How cautiously was the initial premium set? Again, consider a linked endowment, backed by conventional gilts over the blend experience. This time, the ratios were calculated for each scenario. Compared to the accurate figure, our guesses were 25%  too high for mark-to-market but 45% too high for off-market (off-market generally performs better on this metric).

The table shows the means, with more figures in the interactive chart.