Description: In this paper, chapter V of the 1987 Valuation Actuary Handbook, the authors start with a discussion of how the recent economic environment with volatile interest rates has changed the valuation and surplus management process to one more dependent on actuarial judgment. In a discussion of surplus policy, the authors identify four “layers” of surplus which have been identified by scenario testing. These surplus layers, along with policy reserves, are based on specific invested assets. The paper discusses implications for the future and notes the actuary’s ability to advise management on surplus adequacy is a basic tool of risk management.

Description: In recent years there has been an increasing interest in the practical application of immunization theory to North American Funds. There is a lack of literature on this subject and this article is written to give a clear and concise description of the theory, and of its role in the framing of investment policy.

Description: Article Society Seminars by Adams in The Actuary, February 1979, Volume 13, Number 2

Description: This article offers insights about the United Technologies Corporation lifetime income approach and information on the design, administration and acceptance.

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: Summarizes a research paper considering insurer performance during the financial crisis, with actions and circumstances that improved results highlighted.