\[_tV+\text{EPV at }t\text{ of }\textbf{future}\text{ premiums}=\text{EPV at }t\text{ of }\textbf{future}\text{ benefits (and expenses)}\]
\[({_tV}+\pi)(1+i)=b_{t+1}q_{x+t}+{_{t+1}V}p_{x+t}\]