Different mortality projection methodologies are utilized by actuaries across applications and practice areas. As a result, the SOA’s Longevity Advisory Group (“Advisory Group”) developed a single framework to serve as a consistent base for practitioners in projecting mortality improvement. The Mortality Improvement Model, MIM-2021-v2, Tools and User Guides, compose the consistent approach and are defined below.
- A report describing MIM-2021-v2 which summarizes the evolution of MIM-2021-v2; provides an overview of MIM-2021-v2; presents considerations for applying mortality assumptions in the model; and outlines issues the Advisory Group is currently considering for future model enhancements.
- A status report of the items listed in Section V of Developing a Consistent Framework for Mortality Improvement. This report advises practitioners about subsequent research and analysis conducted by the Advisory Group regarding these items.
- An Excel-based tool, MIM-2021-v2 Application Tool, and user guide, MIM-2021-v2 Application Tool User Guide, for practitioners to construct sets of mortality improvement rates under this framework for specific applications.
- An Excel-based tool, MIM-2021-v2 Data Analysis Tool, and user guide, MIM-2021-v2 Data Analysis Tool User Guide, for practitioners to analyze the historical data sets included in the MIM-2021-v2 Application Tool.
The Longevity Advisory Group is planning to update the framework annually as new data and enhancements become available. MIM-2021-v2 is the first revision since the initial release in April 2021. This version uses the same underpinning as the initial MIM-2021 release but has been refreshed to include another year of historical U.S. population mortality data as well as more user flexibility and functionality to replicate RPEC’s MP-2021 and O2-2021 scales.
Author(s): Longevity Advisory Group
Publication Date: June 2022, most recent update
Publication Site: Society of Actuaries