In a solvency 2 context, the unit fund would be projected at the risk free rate (or at risk free plus a volatility adjustment / matching adjustment were this to apply).
The type of assets held would be relevant where financial guarantees exists as this would affect the implied volatilities used to simulate the unit funds used to calculate the guarantee cost.
The addition of a risk margin on the non hedgeable risk elements of the non unit reserves (eg expenses) would get you to the market consistent liability valuation.
The market consistent value of a bond or share implicitly includes an allowance for risk (investors are risk averse) in the price.
Hope that helps.
Last edited: Oct 17, 2019