2022-2023 Fixed Indexed Annuity Contract Owner Behavior Experience Study Data Request

The Society of Actuaries Research Institute’s (SOA’s) Individual Annuity Experience Committee (IAEC) and LIMRA are soliciting surrender/lapse, withdrawal, living benefit utilization, annuitization, and premium deposit experience for variable annuities (VA) both with and without a guaranteed living benefit for calendar years 2022 through 2023.

The SOA Research Institute and LIMRA are partnering together to complete industry experience studies. Under this partnership, the SOA Research Institute’s IAEC and LIMRA plan to complete an update to the Individual Variable Annuity Contract Owner Behavior Experience Study previously completed in 2023 (the previous study covered experience for calendar years 2019-2021). The experience will be analyzed by various sub-segments of the data, such as age of owner, source of funds, distribution channel, contract duration, in-the-moneyness of the benefits, product and rider features, and the method of benefit calculation. The Study will include sufficient detail for companies to be able to understand how their experience compares to the industry. This experience may augment each company’s own experience analysis, improve communication of results to senior management, and improve internal variable annuity management.

A basic report will be publicly available and provide users with a high-level overview of broad experience trends in the industry. The detailed Study results will be made available in a ‘Standard Data Package’ for a fee. The Standard Data Package may include a detailed Study report and a data visualization tool providing cross-segmentation capabilities. The data visualization tool would allow for the maximum amount of detail of Study results to be viewed and downloaded, while ensuring company confidentiality and data privacy is protected.

The 2022-2023 experience data is due to LIMRA by October 31, 2024.

For more information, please refer to the attached data submission instructions and feel free to contact us with any questions.

Materials

2022-2023 SOA LIMRA VA Contract Behavior Experience Study - Data Request – FINAL

VA Prod and Rider Info Year 2022-23 – FINAL

Questions Or Comments?

If you have any questions, please contact StudyPro@soa.org.