Annuity Market Update
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1 Annuity Market Update Actuaries Club of Hartford & Springfield 2014 Annual Meeting Hartford May 21, 2014 Guillaume Briere-Giroux, FSA, MAAA, CFA
2 Agenda I. Market dynamics II. Product trends III. Pricing, valuation and risk management issues IV. Watch list 1
3 Section 1 Market dynamics
4 Market risk for policyholder Lower Higher Annuity sales trends ( ) Fixed indexed annuity (FIA) and deferred income annuity (DIA) sales are growing Variable Indexed MVA Book value SPIA DIA Sales data from LIMRA 3
5 $ Billions Indexed annuity sales trends ( ) FIA sales have grown at a robust 7.8% annual rate since % CAGR Source: Wink s Sales & Market Report (2006 and prior) and LIMRA (2007 and later) 4
6 Top annuity writers in 2013 (1-10) Rank (2013) Company 2013 Sales ($ Billions) 2012 Sales ($ Billions) YoY Change (%) Variable Indexed Fixed Composition of sales 1 Jackson National % 2 AIG % 3 Lincoln % High Low 4 TIAA-CREF % 5 MetLife % 6 Prudential % 7 AXA % 8 New York Life % 9 Allianz Life % 10 Transamerica % Source: LIMRA 5
7 Top annuity writers in 2013 (11-20) Rank (2013) Company 2013 Sales ($ Billions) 2012 Sales ($ Billions) YoY Change (%) Variable Indexed Fixed Composition of sales 11 Pacific Life % 12 Nationwide % 13 Security Benefit % High Low 14 Ameriprise % 15 American Equity % 16 Great American % 17 MassMutual % 18 Thrivent Financial % 19 Protective Life % 20 Symetra % Source: LIMRA 6
8 Private Equity Owned Privately Held Ownership Structure US Stock Companies Foreign Subsidiaries Mutual Companies Expansion of the FIA market Today s FIA market has a broad range of players with increasing representation outside of the independent channel Market share and dominant distribution channels by ownership structure and credit rating Primary distribution channels National Life Group Pacific Life Nationwide Western & Southern OneAmerica Independent organizations Independent and banks Banks and wirehouses Career Allianz Life Jackson National Sagicor Life 15.5 % Size of bubbles represents 2013 market share VOYA Phoenix CNO Companies American Equity 10.4% Genworth AIG Symetra National Western Protective Life Lincoln Fidelity & Guaranty Life Security Benefit 11.7 % Forethought 7.1% Athene All other companies Midland National 7.9% Great American North American EquiTrust Lincoln Benefit Life B Lower B++ Source: Wink s Sales & Market Report and Oliver Wyman Research B+ A- Credit Rating 7 A A+ A++ Higher
9 Economic conditions The yield environment favors longer duration fixed annuities Select Bond Yields Credit and Maturity Spreads Credit spreads returned to pre-crisis levels, but the yield curve is steeper. This environment favors longer duration products such as FIA with GLWBs. Source: Federal Reserve of St Louis, Treasury data and BofA Merrill Lynch US Corporate Option-Adjusted Spreads 8
10 Annuity M&A activity is being driven by private equity and alternative buyers Acquirer/Seller (date) 9
11 Recap of annuity market dynamics 1 Stable VA sales, but shifting players 2 FIA market is expanding fast 3 Risk premiums back to pre-crisis levels 4 Significant M&A activity dominated by private equity and alternative buyers 10
12 Section 2 Product trends
13 Key annuity product trends VA / FIA hybrids Volatility control strategies Nursing home benefits Deferred income annuities Short surrender charge designs with floors less than zero, registered and no minimum contract value Can be VA or FIA by design Downside protection via protection buffers or protection floors, but higher upside Sellers include AXA, Allianz Life, MetLife and CUNA Mutual Firmly established in VA space Emerging in FIA space Up to double the GLWB income for a number of years if cannot perform 2 of 6 ADLs Increasingly common in FIA space Predictable deferred income Level income, constant increases, CPI increases or dividend increases 12
14 Key annuity product trends (continued) 5 VA sales with no living benefits Certain carriers successful in driving VA sales with no living benefit guarantees Lower cost designs Investment and tax deferral play 6 Stacked rollups Emerging in FIA space AG 33 friendly 7 Flexible designs At issue: Tie income rates to rate environment After issue: Indexing product features 8 Buyback programs Variable annuities: AXA, The Hartford and Transamerica Fixed annuities: The Harford 13
15 Section 3 Pricing, valuation and risk management issues
16 Pricing considerations 1 Lapses 2 Age Mix / GLWB Election Base rate + impact of GLB Policy year skew Dynamic rate (base contract for FA / FIA) Dynamic rate (GLB in-the-moneyness driven) Utilization cohorts Utilization skew (feature driven) Utilization skew (attained age driven) 3 Mortality Base rate Mortality improvement 15
17 Valuation and regulatory radar 2012 IAR table ( ) AG 33 GLWB statutory reserves (in progress) IFRS 9 (2018) Valuation and capital for FIA / VA hybrids (in progress) Solvency 2 (2016 or later) NAIC Private Equity Issues (E) Working Group Risk-based capital (2014 updates) VM-22 (2016) US GAAP targeted updates (TBD) 16
18 Risk management radar Low rate environment / Federal Reserve actions Emerging GLWB utilization experience ORSA (2015) Hedging of GLWBs Hedging of interest rates Dynamic lapses Volatility as an asset class Inforce blocks approaching end of the surrender charge period 17
19 Section 4 Watch list
20 Watch list 1 Interest rates 2 M&A activity 3 Product innovation 4 Behavioral assumptions 19
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