2020-2024 Individual Payout Annuity Mortality Experience Study
Table of Contents
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Summary
LIMRA and the Society of Actuaries (SOA) Research Institute have completed the most up-to-date study of individual payout annuity mortality experience covering calendar years 2020 and 2024. This is an update to the prior study covering calendar years 2014-2019. The intent of this study is to provide recent annuitant mortality experience, which can be compared to the 2012 Individual Annuity Mortality (IAM) Table, the previous study and U.S. population mortality. Twenty-three parent company groups covering twenty-six individual companies contributed data to the current study, encompassing over 80% of industry sales during the study period. The current study encompasses 3.1 million contract-years exposed, $33 billion in annual income-years exposed and over 143,190 deaths over a five-year period.
Public Materials - A report with high-level insights will be available in the near future.
Standard Data Package – The Standard Data Package is available for purchase and consists of:
- executive summary
- in-depth analysis report
- interactive data visualization dashboards
Secure the 2026 Subscription to Experience Studies Pro
This study is included with a 2026 subscription to Experience Studies Pro. The studies included in the 2026 subscription are:
- 2015-2024 Deferred Annuity Mortality
- 2015-2024 Group Long-Term Disability Claim Termination
- 2009-2024 Post-Level Term Lapse and Mortality
- 2018-2024 Individual Life Mortality
- 2024-2025 Registered Index-Linked Annuity Policyholder Behavior
- 2020-2024 Individual Payout Annuity Mortality
Please contact StudyPro@soa.org for pricing and information on how to access a 2026 subscription to Experience Studies Pro.
Access the Standard Data Package
If you purchase the standard data package, you can access it here.
Acknowledgments
LIMRA and the SOA Research Institute would like to thank the following companies for participating in the study by supplying data.
- American National Insurance Co
- Ameriprise/Riversource
- Brighthouse Financial
- CNO (Bankers Life & Casualty)
- Equitrust
- F&G Annuities & Life
- Guardian Life
- MassMutual
- Nassau Life
- Nationwide
- New York Life Insurance Company
- Northwestern Mutual
- OneAmerica
- Pacific Life
- Principal
- Protective Life Corp
- Sammons Financial Group
- Securian Financial
- State Farm Life Insurance Company
- Talcott Resolution
- Transamerica
- USAA Life Insurance Company
- Western & Southern Financial Group
LIMRA and the SOA Research Institute would also like to thank the SOA Individual Annuity Experience Committee for their diligent work developing the data request, overseeing the analysis and reviewing of the report and dashboards for accuracy and relevance.
- Jeff Chuang, FSA, MAAA (Chair)
- Bruce Friedland, FSA, MAAA (Vice-Chair)
- Ilan Birnbaum, FSA, MAAA
- John Blocher, FSA, MAAA
- John Dizer, FSA, MAAA
- Kunal Kang, FSA, MAAA
- Gordon Klein, FSA, MAAA
- Peretz Perl, FSA, MAAA
- Joel Sklar, ASA, MAAA
- Larry Stern, FSA, MAAA