Low Interest Rate Environment and Industry Responses
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1 Low Interest Rate Environment and Industry Responses Tim Heslin, FSA, MAAA AIG American General June 7, 2007
2 Agenda Interest Rate History along with Key Economic Indicators Company Responses to the Low Interest Rate Environment Interest Rate and Product Outlook 2
3 Interest Rates Bond Returns May % 8% 7% 7% 6% Bond Returns May % 5% 5% 4% % Treasury A Corporate Treasury A Corporate What caused the flat yield curve? Why have we experienced spread compression? How can the curve become normal again? 3
4 Economic Terms Nominal Interest Rate Total interest rate Equals sum of the real interest rate and the inflation expectation Short-rate set by the Fed Long-rate determined by the market Real Interest Rate Real cost of borrowing money GDP Generally, GDP growth leads to inflation pressure 4
5 Current Economic Outlook Stuck in a Goldilocks economy Poor housing market offset by strong earnings, employment data Fed continues to closely monitor core inflation with a 1-2% target. Currently, 2.3% Fed Funds Rate: 5.25% 10-Year Treasury: 4.86% GDP projected 2.5% 3.0% 5
6 10-Year Treasury vs. Inflation Rate 16.00% 14.00% 12.00% 10.00% 8.00% 6.00% 4.00% 2.00% 0.00% Treasury CPI-U
7 How Will Interest Rates Increase? We are currently experiencing relatively low inflation and real interest rates The real interest rate could increase from 2.5% to 3.0% Not too much of a chance that we will see a significant increase in inflation This leads to a 6.5% long-term rate, not 8.25% 7
8 Company Responses to Low Interest Rates
9 Low Interest Rate Product Challenges Typical fixed universal life plans become less attractive Policyholders are reluctant to turn to variable products due to recent history of poor market returns Deferred Annuities are running into CD s and Money Market Accounts Distribution Maintaining profitability and achieving sales targets amid stiff competition 9
10 Company Responses to Low Interest Rates
11 Guaranteed UL Designed to protect a policy from lapsing regardless of interest rate movements Gained more share of the market than typical Fixed UL Advanced age sales dominated premium inflows IOLI and SOLI Most companies have increased rates at older ages 11
12 Variable Guarantees Market started with simple GMIB s Moved towards GMAB s and GMWB s GMWB s for life Utilization is extremely high industry sources state more than 80% Similar options are now offered on life products utilization is not as strong 12
13 Risk Management Companies are extremely diligent to better understand and control risks SOX controls Internal Audits Underwriting Pricing Economic Capital Market Consistent Embedded Value 13
14 Term Insurance Experienced a period with few rate decreases ROP Term was introduced Companies age beginning to lower rates again Already 5 top tier companies in 2007 Some just cut rates Other are selective 14
15 Index Products A few carriers in the market in 2000 More than 15 in 2007 Only vanilla options offered in 2000 Participation products were originally offered Companies switched to cap products More exotic clique s and structured options are becoming common Companies are adding multiple indices GMWB s are offered on annuities 15
16 Indexed UL Market Growth Index UL Sales $ in Millions Source: Advantage Compendium
17 Indexed Annuities Are extremely popular and have experienced similar growth as Index UL except for 2006 NASD Suitability concerns Companies are redesigning products Fewer two-tier Restructuring compensation Lower first-year bonuses Lower surrender charges Shorter surrender charge period Annuity Value at death 17
18 Index Option Pricing 5.00% Option Budget 4.80% 4.60% 4.40% 4.20% 4.00% 5% RF 6.5% RF Volatility I expect more companies to move to cap designs 18
19 Interest Rate Outlook Economic pressures will keep real interest rates close to their current levels (within 50 bps) Fed vigilance will keep the inflation component low Expect similar levels of corporate spreads Therefore, don t expect things to change! 19
20 Product Outlook Continue to put pressure on interest sensitive products particularly Deferred Annuities because of the flat yield curve See more development in the index life and annuity marketplaces 20
21 Questions?
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