revenue exceeded $5 billion, with managed premium volume reaching $47 billion, and it ranked fifth globally among the world’s largest insurance brokers.
B. In 2024, Moody’s Investors Service revised Alliant’s rating outlook from "stable" to "positive" and affirmed its Ba2 corporate family rating, primarily due to improved profitability and reduced debt leverage.
C. The sole purpose of Alliant’s key partnership with the Insurance Industry Charitable Foundation (IICF) is to enhance its appeal as a top brokerage firm for industry talent.
D. Moody’s reported that Alliant’s debt leverage ratio (total debt/EBITDA) decreased to 4.8x in 2023 from 5.5x in 2022, with expectations of a further reduction to 4.5x in 2024.
E. In 2025, Alliant ranked fifth on both the “100 Largest Brokers of U.S. Business” and “World’s 10 Largest Insurance Brokers” lists, while also securing the top position on the “Largest Privately Owned Brokers” list.
F. Alliant’s CEO attributed the company’s sustained growth to a combination of organic growth and strategic expansion, emphasizing its commitment to being a “people-first” organization.
G. As part of its collaboration with IICF, seven senior executives from Alliant were appointed to serve on various IICF boards, demonstrating the company’s leadership investment in industry philanthropy.

Answer: ABDFG
Topic: Banking-Treasury & ALM
Question: You are validating a liquidity-control exception flag for Pillar 3 interpretation.
Using HSBC Bank (Singapore) Limited Pillar 3 disclosures for the period ending 31 December 2024, identify the All-Currency LCR disclosure and compute the following metric:
Exception gap (pp) = disclosed average All-Currency LCR − ratio-of-averages LCR
where:
ratio-of-averages LCR (%) = (Average Total HQLA / Average Total Net Cash Outflows) × 100
Rules:
Use only values from the All-Currency average LCR table in the Pillar 3 report.
Do not use any SGD-only, by-currency, or point-in-time liquidity figures.
Preserve the sign of the gap.
Round the final answer to 1 decimal place.
Return only the numeric result.
Time qualifier: Pillar 3 disclosure period ending 31 December 2024.
Answer: 12.5
Topic: Banking-Account & Cash Management
Question: You are currently a senior analyst specializing in cross-border financial M&A research at the Strategic Consulting Department of ICBC Research. At the end of 2025, BNP Paribas advanced the disposal plan for its 12.7% equity stake in Allfunds. To verify the liquidity structure of capital repatriation, you need to break down the composition of the consideration. Based on J.P. Morgan's research report, transaction announcements, etc.: excluding 2025 fiscal year dividends and quarterly compensation, what is the exact percentage (%) of the cash payment portion in the total consideration per share of this transaction? Return the result in numerical form, retain two decimal places, and the unit is a percentage sign?
Answer: 69.77
Topic: Banking-Risk Management
Question: You are a commercial bank risk officer assessing the risk that U.S. large banks could become capital-constrained after the implementation of the “Basel III Endgame” reforms due to changes in risk-weighted asset (RWA) calculations. A research report estimates that under the Basel Endgame scenario, Bank of America’s (BofA) standardized RWAs could increase by approximately 20%, and management aims to maintain an additional 50 bps buffer above the regulatory Common Equity Tier 1(CET1) capital requirement. Using the Federal Reserve’s CET1 capital requirement for BofA that is effective on October 1, 2025 as the binding regulatory constraint, and based on BofA’s financial data as of December 31, 2025, calculate how much additional CET1 capital BofA would need under this scenario to meet “the regulatory CET1 minimum requirement + a 50 bps management buffer.” 
Answer: 22.00
Topic: Banking-Wealth & Investment Services
Question: You are currently a researcher responsible for digital strategy evaluation of the European financial sector at ICBC Research. Background: According to a Barclays research report, BNP Paribas is accelerating joint technology investment in its retail banking business. Based on BNP Paribas' announcement issued on July 7, 2025, governance restructuring news, and strategic presentation: Please identify the **official full name of the new internal management unit** established under BNP Paribas' CPBS division, which is specifically responsible for coordinating the four domestic retail banking businesses in France, Italy, Belgium, and Luxembourg within the Eurozone?
Answer: Eurozone Commercial Banks
Topic: Insurance-Reinsurance
Question: In 2025, Berkshire Hathaway’s insurance operations were severely impacted by the Southern California wildfires, with first-quarter net underwriting earnings plummeting by nearly half; however, thanks to GEICO’s strong performance, the company remained profitable overall for the first half of the year.
The correct options are (multiple choices)
A. In the first quarter of 2025, the company's overall net underwriting earnings were $1.34 billion, down approximately 50% compared to the same period in 2024, primarily due to losses from the Southern California wildfires.
B. In the first half of 2025, GEICO achieved pre-tax underwriting earnings of $4 billion, representing a year-on-year increase of 8.1%, with an improved combined ratio, thereby offsetting the underwriting losses of the reinsurance and Primary Group.
C. In the first quarter of 2025, Berkshire Hathaway Reinsurance Group's (BHRG) property and casualty (P&C) business suffered approximately $770 million in losses from the wildfires, resulting in an overall pre-tax underwriting loss of $307 million for the segment.
D. As of June 30, 2025, the company's float decreased from $171 billion at the end of 2024 to $168 billion, reflecting the drain on the capital pool from catastrophe payouts.
E. In the first half of 2025, the Primary Group recorded a pre-tax underwriting loss of $81 million due to wildfire losses and reserve adjustments, compared to earnings of $765 million in the same period of 2024.
F. In the second quarter of 2025, the reinsurance division's pre-tax underwriting earnings were $650 million, down from $782 million in the second quarter of 2024, but remained profitable.
G. Berkshire Hathaway recognized after-tax losses of approximately $860 million from the Los Angeles wildfires in the first quarter of 2025, of which the Primary Group bore approximately $300 million.

Answer: BCEF
Topic: Banking-Treasury & ALM
Question: Using only official disclosures that explicitly report an average Liquidity Coverage Ratio (LCR) for the relevant reporting window, identify ALL institutions whose disclosed average LCR was at least 175% as of 31 December 2024 (or the closest official reporting window explicitly labeled by that institution).
If an institution discloses both an average LCR and a point-in-time LCR, use the average LCR only. Do not classify institutions based on point-in-time LCR disclosures when an average LCR is also disclosed.
Options (select ALL that apply):
A. UBS Group AG
B. Barclays PLC
C. HSBC UK Bank plc
D. HSBC Bank plc
E. Deutsche Bank USA Corporation
F. Deutsche Bank AG (Group)
G. None of the above
Answer format:
multi_choice (e.g., "A,C,E")
Answer: A,C,E
Topic: Banking-Risk Management
Question: You are reviewing a market-risk and capital impact memo that cites Basel III monitoring results.

Using BCBS Basel III Monitoring Report (published Nov-2025), for the balanced dataset (Group 1 banks), the report provides the aggregate impact of the final Basel III framework on minimum required capital (MRC) and its decomposition.

Task (multi_choice, select ALL that apply): Which statements match the report’s balanced-dataset decomposition for Group 1 banks (31 Dec 2024)?

A. Overall MRC impact at the target level is +1.4%.
B. Risk-based capital requirements contribute +2.7% to the overall MRC impact.
C. Leverage ratio requirements contribute -1.4% to the overall MRC impact.
D. Output floor contributes +1.7% to the overall MRC impact.
E. Market risk contributes +0.5% to the overall MRC impact.
F. Credit risk contributes +1.2% to the overall MRC impact.

Time qualifier: As of 31 Dec 2024 (BCBS monitoring observation date).
Answer: A
B
C
D
Topic: Capital Markets-Special Topics & Policy Research
Question: Using BCBS **“Basel III: Finalising post-crisis reforms”** (primary PDF), the output floor is phased in via a transition schedule. Consider the implementation date **1 January 2025**.

Given (hypothetical bank, time-anchored to the above implementation date):
- Standardised-approach RWA = **USD 320.0 bn**
- Internal-model RWA (pre-floor) = **USD 180.0 bn**

Task:
1) Extract from the BCBS PDF the **output floor percentage applicable on 1 January 2025**.
2) Compute floor-implied minimum RWA = (Floor% × Standardised RWA).
3) Compute binding RWA = max(Internal-model RWA, Floor-implied RWA).
4) Compute the **incremental RWA add-on** due to the floor.
5) Using a CET1 requirement of **7.0% of RWA** (defined here as 4.5% minimum CET1 + 2.5% capital conservation buffer), compute the **incremental CET1 capital** needed due solely to the floor add-on.

Answer requirements:
- answer_type: number
- unit: **USD billions**
- precision: **2 decimals**

Key traps to avoid:
- Use the transitional floor applicable on **1 Jan 2025**, not the fully phased-in 72.5%.
- Apply the floor to **standardised RWA**, then compare vs internal-model RWA.
- Convert percent properly (e.g., 65% = 0.65).

Answer: 1.96