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Example 9

10% 2%

DB from
policyholder's Death strain to
t Premium SA BOP AV Inv. Growth Charges DB payout account insurer
1 15000 17000 15000 1500 330 170 161.7 8.3
2 17000 16008 1600.83 352.183 174.3126 174.3126 0
3 17000 17083 1708.26348 375.818 187.90898 187.9089828 0
10%

Expected PV of
future cashflows
EOY AV Discounting factor PV_DB(t=0) PV_MB(t=0) PV_outflow(t=0) PV inflow BOY
16008.3 0.9090909091 154.5454545455 154.5454545455 15000 -865.8721454546
17082.63 0.826446281 144.06 144.06
18227.17 0.7513148009 141.1788 13694.3436 13835.5224
439.7842545455 14134.12785455
14180.01907825
Expected PV
of future Risk
TVOG cashflows BOY adjustme Fulfillmen
adjacent TVOG post TVOG nt(hardco t
factor cashflows adjustment ded) cashflows CSM
0.947 -45.891224 -819.98092175 25 -794.981 794.9809
Example 9
Underlying items (the policyholder account balances)
10% 2%

t Premium SA BOP AV Inv. Growth Charges DB payout


1 15000 17000 15000 1500 330 170
2 17000 16008 1280.664 345.77928 171.71717
3 17000 16772 1677.20414 368.98491168 18080.261

Changes in fulfilment cash flows t=0 to t=1 t=1 to t=2 t=2 to t=3

Opening balance 0 15436.431864 16487.492


Change related to future service: new contracts -794.98092 0

Effect of the time value of money and


financial risks and the changes therein 1413.41279 1230.2032512 1643.6601
Change related to current service: release from risk -12 -8 -5
Cash flows 14830 -171.14328 18080.261

Closing balance 15436.4319 16487.491835 -

Contractual service margin

Opening balance 0 584.74384798 312.76572


Changes related to future service: new contracts 794.980922 0 0

Change in the variable fee: change in


the fair value of the underlying items 1500 1280.664 1677.2041

Change in the variable fee: effect of


the time value of money and financial
risks and the changes therein -1413.4128 -1230.203251 -1643.66
Changes related to current service:
recognition in profit or loss -296.82429 -322.4388816 -353.3773

Closing balance 584.743848 312.76571516 -7.067547

Statement of profit or loss

Insurance revenue 317.124288 330.43888161


Insurance service expenses -8.3 0 0
Insurance service result 308.824288 330.43888161 0
Investment income 1500 1280.664 1677.2041
Insurance finance expenses -1500 -1280.664 -1677.204

Finance result 0 0 0

Profit 308.824288 330.43888161 0


DB from
policyholder's Death strain to
account insurer EOY AV
161.7 8.3 16008.3
171.14328 0.5738917172 16772.04
18080.26067232 0 18080.26

Interest amount only on cash outflow


Release of risk
income-death outgo

Interest earned on PV

Negative because we have provided the service, so a reduction in profit??

Should be zero in third year

Total

Change in fullfillment cashflows+change in CSM+inv. Growth-investment component in benefit


-8.3 Death strain
Change in fair value
stment component in benefit