Edition

2021-2023 Fixed Indexed Annuity Contract Owner Behavior Experience Study Data Request

The Society of Actuaries (SOA) Research Institute’s Individual Annuity Experience Committee (IAEC) and LIMRA are soliciting surrender/lapse, withdrawal, living benefit utilization, annuitization, and premium deposit experience for fixed indexed annuities (FIAs) both with and without a guaranteed living benefit offering for contract years 2021 and 2022 (from contract anniversaries in 2021 to contract anniversaries in 2023).

The SOA Research Institute and LIMRA are partnering together to complete industry experience studies. Under this partnership, the SOA Research Institute’s IAEC and LIMRA plan to complete an update to the Fixed Indexed Annuity Contract Owner Behavior Experience Study previously completed in 2023 and covering experience for contract years 2019 and 2020. The goals of this update are to:

  • provide a detailed analysis of contract persistency and withdrawal activity for all FIA business, as well as utilization rates for FIA contracts with guaranteed lifetime withdrawal benefits (GLWBs);
  • provide an update on other contract owner activity, including additional premium deposits, rates of annuitization, and step up activity; and
  • analyze the experience by several factors, including: age of owner, source of funds, distribution channel, contract duration, in-the-moneyness of the benefits, product and rider features, and the type of benefit calculation.

Please see attached documents for instructions on data submission and format. The 2021-2023 experience data is due to LIMRA by May 15, 2024.

The following may be included in the outputs made available for purchase:

  • detailed experience study report with analysis and commentary;
  • a set of data visualization dashboards with the ability to filter on and drill down into the detail of the results of the study;
  • dataset(s) containing the aggregated experience collected for the purpose of this study. The datasets may be made available in excel files, text files or downloads from the data visualization tool;
  • models or other tools developed to support the analyses completed in the study; and
  • other outputs as determined by the SOA Research Institute and LIMRA.

For more information, please refer to the attached data submission instructions and feel free to contact us with any questions.

Materials

2021-2023 Fixed Indexed Annuity Contract Owner Behavior Experience Study Data Request

2021-2023 Fixed Indexed Annuity Product & Rider Info

Questions Or Comments?

If you have any questions, please contact StudyPro@soa.org.