Interest rate guarantees seem to be included in lifeinsurance and pension products in most countries. The exact implementations of these guarantees vary from country to countryand are often linked to different distribution of investment surplusmechanisms...

Annual minimum rate of return guarantees are analyzed together with rules: for the distribution of excess return, i.e., annual return above the guarantee. The set of, in a specific sense, fair contracts is charactcrizcd with and without a bonus account consisting of accumulated...