Description: Valuation Actuary Symposium This is a session on cash flow testing issues in small companies.

Description: 1995 Valuation Actuary Symposium. In this session panelists discussed how cash-flow testing models can be used to provide significant Asset/Liability Management information, making the transition from cash-flow testing to ALM, definitions of ALM, the key assumptions in ALM, and evaluating results.

Description: This session discussion is about various asset related items that are needed to perform necessary projections. From Record of the Society of Actuaries Vol. 15, No. 2.

Description: This session at the SOA 1990 Hartford Spring Meeting is about asset segmentation, i.e. segmenting assets among lines of business or liabilities, and how this enhances asset/liability mangement.

Description: This paper presents the probabilistic concepts underlying measurement of asset adequacy in a simplified way. Discussions of this paper are included.

Description: The author previously wrote about extending the general nonparallel shlft approach to duration analysis. This paper explores the immunization properties of that model. In addition, applications to asset-liability management are explored. From Actuarial Research Clearing House 1990 VOL. 2.

Description: 1992 SOA Annual Meeting, Washington, D.C. This session discussion was about the performance measurement in a risk/return context, incentive compensation as a tool for achieving effective performance, and return attribution using liability-based performance indices.

Description: The author describes immunization with a simple illustration requiring only high school algebra rather than the ordinary and stochastic calculus that has been applied to this subject. It illustrates that if you have three invesmtents with different durations, we can take some combination of any two of them to get the same duration as the third.

Description: The author discusses how the use of a weighted average dollar duration book yield, WADD, rather than the more traditional book yield determined by book value or market value weighting, can provide a better basis for determining the crediting rate on the liabilities.

Description: This paper looks at the problem of valuing and managing the ALM risks associated with insurance liabilities that are too long to be matched by available investments. Two options were explored and the paper concludes by arguing that the Static Control Model leads to more useful ALM strategies for long liabilities.