Search Results - subject_exact:"Life annuity"

Longevity risk and annuitisation decisions in the absence of special-rate life annuities

Andrés Sánchez, Jorge de; González-Vila Puchades, Laura - 2025

Longevity risk affecting older adults can be transferred to the insurance market by purchasing a lifetime annuity. Special-rate life annuities, which are priced, among other factors, on the basis of health and lifestyle factors, go beyond traditional considerations of age and sex by using...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015334621

Impact of the longevity risk on permanent life annuity in the context of IFRS 17

Špirková, Jana; Zelinová, Silvia; Zimmermann, Pavel; … - 2026

Longevity risk - the risk that policyholders outlive expected mortality projections - poses a significant challenge to the financial sustainability of pension insurance. This paper investigates the valuation of permanent life annuities under IFRS 17, the accounting standard that fundamentally...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015654680

Defaulting 401(k) assets into payout annuities for "pretty good" lifetime incomes

Horneff, Vanya; Maurer, Raimond; Mitchell, Olivia S. - 2026

Some US defined contribution plans offer retirees access to an annuity or lifetime income stream as payout options from their 401(k) accounts. Nevertheless, for behavioral reasons, some retirees may hesitate to elect lifetime income streams as a drawdown vehicle. To counter this, plan sponsors...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015651068

Giving eternal life : notes on a recent book by Marco Dotti

Lorandi, Giacomo - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015424050

Demand for life annuities, critical illness insurance, and long-term care insurance

Wan, Cheng; Bateman, Hazel; Hanewald, Katja - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015472132

Mandatory pension savings and the insurance value of annuities

Andersen, Torben M. - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015472721

Optimal consumption and annuity equivalent wealth with mortality model uncertainty

Li, Zhengming; Shen, Yang; Su, Jianxi - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015431894

Mean-variance longevity risk-sharing for annuity contracts

Hanbali, Hamza - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015431896

Stochastic assessment of special-rate life annuities

Olivieri, Annamaria; Tabakova, Daniela - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015593641

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Stochastic assessment of special-rate life annuities

Olivieri, Annamaria; Tabakova, Daniela - 2024

Book / Working Paper

Return smoothing in pooled annuity products

Kabuche, Doreen; Sherris, Michael; Villegas, Andrés M.; … - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015593642

Adverse selection in tontines

Moenig, Thorsten; Zhu, Nan - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015484787

Set for life : old-age pensions provided by hospitals in late-medieval Amsterdam

Zuijderduijn, C. Jaco - 2025

Hospitals were among the wealthiest organizations in medieval cities. Their directors managed portfolios consisting of real estate and financial instruments; as a result, they also handled large quantities of money. It has been suggested that they used these to provide a variety of financial...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015398532

Benefit volatility-targeting strategies in lifetime pension pools

Bégin, Jean-François; Sanders, Barbara - 2024

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015067021

Examining the impact of mortality improvements on the attractiveness of annuity products : a focus on the mortality drag

Lee, Dong-hwa; Ahn, Keunbae - 2024

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015079992

Optimal annuitization under stochastic interest rates

Dillschneider, Yannick; Maurer, Raimond; Schober, Peter - 2024

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015154568

Behavior of Canadian life annuity prices

Charupat, Narat; Kamstra, Mark J. - 2024

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10014519775

Longevity risk measurement of life annuity products

Diffouo, Pauline M. Ngugnie; Devolder, Pierre - 2020

This paper captures and measures the longevity risk generated by an annuity product. The longevity risk is materialized by the uncertain level of the future liability compared to the initially foretasted or expected value. Herein we compute the solvency capital (SC) of an insurer selling such a...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10012203435

Fixed and variable longevity annuities in defined contribution plans : optimal retirement portfolios taking social security into account

Horneff, Vanya; Maurer, Raimond; Mitchell, Olivia S. - 2023

This paper investigates retirees' optimal purchases of fixed and variable longevity income annuities using their defined contribution (DC) plan assets and given their expected Social Security benefits. As an alternative, we also evaluate using plan assets to boost Social Security benefits...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10013554899

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Fixed and Variable Longevity Annuities in Defined Contribution Plans : Optimal Retirement Portfolios Taking Social Security into Account

Horneff, Vanya; Maurer, Raimond; Mitchell, Olivia S. - 2023

Book / Working Paper

Fixed and Variable Longevity Annuities in Defined Contribution Plans : Optimal Retirement Portfolios Taking Social Security into Account

Horneff, Vanya; Maurer, Raimond; Mitchell, Olivia S. - 2023

Book / Working Paper

Optimal Retirement Portfolios with Fixed and Variable Longevity Annuities in Defined Contribution Plans taking Social Security into Account

Horneff, Vanya; Maurer, Raimond; Mitchell, Olivia S. - 2023

This paper examines how two instruments—annuities with lifelong benefits purchased using defined contribution (DC) plan assets, and social security annuities—should be considered jointly to optimize household lifetime wellbeing. Understanding how these interact is of key importance in order...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10014348756

Explaining the Valuation of Annuities and Lumpsum Options

Ponds, Eduard H.M; Hensen, Niek; Spliethoff, Jane - 2023

This paper analyzes how individuals value the two main payout options of retirement wealth accrued in a pension plan: a lifelong income stream offered via an annuity or as a lumpsum. A better knowledge of the drivers behind the financial valuation of pension options contributes to the...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10014350422

Life Cycle Insurance and Life Annuity Loads

Arandjelovic, Aleksandar; Kingston, Geoffrey; … - 2023

We re-examine insurance purchases when life insurance and life annuities carry loads. The life cycle literature says that it is optimal to participate in these insurance markets throughout life, even under loads. A life annuity phase backs directly onto a life insurance phase. However, the...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10014254442

Valuation and optimal surrender of variable annuities with guaranteed minimum benefits and periodic fees

Kirkby, J. Lars; Aguilar, Jean-Philippe - 2023

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10014383864

Fixed and variable longevity income annuities in defined contribution plans : optimal retirement portfolios taking social security into account

Horneff, Vanya; Maurer, Raimond; Mitchell, Olivia S. - 2023

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10014443608

The role of the annuity price in decumulation strategies with deferred annuities

Chen, Anran; Haberman, Steven; Thomas, Stephen - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015198710

Does rapid mortality improvement resolve the annuity puzzle? : evidence from South Korea

Lee, Dong-Hwa; Kim, HyunJung; Kim, Daehwan - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015447409

What is the value of the annuity market?

Steffensen, Mogens; Søe, Julie Bjørner - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015593635

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What is the Value of the Annuity Market?

Steffensen, Mogens; Søe, Julie Bjørner - 2022

Book / Working Paper

The refinancing enhanced annuity rider (REAR) : a novel annuity product design and its contribution to solving the annuity puzzle

Ramsay, Colin M.; Oguledo, Victor Iwuagwu; Krutto, Annika - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015552907

Special-rate life annuities : analysis of portfolio risk profiles

Pitacco, Ermanno; Tabakova, Daniela Y. - 2022

Special-rate life annuities are life annuity products whose single premium is based on a mortality assumption driven (at least to some extent) by the health status of the applicant. The health status is ascertained via an appropriate underwriting step (which explains the alternative expression...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10013161533

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Special-Rate Life Annuities : Analysis of Portfolio Risk Profiles

Pitacco, Ermanno; Tabakova, Daniela - 2022

Book / Working Paper

Insuring longevity risk and long-term care : bequest, housing and liquidity

Xu, Mengyi; Alonso-García, Jennifer; Sherris, Michael; … - 2023

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10014317139

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Insuring longevity risk and long-term care : bequest, housing, and liquidity

Xu, Mengyi; Alonso-García, Jennifer; Sherris, Michael; … - 2022

Book / Working Paper

The Annuity Wager : Can Bonds Outperform a Life Annuity?

McQuarrie, Edward F. - 2022

This paper frames the decision to purchase a fixed immediate annuity as a wager that can be won or lost. The alternative bet is to hold a portfolio of long government bonds, drawing income and liquidating principal as necessary. There is some probability of ruin in either case: the bond...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10013404373

Time restrictions on life annuity benefits : portfolio risk profiles

Olivieri, Annamaria; Pitacco, Ermanno - 2022

Due to the increasing interest in several markets in life annuity products with a guaranteed periodic benefit, the back-side effects of some features that may prove to be critical either for the provider or the customer should be better understood. In this research, we focus on the time frames...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10013365604

Partial recall : differences between actual and self-reported annuitization decisions in Sweden

Hagen, Johannes - 2022

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10013269959

Mandatory annuitization and money's worth : evidence from Singapore

Fong, Joelle H.; Li, Jackie - 2022

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10013269961

Valuation of long-term care options embedded in life annuities

Chen, An; Fuino, Michel; Sehner, Thorsten; Wagner, Joël - 2022

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10013187286

Bequest-embedded annuities and tontines

Chen, An; Rach, Manuel Matthias - 2022

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10012806350

Life insurance and annuity demand under hyperbolic discounting

Tang, Siqi; Purcal, T. Sachi; Zhang, Jinhui - 2018

In this paper, we analyse and construct a lifetime utility maximisation model with hyperbolic discounting. Within the model, a number of assumptions are made: complete markets, actuarially fair life insurance/annuity is available, and investors have time-dependent preferences. Time dependent...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10011866415

Enhancing Singapore's pension scheme : a blueprint for further flexibility

Kwong, Koon-shing; Tse, Yiu Kuen; Chan, Wai-Sum - 2017

Building a social security system to ensure Singapore residents have peace of mind in funding for retirement has been at the top of Singapore government’s policy agenda over the last decade. Implementation of the Lifelong Income For the Elderly (LIFE) scheme in 2009 clearly shows that the...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10011643412

A comparison of index-linked annuities

Moenig, Thorsten; Samuelson, Bobby - 2024

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10014513811

Annuity puzzle : evidence from a Swiss pension fund

Bello, Piera; Brugiavini, Agar; Galasso, Vincenzo - 2024

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015121192

The ‘Annuity Puzzle’ and Model Portfolios

Mindlin, Dimitry - 2021

The paper presents a model that demonstrates the advantages of partial annuitization in the most straightforward manner. The paper also briefly discusses “the annuity puzzle”, a decades old problem

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10013247824

Annuities for an ageing world

Mitchell, Olivia S. - 2002

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10013444461

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Annuities for an Ageing World

Mitchell, Olivia S.; McCarthy, David Glen - 2021

Book / Working Paper

Annuities for an Ageing World

Mitchell, Olivia S. - 2002

Book / Working Paper

Redistribution and insurance : mandatory annuitization with mortality heterogeneity

Brown, Jeffrey R. - 2003

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10001747710

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Redistribution and insurance : mandatory annuitization with mortality heterogeneity

Brown, Jeffrey R. - 2002

Book / Working Paper

Redistribution and Insurance : Mandatory Annuitization with Mortality Heterogeneity

Brown, Jeffrey R. - 2021

Book / Working Paper

Redistribution and Insurance : Mandatory Annuitization with Mortality Heterogeneity

Brown, Jeffrey R. - 2002

Book / Working Paper

Behavioral Biases and Long Term Care Annuities : A Political Economy Approach

De Donder, Philippe; Leroux, M.‐L - 2021

We build a political economy model where individuals differ in the extent of the behavioral bias they exhibit when voting first over social long-term care (LTC) insurance and then choosing the amount of LTC annuities. LTC annuities provide a larger return if dependent than if healthy. We study...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10013315850

Flexible life annuities

Direr, Alexis - 2010

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10003946397

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Flexible Life Annuities

Direr, Alexis - 2021

Book / Working Paper

The Value of Annuities

Wettstein, Gal; Munnell, Alicia H.; Hou, Wenliang; Gok, … - 2021

Annuities could benefit retirees, but these products can also be costly. Yet, despite significant changes in factors that can affect annuity pricing and value, the money’s worth of individual annuities in the United States has not been addressed in the research literature in 25 years. This...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10013236249

Auctioning Annuities

Aryal, Gaurab; Fajnzylber, Eduardo; Gabrielli, Maria; … - 2021

We propose and estimate a model of demand and supply of annuities. To this end, we use rich data from Chile, where annuities are bought and sold in a private market via a two-stage process: first-price auctions followed by bargaining. We model firms with private information about costs and...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10013238991

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Auctioning Annuities

Aryal, Gaurab; Fajnzylber, Eduardo; Gabrielli, M. Florencia - 2021

Book / Working Paper

Lapse-and-Reentry in Variable Annuities

Moenig, Thorsten; Zhu, Nan - 2021

Section 1035 of the current US tax code allows policyholders to exchange their variableannuity policy for a similar product while maintaining tax-deferred status. When the variableannuity contains a long-term guarantee, this “lapse-and-reentry” strategy allows the policyholderto potentially...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10014089206

Designing annuities with flexibility opportunities in an uncertain mortality scenario

Olivieri, Annamaria - 2021

We consider annuity designs in which the benefit amount is allowed to fluctuate (up or down), based on a given mortality/longevity experience. This way, guarantees are relaxed in respect of traditional annuity arrangements. On the other hand, while the annuitant is exposed to the risk of a...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10012703078

An eﬃcient Monte Carlo based approach for the simulation of future annuity values

Bacinello, Anna Rita; Millossovich, Pietro; Viviano, Fabio - 2021

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10012615282

Longevity risk measurement of life annuity products

Diffouo, Pauline M. Ngugnie; Devolder, Pierre - 2020

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10013200566