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On accounting standards and fair valuation of life insurance and pension liabilities

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  • Peter Løchte Jørgensen

Abstract

The actuarial profession is increasingly teaming up with financial economists for a fruitful cooperation on the proper valuation of life insurance and pension (L&P) liabilities. This has been a natural consequence of a recent sharply increased focus on market values in financial reports of L&P companies from regulators, standard setters, the financial press, stakeholders, and others with an interest in the L&P business. This article provides a financial economist's point of view on recent developments in relation to the fair valuation of L&P liabilities. The role of accounting standards and the background for the international harmonization in this field are first discussed. We then review and explain the concept of fair value and provide a general view on appropriate techniques for estimating fair values of L&P liabilities in accordance with the definition of the concept. The paper also contains a section which briefly reviews recent and quite innovative regulatory initiatives in relation to market value reporting in the Danish market for life and pension insurance.

Suggested Citation

  • Peter Løchte Jørgensen, 2004. "On accounting standards and fair valuation of life insurance and pension liabilities," Scandinavian Actuarial Journal, Taylor & Francis Journals, vol. 2004(5), pages 372-394.
    • Handle: RePEc:taf:sactxx:v:2004:y:2004:i:5:p:372-394
    DOI: 10.1080/03461230410000556
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