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: While a rising sea helps all ships, the insurance industry is a ship that hasn't seen much water in the past decade. Examine valuation and product management considerations in a high interest rate environment

Description: Forward looking insurers are reimagining their businesses with key strategic aims around how they engage with their customers and how they make and implement decisions. Industry experts will present a maturity framework for assessing your progress with specific case studies for how to advance in the areas of Management Information, New Business, and Inforce Management.

Description: This report provides a framework that actuaries can use to evaluate moderately adverse conditions.

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: This article is an update, as of March 2019, on Financial Reporting Section sponsored projects in process and those recently completed.

Description: The Smaller Insurance Company Section, the Committee on Life Insurance Research and the Product Development Section announce the release of a new report on the impact mortality credibility has on principle-based reserves.

Description: Indexed universal life (IUL) continues to be the most popular universal life (UL) product with sales reaching $1B in Q4 2023, according to LIMRA. There is little long term experience for IUL and many companies value and model IUL just like UL, but there are material potential differences that need to be considered for valuation and projection purposes. Presenters will discuss key risks and differences between IUL and UL relating to policyholder behavior and how to value, project, monitor and manage those risks to avoid repeating misestimates of the past. Presenters will also discuss broader life assumption risks such as mortality and yearly renewable term (YRT) reinsurance risk. Attendees will learn about options on how to potentially address underperforming blocks of IUL and will obtain an improved perspective on the risks of IUL products and the differences versus UL and how to incorporate these differences into their valuation and projection exercises.

Description: Learn from panelists from different companies as they come together to discuss their experiences.

Description: Go over how the actuarial processes have changed over the past 10+ years with the move to PBR, US GAAP LDTI, IFRS 17 and other emerging requirements.