This session will work through a detailed example of GAAP for a variable annuity product. Prior to the meeting, the instructors provide product specifications and pricing assumptions for a hypothetical variable annuity product introduced in 2007. Using accounting and in force information for 2007, participants will develop the GAAP reserves and DAC as of year-end 2007 in advance of the session. At the session, the instructors present their results and review the actuarial aspects, methods and considerations in their development.

At the conclusion, participants have an improved knowledge and understanding of the actuarial aspects of GAAP accounting techniques and considerations.