volume 9, issue 4, P725-777 2003
DOI: 10.1017/s1357321700004347
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A.J. Hibbert, C.J. Turnbull

Abstract: The approaches to liability valuation, assessment of prudential capital and measurement of profit for life offices are undergoing radical change. A common thread runs through all of these proposed changes ö each change represents a move away from traditional actuarial approaches towards a more economically coherent, market-consistent approach. These changes should encourage a general improvement in the life industry's risk management processes. However, they will come at a cost. The measurement of the economi…

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