2022-2024 Variable Annuity Guaranteed Living Benefit Utilization Study
Table of Contents
- Summary
- Public Materials
- Standard Data Package
- Secure the 2025 Subscription to Experience Studies Pro
- Access the Standard Data Package
- Acknowledgments
Summary
The Society of Actuaries (SOA) Research Institute’s Individual Annuity Experience Committee (IAEC) and LIMRA have jointly conducted a study of Variable Annuity (VA) and Registered Index-Linked Annuity (RILA) Behavior covering contracts having contract anniversaries in 2022, 2023, and 2024.
Seventeen companies contributed data to the current study, encompassing approximately 48% of new premium for VAs and RILAs and 39% of general and separate account reserves associated with VAs and RILAs during the period of the study. The current study of 2022-2024 observation years contains about 11.5 million contract count exposed, $1.5 trillion in contract value exposed, and over 625,000 surrenders. It also contains data on four million contract withdrawals and $56.7 billion in contract value withdrawn.
Public Materials
A report with high-level insights will be available soon.
Standard Data Package
The Standard Data Package consists of:
- executive summary
- in-depth analysis report
- interactive data visualization dashboards
Secure the 2025 Subscription to Experience Studies Pro
This study is included with a 2025 subscription to Experience Studies Pro. The studies included in the 2025 subscription are:
- 2023-2024 Fixed Indexed Annuity Policyholder Behavior Study
- 2023-2024 Fixed Rate Deferred Policyholder Behavior Study
- 2022-2024 Variable Annuity Policyholder Behavior Study
- 2015-2022 Group Long-Term Disability Incidence Study
- 2009-2023 Term Conversion Incidence and Post-Conversion Mortality and Lapse Study
Please contact StudyPro@soa.org for pricing and information on how to access a 2025 subscription to Experience Studies Pro.
Access the Standard Data Package
If you 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.
- Allianz Life
- Ameriprise
- Ameritas
- Brighthouse
- Global Atlantic
- Nassau
- Nationwide
- New York Life
- Northwestern Mutual
- Pacific Life
- Principal
- Protective
- Prudential
- Sammons
- Securian
- Thrivent
- Transamerica
LIMRA and the SOA Research Institute would also like to thank the Variable Annuity Subcommittee for their diligent work developing the data request, overseeing the analysis and reviewing the report and dashboards for accuracy and relevance.
- Joel Sklar, ASA, MAAA (Chair)
- Jeff Chuang, FSA, MAAA (Vice-Chair)
- Robert Deosaran, FSA, MAAA, FCIA
- Robin Jo, ASA, CERA
- Lisa Louk, FSA, MAAA
- Yvonne McCullough, FSA, MAAA, CERA
- Rachel Peppler, FSA, MAAA
- Yifan Zhang, FSA