Description: The creation of the short/long portfolio is the essence of the intermediation business. The result is that the efficiency of use of capital in the economy is improved, and economic growth is facilitated. From Asset-Liability Integration, M-FI02-1.

Description: This paper reviews the current state of the AIDS epidemic and the impact on non-drug-using heterosexuals. This paper shows that for most heterosexuals, the risk of becoming infected with the AIDS virus by sexual contact is insignificant compared with many other risks of life. The paper presents some recommendations for AIDS education and other perspectives. From Transactions of Society of Actuaries 1992, Vol. 44.

Description: This paper discusses the need for actuarial judgment to be used in conjunction with statistical analysis in the calculation of incurred but not reported IBNR claim reserves.

Description: Discussion of the insurance purchase decision for corporations, using an ALM perspective of utilizing insurance to maximize the net present value of cash inflows minus out flows. Also discusses how ALM concepts can be used to value a corporation, using discounted values of cash inflows minus outflows and the risks the corporation faces with respect to the amounts or timing of those cash flows. From Asset-Liability Integration, M-FI02-1.

Description: Part 3 proposes solutions to the third of three flaws of the current financial model to obtaining the fair value of the public sector employer’s pension benefit liability.

Description: Part 2 proposes solutions to the second of three flaws of the current financial model to obtaining the fair value of the public sector employer’s pension benefit liability.

Description: Recognizing an opportunity to help serve its members in this age of increased financial oversight, the Health Section of the Society of Actuaries commissioned a series of guides on the use of statistical techniques specifically geared for the work of health actuaries. In this first guide in the series, the topic is an estimate well-known to health actuaries- the calculation of incurred but not reported [IBNR] health claims reserves. In particular, this guide focuses on the development of confidence intervals around IBNR estimates.

Description: These essays encourage actuaries to share how they incorporate financial risks of environmental sustainability into their work for employers or clients.

Description: The decline of importance of private defined benefit plans in relation to defined contribution plans in the United States is a major issue of interest to pension actuaries. This decline is undeniable, and has been attributed to numerous factors: costs of government regulation, societal and cultural changes, changed attitudes of employers, and employees' lack of understanding of defined benefit plans. It has also caused some to proclaim the end of a private defined benefit plan. This work analyzes possible macroeconomic factors contributing to the crisis of defined benefit plans, and proposes an alternative hypothesis for the cause of the crisis: the decline of relative attractiveness of defined benefit plans in relation to defined contribution plans due to the shift in the way relative returns to macroeconomic factors of production, i.e., capital and labor, are allocated in the national economy. Possibilities of improvement of the position of defined benefit plans are also discussed. From Actuarial Research Clearing House 1998 Vol. 2.

Description: 1994 SOA Spring Meeting, San Francisco. This session about fluctuation in interest rates covered: 1. The impact of increasing interest rates on liabilities. 2. Whether insurance companies are prepared for movements in interest rates. 3. The effects that rising interest rates have on the asset side of the balance sheet and some of the associated risks. 4. Investment strategy and asset-liability strategy, using the SPDA product as example.