Publications
Read their latest work
Article
Milliman Hedge Cost Index July 2026
14 August 2026 - by Daren Lockwood, Ken Qian
Milliman reports 12 basis points decrease in Hedge Cost Index for VA and 11 basis points decrease in RILA guarantees in July.
Article
Milliman Hedge Cost Index June 2026
02 July 2026 - by Daren Lockwood, Ken Qian
Milliman reports 5-basis-point increase in Hedge Cost Index for VA and 3 basis points increase in RILA guarantees in June
Article
Milliman Hedge Cost Index May 2026
02 June 2026 - by Daren Lockwood, Ken Qian
Milliman reports 1 basis point decrease in Hedge Cost Index for both VA and RILA guarantees in May.
Article
Enhancing SAA outcomes with derivatives: Insights from a RILA case study
21 May 2026 - by Alfred Au, Vincent Embser, Ken Qian
We examine three different portfolios within a block of registered index-linked annuities to show how derivatives can enhance outcomes with strategic asset allocation.
Article
Milliman Hedge Cost Index April 2026
05 May 2026 - by Daren Lockwood, Ken Qian
Milliman reports 4-basis-point decrease in Hedge Cost Index for VA and 5-basis-point decrease in RILA guarantees in April
Article
Milliman Hedge Cost Index March 2026
02 April 2026 - by Daren Lockwood, Ken Qian
Milliman reports 5 basis points decrease in Hedge Cost Index for VA and 3 basis points decrease in RILA guarantees in March.
Article
Milliman Hedge Cost Index February 2026
26 March 2026 - by Daren Lockwood, Ken Qian
Milliman reports 9 basis points increase in Hedge Cost Index for VA and 8 basis points increase in RILA guarantees in February.
Article
Complex assets in insurance and annuity industries
16 February 2026 - by Lucy Ouyang, James Stoltzfus, Valea L. Coyne, Ken Qian, Florin Ginghina, Fiona Ng, Tushar Mittal, George Zumanu, Emmanuel Boamah, Jie-Hee Park, Daniel Maka
Structured credit is no longer a niche allocation for life insurers — it’s becoming core to SAA strategy.
Article
Milliman Hedge Cost Index January 2026
05 February 2026 - by Daren Lockwood, Ken Qian
Milliman reports 1 basis points decrease in Hedge Cost Index for VA and RILA guarantees in January.
Article
Milliman Hedge Cost Index December 2025
12 January 2026 - by Daren Lockwood, Ken Qian
Milliman reports 8 basis points decrease in Hedge Cost Index for VA and RILA guarantees in December.