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Unitised with Profits – Gamaliel's Advice

Published online by Cambridge University Press:  03 October 2014

J. E. O'Neill  and
H. W. Froggatt
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Abstract

The paper deals with the development of unitised with-profits business in the United Kingdom. The authors trace the recent history of these products and comment on the main reasons for their development. They also deal with corporate issues, including implications for policyholders and shareholders of different fund structures and different types of life office. Pricing and product development issues are also covered. Reserving issues including the range of valuation methods, statutory requirements and policyholders' reasonable expectations are explored. Finally the paper considers the actuary's contribution to the management of unitised with-profits policyholders' expectations.

Keywords

Unitised With ProfitsProduct DesignPolicyholders' Reasonable ExpectationsValuation
Type
Research Article
Information
Transactions of the Faculty of Actuaries , Volume 44 , 1992 , pp. 243 - 294
Copyright
Copyright © Institute and Faculty of Actuaries 1992

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References

(1)Squires, J. & O'Neill, J.E. (1990). A Unitised Fund Approach to With-Profit Business. J.I.A. 117, 279.Google Scholar
(2)Kennedy, A. & Marshall, G. (1988). Unitised With Profits: The Way Ahead? Faculty of Actuaries Students Society.Google Scholar
(3)Purchase, D.E. (1989). Unitised With-Profit Funds: Contract Design and Rserving. Proceedings of the Harrogate Convention, 1989.Google Scholar
(4)Life Assurance Joint Committee Working Party (1993). Report on Unitised With Profits Survey. Institute of Actuaries & Faculty of Actuaries.Google Scholar