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Annuities investigation

The CMI investigates the mortality experience of policyholders with annuity contracts with UK life offices.

Brief history

Until November 2013, annuitant mortality was covered by the life office mortality investigation. Since that date, it has been covered by the annuities investigation which seeks data on all types of annuities issued by life insurance companies.

Data

The CMI currently adopts a flexible approach to the data it collects – the data requirements for “standard” (i.e. non-underwritten) annuities are described in Data submissions to the CMI Annuities investigation (March 2019). As the annuities market is evolving, as a result of legislative changes, the Committee expects to regularly review these data requirements.

Methodology and Results

Contributing offices receive results in respect of the business for which they have submitted data. Aggregate ‘All offices’ results are also produced.

The latest all-offices results that have been issued are:

These results are each available in spreadsheets alongside the relevant paper. Each working paper contains commentary on the data, the methodology used in the results and commentary on the results.

Additionally, indicative analysis of pension annuities in payment to 30 June 2020 for a subset of offices is described in Working Paper 140.

Mortality tables

The “16” Series pension annuities in payment mortality tables were published alongside CMI Working Paper 134. The “08” Series annuitant mortality tables were published alongside CMI Working paper 81. 

Earlier tables are available under the life office mortality investigation.

Contact Details

If you have any questions about the CMI please email

info@cmilimited.co.uk

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E.g., 04/03/2021
End date
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Events calendar

  • Finance in the Public Interest Series

    16 March 2021 - 23 March 2021

    Spaces available

    There is widening debate that many of our social, financial and regulatory institutions need to be rethought so that we can create more sustainable futures, particularly in light of the Covid-19 pandemic, the policy/macro-economic response to the pandemic and how it affects consumers, as well as the impending climate crisis. This multi-day series of three keynote webinars, individually presented by leading economist John Kay, Sir Paul Collier, Professor of Economics and Public Policy at the Blavatnik School of Government, Ashok Gupta, Chair at Mercer Ltd, and Nico Aspinall, Chief Investment Officer at B&CE, will open up discussion on these essential topics. The series will culminate in a panel session with Chief Economist of the Bank of England, Andy Haldane.

  • The price is righter

    16 March 2021

    Spaces available

    This webinar provides an overview of the state of the UK protection market, and how different insurers are using different levels of sophistication to price (such as using customer demand models). It considers how insurers have implemented these sophisticated pricing techniques, and the practical challenges they have faced.

  • Spaces available

    This discussion will revolve around the latest industry developments including and introduction to Part VII transfers and Schemes of Arrangement (process, parties involved and recent events), insights and lessons from recent with-profits transactions and restructurings (including Equitable Life and Pru-Rothesay), how firms can apply these learnings to future arrangements, and the outlook for future with-profits transactions and restructurings (including the impacts of Covid-19 and Brexit)

     

  • Spaces available

    What is stewardship and how has the landscape changed under the 2020 UK Stewardship Code? How does effective stewardship create long term value for beneficiaries and what roles do asset owners and asset managers play in active stewardship. This webinar will offer answers to these questions in a practical approach to stewardship reporting.

  • Spaces available

    Mis-estimation risk is a key element of demographic risk, and past work has focused on mis-estimation risk on a run-off basis.  However, this does not meet the requirements of regulatory regimes like Solvency II, which demands that capital requirements are set through the prism of a finite horizon like one year.  This paper presents a value-at-risk approach to mis-estimation risk suitable for Solvency II work.