Hacariz, OytunKleinow, TorstenMacdonald, Angus S.2024-09-292024-09-2920240346-12381651-2030https://doi.org/10.1080/03461238.2024.2363183https://hdl.handle.net/20.500.14619/5669We revisit surplus on general life insurance contracts, represented by Markov models. We classify technical bases in terms of boundary conditions in Thiele's equation(s), allowing more general regulations than Scandinavian-style 'first-order/second-order' regimes, and replacing the traditional retrospective policy value. We propose a 'canonical' model with three technical bases (premium, valuation, accumulation) and show how each pair of bases defines premium loadings and surplus. Along with a 'true' or 'real-world' experience basis, this expands fundamental results of Ramlau-Hansen [(1988b). The emergence of profit in life insurance. Insurance: Mathematics and Economics, 7(4), 225-236]. We conclude with two applications: lapse-supported business; and the retrospectively-oriented regime proposed by M & oslash;ller and Steffensen [(2007). Market-valuation methods in life and pension insurance. Cambridge University Press].eninfo:eu-repo/semantics/openAccessCounting processlife insurancesurplustechnical basesThiele's differential equationArticle10.1080/03461238.2024.23631832-s2.0-85197273372Q1WOS:001256163700001N/A