Description: From a session at the Spring meeting of the Society of Actuaries held in San Antonio, Texas, June 14-15, 2004 The panelists discuss the benefits of hedging variable annuity guarantees, the challenges they face and how they keep score.

Description: This session at the 1998 Valuation Actuary Symposium discusses issues related to variable and fixed deferred annuity modeling.

Description: Presented at May 2002 Spring Meeting. Attendees learn about tools used to manage enterprise risk and optimize firm value. Potential topics include economic surplus, earnings at risk, and law of one price. Attendees learn how various risk-management tools can complement each other.

Description: Full version of Risk Management, March 2005, Issue No. 4.

Description: Full version of Risk Management, November 2004, Issue No. 3.

Description: Full version of Risk Management, November 2005, Issue No. 6.

Description: In the past, risk management has not been an integrated process in insurance companies. Changes in the financial industry refocused management attention to risk management. Management is starting to develop new ways to examine financial risks holistically in an integrated model: from 2004 Valuation Actuary Symposium, session 29PD.

Description: 1996 Valuation Actuary Symposium. Questions asked and answered included: 1. What do regulators expect or want as far as asset adequacy analysis for shorter-term liabilities such as IBNR? 2. What responsibility does the appointed actuary have in verifying reserves for reinsured business? 3. If the assets for the market value adjusted annuity are held in a separate account and valued at market, what rates should be used to present value the projected guaranteed benefits? 4. May a company perform the cash-flow testing based on the low level of reserves held in the domiciliary state rather than the higher reserve actually held in the state with the special state in filing? 5. Have there been any situations where an opining valuation actuary has been held personally responsible?

Description: This presentation is a panel discussion, session number 42PD, from the 2002 Valuation Actuary Symposium, held September 19-20 in Lake Buena Vista, FL. The panelist starts by noting that the session is now ‘Risk Management in a GAAP Context,’ rather than ‘Asset/Liability Management in a GAAP Context,’ meaning management actions designed to address GAAP earnings volatility and GAAP income. To do this, you need to identify the sources of GAAP income volatility and near-term, not long-term, erosion of GAAP income. The speaker believes that stronger and stable GAAP earnings gives management the ability to implement their business strategies: ‘risk management in a GAAP context is all about creating competence in management,’ and if management can implement its business strategies, then it can create long-term value.

Description: 1997 Valuation Actuary Symposium, Session 35 discusses ALM and how company management needs to be involved and understand the value of ALM.