Running up on runoff : strategic options for life closed books

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<title>Running up on runoff</title>
<subTitle>: strategic options for life closed books</subTitle>
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<namePart>Hämmerli, Marion </namePart>
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<dateIssued>2021</dateIssued>
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<abstract displayLabel="Summary">The traditional value proposition of life insurance in Europe has been called into question. Breakout moves have not reached industry scale, and as the need for old-age provisioning continues to grow, the challenges continue to increase. These challenges include an ultralow interest-rate environment, which has prevailed for more than a decade; industry-wide structural costs that have not been sufficiently addressed, especially administration and acquisition costs; and a new capital regime (Solvency II) that not only demands higher capital charges for high-guarantee books but also leads to higher volatility in risk capital charges over time.</abstract>
<note type="statement of responsibility">Marion Hämmerli...[et al.]</note>
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