\(P=\frac{\left(x^2-1\right)\left(y^2-1\right)}{x^2y^2}=\frac{\left(x-1\right)\left(y-1\right)\left(x+1\right)\left(y+1\right)}{x^2y^2}=\frac{xy\left(x+1\right)\left(y+1\right)}{x^2y^2}\)
\(=\frac{xy+x+y+1}{xy}=\frac{xy+2}{xy}=1+\frac{2}{xy}\ge1+\frac{8}{\left(x+y\right)^2}=...\)