The global market for life insurance products has been stable over the years. However, equity-linked products which form about �fifteen percent of the total life insurance market has experienced a decline in premiums written. The impact of model risk when hedging these investment guarantees has been found to be significant�. We propose a framework to determine the worst case value of an equity-linked product through partial hedging using quantile and conditional value-at-risk measures. The model integrates both the mortality and the financial risk associated with these products to estimate the value as well as the
hedging strategy. We rely on robust optimization techniques for the worst case hedging strategy. To demonstrate the versatility of the framework, we present numerical examples
of point-to-point equity-indexed annuities in multinomial lattice dynamics.