Announcement: SOA congratulates the new ASAs and CERAs for May 2022.

Investment Year Method: Aligning Renewal Credited Rates with Investment Strategy

May 2019

The Society of Actuaries Committee on Finance Research is pleased to make available a research report that explores investment year methodology to set renewal credited rates. An Excel workbook has been created as a teaching aide to accompany the report.  By changing the input parameters, the user can better see how adjusting them impacts the renewal credited rates.  The report and spreadsheet were authored by Max J. Rudolph.


Investment Year Method Report

Investment Year Method Excel Workbook

Please note that the Excel Workbook has been deliberately left unlocked to enhance its intended use as an educational tool. Users should ensure that any alterations they make to the workbook are appropriate for their own educational purposes. No support from the SOA is provided for any user alterations.  

Thank You

The SOA would like to thank the following individuals for serving on the Project Oversight Group:

Steve Hodges
Dennis Radliff
Nate Deboer
Rich Owens
Steve Siegel, SOA Sr. Research Actuary
Barbara Scott, Sr. Research Administrator


Questions or Comments

If you have comments or questions, please send an email to  

Disclaimer for Software

Important: This Excel Tool ("Software") is the property of the Society of Actuaries (SOA) and is protected under U.S. and international copyright laws.

 The Software has been developed for the benefit of actuaries FOR EDUCATIONAL USE ONLY, although others may find it useful. SOA and the author make the Software available to individual users for their personal use on a non–exclusive basis. No commercial use, reproduction or distribution is permitted whatsoever.

SOA and the author make no warranty, guarantee, or representation, either expressed or implied, regarding the Software, including its quality, accuracy, reliability, or suitability, and HEREBY DISCLAIM ANY WARRANTY REGARDING THE SOFTWARE'S MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE. SOA and the author make no warranty that the Software is free from errors, defects, worms, viruses or other elements or codes that manifest contaminating or destructive properties. In no event shall SOA or the author be liable for any damages (including any lost profits, lost savings, or direct, indirect, incidental, consequential or other damages) in connection with or resulting from the use, misuse, reliance on, or performance of any aspect of the Software including any instructions or documentation accompanying the Software. SOA and the author make no representation or warranty of non–infringement of proprietary rights of others with respect to the Software. The entire risk as to the uses, outputs, analyses, results and performance of the Software is assumed by the user. This Disclaimer applies regardless of whether the Software is used alone or with other software.

The tool, accompanying documentation, and methodologies contained herein do not represent an official position, statement, or endorsement on behalf of the Society of Actuaries or its members, nor should the material be construed to do so. It is the product of a research effort commissioned by the Society of Actuaries to add to the library of resource tools. The tool is neither intended to preclude the use of other methodologies for any purpose nor provide a statement or position on the use, application, or preferability of other methodologies as compared to the methodology described herein.