Description: The goal for an insurance firm is to maximize value. This paper describes the approach using an objective function of the Option Adjusted Value of Distributable Earnings OAVDE. The paper provides a review of the evolution of accounting treatment suggests a methodology for estimating market value of assets and liabilities extends that market value to the value of the firm using OAVDE and illustrates how this methodology can be incorporated into an insurance firm's financial management. From Society of Actuaries Financial Reporting Monograph, M-AS99-1.

Description: This session from the 1984 SOA Toronto Meeting discusses recent financial reporting developments in Canada and the United States, GAAP issues for annuities and UL, statutory issues, the NAIC annual statement blank and the possible future role of the valuation actuary. From Record of the Society of Actuaries Vol. 10, No. 4B

Description: 1997 Valuation Actuary Symposium, Session 17 discusses market value measures and its uses in asset liability management.