变额年金的定价考虑要点与实例(30页)PPT.pdf
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Agenda
Background
Variable annuity product development checklist
Other considerations and conclusions
Background
AXA-Minmetals and Sino-US United MetLife have
introduced variable annuity (“VA”) products
保得赢 and 步步稳赢
Other insurers, primarily joint-venture companies, are
looking to enter the market
Are we seeing a replay of the Japanese VA market?
Is your Company a believer in VA?
Agenda
Background
Variable annuity product development checklist
Other considerations and conclusions
Variable annuity product development checklist
Market research
Guarantee and product designs
Fund structure
Fees and charges
Actuarial and economic assumptions
Stochastic modeling and pricing
Profit measures
Financial reporting implications
Distribution and compensation structure
Administrative, valuation, and risk management systems
Product filing and approvalsVariable annuity guarantee design
Quick recap:
GMDB, 最低身故利益保证
GMMB, 最低满期利益保证
GMIB, 最低年金给付保证
GMAB, 最低累积利益保证
Guaranteed minimum withdrawal benefit (GMWB), or
lifetime GMWB, is currently not allowed
The guarantee design should be aligned with the underlying
risk management strategy