Asset Shares and their Use in the Financial Management of a With-Profits Fund

P.D. Needleman and T.A. Roff

British Actuarial Journal, 1995, vol. 1, issue 4, 603-688

Abstract: This paper describes current asset share techniques, examines alternative asset share philosophies and discusses practical issues associated with the calculations. Alternative approaches to smoothing payouts using asset shares are examined. A financial management framework is described which provides information on the financial position of a with-profits fund. A central part of the framework is the concept of risk-based capital. The factors to be considered in determining risk-based capital are described and examples given of the possible capital needs of with-profits business.

Date: 1995
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