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Thanks Richard, Looking forward to seeing your GIRO paper. Regards, Will Wilson
Thanks for your comment Paul. Management of legacy books in life companies, whether for annuities or other products, typically has a much bigger effect on embedded value than changes in new business. However, the ability to reduce guaranteed rates on existing policies is normally very difficult and in the case of annuities without some form of regulatory intervention would be virtually impossible. The government has been clear about its concerns and desire to prevent or control any transfer from DB to DC as a result of the changes announced in the budget. Clearly, we will continue to see companies seek to manage their DB risk exposure using existing market solutions, eg. longevity swaps, bulk annuity buy-outs.
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Jun 7, 2013