Description: New Zealand is about to launch its first variable annuity with guaranteed lifetime withdrawal benefits. The product design is mindful of the lessons from the financial crisis in the United States, Europe and Japan.

Description: This paper provides a novel approach to the valuation of the market value of economic surplus that is stable and immune from “market noise”.

Description: What is the impact of aging populations on economic growth and interest rates?” “Are low interest rates and inflation a short-term phenomenon?” “How will returns from different asset classes be impacted by future demographic trends?” “What are the differences between different countries and regions around the world?”

Description: This paper provides a novel approach to the valuation of the market value of economic surplus that is stable and immune from “market noise”.

Description: From the 1985 Valuation Actuary Symposium Discussion of the practical application of cash flow testing in the valuation process.

Description: A discussion of how in recent years, the unpredictability of cash flows has become a bigger source of risk than it was in the past for insurers. Includes a discussion of how some of the risk due to this unpredictability might be managed through asset management strategies. From Asset-Liability Integration, M-0FI02-1.

Description: The Investment Symposium is a day-and-a-half long seminar that will focus on the issues and questions faced by investors and risk managers, especially related to insurance companies and retirement plans. Presenters will discuss the big picture issues and explore practical solutions to today’s challenges. Experts will share new approaches to portfolio management and cutting edge research in asset-liability management. Technology, regulation and the economic environment will

Description: Decomposes guaranteed minimum maturity benefit option into a basket of components, and values each component with both a Black-Scholes model and a regime-switching GARCH model. Performs sensitivity analysis on dynamic lapse assumption.

Description: Panelists discussed: [1] investment products oriented toward asset/liability matching, [2] asset/liability management [ALM] including the C-1 and C-3 Risks, [3] current ALM practices among life insurance companies, and [4] regulatory developments in this area. From the 1987 Record of Society of Actuaries, Vol. 13, No. 4B.

Description: An overview of the principles, underlying theories, and the various strategies employed in Asset/Liability management. From Asset-Liability Integration, M-FI02-1.