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Experience Studies

Experience Studies in Individual Life

International Experience Study

The International Experience Survey (IES) is a pilot study being sponsored by the International Section to provide actuaries with practical information on experience in emerging and other markets outside of the United States and Canada. A working group has been established to define the project, variables, and countries to be studied, review the research results and methodology and report its findings to the membership. The IES report is continuously updated as new information becomes available.

This research initiative currently surveys individual life insurance mortality and persistency as well as limited surveys of agent retention and, possibly in the future, company expenses. In addition, members of the working group annually publish a survey of embedded value financial assumptions in order to present more comprehensive information for actuaries practicing internationally.

The working group is pleased to present the following reports.

IES Report

The September 30, 2006 working group report containing survey data on a number of countries such as Argentina, Brazil, Poland, South Korea, and Taiwan. More extensive mortality and persistency studies are reported on a national basis for some countries such as Argentina and Poland where local actuaries have formed working sub–groups.

• IES Report–Report Only
• IES Report–Appendices

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• IES Embedded Value Financial Assumptions Survey
• 2006 annual survey of embedded value financial assumptions
• IES Report–Full Report

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The IES is a new initiative that involves limitations that are not common in more established studies performed by the Society of Actuaries. The following should be considered as results are reviewed

1. Studies are being performed in a number of countries and business practices vary from country to country;
2. Most if not all markets under study are substantially smaller than the North American market so there is a higher likelihood of results being distorted by random fluctuations;
3. Within a given market results may differ from the entire country since the number of participating companies may not represent a significant proportion of the market; and
4. Companies may not be experienced in performing these types of experience studies while the SOA is not able to perform the range of data validations performed in other studies.

If you have any questions about this study, you may contact Jack Luff, Experience Studies Actuary, at 847.706.3571 or Ronora Stryker, Research Actuary, at 847.706.3614