Announcement: SOA congratulates the new FSAs for March 2023.

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2019-21 Variable Annuity Contract Owner Behavior Experience Study Data Request

We would like to invite your company to participate in a study to update VA Contract Holder Behavior Experience for contract years 2019 and 2021.

This study is jointly sponsored by the Society of Actuaries (SOA) and LIMRA. A report with high level summary results of the study will be made publicly available.  Outputs of the study will also include a report with in-depth analysis, data visualizations of the results, and access to the aggregated industry data that will be available for purchase.  Companies who participate in the study by contributing data will receive significant benefits, including the ability to purchase the outputs of the study at a deep discount.  See the attached pdf for more information on the benefits of participating.

 To participate in this year’s study, your company needs to provide contract-level data for your VA book of business including registered index linked annuities (RILAs), as well as basic specifications for your VA products and any associated GLB riders.

Please see attached documents for instructions on data submission and format.  The 2019-2021 data are due to LIMRA Secure Retirement Institute by October 31, 2022.  Please let us know whether your company will be participating in this study by responding to this email by August 10th.

Please note, if your company offers products with GLB riders and frequently changes rider components, such as maximum withdrawal rate, rollup rate, or fees during the year, you may instead provide this information separately (e.g., in a rate sheet).

This in-depth research is critically important in helping companies to understand and monitor risks associated with VAs including GLBs (and the impact of customer behavior).  Results of the study will include:

  • Analysis of the industry book of business by GLB type and product/rider characteristics
  • Analysis of withdrawals, step-ups, and other utilization behaviors of in-force customers (for both contracts with and without GLB riders)
  • For VA contracts with a GLB, a detailed analysis of the duration when they first begin taking withdrawals
  • Measurement of surrender activity by duration, surrender charge, age, and other factors
  • Assessment of the impact of withdrawals and being “in-the-money” on surrender activity
  • Determining risk exposure by measuring in-the-moneyness levels

If your company has participated in previous LIMRA/SOA studies and has already provided the plan information requested in the attached Excel spreadsheet, we would be happy to send you your prior submission so that you can use that prior version to expedite your completion of the data submission for this study.

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

Thank you in advance for your consideration

Materials

2019-21 Variable Annuity Contract Owner Behavior Experience Study Data Request

SOA and LIMRA  -  VA Contract Owner Behavior Experience Study

Questions Or Comments?

If you have any questions, please contact Korrel Crawford, SOA Research Institute Senior Research Administrator at kcrawford@soa.org  or +1-847-706-3567.