Equity-Based Insurance Guarantees Conference November 18-19, Atlanta, GA. GAAP and Statutory Valuation of Variable Annuities

Save this PDF as:
Size: px
Start display at page:

Download "Equity-Based Insurance Guarantees Conference November 18-19, 2013. Atlanta, GA. GAAP and Statutory Valuation of Variable Annuities"

Transcription

1 Equity-Based Insurance Guarantees Conference November 18-19, 2013 Atlanta, GA GAAP and Statutory Valuation of Variable Annuities Heather Remes

2 GAAP and Statutory Valuation of Variable Annuities Heather Remes, FSA, MAAA Allianz Life of North America EBIG Conference (Atlanta) November 18, 2013 ( Hrs) 1

3 Basic Product Features & Rider Options 2 2 2

4 Basic Product Features Fixed account versus Separate Account Fixed account credited at fixed rate, invested in the General Account Separate Account credited based on performance of an equity index Mortality & Expense Charges Surrender Charges Rider Charges Partial Surrenders 3 3 3

5 Basic Rider Options Guaranteed Minimum Death Benefit ( GMDB ) Return of Premium, Roll-ups, Ratchets, Resets Guaranteed Minimum Income Benefit ( GMIB ) Guaranteed Minimum Accumulation Benefit ( GMAB) Guaranteed Minimum/Living Withdrawal Benefit ( GMWB/GLWB ) FIA/VA Combo Products 4 4 4

6 GAAP/IFRS Valuation 5 5 5

7 VA GAAP/IFRS Reserve Basics Account Value Policyholder Separate and General Account Values Embedded Derivative Fair Value reserve that covers the Guaranteed Minimum Accumulation Benefit (GMAB) and Guaranteed Minimum Withdrawal Benefit (GMAB) SOP 03-1 Reserve that covers Guaranteed Minimum Income Benefit (GMIB) and Guaranteed Minimum i Death Benefit (GMDB) DAC (incl DSI) Balances of Deferred Expenses that still need to be realized Hedging: Covers the change in economic value associated with equity and interest rate movements Materially consistent with IFRS with the exception of the SOP 03-1 reserve and volatility 6 6 6

8 SOP 03-1 Reserves Benefit realized when deferred contract ends (GMDB and GMIB) Reserve Overview Accrual based reserve which currently covers income and death benefits on Variable Annuities Some companies use a Fair Value reserve for GMDBs and GMIBs Based on real world expectations No interest rate sensitivity & limited equity sensitivity Expected claims and revenues replaced with actual experience in reserve calculation each month Reserves are floored at 0 Reserve Calculation Reserve(t) = Reserve(t-1) + Accrual(t) Claims(t) Reserve Projection starts at 0 and ends at 0 Accrual = Interest on reserves + Benefit Ratio * Revenue Benefit Ratio = Present Value of Claims / Present Value of Revenue Revenues include M&E Fees, Surrender Charges, Spread Income and Asset Based Fees Claims and revenues are projected using average of Real World stochastic scenarios 7 7 7

9 SOP 03-1 Reserves Example At inception Real World Assumed return 6.50% PV Claims $4, Average M&E fee 1.75% PV Revenue $9, Discount rate for Calculation 4.75% Benefit Ratio 40.27% Projection Detail Contract Year Claims Revenue Reserve Accrual GMDB Reserve GMDB Reserve = Reserve accrual Claims Reserve accrual = Revenue * Benefit ratio + Interest on prior period reserve Benefit Ratio = PV Claims/PV Revenue at issue Revenue includes M&E Fees, Spread Income, Mutual Fund Fee Revenue, etc. Claims are excess amount above Account Value released at death 8 8 8

10 SOP 03-1 Reserves Example Year 3 Real World Assumed return 6.50% PV Claims $3, Average M&E fee 1.75% PV Revenue $10, Discount rate for Calculation 4.75% Benefit Ratio 32.92% Projection Detail Contract Year Claims Revenue Reserve Accrual GMDB Reserve Shaded area shows where actual experience has replaced model projections in reserve calculation Projection for remaining years is as of year 3 Benefit ratio changes as experience emerges 9 9 9

11 SOP 03-1 Reserves Benefit realized when deferred contract ends (GMDB and GMIB) DAC SOP reserve consistent with DAC mechanics EGP components projected using real world scenarios SOP Reserves & DAC both utilize real world claim progressions Projected changed in reserves offset by projected claims

12 FAS 133/157 Fair Value Reserves Reserves held for living benefits (GMWB and GMAB) Reserve Overview Fair Value based reserve which covers living benefits including withdrawal benefits and accumulation benefits Based on risk neutral expectations Sensitive to market movements (equity and interest rates) Reserves are not floored at zero, they can be negative

13 FAS 133/157 Fair Value Reserves Reserves held for living benefits (GMWB and GMAB) Reserve Calculation Reserve(t) = PV Future Benefits PV Attributable Fees Benefits and Account Value projected using average of Market Consistent stochastic scenarios Benefits and Account Value discounted using current risk free rate curve adjusted with a spread to reflect company risk Attributable Fees Calculated so that reserve is zero at issue, very dependent on interest rate environment at issue Based on Market Consistent scenarios Can be updated for changes in methodology or updates to policyholder behavior assumptions Not updated for changes in economic conditions Reviewed for appropriateness vs. M&E and Rider fees

14 FAS 133/157 Reserves Example At inception Reserve Calculation PV Claims PV Fees Reserve 0.00 Att Fee 6.74 Projection detail Contract Year Discount Claims Fees Reserve Fees = Attributable Fee * Rider Charges Reserve = PV Future Claims PV Future Fees Attributable Fee is solved for at contract inception so that initial FAS133 Reserve =

15 FAS 133/157 Reserves Example Contract Yr 6 Reserve Calculation PV Claims PV Fees Reserve Att Fee 6.74 Projection Detail Contract Year Discount Claims Fees Reserve In later periods, claims and fees are updated to reflect new economic conditions Attributable Fee value does not change

16 Statutory Valuation

17 VA Statutory Reserve Basics Principles Based Reserves holding reserve balance in excess of Cash Surrender Value floor Reserves are determined as the maximum of stochastic and standard reserves If Hedging based on economic reserve movements, not well aligned with small AG43 reserve

18 AG43 Statutory Reserves Reserves held for all VA Benefits Reserve Overview Principles based reserve calculation, effective 12/31/2009 Stochastic reserve calculation based on real world expectations Standard/Deterministic reserve calculation based on prescribed assumptions Assumptions include PADs Reserve Calculation Two calculations Stochastic (1000 or more Interest Rate/Equity Scenarios) Interest rates generated using current treasury curve, potentially with mean reversion Equity returns selected from 10,000 available, do not vary from month to month Standard Scenario (Prescribed Assumptions) Interest rate is the Statutory Valuation Rate (by policy issue year) Equity returns are prescribed (13.5% immediate drop, 4% recovery) The greater of these is the effective reserve Current hedge positions reflected in reserve calculation, but no future hedge rebalancing unless Clearly Defined Hedging Strategy Representative assets projected across all stochastic scenarios and incorporated with liability cashflows

19 AG43 Statutory Reserves Reserves held for all VA Benefits Reserve Calculation Continued (Stochastic) Liability cashflows, asset cashflows and hedge payoffs are incorporated together to calculate projected accumlated surplus/deficiency (30 year projection) PV of greatest accumulated deficiency calculated for each scenario Worst 300 scenarios averaged Aggregate Stochastic Reserve Reserve Calculation Continued (Standard) Greatest accumulated deficiency calculated based on margins and assumed earned rate, no asset cashflows included Seriatim Standard Reserve Additional Considerations As Interest rates increase, Stochastic decreases and Standard can dominate Product Diversification within Stochastic reserves Clearly Defined Hedging Strategies Reserves in Excess of AG

20 AG43 Statutory Reserves Reserves held for all VA Benefits Key Assumptions (Stochastic) Assumptions consistent with GAAP/IFRS reporting (Anticipated Experience) Additional prudent estimate margin added to certain assumptions Goal is a x% reserve increase, for conservatism Prudent margin assumptions could include Fund Fees, Lapse Rates and Maintenance Expenses (and others) Reviewed at least annually during Assumption Review/Unlocking process Key Assumptions (Standard) Prescribed assumptions, including guidance for mortality, lapse rate, etc. Not included in the Assumption Review/Unlocking process Hedging Reserves vs. Hedging not well aligned, hedged economically No interest rate sensitivity in Standard reserve calculation Reserves do not include future rebalancing of hedge positions

21 AG43 Stochastic Reserves Example Vl Valuation conducted tdunder At Actuarial ilgidli Guideline 43 (AG43) Time worst (year 1-30) Conditional Tail Expectation (CTE 70) of scenarios with the greatest accumulated deficiencies 1000 interest/equity scenarios calibrated from AAA 10,000 Assumptions updated with unlocking Consistent with capital calculation process (CTE 90 RBC, CTE 95 S&P)

22 AG43 Stochastic Reserves Example Cashflows Time steps Discount Liability Asset Hedge Rsv PV of Accum Deficiency (110) (70) (60) (130) (29) (28) (120) Sample data for illustration purposes only Time worst accumulated deficiency in year 4 with a PV of 28 Rsv = Prior Rsv accumulated to current time + sum(liability, asset, hedge) PV of Accum Deficiency = Rsv discounted back to time zero

23 AG43 Standard Reserves Example Valuation conducted under AG43 Includes AG33 (CARVM) rsv Time worst (year 1-30) Greatest PV of benefit payments in excess of revenue generated less separately calculated hedge payoff One interest/equity scenario prescribed by AAA Specified returns (immediate drop, slow recovery) Prescribed assumptions

24 AG43 Standard Reserves Example Cashflows Time steps Discount Revenue Claims Pre-hedge Reserve (70) (130) (39) (150) (68) (10) (100) (10) Sample data for illustration purposes only The greatest PV of benefit payments in excess of revenue generated of 68 occurs in time 3 The hedge payoff is calculated as the time 1 discounted hedge cashflows less the time zero hedge positions market value. For this example we will use a hedge payoff of 20. The hedge payoff is subtracted from the time worst PV of benefit payments in excess of revenue generated resulting in a standard rsv of

25 AG43 Standard Reserves Example Final Statutory Reserve: CSV 1000 Excess Rsv (Max of stochastic (28), standard (48), or zero) 48 Statutory Rsv

Variable Annuity Living Benefits

Variable Annuity Living Benefits Variable Annuity Living Benefits Darryl Wagner, Deloitte Consulting Agenda Types of Living Benefits Introduction to FAS133 Definition of a Derivative Identifying Embedded Derivatives Valuing Contracts

More information

Pricing Variable Annuity With Embedded Guarantees. - a case study. David Wang, FSA, MAAA May 21, 2008 at ASHK

Pricing Variable Annuity With Embedded Guarantees. - a case study. David Wang, FSA, MAAA May 21, 2008 at ASHK Pricing Variable Annuity With Embedded Guarantees - a case study David Wang, FSA, MAAA May 21, 2008 at ASHK Set The Stage Peter is the pricing actuary of company LifeGoesOn and LifeGoesOn wishes to launch

More information

Principles-Based Update - Annuities

Principles-Based Update - Annuities Principles-Based Update - Annuities SEAC Fall 2008 Meeting Concurrent Session Life Insurance Cheryl Tibbits, FIAA, FSA, MAAA Towers Perrin November 20, 2008 Current Status of PBA for Annuities Variable

More information

U.S. GAAP, From Basic Application to Current Topics Seminar August 31 September 1, 2009. 4A: Universal Life and Deferred Annuities Under GAAP (Basic)

U.S. GAAP, From Basic Application to Current Topics Seminar August 31 September 1, 2009. 4A: Universal Life and Deferred Annuities Under GAAP (Basic) U.S. GAAP, From Basic Application to Current Topics Seminar August 31 September 1, 2009 4A: Universal Life and Deferred Annuities Under GAAP (Basic) Mark Freedman GAAP for Universal Life and Deferred Annuity

More information

Actuarial Guideline: XLIII Statutory and Tax Issues

Actuarial Guideline: XLIII Statutory and Tax Issues Taxation Section T I M E S S U P P L E M E N T F E B R U A R Y 2 0 1 0 Actuarial Guideline: XLIII Statutory and Tax Issues By Edward L. Robbins and Richard N. Bush Quote, Quote, Quote, Quote, Quote, Quote,

More information

Principles-based Valuation of Life Insurance Products

Principles-based Valuation of Life Insurance Products Principles-based Valuation of Life Insurance Products November 17, 2005 Shawn D. Parks, FSA, MAAA Vice President and Illustration Actuary 306PP9493 1105 This presentation expresses the views of the presenter

More information

Session 11: Reinsurance Accounting

Session 11: Reinsurance Accounting Session : Reinsurance Accounting US GAAP for International Life Insurers Hong Kong August 7 Charles Carroll, Ernst & Young Reinsurance Accounting Common Types of Reinsurance Accounting Guidance Short Duration

More information

Autumn Investor Seminar. Workshops. Managing Variable Annuity Risk

Autumn Investor Seminar. Workshops. Managing Variable Annuity Risk Autumn Investor Seminar Workshops Managing Variable Annuity Risk Jean-Christophe Menioux Kevin Byrne Denis Duverne Group CRO CIO AXA Equitable Chief Financial Officer Paris November 25, 2008 Cautionary

More information

AXA EQUITABLE VARIABLE ANNUITY GUARANTEED BENEFITS DYNAMIC HEDGING CONSIDERATIONS

AXA EQUITABLE VARIABLE ANNUITY GUARANTEED BENEFITS DYNAMIC HEDGING CONSIDERATIONS AXA EQUITABLE VARIABLE ANNUITY GUARANTEED BENEFITS DYNAMIC HEDGING CONSIDERATIONS STAN TULIN VICE CHAIRMAN AND CHIEF FINANCIAL OFFICER AXA FINANCIAL MARCH 21, 2005 Cautionary Statements Concerning Forward-looking

More information

Traditional, investment, and risk management actuaries in the life insurance industry

Traditional, investment, and risk management actuaries in the life insurance industry Traditional, investment, and risk management actuaries in the life insurance industry Presentation at California Actuarial Student Conference University of California, Santa Barbara April 4, 2015 Frank

More information

Financial Engineering g and Actuarial Science In the Life Insurance Industry

Financial Engineering g and Actuarial Science In the Life Insurance Industry Financial Engineering g and Actuarial Science In the Life Insurance Industry Presentation at USC October 31, 2013 Frank Zhang, CFA, FRM, FSA, MSCF, PRM Vice President, Risk Management Pacific Life Insurance

More information

G L O B A L S E R V I C E / I N D U S T R Y A U D I T / T A X / A D V I S O R Y / L I N E O F B U S I N E S S

G L O B A L S E R V I C E / I N D U S T R Y A U D I T / T A X / A D V I S O R Y / L I N E O F B U S I N E S S G L O B A L S E R V I C E / I N D U S T R Y Federal Income Tax Regulations Update A U D I T / T A X / A D V I S O R Y / L I N E O F B U S I N E S S Lisa A. Allbritten Tax Managing Director Insurance Tax

More information

Equity-Based Insurance Guarantees Conference November 18-19, 2013. Atlanta, GA. Development of Managed Risk Funds in the VA Market

Equity-Based Insurance Guarantees Conference November 18-19, 2013. Atlanta, GA. Development of Managed Risk Funds in the VA Market Equity-Based Insurance Guarantees Conference November 18-19, 2013 Atlanta, GA Development of Managed Risk Funds in the VA Market Chad Schuster DEVELOPMENT OF MANAGED RISK FUNDS IN THE VA MARKET CHAD SCHUSTER,

More information

Equity-based Insurance Guarantees Conference October 27-28, 2008. Pricing EAI Guarantees. Moderator Dr. K. (Ravi) Ravindran

Equity-based Insurance Guarantees Conference October 27-28, 2008. Pricing EAI Guarantees. Moderator Dr. K. (Ravi) Ravindran Equity-based Insurance Guarantees Conference October 27-28, 2008 Pricing EAI Guarantees Noel Abkemeier, Eric Petersen Moderator Dr. K. (Ravi) Ravindran Equity Indexed Annuity Pricing Eric Petersen, F.S.A.

More information

Principles-Based Reserves Theory and Practice

Principles-Based Reserves Theory and Practice Principles-Based Reserves Theory and Practice Actuaries Club of the Southwest Southeastern Actuaries Conference Joint Annual Meeting November 16, 2006 Doug Doll, Towers Perrin 2006 Towers Perrin Agenda

More information

Stochastic Pricing for Embedded Options in Life Insurance and Annuity Products. Milliman, Inc. October 2008

Stochastic Pricing for Embedded Options in Life Insurance and Annuity Products. Milliman, Inc. October 2008 Stochastic Pricing for Embedded Options in Life Insurance and Annuity Products Milliman, Inc October 2008 Tim Hill, FSA, MAAA Dale Visser, FSA, MAAA Ricky Trachtman, ASA, MAAA Table of Contents I. Introduction...1

More information

Variable Annuities. Society of Actuaries in Ireland Evening Meeting September 17, 2008

Variable Annuities. Society of Actuaries in Ireland Evening Meeting September 17, 2008 Variable Annuities Society of Actuaries in Ireland Evening Meeting September 17, 2008 Variable Annuities Working Party Presented paper to Faculty and Institute in March 2008 Working Party members Colin

More information

SOA 2010 Annual Meeting & Exhibit Oct. 17-20, 2010. Session 92 PD, Hot Topics in the Principle-Based Approach to Reserves and Capital

SOA 2010 Annual Meeting & Exhibit Oct. 17-20, 2010. Session 92 PD, Hot Topics in the Principle-Based Approach to Reserves and Capital SOA 2010 Annual Meeting & Exhibit Oct. 17-20, 2010 Session 92 PD, Hot Topics in the Principle-Based Approach to Reserves and Capital Moderator: John R. Roeger, FSA, MAAA Presenters: Stephen P. Blaske,

More information

AXA Global Variable Annuity. Product Review & Risk Management. STAN TULIN VICE CHAIRMAN AND CHIEF FINANCIAL OFFICER AXA FINANCIAL May 19, 2006

AXA Global Variable Annuity. Product Review & Risk Management. STAN TULIN VICE CHAIRMAN AND CHIEF FINANCIAL OFFICER AXA FINANCIAL May 19, 2006 AXA Global Variable Annuity Product Review & Risk Management STAN TULIN VICE CHAIRMAN AND CHIEF FINANCIAL OFFICER AXA FINANCIAL May 19, 2006 Disclaimer and Cautionary Statements Concerning Forward-looking

More information

Special Issues for Variable Annuities

Special Issues for Variable Annuities Special Issues for Variable Annuities Introduction This practice note was prepared by a work group organized by the Committee on State Life Insurance Issues of the American Academy of Actuaries. The work

More information

Scenario 11+ 23 + 14 3 ( 1011+ 1023 + 1014) = = 1016. 1000 + Answer E.

Scenario 11+ 23 + 14 3 ( 1011+ 1023 + 1014) = = 1016. 1000 + Answer E. Exercise. You are the valuation actuary for Glorious Life Insurance Company. You are implementing a new principle-based reserving methodology for your company. You have created a set of 10 economic scenarios

More information

MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY AND SUBSIDIARIES

MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY AND SUBSIDIARIES MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY AND SUBSIDIARIES CONSOLIDATED STATUTORY FINANCIAL STATEMENTS As of and for the years ended December 31, 2013 and 2012 CONSOLIDATED STATUTORY FINANCIAL STATEMENTS

More information

C3 Phase III December 2009

C3 Phase III December 2009 A Public Policy PRACTICE NOTE C3 Phase III December 2009 American Academy of Actuaries Life Reserves and Capital Practice Note Work Group Practice Note on C3 Phase III The American Academy of Actuaries

More information

Excerpts from IRI Annuity Fact Book Variable Annuity 101 An annuity is often viewed as life insurance in reverse. Whereas life insurance protects an individual against premature death, an annuity protects

More information

Session 4: Universal Life

Session 4: Universal Life Session 4: Universal Life US GAAP for International Life Insurers Bill Horbatt SFAS 97 Effective 1989 Applicability Limited-Payment Contracts Universal Life-Type Contracts Investment Contracts 2 2 Universal

More information

Unbundling Insurance Contracts

Unbundling Insurance Contracts IASB/FASB meeting 16 February 2011 Agenda paper 3J UFS Unbundling Insurance Contracts Leonard Reback February 16, 2011 Overview Potential benefits and costs from unbundling Single Premium Immediate Annuity

More information

SOA 2011 Annual Meeting & Exhibit Oct. 16-19, 2011. Session 123 TS, Current Developments in Life Insurance Federal Income Tax

SOA 2011 Annual Meeting & Exhibit Oct. 16-19, 2011. Session 123 TS, Current Developments in Life Insurance Federal Income Tax SOA 2011 Annual Meeting & Exhibit Oct. 16-19, 2011 Session 123 TS, Current Developments in Life Insurance Federal Income Tax Moderator: Christian J. DesRochers, FSA, MAAA Presenters: John T. Adney Christian

More information

MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY AND SUBSIDIARIES

MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY AND SUBSIDIARIES MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY AND SUBSIDIARIES CONDENSED CONSOLIDATED STATUTORY FINANCIAL STATEMENTS As of and for the years ended December 31, 2010 and 2009 Index to Condensed Consolidated

More information

Life Insurance Reserves -- Proposed AG VACARVM and Life PBR. The purpose of this notice is to alert life insurance companies to federal

Life Insurance Reserves -- Proposed AG VACARVM and Life PBR. The purpose of this notice is to alert life insurance companies to federal Part III -- Administrative, Procedural, and Miscellaneous Life Insurance Reserves -- Proposed AG VACARVM and Life PBR Notice 2008-18 SECTION 1. PURPOSE The purpose of this notice is to alert life insurance

More information

MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY AND SUBSIDIARIES

MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY AND SUBSIDIARIES MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY AND SUBSIDIARIES CONSOLIDATED STATUTORY FINANCIAL STATEMENTS As of and for the years ended December 31, 2014 and 2013 CONSOLIDATED STATUTORY FINANCIAL STATEMENTS

More information

Variable Annuities and Policyholder Behaviour

Variable Annuities and Policyholder Behaviour Variable Annuities and Policyholder Behaviour Prof Dr Michael Koller, ETH Zürich Risk Day, 1192015 Aim To understand what a Variable Annuity is, To understand the different product features and how they

More information

Hedging Variable Annuity Guarantees August 7, 2010

Hedging Variable Annuity Guarantees August 7, 2010 Hedging Variable Annuity Guarantees August 7, 2010 Jeff Coutts Vice President, Head of Profitability, Risk & Implementation Management Lincoln Financial Group Lincoln s Actuarial Presence 150 actuaries

More information

Special Considerations relating to December 31, 2015 Reserves and Other Solvency Issues

Special Considerations relating to December 31, 2015 Reserves and Other Solvency Issues Andrew M. Cuomo Governor Anthony Albanese Acting Superintendent November 13, 2015 These considerations pertain to life insurance companies and fraternal benefit societies doing business in New York, and

More information

Meeting Between Federal Reserve Board Staff and Representatives of Prudential Financial, Inc. May 8, 2013

Meeting Between Federal Reserve Board Staff and Representatives of Prudential Financial, Inc. May 8, 2013 Meeting Between Federal Reserve Board Staff and Representatives of Prudential Financial, Inc. May 8, 2013 Participants: Anna Lee Hewko, Mona Elliot, Sviatlana Phelan, Joanne Wakim, Linda Duzick, Anthony

More information

Featured article: Evaluating the Cost of Longevity in Variable Annuity Living Benefits

Featured article: Evaluating the Cost of Longevity in Variable Annuity Living Benefits Featured article: Evaluating the Cost of Longevity in Variable Annuity Living Benefits By Stuart Silverman and Dan Theodore This is a follow-up to a previous article Considering the Cost of Longevity Volatility

More information

Guidance for the Development of a Models-Based Solvency Framework for Canadian Life Insurance Companies

Guidance for the Development of a Models-Based Solvency Framework for Canadian Life Insurance Companies Guidance for the Development of a Models-Based Solvency Framework for Canadian Life Insurance Companies January 2010 Background The MCCSR Advisory Committee was established to develop proposals for a new

More information

Pricing and Risk Management of Variable Annuity Guaranteed Benefits by Analytical Methods Longevity 10, September 3, 2014

Pricing and Risk Management of Variable Annuity Guaranteed Benefits by Analytical Methods Longevity 10, September 3, 2014 Pricing and Risk Management of Variable Annuity Guaranteed Benefits by Analytical Methods Longevity 1, September 3, 214 Runhuan Feng, University of Illinois at Urbana-Champaign Joint work with Hans W.

More information

Income Annuities: Market Opportunities & Product Trends

Income Annuities: Market Opportunities & Product Trends Income Annuities: Market Opportunities & Product Trends Atlanta Actuarial Club John Fenton David Beasley December 3, 2009 2009 Towers Perrin Overview of presentation Sizing the retirement market Product

More information

Tax Reserves and Related Items March 2011. Basic Concepts in Life Insurance Company Taxation. Craig Pichette Bud Friedstat

Tax Reserves and Related Items March 2011. Basic Concepts in Life Insurance Company Taxation. Craig Pichette Bud Friedstat Tax Reserves and Related Items March 2011 Basic Concepts in Life Insurance Company Taxation Craig Pichette Bud Friedstat TAX RESERVE SEMINAR Tax Reserving For Life Insurance Companies Basic Concepts in

More information

Agenda. Session 3: GAAP for Traditional Non-Par Products SFAS 60 and SFAS 97 Limited Pay. Amsterdam 2007 Tom Herget PolySystems, Inc.

Agenda. Session 3: GAAP for Traditional Non-Par Products SFAS 60 and SFAS 97 Limited Pay. Amsterdam 2007 Tom Herget PolySystems, Inc. Session 3: GAAP for Traditional Non-Par Products SFAS 60 and SFAS 97 Limited Pay Amsterdam 2007 Tom Herget PolySystems, Inc. Agenda Overview Long Duration Contracts Benefit Reserves Deferred Policy Acquisition

More information

Universal life insurance with secondary guarantees:

Universal life insurance with secondary guarantees: Prepared by: Rob Stone FSA, MAAA Andrew Steenman ASA, MAAA Universal life insurance with secondary guarantees: Pricing and financial reporting considerations is among the world's largest providers of actuarial

More information

SOA 2010 Life & Annuity Symposium May 17-18, 2010. Session 31 PD, Federal Income Tax Modeling and Reporting Issues

SOA 2010 Life & Annuity Symposium May 17-18, 2010. Session 31 PD, Federal Income Tax Modeling and Reporting Issues SOA 2010 Life & Annuity Symposium May 17-18, 2010 Session 31 PD, Federal Income Tax Modeling and Reporting Issues Moderator: Michael J. LeBoeuf,FSA, MAAA Presenters: Trevor C. Howes, FSA, FCIA, MAAA Edward

More information

Prudent Risk Management of Variable Annuities in the US. Senior Vice President and Actuary Prudential Annuities

Prudent Risk Management of Variable Annuities in the US. Senior Vice President and Actuary Prudential Annuities Prudent Risk Management of Variable Annuities in the US Bryan Pinsky Bryan Pinsky Senior Vice President and Actuary Prudential Annuities Agenda 1. US VA market overview 2. Risks associated with living

More information

Session 7: Payout Annuities

Session 7: Payout Annuities Session 7: Payout Annuities Michael Lockerman Various Examples Mixed examples Examples with DBs Variable payout 2 2 Agenda Product Classification Accounting Guidance Example Earnings Patterns Practical

More information

U.S. GAAP & IFRS: Today and Tomorrow Sept. 13-14, 2010. New York. Payout Annuities Under GAAP

U.S. GAAP & IFRS: Today and Tomorrow Sept. 13-14, 2010. New York. Payout Annuities Under GAAP U.S. GAAP & IFRS: Today and Tomorrow Sept. 13-14, 2010 New York Payout Annuities Under GAAP Patricia Matson GAAP for Payout Annuities FASB 60 and FASB 97 Society of Actuaries - Basic GAAP 2010 Patricia

More information

Model Efficiency Through Data Compression

Model Efficiency Through Data Compression Model Efficiency Through Data Compression Actuaries Club of the Southwest Houston, TX November 15, 2012 Trevor Howes, FCIA, FSA, MAAA VP & Actuary, GGY AXIS 1 Agenda The need for model efficiency Types

More information

Variable Annuities in Australia: Managing the Risks. Jeff Gebler & Warren Manners

Variable Annuities in Australia: Managing the Risks. Jeff Gebler & Warren Manners Variable Annuities in Australia: Managing the Risks Jeff Gebler & Warren Manners Agenda VA Risks: Lessons learned from the past Dynamic Hedging: Ingredients for an optimal hedging strategy VA Risks: Lessons

More information

GENERALI PANEUROPE LIMITED

GENERALI PANEUROPE LIMITED GENERALI PANEUROPE LIMITED Considerations for Variable Annuity Writers when internalising their hedging activities Michael Sharpe 27th November 2014 1 Contents 1. About Generali PanEurope 2. Variable Annuities

More information

The Empire Life Insurance Company

The Empire Life Insurance Company The Empire Life Insurance Company Condensed Interim Consolidated Financial Statements For the six months ended June 30, 2015 Unaudited Issue Date: August 7, 2015 DRAFT NOTICE OF NO AUDITOR REVIEW OF CONDENSED

More information

Derivation of the IFRS 4 Statement of Comprehensive Income for Insurance Contracts

Derivation of the IFRS 4 Statement of Comprehensive Income for Insurance Contracts Derivation of the IFRS 4 Statement of Comprehensive Income for Insurance Contracts The purpose of this document is to specify the creation of the proposed IFRS 4 Statement of Comprehensive Income for Insurance

More information

ifa Variable Annuities & Alternative Guaranteed Products How to Manage Risk by Product Design Alexander Kling Ulm, Germany

ifa Variable Annuities & Alternative Guaranteed Products How to Manage Risk by Product Design Alexander Kling Ulm, Germany Variable Annuities & Alternative Guaranteed Products How to Manage Risk by Product Design Alexander Kling Ulm, Germany Ri$kMinds Insurance Geneva, February 2012 Helmholtzstraße 22 D-89081 Ulm phone +49

More information

Marketing Appeal of Variable Annuities Compared to Mutual Funds. John Hegstrom Associate Actuary, Annuity Pricing USAA Life Insurance Company

Marketing Appeal of Variable Annuities Compared to Mutual Funds. John Hegstrom Associate Actuary, Annuity Pricing USAA Life Insurance Company Marketing Appeal of Variable Annuities Compared to Mutual Funds John Hegstrom Associate Actuary, Annuity Pricing USAA Life Insurance Company When to Consider a Variable Annuity When other tax-deferred

More information

Portfolio Replication Variable Annuity Case Study. Curt Burmeister Senior Director Algorithmics

Portfolio Replication Variable Annuity Case Study. Curt Burmeister Senior Director Algorithmics Portfolio Replication Variable Annuity Case Study Curt Burmeister Senior Director Algorithmics What is Portfolio Replication? To find a portfolio of assets whose value is equal to the value of a liability

More information

Equity-Based Insurance Guarantees Conference November 12-13, 2012. Chicago, IL. Variable Annuity Risk Management Update

Equity-Based Insurance Guarantees Conference November 12-13, 2012. Chicago, IL. Variable Annuity Risk Management Update Equity-Based Insurance Guarantees Conference November 12-13, 2012 Chicago, IL Variable Annuity Risk Management Update Xiaohong Mo, FSA, MAAA, CFA Variable Annuity Risk Management Update Equity-Based Insurance

More information

Hedging Variable Annuity Guarantees in the Current Environment

Hedging Variable Annuity Guarantees in the Current Environment Hedging Variable Annuity Guarantees in the Current Environment Actuaries Club of Hartford/Springfield May 17, 2012 Regynald Heurtelou, Vice-President, MetLife ALM VA Guarantees Some Basics Waiting Period

More information

Variable Annuities Risk Management

Variable Annuities Risk Management Variable Annuities Risk Management Michele Bergantino Risk and Investment Conference Leeds - June 28, 2012 1 Contents VA Key Features VA Risk Management Conclusions Appendix A - VA Option Valuation, an

More information

Stochastic Analysis of Long-Term Multiple-Decrement Contracts

Stochastic Analysis of Long-Term Multiple-Decrement Contracts Stochastic Analysis of Long-Term Multiple-Decrement Contracts Matthew Clark, FSA, MAAA, and Chad Runchey, FSA, MAAA Ernst & Young LLP Published in the July 2008 issue of the Actuarial Practice Forum Copyright

More information

RECORD, Volume 28, No. 1*

RECORD, Volume 28, No. 1* RECORD, Volume 28, No. 1* Colorado Springs Spring Meeting May 30 31, 2002 Session 45PD Dynamic Hedging Fair Valuation for FAS 133 Track: Moderator: Panelist: Investment MR. MARTIN J. HALL MR. EJAZ HAROON

More information

For educational use by Illinois State University students only, do not redistribute - 71 -

For educational use by Illinois State University students only, do not redistribute - 71 - Valuation of life annuities A life annuity is a financial contract in the form of an insurance policy in which a seller (issuer), a life insurance company, makes a series of future payments to a buyer

More information

Practical Considerations in Variable Annuity Pricing

Practical Considerations in Variable Annuity Pricing Prepared by: David W. Wang FSA, MAAA Novian Junus FSA, MAAA Practical Considerations in Variable Annuity Pricing Table of Contents Introduction 2 SECTION II: The Four Elements 3 SECTION III: Evaluation

More information

Performance of insurance company hedging programs during the recent capital market crisis

Performance of insurance company hedging programs during the recent capital market crisis Peter Sun CFA, FSA, MAAA Ken Mungan FSA, MAAA Performance of insurance company hedging programs during the recent capital market crisis , whose corporate offices are in Seattle, serves the full spectrum

More information

ACTUARIAL GUIDELINE XXXIII DETERMINING CARVM RESERVES FOR ANNUITY CONTRACTS WITH ELECTIVE BENEFITS

ACTUARIAL GUIDELINE XXXIII DETERMINING CARVM RESERVES FOR ANNUITY CONTRACTS WITH ELECTIVE BENEFITS ACTUARIAL GUIDELINE XXXIII DETERMINING CARVM RESERVES FOR ANNUITY CONTRACTS WITH ELECTIVE BENEFITS Background Information 1. Introduction The Standard Valuation Law (SVL) defines the methods and assumptions

More information

The Great-West Life Assurance Company. Management s Discussion and Analysis

The Great-West Life Assurance Company. Management s Discussion and Analysis The Great-West Life Assurance Company Management s Discussion and Analysis 2009 Table of Contents 2 Consolidated Operating Results 12 Consolidated Financial Position 16 Liquidity and Capital Management

More information

TABLE OF CONTENTS. Executive Summary 3. Introduction 5. Purposes of the Joint Research Project 6

TABLE OF CONTENTS. Executive Summary 3. Introduction 5. Purposes of the Joint Research Project 6 TABLE OF CONTENTS Executive Summary 3 Introduction 5 Purposes of the Joint Research Project 6 Background 7 1. Contract and timeframe illustrated 7 2. Liability measurement bases 9 3. Earnings 10 Consideration

More information

Kansas City 2Life Insurance Company

Kansas City 2Life Insurance Company Kansas City 2Life Insurance Company 2012 Second Quarter Report Includes our subsidiaries: Sunset Life Insurance Company of America Old American Insurance Company Sunset Financial Services, Inc. Post Office

More information

DETERMINING THE ACTUARIAL PRESENT VALUE OF CERTAIN ADDITIONAL BENEFITS UNDER TREAS. REG. SECTION 1.401(a)(9)-6, Q&A-12

DETERMINING THE ACTUARIAL PRESENT VALUE OF CERTAIN ADDITIONAL BENEFITS UNDER TREAS. REG. SECTION 1.401(a)(9)-6, Q&A-12 June 30, 2005 DETERMINING THE ACTUARIAL PRESENT VALUE OF CERTAIN ADDITIONAL BENEFITS UNDER TREAS. REG. SECTION 1.401(a)(9)-6, Q&A-12 I. Introduction Section 401(a)(9) of the Internal Revenue Code (the

More information

Amendment Proposal for. AG 33 Modifications for Non-Elective Incidence Rates. Adopted by the Life Actuarial (A) Task Force, Sept.

Amendment Proposal for. AG 33 Modifications for Non-Elective Incidence Rates. Adopted by the Life Actuarial (A) Task Force, Sept. Amendment Proposal for AG 33 Modifications for Non-Elective Incidence Rates Adopted by the Life Actuarial (A) Task Force, Sept. 17, 2015 Note: This exposure covers only the language, in Paragraph 2, Elective

More information

Financial Statement Disclosure: The Needs and Practices Related to Financial Risk

Financial Statement Disclosure: The Needs and Practices Related to Financial Risk Financial Statement Disclosure: The Needs and Practices Related to Financial Risk Robert Frasca, FSA and Gordon Tucker Acknowledgment: The authors gratefully acknowledge the contributions of the following

More information

EXPOSURE DRAFT Practice Note on FAS 157 & FAS 159

EXPOSURE DRAFT Practice Note on FAS 157 & FAS 159 EXPOSURE DRAFT Practice Note on FAS 157 & FAS 159 This practice note was prepared by a work group organized by the Life Financial Reporting Committee within the Life Practice Council of the American Academy

More information

Asset/liability Management for Universal Life. Grant Paulsen Rimcon Inc. November 15, 2001

Asset/liability Management for Universal Life. Grant Paulsen Rimcon Inc. November 15, 2001 Asset/liability Management for Universal Life Grant Paulsen Rimcon Inc. November 15, 2001 Step 1: Split the product in two Premiums Reinsurance Premiums Benefits Policyholder fund Risk charges Expense

More information

VALUATION MANUAL. Adopted August 2, 2012

VALUATION MANUAL. Adopted August 2, 2012 VALUATION MANUAL Adopted August 2, 2012 VALUATION MANUAL VM-00 ITEM I. INTRODUCTION Authority and Applicability Background Description of Valuation Manual Operative Date of Valuation Manual PBR Review

More information

THE EMPIRE LIFE INSURANCE COMPANY

THE EMPIRE LIFE INSURANCE COMPANY THE EMPIRE LIFE INSURANCE COMPANY Condensed Interim Consolidated Financial Statements For the nine months ended September 30, 2013 Unaudited Issue Date: November 6, 2013 These condensed interim consolidated

More information

Canada Life Financial Corporation. Management s Discussion and Analysis. For the year 2011

Canada Life Financial Corporation. Management s Discussion and Analysis. For the year 2011 Canada Life Financial Corporation Management s Discussion and Analysis For the year MANAGEMENT S DISCUSSION AND ANALYSIS FOR THE PERIOD ENDING DECEMBER 31, DATED: FEBRUARY 9, 2012 This Management s Discussion

More information

Embedded Value Report

Embedded Value Report Embedded Value Report 2012 ACHMEA EMBEDDED VALUE REPORT 2012 Contents Management summary 3 Introduction 4 Embedded Value Results 5 Value Added by New Business 6 Analysis of Change 7 Sensitivities 9 Impact

More information

A Shortcut to Calculating Return on Required Equity and It s Link to Cost of Capital

A Shortcut to Calculating Return on Required Equity and It s Link to Cost of Capital A Shortcut to Calculating Return on Required Equity and It s Link to Cost of Capital Nicholas Jacobi An insurance product s return on required equity demonstrates how successfully its results are covering

More information

SOA 09 Annual Meeting & Exhibit October 25-28, 2009. Session 73 PD, Optimizing Model Performance and Process Flow

SOA 09 Annual Meeting & Exhibit October 25-28, 2009. Session 73 PD, Optimizing Model Performance and Process Flow SOA 09 Annual Meeting & Exhibit October 25-28, 2009 Session 73 PD, Optimizing Model Performance and Process Flow Moderator: Carl Desrochers, FSA, FCIA, MAAA Presenters: Craig W. Reynolds, FSA, MAAA Brian

More information

Embedded Value 2014 Report

Embedded Value 2014 Report Embedded Value 2014 Report Manulife Financial Corporation Page 1 of 13 Background: Consistent with our objective of providing useful information to investors about our Company, and as noted in our 2014

More information

QUARTERLY REPORT 69 MONTHS RESULTS. Canada Life Financial Corporation E1251(6/09)-6/09 E1251(9/08)-9/08

QUARTERLY REPORT 69 MONTHS RESULTS. Canada Life Financial Corporation E1251(6/09)-6/09 E1251(9/08)-9/08 QUARTERLY REPORT January January 1 to September 1 to June 30, 2009 2008 69 MONTHS RESULTS Canada Life Financial Corporation 2009 2008 E1251(9/08)-9/08 E1251(6/09)-6/09 Quarterly Report to Shareholders

More information

Pricing variable annuity product in Hong Kong -- a starting point for practitioners

Pricing variable annuity product in Hong Kong -- a starting point for practitioners Pricing variable annuity product in Hong Kong -- a starting point for practitioners Abstract With regard to its rapid emergence in Hong Kong, this paper aims to perform a pricing exercise for a sample

More information

The Jackson Difference. Michael Wells, Chairman and CEO

The Jackson Difference. Michael Wells, Chairman and CEO The Jackson Difference Michael Wells, Chairman and CEO Jackson Defined Leadership position in Annuities market (Variable, Fixed and Fixed-Index) Separate Account reserves = $72bn; General Account reserves

More information

Variable Annuities Recent Trends and the Use of Captives

Variable Annuities Recent Trends and the Use of Captives Variable Annuities Recent Trends and the Use of Captives Elise Brenneman, CFA David (Fengchen) Du, FSA, CERA Cynthia Martin October 7, 2014 The authors would like to thank various individuals from within

More information

FINANCIAL REVIEW. 18 Selected Financial Data 20 Management s Discussion and Analysis of Financial Condition and Results of Operations

FINANCIAL REVIEW. 18 Selected Financial Data 20 Management s Discussion and Analysis of Financial Condition and Results of Operations 2012 FINANCIAL REVIEW 18 Selected Financial Data 20 Management s Discussion and Analysis of Financial Condition and Results of Operations 82 Quantitative and Qualitative Disclosures About Market Risk 88

More information

Disclosure of Market Consistent Embedded Value as at March 31, 2015

Disclosure of Market Consistent Embedded Value as at March 31, 2015 May 20, 2015 Sompo Japan Nipponkoa Himawari Life Insurance, Inc. Disclosure of Market Consistent Embedded Value as at March 31, 2015 Sompo Japan Nipponkoa Himawari Life Insurance, Inc. ( Himawari Life,

More information

Valuation Actuary Symposium September 25-26, 2008. Session # 30 PD: Premium Deficiency Reserves for Health Insurance

Valuation Actuary Symposium September 25-26, 2008. Session # 30 PD: Premium Deficiency Reserves for Health Insurance Valuation Actuary Symposium September 25-26, 2008 Session # 30 PD: Premium Deficiency Reserves for Health Insurance Michael Weilant Norman Zwitter Moderator: Larry Pfannerstill Premium Deficiency Reserves

More information

Life Principle-Based Reserves Under VM-20

Life Principle-Based Reserves Under VM-20 A Public Policy Practice Note Life Principle-Based Reserves Under VM-20 Exposure Draft February 2014 Life Principle-Based Approach Practice Note Work Group A PUBLIC POLICY PRACTICE NOTE Practice Note on

More information

TRANSAMERICA ADVISORS LIFE INSURANCE COMPANY OF NEW YORK

TRANSAMERICA ADVISORS LIFE INSURANCE COMPANY OF NEW YORK UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December

More information

Session 74 PD, Indexed Product Update. Moderator: Robert P. Stone, FSA, MAAA

Session 74 PD, Indexed Product Update. Moderator: Robert P. Stone, FSA, MAAA Session 74 PD, Indexed Product Update Moderator: Robert P. Stone, FSA, MAAA Presenters: Guillaume Briere-Giroux, FSA, MAAA Robert P. Stone, FSA, MAAA Fixed Indexed Annuity Market Update 2014 Life and Annuity

More information

FINANCIAL REPORTING FOR LIFE INSURANCE BUSINESS. V Rajagopalan R Kannan K S Gopalakrishnan

FINANCIAL REPORTING FOR LIFE INSURANCE BUSINESS. V Rajagopalan R Kannan K S Gopalakrishnan FINANCIAL REPORTING FOR LIFE INSURANCE BUSINESS V Rajagopalan R Kannan K S Gopalakrishnan 6th Global Conference of Actuaries; February 2004 PRESENTATION LAYOUT Fair value reporting Recent developments

More information

Annuity Product Overview. September 23, 2004

Annuity Product Overview. September 23, 2004 Annuity Product Overview September 23, 2004 U.S. Annuity Product Development Strategy What is an annuity? Annuity is a long-term investment designed for retirement. Annuity is appealing to investors because

More information

Variable annuity dynamic lapse study: A data mining approach

Variable annuity dynamic lapse study: A data mining approach Prepared by: CFA, FSA, MAAA Peer reviewed by: Xiaohong Mo CFA, FSA, MAAA Variable annuity dynamic lapse study: A data mining approach Table of contents Executive summary 2 Background 3 Importance of dynamic

More information

TRANSAMERICA ADVISORS LIFE INSURANCE COMPANY

TRANSAMERICA ADVISORS LIFE INSURANCE COMPANY UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED

More information

Report of the American Academy of Actuaries Annuity Reserve Work Group

Report of the American Academy of Actuaries Annuity Reserve Work Group Report of the American Academy of Actuaries Annuity Reserve Work Group Presented to the National Association of Insurance Commissioners Life and Health Actuarial Task Force Washington, D.C. June 2006 The

More information

Identification and Valuation of Embedded Derivatives in Modified Coinsurance and Similar Insurance Arrangements February 2008

Identification and Valuation of Embedded Derivatives in Modified Coinsurance and Similar Insurance Arrangements February 2008 A Public Policy PRACTICE NOTE Identification and Valuation of Embedded Derivatives in Modified Coinsurance and Similar Insurance Arrangements February 2008 American Academy of Actuaries Life Financial

More information

CEIOPS Preparatory Field Study for Life Insurance Firms. Summary Report

CEIOPS Preparatory Field Study for Life Insurance Firms. Summary Report CEIOPS-FS-08/05 S CEIOPS Preparatory Field Study for Life Insurance Firms Summary Report 1 GENERAL OBSERVATIONS AND CONCLUSIONS 1.1 Introduction CEIOPS has been asked to prepare advice for the European

More information

Practical Issues Relating to Setting Up a Hedging Program

Practical Issues Relating to Setting Up a Hedging Program Joint Regional Seminar 2007 Practical Issues Relating to Setting Up a Hedging Program Leong Chew, FSA, MAAA leong.chew@milliman.com +1-312-499-5667 1 Overview Hedging implementation: obstacles & challenges

More information

The Financial Reporter

The Financial Reporter Article from: The Financial Reporter March 2006 Issue No. 64 L IFE I NSURANCE C OMPANY F INANCIAL R EPORTING S ECTION A KNOWLEDGE COMMUNITY FOR THE SOCIETY OF ACTUARIES The Financial Reporter The Newsletter

More information

SAVINGS PRODUCTS AND THE LIFE INSURANCE INDUSTRY IN CANADA

SAVINGS PRODUCTS AND THE LIFE INSURANCE INDUSTRY IN CANADA SAVINGS PRODUCTS AND THE LIFE INSURANCE INDUSTRY IN CANADA Carl Hiralal 25 November 2004 1 Topics OSFI s Role Canadian Industry Insurance Products in Canada Insurance versus Savings Segregated Funds Universal

More information

MML Bay State Life Insurance Company Management s Discussion and Analysis Of the 2005 Financial Condition and Results of Operations

MML Bay State Life Insurance Company Management s Discussion and Analysis Of the 2005 Financial Condition and Results of Operations MML Bay State Life Insurance Company Management s Discussion and Analysis Of the 2005 Financial Condition and Results of Operations General Management s Discussion and Analysis of Financial Condition and

More information

Practice Education Course Individual Life and Annuities Exam June 2011 TABLE OF CONTENTS

Practice Education Course Individual Life and Annuities Exam June 2011 TABLE OF CONTENTS Practice Education Course Individual Life and Annuities Exam June 2011 TABLE OF CONTENTS THIS EXAM CONSISTS OF SEVEN (7) WRITTEN ANSWER QUESTIONS WORTH 51 POINTS AND EIGHT (8) MULTIPLE CHOICE QUESTIONS

More information

Actuary s Guide to Reporting on Insurers of Persons Policy Liabilities. Senior Direction, Supervision of Insurers and Control of Right to Practice

Actuary s Guide to Reporting on Insurers of Persons Policy Liabilities. Senior Direction, Supervision of Insurers and Control of Right to Practice Actuary s Guide to Reporting on Insurers of Persons Policy Liabilities Senior Direction, Supervision of Insurers and Control of Right to Practice September 2015 Legal deposit - Bibliothèque et Archives

More information