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Retrieved on:
Wednesday, February 21, 2024
Milliman, Inc., a premier global consulting and actuarial firm, today released the 2023 year-end results of its Multiemployer Pension Funding Study (MPFS), which analyzes the funded status of all multiemployer defined benefit pension plans in the United States, based on data and assumptions from these plans’ latest Form 5500 filings.
Key Points:
- Milliman, Inc., a premier global consulting and actuarial firm, today released the 2023 year-end results of its Multiemployer Pension Funding Study (MPFS), which analyzes the funded status of all multiemployer defined benefit pension plans in the United States, based on data and assumptions from these plans’ latest Form 5500 filings.
- As of December 31, 2023, Milliman estimates that the aggregate funded percentage of all multiemployer plans hit 89%, up from 79% a year prior.
- As of year-end 2023, 69 plans in total have received nearly $54 billion in SFA funding, including $45 billion paid during 2023.
- To receive regular updates of Milliman’s pension funding analysis, contact us at [email protected] .
Retrieved on:
Wednesday, February 7, 2024
Milliman, Inc., a premier global consulting and actuarial firm, today released the results of its latest Milliman 100 Pension Funding Index (PFI), which analyzes the 100 largest U.S. corporate pension plans.
Key Points:
- Milliman, Inc., a premier global consulting and actuarial firm, today released the results of its latest Milliman 100 Pension Funding Index (PFI), which analyzes the 100 largest U.S. corporate pension plans.
- During January, the Milliman 100 PFI funding ratio rose from 102.1% at the end of December to 103.1% as of January 31.
- A return to rising discount rates—this month by 14 basis points, to 5.14%—fueled this result and drove plan liabilities down from $1.337 trillion at the end of December to $1.316 trillion at the end of January.
- Under a pessimistic forecast (4.59% discount rate at the end of 2024 and 3.99% by the end of 2025 and 1.8% annual returns), the funded ratio would decline to 95% by the end of 2024 and 86% by the end of 2025.
Retrieved on:
Tuesday, February 6, 2024
Professional Services,
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Nursing The Society of Actuaries (SOA) and Milliman today announced the completion of the first certificate program focused on measuring and managing climate risk for actuaries.
Key Points:
- The Society of Actuaries (SOA) and Milliman today announced the completion of the first certificate program focused on measuring and managing climate risk for actuaries.
- This Climate Change Risk Certificate Program pairs the risk management acumen of actuaries with the interdisciplinary expertise necessary to manage the complexity of climate risk.
- “Climate risk is complex and interconnected,” said Milliman Chairman Ken Mungan, FSA, MAAA.
- This unprecedented, multidisciplinary certification program will help train tomorrow’s experts so that society is prepared to manage the evolving risks presented by climate change.”
“We are excited to announce that this certificate program with Milliman and the SOA is now fully available for actuaries and other professionals working with climate risk topics,” said SOA CEO Greg Heidrich.
Retrieved on:
Wednesday, January 31, 2024
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Index “Retiree buyout costs open 2024 at their lowest level in almost six months--despite another sizable drop in accounting discount rates,” said Jake Pringle, a Milliman principal and co-author of the MPBI. “That, combined with the reset in insurer capacity as 2024 gets underway is likely welcome news for plan sponsors looking at PRT projects in the new year.”
Key Points:
- Milliman, Inc., a premier global consulting and actuarial firm, today announced the latest results of its Milliman Pension Buyout Index (MPBI).
- As the pension risk transfer (PRT) market continues to grow, it has become increasingly important to monitor the annuity market for plan sponsors that are considering transferring retiree pension obligations to an insurer.
- During December, the estimated cost to transfer retiree pension risk to an insurer in a competitive bidding process decreased from 101.8% of a plan’s accounting liabilities (accumulated benefit obligation, or ABO) to 100.5% of those liabilities.
- The competitive bidding process is estimated to save plan sponsors about 2.6% of PRT costs as of December.
Retrieved on:
Tuesday, January 30, 2024
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CPI The 2023 net combined ratio for the property/casualty industry is forecast to be 103.9, with commercial lines at 97.7, outperforming personal lines at 109.9.
Key Points:
- The 2023 net combined ratio for the property/casualty industry is forecast to be 103.9, with commercial lines at 97.7, outperforming personal lines at 109.9.
- Record levels of severe convective storm losses are the single biggest driver of the overall adverse results.
- The quarterly report, Insurance Economics and Underwriting Projections: A Forward View, presented on Jan. 30, at an exclusive members-only virtual webinar.
- “Looking at commercial auto, underwriting losses continue, with a projected 2023 net combined ratio of 110.2, the highest since 2017,” said Kurtz.
Retrieved on:
Thursday, January 25, 2024
Milliman, Inc., a premier global consulting and actuarial firm, today released the latest results of its Public Pension Funding Index (PPFI), which analyzes data from the nation’s 100 largest public defined benefit plans.
Key Points:
- Milliman, Inc., a premier global consulting and actuarial firm, today released the latest results of its Public Pension Funding Index (PPFI), which analyzes data from the nation’s 100 largest public defined benefit plans.
- The Milliman 100 PPFI funded ratio rose from 72.4% as of October 31 to 75.9% as of November 30 before reaching 78.2% funding as of December 31, the highest ratio of 2023.
- The late-year market rebound drove this result, as the plans experienced, in aggregate, estimated investment gains of 5.2% in November and 3.3% in December.
- Individual plan returns ranged from 2.5% to 7.7% in November and from 1.7% to 5.0% in December.
Milliman, Inc., a premier global consulting and actuarial firm, today released the year-end results of its Milliman 100 Pension Funding Index (PFI), which analyzes the 100 largest U.S. corporate pension plans.
Key Points:
- Milliman, Inc., a premier global consulting and actuarial firm, today released the year-end results of its Milliman 100 Pension Funding Index (PFI), which analyzes the 100 largest U.S. corporate pension plans.
- In 2023, corporate pension funding improved by $4 billion for the year.
- Rebounding equity markets, led by the technology sector, drove this result as the PFI plan assets saw cumulative annual investment returns of 9.94%.
- The Milliman PFI plans closed 2023 with a surplus of $29 billion and a funded ratio of 102.1%, up from 101.9% at the end of 2022.
Retrieved on:
Wednesday, January 3, 2024
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Risk management Milliman, Inc., the premier global consulting and actuarial firm, today announced that Skyward Specialty Insurance Group, Inc.™ (NASDAQ: SKWD) ("Skyward Specialty"), a leader in the specialty property and casualty (P&C) market, has chosen Milliman Datalytics-Defense ® as its platform for processing its defense cost invoices.
Key Points:
- Milliman, Inc., the premier global consulting and actuarial firm, today announced that Skyward Specialty Insurance Group, Inc.™ (NASDAQ: SKWD) ("Skyward Specialty"), a leader in the specialty property and casualty (P&C) market, has chosen Milliman Datalytics-Defense ® as its platform for processing its defense cost invoices.
- Milliman Datalytics-Defense employs powerful data mining algorithms to help insurers detect patterns in attorney billing practices, delivering better understanding of both costs and defense strategies.
- "At Skyward Specialty we seek out forward-thinking, tech-enabled solutions to augment our expertise and provide efficiency for our partners," said Sean Duffy, Skyward Specialty executive vice president and chief claims officer.
- "We are excited to collaborate with Skyward Specialty to assist them in bringing additional value to their clients," says Chad C. Karls, Milliman principal and consulting actuary.
Retrieved on:
Wednesday, December 20, 2023
Milliman, Inc., a premier global consulting and actuarial firm, today announced the latest results of its Milliman Pension Buyout Index (MPBI).
Key Points:
- Milliman, Inc., a premier global consulting and actuarial firm, today announced the latest results of its Milliman Pension Buyout Index (MPBI).
- As the pension risk transfer (PRT) market continues to grow, it has become increasingly important to monitor the annuity market for plan sponsors that are considering transferring retiree pension obligations to an insurer.
- During November, the estimated cost to transfer retiree pension risk to an insurer in a competitive bidding process ticked down from 101.9% of a plan’s accounting liabilities (accumulated benefit obligation, or ABO) to 101.8% of those liabilities.
- The competitive bidding process is still estimated to save plan sponsors about 2.1% of PRT costs as of November 30.
Retrieved on:
Monday, December 18, 2023
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Pension fund Milliman, Inc., a premier global consulting and actuarial firm, today released the results of its annual Public Pension Funding Study (PPFS), which explores the funded status of the nation’s 100 largest public defined benefit pension plans.
Key Points:
- Milliman, Inc., a premier global consulting and actuarial firm, today released the results of its annual Public Pension Funding Study (PPFS), which explores the funded status of the nation’s 100 largest public defined benefit pension plans.
- It includes detailed analysis of cash flows, cost of benefits, and total pension liability, as well as funding projections through November 30, 2023.
- “From 2013 through 2022, the PPFS asset allocation was largely stable, but our 2023 study saw a noticeable move from equity and fixed income into private equity and real estate,” said Becky Sielman, co-author of Milliman’s PPFS.
- “In addition, the 2023 study found a 10% increase in retiree population.”
To view Milliman’s annual Public Pension Funding Study, go to http://www.milliman.com/ppfs .
