We consider evaluation methods for payoffs with an inherent
financial risk as encountered for instance for portfolios held
by pension funds and insurance companies. Pricing such payoffs
in a way consistent to market prices typically involves
combining actuarial techniques with methods from mathematical
finance. We propose to extend standard actuarial principles by
a new market-consistent evaluation procedure which we call `two
step market evaluation.' This procedure preserves the structure
of standard evaluation techniques and has many other appealing
properties. We give a complete axiomatic characterization for
two step market evaluations. We show further that in a dynamic
setting with continuous stock prices every evaluation which is
time-consistent and market-consistent is a two step market
evaluation. We also give characterization results and examples
in terms of $g$-expectations in a Brownian-Poisson setting.