U.S. Individual Life Mortality Quintile Analysis

September 2023

Authors

SOA Individual Life Experience Committee

Mortality Quintile Analysis Subgroup

Description

This study was developed by the Mortality Quintile Analysis subgroup (Subgroup) of the SOA Individual Life Experience Committee (ILEC). The purpose of this study is to quantify the range of intercompany variability in mortality. To accomplish this, mean actual-to-expected (A/E) ratios based on amount were calculated in each quintile for every combination of six key variables. The companies assigned to each quintile were determined individually for each quintile in each category. In addition to calculating the ratios for each of the key variables, ratios for all combinations of two of the variables were calculated. In this report, Q1 represents the quintile with the highest A/E rating and Q5 the lowest. The data is based on experience consistent and contained in the ILEC fully underwritten reports. A full tabular listing of results is included as an accompanying Excel file.

Materials

U.S. Individual Life Mortality Quintile Analysis 

U.S. Individual Life Mortality Quintile Analysis Workbook

Acknowledgements

The SOA Research Institute’s deepest gratitude goes to the Subgroup for their diligent work to design the study, analyze the results, and draft and peer review this report for accuracy and relevance.

Subgroup members:
Mark Spong (Chair), FSA, CERA, MAAA
Connie Cheng, FSA, CERA, MAAA
Steven Ekblad, FSA, MAAA
Ed Hui, FSA, MAAA, CFA
Kevin Larsen, ASA, MAAA, FLMI
Mark Rosa, ASA
Haofeng Yu, FSA, ALU1, PHD

At MIB, data compiler for this project:
Scott Fritsche, ASA

At the Society of Actuaries Research Institute:
Korrel Crawford, Senior Research Administrator
Cynthia MacDonald, FSA, MAAA, Senior Director, Experience Studies
Pete Miller, ASA, MAAA, Experience Studies Actuary

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