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8/2/2019 Innovative Approaches to Managing Longevity Risk in Asia: Lessons from the West
8/27
KMEF Plunfb` _kpcu 737 Ulv
4
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8/2/2019 Innovative Approaches to Managing Longevity Risk in Asia: Lessons from the West
9/27
KMEF Plunfb` _kpcu 737 Ulv
0
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8/2/2019 Innovative Approaches to Managing Longevity Risk in Asia: Lessons from the West
10/27
KMEF Plunfb` _kpcu 737 Ulv
:
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8/2/2019 Innovative Approaches to Managing Longevity Risk in Asia: Lessons from the West
11/27
KMEF Plunfb` _kpcu 737 Ulv
6
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8/2/2019 Innovative Approaches to Managing Longevity Risk in Asia: Lessons from the West
12/27
KMEF Plunfb` _kpcu 737 Ulv
;?
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="7 Jckh}j Czpcbmf}sucw fb Wchcg}cm Glsb}ufcw]l wlic cz}cb}( hlcu hctchw ld pcu gkpf}k jckh}j czpcbmf}suc fb Fbmfk kbm Fbmlbcwfk czphkfbhlcu hfdc czpcg}kbgv fb }jlwc glsb}ufcw" ]jc pcu gkpf}k jckh}j czpcbmf}suc fb }jcwc }lglsb}ufcw fw lbhv lbc }jfum ld }jc gluucwplbmfb` hctch fb }jc _UG *]kehc 6&( k glsb}uv }jk}uchk}ftchv sbmcuwpcbmw lb jckh}j gkuc" Akpkb jkw hlcu pcu gkpf}k jckh}j czpcbmf}suc }jkb khh}jc l}jcu dftc ikalu mctchlpcm glsb}ufcw F jktc czkifbcm es} hlb`cu hfdc czpcg}kbgv( ws``cw}fb`}jc cddfgfcbgv ld f}w jckh}j gkuc wvw}ci" ]jc SW jkw k mfwpulplu}flbk}chv jf`j czpcbmf}suc hctchlb jckh}j gkuc fb uchk}flb }l }jc jckh}j ls}glicw ld f}w plpshk}flb( kbm }jsw f} fw bl} k `llm
8/2/2019 Innovative Approaches to Managing Longevity Risk in Asia: Lessons from the West
13/27
KMEF Plunfb` _kpcu 737 Ulv
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KMEF Plunfb` _kpcu 737 Ulv
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8/2/2019 Innovative Approaches to Managing Longevity Risk in Asia: Lessons from the West
15/27
KMEF Plunfb` _kpcu 737 Ulv
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KMEF Plunfb` _kpcu 737 Ulv
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8/2/2019 Innovative Approaches to Managing Longevity Risk in Asia: Lessons from the West
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8/2/2019 Innovative Approaches to Managing Longevity Risk in Asia: Lessons from the West
21/27
KMEF Plunfb` _kpcu 737 Ulv
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8/2/2019 Innovative Approaches to Managing Longevity Risk in Asia: Lessons from the West
22/27
KMEF Plunfb` _kpcu 737 Ulv
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]jc wf}gj duli ME }l MG jkw hcm }l k dshh }ukbwdcu ld pcbwflb ufwn duli ciphlvcuw }lciphlvccw" ]jc dkw} `ul}j ld MG wgjcicw( ilw}hv }jc }ukmf}flbkh fbmftfmskh MG kuukb`cicb}w(jkw hcd} ifhhflbw ld wktcuw f}j mfddfgsh} wktfb` kbm fbtcw}icb} mcgfwflbw kbm czplwcm }jci }l}jc ufwnw ld sbmcu)wktfb` kbm pl}cb}fkhhv hku`c fbtcw}icb} hlwwcw"
]jc Ms}gj czpcufcbgc ld glhhcg}ftc MG wgjcicw lddcuw wlic ucicmfcw }l khhl ufwn)wjkufb` k}hckw} kilb` pcbwflb pku}fgfpkb}w" Ufwn)wjkufb` jkw eccb pku}fkhhv fbw}f}s}flbkhfqcm fb }jc dfuw}pfhhku w}k}s}luv w}k}c pcbwflb wgjcicw fb ikbv glsb}ufcw" Wfifhku ufwn)wjkufb` gkb ec kgjfctcm fb}jc wspphcicb}kuv pcbwflb wvw}ci }juls`j glhhcg}ftc kuukb`cicb}( kbm fw ld pku}fgshkuuchctkbgc }l iciecuw ld MG phkbw"
]jc ikfb mfw}fbg}flb ec}ccb glhhcg}ftc kbm fbmftfmskh wgjcicw fw }jk} }jc dluicu pllhwiciecuw fbtcw}icb}w }l`c}jcu kbm khhlw ufwn }l ec wjkucm ec}ccb pku}fgfpkb}w" Dluciphlvcuw( }jc glhhcg}ftc MG wgjcicw kuc wfifhku }l glbtcb}flbkh lbcw( kw }jcv lshm ikncdfzcm glb}ufes}flbw kbm pultfmc bl `skukb}cc }lkum ds}suc pcbwflb pkvls}w" Dlu ciphlvccw(glb}ufes}flbw lshm ec pkfm fb}l k glhhcg}ftc dsbm ikbk`cm ev k }usw}cc fbw}ckm ld fbmftfmskhwktfb`w kgglsb}w( }jsw ucmsgfb` }jc fipkg} ld fbtcw}icb} hlww kbm pl}cb}fkhhv fbguckwfb` }jcwcgsuf}v ld uc}fucicb} fbglic" Fb }jc elln Glw}w $ Ecbcdf}w ld Glhhcg}ftc _cbwflb Wvw}ciw*5??0&;:
Jlctcu( }jcuc kuc bc pulehciw kwwlgfk}cm f}j glhhcg}ftc wgjcicw" F} }ukbwdcuw ufwnw kbmtkhsc ec}ccb gsuucb} kbm ds}suc `cbcuk}flbw( ikhc kbm dcikhc( kbm }jc wfgn kbm jckh}jv(hckmfb` }l sbc{skh mfw}ufes}flb ld glw}w kbm ecbcdf}w" F} fw khwl bl} `ckucm }l jc}cul`cbclswpku}fgfpkb}w kw ilw} glhhcg}ftc wgjcicw fiplwc fmcb}fgkh glb}ufes}flb kbm fbmczk}flb ushcw dlu khh
( }jc ks}jluw w}k}cm }jk} ufwn)wjkufb` f}jfb kbm kgulww `cbcuk}flbw fipultcw }jcktcuk`c ucwsh} }l }jc pku}fgfpkb}w" Fb kmmf}flb( glbwlhfmk}flb ld pcbwflb dsbmw khwl fipultcwglw} cddfgfcbgv msc }l cglblifcw ld wgkhc" ]jc ks}jluw gkhgshk}cm }jk} glw}w pcu pku}fgfpkb} }l
ikbmk}luv fbmsw}uv)fmc pcbwflb dsbmw kuc wf`bfdfgkb}hv hlcu }jkb glipkbv pcbwflb dsbmw kbm}jc glw}w ld glhhcg}ftc pcbwflb dsbmw kuc hlcu }jkb puftk}c wgjcicw"
;:W}ccbeccn kbm Tkb Mcu Hcg{ 5??0"
8/2/2019 Innovative Approaches to Managing Longevity Risk in Asia: Lessons from the West
23/27
KMEF Plunfb` _kpcu 737 Ulv
5;
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4"0 Ucbc`l}fk}cm Ecbcdf}w
Wl dku( mcek}c jkw eccb ucw}ufg}cm }l mfwgswwfb` }jc }ukbwdcuufb` kbm wjkufb` ld hlb`ctf}v ufwnec}ccb w}kncjlhmcuw" K``uc`k}c hlb`ctf}v ufwn jkw }l ec ctcb}skhhv kwwsicm ev wliclbc( kbmf}w sbgcu}kfb}v jkw ikmc }jc pultfwflb ld hlb`ctf}v ufwn wlhs}flbw dlu fbmftfmskhw kbm pcbwflbdsbmw fbguckwfb`hv mfddfgsh}" Kw hlb`ctf}v dsu}jcu fbguckwcw kbm plpshk}flbw k`c( wlic ld }jc lhmk`c pulifwcw kuc hfnchv }l ec ucbc`cm kbm wlic ucbc`l}fk}cm" ]jc sh}fik}c wlhs}flb }l puctcb}fbmftfmskhw duli wktfb` fbwsddfgfcb}hv dlu uc}fucicb} kbm }l puctcb} puftk}c kbm psehfg pcbwflbphkbw duli kggsishk}fb` mcdfgf}w fw pcbwflb ucdluiw" ]jcuc fw k bccm dlu ucdluiw }jk} cbglsuk`ckbm khhl pclphc }l lun hlb`cu kw }jcv hftc hlb`cu( wktc iluc kbm mcpcbm hcww lb ciphlvcuwkbm `ltcubicb}w" Khh ld }jcwc ucdluiw gkb ec iluc ckwfhv kgjfctcm fb ikbv Kwfkb glsb}ufcw(jcuc `ltcubicb}w kuc w}ku}fb` }l mfucg} ucwlsugcw }l pcbwflb wvw}ciw kw plpshk}flbw k`c"
0" HLB@CTF]V UFWN WLHS]FLBW DLU HLP KBM IFMMHCFBGLIC KWFKB GLSB]UFCW
]jc keltc mfwgswwcm wlhs}flbw if`j} lun fb }jc ilw} kmtkbgcm Kwfkb ikunc}w hfnc Akpkb kbmJlb` Nlb`( Gjfbk( es} dlu }jc ikaluf}v ld Kwfk( jfgj bccmw }l mckh f}j hlb`ctf}v ufwn( }jcpukg}fgkh kbm ckwfcu wlhs}flb fw cmsgk}flb kbm }jc kgnblhcm`cicb} }jk} uc}fucicb} k`cw bccm}l iltc f}j hlb`ctf}v" Ish}f)pfhhkucm uc}fucicb} pultfwflb kbm ufwn)wjkufb` kuc }jc iluc dckwfehckbm dkfu wlhs}flbw" Es} kw gkpf}kh ikunc}w mctchlp kbm ecglic iluc wlpjfw}fgk}cm( Kwfkbfbtcw}luw kbm `ltcubicb}w wjlshm }knc fb}l kgglsb} }jc mfddcucbgcw ec}ccb cw}cub kmtkbgcmglsb}ufcw kbm Kwfkb glsb}ufcw( jcuc plpshk}flbw kuc k`fb` es} kuc bl} kw ufgj" Fb lsu lpfbflb(wktfb`w fb Kwfk wjlshm glb}fbsc }l ec jf`jcu fb gliefbk}flb f}j l}jcu pul`ucwwftc fbw}f}s}flbkhmctchlpicb}w lb }jc pcbwflbw( fbwsukbgc( ucfbwsukbgc kbm kbbsf}v dulb}w"
]jc plhfgv hcwwlb }jk} Kwfk gkb }knc duli }jc iluc ik}suc Csulpckb glsb}ufcw kbm Akpkb fw}jk} uc}fucicb} k`cw ls`j} }l ec hfbncm }l hfdc czpcg}kbgv" Fb Akpkb( Ucpsehfg ld Nluck( Iczfgl(_lu}s`kh( ]suncv kbm }jc SN( }jc cddcg}ftc uc}fucicb} k`c *ikhc( dcikhc lu el}j& fw `uck}cu }jkb}jc lddfgfkh uc}fucicb} k`c" Ikbv lhmcu pclphc bccm }l nccp lb lunfb` ecvlbm bluikhuc}fucicb} k`c kw }jcv dfbm }jk} }jcfu uc}fucicb} fbglic fw fbwsddfgfcb}"
Wsw}kfbfb` czpcbmf}sucw fb lhm k`c gkb ec kddlumkehc fd fbmftfmskhw jktc cbls`j wktfb`w( lu fd`ltcubicb} esm`c} ekhkbgcw kuc fb `llm wjkpc( lu fd fb}cu`cbcuk}flbkh }ukbwdcuw kuc ikmc"Jlctcu( pl}cb}fkh kmmf}flbkh wlsugcw ld fbglic fb lhm k`c kuc uchk}cm }l ale lpplu}sbf}fcw dlu}jc chmcuhv( wlgfc}vw k}}f}smcw }lkumw dhczfehc uc}fucicb}( kbm jckh}j glbmf}flbw" ]kehc ;=
fhhsw}uk}cw ikhc kbm dcikhc lunphkgc pku}fgfpk}flb uk}cw dlu }jc 334= k`c `ulsp fb Kwfkbglsb}ufcw( kbm mcilbw}uk}cw k hku`c ikhc)dcikhc pku}fgfpk}flb `kp kw licb }cbm }l uc}fucisgj ckuhfcu }jkb icb"
8/2/2019 Innovative Approaches to Managing Longevity Risk in Asia: Lessons from the West
24/27
KMEF Plunfb` _kpcu 737 Ulv
55
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Ilw} ld }jc Kwfkb glsb}ufcw f}j k vlsb`cu plpshk}flb kuc vc} }l mctfwc dshhv)dhcm`cm dluikh lhm)k`c wspplu} wvw}ciw" ]kehc ;3 jf`jhf`j}w }jc gltcuk`c ld Kwfkb pcbwflb wvw}ciw" Fbmfk( Tfc}Bki( Fbmlbcwfk kbm }jc _UG jktc k hlb` kv }l `l fb }cuiw ld czpkbmfb` gltcuk`c ldikbmk}luv pcbwflb wgjcicw" Fb dkg}( fbdluikh wlsugcw ld lhm k`c wspplu} wsgj kw dkifhv wspplu}w}fhh phkv kb fiplu}kb} ulhc fb }jcwc glsb}ufcw" Fb Gjfbcwc kbm Fbmfkb gsh}suc( dlu czkiphc(wspplu}fb` kbm gkufb` dlu chmcuhv pkucb}w fw k hlb`)gjcufwjcm jcuf}k`c" F} dluiw pku} ld Gjfbcwchk }jk} kmsh} gjfhmucb kuc jchm ucwplbwfehc dlu pultfmfb` dlu k`cm pkucb}w( jfhc k`cm pkucb}wf}jls} fbglic wlsugcw kbm fbgkpkehc ld lunfb`( jktc }jc uf`j} }l mcikbm dfbkbgfkh wspplu}duli }jcfu gjfhmucb" Duli kb cglblifg pcuwpcg}ftc( }jfw ucgfpulgf}v ec}ccb `cbcuk}flbw ekwcm
lb nfbwjfp fw kb fbdluikh fbwsukbgc1 wchd)ikmc fb}cu)`cbcuk}flbkh ufwn)wjkufb`" Jlctcu( dkhhfb`dcu}fhf}v uk}cw kbm gjkb`fb` dkifhv w}usg}sucw fb Kwfk jktc gkw} mlse} lb }jfw }ukmf}flb ld dkifhvwspplu} }jk} jkw luncm dlu }jlswkbmw ld vckuw" ]jc bl gliilb =)5); dkifhv w}usg}suc }l ecdlsbm fb }jc _UG ickbw }jk} ikbv vlsb` glsphcw kuc esumcbcm f}j }jc ucwplbwfefhf}v ldwspplu}fb` dlsu pkucb}w kbm lbc gjfhm" ]jcuc fw }jsw kb fipcuk}ftc bccm }l cw}kehfwj kbfbw}f}s}flbkh wlgfkh wspplu} wvw}ci dlu lhm k`c" Fb mlfb` wl( Kwfkb glsb}ufcw wjlshm hckub duli }jcifw}kncw ld }jc Pcw} kbm mcwf`b kb kmc{sk}c( c{sf}kehc kbm wsw}kfbkehc wvw}ci }jk} cddcg}ftchv}kgnhcw hlb`ctf}v ufwn"
8/2/2019 Innovative Approaches to Managing Longevity Risk in Asia: Lessons from the West
25/27
KMEF Plunfb` _kpcu 737 Ulv
57
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8/2/2019 Innovative Approaches to Managing Longevity Risk in Asia: Lessons from the West
26/27
KMEF Plunfb` _kpcu 737 Ulv
5=
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8/2/2019 Innovative Approaches to Managing Longevity Risk in Asia: Lessons from the West
27/27
KMEF Plunfb` _kpcu 737 Ulv
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