Description: This article is based on an excerpt from a Milliman Research Report on universal life insurance with secondary guarantees, ULSG. It discusses stochastic profit analysis and the impact of investment volatility of two common variants of ULSGs - level specified premium and single-fund shadow account designs.

Description: Summary of the SOA research project on PBR Simplified Methods. Describes the multi-risk scenario generator, central estimate assumptions, assumption objectivity measures, and regulatory demonstrations per VM-20.

Description: An observation is made regarding the impact interest rate scenarios have on VM-20 stochastic reserves.

Description: Reworking The ABC’s of XYZ by Tom Kalmbach from Small Talk Newsletter, November 2002, Issue No. 19.

Description: This article summarizes the findings of the 2020/2021 Milliman UL/IUL/VUL survey. The survey covers a range of specific product and actuarial issues and the results provide a good tool for benchmarking

Description: The article discusses the developments thus far with the adoption of the NAIC Valuation Manual and what steps still lie ahead. It also discusses the NAIC Life Actuarial Task Force’s response to the NAIC’s VM-20 Impact Study. In general, outcomes of the Phase III testing support the suggestion that the modifications made to VM-20 as a result of the NAIC Impact Study made progress in addressing the excessive conservatism demonstrated in the Phase I and Phase II testing.

Description: Portion of the introduction and the table of contents to the full paper entitled “Nontraditional Guarantees on Life And Annuity Products.”

Description: Oliver Wyman surveyed the life insurance industry in 2Q 2018 on emerging life PBR practices. Key takeaways and a deeper dive on select practices are provided.

Description: Discusses the results of the SOA’s 2009 UL secondary guarantee study conducted by the Policy Behavior in the Tail PBITT working group.

Description: The article summarizes results of a Milliman survey per the title. These products comprise about 40% of the total individual life market, and the survey covers a range of topics on these plans, which should be of interest to a large portion of the life industry.