[yold__]

I'm a former life insurance and annuity pricing actuary (credentialed). When you say actuarial loss, I think you mean the mortality margin (aka underwriting profit) is zero. No insurance company wants a product priced (or experiencing) a negative mortality margin. Zero is OK for some products.

Insurance companies do not crave float (aka reserves and required capital). Capital requirements in the life insurance business are onerous and interest rates are at historic lows. Regulatory requirements encourage diversified, highly-rated, fixed income investments, so the spread on what products are crediting (e.g. whole life, universal life, etc) vs. what bonds are earning is greatly diminished.

Companies and investors would rather have minimal capital requirements with high income cashflow from underwriting profits. This is the reason that the main benchmark of insurance companies is Return on Equity (ROE).