I think more conservative is the right way to look at it. Could...

I think more conservative is the right way to look at it. Could also be: purchases better, collects better, better long term management of the book. Probably a combination of all the above but the heavy lifting would be done by accounting conservatism.

Looking at the stats I posted - it actually disadvantages CCP. It should really be done on the average PDP/PDL carry value, not the figure at the end of the period. CCP names this ratio "PDL financial asset turnover" and sometimes you'll see it on their presentations.

In my mind this is the most important indicator of the long term health of the book. Amortisation rates can vary year to year, but it's very difficult to visualise how small movements add up over the long term. All of a sudden, one company is collecting 2-3x more than the other relative to their book.