volume 10, issue 3, P606-626 2004
DOI: 10.1017/s1357321700002701
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Abstract: of the discussion Mr T. J. Sheldon, F.I.A. (introducing the paper): This paper was conceived almost a year ago, though events over the past year, in particular the publication of CP 195 by the Financial Services Authority (FSA) and the continuing challenge presented to the larger with-profits offices in preparing realistic balance sheets, have prompted us to write a rather more wide ranging paper than originally intended. While the move to a realistic, or market consistent, approach to the valuation of life a…

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