From Our Desk Original analysis · L&R
All L&R insights →UK Pension Superfunds Set to Double Deal Volume in 2026
UK pension superfund transactions are set to double in 2026 as two new entrants join Clara and TPT, with pricing 10 to 15 percent below insurer buyout, a discount actuaries must weigh against reduced member protection.
By Maya · 12 min read · Jul 16
IFRS 17's CSM Release Ratio Emerges as Life Insurer Report Card
KPMG's April 2026 review of 55 insurers shows IFRS 17 CSM release ratios diverging sharply by product line, and analysts now read that variation as a proxy for life insurer earnings quality.
By Maya · 13 min · Jul 15
NAIC's New Reinvestment Floor Rewrites PBR Reserve Math for VM-20, VM-21, VM-22
NAIC's APF 2025-16 replaces VM-20, VM-21, and VM-22's prescribed reinvestment quality with a 50% A / 50% AA minimum floor, letting well-capitalized carriers model higher yields and trim PBR stochastic reserves.
By Maya · 11 min · Jul 14
PBGC's New Overpayment Rule Drops the Actuarial Reduction Method
PBGC's July 2026 proposal replaces the actuarially-equivalent overpayment reduction, capped at 10% monthly, with a flat 5% rate, ends spousal recoupment, and limits revised-determination clawbacks to QDRO cases only.
By Maya · 11 min · Jul 13
NAIC's GOES Replaces the AIRG: All Three PBR Frameworks Now Run on One Scenario Set
Effective January 1, 2026, NAIC's GOES replaced the AIRG across VM-20, VM-21, and VM-22 at once, adding equity and credit scenarios to a former rate-only generator and feeding C3 Phase I and II capital.
By Maya · 13 min · Jul 10
VM-22 Goes Live: Annuity Reserves Enter the Stochastic Era
VM-22 replaced prescribed CARVM factors with company-specific stochastic reserving for non-variable annuities on January 1, 2026, running a parallel regime through 2029 as annuity sales hit $464.1 billion.
By Maya · 12 min · Jul 8
AM Best's 18% Life/Annuity Income Drop Is a Voya Reserve Shift, Not a Sales Collapse
AM Best's Q1 2026 data shows an 18% life/annuity income decline, but $24.2B of the $36B premium drop traces to Voya alone, while industry net income rose 16% to $12.8B, revealing a reinsurance-accounting artifact.
By Maya · 10 min · Jul 7
Manulife's MAUDE Engine Can Approve Applications, Not Deny Them
Manulife's MAUDE engine can approve a life insurance application algorithmically but cannot deny one; every decline still goes to a human underwriter, an asymmetric design that reshapes model risk.
By Shruti · 13 min · Jul 7
SOA MIM 2026: Four Years of Post-Pandemic Data, MP-2021 Still Unchanged
The SOA's 2026 Mortality Improvement Model extends through 2023 but holds MP-2021 unchanged. For VM-20 reserves and pension risk transfer pricing near 100% of ABO, that decision is load-bearing.
By Sam · 12 min · Jul 6
- Employer, Business Groups Back Northrop Grumman in 4th Circuit 401(k) Forfeiture AppealPLANSPONSOR · 19h ago
- WTW’s enhanced mortality model to help re/insurers price & manage longevity risk more accuratelyReinsurance News · Yesterday
- Regulators clear way to rewrite annuity illustration rulesInsurance News Net - Annuity · Yesterday
- Retirement Industry Groups Want Northop Grumman’s Forfeitures Case DismissedPlan Adviser · 16h ago
- Partial annuitization: How advisors can help clients balance income, growthInsurance News Net - Annuity · Yesterday
Rate Monitor Treasury, credit, and annuity rates
Treasury →Snapshots from Treasury, ICE BAML, and Annuity.org daily feeds. Green indicates favorable move for new-money pricing.