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13 December 2017
Milliman, Inc., a premier global consulting and actuarial firm, today released the third quarter results of its Public Pension Funding Index (PPFI), which consists of the nation’s 100 largest public defined benefit pension plans. In Q3 2017, these plans experienced a $36 billion improvement as a result of strong investment performance. In aggregate, these plans saw investment returns of 2.97%, with a spread ranging from a low of 1.63% to a high of 3.83%.
08 December 2017
Milliman, Inc., a premier global consulting and actuarial firm, today released its latest report, “2017 Mid-Year Embedded Value Results: Asia (excluding Japan),” which summarises mid-year 2017 embedded value (EV) results disclosed by Asian insurers in eight key countries. The report examines the results at a company and country level and supplements the “2016 Embedded Value Results: Asia (excl. Japan)” report released in August 2017. It also includes an update of the India 2016 full-year results, not earlier available due to the market’s March financial year-end.
07 December 2017
Milliman, Inc., a premier global consulting and actuarial firm, today released the results of its latest Pension Funding Index (PFI), which analyzes the 100 largest U.S. corporate pension plans. In November, these pensions experienced a $7 billion improvement, increasing for the third month in a row and bringing the total funded status gain to $41 billion since August 31. This three-month run marks the strongest performing period of 2017.
05 December 2017
Milliman, Inc., a premier global consulting and actuarial firm, today announced it will debut its proprietary predictive modeling platform at the InsiderTech Conference held in New York on December 6th. Milliman’s recently-created analytics software, Solys, uses advanced computer languages, models, and machine-learning so that consultants can serve their clients with increased speed, reach, and cost-efficiency.
15 November 2017
Milliman, Inc., a premier global consulting and actuarial firm, today announced that it has been selected by the Federal Emergency Management Agency (FEMA) to provide actuarial consulting services as part of a program to redesign flood insurance products across the NFIP. At the forefront of innovation in flood risk, Milliman will provide state-of-the-art tools, technology, and analysis to FEMA in order to design a new rating plan for NFIP policies nationwide.
08 November 2017
Milliman, Inc., a premier global consulting and actuarial firm, today released the results of its latest Pension Funding Index (PFI), which analyzes the 100 largest U.S. corporate pension plans. In October, these pensions’ funded status experienced a $7 billion uptick, increasing for the second month in a row and bringing the total funded status gain to $32 billion since August 31.
08 November 2017
Milliman, Inc., a premier global consulting and actuarial firm, today released the results of its latest Individual Disability Income (IDI) Market Survey. The report, in its tenth edition, measures sales trends across 14 IDI companies, representing 90% of the market. The survey also covers recent changes in underwriting and products, the range of views that companies have on the current profitability of their business, and the favorable and unfavorable trends that can affect the long-term profitability of the IDI market. New this year, the report also includes a section discussing companies’ progress implementing the new 2013 Valuation Table.
31 October 2017
Milliman, Inc., a premier global consulting and actuarial firm, today released the results of its 2017 Public Pension Funding Study (PPFS), which analyzes funding levels of the nation’s 100 largest public pension plans, including an independent assessment on the expected real return of each plan’s investments.
30 October 2017
Milliman, Inc., a premier global consulting and actuarial firm, today announced it has added Mall of America® as a defined contribution client. Mall of America is a privately held corporation which is located in Minnesota.
20 October 2017
Milliman, Inc., a premier global consulting and actuarial firm, today released the results of its Fall 2017 Multiemployer Pension Funding Study, which analyzes the funded status of all multiemployer pension plans. As of June 30, 2017, these plans are nearing the healthiest they’ve been since U.S. financial markets collapsed in 2008. In the first six months of 2017, the aggregate funding percentage for all multiemployer pensions climbed from 77% to 81%, reducing the system’s shortfall by $21 billion – an improvement driven largely by favorable investment returns.
17 October 2017
Milliman, Inc., a premier global consulting and actuarial firm, is pleased to announce that Principal William Hines has been named an observer to the International Accounting Standards Board (IASB) IFRS 17 Transition Resource Group (TRG). IFRS 17, which was adopted in May, represents a significant change from current accounting practices and is expected to require substantial effort from companies to comply.
12 October 2017
Milliman, Inc., a premier global consulting and actuarial firm, is pleased to announce the winners of the firm’s first annual Milliman Opportunity Scholarship award, which was created to assist students from ethnic groups and races that are under-represented in the fields of actuarial science, data science, computer science, economics, programming, mathematics, statistics, data analytics, or finance.
11 October 2017
Milliman, Inc., a premier global consulting and actuarial firm, today announced that the firm has been joined by the MicroInsurance Centre (MIC), the internationally recognized consulting firm and microinsurance thought leader dedicated to generating access to valuable microinsurance products to 3 billion low-income people across the globe. Both firms share the common goal of working to protect the health and financial well-being of people everywhere.
10 October 2017
Milliman, Inc., a premier global consulting and actuarial firm, today announced a new innovation in the InsurTech space – a driving “risk score” created with tech start-up Zendrive that is up to six times more powerful than the leading predictive models.
09 October 2017
Milliman, Inc., a premier global consulting and actuarial firm, today released the results of its latest Pension Funding Index (PFI), which analyzes the 100 largest U.S. corporate pension plans. In September, these pension plans experienced their largest improvement year-to-date, with a $26 billion increase in funded status. The improvement was the result of a nine-basis-point increase in discount rates coupled with market value gains, which saw the Milliman PFI plans’ funded ratio climb from 83.0% to 84.3% for the month.
12 September 2017
Milliman, Inc., a premier global consulting and actuarial firm, today released the results of its latest Pension Funding Index (PFI), which analyzes the 100 largest U.S. corporate pension plans. In August, the funded status of these plans fell by $17 billion – the largest loss year-to-date – due to a decrease in the benchmark corporate bond interest rates used to value pension liabilities.
11 September 2017
Milliman, Inc., a premier global consulting and actuarial firm, today announced the launch of its latest InsurTech offering, an innovative casualty benchmarking tool that provides a new industry standard and a better, more efficient way of assessing variability in unpaid claims estimates.
07 September 2017
Milliman, Inc., a premier global consulting and actuarial firm, today announced that the firm has hired Lisa Henderson as Chief Strategist, Casualty Products and InsurTech Consulting.
24 August 2017
Milliman, Inc., a premier global consulting and actuarial firm, today released the second quarter results of its Public Pension Funding Index (PPFI), which consists of the nation’s 100 largest public defined benefit pension plans. In Q2 2017, the funded ratio of these plans ticked upward, climbing from 72.0% at the end of March to 73.0% as of June 30, 2017.
23 August 2017
Keenan HealthCare and Milliman, one of the world’s largest independent actuarial consulting firms, have released the 2017 results of their California Hospital Workers' Compensation and Payroll Benchmarking Survey. The report provides industry-wide benchmarks to drive informed decisions and support fundamental considerations related to workers' compensation.
15 August 2017
Milliman, Inc., a premier global consulting and actuarial firm, today released the 2017 edition of its triennial report on the estimated costs of U.S. organ and tissue transplants. The report summarizes average annual costs per member per month (PMPM), including utilization and billed charges, related to the 30 days prior and 180 days after transplant admission for organ and tissue transplants. This includes single-organ transplants such as heart, intestine, kidney, liver, lung, and pancreas, and a number of multiple-organ transplants; tissue transplants include bone marrow and cornea.
15 August 2017
Milliman, Inc., a premier global consulting and actuarial firm, today announced the findings of its study on reported year-end 2016 embedded value (EV) results for 34 major insurance companies operating in Asia, excluding Japan. The report highlights trends among companies reporting EVs and reveals a growth in reported 2016 EV of 15.3% by Asian insurance companies. This was primarily driven by a 40% growth over 2015 in Value of New Business (VNB) across the region in 2016.
15 August 2017
Milliman, Inc., a premier global consulting and actuarial firm, today announced the findings of its study on reported year-end 2016 embedded value (EV) results for 34 major insurance companies operating in Asia, excluding Japan. The report highlights trends among companies reporting EVs and reveals a growth in reported 2016 EV of 15.3% by Asian insurance companies. This was primarily driven by a 40% growth over 2015 in Value of New Business (VNB) across the region in 2016.
10 August 2017
Milliman, Inc., a premier global consulting and actuarial firm, today released the results of its latest Pension Funding Index (PFI), which analyzes the 100 largest U.S. corporate pension plans. In July, the funded status of these plans rose by $4 billion as the Milliman 100 PFI deficit shrank from $286 billion at the end of June to $282 billion at the end of July. The slight increase in funded status resulted from strong investment gains that compensated for a decrease in the benchmark corporate bond interest rates used to value pension liabilities. The funded ratio inched up from 83.5% the previous month to 83.7% as of July 31. Over the past seven months the funded ratio of these plans has been teetering between 83% and 84%.
24 July 2017
Milliman, Inc., a premier global consulting and actuarial firm, today announced the availability of a new report detailing embedded value (EV) results for 19 major insurance companies in Europe. The report examines trends among the companies reporting EVs as of year-end 2016, comparing practices adopted and discussing reporting issues following the implementation of Solvency II in Europe and the move toward the global adoption of International Financial Reporting Standards (IFRS).
13 July 2017
Milliman, Inc., a premier global consulting and actuarial firm, today announced the results of a first-of-its-kind study to assess the feasibility of a private flood insurance market in several key states across the U.S. The study, which was conducted in collaboration with risk modeling firm KatRisk, set out to model private flood insurance risk and potential premiums for all single-family homes in Florida, Texas, and Louisiana – which combined account for 56% of National Flood Insurance Program (NFIP) policies in-force nationwide.
13 July 2017
Results from participants in Milliman, Inc.’s annual comprehensive study of universal life (UL) and indexed universal life (IUL) issues indicate a staggered approach in implementing recent regulatory changes. Principle-based reserves (PBR) may be implemented as early as January 1, 2017, and 27 survey participants reported they expect to implement PBR for all of their UL/IUL products spread over the three-year phase-in period allowed.
11 July 2017
Milliman, Inc., a premier global consulting and actuarial firm, today released the results of its latest Pension Funding Index (PFI), which analyzes the 100 largest U.S. corporate pension plans. In June the funded status of these plans fell by $4 billion, the result of lower-than-expected investment returns and a decrease in the benchmark corporate bond interest rates used to value pension liabilities.
10 July 2017
Milliman, Inc., a premier global consulting and actuarial firm, today released the findings of the first known study analysing the general and the family Takaful industries, separately, across all major markets. The full report will be released and discussed at the International Takaful Summit in London today.
10 July 2017
Milliman, Inc., a premier global consulting and actuarial firm, today released the findings of the first known study analysing the general and the family Takaful industries, separately, across all major markets. The full report will be released and discussed at the International Takaful Summit in London today.
06 July 2017
Milliman, Inc., the premier global consulting and actuarial firm, today announced that an innovative new study examining multi-criteria decision-making using an iterative process of advanced computing and human input has shown superior results in risk management when compared to machine algorithms or humans alone.
06 July 2017
Milliman, Inc., the premier global consulting and actuarial firm, today announced that an innovative new study examining multi-criteria decision-making using an iterative process of advanced computing and human input has shown superior results in risk management when compared to machine algorithms or humans alone.
03 July 2017
Milliman, Inc., a premier global consulting and actuarial firm, today announced that the company is further expanding its employee benefits practice in Asia as demand grows for the firm’s services. Mark Whatley joins Milliman as a consulting actuary in Singapore, where he will focus on further developing the firm’s employee benefits business across multinational, local and government-linked organisations. Previously, Mark directed Willis Towers Watson’s benefits practice in South East Asia. His benefits and financial services experience spans 22 years and three continents, including significant expertise in the South East Asian markets.
20 June 2017
Milliman, Inc., a premier global consulting and actuarial firm, recently released the results of its 2016 U.S. Group Disability Market Survey, a comprehensive report that analyzes the employer- and employee-paid short- and long-term disability (STD / LTD) market, including insurance products, sales, and in-force business. In total, 20 disability insurers contributed data to the survey, which also provides analysis of premiums, cases, and covered lives in 2015 and 2016 for all participating companies.
20 June 2017
Milliman, Inc., a premier global consulting and actuarial firm, recently released the results of its 2016 U.S. Group Disability Market Survey, a comprehensive report that analyzes the employer- and employee-paid short- and long-term disability (STD / LTD) market, including insurance products, sales, and in-force business. In total, 20 disability insurers contributed data to the survey, which also provides analysis of premiums, cases, and covered lives in 2015 and 2016 for all participating companies.
07 June 2017
Milliman, Inc., a premier global consulting and actuarial firm, today released the results of its latest Pension Funding Index (PFI), which analyzes the 100 largest U.S. corporate pension plans. In May, the deficit for these plans rose by $22 billion from $257 billion to $279 billion, due to a decrease in the benchmark corporate bond interest rates used to value pension liabilities. As of May 31 the funded ratio had fallen to 83.8%, the 1.10% decline partially offset by investment returns.
01 June 2017
Milliman, Inc., the premier global consulting and actuarial firm, today announced the launch of Booster-FMS (financial modeling solution), a GPU-accelerated software program that increases computational performance for actuarial modeling and insurance reserving.
01 June 2017
Milliman, Inc., the premier global consulting and actuarial firm, today announced that Pixel™, its competitive intelligence tool for property and casualty insurance companies, is now available in markets across all 50 states.
16 May 2017
Milliman, Inc., a premier global consulting and actuarial firm, today released the 2017 Milliman Medical Index (MMI), which measures the cost of healthcare for a typical American family of four receiving coverage from an employer-sponsored preferred provider plan (PPO). In 2017, costs for this family will increase by 4.3%—which marks the lowest rate of increase in the history of this study—though the total dollar increase of $1,118 is consistent with the last decade of healthcare cost increases.
10 May 2017
Milliman, Inc., a premier global consulting and actuarial firm, today released the first quarter results of its Public Pension Funding Index (PPFI), which consists of the nation’s 100 largest public defined benefit pension plans. In Q1 2017, the funded ratio of these plans regained ground lost at the end of last year, climbing from 70.1% at the end of December to 72.0% as of March 31, 2017.
10 May 2017
Milliman, Inc., a premier global consulting and actuarial firm, today released the results of its latest Pension Funding Index (PFI), which analyzes the 100 largest U.S. corporate pension plans. Despite strong investment returns of 0.84%, in April the deficit for these pension plans increased from $247 billion to $257 billion, the result of a decrease in the benchmark corporate bond rates used to value pension liabilities.
08 May 2017
The Robert Wood Johnson Foundation (RWJF) and the actuarial and consulting firm Milliman announce the results of the Actuarial Challenge: The Individual Health Market, a collaborative event for health actuaries to test different approaches to increase stability in the individual health insurance market.
08 May 2017
Milliman, Inc., a premier global consulting and actuarial firm, today released comprehensive new research analyzing the current and future state of the retirement income market in the Asia-Pacific region. The report is based on a survey of over 100 insurance companies and financial institutions across eight countries.
08 May 2017
Milliman, Inc., a premier global consulting and actuarial firm, today released the results of its Spring 2017 Multiemployer Pension Funding Study, which analyzes the funded status of all multiemployer pension plans. As of December 31, 2016, these plans have an aggregate funding percentage of 77%, a 1% increase since June 2016. During that six-month period, the market value of assets increased by $17 billion while pension liabilities increased by $13 billion, resulting in a $4 billion-decrease in the aggregate funding status shortfall.
20 April 2017
Milliman, Inc., a premier global consulting and actuarial firm, today released the results of its latest Pension Funding Index (PFI), which analyzes the 100 largest U.S. corporate pension plans. In March, the deficit for these pension plans decreased from $275 billion to $247 billion, a $28 billion improvement that resulted from robust asset returns and an increase in benchmark corporate bond rates used to value pension liabilities. The funded ratio for these pensions climbed from 83.8% to 85.3% as of March 31.
19 April 2017
Milliman, Inc., a premier global consulting and actuarial firm, today announced it has added Holzer Health System as a defined contribution client. Holzer Health System is a multi-discipline healthcare system with more than 160 providers and 2,400 employees providing services in over 30 areas of expertise from 15 locations throughout Ohio and western West Virginia.
10 April 2017
Milliman, the leading global provider of actuarial services, and Barnett Waddingham, UK’s largest independent provider of actuarial, administration and consultancy services, today announced a joint venture.
06 April 2017
Milliman, Inc., a premier global consulting and actuarial firm, today released the results of its 2017 Pension Funding Study, which analyzes the largest corporate pension plans sponsored by 100 U.S. public companies. In 2016, these pension plans experienced a $21.7 billion decrease in funded status, the result of a $54.0 billion increase in the projected benefit obligation (PBO) that was only partially offset by a $32.3 billion increase in the market value of plan assets. As a result, these Milliman 100 plans finished off the year with a funded ratio of 81.2%, down from 81.9% the year before. But the $21.7 billion deterioration and incremental drop in funded status mask a year that experienced volatility across the board for pension plans.
22 March 2017
Milliman, Inc., a premier global consulting and actuarial firm, today released the results of its 2017 Pension Funding Study, which analyzes the largest corporate pension plans sponsored by 100 U.S. public companies. In 2016, these pension plans experienced a $21.7 billion decrease in funded status, the result of a $54.0 billion increase in the projected benefit obligation (PBO) that was only partially offset by a $32.3 billion increase in the market value of plan assets. As a result, these Milliman 100 plans finished off the year with a funded ratio of 81.2%, down from 81.9% the year before. But the $21.7 billion deterioration and incremental drop in funded status mask a year that experienced volatility across the board for pension plans.
22 March 2017
Milliman, Inc., a premier global consulting and actuarial firm, today released the results of its 2017 Pension Funding Study, which analyzes the largest corporate pension plans sponsored by 100 U.S. public companies. In 2016, these pension plans experienced a $21.7 billion decrease in funded status, the result of a $54.0 billion increase in the projected benefit obligation (PBO) that was only partially offset by a $32.3 billion increase in the market value of plan assets. As a result, these Milliman 100 plans finished off the year with a funded ratio of 81.2%, down from 81.9% the year before. But the $21.7 billion deterioration and incremental drop in funded status mask a year that experienced volatility across the board for pension plans.
22 March 2017
Milliman, Inc., a premier global consulting and actuarial firm, today released its annual report on the commercial health insurance market’s financial results, which provides a clear picture of health insurers’ financial experience in a given year. The report, based on medical loss ratio data submitted to the Centers for Medicare and Medicaid Services and released in the fall of 2016, provides a final accounting of insurers’ financial results after “3R” transfer payments have been completed.
15 March 2017
Milliman, Inc., one of the premier actuarial and benefits administration firms, today announced it has added the Painters and Allied Trades District Council 82 DC Plan as a defined contribution client. The plan covers collectively bargained members in the states of Minnesota, Wisconsin, and North Dakota with approximately 2,300 participants and $155 million in plan assets.
07 March 2017
Milliman, Inc., a premier global consulting and actuarial firm, today released the results of its latest Pension Funding Index (PFI), which analyzes the 100 largest U.S. corporate pension plans. In February, after five months of steady improvement, these pension plans experienced a $6 billion decline in funded status primarily due to discount rates that plunged from 4.00% in January to 3.89% in February, an 11 basis point drop.
27 February 2017
Milliman, Inc., a premier global consulting and actuarial firm, today announced that Jeffrey Nipp has joined the company’s Employee Benefits practice as a senior consultant. Nipp brings 30 years of industry experience to his new role at Milliman. His responsibilities will include evaluating, researching, constructing, and monitoring multi-asset class portfolios, with an emphasis on public pension plans.
21 February 2017
Milliman PRM Analytics™ (PRM), a leader in data-driven value-based healthcare support systems, today announced that Cascade Health Alliance (CHA), a coordinated care organization (CCO) serving Klamath County, OR has selected the PRM Platform and its suite of cloud-based analytic and population risk management solutions to support their growing clinical integration initiatives.
21 February 2017
Milliman, Inc., the premier global consulting and actuarial firm, today announced that BETA Healthcare Group has chosen Milliman Datalytics-Defense® as its platform for processing its defense cost invoices. Datalytics employs powerful data mining algorithms to help insurers detect patterns in attorney billing practices, delivering better understanding of both costs and defense strategies.
09 February 2017
Milliman, Inc., a premier global consulting and actuarial firm, today released the results of its latest Pension Funding Index (PFI), which analyzes the 100 largest U.S. corporate pension plans. The year 2017 opened optimistically with the funded status for these pension plans improving by $9 billion due to January’s investment gain of 0.87% as well as a small rise in corporate bond rates used to value pension liabilities. As a result, the funded ratio for these plans climbed 0.5% to 81.6% from 81.1% in December 2016.
01 February 2017
Milliman, Inc., one of the premier actuarial and benefits administration firms, today announced it has added the Iowa Sheet Metal Workers Local Union No. 263 as a defined contribution client. The plan covers collectively bargained members in the state of Iowa, with approximately 450 participants and $20 million in plan assets.
01 February 2017
Milliman, Inc., a premier global consulting and actuarial firm, today released the fourth quarter results of its Public Pension Funding Index, which consists of the nation’s 100 largest public defined benefit pension plans. By December 31st 2016, the funded ratio of these plans had fallen to 70.1%, down from 71.0% at the end of September. The funded status declined by $54 billion, the result of modest investment returns for the fourth quarter that fell short of their quarterly benchmark.
26 January 2017
Milliman, Inc., the premier global consulting and actuarial firm, is today publishing six questions for consideration by healthcare stakeholders about the Trump Administration’s recent executive order, which gives a sweeping command to the leaders of the new administration to unwind certain aspects of the Patient Protection and Affordable Care Act (ACA)—especially those components deemed “burdensome.”
24 January 2017
Milliman, Inc., the premier global consulting and actuarial firm, today announced that Constellation has chosen Milliman Datalytics-Defense® as its platform for processing its defense cost invoices. Datalytics employs powerful data mining algorithms to help insurers detect patterns in attorney billing practices, delivering better understanding of both costs and defense strategies.
12 January 2017
Milliman, Inc., a premier global consulting and actuarial firm, today released the results of its latest Pension Funding Index (PFI), which analyzes the 100 largest U.S. corporate pension plans. In December, the funded status for these pension plans improved by $13 billion due to robust investment returns of 1.17%, and the funded ratio increased from 80.3% to 81.0% to close out the year.