Annuities

The annuity valuation line at a glance

Annuity reserves grew up on CARVM — the Commissioners Annuity Reserve Valuation Method, the greatest-present-value-of-benefit-streams calculation added to the Standard Valuation Law in 1976 — interpreted by AG 33 and stressed for variable guarantees by AG 43. The Valuation Manual split the line in two: VM-21 rebuilt variable annuity reserves (2020 framework), and VM-22 brings principle-based reserves to fixed annuities for issues on and after Jan. 1, 2026.

This line is an overview today: the full product pages (MYGA, fixed indexed, variable, income annuities) are the planned next phase, built to the same drill-down standard as the life pages.

The regime map

CARVM under the SVL
1976 amendments onward
Greatest present value across all guaranteed benefit streams, at annuity valuation rates; AG 33 makes the method's mechanics explicit for deferred annuities with multiple benefits.
AG 43 / C-3 Phase II era
Variable annuities, 2009–2019
Scenario-based CTE reserves for VA guarantees layered over a standard scenario — the direct ancestor of VM-21.
VM-21
Variable annuities; current framework 2020+
CTE 70 on prescribed scenarios with the additive standard projection amount — the 2020 VA reform.
VM-22
Fixed annuities issued on/after Jan. 1, 2026
Principle-based reserves for the fixed side — modeled reserves with exclusion-testable formulaic floors, disclosure-only standard projection.

Live now

VM-20 · VM-21 · VM-22 comparison

The annuity frameworks compared to life PBR on every assumption — scope, scenarios, discounting, margins, the standard projection.

Valuation reference

CARVM/VM-22 rates, annuity mortality table history (a-1949 → 1971 IAM → 1983a → 2012 IAT), §7702 rates.

SERT scenarios

The prescribed stress paths VM-22 exclusion testing leans on.

Planned product pages

To be built to the same standard as the life pages — regime by issue date, every assumption, regulation text, official sources.

Fixed & MYGA

CARVM mechanics, the VM-22 transition, valuation rate machinery.

Fixed indexed

AG 35 lineage, option-budget treatment, VM-22.

Variable

AG 43 → VM-21: guarantees, CTE, the standard projection amount.

Income annuities

SPIA/DIA valuation, longevity, payout floors.

Drill next

VM comparison

The deepest annuity content on the site today.

Regulation timeline

The full instrument history.

Document library

The Valuation Manual and everything it cites.