可变年金——金融稳定性分析

The Geneva Association(The International Associationfor the Study of Insurance Economics)The Geneva Association is the leading international insurance “think tank” for strategically important insuranceThe Geneva Association identifies fundamental trends and strategic issues where insurance plays a substantialrole or which influence the insurance sector. Through the development of research programmes, regularpublications and the organisation of international meetings, The Geneva Association serves as a catalyst forprogress in the understanding of risk and insurance matters and acts as an information creator and disseminator.It is the leading voice of the largest insurance groups worldwide in the dialogue with international institutions.In parallel, it advances—in economic and cultural terms—the development and application of risk managementand the understanding of uncertainty in the modern economy.The Geneva Association membership comprises a statutory maximum of 90 chief executive officers (CEOs) fromthe world’s top insurance and reinsurance companies. It organises international expert networks and managesdiscussion platforms for senior insurance executives and specialists as well as policy-makers, regulators andmultilateral organisations. The Geneva Association’s annual General Assembly is the most prestigious gatheringof leading insurance CEOs worldwide.Established in 1973, The Geneva Association, officially the “International Association for the Study of InsuranceEconomics,” is based in Geneva, Switzerland and is a non-profit organisation funded by its members.Chairman:Dr Nikolausvon Bomhard, Chairman of the Board of Management, Munich Re, Munich.Vice Chairmen:Mr JohnStrangfeld, Chairman and CEO, Prudential Financial, Inc., Newark; Mr KunioIshihara, Chairman of the Board, Tokio Marine & Nichido Fire Insurance Co., Tokyo; Mr MichaelDiekmann,Chairman of the Management Board, Allianz SE, Munich.Members of the Board:Dr CarloAcutis, Vice President, Vittoria Assicurazioni S.p.A., Turin; Dr SergioBalbinot,Managing Director, Assicurazioni Generali S.p.A., Trieste; Mr Henride Castries, Chairman of the ManagementBoard and CEO, AXA Group, Paris; Mr Patrickde Larragoiti Lucas, President, Sul America Seguros, Riode Janeiro; Mr DonaldGuloien, President and CEO, Manulife Financial Corporation, Toronto; Prof. DenisKessler, Chairman and CEO, SCOR, Paris; Mr MichelLiès, Group CEO, Swiss Re Group, Zurich; Mr MikeMcGavick, CEO, XL Group plc, Hamilton; Mr MartinSenn, CEO, Zurich Financial Services, Zurich; MrEstebanTejera Montalvo, 1stVice Chairman, MAPFRE, Madrid; Mr TidjaneThiam, Group Chief Executive,Prudential plc, London; Dr RichardWard, CEO, Lloyd’s, London; Dr YanWu, Chairman and President, ThePeople’s Insurance Company (Group) of China Ltd., Beijing.Secretary General and Managing Director:Mr John H.Fitzpatrick, Basel/Geneva..Vice Secretaries General:Prof. JanMonkiewicz(Head of PROGRES and Liaison—Eastern Europe), Warsaw;Dr h.c. Walter R.Stahel(Head of Risk Management), Geneva.Heads of Programmes and Research Directors:Dr EttiBaranoff(Research Director for Insurance andFinance), Richmond, VA; Dr ChristopheCourbage(Research Director and Head of Health and Ageing andInsurance Economics), Geneva; Mr DanielHaefeli(Head of Insurance and Finance), Geneva; Mr AnthonyKennaway(Head of Communications), Geneva; Prof. KrzysztofOstaszewski(Research Director for Life andSpecial Officers:Mr KatsuoMatsushita(Liaison—Japan & East Asia), Yokohama; Mr RichardMurray(Headof Liability Regimes Project), New York; Dr Hans PeterWürmli(Chairman of Chief Risk Officers Network),Chairman of the Scientific Advisory Council:Prof. HaroldSkipper.Former Presidents of The Geneva Association:Mr RaymondBarre, Paris (1973-1976); Mr Fabio Padoa,Trieste (1976-1983); Mr JuliusNeave, London (1983-1986); Prof. Dr Dr e.h. ReimerSchmidt, Aachen (1986-1990); Sir BrianCorby, London (1990-1993); Drs. Jan H.Holsboer, Amsterdam (1993-1999); Mr WalterKielholz, Zurich (1999-2003); Mr Henride Castries, Paris (2003-2008); Mr Martin J.Sullivan, New York(2008); Mr JacquesAigrain, Zurich (2008-2009).Former Secretaries General of The Geneva Association:Prof. OrioGiarini(1973-2000), Mr Patrick M. and risk management issues.Pensions), Normal, IL.Zurich.Liedtke(2000-2012). Variable Annuities—An Analysisof Financial StabilityEdited by Daniel Haefeli, Head Insurance and Finance, The Geneva Association Geneva | Route de Malagnou 53, CH-1208 Geneva | Tel:+41 22 707 66 00 | Fax: +41 22 736 75 36Basel | Sternengasse 17, CH-4051 Basel | Phone +41 61 201 35 20 | Fax +41 61 201 35 29secretariat@genevaassociation.org│www.genevaassociation.orgMarch 2013Variable Annuities—An Analysis of Financial Stability© The Geneva AssociationPublished by The Geneva Association (The International Association for the Study of Insurance Economics),GenevaThe opinions expressed in The Geneva Association newsletters and publications are the responsibility of theauthors. We therefore disclaim all liability