Variable annuities (VAs) are increasingly becoming popular insurance products in many developed countries which provide guaranteed forms of income depending on the performance of the equity market. Insurance companies often hold large VA portfolios and the associated valuation of such portfolios...

Heterogeneity in mortality rates is known to exist in populations, undermining the use of age and sex as the only rating factors for life insurance and annuity products. Life insurers underwrite life products using a variety of rating factors to allow for this heterogeneity. In the case of life...

Guaranteed lifetime withdrawal benefits (GLWB) embedded in variable annuities have become an increasingly popular type of life annuity designed to cover systematic mortality risk while providing protection to policyholders from downside investment risk. This paper provides an extensive study of...