Prescribed U.S. Statutory and Tax Interest Rates for the Valuation of Life Insurance and Annuity Products. September 2013
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1 Prescribed U.S. Statutory and Tax Interest Rates for the Valuation of Life Insurance and Annuity Products September 2013
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3 i Table of Contents Section 1 : Introduction... 1 Section 2 : Key Results... 2 Section 3 : Statutory Calculations... 3 Section 4 : Tax Calculations... 6 Section 5 : Reliances and Limitations... 8 Section 6 : Contact Information... 9 Appendix 1: Statutory and Tax Prevailing Interest Rates for Issues Since Appendix 2: Statutory and Tax Prevailing Interest Rates for Pre-1983 Issues Appendix 3: Valuation Interest Rate Sensitivity by Product Type Appendix 4: Definitions September 2013
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5 1 Section 1: Introduction Annually, Towers Watson publishes a summary of prescribed U.S. valuation interest rates for life insurance and annuity products. These interest rates are used in determining minimum U.S. statutory reserves, minimum life policy nonforfeiture values and tax reserves. This report updates the maximum statutory valuation and nonforfeiture interest rates for calendar year 2014 issues of life insurance products and the maximum statutory valuation interest rates for calendar year 2013 issues of annuity products. The Applicable Federal Interest Rate used in the calculation of tax reserves for 2013 issues is also provided. September 2013
6 2 Section 2: Key Results In the latter half of 2012, interest rates continued to decline to levels even lower than seen in recent years. In the first half of 2013, however, interest rates began to recover modestly. As a result, the decrease in maximum U.S. statutory valuation interest rates slowed or, in some cases, stopped in comparison to last year. Highlights include: The maximum statutory valuation interest rate for calendar year 2013 issues of whole life insurance products remained level at 3.50%. The maximum statutory valuation interest rate for calendar year 2013 issues of single premium immediate annuities decreased 25 basis points, from 4.25% to 4.00%. The maximum statutory valuation interest rates for calendar year 2013 issues of other annuities and guaranteed interest contracts remained level or decreased up to 50 basis points (varying by annuity plan type and other such factors). The Applicable Federal Interest Rate for 2013 remained below the prevailing maximum statutory valuation rates. The greater of these two interest rates should be used for the computation of taxbasis reserves for 2013 issues of most life and annuity products.
7 3 Section 3: Statutory Calculations The 1980 Amendments to the Standard Valuation and Nonforfeiture Laws provide for dynamic valuation interest rates. As a result, the maximum statutory valuation and nonforfeiture interest rates will vary from year to year depending on published corporate bond yield averages. The maximum statutory valuation interest rates for some typical life insurance and annuity products are as follows: Maximum Statutory Valuation Interest Rates for Typical Life and Annuity Products Year of Issue Whole Life Insurance Typical Single Premium Deferred Annuity Single Premium Immediate Annuity % 5.50% 6.50% % 6.00% 7.25% % 5.50% 6.75% % 5.50% 6.75% % 5.25% 6.25% % 5.25% 6.25% % 5.75% 7.00% % 5.50% 6.75% % 5.50% 6.50% % 5.00% 6.00% % 4.75% 5.50% % 4.50% 5.25% % 4.50% 5.25% % 4.75% 5.50% % 4.75% 5.50% % 5.00% 6.00% % 4.50% 5.25% % 4.25% 5.00% % 3.75% 4.25% % 3.75% 4.00% % n/a n/a September 2013
8 4 The maximum statutory valuation interest rates for all life and annuity products issued since 1983 are found in Appendix 1. Before the 1980 Amendments, the process for changing the maximum valuation interest rate was much more cumbersome, requiring amendments to the Standard Valuation Law. So the valuation interest rate changed less frequently. A summary of maximum statutory valuation interest rates for life insurance policies and annuity contracts issued before 1983 is found in Appendix 2. Explanation of Interest Rate Calculations Under the 1980 Amendments, maximum statutory valuation interest rates are dependent upon the values of reference interest rates. Reference interest rates vary by product type and guarantee duration. Some reference interest rates for annuity products are calculated using the 12-month arithmetic mean of the composite yield on seasoned corporate bonds, as published by Moody's Investors Service, Inc. (Moody's), for the period ending June Reference interest rates for all life insurance products and other annuity products are calculated using the lesser of the 12-month and 36- month arithmetic means of the Moody's corporate bond yield indices. The reference interest rates are rounded to the nearest basis point as outlined in an April 13, 1999 American Council of Life Insurers (ACLI) note from William Carroll. As of June 30, 2013, the corporate bond yield indices had a 12-month mean of 4.15% (40 basis points lower than last year) and a 36-month mean of 4.69% (53 basis points lower than last year). The reference interest rate is used in specified formulas for calculating the valuation interest rates for various product types. The resulting value is rounded to the nearest 0.25%. For annuity products, this rounded value becomes the new maximum statutory valuation interest rate. For life insurance products, if the rounded value is not at least 0.50% different from the prior year's value, the maximum statutory valuation interest rate remains at the prior year's level. Maximum nonforfeiture interest rates for life insurance products are calculated by multiplying the maximum statutory valuation interest rate by 125% and rounding to the nearest 0.25%. There is a one-year grace period for nonforfeiture interest rate changes; a new interest rate is optional for the following year, but mandatory for the succeeding year. Maximum Statutory Valuation Interest Rates for Future Years' Issues The formulas used to determine maximum statutory valuation interest rates for life insurance products generally require large swings in the corporate bond yield indices before a change in the maximum valuation rate will occur. As stated before, the maximum statutory valuation interest rate for calendar year 2014 issues of whole life insurance products will be 3.50%. For the whole life maximum statutory valuation interest rate to change for calendar year 2015 issues, one of the following scenarios must occur:
9 5 Calendar Year 2015 Whole Life Valuation Interest Rate Sensitivity Target Maximum Statutory Valuation Interest Rate Required 12-Month Mean for July 2013 to June % 3.35% 4.00% 7.82% Recently, Moody's average corporate bond yields have been around 4.00% to 4.50%. The mean yield over the next 12-month period would have to drop to 3.35% to cause the maximum statutory valuation interest rate to decline to 3.00% for calendar year 2015 issues of whole life insurance policies. Likewise, the mean yield over the next 12-month period would have to rise to 7.82% to cause an increase in the maximum statutory valuation interest rate to 4.00% for calendar year 2015 issues of whole life insurance policies. Appendix 3 presents the results of similar interest rate sensitivity calculations for other products and other magnitudes of change. An example of how to interpret the sensitivity results is also included in Appendix 3. September 2013
10 6 Section 4: Tax Calculations The Revenue Act of 1987 amended Section 807(d)(2)(B) of the Internal Revenue Code (IRC) and set the interest rate used in the calculation of tax reserves as the greater of the Applicable Federal Interest Rate or the prevailing maximum statutory valuation rate for the contract's calendar year of issue. The amendment became effective for contracts issued in taxable years beginning after December 31, The Applicable Federal Interest Rate is determined annually by the Secretary of the Treasury and is based on federal midterm rates (those with terms greater than three years but not greater than nine years) during the test period, which is the most recent 60-calendar-month period ending before the beginning of the calendar year for which the determination is made. No month prior to August 1986 is included in this calculation.
11 7 Applicable Federal Interest Rates Issue Year Rates % % % % % % % % % % % % % % % % % % % % % % % % % % September 2013
12 8 Section 5: Reliances and Limitations Towers Watson relied upon data and information provided by external parties to develop this report. The report and appendices are intended to provide information to professionals who are technically competent in the areas addressed. Judgments as to the data and information contained in this report should be made only after studying the report (including appendices) in its entirety. Towers Watson professionals are available to answer any questions about information contained in the report and appendices. It is assumed that users of this report will seek such explanation as to any matter in question. The prescribed statutory, tax and nonforfeiture interest rates provided in this report are based on Towers Watson's understanding of current law and regulations. Towers Watson is not responsible for the outcome of any use of the information contained in the report or appendices.
13 9 Section 6: Contact Information The sensitivity analyses shown in Appendix 3 are updated monthly as new corporate bond yield index values are released. For further information or an updated version of this document, please contact: Lori Helge, FSA, MAAA Senior Consultant Towers Watson 71 S. Wacker Drive, Suite 2600 Chicago, IL Direct: lori.helge@towerswatson.com September 2013
14 10 Appendix 1: Statutory and Tax Prevailing Interest Rates for Issues Since 1983 Reference Period Ending: June 2013
15 11 Life Insurance Products Guarantee Duration of 10 Years or Less Issue Year Statutory Tax Nonforfeiture % 7.25% 9.00% % 7.25% 9.00% % 7.25% 9.00% % 7.25% 9.00% % 6.50% 8.25% % 7.77% 7.50% % 8.16% 7.50% % 8.37% 7.50% % 8.42% 7.50% % 8.40% 7.50% % 8.10% 7.50% % 7.45% 7.00% % 6.99% 7.00% % 6.63% 7.00% % 6.33% 7.00% % 6.31% 7.00% % 6.30% 6.25% % 6.09% 6.25% % 6.00% 6.25% % 5.71% 6.25% % 5.27% 6.25% % 5.00% 6.25% % 5.00% 6.25% % 4.50% 5.75% % 4.50% 5.75% % 4.50% 5.75% % 4.50% 5.75% % 4.50% 5.75% % 4.50% 5.75% % 4.50% 5.75% % 3.75% 4.75% % n/a 4.75% September 2013
16 12 Life Insurance Products Guarantee Duration of More Than 10 Years but Not More Than 20 Years Issue Year Statutory Tax Nonforfeiture % 6.75% 8.50% % 6.75% 8.50% % 6.75% 8.50% % 6.75% 8.50% % 6.00% 7.50% % 7.77% 7.50% % 8.16% 7.50% % 8.37% 7.50% % 8.42% 7.50% % 8.40% 7.50% % 8.10% 7.50% % 7.45% 6.50% % 6.99% 6.50% % 6.63% 6.50% % 6.33% 6.50% % 6.31% 6.50% % 6.30% 6.00% % 6.09% 6.00% % 6.00% 6.00% % 5.71% 6.00% % 5.27% 6.00% % 4.82% 6.00% % 4.75% 6.00% % 4.25% 5.25% % 4.25% 5.25% % 4.25% 5.25% % 4.25% 5.25% % 4.25% 5.25% % 4.25% 5.25% % 4.25% 5.25% % 3.75% 4.75% % n/a 4.75%
17 13 Life Insurance Products Guarantee Duration of More Than 20 Years Issue Year Statutory Tax Nonforfeiture % 6.00% 7.50% % 6.00% 7.50% % 6.00% 7.50% % 6.00% 7.50% % 5.50% 7.00% % 7.77% 7.00% % 8.16% 7.00% % 8.37% 7.00% % 8.42% 7.00% % 8.40% 7.00% % 8.10% 6.25% % 7.45% 6.25% % 6.99% 5.75% % 6.63% 5.75% % 6.33% 5.75% % 6.31% 5.75% % 6.30% 5.75% % 6.09% 5.75% % 6.00% 5.75% % 5.71% 5.75% % 5.27% 5.75% % 4.82% 5.75% % 4.50% 5.75% % 4.00% 5.00% % 4.00% 5.00% % 4.06% 5.00% % 4.06% 5.00% % 4.00% 5.00% % 4.00% 5.00% % 4.00% 5.00% % 3.50% 4.50% % n/a 4.50% September 2013
18 14 Single Premium Immediate Annuities (SPIAs) All SPIAs Issue Year Statutory Tax % 11.25% % 11.25% % 11.00% % 9.25% % 8.00% % 8.75% % 8.75% % 8.37% % 8.42% % 8.40% % 8.10% % 7.45% % 7.25% % 6.75% % 6.75% % 6.31% % 6.30% % 7.00% % 6.75% % 6.50% % 6.00% % 5.50% % 5.25% % 5.25% % 5.50% % 5.50% % 6.00% % 5.25% % 5.00% % 4.25% % 4.00%
19 15 Annuities With Cash Settlements Issue Year Valuations With Interest Guarantees on Considerations Received More Than One Year After Issue Guarantee Duration of Five Years or Less Type A Type B Type C Issue Year Statutory Tax Statutory Tax Statutory Tax % 11.25% 9.25% 9.25% 8.25% 8.25% % 11.25% 9.25% 9.25% 8.00% 8.00% % 11.00% 9.00% 9.00% 8.00% 8.00% % 9.25% 7.75% 7.75% 6.75% 6.75% % 8.00% 6.75% 6.75% 6.25% 6.25% % 8.75% 7.50% 7.77% 6.75% 7.77% % 8.75% 7.25% 8.16% 6.50% 8.16% % 8.37% 7.00% 8.37% 6.25% 8.37% % 8.42% 7.00% 8.42% 6.25% 8.42% % 8.40% 6.50% 8.40% 6.00% 8.40% % 8.10% 6.00% 8.10% 5.50% 8.10% % 7.45% 5.75% 7.45% 5.25% 7.45% % 7.25% 6.25% 6.99% 5.75% 6.99% % 6.75% 5.75% 6.63% 5.25% 6.63% % 6.75% 5.75% 6.33% 5.25% 6.33% % 6.31% 5.50% 6.31% 5.00% 6.31% % 6.30% 5.50% 6.30% 5.00% 6.30% % 7.00% 6.00% 6.09% 5.50% 6.09% % 6.75% 5.75% 6.00% 5.25% 6.00% % 6.50% 5.75% 5.75% 5.25% 5.71% % 6.00% 5.25% 5.27% 4.75% 5.27% % 5.50% 5.00% 5.00% 4.75% 4.82% % 5.25% 4.75% 4.75% 4.50% 4.50% % 5.25% 4.75% 4.75% 4.50% 4.50% % 5.50% 4.75% 4.75% 4.50% 4.50% % 5.50% 5.00% 5.00% 4.50% 4.50% % 6.00% 5.25% 5.25% 5.00% 5.00% % 5.25% 4.75% 4.75% 4.25% 4.25% % 5.00% 4.50% 4.50% 4.25% 4.25% % 4.25% 4.00% 4.00% 3.75% 3.75% % 4.00% 3.75% 3.75% 3.50% 3.50% September 2013
20 16 Annuities With Cash Settlements Issue Year Valuations With Interest Guarantees on Considerations Received More Than One Year After Issue Guarantee Duration of More Than Five Years but Not More Than 10 Years Type A Type B Type C Issue Year Statutory Tax Statutory Tax Statutory Tax % 10.75% 9.25% 9.25% 8.25% 8.25% % 10.75% 9.25% 9.25% 8.00% 8.00% % 10.50% 9.00% 9.00% 8.00% 8.00% % 8.75% 7.75% 7.75% 6.75% 6.75% % 7.75% 6.75% 6.75% 6.25% 6.25% % 8.50% 7.50% 7.77% 6.75% 7.77% % 8.25% 7.25% 8.16% 6.50% 8.16% % 8.37% 7.00% 8.37% 6.25% 8.37% % 8.42% 7.00% 8.42% 6.25% 8.42% % 8.40% 6.50% 8.40% 6.00% 8.40% % 8.10% 6.00% 8.10% 5.50% 8.10% % 7.45% 5.75% 7.45% 5.25% 7.45% % 7.00% 6.25% 6.99% 5.75% 6.99% % 6.63% 5.75% 6.63% 5.25% 6.63% % 6.50% 5.75% 6.33% 5.25% 6.33% % 6.31% 5.50% 6.31% 5.00% 6.31% % 6.30% 5.50% 6.30% 5.00% 6.30% % 6.75% 6.00% 6.09% 5.50% 6.09% % 6.50% 5.75% 6.00% 5.25% 6.00% % 6.25% 5.75% 5.75% 5.25% 5.71% % 5.75% 5.25% 5.27% 4.75% 5.27% % 5.50% 5.00% 5.00% 4.75% 4.82% % 5.00% 4.75% 4.75% 4.50% 4.50% % 5.25% 4.75% 4.75% 4.50% 4.50% % 5.25% 4.75% 4.75% 4.50% 4.50% % 5.50% 5.00% 5.00% 4.50% 4.50% % 5.75% 5.25% 5.25% 5.00% 5.00% % 5.00% 4.75% 4.75% 4.25% 4.25% % 4.75% 4.50% 4.50% 4.25% 4.25% % 4.25% 4.00% 4.00% 3.75% 3.75% % 3.75% 3.75% 3.75% 3.50% 3.50%
21 17 Annuities With Cash Settlements Issue Year Valuations With Interest Guarantees on Considerations Received More Than One Year After Issue Guarantee Duration of More Than 10 Years but Not More Than 20 Years Type A Type B Type C Issue Year Statutory Tax Statutory Tax Statutory Tax % 8.25% 7.00% 7.00% 6.75% 6.75% % 8.25% 7.00% 7.00% 6.75% 6.75% % 8.25% 7.00% 7.00% 6.50% 6.50% % 7.50% 6.50% 6.50% 6.00% 6.00% % 7.00% 6.00% 6.00% 5.75% 5.75% % 7.77% 6.25% 7.77% 6.00% 7.77% % 8.16% 6.25% 8.16% 6.00% 8.16% % 8.37% 6.25% 8.37% 5.75% 8.37% % 8.42% 6.25% 8.42% 5.75% 8.42% % 8.40% 6.00% 8.40% 5.75% 8.40% % 8.10% 5.50% 8.10% 5.25% 8.10% % 7.45% 5.25% 7.45% 5.00% 7.45% % 6.99% 5.50% 6.99% 5.25% 6.99% % 6.63% 5.25% 6.63% 5.00% 6.63% % 6.33% 5.25% 6.33% 5.25% 6.33% % 6.31% 5.00% 6.31% 4.75% 6.31% % 6.30% 5.00% 6.30% 4.75% 6.30% % 6.09% 5.25% 6.09% 5.00% 6.09% % 6.00% 5.25% 6.00% 5.00% 6.00% % 6.00% 5.25% 5.71% 5.00% 5.71% % 5.50% 4.75% 5.27% 4.75% 5.27% % 5.00% 4.75% 4.82% 4.50% 4.82% % 4.75% 4.50% 4.50% 4.25% 4.44% % 4.75% 4.50% 4.50% 4.25% 4.25% % 4.75% 4.50% 4.50% 4.25% 4.25% % 5.00% 4.50% 4.50% 4.25% 4.25% % 5.25% 4.75% 4.75% 4.50% 4.50% % 4.75% 4.25% 4.25% 4.25% 4.25% % 4.50% 4.25% 4.25% 4.00% 4.00% % 4.00% 3.75% 3.75% 3.75% 3.75% % 3.75% 3.50% 3.50% 3.50% 3.50% September 2013
22 18 Annuities With Cash Settlements Issue Year Valuations With Interest Guarantees on Considerations Received More Than One Year After Issue Guarantee Duration of More Than 20 Years Type A Type B Type C Issue Year Statutory Tax Statutory Tax Statutory Tax % 6.75% 5.75% 5.75% 5.75% 5.75% % 6.75% 5.75% 5.75% 5.75% 5.75% % 6.50% 5.75% 5.75% 5.75% 5.75% % 6.00% 5.50% 5.50% 5.50% 5.50% % 5.75% 5.25% 5.25% 5.25% 5.25% % 7.77% 5.25% 7.77% 5.25% 7.77% % 8.16% 5.25% 8.16% 5.25% 8.16% % 8.37% 5.25% 8.37% 5.25% 8.37% % 8.42% 5.25% 8.42% 5.25% 8.42% % 8.40% 5.00% 8.40% 5.00% 8.40% % 8.10% 4.75% 8.10% 4.75% 8.10% % 7.45% 4.50% 7.45% 4.50% 7.45% % 6.99% 4.75% 6.99% 4.75% 6.99% % 6.63% 4.50% 6.63% 4.50% 6.63% % 6.33% 4.75% 6.33% 4.75% 6.33% % 6.31% 4.50% 6.31% 4.50% 6.31% % 6.30% 4.50% 6.30% 4.50% 6.30% % 6.09% 4.50% 6.09% 4.50% 6.09% % 6.00% 4.50% 6.00% 4.50% 6.00% % 5.71% 4.50% 5.71% 4.50% 5.71% % 5.27% 4.25% 5.27% 4.25% 5.27% % 4.82% 4.25% 4.82% 4.25% 4.82% % 4.44% 4.00% 4.44% 4.00% 4.44% % 4.25% 4.00% 4.00% 4.00% 4.00% % 4.25% 4.00% 4.00% 4.00% 4.00% % 4.25% 4.00% 4.06% 4.00% 4.06% % 4.50% 4.25% 4.25% 4.25% 4.25% % 4.25% 4.00% 4.00% 4.00% 4.00% % 4.00% 3.75% 3.75% 3.75% 3.75% % 3.75% 3.50% 3.50% 3.50% 3.50% % 3.50% 3.50% 3.50% 3.50% 3.50%
23 19 Annuities With Cash Settlements Issue Year Valuations Without Interest Guarantees on Considerations Received More Than One Year After Issue Guarantee Duration of Five Years or Less Type A Type B Type C Issue Year Statutory Tax Statutory Tax Statutory Tax % 11.75% 9.75% 9.75% 8.75% 8.75% % 11.75% 9.75% 9.75% 8.50% 8.50% % 11.50% 9.50% 9.50% 8.50% 8.50% % 9.50% 8.00% 8.00% 7.25% 7.25% % 8.50% 7.25% 7.25% 6.50% 6.50% % 9.25% 7.75% 7.77% 7.00% 7.77% % 9.00% 7.50% 8.16% 7.00% 8.16% % 8.50% 7.25% 8.37% 6.50% 8.37% % 8.75% 7.25% 8.42% 6.75% 8.42% % 8.40% 6.75% 8.40% 6.25% 8.40% % 8.10% 6.25% 8.10% 5.75% 8.10% % 7.45% 6.00% 7.45% 5.50% 7.45% % 7.50% 6.50% 6.99% 6.00% 6.99% % 6.75% 6.00% 6.63% 5.50% 6.63% % 7.00% 6.00% 6.33% 5.50% 6.33% % 6.50% 5.75% 6.31% 5.25% 6.31% % 6.30% 5.50% 6.30% 5.25% 6.30% % 7.25% 6.25% 6.25% 5.75% 6.09% % 7.00% 6.00% 6.00% 5.50% 6.00% % 6.75% 6.00% 6.00% 5.50% 5.71% % 6.25% 5.50% 5.50% 5.00% 5.27% % 5.75% 5.00% 5.00% 4.75% 4.82% % 5.25% 4.75% 4.75% 4.50% 4.50% % 5.50% 4.75% 4.75% 4.50% 4.50% % 5.50% 5.00% 5.00% 4.75% 4.75% % 5.75% 5.00% 5.00% 4.75% 4.75% % 6.25% 5.50% 5.50% 5.00% 5.00% % 5.25% 4.75% 4.75% 4.50% 4.50% % 5.00% 4.50% 4.50% 4.25% 4.25% % 4.25% 4.00% 4.00% 3.75% 3.75% % 4.00% 3.75% 3.75% 3.75% 3.75% September 2013
24 20 Annuities With Cash Settlements Issue Year Valuations Without Interest Guarantees on Considerations Received More Than One Year After Issue Guarantee Duration of More Than Five Years but Not More Than 10 Years Type A Type B Type C Issue Year Statutory Tax Statutory Tax Statutory Tax % 11.25% 9.75% 9.75% 8.75% 8.75% % 11.25% 9.75% 9.75% 8.50% 8.50% % 11.00% 9.50% 9.50% 8.50% 8.50% % 9.25% 8.00% 8.00% 7.25% 7.25% % 8.00% 7.25% 7.25% 6.50% 6.50% % 8.75% 7.75% 7.77% 7.00% 7.77% % 8.75% 7.50% 8.16% 7.00% 8.16% % 8.37% 7.25% 8.37% 6.50% 8.37% % 8.42% 7.25% 8.42% 6.75% 8.42% % 8.40% 6.75% 8.40% 6.25% 8.40% % 8.10% 6.25% 8.10% 5.75% 8.10% % 7.45% 6.00% 7.45% 5.50% 7.45% % 7.25% 6.50% 6.99% 6.00% 6.99% % 6.75% 6.00% 6.63% 5.50% 6.63% % 6.75% 6.00% 6.33% 5.50% 6.33% % 6.31% 5.75% 6.31% 5.25% 6.31% % 6.30% 5.50% 6.30% 5.25% 6.30% % 7.00% 6.25% 6.25% 5.75% 6.09% % 6.75% 6.00% 6.00% 5.50% 6.00% % 6.50% 6.00% 6.00% 5.50% 5.71% % 6.00% 5.50% 5.50% 5.00% 5.27% % 5.50% 5.00% 5.00% 4.75% 4.82% % 5.25% 4.75% 4.75% 4.50% 4.50% % 5.25% 4.75% 4.75% 4.50% 4.50% % 5.50% 5.00% 5.00% 4.75% 4.75% % 5.50% 5.00% 5.00% 4.75% 4.75% % 6.00% 5.50% 5.50% 5.00% 5.00% % 5.25% 4.75% 4.75% 4.50% 4.50% % 5.00% 4.50% 4.50% 4.25% 4.25% % 4.25% 4.00% 4.00% 3.75% 3.75% % 4.00% 3.75% 3.75% 3.75% 3.75%
25 21 Annuities With Cash Settlements Issue Year Valuations Without Interest Guarantees on Considerations Received More Than One Year After Issue Guarantee Duration of More Than 10 Years but Not More Than 20 Years Type A Type B Type C Issue Year Statutory Tax Statutory Tax Statutory Tax % 8.75% 7.50% 7.50% 7.00% 7.00% % 8.75% 7.50% 7.50% 7.00% 7.00% % 8.50% 7.50% 7.50% 7.00% 7.00% % 7.75% 6.75% 6.75% 6.50% 6.50% % 7.25% 6.50% 6.50% 6.00% 6.00% % 7.77% 6.50% 7.77% 6.25% 7.77% % 8.16% 6.50% 8.16% 6.25% 8.16% % 8.37% 6.50% 8.37% 6.25% 8.37% % 8.42% 6.50% 8.42% 6.25% 8.42% % 8.40% 6.25% 8.40% 6.00% 8.40% % 8.10% 5.75% 8.10% 5.50% 8.10% % 7.45% 5.50% 7.45% 5.25% 7.45% % 6.99% 5.75% 6.99% 5.50% 6.99% % 6.63% 5.50% 6.63% 5.25% 6.63% % 6.33% 5.50% 6.33% 5.25% 6.33% % 6.31% 5.25% 6.31% 5.00% 6.31% % 6.30% 5.25% 6.30% 5.00% 6.30% % 6.09% 5.50% 6.09% 5.25% 6.09% % 6.25% 5.50% 6.00% 5.25% 6.00% % 6.00% 5.50% 5.71% 5.25% 5.71% % 5.50% 5.00% 5.27% 4.75% 5.27% % 5.25% 4.75% 4.82% 4.75% 4.82% % 5.00% 4.50% 4.50% 4.50% 4.50% % 5.00% 4.50% 4.50% 4.50% 4.50% % 5.00% 4.50% 4.50% 4.50% 4.50% % 5.00% 4.75% 4.75% 4.50% 4.50% % 5.25% 4.75% 4.75% 4.75% 4.75% % 5.00% 4.50% 4.50% 4.25% 4.25% % 4.75% 4.25% 4.25% 4.25% 4.25% % 4.00% 3.75% 3.75% 3.75% 3.75% % 3.75% 3.75% 3.75% 3.50% 3.50% September 2013
26 22 Annuities With Cash Settlements Issue Year Valuations Without Interest Guarantees on Considerations Received More Than One Year After Issue Guarantee Duration of More Than 20 Years Type A Type B Type C Issue Year Statutory Tax Statutory Tax Statutory Tax % 7.00% 6.25% 6.25% 6.25% 6.25% % 7.00% 6.25% 6.25% 6.25% 6.25% % 7.00% 6.25% 6.25% 6.25% 6.25% % 6.50% 5.75% 5.75% 5.75% 5.75% % 6.00% 5.50% 5.50% 5.50% 5.50% % 7.77% 5.75% 7.77% 5.75% 7.77% % 8.16% 5.50% 8.16% 5.50% 8.16% % 8.37% 5.50% 8.37% 5.50% 8.37% % 8.42% 5.50% 8.42% 5.50% 8.42% % 8.40% 5.25% 8.40% 5.25% 8.40% % 8.10% 5.00% 8.10% 5.00% 8.10% % 7.45% 4.75% 7.45% 4.75% 7.45% % 6.99% 5.00% 6.99% 5.00% 6.99% % 6.63% 4.75% 6.63% 4.75% 6.63% % 6.33% 5.00% 6.33% 5.00% 6.33% % 6.31% 4.75% 6.31% 4.75% 6.31% % 6.30% 4.50% 6.30% 4.50% 6.30% % 6.09% 4.75% 6.09% 4.75% 6.09% % 6.00% 4.75% 6.00% 4.75% 6.00% % 5.71% 4.75% 5.71% 4.75% 5.71% % 5.27% 4.50% 5.27% 4.50% 5.27% % 4.82% 4.25% 4.82% 4.25% 4.82% % 4.50% 4.00% 4.44% 4.00% 4.44% % 4.50% 4.25% 4.25% 4.25% 4.25% % 4.50% 4.25% 4.25% 4.25% 4.25% % 4.50% 4.25% 4.25% 4.25% 4.25% % 4.75% 4.25% 4.25% 4.25% 4.25% % 4.25% 4.00% 4.00% 4.00% 4.00% % 4.25% 4.00% 4.00% 4.00% 4.00% % 3.75% 3.50% 3.50% 3.50% 3.50% % 3.50% 3.50% 3.50% 3.50% 3.50%
27 23 Annuities Without Cash Settlements Issue Year Valuations With or Without Interest Guarantees on Considerations Received More Than One Year After Issue Guarantee Duration of Five Years or Less Type A Type B Type C Issue Year Statutory Tax Statutory Tax Statutory Tax % 11.25% n/a n/a n/a n/a % 11.25% n/a n/a n/a n/a % 11.00% n/a n/a n/a n/a % 9.25% n/a n/a n/a n/a % 8.00% n/a n/a n/a n/a % 8.75% n/a n/a n/a n/a % 8.75% n/a n/a n/a n/a % 8.37% n/a n/a n/a n/a % 8.42% n/a n/a n/a n/a % 8.40% n/a n/a n/a n/a % 8.10% n/a n/a n/a n/a % 7.45% n/a n/a n/a n/a % 7.25% n/a n/a n/a n/a % 6.75% n/a n/a n/a n/a % 6.75% n/a n/a n/a n/a % 6.31% n/a n/a n/a n/a % 6.30% n/a n/a n/a n/a % 7.00% n/a n/a n/a n/a % 6.75% n/a n/a n/a n/a % 6.50% n/a n/a n/a n/a % 6.00% n/a n/a n/a n/a % 5.50% n/a n/a n/a n/a % 5.25% n/a n/a n/a n/a % 5.25% n/a n/a n/a n/a % 5.50% n/a n/a n/a n/a % 5.50% n/a n/a n/a n/a % 6.00% n/a n/a n/a n/a % 5.25% n/a n/a n/a n/a % 5.00% n/a n/a n/a n/a % 4.25% n/a n/a n/a n/a % 4.00% n/a n/a n/a n/a September 2013
28 24 Annuities Without Cash Settlements Issue Year Valuations With or Without Interest Guarantees on Considerations Received More Than One Year After Issue Guarantee Duration of More Than Five Years but Not More Than 10 Years Type A Type B Type C Issue Year Statutory Tax Statutory Tax Statutory Tax % 10.75% n/a n/a n/a n/a % 10.75% n/a n/a n/a n/a % 10.50% n/a n/a n/a n/a % 8.75% n/a n/a n/a n/a % 7.75% n/a n/a n/a n/a % 8.50% n/a n/a n/a n/a % 8.25% n/a n/a n/a n/a % 8.37% n/a n/a n/a n/a % 8.42% n/a n/a n/a n/a % 8.40% n/a n/a n/a n/a % 8.10% n/a n/a n/a n/a % 7.45% n/a n/a n/a n/a % 7.00% n/a n/a n/a n/a % 6.63% n/a n/a n/a n/a % 6.50% n/a n/a n/a n/a % 6.31% n/a n/a n/a n/a % 6.30% n/a n/a n/a n/a % 6.75% n/a n/a n/a n/a % 6.50% n/a n/a n/a n/a % 6.25% n/a n/a n/a n/a % 5.75% n/a n/a n/a n/a % 5.50% n/a n/a n/a n/a % 5.00% n/a n/a n/a n/a % 5.25% n/a n/a n/a n/a % 5.25% n/a n/a n/a n/a % 5.50% n/a n/a n/a n/a % 5.75% n/a n/a n/a n/a % 5.00% n/a n/a n/a n/a % 4.75% n/a n/a n/a n/a % 4.25% n/a n/a n/a n/a % 3.75% n/a n/a n/a n/a
29 25 Annuities Without Cash Settlements Issue Year Valuations With or Without Interest Guarantees on Considerations Received More Than One Year After Issue Guarantee Duration of More Than 10 Years but Not More Than 20 Years Type A Type B Type C Issue Year Statutory Tax Statutory Tax Statutory Tax % 9.75% n/a n/a n/a n/a % 9.75% n/a n/a n/a n/a % 9.50% n/a n/a n/a n/a % 8.00% n/a n/a n/a n/a % 7.25% n/a n/a n/a n/a % 7.77% n/a n/a n/a n/a % 8.16% n/a n/a n/a n/a % 8.37% n/a n/a n/a n/a % 8.42% n/a n/a n/a n/a % 8.40% n/a n/a n/a n/a % 8.10% n/a n/a n/a n/a % 7.45% n/a n/a n/a n/a % 6.99% n/a n/a n/a n/a % 6.63% n/a n/a n/a n/a % 6.33% n/a n/a n/a n/a % 6.31% n/a n/a n/a n/a % 6.30% n/a n/a n/a n/a % 6.25% n/a n/a n/a n/a % 6.00% n/a n/a n/a n/a % 6.00% n/a n/a n/a n/a % 5.50% n/a n/a n/a n/a % 5.00% n/a n/a n/a n/a % 4.75% n/a n/a n/a n/a % 4.75% n/a n/a n/a n/a % 5.00% n/a n/a n/a n/a % 5.00% n/a n/a n/a n/a % 5.50% n/a n/a n/a n/a % 4.75% n/a n/a n/a n/a % 4.50% n/a n/a n/a n/a % 4.00% n/a n/a n/a n/a % 3.75% n/a n/a n/a n/a September 2013
30 26 Annuities Without Cash Settlements Issue Year Valuations With or Without Interest Guarantees on Considerations Received More Than One Year After Issue Guarantee Duration of More Than 20 Years Type A Type B Type C Issue Year Statutory Tax Statutory Tax Statutory Tax % 7.75% n/a n/a n/a n/a % 7.50% n/a n/a n/a n/a % 7.50% n/a n/a n/a n/a % 6.50% n/a n/a n/a n/a % 6.00% n/a n/a n/a n/a % 7.77% n/a n/a n/a n/a % 8.16% n/a n/a n/a n/a % 8.37% n/a n/a n/a n/a % 8.42% n/a n/a n/a n/a % 8.40% n/a n/a n/a n/a % 8.10% n/a n/a n/a n/a % 7.45% n/a n/a n/a n/a % 6.99% n/a n/a n/a n/a % 6.63% n/a n/a n/a n/a % 6.33% n/a n/a n/a n/a % 6.31% n/a n/a n/a n/a % 6.30% n/a n/a n/a n/a % 6.09% n/a n/a n/a n/a % 6.00% n/a n/a n/a n/a % 5.71% n/a n/a n/a n/a % 5.27% n/a n/a n/a n/a % 4.82% n/a n/a n/a n/a % 4.44% n/a n/a n/a n/a % 4.25% n/a n/a n/a n/a % 4.25% n/a n/a n/a n/a % 4.50% n/a n/a n/a n/a % 4.75% n/a n/a n/a n/a % 4.25% n/a n/a n/a n/a % 4.00% n/a n/a n/a n/a % 3.75% n/a n/a n/a n/a % 3.50% n/a n/a n/a n/a
31 27 Annuities With Cash Settlements Change in Fund Valuations With Interest Guarantees on Considerations Received More Than One Year After Issue Guarantee Duration of Five Years or Less Type A Type B Type C Issue Year Statutory Tax Statutory Tax Statutory Tax % 12.75% 11.75% 11.75% 8.75% 8.75% % 12.75% 11.75% 11.75% 8.50% 8.50% % 12.50% 11.50% 11.50% 8.50% 8.50% % 10.25% 9.50% 9.50% 7.25% 7.25% % 9.00% 8.50% 8.50% 6.50% 6.50% % 10.00% 9.25% 9.25% 7.00% 7.77% % 9.75% 9.00% 9.00% 7.00% 8.16% % 9.25% 8.50% 8.50% 6.50% 8.37% % 9.25% 8.75% 8.75% 6.75% 8.42% % 8.50% 8.00% 8.40% 6.25% 8.40% % 8.10% 7.25% 8.10% 5.75% 8.10% % 7.45% 6.75% 7.45% 5.50% 7.45% % 8.25% 7.50% 7.50% 6.00% 6.99% % 7.25% 6.75% 6.75% 5.50% 6.63% % 7.50% 7.00% 7.00% 5.50% 6.33% % 7.00% 6.50% 6.50% 5.25% 6.31% % 6.75% 6.25% 6.30% 5.25% 6.30% % 7.75% 7.25% 7.25% 5.75% 6.09% % 7.50% 7.00% 7.00% 5.50% 6.00% % 7.25% 6.75% 6.75% 5.50% 5.71% % 6.50% 6.25% 6.25% 5.00% 5.27% % 6.00% 5.75% 5.75% 4.75% 4.82% % 5.75% 5.25% 5.25% 4.50% 4.50% % 5.75% 5.50% 5.50% 4.50% 4.50% % 5.75% 5.50% 5.50% 4.75% 4.75% % 6.00% 5.75% 5.75% 4.75% 4.75% % 6.50% 6.25% 6.25% 5.00% 5.00% % 5.50% 5.25% 5.25% 4.50% 4.50% % 5.25% 5.00% 5.00% 4.25% 4.25% % 4.50% 4.25% 4.25% 3.75% 3.75% % 4.00% 4.00% 4.00% 3.75% 3.75% September 2013
32 28 Annuities With Cash Settlements Change in Fund Valuations With Interest Guarantees on Considerations Received More Than One Year After Issue Guarantee Duration of More Than Five Years but Not More Than 10 Years Type A Type B Type C Issue Year Statutory Tax Statutory Tax Statutory Tax % 12.25% 11.75% 11.75% 8.75% 8.75% % 12.25% 11.75% 11.75% 8.50% 8.50% % 12.00% 11.50% 11.50% 8.50% 8.50% % 10.00% 9.50% 9.50% 7.25% 7.25% % 8.75% 8.50% 8.50% 6.50% 6.50% % 9.50% 9.25% 9.25% 7.00% 7.77% % 9.50% 9.00% 9.00% 7.00% 8.16% % 8.75% 8.50% 8.50% 6.50% 8.37% % 9.00% 8.75% 8.75% 6.75% 8.42% % 8.40% 8.00% 8.40% 6.25% 8.40% % 8.10% 7.25% 8.10% 5.75% 8.10% % 7.45% 6.75% 7.45% 5.50% 7.45% % 8.00% 7.50% 7.50% 6.00% 6.99% % 7.00% 6.75% 6.75% 5.50% 6.63% % 7.25% 7.00% 7.00% 5.50% 6.33% % 6.75% 6.50% 6.50% 5.25% 6.31% % 6.50% 6.25% 6.30% 5.25% 6.30% % 7.50% 7.25% 7.25% 5.75% 6.09% % 7.25% 7.00% 7.00% 5.50% 6.00% % 7.00% 6.75% 6.75% 5.50% 5.71% % 6.25% 6.25% 6.25% 5.00% 5.27% % 6.00% 5.75% 5.75% 4.75% 4.82% % 5.50% 5.25% 5.25% 4.50% 4.50% % 5.50% 5.50% 5.50% 4.50% 4.50% % 5.75% 5.50% 5.50% 4.75% 4.75% % 6.00% 5.75% 5.75% 4.75% 4.75% % 6.50% 6.25% 6.25% 5.00% 5.00% % 5.50% 5.25% 5.25% 4.50% 4.50% % 5.25% 5.00% 5.00% 4.25% 4.25% % 4.50% 4.25% 4.25% 3.75% 3.75% % 4.00% 4.00% 4.00% 3.75% 3.75%
33 29 Annuities With Cash Settlements Change in Fund Valuations With Interest Guarantees on Considerations Received More Than One Year After Issue Guarantee Duration of More Than 10 Years but Not More Than 20 Years Type A Type B Type C Issue Year Statutory Tax Statutory Tax Statutory Tax % 11.25% 10.75% 10.75% 8.25% 8.25% % 11.25% 10.75% 10.75% 8.00% 8.00% % 11.00% 10.50% 10.50% 8.00% 8.00% % 9.25% 8.75% 8.75% 6.75% 6.75% % 8.00% 7.75% 7.75% 6.25% 6.25% % 8.75% 8.50% 8.50% 6.75% 7.77% % 8.75% 8.25% 8.25% 6.50% 8.16% % 8.37% 8.00% 8.37% 6.25% 8.37% % 8.42% 8.00% 8.42% 6.25% 8.42% % 8.40% 7.50% 8.40% 6.00% 8.40% % 8.10% 6.75% 8.10% 5.50% 8.10% % 7.45% 6.50% 7.45% 5.25% 7.45% % 7.25% 7.00% 7.00% 5.75% 6.99% % 6.75% 6.50% 6.63% 5.25% 6.63% % 6.75% 6.50% 6.50% 5.25% 6.33% % 6.31% 6.00% 6.31% 5.00% 6.31% % 6.30% 6.00% 6.30% 5.00% 6.30% % 7.00% 6.75% 6.75% 5.50% 6.09% % 6.75% 6.50% 6.50% 5.25% 6.00% % 6.50% 6.25% 6.25% 5.25% 5.71% % 6.00% 5.75% 5.75% 4.75% 5.27% % 5.50% 5.50% 5.50% 4.75% 4.82% % 5.25% 5.00% 5.00% 4.50% 4.50% % 5.25% 5.25% 5.25% 4.50% 4.50% % 5.50% 5.25% 5.25% 4.50% 4.50% % 5.50% 5.50% 5.50% 4.50% 4.50% % 6.00% 5.75% 5.75% 5.00% 5.00% % 5.25% 5.00% 5.00% 4.25% 4.25% % 5.00% 4.75% 4.75% 4.25% 4.25% % 4.25% 4.25% 4.25% 3.75% 3.75% % 4.00% 3.75% 3.75% 3.50% 3.50% September 2013
34 30 Annuities With Cash Settlements Change in Fund Valuations With Interest Guarantees on Considerations Received More Than One Year After Issue Guarantee Duration of More Than 20 Years Type A Type B Type C Issue Year Statutory Tax Statutory Tax Statutory Tax % 9.25% 9.25% 9.25% 7.25% 7.25% % 9.25% 9.25% 9.25% 7.00% 7.00% % 9.00% 9.00% 9.00% 7.00% 7.00% % 7.75% 7.75% 7.75% 6.00% 6.00% % 6.75% 6.75% 6.75% 5.50% 5.50% % 7.77% 7.50% 7.77% 6.00% 7.77% % 8.16% 7.25% 8.16% 5.75% 8.16% % 8.37% 7.00% 8.37% 5.50% 8.37% % 8.42% 7.00% 8.42% 5.75% 8.42% % 8.40% 6.50% 8.40% 5.25% 8.40% % 8.10% 6.00% 8.10% 5.00% 8.10% % 7.45% 5.75% 7.45% 4.75% 7.45% % 6.99% 6.25% 6.99% 5.25% 6.99% % 6.63% 5.75% 6.63% 4.75% 6.63% % 6.33% 5.75% 6.33% 5.00% 6.33% % 6.31% 5.50% 6.31% 4.75% 6.31% % 6.30% 5.50% 6.30% 4.50% 6.30% % 6.09% 6.00% 6.09% 5.00% 6.09% % 6.00% 5.75% 6.00% 5.00% 6.00% % 5.75% 5.75% 5.75% 4.75% 5.71% % 5.27% 5.25% 5.27% 4.50% 5.27% % 5.00% 5.00% 5.00% 4.25% 4.82% % 4.75% 4.75% 4.75% 4.00% 4.44% % 4.75% 4.75% 4.75% 4.25% 4.25% % 4.75% 4.75% 4.75% 4.25% 4.25% % 5.00% 5.00% 5.00% 4.25% 4.25% % 5.25% 5.25% 5.25% 4.50% 4.50% % 4.75% 4.75% 4.75% 4.00% 4.00% % 4.50% 4.50% 4.50% 4.00% 4.00% % 4.00% 4.00% 4.00% 3.50% 3.50% % 3.75% 3.75% 3.75% 3.50% 3.50%
35 31 Annuities With Cash Settlements Change in Fund Valuations Without Interest Guarantees on Considerations Received More Than One Year After Issue Guarantee Duration of Five Years or Less Type A Type B Type C Issue Year Statutory Tax Statutory Tax Statutory Tax % 13.50% 12.25% 12.25% 9.25% 9.25% % 13.25% 12.25% 12.25% 9.25% 9.25% % 13.00% 12.00% 12.00% 9.00% 9.00% % 10.75% 10.00% 10.00% 7.75% 7.75% % 9.50% 8.75% 8.75% 6.75% 6.75% % 10.25% 9.50% 9.50% 7.50% 7.77% % 10.00% 9.50% 9.50% 7.25% 8.16% % 9.50% 8.75% 8.75% 7.00% 8.37% % 9.75% 9.00% 9.00% 7.00% 8.42% % 9.00% 8.25% 8.40% 6.50% 8.40% % 8.25% 7.50% 8.10% 6.00% 8.10% % 7.50% 7.00% 7.45% 5.75% 7.45% % 8.50% 8.00% 8.00% 6.25% 6.99% % 7.50% 7.00% 7.00% 5.75% 6.63% % 7.75% 7.25% 7.25% 5.75% 6.33% % 7.00% 6.75% 6.75% 5.50% 6.31% % 7.00% 6.50% 6.50% 5.50% 6.30% % 8.00% 7.50% 7.50% 6.00% 6.09% % 7.75% 7.25% 7.25% 5.75% 6.00% % 7.50% 7.00% 7.00% 5.75% 5.75% % 6.75% 6.25% 6.25% 5.25% 5.27% % 6.25% 6.00% 6.00% 5.00% 5.00% % 5.75% 5.50% 5.50% 4.75% 4.75% % 5.75% 5.50% 5.50% 4.75% 4.75% % 6.00% 5.75% 5.75% 4.75% 4.75% % 6.25% 6.00% 6.00% 5.00% 5.00% % 6.75% 6.50% 6.50% 5.25% 5.25% % 5.75% 5.50% 5.50% 4.75% 4.75% % 5.25% 5.25% 5.25% 4.50% 4.50% % 4.50% 4.50% 4.50% 4.00% 4.00% % 4.25% 4.00% 4.00% 3.75% 3.75% September 2013
36 32 Annuities With Cash Settlements Change in Fund Valuations Without Interest Guarantees on Considerations Received More Than One Year After Issue Guarantee Duration of More Than Five Years but Not More Than 10 Years Type A Type B Type C Issue Year Statutory Tax Statutory Tax Statutory Tax % 12.75% 12.25% 12.25% 9.25% 9.25% % 12.75% 12.25% 12.25% 9.25% 9.25% % 12.50% 12.00% 12.00% 9.00% 9.00% % 10.25% 10.00% 10.00% 7.75% 7.75% % 9.00% 8.75% 8.75% 6.75% 6.75% % 10.00% 9.50% 9.50% 7.50% 7.77% % 9.75% 9.50% 9.50% 7.25% 8.16% % 9.25% 8.75% 8.75% 7.00% 8.37% % 9.25% 9.00% 9.00% 7.00% 8.42% % 8.50% 8.25% 8.40% 6.50% 8.40% % 8.10% 7.50% 8.10% 6.00% 8.10% % 7.45% 7.00% 7.45% 5.75% 7.45% % 8.25% 8.00% 8.00% 6.25% 6.99% % 7.25% 7.00% 7.00% 5.75% 6.63% % 7.50% 7.25% 7.25% 5.75% 6.33% % 7.00% 6.75% 6.75% 5.50% 6.31% % 6.75% 6.50% 6.50% 5.50% 6.30% % 7.75% 7.50% 7.50% 6.00% 6.09% % 7.50% 7.25% 7.25% 5.75% 6.00% % 7.25% 7.00% 7.00% 5.75% 5.75% % 6.50% 6.25% 6.25% 5.25% 5.27% % 6.00% 6.00% 6.00% 5.00% 5.00% % 5.75% 5.50% 5.50% 4.75% 4.75% % 5.75% 5.50% 5.50% 4.75% 4.75% % 5.75% 5.75% 5.75% 4.75% 4.75% % 6.00% 6.00% 6.00% 5.00% 5.00% % 6.50% 6.50% 6.50% 5.25% 5.25% % 5.50% 5.50% 5.50% 4.75% 4.75% % 5.25% 5.25% 5.25% 4.50% 4.50% % 4.50% 4.50% 4.50% 4.00% 4.00% % 4.00% 4.00% 4.00% 3.75% 3.75%
37 33 Annuities With Cash Settlements Change in Fund Valuations Without Interest Guarantees on Considerations Received More Than One Year After Issue Guarantee Duration of More Than 10 Years but Not More Than 20 Years Type A Type B Type C Issue Year Statutory Tax Statutory Tax Statutory Tax % 11.75% 11.25% 11.25% 8.75% 8.75% % 11.75% 11.25% 11.25% 8.50% 8.50% % 11.50% 11.00% 11.00% 8.50% 8.50% % 9.50% 9.25% 9.25% 7.25% 7.25% % 8.50% 8.00% 8.00% 6.50% 6.50% % 9.25% 8.75% 8.75% 7.00% 7.77% % 9.00% 8.75% 8.75% 7.00% 8.16% % 8.50% 8.25% 8.37% 6.50% 8.37% % 8.75% 8.25% 8.42% 6.75% 8.42% % 8.40% 7.75% 8.40% 6.25% 8.40% % 8.10% 7.00% 8.10% 5.75% 8.10% % 7.45% 6.50% 7.45% 5.50% 7.45% % 7.50% 7.25% 7.25% 6.00% 6.99% % 6.75% 6.75% 6.75% 5.50% 6.63% % 7.00% 6.75% 6.75% 5.50% 6.33% % 6.50% 6.25% 6.31% 5.25% 6.31% % 6.30% 6.25% 6.30% 5.25% 6.30% % 7.25% 7.00% 7.00% 5.75% 6.09% % 7.00% 6.75% 6.75% 5.50% 6.00% % 6.75% 6.50% 6.50% 5.50% 5.71% % 6.25% 6.00% 6.00% 5.00% 5.27% % 5.75% 5.50% 5.50% 4.75% 4.82% % 5.25% 5.25% 5.25% 4.50% 4.50% % 5.50% 5.25% 5.25% 4.50% 4.50% % 5.50% 5.50% 5.50% 4.75% 4.75% % 5.75% 5.50% 5.50% 4.75% 4.75% % 6.25% 6.00% 6.00% 5.00% 5.00% % 5.25% 5.25% 5.25% 4.50% 4.50% % 5.00% 5.00% 5.00% 4.25% 4.25% % 4.25% 4.25% 4.25% 3.75% 3.75% % 4.00% 4.00% 4.00% 3.75% 3.75% September 2013
38 34 Annuities With Cash Settlements Change in Fund Valuations Without Interest Guarantees on Considerations Received More Than One Year After Issue Guarantee Duration of More Than 20 Years Type A Type B Type C Issue Year Statutory Tax Statutory Tax Statutory Tax % 9.75% 9.75% 9.75% 7.75% 7.75% % 9.75% 9.75% 9.75% 7.50% 7.50% % 9.50% 9.50% 9.50% 7.50% 7.50% % 8.00% 8.00% 8.00% 6.50% 6.50% % 7.25% 7.25% 7.25% 6.00% 6.00% % 7.77% 7.75% 7.77% 6.25% 7.77% % 8.16% 7.50% 8.16% 6.25% 8.16% % 8.37% 7.25% 8.37% 6.00% 8.37% % 8.42% 7.25% 8.42% 6.00% 8.42% % 8.40% 6.75% 8.40% 5.75% 8.40% % 8.10% 6.25% 8.10% 5.25% 8.10% % 7.45% 6.00% 7.45% 5.00% 7.45% % 6.99% 6.50% 6.99% 5.50% 6.99% % 6.63% 6.00% 6.63% 5.00% 6.63% % 6.33% 6.00% 6.33% 5.25% 6.33% % 6.31% 5.75% 6.31% 4.75% 6.31% % 6.30% 5.50% 6.30% 4.75% 6.30% % 6.25% 6.25% 6.25% 5.25% 6.09% % 6.00% 6.00% 6.00% 5.00% 6.00% % 6.00% 6.00% 6.00% 5.00% 5.71% % 5.50% 5.50% 5.50% 4.75% 5.27% % 5.00% 5.00% 5.00% 4.50% 4.82% % 4.75% 4.75% 4.75% 4.25% 4.44% % 4.75% 4.75% 4.75% 4.25% 4.25% % 5.00% 5.00% 5.00% 4.25% 4.25% % 5.00% 5.00% 5.00% 4.50% 4.50% % 5.50% 5.50% 5.50% 4.75% 4.75% % 4.75% 4.75% 4.75% 4.25% 4.25% % 4.50% 4.50% 4.50% 4.00% 4.00% % 4.00% 4.00% 4.00% 3.75% 3.75% % 3.75% 3.75% 3.75% 3.50% 3.50%
39 35 Appendix 2: Statutory and Tax Prevailing Interest Rates for Pre-1983 Issues Statutory and Tax Prevailing Interest Rates for Pre-1983 Issues Life Insurance Issue Years Annual Pay Single Pay Pre % Stat 4.00% Tax 3.50% Stat 4.00% Tax % 3.50% 1972 Amendments % 4.00% 1976 Amendments 5.50% Stat % 4.50% Tax % 5.50% The maximum statutory valuation interest rates for life insurance include ordinary, industrial, group and credit life products. For noncancellable accident and health insurance, there are no prevailing rates under IRC Section 807(d)(4)(A). Therefore, interest rates used in calculating noncancellable accident and health insurance reserves are those applicable to whole life insurance, in accordance with Section 807(d)(4)(D). Annuities Issue Years Individual SPIA Individual SPDA Other Individual Group and Pure Endowments Pre % Stat 4.00% Tax 3.50% Stat 4.00% Tax 3.50% Stat 4.00% Tax 3.50% Stat 4.00% Tax % 3.50% 3.50% 3.50% 1972 Amendments % 4.00% 4.00% 6.00% 1976 Amendments % 5.50% 4.50% 7.50% September 2013
40 36 Appendix 3: Valuation Interest Rate Sensitivity by Product Type As discussed in Section 3 of the report, maximum statutory valuation interest rates depend on the values of reference interest rates, which vary by product type and guarantee duration. The reference interest rates for some annuity products, such as SPIAs, are calculated using the 12-month arithmetic mean of the Moody's corporate bond yield indices. Reference interest rates for all life insurance products and certain other annuity products are calculated using the lesser of the 12-month and 36- month arithmetic means of the Moody's corporate bond yield indices. Given a specific number of months of historical, or "known," Moody's corporate bond yield indices data points, one can test the sensitivity of potential changes in valuation interest rates for the upcoming calendar year by considering a range of future, or "unknown," Moody's corporate bond yield averages for the remainder of the time period. In this appendix, we present the results of such sensitivity tests for calendar year 2015 issues of life insurance products and calendar year 2014 issues of annuities. This analysis assumes that the Moody's corporate bond yield index values are unknown for July 2013 to June Towers Watson updates these sensitivity analyses monthly as new corporate bond yield index values are released.
41 37 Life Insurance Products Actual Rate Average Unknown Moody s Rates Needed to Change Rate by: % -0.50% 0.50% 0.75% 1.00% Guarantee Duration of 10 Years or Less 3.75% 3.25% 3.75% 7.07% 8.57% 10.07% Guarantee Duration of More Than 10 Years but Not More Than 20 Years 3.75% 3.27% 3.83% 7.82% 9.47% 11.15% Guarantee Duration of More Than 20 Years 3.50% 2.64% 3.35% 7.82% 9.95% 12.08% How to Read This Exhibit Example of a Projected Whole Life Statutory Maximum Valuation Interest Rate If the remaining unknown Moody s indices average is: 2014 Projected Whole Life Maximum Rate not more than 2.64% 2.75% more than 2.64% but not more than 3.35% 3.00% more than 3.35% but less than 7.82% 3.50% at least 7.82% but less than 9.95% 4.00% at least 9.95% but less than 12.08% 4.25% at least 12.08% 4.50% Single Premium Immediate Annuities Actual Rate Average Unknown Moody s Rates Needed to Change Rate by: % -0.50% -0.25% 0.25% 0.50% All SPIAs 4.00% 3.46% 3.78% 4.09% 4.41% 4.72% September 2013
42 38 Annuities With Cash Settlement Options Issue Year Valuation Basis With Interest Guarantees on Considerations Received More Than One Year After Issue Actual Rate Average Unknown Moody s Rates Needed to Change Rate by: Annuity % -0.50% -0.25% 0.25% 0.50% Guarantee Duration of Five Years or Less Type A 4.00% 3.46% 3.78% 4.09% 4.41% 4.72% Type B 3.75% 3.20% 3.62% 4.04% 4.46% 4.88% Type C 3.50% 2.75% 3.25% 3.75% 4.26% 4.76% Guarantee Duration of More Than Five Years but Not More Than 10 Years Type A 3.75% 3.16% 3.50% 3.83% 4.17% 4.51% Type B 3.75% 3.20% 3.62% 4.04% 4.46% 4.88% Type C 3.50% 2.75% 3.25% 3.75% 4.26% 4.76% Guarantee Duration of More Than 10 Years but Not More Than 20 Years Type A 3.75% 3.19% 3.57% 3.96% 4.35% 5.51% Type B 3.50% 2.75% 3.25% 3.75% 4.26% 5.57% Type C 3.50% 2.72% 3.27% 3.83% 4.46% 6.14% Guarantee Duration of More Than 20 Years Type A 3.50% 2.72% 3.27% 3.83% 4.46% 6.14% Type B 3.50% 2.64% 3.35% 4.07% 5.66% 7.82% Type C 3.50% 2.64% 3.35% 4.07% 5.66% 7.82%
43 39 Annuities With Cash Settlement Options Issue Year Valuation Basis Without Interest Guarantees on Considerations Received More Than One Year After Issue Actual Rate Average Unknown Moody s Rates Needed to Change Rate by: Annuity % -0.50% -0.25% 0.25% 0.50% Guarantee Duration of Five Years or Less Type A 4.00% 3.44% 3.73% 4.02% 4.33% 4.62% Type B 3.75% 3.19% 3.57% 3.96% 4.35% 4.74% Type C 3.75% 3.22% 3.68% 4.13% 4.60% 5.05% Guarantee Duration of More Than Five Years but Not More Than 10 Years Type A 4.00% 3.46% 3.78% 4.09% 4.41% 4.72% Type B 3.75% 3.19% 3.57% 3.96% 4.35% 4.74% Type C 3.75% 3.22% 3.68% 4.13% 4.60% 5.05% Guarantee Duration of More Than 10 Years but Not More Than 20 Years Type A 3.75% 3.17% 3.53% 3.89% 4.26% 5.12% Type B 3.75% 3.22% 3.68% 4.13% 5.09% 6.44% Type C 3.50% 2.75% 3.25% 3.75% 4.26% 5.57% Guarantee Duration of More Than 20 Years Type A 3.50% 2.75% 3.25% 3.75% 4.26% 5.57% Type B 3.50% 2.68% 3.31% 3.93% 5.00% 6.86% Type C 3.50% 2.68% 3.31% 3.93% 5.00% 6.86% September 2013
44 40 Annuities Without Cash Settlement Options Issue Year Valuation Basis With or Without Interest Guarantees on Considerations Received More Than One Year After Issue Actual Rate Average Unknown Moody s Rates Needed to Change Rate by: Annuity % -0.50% -0.25% 0.25% 0.50% Guarantee Duration of Five Years or Less Type A 4.00% 3.46% 3.78% 4.09% 4.41% 4.72% Type B Type C Not Applicable Not Applicable Guarantee Duration of More Than Five Years but Not More Than 10 Years Type A 3.75% 3.16% 3.50% 3.83% 4.17% 4.51% Type B Type C Not Applicable Not Applicable Guarantee Duration of More Than 10 Years but Not More Than 20 Years Type A 3.75% 3.19% 3.57% 3.96% 4.35% 4.74% Type B Type C Not Applicable Not Applicable Guarantee Duration of More Than 20 Years Type A 3.50% 2.72% 3.27% 3.83% 4.39% 4.95% Type B Type C Not Applicable Not Applicable
45 41 Annuities With Cash Settlement Options Change in Fund Valuation Basis With Interest Guarantees on Considerations Received More Than One Year After Issue Actual Rate Average Unknown Moody s Rates Needed to Change Rate by: Annuity % -0.50% -0.25% 0.25% 0.50% Guarantee Duration of Five Years or Less Type A 4.00% 3.39% 3.65% 3.92% 4.19% 4.45% Type B 4.00% 3.44% 3.73% 4.02% 4.33% 4.62% Type C 3.75% 3.22% 3.68% 4.13% 4.60% 5.05% Guarantee Duration of More Than Five Years but Not More Than 10 Years Type A 4.00% 3.41% 3.69% 3.97% 4.26% 4.53% Type B 4.00% 3.44% 3.73% 4.02% 4.33% 4.62% Type C 3.75% 3.22% 3.68% 4.13% 4.60% 5.05% Guarantee Duration of More Than 10 Years but Not More Than 20 Years Type A 4.00% 3.46% 3.78% 4.09% 4.41% 4.72% Type B 3.75% 3.16% 3.50% 3.83% 4.17% 4.51% Type C 3.50% 2.75% 3.25% 3.75% 4.26% 4.76% Guarantee Duration of More Than 20 Years Type A 3.75% 3.20% 3.62% 4.04% 4.46% 4.88% Type B 3.75% 3.20% 3.62% 4.04% 4.46% 4.88% Type C 3.50% 2.68% 3.31% 3.93% 4.57% 5.19% September 2013
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