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Zi Xiang Low headshot

Zi Xiang Low

FSA, FIA, MAAA
Principal & Consulting Actuary
Seattle, WA, US

Zi Xiang Low is a principal with the Life Practice in Milliman’s Seattle office. He joined the firm in 2011.

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Experience

Since joining Milliman, Zi Xiang has worked on a large variety of life insurance projects. His experience includes working on actuarial appraisals for M&A transactions across the United States, Southeast Asia and India, as well as assisting clients in the areas of financial reporting, pricing, appointed actuary services, and model validation.

In recent years, Zi Xiang has managed and contributed to projects related to model development for statutory reporting, M&As, and reinsurance transactions with a strong focus on variable annuities, fixed indexed annuities, and structured annuities.

Zi Xiang is a regular speaker on the topic of VM­21 at the American Academy of Actuaries’ (AAA) Principle­-Based Reserving Boot camp.

Zi Xiang is a strong Integrate® user and has prior experience in using Prophet.

Zi Xiang is currently a member of the AAA’s PBR Implementation subcommittee and Variable Annuity Reserve and Capital working group.

Zi Xiang is fluent in both English and Mandarin.

Publications

Read their latest work

Article

Current state of principle-based reserving for non-variable annuities (VM-22)

10 May 2024 - by Yan Fridman, Zi Xiang Low, Zohair Motiwalla, Ricardo Trachtman, Karthik Yadatore
We look at the key elements of a principle-based-reserving framework for statutory reserving, known as “VM-22” and under review by NAIC.
Article

Fixed Indexed Annuity overview in the U.S. and Japan

15 November 2023 - by Zi Xiang Low, Manabu Shoji, David Wang
Understanding the similarities and differences between the fixed indexed annuity products in Japan and the United States can aid appropriate product strategy and design.
Article

Principle-based reserving impact on fixed indexed annuity pricing

14 October 2020 - by Aatman Dattani, Zi Xiang Low, Zohair Motiwalla, Katherine Wang, Karthik Yadatore
This report analyzes, understands, and discusses the impact of the upcoming Principle-Based Reserving on non-variable deferred annuities.
Article

VM-21 – 2020 Survey of Industry Practices: October

07 October 2020 - by Zohair Motiwalla, Zi Xiang Low, Aatman Dattani, David South
In the third quarter of 2020, Milliman refreshed a survey that establishes currently held market practice in the application of “VM-21: Requirements for Principles-Based Reserves for Variable Annuities.”
Article

VM-21 survey report: 2019 Q3 survey

17 January 2020 - by Matt Cheung, Ian Laverty, Zi Xiang Low, Bill Matczak, Zohair Motiwalla
In the third quarter of 2019, Milliman conducted a survey to establish market practice in the application of VM21: Principle-Based Reserves for Variable Annuities.
Article

The Withdrawal Delay Cohort under VM-21/AG-43: The case for random sampling

25 March 2019 - by Benjamin Buttin, Matthias Kullowatz, Zi Xiang Low, Zohair Motiwalla
The VM-21 Standard Projection is essentially a complete overhaul of the existing Actuarial Guideline 43 Standard Scenario framework.
Article

Proposed Changes to US GAAP: An impact analysis of proposed targeted improvements

06 June 2017 - by Shamit Gupta, William Hines, Zi Xiang Low, Craig Reynolds, Karthik Yadatore
This report discusses the impact of the Financial Accounting Standards Board’s proposed changes to GAAP accounting standards on long duration insurance contracts, specifically on earnings and equity for several illustrative product types and the industry’s preparedness to adopt the new guidance.