This paper proposes an innovative retirement product with a focus on longevity risk sharing, a contract we refer to as …, particularly for advanced retirement ages. Using real-world mortality data and stochastic multi-population mortality model, we find … presence of longevity shock, and therefore could reduce the insurer's required solvency capital under latest solvency …

for delta and gamma hedges against cohort-based longevity risk. We exploit the correlation between the mortality …

contract maturities. We analyze the effects of these features on the company's insolvency while embracing the insurer's goal to …