Description: The Society of Actuaries and LIMRA have sponsored a Variable Annuity Guaranteed Living Benefit Utilization Study. This study is an annual update of earlier investigations conducted since 2006.

Description: This study and report have the following primary purposes: 1. Evaluate recent mortality experience relative to standard industry mortality tables, at a broad level. 2. Observe general trends in mortality experience by key policy characteristics. Where possible, provide insights into the industry changes contributing to the observed trends. 3. Provide the underlying data in spreadsheet pivot table format for further investigation by qualified actuaries. Provide data also in a delimited text file and Tableau dashboards for use with other software tools.

Description: This report is an update of the U.S. Population Mortality Observations – Preview of 2020 Experience released in May 2021. This update is based on 2020 provisional death data released by the CDC.

Description: The SOA Research Institute engaged Milliman to perform a study examining life insurer practices on accelerated underwriting and how COVID-19 has impacted them. This effort included a separate outreach to actuaries working for twelve different state insurance departments. At the time of this report, three responses to our regulatory survey had been received. Therefore, the results of the three-question survey are discussed in broad terms, rather than using numerical measurements.

Description: Unloaded (basic) and loaded, ultimate tables for males on an age-last birthday and age-nearest bases as of 2017

Description: The VBT Analysis Subgroup (“Subgroup”) of the Joint Academy Life Experience Committee and SOA Preferred Mortality Oversight Group (“Joint Committee”) recommends the approach documented in this report for determining when there is sufficient change in the emerging actual mortality experience relative to the current VBT to warrant changes to the table.

Description: The Individual Life Experience Committee has completed their latest report on intercompany mortality experience by amount of insurance under standard individually underwritten issues. This includes study years 2009-2015.

Description: Over the past month, the evolution of the COVID-19 pandemic has raised questions on how this outbreak will impact life insurance industry claims. This report pulls emerging U.S. COVID-19 hospitalization data and deaths obtained from the Centers for Disease Control and Prevention’s (CDC) COVIDView, a Weekly Surveillance Summary of U.S. COVID-19 activity, and compares it to data from past U.S. influenza seasons obtained from the CDC’s Flu Activity and Surveillance webpage.

Description: This report utilizes a literature review, company survey, company interviews and/or other methods to catalog a listing of common living benefit riders. It was sponsored by the Product Development and Reinsurance Sections along with the Committee on Life Insurance Research. This paper has several goals in relation to each living benefit rider type: to define various living benefit riders, to provide historical sales data and general filing requirements, to explore how underwriting and administration is handled, and to comment briefly on the overall level of claims activity experienced thus far compared to pricing expectations. In addition, it includes a review of the direct and reinsurance pricing implications of the riders to the extent they impact policyholder optionality and base plan financial characteristics. This paper includes perspectives developed through the experience of the authors, and includes executive summaries of a survey conducted by the SOA and Milliman of 34 direct writers, and interviews that Milliman conducted with 8 reinsurers.

Description: This overview shows considerations for consumers when reviewing the Life and Annuity Living Benefit Riders study.