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Market consistent cash flows for benefits, tax and future profits in life and pension insurance

Thomas Møller

Head of Actuarial Innovation and Modeling, PFA Pension (Head of Actuarial Innovation and Modeling)
Denmark

Abstract

We study the problem of valuating life insurance contracts in the presence of taxes and future profits. The basic framework consists of the classical finite state Markov chain model describing the possible states of the policy-holder and a stochastic model for the financial market. One approach to model the liabilities is to introduce a full simulation model for the relevant states of the policy holder and the payments associated with the contracts. We discuss how one can alternatively adopt analytical methods such as Thiele's differential equation for the state wise reserves and Kolmogorov's forward equations for the transition probabilities for determining the market values of the various cash flows arising from the contracts. More precisely, we determine the tax cash flows for guaranteed and unguaranteed payments, tax payments and future profits for the owners. We also discuss how the market values of the cash flows can be determined without explicitly deriving the underlying cash flows. The cash flows for unguaranteed payments, taxes and profits will typically depend on the term structure, which is uncertain. We refer to these cash flows as term structure dependent cash flows.

Default Retirement Income Strategy

David Blake

Pensions Institute at Cass Business School (Director)
United Kingdom

Abstract

We start by covering the key risks in retirement, such as interest rate risk, inflation risk, investment and reinvestment risk, and longevity risk. We then look at the components of a retirement financial strategy: investment strategy, the strategy for investing the pension pot; withdrawal strategy, the strategy for withdrawing cash from the pension pot to finance expenditures; and longevity insurance strategy. A good product for delivering retirement income needs to offer: accessibility, a degree of flexibility to withdraw funds on an ad hoc basis; inflation protection, either directly or via investment performance, with minimal involvement by individuals who do not want to manage investment risk; and longevity insurance. It is difficult for a single product to meet all these requirements, but a combination of drawdown and a deferred (inflation-linked) annuity does, for example. So a well-designed retirement income programme will have to involve a combination of products. Next we discuss the withdrawal strategy, and note that there is no safe fixed withdrawal rate that guarantees to last for the lifetime of the retiree (apart from a life annuity). Alternatives are: withdraw the annuitised value of the fund each year, known as the ‘equivalent annuity’ strategy; draw only the ‘natural’ income from the fund, defined as the ‘pay-out of dividends from income-generating investments’; auto-rebalancing, withdraw from asset classes that experienced the highest growth during the year; and cashflow reserve (or bond) ladder or bucket, hold enough in deposits or short-maturing bonds to meet the next two years of expenditure. We then consider the longevity insurance strategy, which determines when longevity insurance is purchased and when it comes into effect. The essentially boils down to the choice between: buying and immediate annuity when it is needed, and buying a deferred annuity at the point of retirement, with the deferred annuity beginning to make payments when it is needed. We end by designing a default retirement income/expenditure plan.

Measuring and Balancing Adequacy and Sustainability in Social Security Programs

Assia Billig

IAA Population Issues Working Group (Chair)
Canada

Aldona Skucaite

Vilnius University (Lecturer)
Lithuania

Abstract

Abstract/abstract_306.pdf

Automatic Balancing Mechanisms for Mixed Pension Systems

Carmen Boado Penas

University of Liverpool (Senior lecturer in Actuarial Mathematics)
United Kingdom

Abstract

Abstract/abstract_464.pdf

Retirement Readiness– A Comparative Analysis of Australia, the United Kingdom & the United States

Ken Hohman

American Academy of Actuaries (International Secretary)
United States

Martin Stevenson

First State Super (Director)
Australia

Abstract

Abstract/abstract_65.pdf

Optimal Pension Protection

Till Förstemann

Deutsche Bundesbank (NA)
Germany

Abstract

Abstract/abstract_606.pdf

Capital-Efficient Participating Annuity Products in Practice

Jürgen Bierbaum

ALTE LEIPZIGER – HALLESCHE (Member of Executive Board)
Germany

Abstract

Abstract/abstract_324.pdf

Disability Insurance: Theory Versus Empirical Results

Kai Kaufhold

Ad Res (CEO)
Deutschland

Peter Nielsen

RGA

Impacts of Management Actions in Life Insurance

Estelle Gerondeau

Actuaris

Projections and Profitability of Unit-Linked Products

Kristian Juul Schomacker

Edlund (Product Manager)
Denmark

Abstract

Abstract/abstract_166.pdf

Simplifying Retirement by Aligning Communication with Retirement Outcomes

Catherine Donnelly

Heriot-Watt University (Associate Professor)
United Kingdom

Abstract

Abstract/abstract_350.pdf

Optimal Social Security Claiming Behavior under Lump Sum Incentives: Theory and Evidence

Ralph Rogalla

St. Johns University (Assistant professor in the School of Risk Management, Insurance and Actuarial Science)
United States

Abstract

Abstract/abstract_542.pdf

Saving Preferences in Retirement: The Impact of Mandatory Annuitisation Flexibility and Health Status

Jennifer Alonso-García

UNSW Sydney (Senior Research Associate)
Australia

Abstract

Abstract/abstract_256.pdf

Harmonization of Pensions and Housing

Martin Stevenson

First State Super (Director)
Australia

Abstract

Abstract/abstract_215.pdf

An Actuarial Study of Micro-Insurance in Bangladesh Formal Life Insurance Industry

M. Ahsanul Haq

Actuarial Society of Bangladesh

Abstract

Abstract/abstract_217.pdf

An Overview of the Life Insurance Industry and Current Topics in Japan

Yuho Murate

Dai-ichi Life
Japan

Ryo Yonamine

Dai-ichi Life (Assistant manager)
Japan

Abstract

Abstract/abstract_280.pdf

Pricing and Profit Testing of a Life Insurance Product: Savings and Individual Retirement using Simulation Approach

Woundjiague Apollinaire

Jomo Kenyatta University of Agriculture and Technology (Ph.D Student)
Kenya

Abstract

Abstract/abstract_351.pdf

Underwriting Around the World - An Update

Allen Klein

Milliman (Principal and Consulting Actuary)
United States

Abstract

Abstract/abstract_221.pdf

The Costs of Underwriting Simplification

John Turner

Swiss Re (Head of L&H Underwriting EMEA)
Switzerland

Abstract

Abstract/abstract_144.pdf

Cohort Specific Measures of Lifetime Pension Benefits and Contributions in Finland

Ismo Vesa Antero Risku

Finnish Centre for Pensions (Head of Planning Department)
Finland

Abstract

Abstract/abstract_170.pdf

Intergenerational Equity: Metrics for Conditional Indexation in Pension Plans

Louis Adam

Laval University (Professeur)
Canada

Abstract

Abstract/abstract_565.pdf

Actuarial Perspectives on Inequality

Assia Billig

IAA Population Issues Working Group (Chair)
Canada

Abstract

Abstract/abstract_387.pdf

Communicating Longevity Risk to the Public

Ted Goldman

American Academy of Actuaries
United States

Andrew Peterson

Society of Actuaries (Senior Staff Fellow)
United States

Abstract

Abstract/abstract_500.pdf

Inherited Heart Disorders: Implications for Life Insurance and Health Insurance

Angus Macdonald

Professor, Heriot-Watt University (Professor)
United Kingdom

Abstract

Genetic testing for inherited heart disorders (cardiomyopathies) is becoming widespread. In countries where genetic test results are admissible for insurance underwriting, genetic councellors are believed to advise clients to obtain life or health insurance before taking a genetic test for a suspected cardiomyopathy. Using Hypertrophic Cardiomyopathy (HCM) as an example, we consider the implications for insurance, especially as regards pre-existing conditions and diagnostic as opposed to predictive genetic testing.

Predicting Incidences of Acute Myocardial Infarctions: Are Big Data and Machine Learning Algorithms Useful for Predictive Models?

Noriyuki Kogo

Milliman (Actuarial Associate)
Japan

Abstract

Abstract/abstract_426.pdf

Development of Alternative Retirement Income Products in Australia – the Comprehensive Income Products for Retirement System

Tim Furlan

Russell Investments (Director, Superannuation)
Australia

Nick Callil

Willis Towers Watson

Sustainable Old-Age Provision in Times of Falling Discount Rates and Rising Life Expectancy?

Richard Herrmann

Heubeck (Executive)
Germany

Probability of Sufficiency of the Risk Margin for Life Companies under IFRS 17

Eric Dal Moro

SCOR (Head of Group P&C Reserving)
Switzerland

Igor Rudenko

Russian Federation

Abstract

Abstract/abstract_165.pdf

Reserving for Life Insurance in a Low Interest Rate Environment - Additional Interest Provisions (Zinszusatzreserve)

Wolfgang Siegert

Allianz (Member of actuarial Research Unit)
Germany

Abstract

Abstract/abstract_252.pdf

The Evolution of Yield Curves in 2 Factor Hull White Models

Franziska Diez

Fraunhofer ITWM
Germany

Ralf Korn

University of Kaiserslautern (Professor of Financial Mathematics)
Germany

Abstract

Abstract/abstract_316.pdf

Maximum Technical Interest Rates in Life Insurance under Solvency II

Michael Pannenberg

HDI (Head of Actuarial Controlling)
Germany

Abstract

Abstract/abstract_439.pdf

Employer Accounting for Pensions: Insurance Accounting vs. Employer Accounting under IFRS

Stefan Engeländer

KPMG

Andreas Johannleweling

KPMG (Head of Pension Assessment Group)
Germany

Abstract

Abstract/abstract_171.pdf

Valuation of Pension and Similar Obligations for the Purposes of a Corporate Transaction

Graham Pearce

Mercer (Partner)
Germany

Abstract

Abstract/abstract_309.pdf

Alternative Approaches for Unwinding the Discount - With Particular Focus on Determining Interest Cost under US-GAAP and IFRS

Alfred E. Gohdes

Rentenberatung Gohdes (CEO & Teaboy)
Germany

Abstract

Abstract/abstract_33.pdf

Interest Rates: In Search of a “New Normal”

Rolf Ketzler

German Insurance Association (Senior Economist)
Germany

Abstract

Abstract/abstract_569.pdf

A Markov-Chain-Type Approach for Pension Benefits

Rainer Berntzen

Gutachterbüro Karras (actuary)
Germany

Abstract

Abstract/abstract_93.pdf

IVS-Award: The Retirement Income Frontier and Its Application in Constructing Investment Strategies at Retirement

John Anderson

Alexander Forbes (Portfolio Manager)
South Africa

Steven Empedocles

Sygnia Asset Management
South Africa

Abstract

Abstract/abstract_15.pdf

Personalizing ALM-Based Investment Strategies for Default DC Members

Brnic Van Wyk

QSuper (Head of Asset/Liability Management)
Australia

Abstract

Abstract/abstract_223.pdf

Interrelations Between Certain Regulatory Requirements, Investment Strategies and Security of Benefits in Occupational Pension Institutions (IORPs)

Stefan Nellshen

Bayer-Pensionskasse (Chief Executive Officer (CEO))
Germany

Abstract

Abstract/abstract_50.pdf

DC: Profiting Responsibly of Abandoning Guarantees - Risk-Bearing Investments in the Payout Phase: Method and Consequences

Ruud Smits

Aegon (Strategy analyst)
Netherlands

Abstract

Abstract/abstract_261.pdf

On Cash Flows Dependent on Investment Returns in Life and Pension Insurance

Kristian Buchardt

PFA Pension (Head of Actuarial Risk Modelling)
Denmark

Thomas Møller

Head of Actuarial Innovation and Modeling, PFA Pension (Head of Actuarial Innovation and Modeling)
Denmark

Abstract

Abstract/abstract_510.pdf

Longevity Bond Pricing in Equilibrium

Petar Jevtic

Arizona State University (Assistant Professor)
United States

Abstract

Abstract/abstract_543.pdf

Unisex Tariffs: Equilibria Social Welfare and Implications

Jörn Sass

University of Kaiserslautern (Professor)
Germany

Abstract

Abstract/abstract_187.pdf

Empirical Bayes Credibility for the Classic Markov Chain Life Insurance Setting

Christian Furrer

University of Copenhagen / PFA Pension (Industrial PhD student)
Denmark

Abstract

Abstract/abstract_445.pdf

DC in a DB Country

Heribert Karch

Managing Director, Metallrente (Managing Director)
Germany

Pure DC in Germany – Justification, Specification and Stakeholders’ Feedback

Stefan Oecking

Mercer (Partner)
Germany

Abstract

Abstract/abstract_198.pdf

Pure DC in Germany – How Does It Work?

Thomas Hagemann

Mercer (Chief Actuary Germany)
Germany

Georg Thurnes

Aon Hewitt
Germany

Abstract

Abstract/abstract_237.pdf

Pure DC in Germany - General Regulations and Implementation of Asset Management

Reiner Dietz

HQ Trust (Head of Institutional Business)
Germany

Abstract

Abstract/abstract_431.pdf

Comparison of New German Pure DC with DC Plans in Other Countries

Juergen Fodor

Willis Towers Watson (Senior Consultant & Actuary)
Germany

Abstract

Abstract/abstract_457.pdf

The Impact of Longevity and Investment Risk on a Portfolio of Life Insurance Liabilities

An Chen

Ulm University (Professor and Chair of the Institute of Insurance Science)
Germany

Abstract

Abstract/abstract_167.pdf

About Being Accurate for the Best Estimate: Product Designs for Participating Life Annuities

Raimond Maurer

Goethe University Frankfurt (Chair of Investment, Portfolio Management and Pension Finance)
Germany

Abstract

Abstract/abstract_104.pdf

Setting Up a New Corporate Pension Scheme with Sharing Risks: Japanese Case Study

Kosuke Yoshida

The Institute of Actuaries of Japan (Section Head)
Japan

Abstract

Abstract/abstract_421.pdf

Intergenerational Equity in Occupational Pensions; a Risk Management Perspective

Claudia Gagné

Université de Montréal

Pension Saving Decision Making under Lifetime and Investment Uncertainty

Mogens Steffensen

Professor of Life Insurance Mathematics, University of Copenhagen (Professor of Life Insurance Mathematics, University of Copenhagen)
Denmark

Abstract

We discuss the design of pension products. The theoretical context is decision making under uncertainty with notions of preferences like risk aversion, habit formation, and resolution of uncertainty. The practical questions we address concern guaranteed benefits, smoothing of investment returns and...would you actually like to know when you are going to die?

Planning for Individual Retirement: Optimal Consumption, Investment and Retirement Timing Under Different Preferences and Habit Persistence

Felix Hentschel

Viadico

Pricing of Cyber Insurance Contracts in a Network Model

Kerstin Weske

Leibniz University of Hannover (PhD Candidate)
Germany

Abstract

Abstract/abstract_262.pdf

Review of the German Annuity Table - Mathematical Methods and Actuarial Considerations

Franziska Foellmer

ERGO (Actuary)
Germany

Johannes Lörper

DAV (Vorstandsmitglied)
Germany

Abstract

Abstract/abstract_151.pdf

Latest in SOA Mortality Research

Dale Hall

Society of Actuaries (Managing Director of Research)
United States

Abstract

Abstract/abstract_596.pdf

Is the Party Over for Mortality Improvements?

Paul Murray

Swiss Re (Chief Pricing Officer)
United Kingdom

Abstract

Abstract/abstract_131.pdf

Home Equity Release for UK Seniors: A Twenty-First Century Product Design

Douglas Andrews

University of Waterloo (Adjunct Professor)
Canada

Abstract

Abstract/abstract_126.pdf

Risk Index

Alexandre Allegrezza

Willis Towers Watson
Switzerland

Christian Heiniger

Willis Towers Watson (Director Retirement Solutions)
Switzerland

Abstract

Abstract/abstract_450.pdf

Risk Sharing for Public Pension Schemes

Hélène Morsomme

University of Louvain (PhD student)
Belgium

Abstract

Abstract/abstract_310.pdf

A Study of Whole Life Annuity in Japan Utilizing "Risk-Sharing Corporate Pension"

Satoshi Fukumoto

Nippon Life (Manager)
Japan

Abstract

Abstract/abstract_443.pdf

Risk Management for Annuity by Longevity Bond and Longevity Swaps

Tadashi Uratani

Hosei University (Professor)
Japan

Abstract

Abstract/abstract_405.pdf

Measuring and Reporting Actuarial Obligations for Social Security Retirement Pensions

Barbara D´Ambrogi-Ola

Assessing the Sustainability of the Canada Pension Plan through Actuarial Balance Sheets

Jean-Claude Ménard

OSFI (Chief Actuary)
Canada

Abstract

Abstract/abstract_388.pdf

Reporting Pension Obligations of Social Security Schemes - an EU Perspective

Costas Stavrakis

Ministry of Labour, Welfare and Social Insurance

Round Table on Liabilities for Social Security System

Assia Billig

IAA Population Issues Working Group (Chair)
Canada

Barbara D´Ambrogi-Ola

Anne Drouin

International Labour Organization
Switzerland

Jean-Claude Ménard

OSFI (Chief Actuary)
Canada

Costas Stavrakis

Ministry of Labour, Welfare and Social Insurance

An International Look at Recent Trends in Longevity – Where and Why is Life Expectancy No Longer Increasing and What Impact Might Recent Longevity Trends Have?

Brian Ridsdale

IAA Mortality Working Group (Chairman)
United Kingdom

Abstract

Abstract/abstract_149.pdf

Mortality Development in Pensions – Data Basis, Models and Results in UK and Germany

Richard Herrmann

Heubeck (Executive)
Germany

Cathy Love Soper

Barnett Waddingham
United Kingdom

Abstract

Abstract/abstract_474.pdf

Development of Mortality Tables Covering Multinational Populations — The Case of the UN Pension Fund

Stuart Schulman

Conduent HR Services (Principal and Consulting Actuary)
United States

Abstract

Abstract/abstract_370.pdf

Unraveling Relevant Risk Factors Explaining Pension Fund Mortality: A Case Study in the Netherlands

Frank van Berkum

University of Amsterdam (PhD student)
Netherlands

Abstract

Abstract/abstract_283.pdf

Low Investment Returns and the Expected Impact on Retirement Savings – How the Low Investment Return Expectations Impact the Retirement Savings Planning

Alfred E. Gohdes

Rentenberatung Gohdes (CEO & Teaboy)
Germany

Abstract

Abstract/abstract_60.pdf

Defined Benefit Pension Plan Funding and the Role of Actuaries

Charles Cowling

JLT Employee Benefits (Director)
United Kingdom

Abstract

Abstract/abstract_41.pdf

Target Benefits – A Bold Innovation in Pension Plan Design

Randy Bauslaugh

McCarthy Tétrault (Partner)
Canada

Abstract

Abstract/abstract_241.pdf

Pension Splitting on Break-Down of Marriage-Like Relationships

Nicola Döring

Generali

Nigel Sloam

Nigel Sloam & Co Actuaries and Consultants

Paul Timmens

Willis Towers Watson

Abstract

Abstract/abstract_182.pdf

United Nations Joint Staff Pension Fund

Carolyn Kaiser

United Nations Joint Staff Pension Fund (Chief, Risk Management and Techincal Services Unit)
United States

Denis Latulippe

Laval University Québec and Chairman of the Committee of Actuaries of the United Nations Joint Staff Pensions Fund
Canada

Abstract

The United Nations Joint Staff Pension Fund (UNJSPF) is a 60+ year old defined benefit plan providing retirement, disability, and death benefits to over 120,000 staff members of the United Nations and 23 other international organizations. The Fund pays benefits to over 72,000 retires and beneficiaries in over 190 countries in 15 different currencies. Assets are close to 60 billion $US. This paper provides background on the UNJSPF, focusing on the singular aspects of its governance, plan design, and actuarial and funding approach. The governance of the UNJSPF is bifurcated with assets and liabilities managed separately with technical coordination through asset liability management studies. The United Nations General Assembly has ultimate responsibility for the UNJSPF but has created a tripartite Pension Board and a secretariat to administer the Fund. Assets are managed mostly internally, under the responsibility of the United Nations Secretary-General. Key provisions of the UNJSPF consist of a benefit formula based on final average remuneration and service, with some variants regarding accrual rates, retirement age and payout options. In particular, the Fund has a unique two track system which allows retirees to receive benefits in local currency but comparing the value of their original benefit established in US dollars. The UNJSPF actuarial approach includes establishing its own actuarial assumptions, long-term open group funding method and sophisticated approach to determining the value of its two track system. There is an objective of maintaining constant the contribution rate. Finally, a Committee of Actuaries, as well as an Investment Committee and an Audit Committee are involved to assist the stakeholders.

Panel Discussion

Peter Devlin

Deloitte (Partner)
Germany

Gurvan Le Guern

European Patent Office (HR Director Compensation & Benefits)
Germany

Abstract

Abstract/abstract_52.pdf

How Shared Value Insurance Works

Emile Stipp

Chief Health Actuary, Discovery (Chief Health Actuary)
South Africa

Abstract

Shared Value Insurance is a category of insurance which aims to incentivize risk reducing behavior amongst policyholders. The reduction in risk delivers higher margins to the insurer, and the benefits of increased margins are then shared with both shareholders and policyholders. This presentation explains the mechanism of Shared Value Insurance, shows evidence of how policyholders engage with the incentivized wellness program, and how this in turn delivers value to both the insurer and to policyholders. Data will be shared on how the concept has been applied in Health, Life and Short Term Insurance, and how engagement behavior changes over time at population level. The impact of various risk reducing behaviors on claims risk (such as regular exercise in the context of Health and Life insurance, and safe driving behavior in the context of Short Term Insurance) will be explained, and the link between incentives and behavior change will also be shown. The presentation shows that, whilst Shared Value Insurance may well be complex and challenging to implement in practice, the value of it justifies the investment - for policyholders, shareholders and society.

Vitality Shared Value Insurance: A New Insurance Product Category

Deon Kotzé

Discovery

Abstract

Abstract/abstract_559.pdf

History of Economic Scenario Generators

Parit Jakhria

Prudential (Head of Long Term Investment Strategy)
United Kingdom

Abstract

Abstract/abstract_329.pdf

The FSB’s Recommendations for Financial Disclosure of Climate Risk

Sam Gutterman

self-employed (retired consulting actuary)
United States

Abstract

Abstract/abstract_471.pdf

Actuarial Data Science Versus Data Protection – Update Against the Background of the General Data Protection Regulation

Stefan Nörtemann

msg life central europe

Abstract

Abstract/abstract_148.pdf

Blockchain – A New Technology with High Impact on Insurance?

Mathias Ott

HBA-Consulting (CEO)
Germany

Abstract

Abstract/abstract_147.pdf

Long Term Drivers of Future Mortality

Allen Klein

Milliman (Principal and Consulting Actuary)
United States

Abstract

Abstract/abstract_55.pdf

On the Integration of Deterministic Opinions into Mortality Projection Models.

Viani A. Djeundje Biatat

University of Edinburgh (Senior Research Fellow)
United Kingdom

Abstract

Abstract/abstract_245.pdf

Stochastic Mortality in a Levy Process Framework and Application to Longevity Products

Lexuri Fernández

Technical University of Munich

Abstract

Abstract/abstract_290.pdf

How Big an Impact Does Socio-economic Status have on Cause of Death Rates?

Andrew Cairns

Heriot-Watt University (Professor)
United Kingdom

Abstract

Abstract/abstract_494.pdf

The Impact of Risk Classification in Life & Pension under Solvency II: An Analysis of Underwriting Risk Underwriting Costs and Classification Systems

Alexander Bohnert

University of Erlangen-Nuremberg (Postdoctoral Researcher)
Germany

Abstract

Abstract/abstract_97.pdf

Biometric Risks in Pension Block Portefeuilles

Sven Wiesinger

Hannover Re (Actuary)
Germany

Abstract

Abstract/abstract_119.pdf

Examining Pension Plan Risk in an Economic Capital Framework

Steve Bonnar

University of Waterloo

Aniketh Pittea

University of Kent

Abstract

Abstract/abstract_395.pdf

Determination of Retirement and Eligibility Ages: Actuarial, Social and Economic Impacts

Assia Billig

IAA Population Issues Working Group (Chair)
Canada

Abstract

Abstract/abstract_264.pdf

Using the World Bank Criteria to Assess Six Countries’ Pension Systems

Carmen Boado Penas

University of Liverpool (Senior lecturer in Actuarial Mathematics)
United Kingdom

Adam Poulson

Barnett Waddington
United Kingdom

Radhika Ravi

Wilis Towers Watson
United Kingdom

Amrit Summan

Moodys
United Kingdom

Abstract

Abstract/abstract_275.pdf

Resetting the Age of Eligibility for Social Security

Shantel Aris

University of Waterloo

Robert Brown

University of Waterloo (Professor Emeritus)
Canada

Abstract

Abstract/abstract_35.pdf

What Are the Effects of Population Aging on the Pension Systems in Brazil Spain and France?

Luis Eduardo Afonso

University of São Paulo (Associate Professor)
Brazil

Abstract

Abstract/abstract_205.pdf

Integrated Risk Management in Practice

Marian Elliott

Redington
United Kingdom

Abstract

Abstract/abstract_29.pdf

Lessons Learnt from the Ongoing IFRS 17 Implementation in Asia-Pacific

Steve Cheung

Ernst & Young
Hong Kong

Banking Actuaries: The South African Experience

Michael Tichareva

National Standard
South Africa

Abstract

Abstract/abstract_304.pdf

The Sword of Tellus and her Shield

Brent Walker

Extension Compression and Beyond – A Unique Classification System for Mortality Evolution Patterns

Martin Genz

Ulm University, Institute for Finance and Actuarial Sciences, ifa Ulm (Doktorand)
Germany

Abstract

Abstract/abstract_76.pdf

Modelling Old Age Mortality Rates: An Extrapolation Method Based on the Mode and the Compression of Mortality

Santiago Fiallos

PwC (Manager)
France

Vincent Noel

PwC
France

Abstract

Abstract/abstract_495.pdf

A New Toolkit for Mortality Data Analytics

Sarah Krömer

University of Erlangen-Nuremberg

Abstract

Abstract/abstract_568.pdf

A Set of New Stochastic Trend Models

Johannes Schupp

Ulm University, Institute for Finance and Actuarial Sciences, ifa Ulm (Consultant)
Germany

Abstract

Abstract/abstract_521.pdf

Retirement – A New Frontier of the Over 80s Market

Jules Gribble

International Association of Insurance Supervisors (Senior Policy Advisor)
Switzerland

Cary Helenius

Equity Risk Management
Australia

Abstract

Abstract/abstract_305.pdf

Financial Sustainability of the Algerian Retirement System: A Perspective Analysis of the 50 Coming Years

Farid Flici

Centre for Research in Applied Economics for Development (Permanent Researcher)
Algeria

Abstract

Abstract/abstract_389.pdf

20 Years After the Pension Reform

Carmen Fernandez

Mexican Social Security Institute (Chief Risk Officer)
Mexico

Abstract

Abstract/abstract_586.pdf

Alone Stage Of Retirement

Lori Curtis

University of Waterloo

A Coverage Factor for Managing Elderly Pension Benefits

J. Iñaki De La Peña

University of the Basque Country

Abstract

Abstract/abstract_257.pdf

On Discount Rates in Valuing Defined Benefit Plan Obligation

Mitsuko Nakajima

Mitsubishi UFJ Trust and Banking (employee)
Japan

Abstract

Abstract/abstract_367.pdf

Retirement Choices In The Netherlands

Dirk Kuijpers

Futurama BV

Quantifying Longevity Risk in Annuities By Means of the Generalized Age-Period-Cohort Model

Peter Vekas

Corvinus University of Budapest (assistant professor)
Hungary

Abstract

Abstract/abstract_540.pdf