News from Milliman

• Actuarial Post names Milliman’s MG-ALFA best 2015 actuarial software

  21 December 2015

  Milliman, a premier global consulting and actuarial firm, today announced that its MG-ALFA® software, a financial modeling and actuarial projection system for insurance companies used for product development and pricing, financial management, risk management analysis, and regulatory compliance, won best actuarial software for 2015 as determined by Actuarial Post. Actuarial Post is a British publication providing news and analysis for the actuarial marketplace.

• Milliman’s New Jersey office moves location

  09 December 2015

  Milliman, a premier global consulting and actuarial firm, today announced that it moved its New Jersey office from Woodland Park to Little Falls on Friday, December 4. Milliman had been in Woodland Park for over 25 years.

• Milliman analysis: Corporate pension funded status drops by $3 billion in November

  07 December 2015

  Milliman, Inc., a premier global consulting and actuarial firm, today released the results of its latest Pension Funding Index, which analyzes the 100 largest U.S. corporate pension plans. In November, these pension plans experienced a $3 billion decrease in funded status based on a $3 billion decrease in asset values and no movement in pension liabilities. The funded status for these pensions decreased from 83.5% to 83.3%.

• Milliman issues fourth annual Public Pension Funding Study

  30 November 2015

  Milliman, Inc., a premier global consulting and actuarial firm, today released its fourth annual Public Pension Funding Study, which consists of the nation’s 100 largest public defined benefit pension plans and analyzes these plans from both a market value and an actuarial value perspective.

• Milliman analysis: Corporate pension funded status improves by $25 billion in October

  09 November 2015

  Milliman, Inc., a premier global consulting and actuarial firm, today released the results of its latest Pension Funding Index, which analyzes the 100 largest U.S. corporate pension plans. In October, these pension plans experienced a $25 billion increase in funded status based on a $33 billion increase in asset values and an $8 billion increase in pension liabilities. The funded status for these pensions increased from 81.7% to 83.3%.

• Milliman analysis: Multiemployer pension plans experience slight decline in funded status

  06 November 2015

  Milliman, a premier global consulting and actuarial firm, today released the results of its Fall 2015 Multiemployer Pension Funding Study (MPFS), which analyzes the cumulative funded status of all U.S. multiemployer pension plans. These pension plans showed little movement in the last six months, dropping from 80% as of December 31, 2014, to 79% as of June 30, 2015.

• Milliman launches new features in Hospital Performance Index

  03 November 2015

  Milliman, a premier global consulting and actuarial firm, today announced that its Hospital Performance Index (HPI) software, a benchmarking tool for payers and providers that uses statistical methods to identify opportunities for increased efficiency in patient populations, has added two new capabilities.

• Milliman releases Arius 2.7, with enhanced graphics and diagnostic tools

  27 October 2015

  Milliman, Inc., a premier global consulting and actuarial firm, announced today that it has released version 2.7 of Arius, its state-of-the-art loss reserving system for property & casualty insurers. This latest release, which was previewed at last month’s Casualty Loss Reserve Seminar in Atlanta, offers enhanced graphics and new actual vs expected diagnostic tools, allowing actuaries to more effectively focus their efforts and expertise, possibly identifying changes or patterns in the insurer’s data, spotting and addressing issues and opportunities more quickly, and making more informed business decisions.

• Milliman analysis: Corporate pension funded status declines by $28 billion in September

  09 October 2015

  Milliman, Inc., a premier global consulting and actuarial firm, today released the results of its latest Pension Funding Index, which analyzes the 100 largest U.S. corporate pension plans. In September, these pension plans experienced a $28 billion decrease in funded status based on a $19 billion decrease in asset values and a $9 billion increase in pension liabilities. The funded status for these pensions decreased from 83.3% to 81.7%.

• Milliman clients recognized by Save 10 initiative for exemplary retirement plans

  25 September 2015

  Milliman, Inc., a premier global actuarial, consulting, and administrative firm, announced this week that a group of its clients are being recognized by the Financial Services Roundtable’s “Save 10” initiative, which is a business-to-business, peer-to-peer effort encouraging responsible employers to help their employees better prepare for retirement by helping them to save 10 percent of their income.

• Corporate pension funded status drops by $22 billion in August

  09 September 2015

  Milliman, Inc., a premier global consulting and actuarial firm, today released the results of its latest Pension Funding Index, which analyzes the 100 largest U.S. corporate pension plans. In August, these pension plans experienced a $22 billion decrease in funded status based on a $42 billion decrease in asset values and a $20 billion decrease in pension liabilities. The funded status for these pensions decreased from 84.9% to 83.4%.

• Milliman analyses embedded value reporting in the European and Asian insurance markets

  09 September 2015

  Milliman, Inc., a premier global consulting and actuarial firm, today announced the availability of two new reports detailing embedded value (EV) results for 32 major insurance companies in Europe and 34 major insurance companies operating in Asia. The reports examine trends among companies reporting EVs as of year-end 2014.

• Corporate pension funded status drops by $16 billion in July

  06 August 2015

  Milliman, Inc., a premier global consulting and actuarial firm, today released the results of its latest Pension Funding Index, which analyzes the 100 largest U.S. corporate pension plans. In July, these pension plans experienced a $16 billion decrease in funded status based on a $10 billion increase in asset values and a $26 billion increase in pension liabilities. The funded status for these pensions decreased from 85.5% to 84.8%.

• Milliman survey: Life insurers focus on living benefit riders

  30 July 2015

  The popularity of indexed universal life (IUL) products has increased over the last few years as reported by participants in Milliman’s annual comprehensive study of universal life (UL) and IUL issues. Total IUL sales as a percent of total UL and IUL sales combined for survey participants increased from 25% in 2011 to 45% during the first nine months of 2014.

• St. Johns Insurance to adopt Milliman competitive intelligence tool

  27 July 2015

  Milliman, Inc., a premier global consulting and actuarial firm, today announced that St. Johns Insurance Company has adopted Pixel™, a competitive intelligence tool for property and casualty insurance companies, along with Milliman’s proprietary market baskets.

• Milliman analysis: Corporate pension funded status improves by $36 billion in June

  09 July 2015

  Milliman, Inc., a premier global consulting and actuarial firm, today released the results of its latest Pension Funding Index, which analyzes the 100 largest U.S. corporate pension plans. In June, these pension plans experienced a $36 billion increase in funded status based on a $28 billion decrease in asset values and a $64 billion decrease in pension liabilities. The funded status for these pensions increased from 84.1% to 85.6%.

• Milliman launches enterprise risk management self-assessment platform

  07 July 2015

  Milliman, Inc., a premier global consulting and actuarial firm, today released Enterprise Risk Management (ERM) Self-Assessment, a platform that allows companies to benchmark ERM maturity levels and processes.

• Milliman launches enterprise risk management self-assessment platform

  07 July 2015

  Milliman, Inc., a premier global consulting and actuarial firm, today released Enterprise Risk Management (ERM) Self-Assessment, a platform that allows companies to benchmark ERM maturity levels and processes.

• Milliman releases new analysis of Medicaid managed care administrative costs

  23 June 2015

  Milliman, Inc., a premier global consulting and actuarial firm, today announced new research into the administrative costs associated with Medicaid managed care plans. These plans have become increasingly popular due to the Affordable Care Act’s Medicaid expansion provisions and the continued growth of the managed care delivery system within Medicaid. This information is especially valuable now, with the release of the proposed 2016 CMS capitation rate-setting guidance and the CMS proposed rule for Medicaid managed care. These CMS regulations require greater documentation of Medicaid managed care administrative costs, and may be useful as plans look to establish benchmarks.

• Milliman provides insight on new UAE insurance regulations

  18 June 2015

  Milliman, Inc., a premier global consulting and actuarial firm, today published research on regulatory reform in the United Arab Emirates. The regulations, issued earlier this year by the Insurance Authority (IA), include a transition period of up to three years, but insurers are advised to begin transitioning immediately.

• Milliman analysis: Pension funded status improves by $31 billion in May

  09 June 2015

  Milliman, Inc., a premier global consulting and actuarial firm, today released the results of its latest Pension Funding Index, which analyzes the 100 largest U.S. corporate pension plans. In May, these pension plans experienced a $31 billion increase in funded status based on a $3 billion decrease in asset values and a $34 billion decrease in pension liabilities. The funded status for these pensions increased from 82.6% to 84.1%.

• Milliman MedInsight’s analytic platform named a leader in IDC MarketScape report

  20 May 2015

  Milliman, Inc., one of the premier global consulting and actuarial firms, today announced that its popular healthcare analytic platform, MedInsight, has been named a leader in the IDC MarketScape study, entitled “U.S. Payer Data Analytics 2015 Vendor Assessment, doc #HI255269, April 2015.” The company is one of eight vendors evaluated in the report.

• Milliman Medical Index: Healthcare costs climb to $24,671 for a typical American family in 2015

  19 May 2015

  Milliman, Inc., a premier global consulting and actuarial firm, today released the 2015 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 2015, costs for this family will increase by 6.3% ($1,456), resulting in a total cost of $24,671. The employer pays $14,198 of this and the employee—through payroll deductions and cost sharing at the time of service—pays $10,473. Of this year’s total $1,456 increase, $467 was a result of prescription drugs, a 13.6% increase after a five-year period in which prescription drug costs averaged annual increases of 6.8%.

• Milliman launches competitive intelligence tool for insurers

  11 May 2015

  Milliman, Inc., a premier global consulting and actuarial firm, today announced the availability of Pixel™, a competitive intelligence tool for insurance companies. Pixel is a web-based, interactive platform designed to give marketing executives, product managers, and actuaries a comprehensive and customized view of the market.

• Milliman analysis: Pension funded status improves by $40 billion in April

  07 May 2015

  Milliman, Inc., a premier global consulting and actuarial firm, today released the results of its latest Pension Funding Index, which analyzes the 100 largest U.S. corporate pension plans. In April, these pension plans experienced a $40 billion increase in funded status based on a $2 billion decrease in asset values and a $42 billion decrease in pension liabilities. The funded status for these pensions increased from 80.9% to 82.6%.

• Milliman awarded ‘Save 10’ recognition for helping workers save for future

  06 May 2015

  With more than half of Americans not saving enough for retirement, the Financial Services Roundtable (FSR), Washington’s leading financial trade association, is recognizing Milliman with a “Save 10” award for their tremendous efforts to help their employees prepare for a secure retirement by enabling them to save 10% of their income.

• Milliman MedInsight releases Employer Group Reporting Solution for health plans

  04 May 2015

  Milliman, Inc., one of the premier global consulting and actuarial firms, announced today the formal launch of their new MedInsight Employer Group Reporting (EGR) Solution. The MedInsight EGR Solution is designed for health plans to support the key function of client reporting; helping a health plan’s employer clients accurately understand the value they receive from their benefit spend and also providing a realistic performance comparison with other employers in the region.

• Milliman analysis: Pension funded status drops by $6 billion in March

  23 April 2015

  Milliman, Inc., a premier global consulting and actuarial firm, today released the results of its latest Pension Funding Index, which analyzes the 100 largest U.S. corporate pension plans. In March, these pension plans experienced a $6 billion decrease in funded status based on decreases in asset values and increases in pension liabilities. This month’s analysis reflects the results of the 2015 Pension Funding Study, published on April 2nd.

• Milliman analysis: Discount rates deepen pension funding deficit and make 2014 a banner year for liability-driven investing

  02 April 2015

  Milliman, Inc., a premier global consulting and actuarial firm, today released the results of its 2015 Pension Funding Study, which analyzes the 100 largest U.S. corporate pension plans. In 2014, these pension plans experienced a funded status decline despite a 10.9% investment return, with plan liabilities for these 100 plans increasing by $189.2 billion and assets increasing by $57.9 billion. This resulted in a $131.3 billion increase in the funded status deficit, representing a funding ratio decline of 6.1%.

• Milliman wins Best Advisory Firm Award for Takaful consulting

  19 March 2015

  Milliman, Inc., a premier global consulting and actuarial firm, was named the Best Advisory Firm at the 2015 International Takaful Summit held in London.

• Milliman analysis: 2014 a so-so year for most multiemployer plans

  18 March 2015

  Milliman, Inc., a premier global consulting and actuarial firm, today released the results of its Spring 2015 Multiemployer Pension Funding Study (MPFS), which analyzes the cumulative funded status of all U.S. multiemployer pension plans. These pension plans experienced little movement last year, slipping slightly from an 81% funded status at the end of 2013 to an 80% funded status at the end of 2014. As was the case in 2013, many mature plans are still struggling to recover from the financial crisis.

• Milliman MedInsight receives 2015 NCQA certification for 23 HEDIS Measures

  12 March 2015

  Milliman, Inc., one of the premier global consulting and actuarial firms, announced today that their healthcare analytic platform, MedInsight, has achieved the National Committee for Quality Assurance (NCQA) certification for Healthcare Effectiveness Data and Information Set (HEDIS®) 2015 Measures. Since its introduction in 1993, HEDIS has evolved to become the gold standard in managed care performance measurement.

• Milliman analysis: Funded status improves in February due to rise in interest rates and investments

  09 March 2015

  Milliman, Inc., a premier global consulting and actuarial firm, today released the results of its latest Pension Funding Index (PFI), which consists of 100 of the nation’s largest defined benefit pension plans. The funded status of the 100 largest corporate defined benefit pension plans increased by $80 billion during February, as measured by the Milliman 100 Pension Funding Index (PFI).

• Kenneth P. Mungan elected as Milliman’s Chairman of the Board

  17 February 2015

  Milliman, one of the premier global consulting and actuarial firms, today announced the election of Kenneth P. Mungan as Chairman of the Board. Milliman’s board of directors made the announcement, acting to confirm the results of a vote by the privately held firm’s principals.

• Milliman 100 Pension Funding Index retreats to 79.6%

  05 February 2015

  Milliman, Inc., a premier global consulting and actuarial firm, today released the results of its latest Pension Funding Index (PFI), which consists of 100 of the nation’s largest defined benefit pension plans. The funded status of the 100 largest corporate defined benefit pension plans dropped by $90 billion during January, as measured by the Milliman 100 Pension Funding Index (PFI). The $90 billion funded status decline was the 8th largest monthly drop in the 15-year history of the Milliman 100 PFI. The funded status deficit ballooned to $382 billion from $292 billion at the end of December 2014, due to the 42 basis point decline in the benchmark corporate bond interest rates used to value pension liabilities.

• Milliman analysis: Corporate pension funding deficit grows by more than $100 billion in 2014 due to plummeting interest rates

  07 January 2015

  Milliman, Inc., a premier global consulting and actuarial firm, today released the results of its latest Pension Funding Index (PFI), which consists of 100 of the nation’s largest defined benefit pension plans. In December, these plans experienced a $19 billion increase in pension liabilities and a $3 billion decrease in asset value, resulting in an $22 billion increase in the pension funded status deficit and a funded ratio of 83.6%. For the year, despite market returns of $81 billion, these pensions experienced a $105 billion increase in the pension funded status deficit, fueled by a $186 billion increase in liabilities as interest rates fell to a historic low at year end.