In this session, the audience will be introduced to research considering the natural hedge between annuities and assurances. The presentation will discuss the stability of the hedge, how often rebalancing is required, and the effect that a change in interest rates will have; and the hedge is applied to an illustrative portfolio. In the second paper, the authors first propose a decomposition method mainly based on the martingale representation theorem and show how this method provides a dynamic allocation of the total risk to the different risk sources over time. In order to gain insights on what drives policyholder behavior, the last paper develops a life-cycle model for variable annuities (VA) with withdrawal guarantees.