For many life insurance companies, traditional life insurance with surplus participation is still a major portion of their business. As a consequence of the low interest rate environment, financial guarantees of new contracts have been decreased. Hence, new business reduces the average guaranteed rate of interest for the whole block of business. At the same time, however, new policyholders benefit from higher yields of assets in the existing asset portfolio built up with previous policyholders’ contributions. Therefore, it is not obvious whether new policyholders benefit from or subsidize the existing portfolio. In this paper, we use the collective bonus introduced in Eckert et al. (Eur Actuar J, 2020) to measure the interaction between new policyholders and the existing insurance portfolio. Considering the situation in Germany as an example, we measure and explain cross-subsidizing effects resulting from different cohorts of policyholders being linked to the same asset portfolio. In particular, we show under which circumstances there is a benefit for or subsidization from new business.

对于很多寿险公司而言，传统的超额分红寿险仍是其业务的主要部分。由于低利率环境，新合同的财务担保有所减少。因此，新业务降低了整个业务块的平均保证利率。然而，与此同时，新投保人受益于由先前投保人的贡献建立的现有资产组合中更高的资产收益率。因此，新投保人是否受益于或补贴现有投资组合并不明显。在本文中，我们使用 Eckert 等人引入的集体奖金。(Eur Actuar J, 2020) 来衡量新投保人与现有保险组合之间的互动。以德国为例，我们衡量和解释不同投保人群体与同一资产组合相关的交叉补贴效应。特别是，我们展示了在哪些情况下新业务会带来好处或补贴。