Edition

The Mortality Improvement Model, MIM-2021-v4

October 2023

Authors

MIM Advisory Group

Table of Contents

Summary
Report and User Guides
Excel-based Tools
Acknowledgments
Questions or Comments

Summary

Different mortality projection methodologies are utilized by actuaries across applications and practice areas. As a result, the MIM Advisory Group (“Advisory Group”) developed a single framework to serve as a consistent base for practitioners in projecting mortality improvement. The Mortality Improvement Model, MIM-2021-v4, Tools and User Guides, compose the consistent approach and are defined below.

  1. A report describing MIM-2021-v4 and changes from the prior version, MIM-2021-v3 as well as issues the Advisory Group are currently considering for future model enhancements.
  2. An Excel-based tool, MIM-2021-v4 Application Tool, and user guide, MIM-2021-v4 Application Tool User Guide, for practitioners to construct sets of mortality improvement rates under this framework for specific applications.
  3. An Excel-based tool, MIM-2021-v4 Data Analysis Tool, and user guide, MIM-2021-v4 Data Analysis Tool User Guide, for practitioners to analyze the historical data sets included in the MIM-2021-v4 Application Tool.

MIM-2021-v4 is the third revision since the initial release in April 2021. This version uses the same underpinning as MIM-2021-v3 but the MIM-2021-v4 individual life insurance and individual/group annuity preselected historical NCHS decile dataset for mortality improvement projection has changed.

Report and User Guides

MIM-2021-v4 Report
MIM-2021-v4 Application Tool User Guide
MIM-2021-v4 Data Analysis Tool User Guide

Excel-based Tools

Disclaimer
The Society of Actuaries Research Institute does not warrant these tools as fit for use in any respect, and no warranty whatsoever should be assumed or implied by any individual of this product or its fitness for any particular purpose. Actuaries, insurers, regulators and other parties use this tool at their own risk. The Institute disclaims all responsibility for any party’s use or misuse of its tools and for any work product generated through use or misuse of the tools.

By accepting, I acknowledge that I have read and understand the above disclaimer language. (User needs to accept before downloading one or both tools).

MIM-2021-v4 Application Tool AGREE (Download Tool) | DISAGREE

MIM-2021-v4 Data Analysis Tool AGREE (Download Tool) | DISAGREE 

Acknowledgments

MIM Advisory Group Members:

  • Larry N. Stern, FSA, MAAA (Chairperson)
  • Jean-Marc Fix, FSA, MAAA
  • Sam Gutterman, FSA, MAAA, CERA, FCAS, FCA, HonFIA
  • Thomas A. Jones, ASA. MAAA
  • Allen M. Klein, FSA, MAAA
  • Haofeng Yu, FSA, MAAA, CERA

At the Society of Actuaries Research Institute:

  • R. Dale Hall, FSA, MAAA, CERA, CFA, Managing Director of Research
  • Patrick D. Nolan, FSA, MAAA, Senior Experience Studies Actuary
  • Barbara Scott, Senior Research Administrator
  • Ronora Stryker, ASA, MAAA, Senior Practice Research Actuary
  • Patrick Wiese, ASA, Lead Modeling Researcher

Questions or Comments?

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If you have comments or questions, please send an email to research@soa.org.