As of end of July 2025, the expected hedge cost is estimated to be 105 bps for a hypothetical lifetime withdrawal benefit (GLWB) on variable annuities (VA) and 103 bps for registered index-linked annuities (RILA), down 4 basis points from the previous month, driven by an increase in long-term interest rates. The Index Methodology1 provides additional details about the assumptions and methodologies underlying the Milliman Hedge Cost Index™ (MHCI).