Understanding policyholder behaviour is crucial to the success of ALM and replicating portfolio strategies


Offering policyholders a share of the profits of investment has long been a popular way of attracting life insurance business in Europe. Indeed, some companies in a number of European countries, such as Italy, Germany and France, have gone a step further, guaranteeing their policyholders a minimum value should they choose to surrender their policies. In the previous era – of relatively stable and benign economic conditions and markets, and a less risk-oriented approach to solvency – such

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