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Equity Release Mortgages: No Negative Equity Guarantee


The Institute and Faculty of Actuaries (IFoA) and the Association of British Insurers (ABI), through the Actuarial Research Centre (ARC), commissioned a research project on Equity Release Mortgages: No Negative Equity Guarantee. The research was delivered by the University of Kent, led by Professor Radu Tunaru (Senior Researcher).

Project Summary

The high level objective of this commissioned research was to determine appropriate methods for determining ERM cashflows and their value. Additional detail on the objectives set out in the call for tender can be found here.

Review Group 

On behalf of the ABI and the IFoA (and its relevant Governance structures), a joint project Review Group was established to oversee the delivery of this jointly commissioned, independent research project.
The Review Group ensured the project delivered output that was of high quality and was in line with expectations, producing findings that were relevant to the actuarial community and other key stakeholder groups.
The Review Group reported into the IFoA’s Research and Thought Leadership Board.

Research Results Launch Event

A research results launch event took place on Thursday 28 February, 2019, at Staple Inn Hall, London. The event  brought together a multidisciplinary group of professionals to discuss Professor Radu Tunaru’s research findings.

The event was recorded and is available to watch on the IFoA’s Virtual Leaning Environment (VLE) and IFoA’s YouTube channel

The final research report is available to view. 

Contact Details

If you want more information about our research programmes please contact the IFoA Actuarial Research Centre:

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Events calendar

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    A panel discussion with investment representatives discussing the impact of investment on climate change and vice versa.

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    This practical course is aimed at actuaries at any stage of their career who want to develop their own growth mindset and apply it to their work setting and personal or professional lifelong learning. The content of the course builds on the lecture given by Dr Helen Wright on Growth Mindset as part of the President’s 2021 Lecture series, and will be delivered over a period of 2 months, from mid-October to early December.

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    Content will be aimed at all actuaries looking to understand the issues surrounding mental health in insurance and in particular those looking to ensure products and processes widen access for, and are most useful to, those experiencing periods of poor mental health.