Description: Suspension of 30-year Treasury auctions will have minimal impact on bond market structure in the near term, but over the mid- to long-term, consequences could be profound. This article discusses that impact the suspension of the 30-year treasury will have.

Description: This study aimed to study primarily the impact of market performance on a pension plan’s ability to meet its obligations.

Description: The goal of this paper is to examine similarities between value investing and enterprise risk management (ERM) methods.

Description: The goal of this paper is to examine similarities between value investing and enterprise risk management (ERM) methods.

Description: U.S. bond markets have undergone dramatic changes due to the 2008 Global Financial Crisis (GFC) and the COVID-19 pandemic. In taking a retrospective view, we can see that bond markets, viewed through the lens of major bond indices, have been evolving for quite some time. Within this paper, TD Asset Management Inc. (TDAM) will explore underlying changes that have occurred within the U.S. Corporate Bond Index, a sub-component of the larger U.S. investment grade bond market, over the past decade. We will highlight key structural changes that have occurred within bond markets and why they are noteworthy

Description: Recent reports have expressed concern over historically high levels of corporate indebtedness, with an increasing share of investment-grade debt now in the BBB category, just above speculative-grade. This session will explore trends in the corporate debt market, with a focus on the risks and opportunities for portfolios in the current environment.

Description: The Society of Actuaries’ Pension Section Research Committee commissioned this study to help actuaries develop forward thinking long-term estimates of future equity risk premiums. Equity risk premium is the amount by which the total return of a stock market index, such as the S&P 500, exceeds that of government bonds. Equity risk premiums, calculated from historical data, have been used to project long term values of equity portfolios in retirement plans. The validity of using historical data to project future equity returns will be examined along with other forward looking methods.

Description: This article discusses how FHLB advances, i.e. low cost loans, can supply valuable risk management benefits. By carefully structuring an advance to mature coincident with the anticipated premium inflows generated by insurance products, a company can largely eliminate future net cash flows and consequently the need to invest them in uncertain capital markets.

Description: The article discusses C1 risks in five areas: 1 the economics of risk, 2 portfolio optimization, 3 policy, 4 risk interaction and 5 institutional aspects of C1 risk.

Description: Investment risk management has become a core competency of insurance companies, and much has been discussed on this topic. This session examines the current investment risk management practices such as product line specific hedging and macro hedging, with a focus on what still remains to be addressed—whether the tradeoff of addition risk management is worthwhile.