Description: The objective of this paper is to demonstrate that the long-term trends in the rate of company expansion affect policyholder costs and estimate the amount of the impact. Followed by several discussion papers submitted

Description: This paper outlines a framework for managing life insurance company surplus. This framework can be used to assess capital investments, control the amount of capital used, monitor return on capital, and take actions when results deviate. From Transactions of Society of Actuaries 1986, Vol. 38.