Description: This paper shows that the Esscher transform is an efficient technique for valuing derivative securities if the logarithms of the prices of the primitive securities are governed by certain stochastic processes with stationary and independent increments. From the Transactions of Society of Actuaries 1994, Vol. 46.

Description: From the April 1982 Society of Actuaries meeting in Houston. Discussion of how the insurance industries in several countries have dealt with high levels of inflation with respect to the development and marketing of insurance products. Also discussed: I. the overall business and economic environment 2. the taxation structure of insurance companies 3. the availability of suitable investments 4. the insurance regulatory climate and 5. the structure of worldwide capital markets Possible applications to U.S. insurance in the 1980's were explored.

Description: The author discusses how the use of a weighted average dollar duration book yield, WADD, rather than the more traditional book yield determined by book value or market value weighting, can provide a better basis for determining the crediting rate on the liabilities.

Description: 1999 Market Triathlon Results by Frank M. Grossman from Risks and Rewards Newsletter, September 2000, Issue No. 35.

Description: Investment Fallacies: The Misconceptions of Retirement Risks

Description: Discusses the drawbacks of using adjusted book value instead of market value for the valuation of common stocks in a non-insured pension plan.

Description: Investment Fallacies: The Fable of the Storyteller and the Market

Description: This Guide lists sources that the actuary may use to gain knowledge on investments and asset/liability management. Its purpose is to make available a preliminary road map for the actuary seeking direction to enhance his or her knowledge in these areas.

Description: This session from the 1995 SOA Boston Meeting reviews one and five year returns in the stock and bond markets, fund expenses for retail funds versus insurance dedicated funds, revenue sharing arrangements between mutual funds and insurance companies, the suitability of a variable annuity, recent developments with the SEC and NASD and how arrangements are structured between insurance companies and investment companies. From the Record of the Society of Actuaries, Vol. 21, No. 4b.

Description: This discussion is on asset management for an insurance company, including issues of varying investment strategies for different product lines through various asset segmentation approaches, management of the assets supporting surplus, and asset/liability risk management considerations