Description: The management of the investments of an insurance enterprise has undergone a considerable evolution since the pioneering work of Redington in the mid 20th century. Best practices have evolved to incorporate ever more complex insurance liabilities, expanding investment asset classes and global market opportunities. Strategic asset allocation (SAA), liability driven investing, and other robust optimization approaches form the core of the professional management of insurance company investments.

Description: This 1978 panel presentation discussed futurism topics and presented the results of a survey on demographic trends conducted by the Committee on Futurism. Key findings of survey comparing mid 1960's with mid 1970's: A. Divorce rate - doubled B. Fertility rate - declined by about one-third C. Mortality - little improvement for the adult ages of 25-64 D. Retirement Age - trend toward early retirement has met a counter force due in part to inflation

Description: The growing aging population presents unique challenges and opportunities, especially for the financial services industry. Presenters will explore the issues with particular focus on demographic challenges, such as age dependency ratios and implications for sovereign debt and public policy. They will also compare and contrast private sector offerings across the globe. In particular, as an example of a super-aging society, presenters will describe how Japanese insurers and pension funds tackle longevity risk.

Description: Presented at October 1985 Annual Meeting. Discusses how much of the sex mortality differential is due to smoking habits, how convincing are existing studies, what do worldwide trends in mortality suggest about the effects of smoking and on mortality, how well do insurers classify the smoking risk, and the United States Life Tables for 1979-81 paper by Myers and Bayo.

Description: Future mortality improvement is an important assumption in the valuation of life insurance and annuities. In this session, presenters will discuss the work of the Mortality Improvement subgroup of the American Academy of Actuaries’ Life Experience Committee and the Society of Actuaries’ Preferred Mortality Oversight Group Valuation Basic Table Team in developing mortality improvement scales for AG-38 and VM-20. In addition, two recent SOA efforts on mortality improvement will be examined. Research on developing a broader framework for modeling mortality improvement assumptions is being developed to enable U.S. actuaries additional ways to follow a consistent approach across a variety of actuarial practice applications. Results from a study on U.S. population mortality by socioeconomic category and how it fits into the broader consistent framework will be presented. Additionally, results of a survey on mortality improvement practices of life insurance companies and reinsurers in Canada and the U.S. will be shared.

Description: Presented at October 1985 Annual Meeting. Discusses the outlook for U.S. government statistics after budget costs and restraints, statistics of income, outlook for linked studies among the different agencies, plans for a 1987 National Medical Expenditures Survey, and the use of government statistics in marketing studies.