主题：【讨论】FT的最近两则关于美国的报道 -- 联储主席

i agree that there are embedded options sold to the policyholders if the policy is cancellable and with a guaranteed rate.

However, it is common practice and relaively cheap to hedge these embedded options with swaptions. Overall, insurance companies are relatively safe unless they are doing crazy things like AIG.

Manulife does not sell financial insurance products such as CDS.

Not all insurance companies are so conservative and duration neutral.