Wikipedia
Zillmerisation
Zillmerisation relates to the valuation of a life insurance company by an actuary.
When new regular premium protection business (such as life or critical illness insurance) is written, the value of the company may reduce (when viewed on a regulatory basis) even if the business is likely to be profitable. This effect is known as new business strain and is due to the requirement for the insurer to hold day 1 capital reserves that are higher than the initial premium payments from customers. Zillmerisation is one method of adjusting a net premium valuation to ease this initial strain.