Transactions of the Faculty of Actuaries最新文献

Improving the Performance of Equity Portfolios 提高股票投资组合的绩效

Transactions of the Faculty of Actuaries Pub Date : 1988-12-01 DOI: 10.1017/S0071368600009897

R. S. Clarkson, J. Plymen

引用次数: 16

Marketing of Retail Financial Services 零售金融服务市场营销

Transactions of the Faculty of Actuaries Pub Date : 1988-09-01 DOI: 10.1017/S007136860000985X

M. Iqbal

{"title":"Marketing of Retail Financial Services","authors":"M. Iqbal","doi":"10.1017/S007136860000985X","DOIUrl":"https://doi.org/10.1017/S007136860000985X","url":null,"abstract":"1.1 In recent years insurance companies have begun to employ marketing techniques in search of greater success in an increasingly competitive market place. Several companies have Marketing Departments. However, those who have used marketing techniques most efficiently are not necessarily those with the largest departments. 1.2 Too often marketing is confused with promotion which is but one facet of a multi-faceted discipline. Another common mistake is to regard marketing as a subset of selling. This is understandable because most senior marketing appointments in the insurance industry have gone to people with a sales background. Levitt in his classic article Marketing Myopia in Harvard Business Review said: “Selling focuses on the needs of the seller; marketing on the needs of the buyer. Selling is preoccupied with the seller's need to convert his product into cash; marketing with the idea of satisfying the needs of the customer by means of the product and the whole cluster of things associated with creating, delivering and finally consuming it. The selling concept starts with the company's existing products and calls for heavy promotion and selling to achieve profitable sales. The marketing concept is a customers' needs and wants orientation backed by integrated marketing effort aimed at generating customer satisfaction as a key to satisfying customer goals. The determination of what is to be produced should not be in the hands of the companies but in the hands of the customers. The companies produce what the consumers want and in this way maximize consumer welfare and earn their profits.”","PeriodicalId":121129,"journal":{"name":"Transactions of the Faculty of Actuaries","volume":"124 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1988-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115207927","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 5

Objectives and Methods of Funding Defined Benefit Pension Schemes 设定受益退休金计划的目标和资助方法

Transactions of the Faculty of Actuaries Pub Date : 1987-09-01 DOI: 10.1017/S007136860000923X

D. J. McLeish, C. M. Stewart

引用次数: 22

A Market Equilibrium Model for the Management of Ordinary Share Portfolios 普通股投资组合管理的市场均衡模型

Transactions of the Faculty of Actuaries Pub Date : 1983-06-01 DOI: 10.1017/S0071368600008739

R. S. Clarkson

{"title":"A Market Equilibrium Model for the Management of Ordinary Share Portfolios","authors":"R. S. Clarkson","doi":"10.1017/S0071368600008739","DOIUrl":"https://doi.org/10.1017/S0071368600008739","url":null,"abstract":"The paper describes the construction and application of a general price model based on the hypothesis that prices within an ordinary share market are in equilibrium after all participants have acted on their interpretation of the information available to them. The model can be regarded as a space time co-ordinate system in that all the attributes which affect the price of a share are described in terms of numerical scales and all the measurable changes over time in the equilibrium position correspond to changes in the position of a surface in 4-dimensional space. The application of the model to the U.K. ordinary share market is described. In particular, it is shown how the relative performance of a share can be resolved into various short-, medium- and long-term components, each of which can be studied in isolation using the model as a frame of reference. In the light of this practical experience, a detailed description of the price formation process within an ordinary share market is obtained. Since the principles underlying the practical application of the model have virtually nothing in common with the Modern Portfolio Theory methods currently in use in the United States, an attempt is made to reconcile the differing conceptual approaches. The empirical results of the market equilibrium model indicate that the theoretical foundations of Modern Portfolio Theory are somewhat insecure, and it is therefore concluded that the market equilibrium model offers the better scientific framework for the management of ordinary share portfolios.","PeriodicalId":121129,"journal":{"name":"Transactions of the Faculty of Actuaries","volume":"143 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1983-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115110496","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 17

Proposals for the Statutory Basis of Valuation of the Liabilities of Long-Term Insurance Business 关于长期保险业务负债估值法定依据的建议

Transactions of the Faculty of Actuaries Pub Date : 1975-09-01 DOI: 10.1017/S0071368600009447

R. Bews, P. A. Seymour, A. Shaw, F. Wales

{"title":"Proposals for the Statutory Basis of Valuation of the Liabilities of Long-Term Insurance Business","authors":"R. Bews, P. A. Seymour, A. Shaw, F. Wales","doi":"10.1017/S0071368600009447","DOIUrl":"https://doi.org/10.1017/S0071368600009447","url":null,"abstract":"OF THE DISCUSSION Mr P. A. C. Seymour, introducing the paper, said that the Working Party had been asked to consider possible modifications of the valuation method embraced in the six principles which, when combined with assets taken at market values, would ensure a reasonable standard of adequacy in times of rapidly changing interest rates, and which could be expressed in statutory rules. Mr Seymour said he would mention three points which arose in the Faculty discussion the previous week. In Table (a) of Appendix 2 asset values were tabulated based on discounting the net interest receipts and the gross redemption value at the net valuation rate of interest. It had been suggested the previous week that in practice the market value of the stock would be lower, being determined by discounting the gross interest and redemption proceeds at the gross rate of interest. While that might be true, it was not really relevant. As stated in 5.4.8 the valuation interest rate should be based upon the net redemption yield, not upon the gross redemption yield net of tax;. As could be expected, there had been some speakers who favoured the gross premium method. As had been demonstrated in Appendix 5, a gross premium method was extremely sensitive to a difference in the interest rate between the premium basis and the valuation basis. Furthermore, there was great difficulty in deciding what should be laid down in the regulations as a reasonable allowance for future bonuses and expenses. One suggestion to deal with the negative value problem, which had been heard from several gross premium supporters, was that a lapse assumption should be built into the valuation. It had been claimed that such an assumption had the effect of reducing the mean term of the liabilities, making it more feasible to match and reducing the negative values arising. Apart from the difficulty of deciding on what lapse assumption to make, there were other dangers which might be illustrated with a topical example, the income bond. Mr Seymour felt that the correct matching procedure was to invest in negotiable securities yielding the required fixed income and redeemable on the maturity date for the required amount. The surrender values should then be based on the value of such assets at the time of surrender. It seemed quite wrong to guarantee surrender values in sterling, and then invest some of the assets shorter to cover an estimated lapse rate. If more lapses occurred than expected there was mismatching to the surrender values, and if less lapses occurred there was mismatching to the maturity values. Furthermore, selection against the office would tend to aggravate losses. The point was that it was impossible to match surrender and maturity values at the same time; lapses should therefore be ignored in the matching policy. At the Faculty meeting it had been stated that practicalities should not be forgotten. It had, for example, been suggested that condensing a valuation into a single prese","PeriodicalId":121129,"journal":{"name":"Transactions of the Faculty of Actuaries","volume":"34 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1975-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125034119","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 10

Notes on the Financial Times–Actuaries Index in 1975 1975年英国《金融时报》精算师指数注释

Transactions of the Faculty of Actuaries Pub Date : 1973-06-01 DOI: 10.1017/S0071368600009551

J. Brumwell

引用次数: 0

Social Security and Occupational Pension Schemes 社会保障和职业养老金计划

Transactions of the Faculty of Actuaries Pub Date : 1968-09-01 DOI: 10.1017/S0071368600007898

C. S. S. Lyon

引用次数: 0

Investment Policy and Index Numbers 投资政策和指数

Transactions of the Faculty of Actuaries Pub Date : 1956-12-01 DOI: 10.1017/S0071368600006595

H. W. Haycocks, J. Plymen

{"title":"Investment Policy and Index Numbers","authors":"H. W. Haycocks, J. Plymen","doi":"10.1017/S0071368600006595","DOIUrl":"https://doi.org/10.1017/S0071368600006595","url":null,"abstract":"It is more than 25 years since the subject of Index Numbers and their application to Investment Policy was last discussed by the Faculty (See C. M. Douglas, T.F.A. 12 and A. C. Murray, T.F.A. 13). When these papers were written, ordinary shares were only just beginning to be recognised as suitable investments for Life Assurance Funds. Douglas and Murray anticipated that as ordinary shares became more popular with the offices, index numbers would be useful for the following purposes:— (1) Assessing the current position relative to the trade cycle; if this could be achieved, the timing of share purchases and sales would be greatly facilitated. (2) Comparing the prospects for the different industries. As a result of these original papers, the Actuaries Index Service commenced in 1930. In this paper, the authors review developments that have taken place in investment policy over the last 25 years, and study the contribution to these policy considerations that the Actuaries Index and other Index Numbers can provide. The paper is divided into five parts as follows:— Part I deals with the various economic and market factors which affect the level of share prices; usually share prices are closely correlated with the level of business activity. Sometimes, however, as in 1949 share prices fall, due to conditions overseas, without a corresponding decline in business activity. Practical uses of the Index are discussed in Part II. Particulars are given of the numerous applications of Share Indexes to problems arising in day-to-day investment management. In this part also, the authors describe certain techniques, developed to deal the first objective of Douglas and Murray (i.e. that of assessing the current position relative to the trade cycle). It is suggested that these techniques, which involve comparison of the Share Index with Activity Indexes, and with the Financial Times Industrial Profits Tables, merit investigation, and provide an interesting field for research. Finally, details are given of an investigation into the results of a portfolio of ordinary shares held over 25 years. This investigation shows that the appreciation of ordinary shares, both as regards capital and dividends, has to a large extent kept in step with the very considerably increased cost of living, sustained during this period. In Part III, reference is made to recent Institute Papers, where the principle has been developed of selecting investments according to the “expected yield” (See J. B. H. Pegler, J.I.A. 74 and H. G. Clarke, J.I.A. 80). An attempt is now made to extend these ideas and consideration is also given to the link up between the “expected yield” of an ordinary share, the “earnings yield”, and the return provided by new money invested in the company concerned. Part III concludes with an investigation, based on Actuaries Investment Index data, showing the comparative results of purchasing shares carrying low, medium or high dividend yields. For the period 1950 to 1955","PeriodicalId":121129,"journal":{"name":"Transactions of the Faculty of Actuaries","volume":"1990 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1956-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131022905","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 6

The Growth of Pension Rights and their Impact on the National Economy 养老金权利的增长及其对国民经济的影响

Transactions of the Faculty of Actuaries Pub Date : 1954-12-01 DOI: 10.1017/S0071368600006364

F. Bacon, B. Benjamin, M. Elphinstone

引用次数: 5

Heights and Weights. 身高和体重。

Transactions of the Faculty of Actuaries Pub Date : 1925-07-01 DOI: 10.1017/S0071368600005917

G. J. Lidstone

引用次数: 0