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The Journal of Structured Finance

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Article

An Underexploited Opportunity: Insurance-linked Funding in the Life Space

Ray C Johnson and David S Booysen
The Journal of Structured Finance Fall 2008, 14 (3) 62-69; DOI: https://doi.org/10.3905/JSF.2008.14.3.062
Ray C Johnson
is a senior vice president and capital markets leader at Genworth Financial in New York, NY.
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  • For correspondence: ray.johnson@genworth.com
David S Booysen
is a vice president and capital markets quantitative analytics leader at Genworth Financial in New York, NY.
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  • For correspondence: david.booysen@genworth.com
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Abstract

Life insurance companies have traditionally met funding needs through the issuance of corporate debt and equity. Life-linked financings, which do not have financial recourse back to the insurer, provide insurers with a relatively new, alternative source of funding away from the more traditional forms of corporate finance. At the same time, they provide investors with predictable cash flows that are based solely on underlying insurance risk drivers and are not correlated to alternative investment opportunities. The three ways that the capital markets can be used for financing insurance company needs are to create capital efficiency, to drive earnings growth and return on equity, and to transfer risk. This article starts by explaining the financial underpinnings of a life insurance company’s business model. It reviews the categories of life-linked financing, then provides a credit framework outlining the key life product risk drivers, and finally explains the benefits and opportunities of life-linked investments for both issuers and investors, now and in the future.

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The Journal of Structured Finance
Vol. 14, Issue 3
Fall 2008
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An Underexploited Opportunity: Insurance-linked Funding in the Life Space
Ray C Johnson, David S Booysen
The Journal of Structured Finance Oct 2008, 14 (3) 62-69; DOI: 10.3905/JSF.2008.14.3.062

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An Underexploited Opportunity: Insurance-linked Funding in the Life Space
Ray C Johnson, David S Booysen
The Journal of Structured Finance Oct 2008, 14 (3) 62-69; DOI: 10.3905/JSF.2008.14.3.062
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  • Article
    • Abstract
    • UNDERSTANDING LIFE INSURANCE PRODUCTS AND PROFITABILITY
    • THE BASICS OF LIFE-LINKED FINANCINGS
    • RISK DRIVERS IN THE LIFE SPACE
    • LINKING INSURANCE AND LAPSE RISKS TO THE CAPITAL MARKETS
    • OPTIMIZING INVESTMENT THROUGH PRODUCT MIX
    • A QUALITATIVE CREDIT FRAMEWORK
    • OPTIMIZING LIFE-LINKED FINANCING FOR BOTH INSURER AND INVESTOR
    • CONCLUSION
  • Info & Metrics
  • PDF

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  • Highlights from Structured Finance Association (SFA)
  • Highlights from Global Capital
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