Description: This paper addresses the extension of the theory of life contingencies to a stochastic interest environment and its application to solvency valuation and surplus. A discussion of the paper follows. From Transactions of Society of Actuaries 1990, Vol. 42.

Description: Presented at June 2000 Spring Meeting. Discusses adjustments mutual company actuaries have to make after demutualization: financial reporting, product design and pricing, profit measures, and roles and opportunities.