Description: While the major market crash subsequent to the widespread contagion of the COVID-19 virus was readily predictable, the rapid recovery and ongoing growth subsequent to it was not. Market dynamics around the recovery resist characterization by most traditional analytical approaches. In examining the circumstances around the emergence of a large retail class of investors, one sees that ingrained human tendencies, particularly optimism bias, have fueled much investor behavior responsible for the recovery. Understanding this makes it possible to predict potential future crashes and develop behavioral interventions for subsequent market recoveries.

Description: A look at the near future and far future of various elements of Actuarial Models as defined through ASOP 51. What is driving the complexity for inputs, calculations, and outputs. Howe will actuaries handle these challenge?

Description: The SOA textbook related to US GAAP for insurers has been updated. It incorporates the recent GAAP changes, including Long Duration Targeted Improvements, and now covers both life and non-life insurers. This is an essential updated for anyone working with US GAAP financial statements, whether you are an actuary or other finance professional.

Description: Whole life insurance nonforfeiture options may be actuarially equivalent at the time premium payments end. When the entire remaining lifetime of the policy is fully considered; however, significant differences emerge in expenses between paying the cash surrender value, converting to reduced paid-up, or converting to extended term insurance. This article explores how a company might manage its existing nonforfeiture options and consider what to continue to offer after a product refiling with that entire lifetime in mind.

Description: Seeking proposals to study PBR implementation and its regulatory, operational, and financial impact across the life insurance and annuity industry.

Description: SOA and LIMRA request mortality data for deferred annuities issued 2015–2024 to support an updated industry experience study.

Description: In *From Distress to Distinction*, Chris Droussiotis explores a novel approach to valuing distressed companies using option pricing theory, drawing parallels to the financial challenges faced by startups. With over 30 years in banking and startup advising, he emphasizes that both distressed firms and early-stage ventures endure periods of negative cash flow but retain potential for recovery. He combines Discounted Cash Flow (DCF) and the Black-Scholes Option Pricing Model to evaluate distressed firms’ recovery prospects and debt sustainability. A case study on Spirit Airlines illustrates this approach: though its current equity value is negative, projected future cash flows suggest significant potential recovery. Droussiotis concludes that strategic valuation, using trend, peer, and expected analysis, can reveal hidden value in distressed companies, guiding effective investment and restructuring decisions.

Description: Review of paper describing Collective Defined Contribution Plans. the elimination of traditional pensions by many companies have left employees without easy access to reliable retirement income Collective Defined Contribution plans which are used to a small extent in the US but more broadly used elsewhere offer an option for consideration.

Description: This article starts with the increasing attention that FP&A receives due to the implementation of new financial regimes and emphasizes the collaborative nature of FP&A. It then describes the roles that actuaries play in FP&A, the new demands for actuaries that we are observing, and suggests some best practices that we are seeing across the clients. This article targets to point out the new demands from FP&A on actuaries and provide some advice on how actuaries can do to meet these demands.

Description: The paper demonstrates that the most popular rationalization for evolving glide paths is flawed and should be discarded. The paper also demonstrates that glide paths should generally evolve for investors that endeavor to optimize outcomes and reevaluate their portfolios regularly.