Description: This article is aimed to cover the following: 1) Provides an assessment of income volatility under Long Duration Targeted Improvements (LDTI) for several key types of long duration contracts along with select illustrations, and compares against those under current GAAP, 2) Discuss areas where accounting policies or methodologies can influence income volatility, and 3) Show how a company's management reporting can be adapted to help explain income variances under LDTI.

Description: This article discusses the the 1998 alternartive XXX model regulations and the potential tax impact on the definition of life insurance and on reserve deductions associated therewith.

Description: Mortality Credibility and its use within VM-20.

Description: This article compares earnings emergence under five popular world-wide accounting bases for two insurance products, term life and fixed deferred annuity.

Description: This article summarizes the key changes to VM-31 requirements in the 2020 version of the Valuation Manual for both life and variable annuities, and compares and contrasts the requirements for each. In addition, the article offers insights into common issues and recommendations for VM-31 reports from the viewpoints of a regulator, consultant, and company actuary.

Description: Key excerpts from research recently performed by Milliman consultants for the SOA on the impact of VM-20 on life insurance product development.

Description: Mandatory implementation of life principle-based reserves (PBR) is just around the corner and there is no shortage of work to do, as most products have yet to be moved to PBR. Oliver Wyman recently completed its 2019 PBR survey, with more than 40 participants covering 85 percent of the individual life market, including 23 of the top 25 life writers and five reinsurers. This article will expand on the key survey findings, including implementation trends, analysis to date and recent discussions and decisions on the treatment of non-guaranteed reinsurance.

Description: Illustrates key differences, in earnings for a segment of term insurance, between current GAAP standards and GAAP targeted improvements (based on tentative board decisions preceding the release of an exposure draft).

Description: Oliver Wyman surveyed the life insurance industry in 2Q 2018 on emerging life PBR practices. Key takeaways and a deeper dive on select practices are provided.