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Statistical analysis of life assurance lapses

Data have been generously supplied by the Faculty of Actuaries Withdrawals Research Group. These data cover the lapse or withdrawal experience for the calendar year 1976 of seven Scottish life offices. An extensive analysis has been published by the Research Group although, for reasons we shall discuss later, we believe that the approach outlined here is better able to describe the structure of the data than the detailed (and somewhat pedestrian) tabulations of this earlier paper.

Techniques of reserving - the London market

This paper has been written to assist Actuaries making an acquaintance with the London reinsurance market and needing assistance with the practical difficulties involved when applying known reserving methods to that market. Examples are given throughout to illustrate every point made and to give emphasis to difficulties that arise in practice. To make the exercise fully realistic, all examples (except a few that are purely illustrative) are ones that have actually arisen in practice.

On the relationship between gross and net yields to redemption - practical versus theoretical approximations

In the market for fixed-interest securities, several variants of the yield to redemption (YTR) concept are used. The YTR of a stock is simply the internal rate of return which the holder can expect to receive if he she holds the stock until maturity. Since income tax has to be paid by some, if not all investors on the interest received, and in some cases on the capital gain as well, a distinction is made between the gross YTR and the net YTR. In practice, surrogates for the gross YTR and net YTR are used by investors and analysts.

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