market. Individuals prefer contributions and benefits to depend on the evolution of aggregate mortality rates rather than …

selling policies with minimum guaranteed rate of return, profit participation and annuitization option at maturity. The life … then projected forward under stochastic financial markets and stochastic mortality developments. Different scenarios are … proposed, with particular focus on a prolonged period of low interest rates and strong reduction in mortality rates. Results …

A tontine provides a mortality driven, age-increasing payout structure through the pooling of mortality. Because a …