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Title:

2007 Annual Meeting Assemble annuelle 2007

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The views you are about to hear do not necessarily ... Steve Bocking, FSA, FCIA. Associate Manager, Individual Life. Great West Life. 2007 Annual Meeting ... – PowerPoint PPT presentation

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Title: 2007 Annual Meeting Assemble annuelle 2007


1
Canadian Institute of Actuaries
LInstitut canadien des actuaires
  • 2007 Annual Meeting ? Assemblée annuelle 2007
  • Vancouver

2
Life Pricing Hot Topics
  • Pardon the Interruption
  • Disclaimer
  • The views you are about to hear do not
    necessarily reflect the views of any company, and
    may just be put forth for the sake of generating
    discussion

3
The Panel
  • Mark Edwards, FSA, FCIA
  • AVP and Pricing Actuary
  • Individual Insurance Life and Living Benefits
  • Manulife Financial
  • Robert Bhatia, FSA, FCIA
  • AVP Life Pricing
  • Transmerica Life Canada
  • Steve Bocking, FSA, FCIA
  • Associate Manager, Individual Life
  • Great West Life

4
LCOI Profitability
  • Opinion about own Companys profitability!

Source 2006 Munich Re Pricing Survey
5
Interest Rates
  • Coincidence?

Source 2006 Munich Re Pricing Survey
6
Lapse Rates
  • 2007 LCOI Composite Rates

Source 2007 CIA Lapse Study
7
Lapse Rates
  • 2003 vs. 2007 LCOI Lapses

Source 2007 CIA Lapse Study
8
Limited Pay UL
  • How big is the market?
  • Will it just replace existing sales?
  • Is it profitable?
  • Do we have accurate experience?

9
Term Prices
  • MNS Age 40, 300,000, Term 10

Source Transamerica Life Canada
10
Term Prices
  • R ratio of renewal premium to initial premium
  • S ratio of renewal premium to newly underwritten
    attained age initial premium

Source Transamerica Life Canada
11
T10 Lapses
  • Whats the real answer?

Source 2006 Munich Re Pricing Survey
12
Is Term 20 Better?
  • MNS Age 40, 300,000

Source Transamerica Life Canada
13
Quick Pay
14
Conversions
  • Significant portion of 2006 new business sales
  • Over 20 of UL Level COI sales
  • Nearly 15 overall UL sales
  • Are we encouraging through compensation?

15
Reinsurance Ceded
Where are we going next?
Source Various
16
Consolidation
17
Large Case Pricing
  • A lot money out there
  • What capacity is available, and is it enough?
  • Should prices move up or down?
  • Market conduct

18
Conserving Business
  • YRT to Level COI Switches
  • Single to JLTD
  • JFTD to JLTD
  • T10 to T20
  • Anything for my top advisors

19
  • Odds Makers

20
Banks in Insurance
  • Odds that banks will have no restrictions in
    selling insurance within 5 years? Within 10
    years?

21
Time to Place
  • Odds that the industry average time to place will
    be less than 20 days by 2010? 2015?

Source 2006 Munich Re Pricing Survey
22
New Business Growth
  • Odds that in 2007
  • Term grows by 6
  • UL grows by 15
  • Other Products grow by 3
  • Overall grows by 10

23
Advisors
  • Odds that we may see a movement to levelized
    commissions in the next 5 years? 10 years?

24
Exam System
  • Odds that the SOA will change the exam system
    within the next five years (AGAIN!)

25
Acquisition
  • Odds of a major acquisition in the Canadian
    market within 5 years

26
  • Toss Up!

27
Preferred Products
No Changes
New Designs on their way
OR
Preferred?
28
Foreign Travel
Risky Proposition
Much Ado About Nothing
OR
29
Combo Products
Industrys next product innovation
All talk no action
OR
30
Audience Toss Up?
Will they participate?
Wont they?
OR
31
Admin Systems
Gateway to Information for Pricing
Barrier to Information for Pricing
OR
32
  • Final Thoughts???
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