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Recent content by 1495_sc
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April 2024 Q1 part 4
Yes please. If someone can elaborate, it will be helpful. If shareholder provides capital for without profit policies, will the estate be distributed to with profit policies remaining in other funds (A+B)? If capital for without profit policies is provided from the estate, the estate remaining... -
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April 2024
I had the same concern. April 2022 question seems clear. Should Apr'24 question be read as follows- "Explain why the company’s rating agency "available" capital may differ to the Available Regulatory Capital? On its own, it seems that the question is asking why would rating agency required... -
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September 2023
Also, this transfer of funds will impact assets directly. Impact on liabilities will only be secondary such as fall in actual expenses hence eventually fall in expense assumption used for valuing liabilities. Is this correct? -
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September 2023
Hi, Reference- Q1 I just want to confirm the background of this question. B is acquiring A. Hence, after purchase, A will have 5 different funds to manage i.e 2 without profit funds of A and 1 with profit fund of A + 1 with profit fund of B and 1 without profit fund of B. Now, the question... -
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September 2022
In usual credit spread stress, we agree that in the presence of MA, the stressed assets and stressed BEL is impacted. No impact on unstressed net assets. (1) In the widening of spreads scenario, unstressed corporate bonds will fall and unstressed BEL will fall (due to MA). Now, if we consider... -
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Apr 2008 paper
Q1. ii) The solution mentions that "In addition, there may be an element of lapse and re-entry. This is bad if it encourages more lapses than would otherwise occur, but this could actually be a good thing if the company retains the old with profits business which is leaving anyway". Is it... -
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Apr 2008 paper
Hi, Q1.i) The solution mentions that "However, policies brought just prior to the crash will have EAS significantly below the face value of units." Why so? I believe that these policies will be in force for more than 5 years as the equity market crash occurred 5 years ago. Why would this mean... -
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April 2023 Ques 1 part (i)
For mortality experience variance in annuity- the examiner's report mentions that "There have been more deaths than expected. For example due to a bad winter/hot summer/data cleanse/poor underwriting (any sensible example) [½] This would lead to a positive non-economic experience variance for... -
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April 2023 Ques 1 part (i)
Hi Lindsay, I want to understand why the solution doesn't consider any impact on assets. Only the impact on BEL and SCR is considered. Why so? In real world, if mortality is lower than expected for annuity, assets will be higher than expected at the end of the year due to fewer annuity payments... -
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September 2022
Here, there is no change in value of unstressed assets and liabilities. The SCR impact is only driven by a change in stressed assets and stressed BEL. -
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September 2022
Further, in Apr'19 question, shouldn't we again consider the impact of increase in credit spread risk on BEL as Matching Adjustment is applied by the company? In this case, market value of corporate bonds falls and BEL reduces. I believe we can assume that the "unstressed BEL" reduces due to...