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Milliman VALUES 2018 GLWB industry lapse study

ByEileen Burns, Vincent Embser, Vincent Haupt, Jenny Jin, Ben Johnson, and Matthias Kullowatz
13 February 2019

The 2018 Milliman VALUES Guaranteed Lifetime Withdrawal Benefit (GLWB) industry lapse and utilization studies included 3 million policyholders from eight large variable annuity writers, representing roughly $350 billion of account value and covering a range of GLWB product designs as well as demographic attributes.

The experience spanned 2007 to 2017 and studied when patterns of lapse behavior relative to product structure, guarantee value, and past withdrawal behavior.


About the Author(s)

Eileen Burns

Vincent Haupt

Matthias Kullowatz

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