Description: Describes terms of the 2017-2018 contest for the best submissions to R&R.

Description: 3 Digital photos of actuaries at the 2017 Investment Symposium and the Life & Annuity Symposium.

Description: Read the August 2018 issue of Risks & Rewards published by the Investment Section.

Description: View the staff corner.

Description: The article warns against treating the results of a stochastic model with more deference than other actuarial analysis, and describes some hidden risks involved with choice of model and calibration.

Description: This publication presents an exploratory framework that applies volatility signals—specifically the VIX and MOVE indices—to asset allocation decisions. Rather than prescribing a definitive model, the work highlights a potential pathway for linking equity and bond market risk expectations to portfolio construction. The analysis demonstrates how relative volatility between asset classes can inform dynamic weighting, opening the door to more adaptive strategies in shifting market environments. Importantly, this is not intended as a finished methodology, but as a foundation on which more experienced professionals can build. Readers with advanced backgrounds in finance, risk management, or quantitative analysis are encouraged to refine, stress-test, and extend the framework to suit their own investment contexts. By positioning the concept as a starting point rather than a conclusion, the publication invites collaboration and deeper exploration into how volatility-based metrics may enhance long-term allocation models.

Description: Our previous article, “Introduction of Cashflow Matching Strategic Asset Allocation (SAA) Framework,” introduced the concept and included a real-world case study that developed a liability-driven investment strategy for a single line of business (LOB) for a life insurer. This article expands the framework and the case study from a single LOB to simultaneously optimize asset allocation across multiple LOBs. It discusses how this multi-line SAA framework can enable an insurance company to efficiently tag its asset holdings to each LOB, identify opportunities in the public and private asset markets to enhance risk-adjusted returns, and develop a deeper understanding of the trade-off between the degree of cashflow matching and risk-adjusted returns across LOBs.

Description: This article discusses techniques for modeling credit risk, including discussion of default assumptions and recovery rates.

Description: This article uses the example of a bullet or general account GIC to determine the fair value of liabilities.