Asset and liability management (ALM)
Reversal of fortune
Inverted swap spreads have defied earlier predictions that they were a short-term aberration to still be a feature 18 months after their first appearance. Is this set to continue and, if so, does it pose an opportunity for pension schemes and insurers?…
Sponsored statement: Standard Chartered – winning for clients in Asia, Africa and the Middle East
Standard Chartered delivered an impressive set of results for 2009 even as its competitors across the world continued to suffer the fallout of the financial crisis. Group head of financial markets, Lenny Feder, talks about the successes of the year and…
Risk Espana rankings 2010
Changing of the guard
Negative carry presents corporate hedging conundrum
Steep interest rate yield curves cause corporate treasurers to focus on the cost of carry.
In search of the perfect match
Demand from pension funds for structured products has slumped during the financial crisis due to the great sell-off of equity risk. But the downturn has raised awareness of how derivatives can help match assets and liabilities, a strategy that is on the…
Variable annuities: waiting for the next generation
A few years ago European insurers were issuing increasing numbers of guaranteed products that resembled structured notes. What scope is there for this type of business today? By John Ferry
Replicating success
The financial crisis drummed home to many banks the advantages of quickly calculating exposures and executing hedges for complex portfolios. As a result, some banks are looking to the insurance sector and their use of replicating portfolios. By Clive…
The PPF principle
The result of the recent economic dislocation is an increase in corporate insolvencies - many of which will result in deficit-ridden pension schemes falling into the lap of the UK's Pension Protection Fund. It is timely that the organisation has reviewed…
On debt row
Feature
Foreign insurers continue their exodus from Taiwan market-place
Taiwanese insurance industry reeling due to capital concerns
Study: pension funds should amend ALM risk models
European pension funds would experience greater stability if regulators amended asset liability management (ALM) rules to permit short-term risk taking using internal risk management models, a new paper argues.
Getting the green light
Regulator Q&A
Downward spiral
ALM
A creditable spread
Credit
Inflated or deflated?
Inflation trading
Seeking consensus on LDI
Pensions
Treasury-plus
Profile
Supply-side economics
Pensions
Incorporating policyholder expectations into ALM
European life insurers have recently improved their asset/liability management (ALM) skills.However, those efforts have been limited to the matching of guaranteed policyholder benefits.While bringing considerable insight, they also leave management with…
Hedging of corporate pension liabilities
Bernd Scherer here proposes a normative theory of asset/liability management that views externally funded pension funds exclusively from a corporate finance point. Standard asset management solutions are derived after the corporate finance problem has…
Insurance optional
Asset/liability management