Description: This session at the SOA 1990 Hartford Spring Meeting is about surplus management from both a stock and mutual company standpoint. Methods of raising capital, such as financial reinsurance and levelized commission financing, are discussed.

Description: In session 38PD of the San Francisco Annual Meeting panelists discuss the pros and cons of the recent development of securitization in the U.K. life insurance industry, and the applicability of these issues to the North American life and health market. From the Record of the Society of Actuaries, Vol. 25, No. 3.

Description: This article focuses on the motivation and trends, rather than mechanics, in Life Insurance Securitization.

Description: Investment Fallacies: Extended periods of robust macroeconomic growth are healthy for investing.

Description: This research report study uses the property/liability insurance industry as a research sample to examine how risk management, financial management, and capital management are related to each another. This allows reflecting such relationships in: 1. the managerial decisions in the choice of derivative and reinsurance use. 2. the allocation of asset risks. 3. the determination of underwriting activities as well as liabiity risks. 4. the adequacy of capital levels.

Description: In a recent Society of Actuaries' regional meeting, there was a discussion on an age-old actuarial problem. Within the same company, should the return on equity ROE target vary by profit center depending upon the risk of the profit center? For example, should company management demand a different ROE from the Group Health line than from the Ordinary Life line?

Description: Traditional mean-variance method does not take skewness of the random rate of return into consideration. It only considers minimum variance for a given acceptable rate of return, which limited the probability of obtaining higher rate of return. If the skewness of return for the portfolio is incorporated into model of traditional approach, then the resulting non-linear programing model is not computational efficient, which certainly is complicated. On the other hand, possibilistic programming provides more efficient techniques to solve the imprecision nature of rate of return and also preserves the original linear model.

Description: A recent SOA regional meeting featured discussion on an age-old actuarial debate: Within the same company, should the return on equity ROE target vary by profit center PC depending upon the risk of the PC?

Description: 1992 SOA Regional Meeting, Anaheim. This is a panel discussion on managing the adequacy of capital by setting capital targets and ensuring targets are met. External capital, performance measurement, and management of inter-company relationships were part of the discussion.

Description: 1993 SOA Meeting, Quebec. This session is about capital management. Topics included: 1. Capital allocation. 2. Capital rationing. 3. Financial or product-line management issues.