It's RILA time: An introduction to registered index‐linked annuities
介绍美国寿险公司推出的注册指数连结年金（RILA），描述其关键特征、建立定价模型并推导对冲策略，发现RILA为投资者提供类似传统可变年金的风险收益，且当前产品定价对投资者有利，对保险公司而言是更优选择。
Abstract Registered index‐linked annuities (RILAs) are increasingly popular equity‐based retirement savings products offered by US life insurance companies. They combine features of fixed‐index annuities and traditional variable annuities (TVAs), offering investors equity exposure with downside protection in a tax‐deferred setting. This article introduces RILAs to the academic literature by describing the products' key features, developing a general pricing model, and deriving the providers' hedging strategy by decomposing their liabilities into short‐term European options. Numerical illustrations show that RILAs offer investors similar risk profiles (in the long run) as TVAs with maturity guarantees, and that many products currently sold appear to be priced quite favorably for investors. For providers, RILAs may be a preferable alternative or complement to TVAs as they greatly simplify the management of the embedded equity risk and can naturally reduce the TVA capital requirements. These features position RILAs as a viable long‐term solution for this product space.