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Ekblom, Anna, and Anna Ernér. "Passivhus - lönsamt eller ej? : En jämförelse mellan ett passivhus och ett konventionellt hus." Thesis, Halmstad University, School of Business and Engineering (SET), 2010. http://urn.kb.se/resolve?urn=urn:nbn:se:hh:diva-5637.
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As a result of increased energy prices more and more energy-efficient homes are coveted. An energy-efficient alternative is passive houses, which is characterized by an extremely well insulated building envelope that recovers the heat without the use of radiators or under floor heating. But a passive house requires a higher investment cost than a conventional building project, since it will require more construction materials, training of construction workers, greater land area, and long construction period. But the lower operating cost expects to pay back the higher cost of investment. We therefore question how profitable a passive house is in relation to houses built according to modern conventional building techniques.
The aim of our study is to investigate the viability of passive houses compared to conventional houses. By using economic tools we intend to pursue this question of profitability to see where, when and how costs and revenues emerge.
Our report resulted in a case study where we looked closer at the passive house project Oxtorget and the conventional project Apollofjärilen, which both are owned by Finnvedsbostäder in Värnamo. Through interviews with Per-Magnus Rylander, project manager for Oxtorget, and Jan-Olof Fag, operation manager for Oxtorget, we got access to sufficient information about the two projects to compare the various profitability calculations, to finally discover which of the two projects that was most profitable.
With the help of our collected empirical data and economic tools, we concluded that Oxtorget became an unnecessarily expensive passive house project. This is because Oxtorget was built in such an early stage that information and experience from passive technology was missing, which involved a cost to the construction team to learn new technologies. Besides, there were only two offers, which meant less competition and therefore a high price. But it is primarily Oxtorgets planning cost that has affected our profitability calculations adversely. Since the building was appealed it required two planning’s which made Oxtorgets investment cost more difficult to recoup. But thanks to government contributions and low rates, we could still come to the conclusion that Oxtorget was a profitable venture, but nowhere near as profitable as we initially expected. Finally, we found out that we believe that if a similar comparative study carried out in which the passive house project follows a normal building process we will see a significant change of the result. We have also realized that the rate plays a significant role on projects profitability. For this reason, we have finally found that minimized investment costs are the most important thing to ensure that a passive house is more profitable than a conventional house.
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Sachelarie, Vlad. "Improvements on the equity indexed annuity market." The Ohio State University, 2002. http://rave.ohiolink.edu/etdc/view?acc_num=osu1037997764.
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Anongdeth, Alexander, and Oskar Mikaelsson. "Lagerplats och logistiklösningar." Thesis, KTH, Hållbar produktionsutveckling (ML), 2021. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-298259.
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Examensarbetet utfördes under våren 2021 på ett svenskt företag i Centrala Sverige. Uppdraget har som syfte haft att få en objektiv inblick i företagets lagersituation för försäljningen i EMEA. Uppdragets mål var att undersöka vart kostnadsbesparingar kunde göras, hur koldioxidutsläpp kunde reduceras för transporter av SMT produkter och hur servicenivån till kunderna kunde öka med att korta ned interna och externa ledtider. För att möjliggöra dessa kriterier undersöktes den befintliga lagersituationen mot en omställning för att komma närmare kunderna i EMEA. Med syfte att minska på transportdistanserna från lager till kund och från produktion till lager. För att möjliggöra arbete har information givits av företaget där ansvariga personer för respektive avdelning och en förstudie om vart ett lager bör placeras. Förstudien har jämförts mot den interna datainsamlingen. Interndatasamlingen har bestått av intervjuer och analyser utav tidigare arbeten i form av säljvolym och kundlokalisation granskats för att få en inblick i hur materialet flödar vid försäljning i EMEA. Logistiken för nuläget har gett en djupare förståelse i hur problemet uppstått och varför förbättringar önskats. När slut produktionen ligger närmare slutkunden än vad det befintliga central lagret gör i dagensläge antas att förbättringar kan göras. Med en granskning av företagets transportkostnader, lagerkostnader och distansen till samtliga kunder har resultatet visat på att vinningar kan göras på samtliga punkter.This thesis project was carried out in the spring of 2021 at a Swedish owned company located in central Sweden. The purpose of the assignment was to gain an objective insight into the company’s stock situation for sales in EMEA. Then to investigate where cost savings could be made, how carbon dioxide emissions could be reduced for transport of SMT, and finally how the level of service to customers could increase by shorting internal and external lead times. To enable these criteria, the existing stock situation was examined towards a changeover to get closer to the customers in EMEA. Thus aiming to reduce the transport distance from warehouse to customer and from production to warehouse. To enable this project, information has been provided by the people responsible for each department and a feasibility study was carried out on where the warehouse should be located. The feasibility study has been compared with the internal data collection. This collection has consisted of interviews and analyzes of previous work in the form of sales volume. Customer locations has also been examined to get an insight into how the material flows during sales in EMEA. The logistics for the current situation provide a deeper understanding of how the problem arose and why improvements were needed. When the finishing production is closer to the customers of the company than what the existing warehouse does in the current situation, it is assumed that improvements can be made. With a careful examination of the company’s transport costs, warehouse costs and the distance to all customers in EMEA, the results have shown that gains can be made on all points.
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Näslund, Olov. "VA-system i omvandlingsområden - vad kostar de?" Thesis, Uppsala universitet, Institutionen för geovetenskaper, 2016. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-308366.
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När fler människor flyttar ut till sina fritidshus och bor där hela året om bildas så kallade omvandlingsområden där användningen av vatten och avlopp förändras. Detta leder ofta till högre vattenanvändning och kraven på avloppssystemen ökar därmed. Det finns tre huvudtyper av lösningar som vanligtvis används för att möta kravet på bättre avloppssystem i omvandlingsområden: enskilda lösningar på varje fastighet, en samfälld lösning eller en lösning i kommunal regi. Syftet med studien var att utvärdera kostnader för VA-system i omvandlingsområden i Sverige. Fem olika områden studerades med avseende på beräknade kostnader jämfört med det verkliga utfallet. Beräkningar gjordes på totala investeringskostnader, kostnad per fastighet såväl som kapitalkostnad och drift- och underhållskostnad. Jämförelser gjordes också med andra lösningar som var aktuella innan området byggde ut den valda VA-lösningen. Arbetet berörde även metodiken för hur kommuner väljer VA-system i omvandlingsområden. Det var billigare för en samfällighetsförening, 1 000 kr/m, att gräva ledningar än för en kommun, 4 400 - 5 900 kr/m. Grundare ledningsgravar var en av orsakerna till detta. En annan slutsats var att befintlig infrastruktur från tidigare VA-system kan göra samma typ av VA-system billigare om delar av det befintliga fortfarande är i gott skick. Driftkostnaden för enskilda system beror mycket på hur många personer som nyttjar systemet och under hur stor del av året. Vid samtal med kommuner framkom det att valet av VA-system i omvandlingsområden i regel inte föregås av en jämförelse mellan olika VA-system. Istället är det oftast en överföringsledning till ett befintligt kommunalt nät som väljs.More and more people choose to live permanently in houses built as vacation houses, thereby creating transition areas. The increased occupancy in the houses tends to lead to larger water usage and often demands improved wastewater systems. There are three main ways in which this demand usually is met: each property builds an on-site system, the properties jointly build a facility through a community association, or the properties connect to the municipality’s network. The aim was to evaluate the costs of water and wastewater systems in transition areas in Sweden. This was done by studying five different improved transition areas and comparing the estimated costs with the actual cost of the systems. Both total investment costs and cost per property were calculated, as well as capital costs, and operation and maintenance costs. How the municipalities choose the sanitation system to be implemented was also a part of the study. It was much more expensive for the municipality to build pipes than for a community association. One reason for this was shallower pipe placement. Another conclusion was that if part of a sanitation system already exists and is in good shape, this will lead to lower investment costs for a new system using that part. The operation costs for on-site systems on each property will be much higher for a family living there permanently, compared to that of a family living there only part time. Municipalities in Sweden generally do not compare different types of systems before deciding on an improved water and sanitation system in a transition area. Instead they almost always build a transmission line for water and wastewater to connect the area to an already existing centralized system.
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Helmersson, Madeleine. "Annuity Divisors." Thesis, Umeå universitet, Institutionen för matematik och matematisk statistik, 2017. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-138767.
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This paper studies the differences and similarities between the discrete annuity divisor of the income pension compared to the continuous annuity divisor of the premium pension in Sweden. First discrete and continuous annuity divisors are compared and found to be equivalent given the same underlying mortality. The income divisor is based on observed mortality in a period setting while the premium divisor which is based on projected mortality in a cohort setting. The expected performance of the two methods is studied by constructing prediction intervals based on Lee-Carter models with either a Binomial or Poisson distribution. Prediction intervals are constructed using either residual bootstrap or parametric bootstrap. The premium annuity divisor is found to outperform the income annuity divisor, there is a large risk that the latter underestimates the future mortality.Den här uppsatsen studerar skillnader och likheter mellan inkomstpensionens diskreta delningstal och premiepensionens kontinuerliga delningstal i Sverige. Först jämförs diskreta och kontinuerliga delningstal och finns vara likvärdiga när de baseras på samma dödlighet. Inkomstpensionens delningstal är baserad på observerad period-dödlighet medan premiepensionens delningstal är baserad på projekterad kohort-dödlighet. Prediktionsintervall används för att skatta hur bra de två metoderna är. Med hjälp av Lee-Carter-modellen baserad på antingen poissonfördelning eller binomialfördelning konstrueras prediktionsintervall. Bootstrap, antingen parametrisk eller baserad på residualerna, används för att skapa prediktionsintervallen. Premiumpensionens delningstal stämmer väl överens med prediktionsintervallen medan det för inkomstpensionens delningstal finns en stor risk att framtida dödlighet underskattas.
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Cao, Guanghua. "Pricing and risk management of variable annuities and equity-indexed annuities." Ann Arbor, Mich. : ProQuest, 2007. http://gateway.proquest.com/openurl?url_ver=Z39.88-2004&rft_val_fmt=info:ofi/fmt:kev:mtx:dissertation&res_dat=xri:pqdiss&rft_dat=xri:pqdiss:3288943.
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Thesis (Ph.D. in Applied Mathematics)--S.M.U., 2007.Title from PDF title page (viewed Nov. 19, 2009). Source: Dissertation Abstracts International, Volume: 68-11, Section: B, page: 7372. Advisers: Zhangxin (John) Chen; Andrew H. Chen. Includes bibliographical references.
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Robb, Devon K. "Attitudes Towards Immediate Annuities." DigitalCommons@USU, 2010. https://digitalcommons.usu.edu/etd/786.
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Retirement security for Americans is one of the most critical public policy and personal financial issues and will be for decades in the future. Individuals that retire today can live an additional 30 or even 40 years with less secure income as corporations shift to defined contribution plans to fund retirement. Based on the life cycle savings hypothesis, immediate annuities should be appealing to retirees because they insure against the risks of outliving retirement assets by converting funds into a lifelong stream of income. However, research has found that retirees are reluctant to annuitize their wealth. This study examined the attitudes of Utah State University employees toward annuitization of retirement assets and explored the relationship between employee characteristics and their attitudes toward immediate annuities.
Data for this study were collected through an online questionnaire emailed to Utah State University employees who participate in a defined contribution plan. The survey gathered information on retirement portfolio losses, expected longevity, financial confidence, familiarity with annuities, and attitudes toward immediate annuities. A total of 744 individuals answered the survey for a response rate of 43.2%.
Based on the results of independent t tests, there were statistically significant differences between the attitudes of women and men toward immediate annuities. Women held more positive attitudes toward immediate annuities than men, and women who had taken a retirement planning class had more positive attitudes than women who had not attended a retirement class. In contrast, men who had attended a retirement class expressed less positive attitudes toward immediate annuities than men who had not. Male overconfidence in their investment knowledge and skills may explain this finding.
A Pearson correlation coefficient revealed a negative correlation between risk aversion and attitudes toward annuities. As investment risk tolerance decreases, attitudes toward immediate annuities become more positive. An analysis of variance found that individuals with longer than average life expectancies had more positive attitudes toward immediate annuities than subjects with shorter than average life expectancies. Surprisingly, individuals who claimed to be most familiar with immediate annuities showed the least positive attitudes toward annuities.
Income and assets, marital status, and financial confidence were not statistically significantly related to attitudes toward annuities. Implications for consumers, financial professionals, educators, and policymakers were drawn from the results of the study.
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Gregório, Joana Catalina Mendes Moreira Saúde. "Life annuities and ruin." Master's thesis, Instituto Superior de Economia e Gestão, 2015. http://hdl.handle.net/10400.5/9273.
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Mestrado em Ciências ActuariaisEste trabalho pretende combinar dois grandes tópicos num contexto atuarial: rendas contingentes sobre a vida humana e teoria da ruína, de forma a determinar a probabilidade de ruína financeira para carteiras de anuidades-vida. Duas principais perspetivas podem ser consideradas nesta situação: a dos indivíduos e a das seguradoras de vida, com aplicação de diferentes modelos. Limitações de tempo disponível e extensão do texto conduziram a que apenas a perspetiva das empresas fosse objeto de estudo, aplicando-se o modelo de risco individual clássico. Após uma extensiva revisão literária, os conceitos fundamentais sobre anuidades-vida e teoria da ruína são explicados e um caso de estudo é tratado. Primeiramente, os conceitos teóricos são desenvolvidos, de tal forma que um resultado, não encontrado na literatura, é obtido; segue-se a aplicação dos conceitos a uma carteira de riscos real. O problema a ser resolvido consiste em determinar se as reservas são suficientes para manter a probabilidade de ruína sob controlo, quando considerando tal carteira de anuidades-vida, dividida em grupos homogéneos. Dois procedimentos são seguidos: calcular as probabilidades de ruína, a partir de uma reserva inicial; e encontrar a melhor alocação das reservas iniciais pelos grupos de forma a maximizar as probabilidades de sobrevivência. Frostig e Denuit (2009) é a principal referência bibliográfica. Alguns resultados significativos são observados.
This work intends to combine two major topics under the actuarial framework: life annuities and ruin theory, as to determine the probability of financial ruin for life annuities' portfolios. Two main perspectives may be considered: the household's and the life insurance company's, for which different models apply. Time constraints and limitations on text length became the reason why only the company's perspective has been explored, using a classic individual risk model. After an extensive literature review the basics on life annuities and ruin theory are explained and a case study is toiled. Firstly, the theoretical framework is developed, with a useful result, not found in the literature, being obtained; and finally, the application follows. The problem to be solved consists broadly in studying whether reserves are high enough to keep the ruin probability under control, when considering a given insurer's portfolio of life annuities, divided into homogeneous groups. This is done in two different ways: computing the ruin probabilities, given the initial reserve; and finding the initial reserves' allocation amongst the groups that maximizes the survival probabilities. Frostig and Denuit (2009) is the main reference. Some significant results are observed.
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Shepard, Mark. "Essays on Health Insurance and Annuities." Thesis, Harvard University, 2015. http://nrs.harvard.edu/urn-3:HUL.InstRepos:17467319.
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Insurance creates an important source of economic well-being by providing for beneficiaries in times of need. But because a variety of forces may inhibit the proper functioning of insurance markets, governments are deeply involved through regulation, subsidies, and direct provision of insurance. This dissertation studies insurance demand, supply, and the role of policy in two types of markets of direct interest to policymakers: health insurance and annuities. I highlight the importance of both traditional market failures (adverse selection and moral hazard) and less standard factors like limited competition (market power) and puzzlingly low insurance demand to influence insurance market outcomes.
In the first chapter, I study how health insurers compete in individual insurance markets like those established in the Affordable Care Act. I focus on the role of an increasingly important benefit: plans’ networks of covered medical providers. Using data from Massachusetts’ pioneer insurance exchange, I show evidence of substantial adverse selection against plans covering the most expensive and prestigious academic hospitals. Individuals loyal to the prestigious hospitals both select plans covering them and are more likely to use these hospitals’ high-price care. Standard risk adjustment does not capture their higher costs driven by preferences for using high-price providers. To study the welfare implications of network-based selection, I estimate a structural model of hospital and insurance markets and use the model to simulate insurer competition on premiums and hospital coverage in an insurance exchange. I find that with fixed hospital prices, adverse selection leads all plans to exclude the prestigious hospitals. Modified risk adjustment or subsidies can preserve coverage, benefitting those who value the hospitals most but raising costs enough to offset these gains. I conclude that adverse selection encourages plans to limit networks and star academic hospitals to lower prices, with the welfare implications depending on whether those high prices fund socially valuable services.
Chapter 2 also studies health insurance exchanges and the competitive effect of a policy design choice: how the level of subsidies is determined. In the Affordable Care Act exchanges and other programs, subsidies depend on prices set by insurers – as prices rise, so do subsidies. I show that these “price-linked” subsidies incentivize higher prices, with a magnitude that depends on how much insurance demand rises when the price of uninsurance (the mandate penalty) increases. To estimate this effect, I use two natural experiments in the Massachusetts subsidized insurance exchange. In both cases, I find that a $1 increase in the relative monthly mandate penalty increases plan demand by about 1%. Using this estimate, my model implies a sizable distortion of $48 per month (about 12%). This distortion has implications for the tradeoffs between price-linked and exogenous subsidies in many public insurance programs. I discuss an alternate policy that would eliminate the distortion while maintaining many of the benefits of price-linked subsidies.
Chapter 3 studies demand for annuities – insurance products that protect retirees against outliving their assets. Standard life cycle theory predicts that individuals facing uncertain mortality will annuitize all or most of their retirement wealth. Researchers seeking to explain why retirees rarely purchase annuities have focused on imperfections in commercial annuities – including actuarially unfair pricing, lack of bequest protection, and illiquidity in the case of risky events like medical shocks. I study the annuity choice implicit in the timing of Social Security claiming and show that none of these can explain why most retirees claim benefits as early as possible, effectively choosing the minimum annuity. Most early claimers in the Health and Retirement Study had sufficient liquidity to delay Social Security longer than they actually did and could have increased lifetime consumption by delaying. Because the marginal annuity obtained through delay is better than actuarially fair, standard bequest motives cannot explain the puzzle. Nor can the risk of out-of-pocket nursing home costs, since these are concentrated at older ages past the break-even point for delayed claiming. Social Security claiming patterns, therefore, add to the evidence that behavioral explanations may be needed to explain the annuity puzzle.Economics
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Wong, Shek-Keung Tony. "Valuation of Ratchet Equity-Indexed Annuities." Kyoto University, 2008. http://hdl.handle.net/2433/124090.
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De, Villiers-Strijdom Jeannie. "Comparing annuity options at retirement." Thesis, Stellenbosch : Stellenbosch University, 2013. http://hdl.handle.net/10019.1/80188.
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Thesis (MComm)--Stellenbosch University, 2013.In this thesis, based on historical data, a comparative study is conducted of various annuity strategies for South African males who retired during the 30 years from 1960 to 1989. To this end, the present values of the monthly cash ows provided by di erent annuity strategies are calculated and compared in order to ascertain which strategy would have provided the largest nancial bene ts. In contrast to previously held general beliefs, the calculations demonstrate that pure living annuity strategies are superior to composite annuity strategies, which in turn outperform switching annuity strategies, whereas pure life annuities yield the lowest return.
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Baker, Lesley J. "Life annuities under random rates of interest." [Johnson City, Tenn. : East Tennessee State University], 2001. http://etd-submit.etsu.edu/etd/theses/available/etd-0716101-164302/unrestricted/bakerl0809.pdf.
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Argesanu, George Nicolae. "Risk analysis and hedging and incomplete markets." Connect to this title online, 2004. http://rave.ohiolink.edu/etdc/view?acc%5Fnum=osu1079923360.
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Thesis (Ph. D.)--Ohio State University, 2004.Title from first page of PDF file. Document formatted into pages; contains x, 86 p.; also includes graphics Includes bibliographical references (p. 84-86). Available online via OhioLINK's ETD Center
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McIntosh, Clifford Joe. "An Analysis of the Use of Gift Annuity Agreements at Selected United States Colleges and Universities for the Period 1988-93." Thesis, University of North Texas, 1995. https://digital.library.unt.edu/ark:/67531/metadc277763/.
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The objective of this research was to describe the extent to which Gift Annuity Agreements were used by United States higher education institutions in raising private philanthropic support during the period 1988-93.
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Ruez, Frederik [Verfasser]. "Risk management of variable annuities / Frederik Ruez." Ulm : Universität Ulm, 2017. http://d-nb.info/113666050X/34.
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Krayzler, Mikhail [Verfasser]. "Analytical Pricing of Variable Annuities / Mikhail Krayzler." München : Verlag Dr. Hut, 2017. http://d-nb.info/1140978373/34.
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Wang, Lihang. "L'évaluation et la structuration de variable annuities." Paris 9, 2012. https://portail.bu.dauphine.fr/fileviewer/index.php?doc=2012PA090036.
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Dans cette thèse, nous étudions les variables annuities (VA) des produits avec garantie de prestations minimales (GMxB), un secteur à croissance rapide dans le domaine de l'assurance vie. Les produits GMxB ont attiré l'attention des praticiens et des universitaires à la fois en raison de leur longue échéance et des propriétés de conception complexes, et aussi à cause des comportements des assurés incertains, notamment en terme de taux d'échéance. Dans cette thèse, nous abordons le problème comme celui de l'évaluation d'une option de type Bermudienne pour l'assureur. Cette démarche d'évaluation correspond au prix qui permet aux assureurs de couvrir le risque quelle que soit la stratégie du titulaire. Nous avons également introduit de nouvelles idées de conception de produits basées sur cette approche garantissant une couverture totale quelle que soit les comportements d' exercices. Il est important de mentionner que jusqu'à présent, un taux d'échéance historique ou statistique est généralement admis pour la valorisation de ces garanties. Tant la théorie financière que les observations passées montrent que cette hypothèse peut conduire à une sous-estimation du risque associé à ces produits, les titulaires étant rationnels ou non. Sur le plan numérique, nous faisons appel à deux type de techniques différents: les méthodes de résolution d'EDP et la méthode de régression en grande dimension (HDR). Il est montré que la méthode PDE est précise à faible dimension (< 3), tandis que l'approche HDR est plus efficace quand il y a plus de trois variables d'état. Dans le modèle de Hull et White à taux d'intérêt stochastique nous montrons aussi comment un changement de numéraire peut être utilisé pour accélérer les algorithmes numériques de manière significative pour les politiques avec cliquet (lookback) propriétés. En outre, nous étendons également la traditionnelle solution semi-analytique pour les options américaines pour évaluer certains GMxB. Une méthode semi analytique est également introduite dans cette thèse pour estimer le prix des options américaines et leur prix d'exercice critique dans un modèle à volatilité stochastique (ex Heston modèle. En fait, cette méthode peut être étendue à d'autres processus de diffusion tant qu'il existe une méthode de tarification précise et rapide existent pour les produits européens correspondantsIn this thesis we study the variable annuity (VA) products with guaranteed minimum benefits (GMxB), a fast growing business in the life insurance industry. The GMxB products attract the attention of practitioners and academics both because of its long maturity and complex design properties, and also because of uncertain policyholder behaviors, such as lapse rate. In this thesis, we address the pricing problem as the valuation of a Bermudan-style option for the insurer. This evaluation approach corresponds to the price that allows the insurers to hedge the risk whatever the lapse strategy of the holder is. We also introduce new product design ideas based on this evaluation approach to make sure insurers are fully protected form unexpected lapse waves in the future. It is worthy to mention that so far, a historical or statistical lapse rate has generally been assumed for pricing these guarantees. Both financial theory and past observations show that this assumption may lead to an underestimation of the risk associated to these products, the holders being rational or not. To evaluate the Bermudan-style liability, we apply two di_erent schemes: Partial Differential Equation (PDE) method and high-dimensional regression (HDR) method. It is shown that the PDE method is precise for low-dimensional problems (< 3), while the HDR is more efficient when there are more than three dimensions. In the Hull and White stochastic interest rate model, we also show how a change of numeraire technique can be used to accelerate the numerical algorithms significantly for policies with ratchet (lookback) properties. In addition, we also extend the traditional semi-analytical solution of American options to evaluate certain GMxB polices. A semi-analytical method is also introduced in this thesis to approximate both the American contingent claims and the critical exercise boundary of contingent claims in the stochastic volatility model (e. X. Heston model. In fact, this method can be extended to other diffusion processes as long as quick and accurate pricing methods exist for the corresponding European claims
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Yucal, Elif. "Profitability study of the annuities of EY-Insurance." Master's thesis, Instituto Superior de Economia e Gestão, 2013. http://hdl.handle.net/10400.5/11279.
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Mestrado em Ciências ActuariaisEste trabalho procura analisar a rentabilidade obtida com a venda de anuidades e produtos anuais renováveis, na seguradora Vida onde decorreu o estágio. As questões relacionadas com os desvios observados na mortalidade e a necessidade de encontrar um modelo de sobrevivência mais ajustado à experiência da companhia foram aspetos de crucial importância. Procurou assim encontrar-se bases técnicas mais adequadas para o cálculo de prémios e reservas, tanto para os produtos já em comercialização, como para novos produtos que venham a ser lançados, pois também a taxa de juro e as despesas foram afloradas, ainda que brevemente. Por motivos de confidencialidade de dados, procedeu-se a uma distorção dos valores reais. Isto não teve obviamente qualquer consequência do ponto de vista das metodologias e técnicas aplicadas no estudo. Estavam disponíveis dados para um período de quatro anos, na sua maioria relativos a rendas imediatas e rendas imediatas reversíveis. Com base nisso, foi possível detetar que a tábua de mortalidade mais adequada será 108.95% da GKF95, o que talvez permita eliminar a maior parte dos desvios. Em complemento, foi ainda feita uma análise de sensibilidade, com diferentes cenários, para se estudar o efeito sobre o nível das reservas das diferentes possibilidades consideradas. Um exercício final de profit testing revelou que as responsabilidades continuam insuficientemente cobertas, pelo que trabalho adicional é necessário para resolver o problema.
This study aims to evaluate the profitability of the life annuities in the insurance company where the internship took place by concentrating on finding the best mortality table for the company portfolio to quote the price for the new annuity businesses and reserving for the ones already sold. The project is based on real data that was intentionally transformed for the purpose of this text because of confidentiality reasons. The distortion conceals reality in an appropriate manner and has obviously no effects on the methodologies applied. Data concerns immediate and immediate reversible life annuities for four years, since these products comprise the most significant part of the company population of policy holders. The best mortality table for this data is 108.95% of GKF95 table, by least square fitting. In order to forecast the future mortality, the Gompertz-Makeham mortality model was applied and there were no systematic evolution through time for the future mortality. A Sensitivity analysis was performed to show the effects of different scenarios on mathematical reserving. Finally, a profit testing revealed that the technical bases for the annuities are not enough to cover the liabilities. 108.95% of GKF 95 table can be assumed as the initial table and 104.29% of GKF 95 table can be assumed to hold extra reserve, in order to guarantee an adequate mathematical reserve.
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Birkholz, Karl. "Annuity Divisor - Comparison Between Different Computational Methods." Thesis, KTH, Matematisk statistik, 2013. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-117628.
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This thesis is focused on a vital component of the Swedish national pension system called Annuity Divisor which determines the annual pension amount. It is based on the life expectancy of the whole population and it also includes a set discount rate. There are however two different formulas used within the Swedish national pension system and these different methods are also based on different data, historical and prognostic. The political aspects regarding the Annuity Divisor are also considered. The process from raw data until the final value is shown and compared with methods used in Finland, Norway and Poland. It is shown that the different formulas used in the Swedish national pension system yield similar results and that the main difference arises as a consequence of the different data used. By using the Finnish formula for the Annuity Divisor, which is slightly easier, the result can be improved in respect to continuous discounting.
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Sachelairie, Vlad. "Improvements on the equity indexed annuity market." Columbus, Ohio : Ohio State University, 2002. http://rave.ohiolink.edu/etdc/view?acc%5Fnum=osu1037997764.
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Thesis (Ph. D.)--Ohio State University, 2002.Title from first page of PDF file. Document formatted into pages; contains xii, 81 p. Includes abstract and vita. Advisor: Bostwick Wyman, Dept. of Mathematics. Includes bibliographical references (p. 81).
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Horneff, Wolfram Johannes. "Dynamic portfolio choice with pension annuities and life insurance /." Frankfurt, 2008. http://opac.nebis.ch/cgi-bin/showAbstract.pl?sys=000253337.
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Gao, Jin. "A Dynamic Analysis of Variable Annuities and Guarenteed Minimum Benefits." Digital Archive @ GSU, 2010. http://digitalarchive.gsu.edu/rmi_diss/26.
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We determine the optimal allocation of funds between the fixed and variable sub-accounts in a variable annuity with a GMDB (Guaranteed Minimum Death Benefit) clause featuring partial withdrawals by using a utility-based approach. In section two, the Merton method is applied by assuming that individuals allocate funds optimally in order to maximize the expected utility of lifetime consumption. It also reflects bequest motives by including the recipient's utility in terms of the policyholder's guaranteed death benefits. We derive the optimal transfer choice by the insured, and furthermore price the GMDB through maximizing the discounted expected utility of the policyholders and beneficiaries by investing dynamically in the fixed account and the variable fund and withdrawing optimally. In section three, we add fixed and stochastic income to the model and find that both human capital and the GMDB will influence the insured's allocation and withdrawal decisions. Section four explores the GMDB effects if there is also a term life policy available in the market. Our work suggests that if term life insurance is available and is continuously adjustable, fairly priced GMDBs may not be useful investments and the existence of GMDBs does not affect term life policy demand significantly.
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Yang, Sheauwen. "Reserving, pricing and hedging for guaranteed annuity options." Thesis, Heriot-Watt University, 2001. http://hdl.handle.net/10399/1187.
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Jousten, Alain 1972. "Essays on annuity valuation, bequests and Social Security." Thesis, Massachusetts Institute of Technology, 1998. http://hdl.handle.net/1721.1/10123.
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Pang, Long-fung. "Semi-static hedging of guarantees in variable annuities under exponential lévy models." Click to view the E-thesis via HKUTO, 2010. http://sunzi.lib.hku.hk/hkuto/record/B43572224.
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Ngugi, A. M. (Alvin Macharia). "Variable annuity guarantees pricing under the Variance-Gamma framework." Diss., University of Pretoria, 2014. http://hdl.handle.net/2263/45952.
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The purpose of this study is to investigate the pricing of variable annuity embedded derivatives in a Lévy process setting. This is one of the practical issues that continues to face life insurers in the management of derivatives embedded within these products. It also addresses how such providers can protect themselves against adverse scenarios through a hedging framework built from the pricing framework.
The aim is to comparatively consider the price differentials of a life insurer that prices its variable annuity guarantees under the more actuarially accepted regime-switching framework versus the use of a Lévy framework. The framework should address the inadequacies of conventional deterministic pricing approaches used by life insurers given the increasing complexity of the option-like products sold. The study applies finance models in the insurance context given the similarities in payoff structure of the products offered while taking into account the differences that may exist.
The underlying Lévy process used in this study is the Variance-Gamma (VG) process. This process is useful in option pricing given its ability to model higher moments, skewness and kurtosis, and also incorporate stochastic volatility.
The research results compare well with the regime-switching framework besides the added merit in the use of a more refined model for the underlying that captures most of the observed market dynamics.Dissertation (MSc)--University of Pretoria, 2014.
tm2015
Mathematics and Applied Mathematics
MSc
Unrestricted
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Taylor, James Benjamin Jr. "Investment-Consumption with a Randomly Terminating Income." BYU ScholarsArchive, 2013. https://scholarsarchive.byu.edu/etd/4069.
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We develop a stochastic control model for an investor's optimal investment and consumption over an uncertain planning horizon when the investor is endowed with a defaultable income stream. The distributions of the random time of default and the random terminal time are prescribed by deterministic hazard rates, and the investor makes investments in a standard financial market with a bond and a stock, modeled by geometric Brownian motion. In addition, the investor purchases insurance against both default and the terminal date, the default insurance serving as a proxy for the investor's disutility for default. We approximate the original continuous-time problem with a sequence of discrete-time Markov chain control problems by applying dynamic programming and the Markov chain approximation. We demonstrate how the problem can be solved numerically through a logarithmic transformation of the investor's wealth variable, even when the utilities are CRRA with large risk aversion parameter. The model and computational approach are applied to a retiree's optimal annuity decision in the presence of default risk, and we demonstrate that default risk can lead a retiree to annuitize significantly smaller proportions of savings, even when a portion of the defaulted annuity can be recovered, than is traditionally considered optimal by the retirement-finance community. Hence, we show that credit risk may play an important role in resolving the annuity puzzle.
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Wei, chen-hung, and 魏楨烘. "Allocated Group Annuities." Thesis, 1996. http://ndltd.ncl.edu.tw/handle/46919134342461000876.
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Kan, Yi-Shiang, and 甘薏湘. "The effect of personal commercial annuity demand under the compulsory annuity." Thesis, 2009. http://ndltd.ncl.edu.tw/handle/26385742359234561611.
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碩士淡江大學
保險學系保險經營碩士在職專班
97
While the social populace Talked about the old age retirement plan unceasingly, the government devotes in recent years in the social insurance system to the annuity, not only the force impelled the national annuity and the labor insurance paid by the annuity form, but also the designs of the newer mechanism which retirement pension paid monthly. From those, we might know that the way of annuity payment is regarded as the most populous safeguard for the retirement life, meanwhile it also might provide the stable source of wealth for the retired life. Since the annuity will have the important influence and the remarkable necessity to the future old age retirement, but still there are many people who are not willing to purchase the annuity? The mainly possible reasons include it might lose the liquidity by accumulating annuity inputs, as well as the worry about the stabilization of insurance company long term operation of annuity, or the issue of legacy motive and so on. Therefore this research, based on the object of banks’ wealth managed customers including north Taiwan including Banqiao city, Jilong and Taoyuan County (city) , interrogated volume altogether 730 and discussed the influence and demand of personal commercial annuities under the present government plans. The findings showed that 1. The percentage of the person with non-demand of individual annuity insurance is higher than the person needed. The possible reason is that most of the bank clients can accept the wild-ranged investment vehicles , therefore widespread premise, insurance is not the only choice.2. According to the result, people whose net assets surpass over 3,000,000 have the willingness to annualized partial of their properties; But people whose net assets below 3,000,000 might care more about the investment income, they think that by means of investing other investment tools, it could bring higher investment yields and against the inflation problem than the annuity insurance could. Therefore, it reduces the demand of annuity 3. Nearly 60% of participants thought the present compulsion annuity implementation will be unable to provide the sufficient protection for the future retirement; Besides, The research discovered that the implementation of compulsion annuity has affected individual commercial annuity insurance demand.4. Currently, People who have purchased life insurance and annuity will have the higher annuity demand, therefore for the insurance company, they should make good use of their existing customer data base to discover and sell toward the potential customers who do not have the sufficient insurance protection for their retirement or the coming maturity of their insurance policies .5. This research also showed that annuity demand has the remarkable relation with the adverse selection of annuity. We suggest the following research may aim at the health and the annuity adverse selection of insured and discuss further in future.
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Chen, Sheng-Pei, and 陳聖沛. "Illiquidity of the annuity: a potential solution to the annuity puzzle." Thesis, 2018. http://ndltd.ncl.edu.tw/handle/k3fhnm.
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碩士國立臺灣大學
經濟學研究所
106
Annuity puzzle refers to the inconsistency between theoretical results and empirical data on annuity demand. In this paper, we construct a monetary general equilibrium dynastic model with money and annuities. There are two dimensions of an asset: return and liquidity. The bequest motive is an important factor that lowers liquidity of annuity. When the liquidity of annuities is too low, it would generate a theoretical result in which the annuity accounts for almost zero percent in the retirement wealth. The higher inflation rate reduces the value of money and the stronger bequest motive reduces the liquidity of the annuity. Consequently, the higher bequest motive and the lower inflation rate reduce the demand for the annuity, which generates the theoretical result being consistent with empirical data.
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Kokott, Justin. "The evaluation of different retirement investment options as savings and tax planning tools." Diss., 2012. http://hdl.handle.net/2263/23501.
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Throughout South Africa, people are faced with various decisions with regard to planning for their future, but more so in planning for their retirement. It happens quite often that these investment decisions are postponed until only a few years before retirement, whether it is because of personal circumstances (cash flow restrictions) or changing employment. A number of people simply forget to plan for their retirement. Investment for retirement has become increasingly complex because of the great number of investment choices available and therefore this research attempts to identify and evaluate the most commonly used retirement investment opportunities in the market with their respective advantages and disadvantages. The research focuses on investment opportunities from a savings point of view and also evaluates each option from a South African income tax point of view which includes the cash inflows and outflows at the different stages (during the investment period as well as the maturity/retirement period). A number of investing options might seem very attractive at the initial phase, but may be less attractive at retirement or maturity date (especially looking at the tax benefits). This study focuses on both the current and newly proposed legislation as presented during the recent budget speech by the current Minister of Finance, Pravin Gordhan. AFRIKAANS : Regoor Suid-Afrika word mense gekonfronteer met besluite ingevolge die beplanning vir hul toekoms asook die beplanning vir hul aftrede. Dit gebeur gereeld dat hierdie beleggingsbesluite uitgestel word as gevolg van persoonlike omstandighede (wat kontantvloeibeperkings insluit) asook as gevolg van verandering van werkgewers. Party mense laat eenvoudig na om vir aftrede te beplan. Om te belệ vir aftrede word toenemend moeiliker as gevolg van die hoeveelheid beleggingsopsies beskikbaar. Hierdie navorsing poog dus om die mees algemene beleggingsopsies wat beskikbaar is, te identifiseer tesame met elkeen se individuele voordele en nadele. Die navorsing fokus op beleggingsgeleenthede vanuit „n besparingsoogpunt asook die Suid-Afrikaanse inkomstebelasting gevolge van elk van die opsies. Die Suid-Afrikaanse inkomstebelasting gevolge sluit in die kontantinvloeie en -uitvloeie tydens die duur van die beleggings asook by aftrede. Baie beleggingsopsies lyk aantreklik op die beleggingsdatum maar kan nadelig wees by aftrede. Die belastingontleding fokus op beide die huidige wetgewing asook die voorgestelde verandering in die wetgewing soos voorgestel tydens die begrotingsrede deur die huidige Minister van Finansies, Pravin Gordhan. Copyright 2011, University of Pretoria. All rights reserved. The copyright in this work vests in the University of Pretoria. No part of this work may be reproduced or transmitted in any form or by any means, without the prior written permission of the University of Pretoria. Please cite as follows: Kokott, J 2011, The evaluation of different retirement investment options as savings and tax planning tools, MCom dissertation, University of Pretoria, Pretoria, viewed yymmdd < http://upetd.up.ac.za/thesis/available/etd-03262012-124429 / > F12/4/182/gmDissertation (MCom)--University of Pretoria, 2012.
Taxation
unrestricted
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Azimzadeh, Parsiad. "Hedging Costs for Variable Annuities." Thesis, 2013. http://hdl.handle.net/10012/7829.
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A general methodology is described in which policyholder behaviour is decoupled from the pricing of a variable annuity based on the cost of hedging it, yielding two sequences of weakly coupled systems of partial differential equations (PDEs): the pricing and utility systems. The utility systems are used to generate policyholder withdrawal behaviour, which is in turn fed into the pricing systems as a means to determine the cost of hedging the contract. This approach allows us to incorporate the effects of utility-based pricing and factors such as taxation. As a case study, we consider the Guaranteed Lifelong Withdrawal and Death Benefits (GLWDB) contract. The pricing and utility systems for the GLWDB are derived under the assumption that the underlying asset follows a Markov regime-switching process. An implicit PDE method is used to solve both systems in tandem. We show that for a large class of utility functions, the two systems preserve homogeneity, allowing us to decrease the dimensionality of solutions. We also show that the associated control for the GLWDB is bang-bang, under which the work required to compute the optimal strategy is significantly reduced. We extend this result to provide the reader with sufficient conditions for a bang-bang control for a general variable annuity with a countable number of events (e.g. discontinuous withdrawals). Homogeneity and bang-bangness yield significant reductions in complexity and allow us to rapidly generate numerical solutions. Results are presented which demonstrate the sensitivity of the hedging expense to various parameters. The costly nature of the death benefit is documented. It is also shown that for a typical contract, the fee required to fund the cost of hedging calculated under the assumption that the policyholder withdraws at the contract rate is an appropriate approximation to the fee calculated assuming optimal consumption.
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Gaillardetz, Patrice. "Equity-linked annuities and insurances." 2006. http://link.library.utoronto.ca/eir/EIRdetail.cfm?Resources__ID=442652&T=F.
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FAN, KUO-TING, and 范國鼎. "Pricing of Annuity Commodities." Thesis, 2018. http://ndltd.ncl.edu.tw/handle/sh694y.
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碩士國立高雄第一科技大學
風險管理與保險系碩士班
106
Taiwan has become an aging society in 1993. In the year of 2018, it entered the old age society and was estimated that the population will experience negative growth in 2019, where the population structure will be composed of the aging population and fewer children. In the future, elderly care and living expenses will increase, and the child support rate will decline. Therefore, people should do well-planned for the eco-nomic stability of retirement in old age, and the insurance gap can be supplemented by annuity insurance. In today's deposit and bond interest rates are very low, couple with the old age society, retirement is a problem that the public has to face, and the choice of a business annuity is very important. Deferred annuity has a low risk and is suitable for risk-avoiding purchases, and variable annuity is a good tool for planning retirement wealth management products with the functions of investment management and death payment, giving retirement planning a full range. This study compares the policy value reserve for both deferred annuity and varia-ble annuity, and the theoretical premiums for two commodities. After simulated 10,000 times using Monte-Carlo simulation to pricing and sensitivity analysis of variable an-nuities, discussing influence of variables on theoretical premiums.
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Serrano, Ana Sofia Alves. "Rendas vitalícias sobre casais." Master's thesis, 2013. http://hdl.handle.net/1822/28018.
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Dissertação de mestrado em Economia Monetária, Bancária e FinanceiraA duração da vida humana é cada vez mais longa. O aumento sistemático da longevidade é um risco enfrentado pela Segurança Social, mas também pelas seguradoras do Ramo Vida. As seguradoras oferecem proteção contra o risco de longevidade através da oferta de rendas sobre a vida humana ou outros produtos em que estas sejam parte integrante. Nesta dissertação efetua-se um estudo, sob o ponto de vista atuarial, das rendas sobre a vida humana, dando-se especial relevo às rendas sobre casais. Verifica-se que, em geral, existe pouca informação sobre as rendas para casais na literatura atuarial. Numa primeira fase, demonstra-se a relevância e atualidade deste estudo, introduzem-se alguns conceitos e funções associadas ao comportamento da mortalidade humana, identificam-se os principais tipos de rendas sobre a vida humana individuais e para casais e derivam-se fórmulas para o cálculo dos seus valores atuariais. Por fim, realiza-se um estudo empírico dos valores atuariais de vários tipos de rendas vitalícias individuais e para casais, com base em tábuas de mortalidade portuguesas, para o cálculo de prémios de rendas vitalícias, propostas pela Swiss Re. Este estudo permite dar respostas a algumas questões relevantes relacionadas com as diferentes rendas vitalícias consideradas.
The duration of human life is constantly increasing. The systematic increase in longevity is a risk faced by Social Security, but also by life insurers. Insurance companies offer protection against longevity risk by offering life annuities and other products of which they are a part. In this dissertation, we study, from an actuarial point of view, life annuities, giving a special emphasis to annuities for couples. Generally, in actuarial literature, the information on annuities for couples is sparse. In the first chapters, we demonstrate the relevance of this study, we introduce some concepts and functions related to human mortality, we identify the main types of life annuities for individuals and for couples and we derivate formulae for the calculation of their actuarial present values. Finally, we carry out an empirical study of the actuarial present values of several life annuities for individuals and for couples, using Portuguese life tables for tariffs, proposed by Swiss Re. This study gives answers to some relevant questions related to the different life annuities considered.
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Chung, Chih Hung, and 張志宏. "Discussing the liability reserve of annuity from American Single Premium Deferred Annuity (SPDA)." Thesis, 1994. http://ndltd.ncl.edu.tw/handle/04744824772798262540.
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Chen, Kuan Yu, and 陳冠妤. "Valuation of Quanto Equity Indexed Annuities." Thesis, 2008. http://ndltd.ncl.edu.tw/handle/11704155034889074296.
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Tseng, Lin-chen, and 曾林貞. "The Longevity Risk of Annuity." Thesis, 2010. http://ndltd.ncl.edu.tw/handle/19485118725155956090.
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碩士東吳大學
財務工程與精算數學系
98
Life expectancy increased and born population decreases in Taiwan. The population is aging faster due to advances in medical technology and implementation of National Health Insurance System. People are living longer today than they ever have in the past. Longevity risk from the perspective of an insurance company is the exposure that a company has unexpected decreases in mortality. Unexpected life extension will cause insurance premium rate by underestimated. It could lead to take the risk that the premium is not able to pay the benefit. In this study, we estimate by logistic regression model to predict the mortality trend of age 65 and above in Taiwan. Assessment of the current annuity of pension benefits and risks of exposure to longevity are given.
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Wen, ling chun, and 温翎君. "Simplifying Reverse Mortgage Valuation--annuity." Thesis, 2013. http://ndltd.ncl.edu.tw/handle/43556537339956404179.
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Chen, Yungchih, and 陳勇志. "Interest randomness in annuity insurance." Thesis, 1996. http://ndltd.ncl.edu.tw/handle/26996955709623360709.
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Chen, Jian-Jhang, and 陳建彰. "The Longevity Risk of Annuity." Thesis, 2006. http://ndltd.ncl.edu.tw/handle/42275642274344396677.
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碩士國立臺灣大學
財務金融學研究所
94
Besides interest risk, mortality risk is the other important issue that the insurers confront. Take annuitant for example, unexpected life extension will cause underestimation on actuarial premium and insurers thus take the risk that the premium is not able to pay the benefit. It is also called the Longevity Risk. This study uses Lee-Carter model and CMI model to predict the trend of the mortality rate in Taiwan, calculate the annuity premiums for the sale of the insurance company and evaluate the mortality risk faced by insurer.
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Chen, Pei-Jung, and 陳珮蓉. "The Study of Enhanced Annuity." Thesis, 2015. http://ndltd.ncl.edu.tw/handle/07045645441480689079.
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碩士淡江大學
保險學系保險經營碩士班
103
With the advent of the progress of medical technology, old-age populations in Taiwan lift. The increasing of age accompany with the occurrence of the chronic disease, cancer, also affecting medical expenses. To lead this type of insured stepping into middle age or old age, they will insure to compensate for medical expenses and pension. This is often refused by underwriter due to physical condition, or the insurance company can undertake a range of risk add fee or delete coverage. Based on the equity rate, people who have physical problems are often confronted with a question which they have to pay more premiums, while purchasing insurance. The health people buy an annuity, because of survival period prolongs, they can receive more annuity rent. But the poor healthy people buy an annuity, they have to pay more premium, even they life expectancy is shorter than a normal person. This research use risk classification as the concept, the body condition is poor, work on high risk job, long term smoker design enhanced annuity. Based on enhanced annuity of the United Kingdom, the observation enhanced annuity of underwriting, actuarial rate and product development in future. Through secondary source and depth interviews to understand substandard risk classification, can apply this experience in enhanced annuity. In addition to talk about the domestic life insurance companies for viewpoint of enhanced annuity, it can be a future development of enhanced annuity.
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王英茂. "Business retirememt and annuity analysis." Thesis, 2010. http://ndltd.ncl.edu.tw/handle/47386200401574924506.
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Wang, Yen-Chieh, and 王彥傑. "The Asset/Liability Management of Annuity-The Application of Immunization on Fixed Dollar Deferred Annuity." Thesis, 1998. http://ndltd.ncl.edu.tw/handle/90016236480607498290.
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碩士淡江大學
財務金融學系
86
Annuities have become the most important premium resource for the life insurers in the advanced countries . It also came to market in Taiwan in the middle of 1997 . Annuity is different from other life insurance products for the high interest rate sensitivity , therefore risk management issue is extremely important for annuity . The concept of asset/liability management (ALM) comes from the banks . It means the appropriate pricing , investing and products strategies for the life insurers . This research starts from introducing all kinds of ALM techniques , providing the essential organization framework and decision system for the life insurers to proceed the ALM . Owing to the limitation of regulation and the attitude of insurers , fixed dollar deferred annuity will become the main stream of the annuities . So we focus on the contract and evolution of fixed dollar annuity in the following section , and probe the risk characteristics and risk management principles . Duration has become one of the most popular ALM technique for life insurers . Later on this research , we analysis the cash flow of annuity , to help managers understanding the characteristics of annuity . then we establish a fixed-income portfolio in order to simulate how the life insurer use the immunization to hedge interest rate risk . The real world does not work as the assumptions of immunization theory . In using the immunization , managers need to understand the constraints for the strategy , in order to make modified decision under the existed process .
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陳貞慧. "A Study on Consumption Behavior of Annuity Insurance: Lessons for Employee's Contribution of Enterprise Annuity." Thesis, 2006. http://ndltd.ncl.edu.tw/handle/53121884205397157010.
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碩士國立政治大學
行政管理碩士學程
94
The Labor Pension Act, one of the major policies for the labor retirement planning of the R.O.C. government, was officially put into practice on July 1st, 2005. Based on the regulation of the Act, companies with more than 200 employees will have the Annuity Insurance as alternatives. According to the Article 14 -3 of the Act, a worker may voluntarily contribute per month, up to 6% of his/her monthly wages to his/her pension fund account. The full amount of the voluntary pension contribution made by a worker may be deducted from the worker's taxable income in the year concerned. Therefore, this research intends to analysis between the attributions and consumption behaviors of the employees joining in the policy of the Annuity Insurance, and then generalizes the factors why the workers choose the voluntary pension contribution policy. In this research, I would compare the pension policies used in different countries, look into the ways that the OECD are running their Enterprise Annuity policies, and evaluate the various pension policies. By using the real diagnosis Model, I would use the OLS to analysis the influences over Annuity Insurance Insured value and then use the Probit Model to explore the influences over traditional Annuity Insurance and the Investment Annuity Insurance.
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Lu, Ching Hsiu, and 盧靜修. "Interest-Sensitive Annuities–Study ofIts Marketing Strategies." Thesis, 2011. http://ndltd.ncl.edu.tw/handle/15643428958551515507.
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碩士國立中山大學
高階經營碩士班
99
Taiwan has an ageing population, with more people in the concern of not having sufficient income stream during retired life. This study investigates the ageing issue through socioeconomic perspectives. It is recommended that apart from low interest-bearing term deposits, Interest-Sensitive Annuity is the most suitable solution for countering longevity risk. Through case studies, it has been found that 1, due to Annuity Puzzle sentiment, term depositors will continue to invest in Interest-Sensitive Annuities, regardless of the low interest rate environment. 2, Interest-Sensitive Annuity investors are as risk-averse as term depositors, implying that they do not necessarily choose the surrender option upon expiry. 3, due to customer sentiment, the Interest-Sensitive Annuity policy fees charged are inversely correlated to customers’ willingness to invest. 4, by selling low-commission products, namely one- and two-year Interest-Sensitive Annuities through bancassurance channel, insurance companies enjoy the benefit of low cost capital and are able to reduce interest spread risk through efficient investments. Moreover, customers have their retirement needs covered while insurance salespeople of different channels are able to meet respective sales targets. It is therefore shown that Interest-Sensitive Annuities have the following benefits. For investors, it is the product type that best meets their needs. For insurance salespeople, they enjoy a diverse and complete product portfolio and for insurance companies, it maximizes operation efficiency. Unfortunately, after the termination of one- and two-year Interest-Sensitive Annuities on the market, insurance company capital costs have been negatively impacted, with retirement and longevity risks unsatisfied and insurance salespeople having less products to choose from. It is suggested that the regulator considers re-introducing one- and two-year Interest-Sensitive Annuities, using Risk-Based Capital as a complement in monitoring insurance companies.
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Huang, Jui-lun, and 黃瑞倫. "Securitization of Mortality Risks in Life Annuities." Thesis, 2006. http://ndltd.ncl.edu.tw/handle/39570178121341768799.
Full textAbstract:
碩士逢甲大學
統計與精算所
94
Due to the improved medical care, epidemic and infectious illness has been effectively controlled, and the entire sanitation and living quality has also progressed in Taiwan. The social structure is changed from high birth rate and mortality to low birth counterparts that the average age is extended. Therefore, the demand on annuity surged and insurance company has to take morality management into account when designing new policy in order to manage the increasing demand. This paper will use the structure of financial asset securitization to explain the cash flow and mortality bond evaluation model among insurance company, SPC, and investing third party. The research found that if annuity beneficiary exceeds the expected volume in a certain year, insurance company can receive subsidiary from SPC when they issue the mortality bond through SPC. On the contrary, investors’ coupon decreases and it demonstrates that securitization shifts the mortality risk from insurance company to investors, and by means of issuing mortality security, insurance company can lower the re-insurance to have surplus capital for more effective use.
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"Life Annuities Under Random Rates of Interest." East Tennessee State University, 2001. http://etd-submit.etsu.edu/etd/theses/available/etd-0716101-164302/.
Full text
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Chen, Chih-hung, and 陳志弘. "Pricing Interest Sensitive Annuities Under Financial Cloud." Thesis, 2014. http://ndltd.ncl.edu.tw/handle/95849637925861881864.
Full textAbstract:
碩士國立臺灣海洋大學
資訊工程學系
102
The ability to integrate data into information is important in the era of information explosion. Useful information is processed from data from multiple sources. Under the cloud computing architecture, web services can be used to join sources that the user needs, and can be adjusted to fit the underlying problem waiting to be solved. Moreover, the construction of cloud computing system can lower hardware cost, increase flexibility, and provided a basis system for incorporate future modules to price financial derivatives. Pricing and risk measurement of one of the key objectives in financial engineering. This research proposes a cloud system based on the FinancialCloud architecture. Choosing the interest sensitive annuity insurance contract as an experiment subject, this system can integrate and combine information from multiple source to obtain the price of the insurance contact. With this information in hand, future investors can choose among all the financial products and select the one which benefits them the most.
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TSAI, MING-SHUN, and 蔡明勳. "Pricing and Hedging for Equity-Indexed Annuities." Thesis, 2014. http://ndltd.ncl.edu.tw/handle/74858323467256549769.
Full textAbstract:
碩士東吳大學
財務工程與精算數學系
102
The first Equity-Indexed Annuities (EIAs) was issued by Keyport Life in February 1995, it brought the interest and excitement of the market. The return of EIA contract is dependent on the performance of a linked-index, which is mostly based on the American Standard and Poor's (S&P) 500 index. This thesis explores the pricing and hedging issues from the insurers’ perspective. The payoff of an EIA contract can be expressed in the form of a call option but with much longer contract period ranging from 5 to 15 years, thus it is difficult for insures to find hedging instruments directly from the market. The insurers face substantial risks and finding an effective hedging strategy is very important. The aim of this thesis is to provide pricing formula for various types of EIA contract design and examine the effect of dynamic hedging.