Presentation - Society of Actuaries in Ireland

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Agenda• Definitions• Market Context• Sample Product• Customer Outcomes• Risk Management• Pricing• Hedging and Market Risk Management• Reserving and Capital• Regulatory Issues• Discussion Points
Definitions (Section 2)• GMDB – Guarantee on death. May guarantee premiumpaid or the guarantee may include additional feature• GMAB – Accumulation benefit. As above withguarantee at surrender/maturity rather than death• GMIB – Income Benefit. Guarantees a minmum incomeat annuitisation• GMWB – Withdrawal Benefit. Guarantees a minimumwithdrawal from the fund each year. Fund can still besurrendered so different from a traditional annuity.• Variations of GMWB have withdrawal benefit payablefor life
Page 1 and 2: Variable AnnuitiesSociety of Actuar
Page 3: Introduction (Section 1)• Variabl
Page 7 and 8: US Variable Annuity Sales ($bn)Sour
Page 9 and 10: European and Asian Developments•
Page 11 and 12: Customer Outcomes (Section 6)• St
Page 13 and 14: Simulation 81 - Fund Value and Guar
Page 15 and 16: Probability Distribution - Income f
Page 17 and 18: Key Market Risks (Section 9)• Equ
Page 19 and 20: Pricing (Section 7)• Key elements
Page 21 and 22: Price to the customer• Range of f
Page 23 and 24: Hedging Techniques• Dynamic Hedgi
Page 25 and 26: Impact of Hedging - Examples• We
Page 27 and 28: Projection over time - Unhedged
Page 29 and 30: Measures of Economic Capital at Ris
Page 31 and 32: Solvency Margin• Products carry i
Page 33 and 34: Market ConditionsFTSE 10010 Year Eq
Page 35: Discussion Topics (2)• Will hedgi

Presentation - Society of Actuaries in Ireland

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