Papers and reports

The mortality of assured lives, pensioners and annuitants, 1983-86: update; Mortality in 1983-86 according to cause of death; Mortality tables based on the combined pensioners experience.1979-82; Mini-graduations of the mortality experiences of assured lives, pensioners and annuitants, 1983-86; The mortality of smokers and non-smokers, 1988-89; Inter-office comparisons; Calculation of continuation tables and allowance for non-recorded claims based on the PHI experience 1975-78; CMIR 12 errata

This paper deals with the development of unitised with-profits business in the United Kingdom. The authors trace the recent history of these products and comment on the main reasons for their development. They also deal with corporate issues, including implications for policyholders and shareholders of different fund structures and different types of life office. Pricing and product development issues are also covered. Reserving issues including the range of valuation methods, statutory requirements and policyholders’ reasonable expectations are explored.

The purpose of this paper is to introduce some concepts and methods of reporting the profits earned by a life office in ways easily understood and appreciated.

Notes prepared for those attending this debate so that they may be familiar with the subject matter under discussion. Proposed by David WIlkie, opposed by Terry Arthur.

This paper has its roots in meetings of the General Insurance Study Group in 1991 and 1992, and the Discussion Meeting based on the discussion document: Financial reinsurance of general insurance. It is largely derived from this discussion document, although the order of the material has been changed and account taken of the points made in the discussion.

The paper analyses the relationship between equities and gilt-edged. It shows that the yield ratio (the yield on gilts divided by that on equities) should no longer hold its almost mystical significance of the last decade, being but one component of the expected return on equities, in which the most significant element is the rate of dividend growth relative to the yield on gilt-edged. How equities perform in economic recession is highlighted.