Dynamic hybrid products emerged in 2007 and are now well established in the German life insurance market. In this article, we study interaction effects between dynamic hybrid products and traditional deferred annuity contracts, that are sold by the same insurance company. The key question we investigate is whether the presence of dynamic hybrid products has a negative effect on the payout of traditional insurance products. We do so by using data drawn from a Monte Carlo simulation that is based on a model presented in this article. These data reveal that dynamic hybrid products reduce the payment to policyholders of traditional deferred annuities via the channel of surplus participation.

动态混合产品出现于2007年，现已在德国人寿保险市场中确立了良好的地位。在本文中，我们研究了动态混合产品与同一家保险公司出售的传统递延年金合同之间的相互作用。我们调查的关键问题是动态混合产品的存在是否会对传统保险产品的支出产生负面影响。为此，我们使用了基于本文介绍的模型的蒙特卡洛模拟得出的数据。这些数据表明，动态混合产品通过剩余参与渠道减少了向传统递延年金的保单持有人支付的费用。