TY  - UNPD
A1  - Maurer, Raimond
A1  - Mitchell, Olivia S.
A1  - Rogalla, Ralph
A1  - Siegelin, Ivonne
T1  - Accounting-based asset return smoothing in participating life annuities: implications for annuitants, insurers, and policymakers
T2  - Center for Financial Studies (Frankfurt am Main): CFS working paper series ; No. 518
N2  - This chapter outlines the conditions under which accounting-based smoothing can be beneficial for policyholders who hold with-profit or participating payout life annuities (PLAs). We use a realistically-calibrated model of PLAs to explore how alternative accounting techniques influence policyholder welfare as well as insurer profitability and stability. We find that accounting smoothing of participating life annuities is favorable to consumers and insurers, as it mitigates the impact of short-term volatility and enhances the utility of these long-term annuity contracts.
T3  - CFS working paper series - 518 
Y1  - 2015
UR  - http://publikationen.ub.uni-frankfurt.de/frontdoor/index/index/docId/38288
UR  - https://nbn-resolving.org/urn:nbn:de:hebis:30:3-382887
UR  - http://ssrn.com/abstract=2664095
IS  - August 2015
PB  - Center for Financial Studies
CY  - Frankfurt, M.
ER  -