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2009 Seminar for the Appointed Actuary Colloque pour l’actuaire désigné 2009

2009 Seminar for the Appointed Actuary Colloque pour l’actuaire désigné 2009. Canadian Institute of Actuaries. L’Institut canadien des actuaires. The Actuary and Changing Times John Brierley. PD -2 (Life). RBC Life Invested Assets. RBC Life Liabilities. RBC Insurance.

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2009 Seminar for the Appointed Actuary Colloque pour l’actuaire désigné 2009

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  1. 2009 Seminar for the Appointed Actuary Colloque pour l’actuaire désigné 2009 Canadian Institute of Actuaries L’Institutcanadien des actuaires

  2. The Actuary and Changing Times John Brierley PD -2 (Life)

  3. RBC Life Invested Assets

  4. RBC Life Liabilities

  5. RBC Insurance Canadian Life Canadian Home and Auto Canadian Travel US Life US Travel International Reinsurance

  6. RBC Bank Insurance

  7. Asset Defaults: None in Canadian Life Minor elsewhere in other insurance Equities: Very small segregated fund portfolio Material impact in traditional life Disability: Less impact than expected from an economic downturn Impacts

  8. Lower interest rates Provide for 50% excess credit spread Keeping ahead of ultimate reinvestment rate reductions Looks a lot like last year’s DCAT adverse interest rate scenario Asset Extension Better matching generated liability reductions in CALM Impacts

  9. Small income impact from volatility in the Initial Reinvestment Rate: Market value change on excess HFT assets tends to offset much of the impact of IRR changes Quarterly income volatility from equity assets held in the general account Impacts

  10. Investment Restrictions: Tight money lending conditions Asset sector limits Limitation on commercial mortgages Impacts

  11. Universal Life Less change in policyholder behaviour than expected Deposits still being made No significant difference in fund transfers or partial surrenders Policy lapses not significantly impacted Impacts

  12. No impact from asset default Equity market downturn noticeable Providing for lower interest rates Disability experience slightly adverse Universal Life neutral Asset extension favourable to income Limitations in asset choices “not really that bad a year” Summary

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