The goal of Milliman VALUES series, which focuses on variable annuity (VA) policyholder behavior experience studies, is to evaluate and improve common assumptions using advanced analytics, and to provide implementable suggestions. This white paper details the takeaways from our 2020 Milliman VALUES Guaranteed Lifetime Withdrawal Benefit (GLWB) industry lapse and utilization studies, which include:
- 3.2 million policyholders from eight large VA writers, representing roughly $380 billion of initial account value and a range of GLWB product designs
- Demographic attributes
- Current research and goals to provide insights into policyholder behavior