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Developments in the Management of Annuity Business

Published online by Cambridge University Press:  02 December 2011

P. G. Telford ,
B. A. Browne ,
E. J. Collinge ,
P. Fulcher ,
B. E. Johnson ,
W. Little ,
J. L. C. Lu ,
J. M. Nurse ,
D. W. Smith  and
F. Zhang
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Abstract

The focus of the paper is non-profit lifetime annuities in the UK. Annuity insurers have been faced with, or have initiated, an unprecedented amount of change during the last decade, and rapid change is still continuing. We draw out implications for the actuarial management of the business, arising from the evolution of: longevity risk assessment and management, investment strategy and operations, financial reporting, and enterprise risk management. We discuss Solvency II in some technical depth, analysing the proposed rules for technical provisions and solvency capital requirement.

Keywords

AnnuitiesRetirement IncomeLongevityMortality ImprovementReinsuranceUnderwritingCollateralInvestmentAsset-Liability ManagementFinancial ReportingIFRSPillar IIndividual Capital AssessmentEnterprise Risk ManagementSolvency IIIlliquidity PremiumEconomic Capital
Type
Sessional meetings: papers and abstracts of discussions
Information
British Actuarial Journal , Volume 16 , Issue 3 , September 2011 , pp. 471 - 551
Copyright
Copyright © Institute and Faculty of Actuaries 2011

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