I'd normally expect ALM to refer to modelling. But asset liability modelling will be part of the asset liability management process of an insurer (hence the chapter title in the notes). For many companies, ALM will be interested in how best to match assets to liabilities, or the impact of mismatching. So I guess you might see ALM used in any of the three contexts you suggested in practice, but in the exam I'd refer to modelling (unless the context of the question suggests otherwise). Best wishes Mark
thanks for that Mark - and thanks for your help on all of my threads over the last few weeks, barring any last minute panic attacks I hope never to need your much appreciated assistance on SA2 matters
