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1 results

  • Equity between with-profits policyholders and shareholders

  • C. D. O'Brien
  • Journal:
    British Actuarial Journal / Volume 17 / Issue 2 / July 2012
    Published online by Cambridge University Press:
    15 March 2012, pp. 435-474

  • This paper considers equity, or fairness, as being based on with-profits life insurers acting in accordance with their contracts. It uses the principles of with-profits business in conjunction with a legal approach to derive implied terms in with-profits contracts. The author examines certain situations of conflict between with-profits policyholders and shareholders. The paper does not regard all concerns put forward on behalf of policyholders’ interests as justified in practice: actuaries and regulators have been alert to issues and in many cases have taken appropriate action. However, it does suggest a number of practices that may be unfair. The paper also suggests that the current process for the reattribution of an inherited estate may favour shareholder interests over policyholder interests.