1. Seminar on Market-consistent Valuation of Insurance Contracts Opening Remarks Joost Driessen (UvA and Netspar)

2. The history of today’s seminar… March 2005: Start of Netspar National research network on pensions, aging, and retirement Partners: Pension funds, banks, insurance companies, public sector and universities December 2005: Netspar grants 1 million Euro to UvA to stimulate research in finance & insurance The result: A new Amsterdam Center for Finance and Insurance (ACFI) at the UvA Director: Prof. Antoon Pelsser

3. Amsterdam Center for Finance and Insurance Goal is to bridge the gap between finance and insurance Academic research Teaching Interaction with practitioners Current members: Prof. Antoon Pelsser, Prof. Peter Boswijk, Prof. Rob Kaas, Prof. Marc Goovaerts, Dr. Joost Driessen 6 affiliated researchers and 1 new Postdoc researcher and 2 new PhD students

4. Bridging the Gap The aim of the ACFI is to bridge the gap between finance and actuarial science Market-consistent valuation of insurance and pension liabilities ACFI also aims to bridge the gap between “academics” and “practitioners” Translate theoretical concepts into practical “rules- of-thumb” for the industry (e.g. valuation rules) Translate theoretical insights into practical advice (e.g. insights on optimal investment policies into ALM strategies)

5. Amsterdam Center for Finance and Insurance Activities Academic research papers Applied research papers Workshops and seminars Courses at UvA and Netspar’s Master’s program Today’s seminar Kick-off event Organized jointly with the Actuarieel Genootschap

6. Further information Website (under development) www.feb.uva.nl/acfi Netspar www.netspar.nl Actuarieel Genootschap http://www.ag-ai.nl

7. Program 09.45Hans Bühlmann / Mario Wüthrich: Multidimensional Actuarial Valuation 11:00Torsten Kleinow: Fair Valuation of With- Profit Insurance Contracts with Interest Rate Guarantees 12:00Lunch (foyer) 13:00Guus Boender / Hans Steehouwer: Market Consistent Asset and Liability Management 14:00John Hele: How the stock market may view market-consistent valuations 15:00Break (foyer) 15:30Niels Kortleve: Market-Consistent ALM for Pension Funds 16:30Antoon Pelsser: Utility-based Pricing of Insurance Contracts 17:30 – 18.30Drinks (foyer)