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PRODUCTS (Surplus distribution (Managing BSR (Considerations, Method,…
PRODUCTS
Surplus distribution
Factors to consider
SH vs. PH. Competition. Returns on underlying. Asset shares. BSR. Balance sheet. Level of V vs VN. Equity PHs. Source of surplus. Smoothing. Policyholder RBE. Investment mandate. Free assets
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Surrender values
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Principles
Stability. Policyholder RBE. Ease of calc. Asset shares. Consistency. Capable documented. Competition. Treat equitable. Regulation 5. Avoid anti-selection. Maturity. Premiums.
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Assumptions
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Elements of basis
Mortality. Morbidity. Expenses. Expenses inflation. Withdrawals. Investment returns. Inflation. RDR. Tax. Commissions
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Tax
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Long term insurer
5 funds. Determination of taxable income. Calculation of liabilities. Transfer of assets between funds. Deduction of expenses. ERR. Capital Gains. Implications under SAM
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