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We present new exact results for the complex generalized integral means spectrum (in the sense of Duplantier et al. (Commun Math Phys 359(3):823–868, 2018)) for two kinds of whole-plane Loewner evolutions driven by a Lévy process: The case of a Lévy process with continuous trajectories, which corresponds to Schramm–Loewner evolution SLE κ with a drift term in the Brownian driving function. There is no known result for its standard integral means spectrum, and we show that a natural path to access it goes through the introduction of the complex generalized integral means spectrum, which is obtained via the so-called Liouville quantum gravity. The case of symmetric Lévy processes for which we generalize results by Loutsenko and Yermolayeva (J Phys A Math Theor 47(16):165202, 2014, J Phys A Math Theor 52(43):435202, 2019). [ABSTRACT FROM AUTHOR]

The paper examines the valuation and hedging of life insurance obligations in the presence of mortality risk using the local risk-minimizing hedging approach. Roughly speaking, it is assumed that the lifetime of policyholders in an insurance portfolio is modeled by a point process whose stochastic intensity is controlled by a diffusion process. The stock price process is assumed to be a regime-switching Lévy process with non-zero regime-switching drift, where the parameters are assumed to depend on the economic states. Using the Föllmer–Schweizer decomposition, the main valuation and hedging results for a conditional payment process are determined. Some specific situations have been considered in which the local risk-minimizing strategies for a stream of liability payments or a unit-linked contract are presented.