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041 _afre
042 _adc
100 1 0 _aMorel, Christophe
_eauthor
700 1 0 _a Poiblanc, Brigitte
_eauthor
245 0 0 _aAn Optional Reading of the Balance Sheets of Life Insurance Companies
260 _c2001.
500 _a26
520 _aUsing options theory, it is possible to work out a formula linking characteristics of life-insurance contracts (maturity, guaranteed return and dividend rate) with the insurer's balance sheet (asset risk, debt leverage). A digital simulation of this relationship, using orders of magnitude characteristic of the life insurance market in France, reveals the "excessive" nature of the constraint imposed by the 85% floor for dividend distribution by the insurers to the insured. Combined with the regulations on guaranteed rates and capital ratio, this standard seems to prevent insurers from extending the range of returns they are able to offer unless they reduce their solvency and, to some extent, increase their risk-taking.
690 _alife insurance
690 _aasset management
690 _aoption theory
786 0 _nEconomie & prévision | o 149 | 3 | 2001-06-01 | p. 65-71 | 0249-4744
856 4 1 _uhttps://shs.cairn.info/journal-economie-et-prevision-1-2001-3-page-65?lang=en
999 _c157599
_d157599