Description: From a session at the Spring meeting of the Society of Actuaries held in San Antonio, Texas, June 14-15, 2004 The panelists discuss the benefits of hedging variable annuity guarantees, the challenges they face and how they keep score.

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: We analyze how volatility management techniques in VAs affected policyholders and insurance companies

Description: From a session at the 2000 Valuation Actuary Symposium held in Washington DC, September 14-15, 2000 Discussion of guaranteed minimum death benefits, guaranteed minimum income benefits, and guaranteed minimum accumulation benefits on variable deferred annuities, along with floor guarantees on variable immediate annuities. This session described the types of benefits found in the marketplace along with the associated risks. Current reserving practices, risk management techniques, and the latest American Academy of Actuaries AAA and National Association of Insurance Commissioners NAIC developments are discussed.

Description: Discussion of possible hedging strategies for offsetting the investment risk for variable annuities, especially those with guaranteed benefits.

Description: Feature article discussing hedging programs becoming a mainstay in the risk management arsenal of life insurers. It focuses on the significant stresses on variable annuity hedging programs.

Description: The Joint Risk Management Section is trying to develop better estimates of policyholder behavior in the tail [PBITT]. The mission of the PBITT working group is to examine and ultimately give guidance to actuaries on how to set policyholder assumptions in extreme scenarios. As part of its work, the PBITT working group issued its sixth survey to gather the range of assumptions actuaries use in pricing, reserving, and risk management of minimum guarantees on Variable Annuity products, such as death benefits, income benefits, withdrawal benefits and maturity benefits. This document contains the results of that survey.

Description: The article discusses modeling of variable annuity behavior risk, with a particular focus on how interaction between different behavioral assumptions complicates modeling. The article gives a brief overview of variable annuity behavior risk, discusses the challenges that behavioral interactions pose for VA modeling, and discusses three potential solutions for dealing with this complexity.

Description: From a session at the 2000 Valuation Actuary Symposium held in Washington DC, September 14-15, 2000 Charts to be attached to the session on 'Minimum Guaranteed Benefits on Variable Annuities'.

Description: This paper describes the use of the Moses software package to model variable annuities with multiple guarantees. Pricing and risk management are discussed.