| Abstract:On the basis of the no arbitrage pricing model, this article discussed the problem of life insurance product pricing based on the principle of individual equity. Using the theory of backward stochastic differential equation, the policyholders and the insured were considered in the same system. First of all, according to the target of the policy holder's investment decision, this paper established the non arbitrage life insurance pricing model ,and at the same time, according to the target of the insurer's investment decision, this paper established the asset share pricing model, and the explicit solutions of the two special linear backward stochastic differential equations were obtained. Then, this article established the life insurance pricing model based on the principle of individual equity. The model considers both the angle of the insured and the insurer, and obtains the pricing formula of the investment return. Finally, the insurance case was analyzed by using the established model, meanwhile, the insurance company's investment strategy and premium based on the principle of individual equity were calculated. The life insurance product pricing model considers both the insurer and the actual situation of the insured. Therefore, the insurance product developed by this pricing method can not only improve the success rate of product research and development, but also make the new products with stronger competitiveness in the fierce competition in the insurance market． |
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