Description: In this session, the presenters will discuss implementation challenges with US GAAP Long Duration Targeted Improvements (LDTI) for life and annuity products, and methods and changes to actuarial models their organizations use to overcome the challenges. Presenters will specifically discuss the following topics: The current GAAP reporting framework can create challenges with transparency for annuity insurers. Many annuity insurers report on adjusted earning measures in addition to US GAAP, believing the adjusted measures more accurately reflect earnings. Using a variable annuity framework, presenters will discuss key differences between GAAP and adjusted earnings measures, key challenges and their solutions for LDTI implementation, and the potential for LDTI to reduce the need for adjusted earnings measures and increase transparency. For FAS 60 based life products, insurers need to update and modernize the assumption setting process. Presenters will cover methods and the decision process whether to use existing data or new experience studies to review product experience and set assumptions. There is a lack of clarity and guidance for development and implementation of LDTI in a reinsurance framework. For reinsured life products, LDTI guidance is clear on the direct side of the financial statements, but the guidance is less clear on reinsurance ceded values. Presenters will discuss methods and changes to actuarial financial models that are needed in order to ensure the direct and ceded values are consistent.

Description: 2021 ImpACT Conference -Insurance ALM Survey - Early Results and Best Practices Recording

Description: This webcast will walk through several statistical methods for imputing race and ethnicity from U.S. datasets, highlighting strengths and weaknesses and evaluating accuracy.

Description: A look back over 20 years to see how product topics of the day have changed and remained the same.

Description: Kick off with key National Association of Insurance Commissioners (NAIC) activities, with a primary focus on updates to principle-based reserve valuations and appointed actuary topics. The presenters will provide insights into the current set of activities and initiatives being considered and/or adopted by the NAIC Life Actuarial Task Force (LATF) and the NAIC Risk Based Capital Working Group as well as Actuarial Standards Board. In addition, other Actuarial Practice Issues and other Appointed Actuary and Opinion topics relevant to Life Insurance, Variable Annuities and Fixed Annuities will be discussed.

Description: Amid macroeconomic uncertainty, proactive lapse management is becoming a growing strategic focus for Life and Annuity carriers. Interest rates have been increasing rapidly during the last eighteen months and insurers, especially annuity writers, have started to see higher lapses and withdrawals. After a prolonged low interest period, many insurers will have to (re)build capabilities to enable proactive lapse management.

Description: Ensuring employees retire with adequate benefits is an ever-growing challenge. During this webcast, we will highlight key insights from the fields of behavioral economics and data analytics that can be utilized to better equip employees for retirement. Areas of focus will include inherent biases that people exhibit and how employers can use these biases to design plan features that will nudge their employees towards making better decisions for their futures.

Description: The SOA has conducted a mortality study covering deferred annuities, both fixed and variable. This is a brand new area of analysis for the SOA's Individual Annuity Experience Committee and should be of critical interest to the industry. Previous industry annuitant mortality studies have focused on payout annuities, as well as the specialized structured settlement annuity market. Traditionally, mortality had not been seen as a critical assumption for deferred annuities. As the products have evolved over time, especially with the popularity of enhanced death benefits for variable annuities and guaranteed living benefits for both variable and fixed annuities, mortality has taken on increased importance. The results of this study have recently taken on even greater significance, as regulators are seeking mortality assumptions for the standard projection scenario for VM-22 (fixed annuities), as well as a potential update to those assumptions in VM-21 (variable annuities). By attending the session, you will: - Understand how deferred annuitant mortality compares with established annuitant mortality tables. Note that annuitant mortality tables, including the most recent 2012 tables, were developed based on payout annuitant mortality experience. - Become aware of the differences in mortality experience between fixed and variable annuities. - Gain insights into the effect of various guaranteed benefits on anti-selection and subsequent annuitant mortality, both for death benefits and living benefits. - Understand the durational aspects of emerging mortality experience, particularly for deferred annuities with guaranteed benefits.

Description: Outlines a generic business model for a life insurance company and concludes with thoughts on future trends and prospects.

Description: Life and annuity markets around the world have seen increasingly complex investment-combined products, including universal life, fixed indexed annuities, variable annuities with a wide variety of guaranteed benefits and indexed variable annuities. Insurance companies are facing unprecedented exposure to financial risks in addition to traditional mortality and longevity risks. The risk assessment and modeling for such complex designs by conventional methods often focus heavily on their market competitiveness and profitability. However, there seems to be a lack of quantifiable and systematic approaches to assess investment risks associated with investment combined products. The objective of the proposed work is to develop a framework for quantifying and analyzing various forms of contractual designs and showcase different techniques to assess the trade-off between competitive contractual designs and their practical implications regarding the difficulty of risk management.