Milliman VALUES 2018 GLWB industry lapse study

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By Eileen S. Burns, Matthias Kullowatz, Jenny Jin, Ben Johnson, Vincent Haupt, Vincent Embser | 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.


Employee Benefits and Investment