Resumo

PEREZ-FRUCTUOSO, María José  e  ESCOLANO, Antonio Alegre. CALCULATION OF THE FINANCIAL-TAX PROFITABILITY OF A DEFERRED CAPITAL OPERATION AT A PERIODIC PREMIUM. A STOCHASTIC APPROACH. Innovar [online]. 2021, vol.31, n.80, pp.29-44.  Epub 08-Jun-2021. ISSN 0121-5051.  https://doi.org/10.15446/innovar.v31n80.93662.

This work determines the financial-fiscal profitability of a deferred capital insurance at a periodic, pure and commercial premium, incorporating aspects related to its taxation (bonuses and tax rates). Considering the random nature of the actuarial operation addressed, the profitability parameter of the operation leading to a decision cannot be a single numerical value. Therefore, in addition to obtaining the analytical expressions of the possible distributions of the real and the expected profitability rates of the operation, risk indicators will be also calculated in order to complement the information available to the insured, thus facilitating their decision-making. The article ends by presenting a sensitivity analysis of the real and expected returns under different scenarios regarding the duration of the operation and the age of the insured person, showing the usefulness of the returns and risk indicators obtained as an instrument to compare the products offered by insurance companies.

Palavras-chave : Deferred capital; expected return; actual return; present value of product benefits; annual cash return.

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