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New Experience Study and Data Visualization on Individual Payout Annuity Mortality

WINDSOR, Conn., and SCHAUMBURG, Ill., Dec. 15, 2022 – LIMRA and the Society of Actuaries (SOA) Research Institute today announced the launch of their new Experience Studies Pro series. This research is part of the partnership the two organizations established in 2021 and will deliver a series of studies, providing detailed experience results and data visualizations for retail individual and group life insurance and annuity products, pension mortality, disability insurance, and long-term care insurance.

This Experience Studies Pro series was developed through a partnership to collect and process data to be used in industry-wide experience studies. The series leverages LIMRA’s powerful data analytic capabilities and the SOA Research Institute’s historical expertise in studying experience data.   

The first release in the series, the Individual Payout Annuity Mortality Study, focuses on 2014‒2019 individual payout annuity experience. This study reports on recent annuitant mortality experience, which can be compared to the 2019 Social Security Administration Population Table and the 2012 Individual Annuity Mortality (IAM) Table. Twenty-five companies contributed data to this study, which encompasses about 4.3 million contract years exposed, $36.7 billion in annual income years exposed, and 235,000 deaths over the six-year period.

“This Experience Studies Pro series provides a new level of depth in understanding market changes, challenges and opportunities, spanning a variety of insurance and retirement topics,” said R. Dale Hall, FSA, MAAA, CERA, CFA, managing director of research for the SOA Research Institute. “We are working with LIMRA to offer insurers more detailed experience reports for use in their company. For example, this first report provides critical insights across a variety of parameters that influence annuitant mortality.”

The first study and future studies of this joint initiative are expected to include at least 70% of the U.S. market, representing the most comprehensive examination of experience data to date.

“In collaboration with the SOA Research Institute, we are pleased to be able to offer more robust experience insights that will give participating members a significant competitive advantage and enable them to be more responsive to the dynamic changes the industry is facing,” said Marianne Purushotham, corporate vice president, head of LIMRA Data Services. “The Experience Studies Pro series will provide actuaries with the most credible data in the industry to support assumption-setting work.”

Experience Studies Pro provides more in-depth updates to industry benchmarks for key product risk factors, to provide timely support for both product development and a principles-based reserving structure. In future releases, the organizations plan to release additional data analysis on mortality/longevity experience, disability and long-term-care claims, and contract holder behavior.

Learn more about the Experience Studies Pro series and call for experience data by visiting LIMRA SOA Experience Studies Pro. To purchase the Individual Payout Annuity Mortality Study visit Individual Payout Annuity Mortality Experience Study.

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About LIMRA
Serving the industry since 1916, LIMRA offers industry knowledge, insights, connections, and solutions to help more than 700 financial services member organizations navigate change with confidence. Visit LIMRA at www.limra.com.

About the SOA Research Institute
Serving as the research arm of the Society of Actuaries (SOA), the SOA Research Institute provides objective, data-driven research bringing together tried and true practices and future-focused approaches to address societal challenges and your business needs. The Institute provides trusted knowledge, extensive experience and new technologies to actuaries, employers, regulators, research funders and the public, to help them effectively identify, predict and manage risks. www.soa.org/research.