Description: This article shows a different form of the Black-Scholes formula for European calls and puts under risk-neutral assumptions, that permits a comfortable verbal interpretation. The derivation of this alternative form appears at the end of the article.

Description: Results of survey, conducted recently by the Taxation Section of the Society of Actuaries, on how federal income tax is reflected in the projection work being performed.

Description: An update on the Capital Market Assumptions used for asset allocation maybe useful to actuaries given the parallels with the assumptions an actuary uses to measure plan obligations.

Description: A discussion of the theory underlying risk neutral investment scenarios

Description: This article describes methods for addressing technical challenges related to modeling asset cash flows for PBR reserve projections.

Description: The article explores impact of resetting cap vs static cap choice for the GLWB rider for a Fixed Index Annuity for a Point to Point. Moreover, analysis of a Monthly Sum Cap is provided showing impacts of particular choices of market models (e.g. Black, Heston, Bates) used to price this deal.

Description: This study note focuses on actuarial applications and loss distributions for insurance products.

Description: This article suggests ways for small insurance companies to obtain modeling information on more intricate assets, such as collateralized mortgage obligations [CMO], at a low cost.

Description: Article discusses possible effects of negative interest rates on product development, risk management, investment management and in-force management.

Description: The purpose of this discussion is to introduce a few additional points and discuss how different assumptions will alter the results in some cases.