Description: This paper, part of the Society of Actuaries [SOA} ‘Research Projects – Finance/Investment,’ combines market and economic factors with insurer-specific data to form dynamic financial models of life insurers. Empirical analysis is based on annual data from 1985 through 1995 for 1,593 life insurers. By identifying important exogenous and insurer-specific factors related to life insurer performance, this study provides a basis for actuaries to build dynamic financial models for individual insurers. There are two documents: the research paper in .pdf format and three charts in an Excel document. This paper has been submitted to the ‘North American Actuarial Journal’ for publication considerations.

Description: Abstract for the 2008 ERM Monograph Paper, “The Value of Enterprise Risk Management: Evidence from the U.S. Insurance Industry”

Description: Panelists discuss how two SOA-sponsored research studies were conducted. The first one examines the relationship between certain econometrics series and life-insurance-company financial operations. The second one studies the usefulness and limitations of existing models and data sources for retirement benefit plans. From the 1997 Record of Society of Actuaries, Vol. 23, No. 3.

Description: By identifying specific exogenous and insurer specific factors related to life-insurer performance, this study provides a basis for actuaries to build dynamic financial models for individual insurers. The Life Insurers performance measurements are 1. Return on Equity, 2. Return on Assets and 3. Increase in Capital and Surplus. This paper has been submitted to the North American Actuarial Journal for publication considerations. This documents the specific charts embedded in the report. Please see the SOA web site for the detail report.

Description: This paper measures the extent to which specific firms have implemented ERM programs and assesses the value implications of these programs. We find a positive relation between firm value and the use of ERM. The ERM premium is statistically and economically significant and approximately 17 percent of firm value.

Description: The Society of Actuaries seeks to provide actuaries of life insurance companies with a systematic approach for estimating the adverse effects of economic developments that could impede insurer performance. The performance measurements include 1. Return on Equity, 2. Return on Assets, and 3. Increase in Surplus and Capial. Toward that end, this study combines market and economic factors with insurer-specific data to form dynamic financial models of life insurers. Empirical analysis is based on annual data from 1985 through 1995 for 1,593 life insurers. By identifying important exogenous and insurer-specific factors related to life insurer performance, this study provides a basis for actuaries to build dynamic financial models for individual insurers. The study also identifies and describes several web sites that provide access to relevant economic and financial data. Also see the SOA website research page for excel spread sheets that have the charts that should be inserted in this report