Sunrise on Japanese VA hedging

Sunrise on Japanese VA hedging

Tokyo big wheel

As ING’s proposed sale of its Asian insurance units shows, legacy exposures from high-guarantee variable annuities (VAs) sold in Japan before the financial crisis continue to plague international insurers. The reported lack of interest in ING’s Japanese business, which is dominated by €18 billion (£11 billion) of variable annuity (VA) liabilities written between 1999 and 2009, has led the Dutch bank to offer to split its Asian business as buyers attempt to avoid any nasty surprises that might ar

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