Description: This document describes an effort to measure the deaths in the US population relative to pre-pandemic expectations. The actual deaths used are as reported by the US Center for Disease Control (CDC) and we consider several different methods for setting the expectations, adjusting for the estimated mix by age, sex, and time of the year (seasonality).

Description: The Mortality Improvement subgroup of the American Academy of Actuaries’ Work Group and the Society of Actuaries’ Mortality and Longevity Oversight Advisory Council released a recommendation for a set of improvement factors that vary by gender and attained age to be used in conjunction with the 2008 Valuation Basic table or the 2015 Valuation Basic table for AG-38 purposes. This recommendation has been adopted by the NAIC’s Life Actuarial Task Force.

Description: This paper concerns policyholder dividends on traditional participating life insurance products in regulatory contexts similar to those in the United States and Canada. This paper also touches on annuity products. It was prepared for use in the educational curriculum of the Society of Actuaries. Dividend actuaries seeking references to writings on policyholder dividends to refresh their perspective may also find it useful.

Description: In the second quarter of 2022, publicly traded life insurers reported some of their best financial results since the pandemic began. COVID-19-related claims fell sharply in many product categories. Sales, which had taken a big hit, showed significant improvement as well, though not always to pre-pandemic levels. Sales activity was enough, however, for industry executives to report confidently in their quarterly conference calls that in this regard the worst consequences of the pandemic are over.

Description: This report describes the main features of structured settlement annuities in North America and current actuarial practices and issues related to this product. It was prepared for use in the educational curriculum of the Society of Actuaries.

Description: A news release about the Wildfire Morbidity report and Wildfire Mortality report being published.

Description: New Study Examines Fixed Indexed Annuity Contract Owner Behavior Society of Actuaries Research Institute and LIMRA Release Latest Experience Studies Pro Report

Description: Adjusting GAAP reinsurance reserves to account for reinsurance protection against the events that trigger direct reserve constraints (such as NPR capping or LFPB flooring) can be a challenge any time. Ceding a block of business that is already in force increases the challenge—especially if one of those constraints was already present at inception of the reinsurance. This article builds on previous work (published in the July 2022 and June 2023 issues) to show how to measure initial reinsurance reserves in a way that complies with AICPA guidance and prepares for effective measurement of subsequent changes in the effects of the constraints.

Description: Milliman was engaged by the SOA to conduct two Accelerated Underwriting (AU) surveys, one of direct companies and another of reinsurers. The surveys explored actual results from 2019–2021 and expected results from 2022.

Description: Interview on opportunities for InsurTechs in Life and Health reinsurance. Themes covered include digital distribution and digital health data. The article also shares insights into the role of the reinsurer when working with InsurTechs.