Experience Studies Pro

LIMRA and the Society of Actuaries (SOA) Research Institute have completed the most up-to-date study of fixed indexed annuity policyholder behavior. Twelve companies contributed data to this Study, which encompasses about 4.8 million surrender exposure by contract count, $526 billion surrender exposure by contract value, over 227,000 surrenders, and $15.9 billion in withdrawals in the 2021 to 2022 observation years.

The results include comparisons to several expected bases of policyholder behavior, including the current valuation standard, and can be used by actuaries in the management of their own fixed indexed annuity business.

Universal Life Premium Persistency
Fourteen companies contributed data to the current study, encompassing approximately 50% of flexible premium universal life new sales market share during the period of the study. The current study of 2015-2021 calendar years includes 11.9 million in exposure by policy count, almost $4.0 trillion in exposure by face amount, $76.6 million in collected premium, and approximately 417,000 lapse/surrender terminations.

Universal Life Lapse and Surrender
Twenty-four individual companies representing approximately 80% of the market contributed a robust set of universal life insurance policy owner behavior experience data for this study. About 33.5 million policy-years of exposure, $8.5 trillion in face amount exposure, and 1.3 million lapse terminations have been cleansed, summarized and analyzed.

LIMRA and the Society of Actuaries (SOA) Research Institute have completed the most up-to-date study of fixed rate deferred annuity surrender experience. Twenty-three companies contributed data to the current study, encompassing approximately 45% of fixed rate deferred annuity market share during the period of the study. The current study of 2015-2022 calendar years contains about 13.4 million contract count exposed, $1.0 trillion in contract value exposed, and over 900,000 surrenders. The results include analysis of surrender rates and can be used by actuaries in the management of their own fixed rate deferred annuity surrender business.

LIMRA and the Society of Actuaries (SOA) Research Institute have completed the most up-to-date study of variable annuity contract owner behavior. Fifteen companies contributed data to the current study, encompassing approximately 64% of industry new sales and 61% of industry assets in force during the period of the study. The current study of 2019-2021 observation years contains about 10.5 million contract count exposed to surrender, $1.4 trillion in contract value exposed to surrender, and over 500,000 surrenders. It also contains data on 3.7 million contract withdrawals and $41 billion in contract value withdrawn, which have been cleansed, summarized and analyzed. The results include analyses of withdrawal rates, surrender rates, and additional premium deposited and can be used by actuaries in the management of their own variable annuity business.

LIMRA and the Society of Actuaries (SOA) Research Institute have completed the most up-to-date study of fixed indexed annuity contract owner behavior. Seventeen parent company groupings covering 20 individual companies and representing 64% of industry new sales and 61% of assets in force contributed a robust set of fixed indexed annuity contract owner behavior experience data for this study. About 4.9 million surrender exposure by contract count, $503 billion surrender exposure by contract value, over 195,000 surrenders, and $13.7 billion in withdrawals have been cleansed, summarized and analyzed in the 2019 to 2020 observation years. The results include analyses of withdrawal rates, surrender rates, and additional premium deposited and can be used by actuaries in the management of their own fixed indexed annuity business.

This experience study examines individual payout annuity mortality experience for calendar years 2014 through 2019. The study is based on an analysis of about 4.3 million contract-years of exposure, $33.6 billion annual income-years of exposure, and over 236,000 deaths over the six-year study period. The previous study encompassed about 4.5 million contract-years of exposure, $26.8 billion annual income-years of exposure, and over 230,000 deaths over a five-year study period.