Description: 2023 was a year of continued change for the annuity market as interest rates stayed high. The rapid growth of RILA products stalled as FIA and MYGA products saw a significant increase in market share, with bonus products being extremely popular. The impact of ASOP 2 and the higher rate environment are continuing to be realized in experience, in-force management, product design and more. Learn more about the retail annuity market with a focus on the impacts of the current interest rate environment. Session materials will draw on experience studies, sales results, product changes, and more, which will examine how higher interest rates have altered the annuity market. At the conclusion of this session, you will understand recent trends in the annuity market, including emerging experience, new product designs, regulatory changes, and the impact of high interest rates.

Description: This session will provide an overview of key considerations and takeaways from the economic scenario generator (GOES) and fixed/indexed annuity reserving (VM-22) field tests. Stylized facts from the new proposed scenario generator will be discussed and a comparison with the existing Academy's scenario generator will be presented. The Main guidelines from VM-22 will be contrasted and compared with CARVM and VM-21, and preliminary model results will be analyzed to understand impacts on pricing, reserving, income volatility, and reinsurance.

Description: As VM-22 becomes the new standard for statutory valuation of non-variable annuities, insurers must navigate a range of implementation challenges and strategic considerations. This session will provide attendees with a comprehensive roadmap for preparing for VM-22, addressing critical questions that will shape a successful transition: What are the key considerations when deciding between early adoption and waiting until the end of the transition period? How will reserve levels shift under the new framework, and what strategies can help mitigate financial volatility? What models, tools, and analyses are needed not only to comply but also to interpret results, manage risks, and help leadership gain confidence in the results?

Description: Dive into the vibrant world of Bermuda's reinsurance market! This session will provide a comprehensive overview of the latest market trends shaping Bermuda's dynamic landscape. First, we will explore how global shifts and regulatory changes are influencing market strategies and review recent deal activity. Afterward, we will examine hot topics in offshore valuation, exploring innovative approaches and methodologies emerging in this unique jurisdiction. Whether you're interested in market dynamics or valuation intricacies, this session promises to equip you with the insights needed to stay ahead in Bermuda's ever-evolving financial ecosystem. Join us for an informative journey that combines expert analysis with practical insights.

Description: This session provides a comprehensive overview of the enhancements to the VM-22 principles-based reserving framework. It features a case study on Fixed Indexed Annuities (FIA) with Guaranteed Minimum Withdrawal Benefits (GMWB), providing a step-by-step attribution analysis that transitions from the current statutory reserve to the new VM-22 reserve, highlighting the assumptions or components influencing the results. The session will also take you along on the journey from a software vendor perspective where we’ll highlight specific VM-22 regulatory changes driving software updates over the last few years, ultimately maintaining alignment with VM-20 and VM-21.

Description: Harnessing the transformative power of recent accounting changes, US GAAP LDTI in the US and IFRS17 globally, insurers around the globe are embracing changes in their operating models. These changes impact areas of processes, technology, data, and, arguably most importantly, people. As insurers continue to evolve and streamline their financial reporting processes under the new standards, many have identified needs for organizational transformation to align actuarial, finance and technology teams in a cohesive manner to support the new financial reporting requirements.

Description: Statutory and GAAP metrics are useful for regulators, investors, and other external parties who require a consistent basis for viewing snapshots of companies at a point in time, however, their uses are more limited for managers who are tasked with making strategic decisions. Many insurers are turning to internally developed metrics such as value of new business (VNB) for better profitability insights at the point of sale and to understand how new business profitability changes over time. By leveraging existing models and reporting processes, insurers can reduce the additional effort involved, applying VNB toward applications such as pricing, capital allocation, and risk management. Discuss key considerations for developing and using VNB. Begin with a brief overview of VNB, including how VNB addresses specific shortcomings of Stat and GAAP. Next, discuss applications of VNB for life and annuity business and conclude with some implementation case studies.

Description: As the size of the life reinsurance market in Bermuda has grown to over half a trillion dollars at the end of 2021, more and more actuaries are getting involved with this 21 square mile North Atlantic island in one way or the other. Come explore a fundamental understanding of the Bermuda solvency framework and an overview of its upcoming changes.

Description: Who wants to be a Millionaire - Annuity + LTC edition! Through a series of increasingly challenging questions to our contestants, we will explore the depths of annuity + LTC products! Unlike annuity + LTC customers, in this gameshow there will be a winner and there will be a loser. Through the game show format, this session will explore emerging market trends and their drivers in annuity + LTC products, including long-run structural demographic and economic forces. The panelists will also review product design and assumption development considerations, contrasting annuity + LTC products with life + LTC products. We will challenge contestants on the compliance and regulatory issues in product development. Finally, we will provide a future outlook and areas for growth in this niche market. Attendees will understand the emerging product designs, risk profiles, and market potential for annuity + LTC products, and one attendee will win a million dollars*. (*monopoly money)

Description: 2023 was a year of continued change for the annuity market as interest rates stayed high. The rapid growth of RILA products stalled as FIA and MYGA products saw a significant increase in market share, with bonus products being extremely popular. The impact of ASOP 2 and the higher rate environment are continuing to be realized in experience, in-force management, product design and more. Learn more about the retail annuity market with a focus on the impacts of the current interest rate environment. Session materials will draw on experience studies, sales results, product changes, and more, which will examine how higher interest rates have altered the annuity market. At the conclusion of this session, you will understand recent trends in the annuity market, including emerging experience, new product designs, regulatory changes, and the impact of high interest rates.