ALM Europe: MCEV wrong for insurers

The Market Consistent Embedded Value (MCEV) metric that many European insurers have lobbied to become a mandatory part of financial reporting is not appropriate for their business models, according to Steven Vanduffel, an actuarial mathematician from the Vrije Universiteit in Brussels.

Speaking at Risk's ALM Europe conference in London, Vanduffel said the metric – which determines the companies' fair values by discounting their asset and liability cash streams – was contrary to the hold-to

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