附动态提款权的权益联结型年金的准备金研究(英文)-豆柴文库

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附动态提款权的权益联结型年金的准备金研究(英文)
ResearchonReserveofEquity-LinkedAnnuitieswithDynamicWithdrawalRights
Abstract:
Theequity-linkedannuitywithdynamicwithdrawalrights(ELADWR)isakindofinsuranceproductthatcombinesthecharacteristicsoftraditionalannuitiesandvariableannuities,whichallowsinvestorstoreceivelifelongincomepaymentswhilemaintainingthepotentialforinvestmentgrowth.However,comparedwithtraditionalannuities,ELADWRsaresubjecttoahigherdegreeofinvestmentriskbecauseofthemarketfluctuations.Thus,thereserveforELADWRsismorecomplicated.Inthispaper,wediscussthereservecalculationmethodsandriskmanagementmeasuresforELADWRs,focusingontheimpactofdynamicwithdrawalrightsonreserveadequacy.
Introduction:
Inrecentyears,theagingofthepopulationhasbecomeacommonglobalphenomenon,andthedemandforretirementincomesecurityhasincreasedsignificantly.Annuityproductshaveplayedanincreasinglyimportantroleinsolvingtheretirementincomegapformanypeople.Amongthem,theequity-linkedannuitywithdynamicwithdrawalrightsisarelativelynewproductthatcombinesthestabilityoftraditionalannuitiesandthepotentialforgrowthofvariableannuities,whichhasgraduallyattractedtheattentionoftheinsurancemarket.
TheELADWRisaninnovationofthetraditionalannuityproduct.Itnotonlyguaranteesthepaymentofregularincomefortherestoftheholder'slifebutalsoprovidestheopportunityforinvestmentgrowththroughinvestmentinadesignatedfund.ThewithdrawaloffundsinELADWRisnotcompletelyfixed,butcanbeadjustedaccordingtomarketvalue,interestrates,investmentreturn,andotherfactors.Thus,theincomepaymentatthebeginningmayberelativelylow,butwillincreaseasinvestmentreturnsandmarketperformanceimprove.Thisisdifferentfromtraditionalannuities,whichprovideafixedincomestream.
Asanewtypeofinsuranceproduct,ELADWRshaveuniquefeaturesandrisks,especiallyintermsofreserveadequacy.Sincetheinvestmentperformanceofthedesignatedfundisaffectedbythemarketfluctuations,thereservecalculationofELADWRismoresensitivetomarketriskthantraditionalannuities.Moreover,thedynamicwithdrawalrightsalsohaveasignificantimpa