2019-2021 Variable Annuity Contract Owner Behavior Experience Study
Table of Contents
Summary
Public Materials
Standard Data Package
Purchase the Standard Data Package
Benefits of Study Participation
Access the Standard Data Package
Acknowledgments
Summary
LIMRA and the Society of Actuaries (SOA) Research Institute have completed the most up-to-date study of variable annuity contract owner behavior. Fifteen companies contributed data to the current study, encompassing approximately 64% of industry new sales and 61% of industry assets in force during the period of the study. The current study of 2019-2021 observation years contains about 10.5 million contract count exposed to surrender, $1.4 trillion in contract value exposed to surrender, and over 500,000 surrenders. It also contains data on 3.7 million contract withdrawals and $41 billion in contract value withdrawn, which have been cleansed, summarized and analyzed. The results include analyses of withdrawal rates, surrender rates, and additional premium deposited and can be used by actuaries in the management of their own variable annuity business.
Public Materials
A report with high level insights available in the link below.
Variable Annuity Contract Owner Behavior Report (revised 1/2024)
Standard Data Package
The Standard Data Package is available for purchase and consists of:
- executive summary
- in-depth analysis report
- interactive data visualization dashboards
- advanced filtering by age, contract year, and additional dimensions
- ability to download detailed data from the study
Purchase the Standard Data Package
Ready to place your order for the detailed study results now?
The order form will ask for the name of a contact from your organization. After the form is submitted, someone from SOA customer service will reach out to your contact to obtain the information we need to give employees at your company access to the standard data package.
Benefits of Study Participation
If your company participated in the study by supplying data, you receive several benefits in the Standard Data Package versus other entities who did not participate.
|
Package Options |
for participants |
for non-participants |
|
Report with detailed analysis of results |
✓ |
✓ |
|
Tableau data of industry results including data table |
✓ |
✓ |
|
New metrics/analyses |
✓ |
✓ |
|
Tableau comparison of own results to industry |
✓ |
|
|
Peer group analysis |
✓ |
|
|
Discussion with researcher |
✓ |
|
|
Pricing discount |
✓ |
|
Access the Standard Data Package
If you have purchased the Standard Data Package, you can access it here.
Acknowledgments
LIMRA and the SOA Research Institute would like to thank the following companies for participating in the study by supplying data.
- AIG Companies (Corebridge)/American General Life Companies
- Allianz Life
- CUNA Mutual Group/TruStage
- Equitable Financial
- Lincoln National
- MetLife
- Nassau
- Nationwide
- Protective
- Prudential Financial
- Riversource/Ameriprise
- Sammons
- Securian
- Security Benefit Life
- Talcott Resolution
LIMRA and the SOA Research Institute would also like to thank the SOA Variable Annuity Subcommittee for their diligent work developing the data request, overseeing the analysis and reviewing of the report and dashboards for accuracy and relevance.
- Joel Sklar, ASA, MAAA (Chair)
- Robert Deosaran, FSA, FCIA, MAAA
- Siksha Dhar, FSA, MAAA, CERA
- Stephen Gruber, FSA, MAAA
- Rachel Hochberg, FSA, MAAA
- Weijen Kuo, FSA, MAAA
- Lisa Louk, FSA, MAAA
- Yvonne McCullough, FSA, MAAA, CERA
- Justin Serebro, FSA, MAAA
- Erika Shadduck, FSA, MAAA
- Yifan Zhang, FSA, MAAA
Questions?
Contact us with questions, StudyPro@soa.org.