Is the Liability relative approach basically the same as ALM-approach, but under the ALM approach you have different approaches regarding the active level?
IMO:
Liability relative approach is ALM approach.
Not each ALM approach might be liability relative approach.
This is primarily dependent on Subject’s focus. Liability mimicking approach is most common at DB Plans and Non-life insurers.
liability relative approach uses liability mimicking asset portfolio to achieve risk free investment.
The ALM is equivalent to liability relative approach.
Liability relative approach is more commonly know as Asset-Liability Management (ALM). Hence, both approaches are same.