In general, conglomeration leads to diversification of risk (the diversification benefit) and a decrease in shareholder value (the conglomerate discount). Diversification benefits in financial conglomerates are typically derived without explicitly accounting for reduced shareholder value....

An attractive life insurance product design becomes increasingly important due to demographic change and a declining confidence in state-run pension schemes. Most life insurance contracts are often offered with investment guarantees embedded in the savings part of the product. In addition,...