In pursuit of the unhedgeable
The CFO Forum standard for MCEV is set to be implemented by all major European insurers in 2009 - but doubts persist over how market-consistent it really is. Aaron Woolner reports
How much is an insurance company worth is a simple enough question to ask, but the mental gymnastics required to answer how you value a stream of cashflows that may stretch as far as 40 years into the future is far more complex.
Once you add in the need to apply a market price to assets that don't have a deep and liquid market, you are entering into areas of mental contortion that would seem
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