Assessing Investment and Longevity Risks within Immediate Annuities

Life annuities provide a guaranteed income for the remainder of the recipient’s lifetime, and therefore, annuitization presents an important option when choosing an adequate investment strategy for the retirement ages. While there are numerous research articles studying annuities from a pensioner’s point of view, thus far there have been few contributions considering annuities from the provider’s perspective. In particular, to date there are no surveys of the general risks within annuity books. The present paper aims at filling this gap: Using a simulation framework, it provides a long-term analysis of the risks within annuity books. In particular, the joint impact of mortality risks and investment risks as well as their respective influences on the insurer’s financial situation are studied. The key finding is that, under the model specifications and using annuity data from the United Kingdom, the risk premium charged for aggregate mortality risk seems to be very large relative to its characteristics. Possible reasons as well as economic implications are provided, and potential caveats are discussed

Spectral disentangling with Spectangular

The paper introduces the software Spectangular for spectral disentangling via singular value decomposition with global optimisation of the orbital parameters of the stellar system or radial velocities of the individual observations. We will describe the procedure and the different options implemented in our program. Furthermore, we will demonstrate the performance and the applicability using tests on artificial data. Additionally, we use high-resolution spectra of Capella to demonstrate the performance of our code on real-world data. The novelty of this package is the implemented global optimisation algorithm and the graphical user interface (GUI) for ease of use. We have implemented the code to tackle SB1 and SB2 systems with the option of also dealing with telluric (static) lines

Assessing Investment and Longevity Risks within Immediate Annuities

Life annuities provide a guaranteed income for the remainder of the recipient’s lifetime, and therefore, annuitization presents an important option when choosing an adequate investment strategy for the retirement ages. While there are numerous research articles studying annuities from a pensioner’s point of view, thus far there have been few contributions considering annuities from the provider’s perspective. In particular, to date there are no surveys of the general risks within annuity books. The present paper aims at filling this gap: Using a simulation framework, it provides a long-term analysis of the risks within annuity books. In particular, the joint impact of mortality risks and investment risks as well as their respective influences on the insurer’s financial situation are studied. The key finding is that, under the model specifications and using annuity data from the United Kingdom, the risk premium charged for aggregate mortality risk seems to be very large relative to its characteristics. Possible reasons as well as economic implications are provided, and potential caveats are discussed.Annuities; Lee-Carter Model; Longevity Risk

Spectangular: Disentangling variable spectra

Spectangular is a GUI based software package written in C++ designed for spectral disentangling on the wavelength scale. The code disentangles spectra of SB1 and SB2 systems and can now also be used also for spectra showing variability. In this work, effects of variability caused by telluric lines, line profile, and continuum flux are being investigated. Also shown is the disentangling on spectra from an artificial eclipsing binary. It is now possible to optimize on the flux ratios of each spectrum, making the disentangling a technique for extracting photometric information from spectroscopic observations usually provided by additional photometry. Furthermore, we make some comments about changes to the code since it was first published.Comment: accepted to A&

Crystal structure of barium oxonitridophosphate, Ba3P6O6N8

Ba3N8O6P6, trigonal, P3 (no. 147), a = 7.40227(9) Å, c = 6.3144(1) Å, V = 299.6 Å3, Z = 1, R(I) = 0.008, R(P) = 0.041, T = 297(2) K