business that is not yet signed, but is planned to be signed soon (we want to apply Rc0 already, so we already kind of recognize it earlier to show the capital there)
AMS doesn't model the Dummies (because the business doesn't have booked numbers)
Usually Rc0 is lower in Q4 because there are a lot of Dummies (business that will be signed in Q1), and since they are not modelled by AMS yet, we see the reduction in Rc0.
Rc0 Q4 2022:
Reduction due to the increase in rfr and decrease in calibration
FRA/TAK BAH/BAH/LAB (ST): less volume modelled due to Dummies that were excluded
Dummies (Loss Ratio ICM, especially France):