Description: This session discussion is about annuity product developments. The market value adjusted products, non-tax deferred products, non-surrenderable annuities, qualified market developments, effect of non-aggregation rule and variable annuity developments. From Record of the Society of Actuaries Vol. 15, No. 2.

Description: This session at the SOA 1990 Annual Meeting presents an overview of the annuity market, discussion of various annuity product designs including CD annuities, modified guarantee plans, split annuities, and TSA plans, and distribution issues.

Description: This report was prepared to provide an overview of Registered Index-Linked Annuities for use in the educational curriculum of the Society of Actuaries. It presents general principles and highlights major differences from other types of deferred annuities offered by life insurance companies in the United States.

Description: The Society of Actuaries will be offering this webinar series intended to educate and investigate aspects of life insurance, annuity, and long-term care product tax compliance. Developed by the Taxation Section, participants will be brought up to date on recent Internal Revenue Service (IRS) guidance and learn about the newest tax issues related to product design and administration. Legal, IRS and product development experts will provide vital insights into the challenges of developing and administering products within the requirements of the Internal Revenue Code (IRC) and allow ample opportunities for questions and information exchange. This session will feature legal, tax, actuarial and compliance experts. Recent legislative changes will be emphasized, including the Secure Act/Secure Act 2.0 and other items/questions that experts have seen increased industry activity.

Description: The Society of Actuaries will be offering this webinar series intended to educate and investigate aspects of life insurance, annuity, and long-term care product tax compliance. Developed by the Taxation Section, participants will be brought up to date on recent Internal Revenue Service (IRS) guidance and learn about the newest tax issues related to product design and administration. Legal, IRS and product development experts will provide vital insights into the challenges of developing and administering products within the requirements of the Internal Revenue Code (IRC) and allow ample opportunities for questions and information exchange. This session will feature an open forum for seminar participants to engage in Q&A with industry leading panelists.

Description: How might retirement income strategies be designed and their suitability assessed when retirees may differ substantially in their objectives, preferences and personal circumstances? Gain a wide-ranging overview of the key elements involved in formulating retirement strategies, drawing on the report, Primer on Retirement Income Strategy Design and Evaluation, which was recently released by the Society of Actuaries (SOA) Research Institute's Aging and Retirement Strategic Research Program. Hear about three types of income objectives-income floor, income target and income optimization-and how they imply different retirement strategies along with a different set of metrics to evaluate outcomes. We will also touch on key member attributes to account for: The nature of income risk, approaches to investing and drawing down on available assets to generate income, and how stochastic modeling can support the analysis. You will find something of interest in this session, regardless of prior familiarity with strategies for retirement.

Description: Given the rise in interest rates during 2022, explore the implications of increasing rates on FA and FIA business by looking at industry experience for FA and FIA products for 2022 compared to earlier years. Additionally, come walk through partial withdrawals, GLWB utilization, mortality and what to expect as interest rate volatility continues. You'll also discover how direct writers and reinsurers are handing the in-force management aspects of these products in the uncertain and volatile economic periods. Key learning outcomes include: - Understand the impact of rising rates on dynamic lapse for FA and FIA products - Explanation ofin-force management actions that are being taken in the current interest rate environment - Be informed of current trends in GLWB utilization

Description: Discuss a comparison of the U.S. general and insured population mortality experience and how COVID-19 and non-COVID-19 excess deaths impacted the populations differently. Discover the population mortality experience in the UK with a focus on the recent emergence of excess deaths for non-COVID causes. The long-term implications on the insured population will also be explored. Wrap up with a discussion of different conditions of long COVID, including organ impairments.

Description: IFRS 17 and US GAAP LDTI represent the biggest accounting changes for life insurers in decades and both become effective starting January 1, 2023. While many are familiar with the forthcoming changes under either IFRS 17 or LDTI, users of financial statements will need to be able to translate between the two accounting models (or at minimum, understand both models) when reviewing the financials of multi-national insurers. Learn about earnings expectations under both accounting models and compare and contrast product features performance, measurement requirements (including key policy decisions), and financial statement presentation under IFRS 17 and LDTI for traditional life insurance products. Explore illustrative examples as well as anecdotes from first-hand implementation experience to solidify the key themes and insights. By attending the session, you will:•Understand the impacted components of the financial statement for both IFRS 17 and LDTI as well as be able to translate between the two different presentations.•Describe the key methodology differences between IFRS 17 and LDTI and how those differences will impact earnings.•Describe the advantages and disadvantages of accounting for an insurance product under IFRS 17 versus LDTI.•Describe expected earnings impacts for traditional life products under both IFRS 17 and LDTI.

Description: This paper applies the research in Prospect Theory of Kahneman and Tversky to explain why sales of annuities lag sales of life insurance products. The author theorizes that life insurance is easier to sell because customers perceive themselves to be in the domain of losses, while potential annuity customers perceive themselves to be in the domain of gains. Kahneman and Tversky showed us that people are mostly risk averse in the domain of gains and risk seeking in the domain of losses. Purchase of an annuity or life product is a risky investment. Customers will find it easier to take the risk in the life insurance domain of losses than the annuity domain of gains. The author then proposes a hybrid life annuity product that might address both mortality and longevity risk in one product that would allow both products to be more competitive than stand-alone products.