An Experiment in Connection With Life Office Valuation

1956 ◽  
Vol 25 ◽  
pp. 331-392
Author(s):  
W. Lundie ◽  
M. W. Hancock
Keyword(s):  
Linear Programming ◽  
Market Price ◽  
Investment Policy ◽  
Constant Ratio ◽  
Business Policy ◽  
Price Structure ◽  
Life Assurance ◽  
Worked Example ◽  
New Business

SynopsisThe first part of the paper consists of a mathematical analysis of a method of ensuring solvency in an expanding life office investing only in first-class dated and irredeemable securities on the assumption that the market price structure of dated medium to long term securities may change only in such a way that at any time the gross redemption yield for any particular term to redemption will bear a constant ratio to the yield on irredeemables. This leads to a method of valuation of liabilities which is independent of any subjective estimate of the future rate of interest.The second part of the paper suggests a possible use of this method of valuation in conjunction with the technique of Linear Programming as an aid to the management of a life assurance and annuity fund. This is illustrated by a worked example relating to investment policy, and applications to new business policy and “gearing” are discussed generally.

The Actuarial Management of a Life Office

1957 ◽  
Vol 83 (2) ◽  
pp. 112-152 ◽  
Author(s):  
J. L. Anderson ◽  
J. D. Binns
Keyword(s):  
Investment Policy ◽  
Business Policy ◽  
Technical Problems ◽  
Special Regard ◽  
Life Assurance ◽  
New Business ◽  
The Relationship

In recent years an unusually high proportion of the papers submitted to the Institute and to the Faculty have dealt with technical problems of life assurance management. The subjects covered include investment policy, valuation and bonus policy, the relationship between liabilities and assets and the relative merits of with-profit and without-profit business. The object of this paper is to indicate how these various subjects (with the addition of new-business policy) react on each other and to consider how far any over-all actuarial planning is possible, special regard being paid to modern developments in the different fields. Some repetition of what has already been said in recent years is inevitable, but no attempt will be made to summarize actuarial opinion on the topics under review, a task which would be impossible within the scope of the paper.

Some reflections on long-term investments with particular reference to the business of life assurance

1938 ◽  
Vol 69 (1) ◽  
pp. 10-49
Author(s):  
E. H. Lever
Keyword(s):  
Investment Policy ◽  
Basic Principles ◽  
The Past ◽  
Life Assurance ◽  
The Future

It is probably true to say that during the past two decades the most perplexing and important of the problems, with which those responsible for the management of Life Assurance Companies have been called upon to deal, has arisen from the investment side of the business rather than from the commercial and actuarial sides. On the whole, the investment policy followed has so far emerged successfully from the searching tests imposed upon it by the events of recent years but the future remains obscure and there are many lessons still to be learned.Life Assurance Companies, by the very nature of their business, are compelled to interest themselves in the problems of long-term investment, and it is worth while, therefore, to enquire whether the ordeal through which they have passed has revealed any defects in the present machinery of long-term lending and investing or in the basic principles which have heretofore governed investment policy.

Building a new resilience

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Peter Buell Hirsch
Keyword(s):  
Cyber Security ◽  
Design Methodology ◽  
Business Leaders ◽  
Human Potential ◽  
Global Business ◽  
Content Type ◽  
Business System ◽  
New Business ◽  
Practical Implications

Purpose The purpose of the viewpoint is to examine the various ways in which the pandemic has exposed structural vulnerabilities in global business infrastructures that have long existed and been long ignored. It urges business leaders not to return to a “new normal” but make fundamental changes to ensure that their businesses are truly resilient and can withstand future threats more effectively. Design/methodology/approach The viewpoint looks at the various kinds of vulnerability to which businesses are exposed – such as supply chain, human capital, cyber security and climate change – and proposes ways to ensure that businesses, as well as shareholders and government entities work together to build true resilience. Findings At its core, the viewpoint exposes the various ways in which businesses have turned a blind eye to vulnerabilities that have always lurked just below the surface and suggests. The argument is that to secure the long-term future of our global business system, we can no longer remain oblivious to fundamental weaknesses in our infrastructures. Research limitations/implications The viewpoint looks selectively at the available data and is, therefore, by definition, subjective and non-comprehensive. Practical implications If businesses and shareholders truly take the recommendations of this viewpoint to heart, we can build a more resilient future through long-term investments in risk management infrastructures of all kinds that will secure a more prosperous and stable future. Social implications Developing a more resilient and stable global business infrastructure will help reduce the business volatility deriving from last minute responses to predictable threats. This will, in turn, help provide more stable, fulfilling employment, especially in developing countries that will act as a fly wheel for the secure development of human potential around the world. Originality/value While there has been much speculation of what the “new business normal” will look like once the pandemic has been conquered, this is, the author believes, the first piece to look concretely on how we can not only “build back better” but build back more soundly for the long term.

The Investment Policy of Life Assurance Offices.

1938 ◽  
Vol 16 (1) ◽  
pp. 247-284 ◽  
Author(s):  
A. C. Murray
Keyword(s):  
Past History ◽  
Investment Policy ◽  
Historical Survey ◽  
General Survey ◽  
Life Assurance ◽  
History Of ◽  
The Subject

Towards the end of Mr. Brown's term of office as President I submitted to him the Table which appears in the appendix to this paper asking whether he thought it of sufficient interest for publication in our Transactions. Mr. Brown replied by inviting me to go further and write a paper for the Faculty on the subject of Investments using the Table as an illustration of past history. Later our present President supported this idea and the notes which I now have the honour to submit are the outcome. Apart from the fact that I dealt with the history of Life Offices' Investments at some length when addressing the Students' Society a few years ago, it seemed to me that something more than a historical survey was desirable. There are few papers in our Transactions dealing with Investment Policy and this was the subject on which I decided. I think that the correct prelude to a discussion of Investment Policy is its own history, and so I give in Part I of this paper a very short general survey of the years from 1871 to 1935. The Table in the appendix will give information additional to what is contained in my remarks to those who wish to go further.

DIGITALIZATION AS A NEW PARADIGM OF SOCIO-ECONOMIC DEVELOPMENT

2020 ◽  
Vol 5 (11) ◽  
pp. 5-9
Author(s):  
T. S. KOLMYKOVA ◽  
◽  
S. V. KLYKOVA ◽  
N. Yu. MAKAROV ◽  
◽  
...  
Keyword(s):  
Business Models ◽  
Technological Development ◽  
Digital Data ◽  
New Paradigm ◽  
Positive Effects ◽  
Production Factors ◽  
Role Of The State ◽  
New Business ◽  
Structured Information

The article examines the substantive aspects of digitalization as a new paradigm of technical and technological development. The features that distinguish the digital economy are structured. Information, knowledge and digital data are key production factors. Digitalization is considered as a modern tool for ensuring economic growth. It leads to the emergence of positive effects: the emergence of new business models, the creation of a basis for breakthrough innovations, and ensuring competitiveness in the long term. The important role of the state in the implementation of largescale investments, which are the drivers of the development and implementation of digital technologies, was noted.

Territorial Entities’ Investment Policy in Implementation of Long-Term Development Projects

2019 ◽  
Vol 11 (1) ◽  
Author(s):  
Alexey Sokolov ◽  
Keyword(s):  
Investment Policy ◽  
Development Projects ◽  
Russian Regions ◽  
Investment Activity ◽  
Scientific Methods ◽  
Analysis And Synthesis ◽  
Favorable Conditions ◽  
Regional Authorities

The relevance of this topic is due to the creative nature of investment attraction activities in order to ensure the development of the country and regions. The importance of the problem is in the presence of obstacles in the way of building an attractive economic system in terms of investment inflows, creating conditions that encourage investors to invest in Russia. The purpose of research based on the generalization of theoretical material of various sources and analysis of Rosstat database, to characterize the development of investment processes in Russia, to determine the patterns of changes in the dynamics of investment indicators and the factors causing the activity of participants in investment activities in Russian regions. The research was conducted using scientific methods: abstraction, analysis and synthesis, induction and deduction. The result showed that the activity of the Russian regions in the investment area is characterized by dependence on the level of overall economic development, although this relationship is a two-way. In conclusion, it was concluded that the creation of favorable conditions for the development of investment activities and its active support by the federal and regional authorities is necessary. It is advisable to offer to continuously improve legislation in the field of investment activity, to pursue a more flexible policy of financing investment and innovative projects, especially at the early stages of their development. This is the key to successful planning and implementation of projects aimed at strengthening the sovereignty of the state and improving the quality of life of citizens in new Russia.

Sustainable Competitive Advantage Through Business Model Innovation

2020 ◽  
pp. 191-213
Author(s):  
Purna Prabhakar Nandamuri ◽  
K. S. Venu Gopala Rao ◽  
Mukesh Kumar Mishra
Keyword(s):  
Business Model ◽  
Business Models ◽  
New Technologies ◽  
Business Environment ◽  
Business Model Innovation ◽  
Sustainable Competitive Advantage ◽  
Term Survival ◽  
New Business ◽  
Indian Perspective

Conventionally, businesses focus on their offerings for growth. But the increasingly unpredictable business environment is making them irrelevant in the market. So, businesses should resort to a system of dynamic management by innovating on the business models rather than a single aspect of the business. Business model innovation demands neither new technologies nor creation of new markets, but cares about delivering the existing products produced by existing technologies to the existing markets, through a unique model. Hence, defining, innovating, and evolving new business models have become the new basis of competition. A differentiated, hard-to-imitate, effective, and efficient business model is more likely to ensure higher profits and long-term survival. In this context, the present chapter attempts to furnish multiple global evidences and discuss the Indian perspective of business model innovation.

Advancing SME Sustainability

2021 ◽  
pp. 159-178
Author(s):  
Meng Kui Hu ◽  
Daisy Mui Hung Kee
Keyword(s):  
Financial Crisis ◽  
Global Financial Crisis ◽  
Policy Changes ◽  
Business Environments ◽  
Business Operations ◽  
New Business ◽  
Spanish Flu ◽  
The Global Financial Crisis ◽  
The Impact

The world has been struck by multiple crises that crippled the socio-economy of nations in the past. The impact of these crises was so significant that they initiated numerous policy changes worldwide. The radical crises in this context refer to the Spanish flu, the Asian financial crisis, the global financial crisis, and the current COVID-19 pandemic. Due to their small capital structure with limited resources and fragile nature, SMEs were severely impacted by these crises. Many SMEs were forced to close down their business operations. Somehow, the remaining SMEs managed to persist and survive through the crises. Moving forward, SMEs can better prepare for future crises by understanding and learning from the predicaments of these past crises. Consequently, SMEs must also be adaptive to new business environments and responding promptly to crises by realigning their strategies to achieve business sustainability in the long term.

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