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With profits without mystery

Published online by Cambridge University Press:  20 April 2012

R. H. Ranson  and
C. P. Headdon
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Abstract

The paper describes the philosophy of with-profits business which has been developed in the authors' office, as a practical illustration of the running of such business in modern conditions. A description is given of how the philosophy is implemented in the main areas of actuarial management, including valuation methods, bonus distribution, product design and expense control. The discussion is extended to address a number of topics which are the subject of current debate including the financial strength of offices, future bonus prospects and disclosure of expenses.

Type
Research Article
Information
Journal of the Institute of Actuaries , Volume 116 , Issue 3 , December 1989 , pp. 301 - 345
Copyright
Copyright © Institute and Faculty of Actuaries 1989

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References

(1) Lyon, C. S. S. (1988) The Financial Management of a With-Profit Long Term Fund—Some Questions of Disclosure, J.I.A. 115, 349–370.Google Scholar
(2) Redington, F. M. (1952) Review of the Principles of life Office Valuations, J.I.A. 78, 286.Google Scholar
(3) Redington, F. M. (1986) ‘The Flock & The Sheep’ in A Ramble through the Actuarial Countryside, 420, ed. Chamberlin, G., Staple Inn.Google Scholar
(4) Field, M. H. (1987) Presidential Address: Risk and Expectation, J.I.A. 114, 1–14.Google Scholar