Description: This presentation shows that, if the options or guarantees are exercisable only at the moment of death of the policyholder, the mathematics simplifies to an elementary calculus exercise.

Description: This session reviews the past half century's advances in finance such as immunization and hedging theory, modern portfolio theory, capital asset pricing model, option-pricing theory, term structure of interest rate models, and so on. Their application to asset and liability management in insurance and pensions is highlighted and discussed.