Insurance companies are exposed to interest rate risk, as there may be a difference between the returns on investments and the rates at which financial obligations to clients are valued. The Smith-Wilson methodology allows for the determination of rates at which, in the unmatched segment, surplus liquidity from economic agents can be invested in the future. In the case study, the nominal and real rate curves are estimated, enabling the determination of provisions so that insurers can optimize their asset and liability management, particularly in the context of annuities. © (2024), (Universidad Nacional de Colombia). All Rights Reserved.