ThreeBearsBalancedWithText_2020
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relative_caution
[discount_rates_problem] [outcomes] [relative_caution]

On the chart, to the right, there are 5 pairs of radio buttons, namely experience, contract, inflation, marginMV, and assets.

Over Whole_2019, for a fully inflation-protected endowment fully invested in conventional bonds, the MtM approach with zero marginMV would have led to an average solvency margin of 10%; increasing marginMV to 1% would have led to an average solvency margin of minus 5%. In either case, the off-market average solvency margin would be minus 3%.