Submission deadline: April 30, 2026

Theme and objectives

Professor Anna Rita Bacinello (1957–2024) made seminal contributions at the interface of finance and insurance, with particular emphasis on life and pension products featuring financial guarantees, policyholder options, and profit-sharing mechanisms. Her work advanced the rigorous use of tools from mathematical finance—such as arbitrage-free valuation, no-arbitrage term-structure models, option pricing, and dynamic hedging—in the design, valuation, and risk management of insurance and retirement products.

This special issue celebrates her intellectual legacy and aims to showcase new research that deepens understanding of the interplay between finance and insurance. We welcome theoretical, methodological, computational, and empirical papers that strengthen market-consistent thinking in life and pension valuation; enhance our understanding of policyholder behavior and management actions; and develop robust risk-management and capital-allocation frameworks for long-term guarantees under uncertainty.

Scope and topics of interest

The scope of the special issue is consistent with that of the Annals of Actuarial Science  and is centred around the interplay between finance and insurance and the scientific legacy of Anna Rita Bacinello. Submissions may address (but are not limited to) the following areas:

• Guaranteed life and pension products: participating/with-profits and unit-linked contracts with guarantees; cliquet and GMxB-type features; bonus/crediting strategies and management actions.
• Embedded options and policyholder behavior: lapses, surrenders, profit-sharing, conversion/annuitization, dynamic exercise, and their market-consistent valuation and hedging.
• Interest-rate, equity, and hybrid modeling: arbitrage-free term-structure models; stochastic volatility; equity–interest-rate correlations; real-world vs. risk-neutral frameworks; calibration and identification.
• Asset–liability management and hedging: dynamic hedging of guarantees; liquidity risk; collateral and funding; capital-efficient portfolio construction for long-dated liabilities.
• Longevity and retirement: annuities, decumulation strategies, longevity/long-term care risk, survivor benefits, and innovative retirement solutions linking financial and biometric risks.
• Reverse mortgages and equity-release: pricing, risk transfer, and consumer protection for housing-backed retirement products.
• Model uncertainty and robustness: model risk, parameter uncertainty, stress testing, and scenario design; reconciliation of market and accounting views; uncertainty-aware pricing and risk measurement.
• Regulation and solvency: interactions with Solvency II and other risk-based capital regimes; contract valuation for reporting and internal risk management.
• Data, computation, and technology: efficient numerical methods (PDEs, trees, Monte Carlo), machine learning for behavior and management actions, explainability, and governance of model pipelines.

Manuscript submission information

Manuscripts should be submitted via the Annals of Actuarial Science online submission system. During submission, please select the option “Interplay Between Finance and Insurance: In Memory of Anna Rita Bacinello” All submissions that pass initial editorial screening will undergo rigorous peer review according to the journal’s standards.

• Submission deadline: April 30, 2026.
• Notification of first decision: targeted within 12–16 weeks after submission.
• Publication timeline: Articles will appear online as FirstView upon acceptance. Placement in an issue is targeted for July 2027, subject to the review pipeline.

Guest Editors

• An Chen (Ulm University)
• Pietro Millossovich (City St George's, University of London, and University of Trieste) 
• Annamaria Olivieri (University of Parma)
• Yang Shen (UNSW Sydney)