Actuarial Surplus Management in United Kingdom Life Insurance Firms

Mike Adams and Philip Hardwick

Journal of Business Finance & Accounting, 2003, vol. 30, issue 5‐6, 891-904

Abstract: This study uses 1991–99 data gathered from the United Kingdom's life insurance industry to test empirically the notion that the reported annual surplus of a life insurer may be influenced by four firm‐specific characteristics: namely, reinsurance, output mix, organizational form and firm size. Consistent with expectations, the results indicate that the annual reported surplus is positively related to reinsurance and firm size and negatively related to the degree of product diversification. Contrary to our expectations, however, we find no evidence that proprietary (stock) life insurers tend to report higher annual surpluses than mutual life insurers.

Date: 2003
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