Repackaging the Life Office

1990 ◽  
Vol 32 ◽  
pp. 117-144
Author(s):  
A. Kerr ◽  
I. Rogers
Keyword(s):  
Insurance Companies ◽  
Corporate Structure ◽  
Holding Company ◽  
Life Assurance ◽  
Insurance Group ◽  
Asset Value ◽  
Fixed Assets ◽  
Set Up ◽  
Marketing Costs ◽  
The Impact

Traditionally the interest of actuaries and many other life assurance specialists in the ‘corporate structure’ of life offices has largely been limited to questions surrounding the distinctions between mutual and proprietary companies. More recently, attention has also been paid to composite insurance companies—principally to protect the interests of the long term business policyholders.Developments over the past ten years or so have led many life offices to reappraise their corporate structure. A number of companies have decided to set up a (non-insurance) group holding company, the principal subsidiary of which would be the established life assurance company. This paper will consider some of the pressures which have resulted in these reorganizations, in particular:(a) the impact of Section 16 of the Insurance Companies Act 1982 which restricts insurance companies to only conducting activities in connection with insurance;(b) the various provisions in the Insurance Companies Regulations 1981 which limit the admissibility of particular assets and specify minimum accounting standards which must be adopted when writing down certain fixed assets;(c) the additional flexibility with regard to marketing and the financing of marketing costs which a revised structure will allow;(d) the purchase of companies for sums substantially in excess of their net asset value which may give rise to difficulties in accounting for the ‘goodwill element’ in the purchase price;(e) the potential tax advantages (and, in some cases, disadvantages) which may result from the creation of a non-insurance holding company.

scholarly journals Factors Affecting the Profitability of Insurance Companies in Albania

2016 ◽  
Vol 1 (1) ◽  
pp. 352
Author(s):  
Dorina Kripa ◽  
Dorina Ajasllari
Keyword(s):  
Growth Rate ◽  
Quantitative Methods ◽  
Performance Metrics ◽  
Annual Reports ◽  
Insurance Companies ◽  
Company Size ◽  
Factors Affecting ◽  
Fixed Assets ◽  
The Impact ◽  
A Company

Good performance of a company determines the position of the company in its market and the growth and consolidation of the market, giving as result the development of the economy as a whole. The importance of this topic further enhanced when dealing with insurance companies because: 1) insurance companies’ transfers risk in the economy 2) provide a mechanism to promote savings 3) promote investment activities. The growing importance of insurance companies in Albania and the importance of profitability as one of the key performance metrics of a company are the reasons why we decide to write this paper. The variation of profits between insurance companies over the years, within a country, leads to believe that internal factors play a major role in determining profitability. We have taken under study the impact of growth rate, liabilities, liquidity, fixed assets, volume of capital and company size on the profitability of insurance companies. The methodology used is based on quantitative methods and the data are provided by reliable sources such as annual reports of insurance companies’, FSA reports and NRC . We have taken under study 7 companies, including non-life and life insurance companies, from 2008- 2013. The results of the paper show that factors such as growth rate, liabilities, liquidity and fixed assets are the main factors affecting the profitability of insurers, where the growth rate is positively associated with profitability, while liabilities, liquidity and fixed assets are negatively correlated. Company size and the volume of capital are positively correlated with the profitability of insurance companies’, but their impact is statistically insignificant.

Business Environment in West Bengal: An Ethical Issue

Think India ◽  
2016 ◽  
Vol 19 (1) ◽  
pp. 35-41
Author(s):  
Sreekumar Ray
Keyword(s):  
West Bengal ◽  
Balance Sheet ◽  
Business Environment ◽  
Business Practices ◽  
Ethical Business ◽  
Industrial Growth ◽  
Long Run ◽  
Fixed Assets ◽  
Finance Company ◽  
Set Up

Ethics in Business are keywords in any business environment which are lacking in most of the cases. In a broad sense ethics means not to cheat others and to do the business in an honest way, to abide by the rules and regulations of the soil, and above all to keep the morale high so that the business can grow to a new height in long run. Unfair means and unethical business practices to earn money quickly are often fraught with the danger of losing the business permanently or losing the goodwill and respect of society. West Bengal has got bad reputation for industrial growth and fake chit funds and it has been named as ponzy capital of India by many as 72 out of 86 fake chit funds are in the state of West Bengal (as per the Report of Ministry of Corporate Affairs, Govt. of India). On the other hand the micro finance company Bandhan which has got Banking license last year (set up in 2001 in West Bengal) and Eins Edutech the company which was originally incorporated on March 9, 1983, as Ganpat Udyog in West Bengal are worth mentioning and at ease one can feel proud of them. As on 17th April, 2015 the latter company has got market capital of Rs.700 crore with its fixed assets, as per its balance sheet, as only two cell phones and one printer. As per monthly status of Bandhan in February 2015 it has 2,022 branches, 63,66,269 borrowers, 15,956 staff, loan disbursed for the month Rs.1,572 crores, and loan outstanding Rs.8,908 crores. Under such situation, this study focuses on the ethical business environment prevailing in West Bengal and the strategies adopted by them.

ANALISIS RISIKO OPERASIONAL MENGGUNAKAN PENDEKATAN DISTRIBUSI KERUGIAN DENGAN METODE AGREGAT

2011 ◽  
Vol 10 (2) ◽  
pp. 1
Author(s):  
Y. ARBI ◽  
R. BUDIARTI ◽  
I G. P. PURNABA
Keyword(s):  
Negative Binomial Distribution ◽  
Binomial Distribution ◽  
Negative Binomial ◽  
Financial Institution ◽  
Expected Value ◽  
Insurance Companies ◽  
Limited Data ◽  
Loss Distribution Approach ◽  
Potential Loss ◽  
The Impact

Operational risk is defined as the risk of loss resulting from inadequate or failed internal processes or external problems. Insurance companies as financial institution that also faced at risk. Recording of operating losses in insurance companies, were not properly conducted so that the impact on the limited data for operational losses. In this work, the data of operational loss observed from the payment of the claim. In general, the number of insurance claims can be modelled using the Poisson distribution, where the expected value of the claims is similar with variance, while the negative binomial distribution, the expected value was bound to be less than the variance.Analysis tools are used in the measurement of the potential loss is the loss distribution approach with the aggregate method. In the aggregate method, loss data grouped in a frequency distribution and severity distribution. After doing 10.000 times simulation are resulted total loss of claim value, which is total from individual claim every simulation. Then from the result was set the value of potential loss (OpVar) at a certain level confidence.

MOTIF DAN DAMPAK PERNIKAHAN DINI DI INDARUNG NGALAU BATU GADANG

2018 ◽  
Vol 1 (1) ◽  
pp. 1
Author(s):  
Murisal Murisal
Keyword(s):  
Young Men ◽  
Early Marriage ◽  
Marriage Law ◽  
Men And Women ◽  
Home Life ◽  
Family Household ◽  
Set Up ◽  
The Impact ◽  
Husband And Wife

Motif and Impact of Early Marriage in Indarung Ngalau Batu Gadang.Penelitian is motivated by teenagers who married early on. Today, young men and women have a tendency to be less prepared to enter the home life, they are only ready to marry (ready here can be interpreted, maturity in terms of financial, understand what the meaning of marriage according to marriage law) is the bond of inner birth between a man and a woman as husband and wife for the purpose of forming a happy and eternal family (household) based on the Supreme Godhead while they are not ready to set up a home, whereas to build a household requires preparation both physically and spiritually . The purpose of this study to determine the motives underlying adolescents to make early marriage and the impact caused in the household as a result of the marriage.

Dissent and Education

2018 ◽  
Author(s):  
Mark Burden
Keyword(s):  
Eighteenth Century ◽  
Seventeenth Century ◽  
Educational Activity ◽  
Educational Institutions ◽  
Higher Educational Institutions ◽  
Legal Restrictions ◽  
Higher Educational ◽  
Set Up ◽  
The Impact ◽  
Dissenting Academies

Much eighteenth-century Dissenting educational activity was built on an older tradition of Puritan endeavour. In the middle of the seventeenth century, the godly had seen education as an important tool in spreading their ideas but, in the aftermath of the Restoration, had found themselves increasingly excluded from universities and schools. Consequently, Dissenters began to develop their own higher educational institutions (in the shape of Dissenting academies) and also began to set up their own schools. While the enforcement of some of the legal restrictions that made it difficult for Dissenting institutions diminished across the eighteenth century, the restrictions did not disappear entirely. While there has been considerable focus on Dissenting academies and their contribution to debates about doctrinal orthodoxy, the impact of Dissenting schools was also considerable.

scholarly journals On Kaufmann's theory of the impact of the pianoforte hammer

1920 ◽  
Vol 97 (682) ◽  
pp. 99-110 ◽  
Keyword(s):  
Initial Conditions ◽  
Practical Importance ◽  
Prima Facie ◽  
Point Of View ◽  
Infinite Length ◽  
Modes Of Vibration ◽  
Rigorous Treatment ◽  
The Subject ◽  
Set Up ◽  
The Impact

The theory of the vibrations of the pianoforte string put forward by Kaufmann in a well-known paper has figured prominently in recent discussions on the acoustics of this instrument. It proceeds on lines radically different from those adopted by Helmholtz in his classical treatment of the subject. While recognising that the elasticity of the pianoforte hammer is not a negligible factor, Kaufmann set out to simplify the mathematical analysis by ignoring its effect altogether, and treating the hammer as a particle possessing only inertia without spring. The motion of the string following the impact of the hammer is found from the initial conditions and from the functional solutions of the equation of wave-propagation on the string. On this basis he gave a rigorous treatment of two cases: (1) a particle impinging on a stretched string of infinite length, and (2) a particle impinging on the centre of a finite string, neither of which cases is of much interest from an acoustical point of view. The case of practical importance treated by him is that in which a particle impinges on the string near one end. For this case, he gave only an approximate theory from which the duration of contact, the motion of the point struck, and the form of the vibration-curves for various points of the string could be found. There can be no doubt of the importance of Kaufmann’s work, and it naturally becomes necessary to extend and revise his theory in various directions. In several respects, the theory awaits fuller development, especially as regards the harmonic analysis of the modes of vibration set up by impact, and the detailed discussion of the influence of the elasticity of the hammer and of varying velocities of impact. Apart from these points, the question arises whether the approximate method used by Kaufmann is sufficiently accurate for practical purposes, and whether it may be regarded as applicable when, as in the pianoforte, the point struck is distant one-eighth or one-ninth of the length of the string from one end. Kaufmann’s treatment is practically based on the assumption that the part of the string between the end and the point struck remains straight as long as the hammer and string remain in contact. Primâ facie , it is clear that this assumption would introduce error when the part of the string under reference is an appreciable fraction of the whole. For the effect of the impact would obviously be to excite the vibrations of this portion of the string, which continue so long as the hammer is in contact, and would also influence the mode of vibration of the string as a whole when the hammer loses contact. A mathematical theory which is not subject to this error, and which is applicable for any position of the striking point, thus seems called for.

scholarly journals Immunization Strategies for Funding Multiple Inflation-Linked Retirement Income Benefits

Risks ◽  
2021 ◽  
Vol 9 (4) ◽  
pp. 60
Author(s):  
Cláudia Simões ◽  
Luís Oliveira ◽  
Jorge M. Bravo
Keyword(s):  
Interest Rate ◽  
Yield Curve ◽  
Risk Measure ◽  
Management Strategies ◽  
Interest Rate Risk ◽  
Insurance Companies ◽  
Retirement Income ◽  
Investment Strategies ◽  
Immunization Strategies ◽  
The Impact

Protecting against unexpected yield curve, inflation, and longevity shifts are some of the most critical issues institutional and private investors must solve when managing post-retirement income benefits. This paper empirically investigates the performance of alternative immunization strategies for funding targeted multiple liabilities that are fixed in timing but random in size (inflation-linked), i.e., that change stochastically according to consumer price or wage level indexes. The immunization procedure is based on a targeted minimax strategy considering the M-Absolute as the interest rate risk measure. We investigate to what extent the inflation-hedging properties of ILBs in asset liability management strategies targeted to immunize multiple liabilities of random size are superior to that of nominal bonds. We use two alternative datasets comprising daily closing prices for U.S. Treasuries and U.S. inflation-linked bonds from 2000 to 2018. The immunization performance is tested over 3-year and 5-year investment horizons, uses real and not simulated bond data and takes into consideration the impact of transaction costs in the performance of immunization strategies and in the selection of optimal investment strategies. The results show that the multiple liability immunization strategy using inflation-linked bonds outperforms the equivalent strategy using nominal bonds and is robust even in a nearly zero interest rate scenario. These results have important implications in the design and structuring of ALM liability-driven investment strategies, particularly for retirement income providers such as pension schemes or life insurance companies.

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