Variable annuity (VA) risk management continues to be a critical issue for many insurers. Legacy books of business continue to provide significant risk exposure to many companies, and VA providers accordingly are trying to find a better balance among customer benefits, the risks companies have assumed, and expected returns for all parties.

The global financial crisis and subsequent economic developments have brought to light critical weaknesses in existing hedge programs. We describe below the opportunity to strengthen these hedge programs by placing them within a formal ERM framework.

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