Description: In this paper, chapter V of the 1987 Valuation Actuary Handbook, the authors start with a discussion of how the recent economic environment with volatile interest rates has changed the valuation and surplus management process to one more dependent on actuarial judgment. In a discussion of surplus policy, the authors identify four “layers” of surplus which have been identified by scenario testing. These surplus layers, along with policy reserves, are based on specific invested assets. The paper discusses implications for the future and notes the actuary’s ability to advise management on surplus adequacy is a basic tool of risk management.

Description: Investment Fallacies: The "Dollar Bill" Fallacy

Description: This paper suggests the reasons why an actuary should play a role in the over-all investment policy of a 'new' company, defined as less than 5 years old, and what some of those duties should be. The paper gives an overview of the types of investments available to an insurance company and the considerations for each relative to a new company.

Description: The editorial explores the reasons for the current low interest rates and introduces the February/March 2016 issue of The Actuary in which experts offer strategies on how to cope with the complex issues facing insurance companies and investment actuaries.

Description: This session discussion is about tools, techniques, and methods used by the health valuation actuary HVA in dealing with business projections, cash-flow analysis, valuation on nonguaranteed premium business, target surplus analysis, reinsurance and claim reserves. From Record of Society of Actuaries Vol. 18, No. 1A.

Description: This session from the 1982 SOA Spring Meeting features the threat that long term inflation poses on investments. It reviews historical rates of return on T-Bills, bonds and stocks, funding certain liabilities with a 'Dedicated Bond Portofio' or DBP, a Master Trust and purchasing real estate with retirement plan assets. From Record of the Society of Actuaries 1982, Volume 8, No. 1.

Description: Investment Fallacies: The Fallacy of the Fed Model

Description: Invest Fallacies: Active management overall performs different than passive management

Description: Summary of panel discussion which looked at the implications for life insurance companies of the increasing interest in equity forms of savings, as evidenced by the growth of mutual funds, employer sponsored employee thrift plans and the establishment of installment purchase plans for common stocks.

Description: This panel discussion presented at the April 1976 SOA meeting in Washington D.C. presents opinions and information related to investment policy in a changing economy.