Milliman gathered historical experience data from 12 major variable annuity writers for this study. The Milliman VALUES™ study relies on predictive modeling techniques and will be of interest to a variety of market participants. This study can potentially be used to develop a better view of industry lapse experience, policyholder efficiency, and market-sensitive behavior, to understand the impact of additional factors that influence lapse behavior, and to benchmark a company’s assumptions to industry experience.