The Actuarial Management of a Life Office

Abstract

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.