Presentation of an Institute Finlaison Medal to Edward Alexander Johnston
Address by the President. Making sense of the future
Presentation of an Institute Finlaison Medal to Ronald William Abbott
Pension illustrations - a fair comparison or a confidence trick
Proposals for the statutory basis of valuation of the liabilities of linked long-term insurance business
The background to the production of this paper is somewhat involved, but is necessary for an understanding of why it contains what it does. Readers who are familiar with recent developments in the valuation field may proceed straight to Section 2. Statutory valuations of long-term insurance business under the Insurance Companies Act 1982 (‘the Act’, which superseded the 1974 and 1981 Acts) and the Insurance Companies Regulations 1981 (‘the current Regulations’) have now been prepared by actuaries for some years.
On graduation by mathematical formula (Discussion)
On 28 June 1988 a discussion took place on CMIR 9 and ‘On Graduation by Mathematical Formula’, by D O Forfar et al.
Discussion on CMIR 9
On 28 June 1988 a discussion took place on CMIR 9 and ‘On Graduation by Mathematical Formula’, by D O Forfar et al.
Commercial fire insurance
Commercial fire insurance
Improving the performance of equity portfolios
This paper has the strictly practical objective of devising procedures for managing equity portfolios to the best advantage. First, Modern Portfolio Theory (MPT), which has been developed over the last 35 years with just this objective, is critically examined; from a study of the history of MPT and of its philosophy, principles and practices, the authors conclude that this discipline makes no contribution whatever to improving the performance. Having failed to get a solution from MPT, the authors study the possibility of achieving their objective by rigorous investment analysis.
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