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Mortality and Behavioral Analytics

Milliman Life and Annuity Experience Studies

Milliman’s one-stop solution for industry-standard reports.

The Challenge

Industry studies lack sophisticated platforms to view results

You need big data to benchmark company experience against the industry and to set accurate assumptions. But large-scale reports that aggregate results from the broadest range of participants can lack dynamic capabilities and predictive modeling to view data in a meaningful, actionable way.

The Solution

View the most complete studies catalog through a dynamic, robust platform

Using Milliman’s comprehensive experience studies, you can closely monitor the emerging industry experience. More than 18 years of data fuel some of our reports, covering more than $1.1 trillion of annuity current account values and $45 trillion of life insurance face amount. Milliman also offers integrated services including assumption reviews, customized model development, and full process management.

An interactive, web-based platform allows you to visualize and download data and predictions from key models, as well as coefficients and model forms of our linear predictive models. The platform is updated as frequently as quarterly as participants send in updated experience data and is annually refreshed with updated models and new insights.

Discover our full range of industry-leading, in-depth studies

Unique datasets, modeling, and insights to power your business strategy

2024 Milliman Fixed Indexed Annuity Surrender Study

2024 Milliman Fixed Indexed Annuity Surrender Study

Milliman is pleased to present the results of our 2024 fixed indexed annuity (FIA) surrender study. The 2024 series of studies incorporates seriatim data from 20 companies, representing the bulk of the industry, and comprises over 21 million contract-years of exposure spanning January 2007 through March 2024.

The behavioral model that we have developed from the study data is described in this report and included in our Recon® platform. The model is explainable, well-calibrated to the important factors of influence, and readily implementable and extendable in clients’ modeling software—with 99.8% actual-to-expected ratio against independent test data. As such, this report is a valuable guide to users of our Recon platform as they perform experience studies of their company data, explore the industry data on their own, and develop their own customized models.

Our report demonstrates that surrender behavior for fixed indexed annuities is complex and varies with a range of factors corresponding to product and owner characteristics; dynamic relationships with capital markets conditions, and interrelationships with other elective behaviors such as utilization of income features.

INSIGHT

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