Milliman conducted its 14th annual survey in 2020 aimed at addressing issues related to universal life (UL), indexed universal life (IUL), and variable universal life (VUL). (This year’s inclusion of VUL products marks an expansion of the scope of the survey.) The report provides carriers with competitive benchmarking to evaluate where they stand relative to their peers. For this survey, 28 companies submitted responses in late 2020. The survey includes the following sections: sales, profit measures, target surplus, reserves, risk management, investments, underwriting, product design, compensation, pricing, and illustrations.