Thomas Møller is a Senior Specialist at PFA Pension, Copenhagen. Mogens Steffensen is Associate Professor of Actuarial Mathematics at the Institute for Mathematical Sciences, University of Copenhagen.

• Preface; 1. Introduction and life insurance practice; 2. Technical reserves and market value; 3. Interest rate theory in insurance; 4. Bonus, binomial and Black-Scholes; 5. Integrated actuarial and financial valuation; 6. Surplus-linked life insurance; 7. Interest rate derivatives in insurance; Appendix A.

'... a very thorough treatment of the mathematical instruments that are developed.' H. van Wijk

Thomas Møller is a Senior Specialist at PFA Pension, Copenhagen. Mogens Steffensen is Associate Professor of Actuarial Mathematics at the Institute for Mathematical Sciences, University of Copenhagen.

• Preface; 1. Introduction and life insurance practice; 2. Technical reserves and market value; 3. Interest rate theory in insurance; 4. Bonus, binomial and Black-Scholes; 5. Integrated actuarial and financial valuation; 6. Surplus-linked life insurance; 7. Interest rate derivatives in insurance; Appendix A.

'... a very thorough treatment of the mathematical instruments that are developed.' H. van Wijk

Thomas Møller is a Senior Specialist at PFA Pension, Copenhagen. Mogens Steffensen is Associate Professor of Actuarial Mathematics at the Institute for Mathematical Sciences, University of Copenhagen.

• Preface; 1. Introduction and life insurance practice; 2. Technical reserves and market value; 3. Interest rate theory in insurance; 4. Bonus, binomial and Black-Scholes; 5. Integrated actuarial and financial valuation; 6. Surplus-linked life insurance; 7. Interest rate derivatives in insurance; Appendix A.

'... a very thorough treatment of the mathematical instruments that are developed.' H. van Wijk