2023-24 Fixed Rate Deferred Surrender 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 fixed-rate deferred annuity surrender experience covering calendar years 2023 and 2024. This is an update to the prior study covering calendar years 2015-2022.
Twenty-four individual companies contributed data to the current study, encompassing approximately 65% of industry new sales by premium. The current study contains about 4.8 million surrender exposure by contract count, $612 billion surrender exposure by contract value, and over 567,000 surrenders.
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.
- American National
- Athene Annuity & Life
- Brighthouse Financial
- CNO (Bankers Life & Casualty)
- Columbus Life (W&S)
- Fidelity & Guaranty Life
- Global Atlantic Financial Group
- Guardian
- Integrity Life (W&S)
- Mass Mutual
- National Integrity Life (W&S)
- New York Life
- OneAmerica
- Pacific Life
- Protective
- Prudential
- Riversource/Ameriprise
- Sammons
- Securian
- Standard
- Symetra
- Thrivent Financial
- USAA
- Western & Southern Life Assurance
LIMRA and the SOA Research Institute would also like to thank the Fixed Rate Deferred Surrender 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)
- Rhonda Ahrens, FSA, MAAA
- Ilan Birnbaum, FSA, MAAA
- Mary Ann Borrelli, FSA, MAAA
- Kunal Kang, FSA, MAAA
- Gordon Klein, FSA, MAAA
- Rachel Peppler, FSA, MAAA