We compare the regulatory environment for the maximum technical interest rate of life
insurance contracts in four European countries and the United States. In Germany, Austria …

The smoothing of capital market returns is possible if the pension plan allows for some kind
of intergenerational risk transfer. This can be realized if the total of assets of the pension …

This paper examines the impact of three surplus appropriation schemes often inherent in
participating life insurance contracts on the insurer's shortfall risk and the net present value …

Participating (or with-profit) life insurance contracts play an important role in private old-age
provision in many countries. Life insurers pool the assets and liabilities of a heterogeneous …

Participating life insurance contracts allow the policyholder to participate in the annual return
of a reference portfolio. Additionally, they are often equipped with an annual (cliquet-style) …

We compare cliquet-style interest rate guarantees used in German participating life
insurance contracts across different economic environments. These guarantees are …

We analyze the preferences of 1180 German consumers for investment guarantees in
financial products by means of choice-based conjoint and latent class analysis. Based on …

Traditional participating life insurance contracts with year-to-year (cliquet-style) guarantees
have come under pressure in the current situation of low interest rates and volatile capital …

This article considers the valuation of equity-linked life insurance contracts that offer an
annually guaranteed minimum return. The policy premiums are invested in a reference …

We analyze the effects of a prevailing low interest rates regime on investment decisions of
insurance companies and on the risk/return profile of participating life insurance policies …