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Equity between with-profits policyholders and shareholders

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  • O'Brien, C. D.

Abstract

This paper considers equity, or fairness, as being based on with-profits life insurers acting in accordance with their contracts. It uses the principles of with-profits business in conjunction with a legal approach to derive implied terms in with-profits contracts. The author examines certain situations of conflict between with-profits policyholders and shareholders. The paper does not regard all concerns put forward on behalf of policyholders’ interests as justified in practice: actuaries and regulators have been alert to issues and in many cases have taken appropriate action. However, it does suggest a number of practices that may be unfair. The paper also suggests that the current process for the reattribution of an inherited estate may favour shareholder interests over policyholder interests.

Suggested Citation

  • O'Brien, C. D., 2012. "Equity between with-profits policyholders and shareholders," British Actuarial Journal, Cambridge University Press, vol. 17(2), pages 435-474, July.
    • Handle: RePEc:cup:bracjl:v:17:y:2012:i:02:p:435-474_00
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