Description: Discusses developing an investment strategy for new products, inconsistencies between pricing and financial-reporting models, and total return on the investment portfolio versus total return to the company. These topics are addressed from the perspectives of [1] a corporate actuarial department head, [2] a consultant to life companies in these areas, and [3] a preeminent risk-management actuary. From the 1987 Record of Society of Actuaries, Vol. 13, No. 3.