2025 SOA ImpACT Conference: Session 1D: WTW Session Series Part 1: VM-22 PBR: The impact on reserving and pricing-11.03.25 Recording

Provide an overview of key changes from older, formulaic approaches — most notably current Commissioners Annuity Reserve Valuation Method (CARVM) Actuarial Guideline XXXIII and XXXV (AG 33 and AG35) — with a methodology that more accurately reflects the underlying economics and risk profile of the business. Discuss how valuation processes are expected to change in terms of modeling, assumption setting and attribution analysis through an illustrative case study of the reserve impact for key deferred and payout annuity product designs. Discuss how pricing models and processes are expected to change. •Attendees will gain a thorough understanding of the VM-22 PBR framework changes when compared to the current state and be able to draw parallels from the case study analysis to their block of business, in terms of anticipated reserve impacts. Learn from industry experts as to which areas are of key focus when first implementing PBR models for valuation and pricing exercises.