NORMALIZED EARNINGS is earnings that have been adjusted in order to take into account the effect of cycles in the economy.
UNDERWATER, in securities, is securities held in a portfolio with an unrealized market loss. Selling them would mean realizing the loss and, according to statutory accounting, a reduction in policyholders' surplus.
PUBLIC OWNERSHIP is either: a. Government ownership and operation of a productive facility for the purposes of providing some goods or services to citizens; or, b. in investments, portion of a corporations stock that is publicly traded and owned in the open market.
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