Title of thesis: Pricing, Design and Solvency Measurement of annuity products

Spotting the weaknesses in annuity trading between insurers and retirees nowadays, Pauline Milaure Ngugnie Diffouo, AIMS-Cameroon alumna of the 2014/2015 cohort, embarked on a research journey to propose suitable single-risk and multi-risks models based on investment strategies for assessing the solvency capital of an insurer selling annuities, and to study the valuation and actuarial design of life annuity products and propose new methods of risk-sharing between policyholders and insurers.

Her study was successfully carried out under the supervision of Prof. Pierre Devolder at the Université Catholique de Louvain in Belgium, earning her a Ph.D. in Life Insurance and Financial Engineering, specifically in the field of Actuarial Sciences.

During her defense dated December 14, 2020, Pauline Milaure analyzed risk-linked annuity products, particularly the group self-annuitization with a focus on interest rate, equity, and longevity risks.

From left to right, top to bottom: Benoit HALBART, Prof. Séverine ARNOLD, Prof. Michel DENUIT, Dr. Ngugnie PAULINE, Prof. Ziveyi JONATHAN.

The results she presented could be used to design, price, and measure the risks of annuities convenient to the realities of Africa and hence motivate African retirees and insurers to respectively buy and sell annuities in a fair way such that annuitants could then decide on the level of risks they want to bear depending on their financial situation and their level of risk aversion.

‘Many thanks to AIMS for introducing me to this field of research, my journey at AIMS-Cameroon has been the base stone that brought me to this Ph.D. journey.” She said while acknowledging the parties that contributed to her success.

She equally acknowledged the continuous support of her supervisor, Prof. Pierre DEVOLDER, and that of Dr. Anne-Sophie KALOGHIROS for introducing her to the field of Financial Mathematics.

Dr. Ngugnie PAULINE is currently a Model Validator at KBC, Belgium. Her research interests are in Financial Mathematics, Life Insurance, and Pension.