Table 1 Parameter estimates corresponding to optimal key age for the sample period 1975–2006
From: A simplified model for measuring longevity risk for life insurance products
Country | Spain | France | US | |||
|---|---|---|---|---|---|---|
Number of obs. \(=100\) | Male | Female | Male | Female | Male | Female |
Key age \(y^{*}\) | 86 | 84 | 84 | 87 | 88 | 89 |
\(\hat{a}_1\) | 13087.80 | 10843.09 | 10555.25 | 11900.70 | 15586.30 | 8171.63 |
\(\hat{a}_2\) | 40401.92 | 18785.59 | 25172.04 | 26877.36 | 43259.22 | 22520.62 |
\(\hat{a}_3\) | 37576.01 | 14765.81 | 21535.83 | 20741.47 | 33526.75 | 18785.48 |
\(\hat{\beta }_1\) | 0.7500 | 0.7507 | 0.8865 | 0.8271 | 0.9269 | 0.6720 |
\(\hat{\beta }_2\) | 0.0061 | 0.0055 | 0.0028 | 0.0044 | 0.0038 | 0.0092 |
Log-likelihood | − 17894.68 | − 16691.23 | − 18228.02 | − 17224.09 | − 27026.39 | − 24633.27 |