News from Milliman

• Milliman: Asian insurance market sees positive embedded value results in first half of 2016, despite headwinds

  22 December 2016

  Milliman, Inc., a premier global consulting and actuarial firm, today released an updated report examining trends in the embedded value (EV) results for the 17 major insurance companies in Asia that published EVs as of mid-year 2016. For the first half of 2016, disclosed EV results have continued to be positive overall, with several emerging markets reporting double-digit growth as high as 20%; however, low interest rates and equity market volatility have continued to constrain growth in many countries in the region.

• Milliman analysis: Corporate pension funded status sees largest improvement of 2016, gaining $71 billion in November

  08 December 2016

  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, the funded status for these pension plans experienced its largest increase of the year, improving by $71 billion, primarily due to interest rate gains that reduced the deficit for the Milliman 100 plans to $340 billion.

• Milliman named Best Tech Vendor for Actuarial Modelling by Risk.net

  08 December 2016

  Milliman, Inc., a premier global consulting and actuarial firm, today announced that it has been selected by Risk.net as the best tech vendor for actuarial modelling. For the second time in three years, Milliman is being recognized for its software solution Integrate™, which provides an innovative approach to support fully automated, end-to-end financial and risk modelling.

• Milliman named 'Service Provider of the Year' for third consecutive year by Middle East Insurance Review

  28 November 2016

  Milliman, Inc., a premier global consulting and actuarial firm, was named “Service Provider of the Year” for the third consecutive year at the Middle East Insurance Review’s 2016 Middle East Insurance Industry Awards (MIIA). The award recognizes Milliman’s leadership in the insurance and reinsurance industry, citing the firm’s unique multi-disciplinary consultancy services, its implementation of educational and professional initiatives, and noting Milliman’s work as “a catalyst for the betterment of the industry.”

• Milliman: Public pension plans’ funded status improves in Q3

  28 November 2016

  Milliman, Inc., a premier global consulting and actuarial firm, today released the third quarter results of its Public Pension Funding Index, which consists of the nation’s 100 largest public defined benefit pension plans. As of September 30th, the funded ratio of these plans rose to 71.0%, up from 69.8% at the end of June. The funded status improved by $48 billion, the result of an estimated $86 billion increase in plan assets thanks to relatively healthy investment returns of 3.5% for the quarter.

• Milliman analysis shows multiemployer pension funded status has remained steady so far in 2016

  11 November 2016

  Milliman, Inc., a premier global consulting and actuarial firm, today released the results of its Fall 2016 Multiemployer Pension Funding Study, which analyzes the funded status of all multiemployer pension plans.

• Milliman analysis: Corporate funded status improves by $28 billion in October, biggest boost of 2016

  07 November 2016

  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, the funded status for these pension plans experienced its largest increase of the year, improving by $28 billion, primarily due to interest rate gains that resulted in a $45 billion decrease in pension liabilities. The funded ratio for these plans climbed a whole percentage point, from 76.3% to 77.3%.

• New graphing capabilities in Milliman’s Arius 2.9 offer solutions for data visualization

  31 October 2016

  Milliman, Inc., a premier global consulting and actuarial firm, announced today that it has released version 2.9 of Arius®, its state-of-the-art loss reserving system for property and casualty insurers. This is the eleventh major release of new functionality since Arius’ introduction three years ago. This update provides significant enhancements to the system’s graphing capabilities, giving actuaries a number of new analytical capabilities.

• Milliman Advanced Risk Adjustment (MARA) software tops the competition in risk scoring study

  26 October 2016

  Milliman, Inc., a premier global consulting and actuarial firm, today announced that its popular Milliman Advanced Risk Adjusters (MARA) software topped the competition in the latest study by the Society of Actuaries, “Accuracy of Claims-Based Risk Scoring Models.” Milliman achieved the highest overall performance among concurrent models, beating out eleven other vendors. MARA’s prospective models scored similarly well, ranking at or near the top in all four primary metrics measured.

• Milliman awarded ‘Business Partner of the Year’ for the second year in a row by publications Global Reinsurance and StrategicRISK

  26 October 2016

  Milliman, Inc., a premier global consulting and actuarial firm, for the second year in a row has been named ‘Business Partner of the Year’ by the 2016 MEA Risk & Insurance Excellence Awards. One of only three finalists in its category, the award recognizes Milliman’s work in the Middle East and throughout Africa as a model of excellence, going above and beyond that of a traditional business partnership.

• Milliman analyses embedded value reporting in the European insurance market

  18 October 2016

  Milliman, Inc., a premier global consulting and actuarial firm, today announced the availability of new research detailing embedded value (EV) results for 23 major insurance companies in Europe. The report examines trends among companies reporting EVs as of year-end 2015. The report compares practises followed by major insurance companies and discusses EV reporting issues given the move toward Solvency II in Europe and the global adoption of International Financial Reporting Standards.

• Asian Insurers’ Embedded Values Grow by 14% in 2015

  18 October 2016

  Milliman, Inc., a premier global consulting and actuarial firm, today announced the findings of its study detailing year-end 2015 embedded value (EV) results for 34 major insurance companies operating in Asia, excluding Japan. The report highlights trends among companies reporting EVs and, among other findings, reveals a growth in EV of 14% by Asian insurance companies.

• Milliman analysis: Corporate pension funded status improved by $19 billion in September

  12 October 2016

  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 a $19 billion improvement in funded status primarily due a $24 billion decrease in pension liabilities. The funded status for these pensions inched upward from 75.6% to 76.3%.

• Fifth annual Milliman Public Pension Funding Study finds funded status for 100 largest public pension plans drops below 70%

  06 October 2016

  Milliman, Inc., a premier global consulting and actuarial firm, today released its fifth 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. A year with returns of just 1.31% and increasing liabilities pushed the funded status for these 100 plans below 70%.

• Favorable signs emerging from new individual disability income (IDI) sales, according to Milliman report

  05 October 2016

  Milliman, Inc., a premier global actuarial and consulting firm, today released the results of its latest Individual Disability Income (IDI) Market Survey report. The report, in its ninth edition, measures sales trends across 15 IDI companies, representing 90-95% 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.

• NORCAL Mutual chooses Milliman Datalytics-Defense to help improve claims handling with data driven decision support

  13 September 2016

  Milliman, Inc., the premier global consulting and actuarial firm, today announced that NORCAL Mutual has chosen Milliman Datalytics-Defense® as its platform for managing its defense costs. Datalytics employs powerful data mining algorithms to help insurers evaluate costs associated with defending claims in order to identify opportunities to improve results.

• Milliman analysis: August resembles July as record-low interest rates continue to drive the pension funding deficit

  08 September 2016

  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, these pension plans experienced a $4 billion decrease in funded status due an increase in pension liabilities and flat asset returns. The funded status for these pensions inched downward from 75.8% to 75.7%.

• Milliman Retail Cost of Risk: Retailers to spend $23 billion in 2016 on costs associated with injuries, cyber, and other insured risks

  06 September 2016

  Milliman, Inc., a premier global consulting and actuarial firm, today released the 2016 Retail Cost of Risk, which measures the cost of property and casualty risks faced by retailers. In 2016, the average cost of risk for U.S. retailers is projected to amount to $5.93 per $1,000 of sales. Around 60% of the costs is attributable to the injuries of employees and customers; workers’ compensation costs represent around 40% of the overall risk and the cost of customer injuries represent around 20% of the total.

• Milliman adds third key Taft-Hartley hire in two months, points to growth in defined contribution market

  06 September 2016

  Milliman, Inc., a premier global consulting and actuarial firm, today announced that it’s further expanding its Taft-Hartley roster, with an eye toward innovation in the defined contribution market. Mark Sheytanian has been named a senior consultant for Milliman, and joins recent hires Tom Carrabine and John Donohue to focus on developing innovative strategies for Milliman’s expanding Taft-Hartley business.

• Don Biron to join Milliman’s health and group benefit business

  31 August 2016

  Milliman, a premier global consulting and actuarial firm, today announced that it has hired Don Biron as a senior health and group benefit consultant. Don will add to Milliman’s impressive roster of health and group benefit consultants, with a focus on private health exchange strategies.

• Don Biron to join Milliman’s health and group benefit business

  31 August 2016

  Milliman, a premier global consulting and actuarial firm, today announced that it has hired Don Biron as a senior health and group benefit consultant. Don will add to Milliman’s impressive roster of health and group benefit consultants, with a focus on private health exchange strategies.

• Don Biron to join Milliman’s health and group benefit business

  31 August 2016

  Milliman, a premier global consulting and actuarial firm, today announced that it has hired Don Biron as a senior health and group benefit consultant. Don will add to Milliman’s impressive roster of health and group benefit consultants, with a focus on private health exchange strategies.

• Economic risk management cited as key driver of derivatives use in life insurance industry, according to Milliman report

  16 August 2016

  Milliman, Inc., a premier global consulting and actuarial firm, today released the results of its global Derivatives Survey, which analyzes trends in risk management practices and derivatives usage throughout the global life insurance industry. According to the report, economic profit and loss (P&L) volatility management was the top reason cited by respondents for using derivatives, followed by accounting P&L volatility management.

• Milliman analysis: Record-low interest rates drive another increase in the pension funding deficit

  08 August 2016

  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, these pension plans experienced a $5 billion decrease in funded status due to a $29 billion increase in in pension liabilities that eclipsed a strong month for asset returns. The funded status for these pensions was essentially flat, shifting from 75.6% to 75.7%.

• Milliman adds Jacobs Management Corporation as retirement services client

  08 August 2016

  Milliman, Inc., a premier global consulting and actuarial firm, today announced it has added Jacobs Management Corporation as a defined contribution client. Jacobs Management Corporation is a privately held corporation which includes FLW, LLC, a premier tournament fishing organization; The J.R. Watkins Company, America’s original apothecary manufacturer; Larson Boats, best known for their experience in quality boat manufacturing; Marquis Yachts, a builder of luxury and sport yachts; and Jacobs Trading Company, a recognized leader in the closeout trading industry.

• Milliman releases Arius 2.8, with new documentation tools and the ability to build more complex analysis projects

  19 July 2016

  Milliman, Inc., a premier global consulting and actuarial firm, announced today that it has released version 2.8 of Arius®, its state-of-the-art loss-reserving system for property and casualty insurers. This is the tenth major release of new functionality since Arius’ introduction three years ago, and an eleventh release of new features is planned for fall 2016.

• Milliman MedInsight chosen by two state-based organizations and a leading community coalition to identify unnecessary costs in healthcare delivery

  19 July 2016

  Milliman, Inc., one of the premier global consulting and actuarial firms, announced today that its healthcare tool, the MedInsight® Health Waste Calculator, has been chosen by two state All Payer Claims Databases (APCDs) and a leading Regional Health Improvement Collaborative to aid in their identification of unnecessary costs and procedures in healthcare delivery.

• Milliman hires key Taft-Hartley consultants in response to growing defined contribution business

  18 July 2016

  Milliman, Inc., a premier global consulting and actuarial firm, today announced that it has hired two key Taft-Hartley consultants to its Employee Benefits practice, responding to increasing demand for Milliman’s leading defined contribution solutions. John Donohue and Tom Carrabine will focus on bolstering the firm’s expanding Taft-Hartley business across the United States, and their appointment further enhances Milliman’s capabilities as a leader in the defined contribution market.

• Milliman survey reveals reactions to UL/IUL regulatory changes

  12 July 2016

  Milliman, Inc., a premier global consulting and actuarial firm, today released new results from participants in its annual comprehensive study of universal life (UL) and indexed universal life (IUL) issues, namely, the reaction of issuers of universal life products to recent and upcoming regulatory changes. Principle-based reserves (PBR) will be effective January 1, 2017, and nine survey participants reported they anticipate implementing PBR immediately.

• Milliman launches enhanced defined contribution participant website

  12 July 2016

  Milliman, Inc., a premier global employee benefits consulting and actuarial firm, today announced the launch of its latest in a series of website enhancements for its defined contribution clients and their plan participants.

• Milliman analysis: Funded status plummets in June, Brexit a possible culprit

  07 July 2016

  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, these pension plans experienced a $46 billion decrease in funded status primarily due to a $54 billion increase in pension liabilities. Investment gains partially helped to offset the funded status decline.

• Industry leader Dennis Sain tapped to join Milliman’s Employee Benefits practice

  27 June 2016

  Milliman, Inc., a premier global consulting and actuarial firm, today announced that Dennis Sain has joined the company’s Employee Benefits practice as head of defined contribution sales and marketing for the northern United States. In this newly created role, Dennis will oversee corporate strategy, sales, and marketing initiatives as the firm expands its defined contribution services across the northern portion of the country.

• Milliman releases analysis of Medicaid managed care administrative costs

  21 June 2016

  Milliman, Inc., a premier global consulting and actuarial firm, today announced the second iteration of its research into the administrative expenses associated with Medicaid managed care plans. This research complements the analysis of Medicaid managed care financial results report that was released on June 6, 2016.

• Milliman analysis: Investment gains and favorable interest rate movement power improvement in pension funded status

  13 June 2016

  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, these pension plans experienced a $10 billion increase in funded status due to increases in pension asset values and decreases in in pension liabilities.

• Milliman releases annual analysis of Medicaid managed care financial results

  06 June 2016

  Milliman, Inc., a premier global consulting and actuarial firm, today announced the availability of its annual research into the financial results 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.

• Francois Cheynet chosen to lead Milliman’s new employee benefits team in Paris

  01 June 2016

  Milliman, Inc., a premier global consulting and actuarial firm, today announced that Francois Cheynet will lead its new employee benefits team in France. Francois has over 20 years’ experience advising multinational and French companies on pension and benefit issues, with extensive experience consulting for large and complex client organizations.

• Milliman Medical Index: Healthcare costs for a typical American family will exceed $25,000

  24 May 2016

  Milliman, Inc., a premier global consulting and actuarial firm, today released the 2016 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 2016, costs for this family will increase by 4.7%—the lowest rate of increase in the history of this study—though the total dollar increase of $1,155 marks the 11th consecutive year that the total dollar increase has exceeded $1,100.

• Milliman analysis: Corporate pension funded status drops by $25 billion in April

  09 May 2016

  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 April, these pension plans experienced a $25 billion decrease in funded status due to a $4 billion increase in asset values and a $29 billion increase in pension liabilities. The funded status for these pensions decreased from 78.1% to 77.1%.

• Milliman analysis: Multiemployer pensions lost $26 billion in funded status during the second half of 2015

  19 April 2016

  Milliman, Inc., a premier global consulting and actuarial firm, today released the results of its Spring 2016 Multiemployer Pension Funding Study, which analyzes the funded status of all multiemployer pension plans. In the second half of 2015, these pension plans experienced a funding percentage decrease of 4%, declining from 79% at the end of June to 75% at the close of 2015.

• Milliman analysis: Multiemployer pensions lost $26 billion in funded status during the second half of 2015

  19 April 2016

  Milliman, Inc., a premier global consulting and actuarial firm, today released the results of its Spring 2016 Multiemployer Pension Funding Study, which analyzes the funded status of all multiemployer pension plans. In the second half of 2015, these pension plans experienced a funding percentage decrease of 4%, declining from 79% at the end of June to 75% at the close of 2015.

• Milliman analysis: Funded status drops in March by $20 billion

  15 April 2016

  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, these pension plans experienced a $20 billion decrease in funded status due to a $30 billion increase in asset values and a $50 billion increase in pension liabilities. The funded status for these pensions decreased from 78.4% to 77.9%.

• Milliman analysis: The 100 largest U.S. corporate pension plans’ funded status improved by only 0.1% in 2015

  14 April 2016

  Milliman, Inc., a premier global consulting and actuarial firm, today released the results of its 2016 Pension Funding Study, which analyzes the 100 largest U.S. corporate pension plans. In 2015, these pension plans experienced a funding percentage increase of 0.1%, improving the aggregate funded ratio from 81.7% to 81.8% based on a $75.8 billion decrease in the market value of plan assets and a $94.5 billion decrease in the projected benefit obligation (PBO). This resulted in an $18.7 billion increase in funded status. The miniscule improvement belies the fierce dynamics facing these pensions last year.

• Milliman releases new analytics, dashboard and reporting capabilities in Integrate

  31 March 2016

  Milliman, a premier global consulting and actuarial firm, today announced the release of Integrate™ with Microsoft Power BI Embedded, a suite of business analytics tools to analyze data and share insights.

• Milliman’s HR Communication Practice wins 2016 Graphis, 2015 Marcom and 2015 HOW In-House Design Awards

  22 March 2016

  Milliman, a premier global consulting and actuarial firm, today announced that it was recently honored with four international communication awards.

• Milliman launches innovative Retirement Enhancement Trust in Australia

  09 March 2016

  Milliman, a global actuarial consulting firm and leading provider of financial risk management services for retirement products, is pleased to announce a new offering for the Australian retirement market. Milliman’s Retirement Enhancement Trust™ is a novel retirement solution that has many advantages over other products currently available to retirees.

• Milliman analysis: Funded status deficit increases by $35 billion in February

  08 March 2016

  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 February, these pension plans experienced a $35 billion decrease in funded status due to a $5 billion decrease in asset values and a $30 billion increase in pension liabilities. The funded status for these pensions decreased from 80.8% to 79.1%.

• Milliman MedInsight Receives 2016 NCQA Certification for 23 HEDIS Measures

  07 March 2016

  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®) 2016 Measures. Since its introduction in 1993, HEDIS has evolved to become the gold standard in managed care performance measurement.

• Farzana Ismail leads Milliman’s new life consulting team in Malaysia

  02 March 2016

  Milliman, Inc., a premier global consulting and actuarial firm, today announced that Farzana Ismail will lead its new life insurance consulting team in Malaysia. The Kuala Lumpur office will offer life insurance, employee benefits, non-life, and health insurance consulting services. Farzana has spent her entire career working as a consultant covering life insurance and family takaful, initially in Milliman’s London office and more recently in Kuala Lumpur. Milliman now employs more than 200 professionals across 12 offices in Asia.

• Milliman analysis: 2016 begins with dismal market performance, lowering pension funded status from 82.7% to 80.9%

  08 February 2016

  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 January, these pension plans experienced a $31 billion decrease in funded status largely due to a $25 billion decrease in asset values. The funded status for these pensions decreased from 82.7% to 80.9%.

• Bankers Insurance Group becomes latest property and casualty insurer to adopt Milliman competitive intelligence tool

  26 January 2016

  Milliman, Inc., a premier global consulting and actuarial firm, today announced that Bankers Insurance Group has adopted Pixel™, a competitive intelligence tool for property and casualty insurance companies. Since launching in May, Pixel has provided a unique advantage for companies participating in the highly-competitive and evolving Florida insurance market, and Pixel will soon be available in other states.

• Milliman promotes Halim Gunawan to country manager for Indonesia

  21 January 2016

  Milliman, a premier global consulting and actuarial firm, today announced that Halim Gunawan, a consulting actuary in the Jakarta office, has been promoted to country manager for Indonesia. His new responsibilities include local management of all of Milliman’s core consulting lines: employee benefits, life insurance, non-life insurance, and healthcare.

• Milliman opens new office in Malaysia

  21 January 2016

  Milliman, Inc., a premier global consulting and actuarial firm, today announced that it will open an office in Kuala Lumpur on March 1, 2016. The Kuala Lumpur office will offer employee benefits, life, non-life, and health insurance consulting services. Milliman has two other offices in South East Asia—in Jakarta and in Singapore—and now 12 in total in the Asia-Pacific region.

• Milliman opens new office in Malaysia

  21 January 2016

  Milliman, Inc., a premier global consulting and actuarial firm, today announced that it will open an office in Kuala Lumpur on March 1, 2016. The Kuala Lumpur office will offer employee benefits, life, non-life, and health insurance consulting services. Milliman has two other offices in South East Asia—in Jakarta and in Singapore—and now 12 in total in the Asia-Pacific region.

• Milliman opens new office in Malaysia

  21 January 2016

  Milliman, Inc., a premier global consulting and actuarial firm, today announced that it will open an office in Kuala Lumpur on March 1, 2016. The Kuala Lumpur office will offer employee benefits, life, non-life, and health insurance consulting services. Milliman has two other offices in South East Asia—in Jakarta and in Singapore—and now 12 in total in the Asia-Pacific region.

• Milliman named Service Provider of the Year by Middle East Insurance Review

  18 January 2016

  Milliman, Inc., a premier global consulting and actuarial firm, was named the Service Provider of the Year at the Middle East Insurance Review’s Middle East Industry Awards 2015, which were held in November. This is the second consecutive year that Milliman has won this award.

• Milliman completes comprehensive final expense industry experience study

  11 January 2016

  Seattle—Milliman, Inc., a premier global consulting and actuarial firm, today announced the availability of a new final expense insurance experience study. This is the second Milliman Final Expense Study (MFES 2), a comprehensive mortality, lapse, and cause of death study on the final expense industry.