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2023 Fixed Indexed Annuity Contract Owner Behavior Experience Study

Experience Studies Pro: SOA Research Institute and LIMRA

Table of Contents

Summary

The Society of Actuaries (SOA) Research Institute’s Individual Annuity Experience Committee (IAEC) and LIMRA have jointly conducted a study of Fixed Indexed Annuity (FIA) contract owner behavior covering observation year 2023. Seventeen individual companies contributed data to the current study, encompassing 57% of industry new sales and 58% of industry assets in force during the period of the study. The current study contains about 2.7 million surrender exposure by contract count, $328 billion surrender exposure by contract value, over 208,000 surrenders, and $13.0 billion in contract withdrawals. The experience data analyzed for this study includes both single- and flexible-premium products, and contracts are included regardless of whether or not they have a guaranteed lifetime withdrawal benefit (GLWB) rider or other type of guaranteed living benefit.

Public Materials

A report with high-level insights is available in the link below.

Fixed Indexed Annuity Contract Owner Behavior Experience Study

Standard Data Package

The Standard Data Package consists of:

  • executive summary
  • in-depth analysis report
  • interactive data visualization dashboards
  • ability to download an aggregated database of study results

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
  • Ameriprise Financial
  • Ameritas
  • Brighthouse
  • Global Atlantic
  • Nassau
  • Nationwide Life
  • New York Life
  • Northwestern Mutual Life
  • Pacific Life
  • Principal Financial Group
  • Protective Life
  • Prudential
  • Sammons
  • Securian Financial
  • Thrivent Financial
  • Transamerica

LIMRA and the SOA Research Institute would also like to thank the SOA Fixed Indexed 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
  • Ilan Birnbaum, FSA, MAAA
  • Mary Ann Borrelli, FSA, MAAA
  • Bruce Friedland, FSA, MAAA
  • Kunal Kang, FSA, MAAA
  • Gordon Klein, FSA, MAAA
  • Yifan Zhang, FSA, MAAA