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Publications

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Article

7 considerations for pricing annuities in a VM-22 PBR world

16 February 2026 - by Collin Davidson, Ricardo Trachtman
We discuss seven important considerations as insurers adapt their pricing models and philosophy in the new world of principle-based reserving.
Article

VM-22 hedging strategies: Risk management and ALM for fixed index annuities

13 December 2025 - by Collin Davidson
As VM-22 takes effect in January 2026, thoughtful evaluation of hedging strategies can allow insurers to unlock value and better manage risk.
Article

Milliman VM-22/GOES readiness survey

21 November 2025 - by Galin Mitchener, Collin Davidson, Zohair Motiwalla
2025 survey: Insurers remain uncertain on implementation of regulatory reforms for GOES and VM-22 principle-based reserving for non-variable annuities.
Article

Exploring RILA and VA synergies through integrated hedging and risk management

17 February 2025 - by John Balbach, Jr, Collin Davidson, Daren Lockwood, Danh Mai, Reggie Xu
Recent industry and regulatory trends give insurers reason to add registered indexed-linked annuities to a variable annuity portfolio.
Article

Here it “GOES” again: Reviewing the NAIC’s second industry field test of the Generator of Economic Scenarios

14 November 2024 - by Collin Davidson, Zohair Motiwalla, Parker Henley, Nick Lee
As NAIC moves forward with reform of the generator of economic scenarios used in principle-based reserving, we shed some light on common themes.
Article

NAIC economic scenario reform: A model for VM-21 impact analysis

12 July 2023 - by Collin Davidson, Zohair Motiwalla, Parker Henley
With reform of economic scenario generators on the horizon, we examine the complex and potentially material impacts.