2012 milliman index
TRANSCRIPT
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7/31/2019 2012 Milliman Index
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1MPPMQER6IWIEVGL6ITSVX
&IGEYWISJXLI[E]IQTPS]IVWTSRWSVIHLIEPXLMRWYVERGIMWTEMHJSV
QER]JEQMPMIWQE]RSXVIEPM^IXLIGSWXSJXLIMVLIEPXLGEVIJSVEWMRKPI]IEV
MWVSYKLP]IUYMZEPIRXXSXLIGSWXSJEFEWMGQMHWM^IWIHER
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)\IGYXMZIWYQQEV]
'SQTSRIRXWSJGSWX
+ISKVETLMGGSWXHMJJIVIRGIW
)QTPS]IIWvWLEVI
SJLIEPXLGEVIGSWXW
,IEPXLVIJSVQERH
LIEPXLGEVIGSWXW
8IGLRMGEPETTIRHM\
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1MPPMQER
6IWIEVGL6ITSVX
1MPPMQER1IHMGEP-RHI\
1E]
)
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4/14
1MPPMQER
6IWIEVGL6ITSVX
1MPPMQER1IHMGEP-RHI\
1E]
7TIGMJMGJMRHMRKW
&IX[IIRERHXLI11-MRGVIEWIHNYWXWYVTEWWMRKXLIVIGSVHMRGVIEWIWIXFIX[IIRERH
&YXXLIVIMWEWMPZIVPMRMRK8LIMRGVIEWIMRXLI11-GSWXQSHIVEXIHXSQEVOMRKXLIWIGSRH
]IEVMREVS[XLITIVGIRXEKIMRGVIEWILEWVIEGLIHERI[PS[WMRGIXLIMRGITXMSRSJXLI11-
8LMW]IEVXLIMRGVIEWIMRXLIIQTPS]IVvWTSVXMSRSJGSWXW[EWWPMKLXP]PIWWXLERXLISZIVEPPXVIRH
SJ8LIKVS[XLMRXLIIQTPS]IIvWWLEVISJGSWXW[EWWPMKLXP]QSVIXLERXLISZIVEPPXVIRHSJ
8LMWPEXXIVRYQFIVMRGPYHIWERGSWXMRGVIEWIMRTE]VSPPHIHYGXMSRWERHEMRGVIEWIMR
SYXSJTSGOIXGSWXW
3JXLIGMXMIWTVSJMPIHF]XLI11-XLIQSWXI\TIRWMZI[EW1MEQMEXERHXLIPIEWXI\TIRWMZI[EW4LSIRM\EX4LSIRM\MWSRISJXLVIISJXLIGMXMIWWXYHMIHF]XLI11-[LSWIGSWXJSVSYVJEQMP]SJJSYVVIQEMRWFIPS[
'31432)2873*'378
8LIXSXEPGSWXSJGEVIVITVIWIRXIHF]XLI11-VIJPIGXWYXMPM^EXMSRSJGEVIXLIEQSYRXGLEVKIH
JSVIEGLWIVZMGIERHXLIQM\SJWIVZMGIWXLEXEVIYWIH;II\EQMRIXLIXVIRHWMRIEGLSJXLIWI
GSQTSRIRXWJSVIEGLX]TISJQIHMGEPGEVITVSZMHIHXSSYVJEQMP]SJJSYVERHXLIRWYQQEVM^IXLSWI
XVIRHWF]JMZIQENSVGEXIKSVMIW
-RTEXMIRXJEGMPMX]GEVI
3YXTEXMIRXJEGMPMX]GEVI
4VSJIWWMSREPWIVZMGIW
4LEVQEG]
3XLIV
8LIVIEVIWIZIVEPOI]XEOIE[E]WJVSQXLMW]IEVvW
EREP]WMWSJLIEPXLGEVIWIVZMGIEVIEW
%XPIWWXLERSYXTEXMIRXGSWXMRGVIEWIW
EVIWMRKPIHMKMXJSVXLIJMVWXXMQIMRJSYV]IEVW
3YXTEXMIRXGSWXWWXMPPI\LMFMXXLILMKLIWXVEXISJMRGVIEWISJEPPQENSVGEXIKSVMIWSJGEVI
,SWTMXEPMRTEXMIRXGEVIXVIRHWEPWSI\GIIHXLI
SZIVEPPXVIRHVEXIRS[EGGSYRXMRKJSVRIEVP]EW
QYGLMRXSXEPHSPPEVWEWTL]WMGMERGEVI9XMPM^EXMSR
VIQEMRIHETTVS\MQEXIP]YRGLERKIHFYXXLI
EZIVEKIGLEVKITIVHE]MRGVIEWIH
4LEVQEG]vWVEXISJKVS[XLMWPS[IVXLERMR
HYIXSSRKSMRKMRGVIEWIWMRXLIEZEMPEFMPMX]SJ
KIRIVMGW7TIGMEPX]HVYKW[MPPLEZIERMRGVIEWMRKMQTEGXSRXVIRHWMRXLIJYXYVIFYXEVIGYVVIRXP]WXMPP
EQMRSVTSVXMSRSJGSWXW
4L]WMGMERGSWXMRGVIEWIWEVIYTFYXWXMPPPIWWXLER
SZIVEPP11-XVIRHW
8LIGSWX
MRGVIEWIMRMW
XLIPS[IWXMRXLI
LMWXSV]SJXLI11-
]IXXLIXSXEPHSPPEV
MRGVIEWISJ
MWXLILMKLIWX
*-+96)
11-%229%06%8)3*-2'6)%7)-2'3787&='31432)283*1)(-'%0'%6)
838%0 -RTEXMIRX 3YXTEXMIRX 4L]WMGMER 4LEVQEG]
'31432)283*1)(-'%0'%6)
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1MPPMQER
6IWIEVGL6ITSVX
1MPPMQER1IHMGEP-RHI\
1E]
4LEVQEG]GSWXWJSVSYVJEQMP]SJJSYVMR
I\GIIHJSVXLIJMVWXXMQIERHXLI
GSWXWSJMRTEXMIRXERHSYXTEXMIRXJEGMPMX]GEVI
GSQFMRIHI\GIIH
3RETIVGIRXEKIFEWMWGSWXMRGVIEWIWEVIHS[RMR
IZIV]WIVZMGIGEXIKSV]SXLIVXLERTL]WMGMERGSWXW
3REHSPPEVFEWMWXLIMRGVIEWIMWWXMPPRSXMGIEFPIJSV
XLI11-JEQMP]SJJSYV
'SWXWEVIKSMRKYTEGVSWWEPPWIVZMGIGEXIKSVMIWERHMRIEGLGEXIKSV]XLIXSXEPMWIRSYKLXS
GSRWXMXYXIEWMKRMJMGERXLSYWILSPHI\TIRWI
*SVER]KMZIRJEQMP]XLIWIGSWXWQE]ZEV][MXL
QER]JEQMPMIWEGGYQYPEXMRKPIWWXLERMRQIHMGEPGSWXWXLMW]IEVERHSXLIVWWIIMRK
I\TIRWIWMRI\GIWWSJ8LMWOMRHSJZEVMERGIMWXSFII\TIGXIH-RWYVERGILIPTW
QEOILIEPXLGEVIEQSVITVIHMGXEFPII\TIRWIJSV
XLIWIJEQMPMIWF]WTVIEHMRKXLIVMWOERHI\TIRWI
EGVSWWXLIMRWYVERGITSSPERHSZIVETVSPSRKIH
TIVMSHSJXMQI
;LMPIQER]SJXLIWII\TIRWIWVIQEMRSFWGYVIH
XSXLIGSRWYQIVERH[LMPIXLIVIMWQYGLZEVMEXMSRJVSQ]IEVXS]IEVSREZIVEKIXLIWIGSWXWUYMIXP]
GSRWXMXYXIEQSRKXLILMKLIWXLSYWILSPHI\TIRWIW
JSVQER]JEQMPMIW*SVI\EQTPITLEVQEG]GSWXWJSV
SYVJEQMP]SJJSYVMRI\GIIHJSVXLIJMVWXXMQIERHXLIGSWXWSJMRTEXMIRXERHSYXTEXMIRX
JEGMPMX]GEVIGSQFMRIHI\GIIH)ZIR[LIRHMZMHIHYTXLITMIGIWSJETMIEVITVIXX]FMK *-+96)
11-'31432)2873*74)2(-2+
-24%8-)28
3984%8-)284,=7-'-%2
4,%61%'=
38,)6
*-+96)
11-%229%074)2(-2++63;8,&='31432)283*'%6)
-RTEXMIRX 3YXTEXMIRX 4L]WMGMER 4LEVQEG] 3XLIV
'31432)283*1)(-'%0'%6)
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1MPPMQER
6IWIEVGL6ITSVX
1MPPMQER1IHMGEP-RHI\
1E]
+)3+6%4,-''378(-**)6)2')7
;LMPIXLIYRHIVP]MRKHVMZIVWSJLIEPXLGEVIGSWXWEVIYPXMQEXIP]XLIWEQI{XLIGSWXSJWIVZMGIW
TVSZMHIHERHXLIZSPYQISJWIVZMGIWYXMPM^IH{XLI]ZEV]JVSQSRIPSGEXMSRXSERSXLIV)ZIV]]IEV
XLI11-I\EQMRIWGSWXWMRHMJJIVIRXGMXMIWEGVSWWXLI9RMXIH7XEXIWEWE[E]SJMPPYWXVEXMRKXLI
VIKMSREPREXYVISJLIEPXLGEVIGSWXW
8LMW]IEVEPPFYXXLVIISJXLIGMXMIWWXYHMIHI\GIIHIHMRXLIGSWXSJGEVIJSVXLIX]TMGEPJEQMP]SJJSYV%WLEWFIIRXLIGEWIJSVWIZIVEP]IEVW1MEQM[EWXLIQSWXI\TIRWMZIGMX]WXYHMIHERH4LSIRM\[EWXLIPIEWXI\TIRWMZI-RXLIHMJJIVIRGIMRGSWXFIX[IIRXLIX[SGMXMIWMWRIEVP]EXLMVHSJXLIREXMSREPEZIVEKI11-
8LIVIEVIERYQFIVSJVIEWSRW[L]GSWXWJSVER]WTIGMJMGJEQMP]MRSRISJXLIWIGMXMIW[MPPZEV]
JVSQXLIREXMSREPEZIVEKI*SVGSQTEVMWSRTYVTSWIWXLI11-IUYEPM^IWJSVHMJJIVIRGIWWYGLEW
TPERHIWMKRERHHIQSKVETLMGW;LEXvWPIJXMRXLIMPPYWXVEXIHHMJJIVIRXMEPWF]GMX]MWEVIJPIGXMSRSJ
HMJJIVIRGIWMRLS[GEVIMWHIPMZIVIHEW[IPPEWXLIEQSYRXXLEXTVSZMHIVWERHTE]SVWRIKSXMEXIEW
TE]QIRXJSVWIVZMGIW
*-+96)
4)6')28%+)3*2%8-32%0%:)6%+)
2EXMSREP
'MX] 11- 4IVGIRXEKI
1MEQM
2I[=SVO'MX]
'LMGEKS
&SWXSR
4LMPEHIPTLME
1IQTLMW
1MRRIETSPMW
;EWLMRKXSR('
0SW%RKIPIW
2EXMSR[MHI
(IRZIV
(EPPEW
7IEXXPI
%XPERXE
4LSIRM\
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1MPPMQER
6IWIEVGL6ITSVX
1MPPMQER1IHMGEP-RHI\
1E]
)1403=))7v7,%6)3*,)%08,'%6)'3787
-RSVHIVXSYRHIVWXERHXLIHVMZIVWFILMRHXLIIQTPS]IVERHIQTPS]IITSVXMSRWMXMWRIGIWWEV]XSGPIEVP]
HIJMRIIEGLWSYVGISJTE]QIRXJSVQIHMGEPGEVI*SVXLI11-[IYWIXLVIIQEMRGEXIKSVMIW
)QTPS]IVWYFWMH])QTPS]IVWWYFWMHM^IETSVXMSRSJXLIQSRXLP]TVIQMYQGSWXWJSVXLIMVIQTPS]IIWvGSZIVEKI
)QTPS]IIGSRXVMFYXMSRW)QTPS]IIW[LSGLSSWIXSTEVXMGMTEXIMRXLITPERTE]XLIVIQEMRHIVSJXLI
QSRXLP]TVIQMYQGSWXWYWYEPP]XLVSYKLTE]VSPPHIHYGXMSRW
)QTPS]IISYXSJTSGOIXGSWXEXXMQISJWIVZMGI)QTPS]IIW[LS
VIGIMZIGEVIQE]LEZIGSTE]WHIHYGXMFPIWERHSXLIVHIWMKR
IPIQIRXWXLEXEVITEMHSYXSJTSGOIXEXXLIXMQISJWIVZMGI
-RXSXEPIQTPS]IVWGSRXMRYIXSWLSYPHIVXLIPEVKIVWLEVISJXLIWIGSWXW
,S[IZIVMREPPFYXSRI]IEVFIX[IIRERHIQTPS]IIGSWXW
MRGVIEWIHF]EKVIEXIVTIVGIRXEKIXLERIQTPS]IVGSWXW
*MKYVIWLS[WXLIVIPEXMZITVSTSVXMSRWSJIEGLSJXLIWIXLVIIGEXIKSVMIW3JXLIQIHMGEPGSWXJSVEJEQMP]SJJSYVXLIIQTPS]IVTE]WEFSYXMRIQTPS]IVWYFWMH][LMPIXLIIQTPS]IITE]WXLIVIQEMRMRKGSRWMWXMRKSJMRIQTPS]IIGSRXVMFYXMSRWERHMRIQTPS]IISYXSJTSGOIXGSWXW
3YXSJTSGOIXGSWXWEVISJTEVXMGYPEVWMKRMJMGERGIKMZIR44%'%vWJSGYW
SREGXYEVMEPZEPYIEGSRGITXTVIHMGEXIHSRXLITIVGIRXEKISJETPERvW
GSWXWXLEXMWTEMHSYXSJTSGOIXF]XLIMRWYVIH*MKYVIMRHMGEXIWLS[
EW[EWXLIGEWIPEWX]IEVXLI11-vWTPERVIQEMRWWPMKLXP]FIXXIVXLER
EKSPHTPEREWHIJMRIHF]44%'%8LI11-TPERLEWQEMRXEMRIHE
VIPEXMZIP]WXEFPIEGXYEVMEPZEPYISZIVXMQIFIGEYWIIQTPS]IVWX]TMGEPP]
EHNYWXXLIMVTPERHIWMKRWSRERERRYEPFEWMWXSOIITTEGI[MXL
MRGVIEWIWMRXLIYRHIVP]MRKQIHMGEPXVIRH-JRSWYGLEHNYWXQIRXW[IVI
QEHIERHHIHYGXMFPIWERHGSTE]WVIQEMRIHWXEXMGXLITPER[SYPHFIGSQIVMGLIVERH[SYPHIZIRXYEPP]I\GIIHXLI TPEXMRYQXLVIWLSPH
-REHHMXMSRXSEX]TMGEP443TPERQER]IQTPS]IVWEVI
TVSZMHMRKIQTPS]IIWERSTXMSRXLEXMRGPYHIWLMKLIV
SYXSJTSGOIXGSWXWLEVMRKMRI\GLERKIJSVIQTPS]IV
GSRXVMFYXMSRWXSELIEPXLWEZMRKWEGGSYRXERHPS[IV
TE]VSPPHIHYGXMSRW7SQIFIPMIZIXLEXXLIWIOMRHW
SJLMKLHIHYGXMFPIGSRGITXWPIEHXSKVIEXIVGSWX
E[EVIRIWWF]TEXMIRXW%PSRKXLIWIPMRIWWSQITPERW
XLEXQE]FIGSQIEZEMPEFPIXLVSYKLXLIWXEXIMRWYVERGI
I\GLERKIWQE]GSRXEMRPS[IVEGXYEVMEPZEPYIWXLERXLI
X]TISJTPERI\IQTPMJMIHF]XLI11-
6)0%8-:)4634368-3273*1)(-'%0'3787
)1403=)6
'3286-&98-32
)1403=))
'3286-&98-32
)1403=))
3983*43'/)8
*-+96)
*-+96)
1-00-1%21)(-'%0-2()
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1MPPMQER
6IWIEVGL6ITSVX
1MPPMQER1IHMGEP-RHI\
1E]
*MKYVIWERHMPPYWXVEXILS[GSWXWLEVMRKLEWIZSPZIHSZIVXMQI-RIQTPS]IVWEWWYQIHSJXLIXSXEPMRGVIEWI)QTPS]IIWWE[EHSPPEVMRGVIEWISJ8LIIQTPS]IIvWMRGVIEWIMRXLIEQSYRXSJSYXSJTSGOIXGSWXWERHTE]VSPPHIHYGXMSRW[EWPIWWXLERXLITVMSV]IEV[LIRIQTPS]IIW
JEGIHEGSWXMRGVIEWI
-RXLITEWX]IEVXLI11-TPERHMHRSXYRHIVKSWMKRMJMGERXHIWMKRGLERKIW0SRKXIVQIQTPS]IVW
QE]FIPSSOMRKJSVRI[HIWMKRGSRGITXWXLEX
XEGOPIXLISRKSMRKGSWXGSRXVSPGLEPPIRKI(IWMKR
GSRGITXWYRHIVGSRWMHIVEXMSRQE]MRGPYHIE
TSWWMFPIQSZIXS[EVHMRGVIEWIHYWISJHIJMRIH
GSRXVMFYXMSRGSRGITXWERHGSRXMRYIHQSQIRXYQ
XS[EVHLMKLHIHYGXMFPITPERWSVTPERWPIZIVEKMRK
EGGSYRXEFPIGEVISVKERM^EXMSRW%'3W
-RIQTPS]IVWEWWYQIH
SJXLIXSXEPMRGVIEWI)QTPS]IIW
WE[EHSPPEVMRGVIEWISJ
1)(-'%0'378&=7396')3*4%=1)28
)QTPS]IV4EMH'SWX )QTPS]II4E]VSPP(IHYGXMSR'SWX )QTPS]II'SWX7LEVMRK
'SQFMRIH
)QTPS]II'SWX
*-+96)
*-+96)
%229%0-2'6)%7)-274)2(-2+740-8&=)1403=)6%2()1403=))4368-327
)1403=))4%=6300
()(9'8-32
)1403=)64368-32
)1403=))3983*43'/)8
'3787,%6-2+
)1403=)6)1403=))838%01)(-'%0'378
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1MPPMQER
6IWIEVGL6ITSVX
1MPPMQER1IHMGEP-RHI\
1E]
,)%08,6)*361%2(,)%08,'%6)'3787
44%'%MRWXMXYXIW[MHIWTVIEHGLERKIWXSXLILIEPXLGEVIW]WXIQ;MXLXLIGSRWXMXYXMSREPMX]SJXLI
PE[GYVVIRXP]YRHIVWGVYXMR]F]XLI977YTVIQI'SYVXXLIVIEVIWIZIVEPWGIREVMSWJSVXLIJYXYVISJ
%QIVMGERLIEPXLGEVI44%'%QE]FIYTLIPHIRXMVIP]MXQE]FISRP]TEVXMEPP]YTLIPHSVMXQE]FIWXVYGO
HS[RIRXMVIP]
;LMPIIEGLSJXLIWIWGIREVMSWLEWMQTPMGEXMSRWJSVLS[LIEPXLGEVIMWEGGIWWIHERHJMRERGIHXLI]EVIRSX
RIGIWWEVMP]WMKRMJMGERX[LIRMXGSQIWXSEGXYEPLIEPXLGEVIGSWXW,IEPXLGEVIGSWXHVMZIVWMRGPYHIXLIGSWX
SJWIVZMGIWERHXLIZSPYQISJWIVZMGIWYWIH8LIQEMRJSGYWSJ44%'%MWSRI\TERHMRKGSZIVEKIERHSR[LSWLSYPHTE]JSVXLIWIWIVZMGIW44%'%GSRXEMRWPMQMXIHHMVIGXJSGYWSRVIHYGMRKSZIVEPPLIEPXLGEVI
WTIRHMRKJSVEJEQMP]SJJSYVGSZIVIHF]ERIQTPS]IVWTSRWSVIH443
8LIVIEVIMQTPMGEXMSRWJSVGSRWYQIVWIQTPS]IVWTVSZMHIVWERHXLIJIHIVEPKSZIVRQIRX;I[MPPI\EQMRI
XLIMQTPMGEXMSRWJSVIEGLSJXLIWITSMRXWSJZMI[
'32791)67
)QTPS]IIWVIGIMZMRKLIEPXLGEVIGSZIVEKIEWEFIRIJMXSJIQTPS]QIRXQE]LEZIEPVIEH]RSXMGIHGLERKIW
XLEXEVIHYIXS44%'%8LSWIMRGPYHIFIRIJMXIPMKMFMPMX]JSVEHYPXHITIRHIRXWYTXSEKIGSZIVEKISJ
TVIZIRXMZIGEVI[MXLSYXER]SYXSJTSGOIXGSWXWLEVMRKERHIPMQMREXMSRSJQE\MQYQFIRIJMXPMQMXW;LEX[MPPXLI]WIIMRXLIGSQMRK]IEVW#
;MXL44%'%JYPP]MRXEGX
-J44%'%TVSGIIHWJYPP]MRXEGXXLIRXLIGLERKIWJSVIQTPS]IIW[MPPHITIRHSR[LEXWXVEXIK]XLIMV
IQTPS]IVHIGMHIWXSYXMPM^I7SQIIQTPS]IVW[MPPVIXEMRXLIWEQIFEWMGFIRIJMXWXVYGXYVIFYXQE]
MQTPIQIRXPEVKIVXLEREZIVEKIMRGVIEWIWMRSYXSJTSGOIXGSWXWLEVMRKSVTE]VSPPGSRXVMFYXMSRWXS[EVH
TVIQMYQMRSVHIVXSSJJWIXXLIMRGVIEWIHIQTPS]IVSFPMKEXMSRWVIUYMVIHF]44%'%
7SQIIQTPS]IIWQE]HIGMHIXLEXXLI]TVIJIVXLILIEPXLGEVIGSZIVEKITVSZMHIHXLVSYKLXLII\GLERKI
3XLIVIQTPS]IIWQE]FIJSVGIHXSTYVWYIEPXIVREXMZIWMJXLIMVIQTPS]IVWXIVQMREXILIEPXLGEVI
GSZIVEKIERHTSWWMFP]VITPEGIMX[MXLGEWLGSQTIRWEXMSR-RIMXLIVGEWIMJIQTPS]IIWFIGSQI
VIWTSRWMFPIJSVTYVGLEWMRKXLIMVS[RLIEPXLGEVIGSZIVEKIXLIRXLI][SYPHPMOIP]JMRHQSVIGSZIVEKI
STXMSRWXLER[IVITVIZMSYWP]EZEMPEFPIXSXLIQ[LIRXLIMVIQTPS]IVWTVIWIPIGXIHEQIRYSJSTXMSRW
8LI]QMKLXFIWYVTVMWIHLS[IZIVXSWIIXLIXSXEPTVIQMYQGSWXFIGEYWIXLI]LEZITSXIRXMEPP]FIIRMRWYPEXIHJVSQXLIXSXEPGSWXSJGEVI
;MXLRSMRHMZMHYEPQERHEXI
)QTPS]IIW[MXLGSZIVEKIEZEMPEFPIXLVSYKLXLIMVIQTPS]IVWTSRWSVIHLIEPXLTPERWGYVVIRXP]QEOIE
HIGMWMSREFSYX[LIXLIVTEVXMGMTEXMSRMWVMKLXJSVXLIQ;MXLSYXXLIMRHMZMHYEPQERHEXIXLI][SYPH
GSRXMRYIXSQEOIEWMQMPEVHIGMWMSRFEWIHSRXLITPERSTXMSRWSJJIVIHXLIMVTIVWSREPJMRERGMEP
WMXYEXMSRERHTIVGIMZIHTSXIRXMEPRIIHJSVLIEPXLGEVI
2S44%'%
-JEPPTVSZMWMSRWSJ44%'%[IVIWXVYGOHS[RSVVITIEPIHXLIRGSRWYQIVW[SYPHFIMREWMXYEXMSR
WMQMPEVXS[LIVIXLI]EVIRS[*YVXLIVQSVIXLIMVIQTPS]IVWQE]HIGMHIXSVSPPFEGOWSQISJXLI
GLERKIWEPVIEH]MQTPIQIRXIHWYGLEWGSZIVMRKHITIRHIRXWYTXSEKI
-
7/31/2019 2012 Milliman Index
10/14
1MPPMQER
6IWIEVGL6ITSVX
1MPPMQER1IHMGEP-RHI\
1E]
)1403=)67
)QTPS]IVWLEZIFIIRMQTPIQIRXMRKGLERKIWXSGSQTP][MXL44%'%SZIVXLIPEWXX[S]IEVWMRGPYHMRK
I\XIRHMRKIPMKMFMPMX]XSEHYPXHITIRHIRXWYTXSEKIGSZIVMRKTVIZIRXMZIGEVI[MXLRSSYXSJTSGOIX
GSWXWLEVMRKTVSZMHMRKYRPMQMXIHPMJIXMQIFIRIJMXQE\MQYQWERHSXLIVGSZIVEKIVIUYMVIQIRXTVSZMWMSRW
)QTPS]IVWXLEX[ERXIHXSHIPE]WSQISJXLIIEVP]VIUYMVIQIRXWSJ44%'%GSYPHHSWSF]QEMRXEMRMRK
KVERHJEXLIVIHWXEXYW
;MXL44%'%JYPP]MRXEGX
4VSEGXMZIIQTPS]IVWLEZIFIIRTPERRMRKXLIMVFIRIJMXWXVEXIKMIWXSFIMRGSQTPMERGI[MXL44%'%
(ITIRHMRKSRXLITEVXMGYPEVWSJXLIMV[SVOJSVGIWERHI\MWXMRKFIRIJMXTPERWXLI]QE]I\TIGXMRGVIEWIH
GSWXWXLEXEVIHYIXSQSVIIQTPS]IIWFIMRKIPMKMFPIJSVERHTEVXMGMTEXMRKMRXLITPER3XLIVGSWX
HVMZIVWMRGPYHIWIPIGXMSRVMWOJIIWERHTSXIRXMEPTIREPXMIWERI\GMWIXE\JSVZIV]I\TIRWMZITPERW
ERHXLITSWWMFMPMX]XLEXEYXSQEXMGIRVSPPQIRXQEXIVMEPP]MQTEGXWTPERIRVSPPQIRX*SVXLIQSWXTEVX
IQTPS]IVWEVITPERRMRKXSEHNYWXXLIMVTPERWXSSJJWIXXLIWIGSWXW-RSXLIV[SVHW44%'%vWVIUYMVIH
GLERKIWXLEXWLMJXQSVISJXLIJMRERGMEPFYVHIRXSXLIIQTPS]IVEVIFIMRKSJJWIXF]SXLIVGLERKIWXLEX
IMXLIVVIHYGIXLISZIVEPPGSWXSJGEVIERHSVTEWWEWMQMPEVTSVXMSRSJGSWXWFEGOXSXLIIQTPS]II
-RWSQIGEWIWXLITSWWMFMPMX]SJIPMQMREXMRKSVWYFWXERXMEPP]VIHYGMRKGSZIVEKIMWSRISJXLISTXMSRW
YRHIVGSRWMHIVEXMSRIZIRXLSYKLXLIVIEVITIREPXMIWXLEXSJJWIXWSQISJXLIWEZMRKW7QEPPIQTPS]IVW
QE]LEZIEHHMXMSREPSTXMSRWMRGPYHMRKXLI7QEPP&YWMRIWW,IEPXL3TXMSRW4VSKVEQ7,34I\GLERKI
SVHVSTTMRKGSZIVEKI[MXLSYXXLIWEQITIREPXMIWJEGMRKPEVKIIQTPS]IVW
;MXLRSMRHMZMHYEPQERHEXI
8LITVIWIRGISJERMRHMZMHYEPQERHEXILEWPMXXPIIJJIGXSRIQTPS]IVWYRPIWWSXLIVTVSZMWMSRWWYGLEW
EYXSQEXMGIRVSPPQIRXMRXSXLIIQTPS]IVvWTPER[SYPHEPWSFIIPMQMREXIH*SVEJYPP]MRWYVIHIQTPS]IV
WYGLEWWQEPPKVSYTWXLIVIGSYPHFIERIJJIGXSRMRWYVERGITVIQMYQWMJKYEVERXIIHMWWYIVIQEMRW
WMRGIXLIEZIVEKILIEPXLWXEXYWSJIQTPS]IIWGSZIVIHMRXLMWWGIREVMSQE]GLERKI8LMWHSIWRSX
LS[IZIVWYFWXERXMEPP]GLERKIXLIYRHIVP]MRKGSWXSJGEVIJSVXLIX]TMGEPJEQMP]SJJSYV
2S44%'%
-JEPPSJ44%'%[IVIIPMQMREXIHIEGLIQTPS]IV[SYPHJEGIXLIHIGMWMSRSJ[LIXLIVXSVSPPFEGO
TPERGLERKIWXLEXLEZIEPVIEH]FIIRQEHIERHMRWSQIGEWIWLEZIEPVIEH]FIGSQIZEPYIH
FIRIJMXWJSVIQTPS]IIW
,E]RIW6'LERMR.&SRWII4,IEPXLGEVIVIJSVQERHIQTPS]IVW2I\XWXITW1MPPMQER-RWMKLX3GXSFIV%GGIWWIH1E]EXLXXTMRWMKLXQMPPMQERGSQEVXMGPITLT#GRXMH!YXQCWSYVGI!LIEPXLGEVIYXQCQIHMYQ![IFYXQCGSRXIRX!YXQCGEQTEMKR!1MPPMQER3R
,IEPXLGEVI
3v'SRRSV.4EXMIRX4VSXIGXMSRERH%JJSVHEFPI'EVI%GX-QTPMGEXMSRWSJ7XEXYWEWE+VERHJEXLIVIH4PER&IRIJMXW
5YEVXIVP]*MVWX5YEVXIV%GGIWWIH1E]EX[[[MJIFTSVKMRJSVIUYIWXTHJ
-
7/31/2019 2012 Milliman Index
11/14
1MPPMQER
6IWIEVGL6ITSVX
1MPPMQER1IHMGEP-RHI\
1E]
463:-()67
4VSZMHIVWJEGIERYQFIVSJRI[SFPMKEXMSRWYRHIV44%'%ERHXLI]LEZIEPVIEH]FIKYRXSXEOISR
MRGVIEWIHJMRERGMEPVMWOMR[E]WXLEXEPXIVXLIJIIJSVWIVZMGIH]REQMGXLEXLEWGVIEXIHETIVZIVWIMRGIRXMZI
XSYXMPM^IGEVI;LMPI44%'%vWTVMQEV]JSGYWMWSRLIEPXLMRWYVERGIVIJSVQMXQE]PIEHXSGLERKIWMRXLI
[E]XLEXTVSZMHIVW[SVOERHEVITEMH4VSZMHIVWQE]QSZIXS[EVHQSVIEGGSYRXEFPIGEVIERHTVSZMHIV
VMWOWLEVMRKQE]PIEHXSERMQTVSZIHLIEPXLGEVIGSWXIRZMVSRQIRX
;MXL44%'%JYPP]MRXEGX
44%'%MRXVSHYGIWXLITSWWMFMPMX]JSVTVSZMHIVWXSSJJIVRI[EVVERKIQIRXWWYGLEW%'3W8LIWI
GSRGITXWEVIEPVIEH]FIMRKI\TPSVIHF]TL]WMGMERWERHLSWTMXEPW[MXLIQTPS]IVWERHMRWYVIVW3ZIV
XLIPSRKXIVQXLIX]TMGEPJEQMP]SJJSYVQE]JMRHXLIWISTXMSRWEZEMPEFPIXLVSYKLMXWIQTPS]IVWSVSR
MRWYVERGII\GLERKIW
;MXLJI[IVTISTPIYRMRWYVIHTVSZMHIVW[MPPWIIPIWWYRGSQTIRWEXIHGEVI,S[IZIVXLI]QE]JEGI
GETEGMX]MWWYIWERHERMRJPY\SJTEXMIRXWGSZIVIHF]1IHMGEMHQE]EPWSLEZIGSQTIRWEXMSRMQTPMGEXMSRW
;MXLRSMRHMZMHYEPQERHEXI
9T[EVHGSWXTVIWWYVIWEVIQSVITVSFEFPI;MXLSYXXLIMRHMZMHYEPQERHEXIXLIVI[MPPFIJI[IV
MRGIRXMZIWJSVYRMRWYVIHMRHMZMHYEPWXSTYVGLEWIMRWYVERGIYRPIWWXLI]LEZIWMKRMJMGERXLIEPXLGEVI
RIIHW3ZIVXMQIXLMWQE]GVIEXIEHZIVWIWIPIGXMSRERHHVMZIYTMRWYVERGITVIQMYQWVIWYPXMRKMRQSVIYRMRWYVIHTEXMIRXW
2S44%'%
44%'%MWNYWXSRIJSVGIEPVIEH]QSXMZEXMRKGLERKIWF]TVSZMHIVWMRLS[XLI]HIPMZIVGEVIXSEJEQMP]
SJJSYVERHLS[XLI]EVIGSQTIRWEXIHJSVXLEXGEVI1ER]MRMXMEXMZIWXLEXTVSZMHIVWEVII\TPSVMRKXS
MQTVSZIGEVIHIPMZIV]WYGLEWTEXMIRXGIRXIVIHQIHMGEPLSQIW4'1,QE]GSRXMRYIIZIR[MXLSYX44%'%8LITVIWWYVIWXSPS[IVLIEPXLGEVIGSWXWMRGPYHMRKEJSGYWSRTVSZMHIVVIMQFYVWIQIRX
GSSVHMREXMSRSJGEVIERHREVVS[IVRIX[SVOW[MPPRSXKSE[E]
4VSIFWXMRK(;L]LSWTMXEPGSWXWLMJXMRKMWRSPSRKIVEZMEFPIWXVEXIK]1MPPMQER
-RWMKLX.YRI%GGIWWIH1E]EXLXXTMRWMKLXQMPPMQERGSQEVXMGPITLT#GRXMH!YXQCWSYVGI!WIEVGLYXQCQIHMYQ![IFYXQCGSRXIRX!YXQCGEQTEMKR!7IEVGL
,SYGLIRW41IEWYVMRKXLIWXVIRKXLSJXLIMRHMZMHYEPQERHEXI1MPPMQER-RWMKLX1EVGL
%GGIWWIH1E]EX LXXTMRWMKLXQMPPMQERGSQEVXMGPITLT#GRXMH!YXQCWSYVGI!LIEPXLVIJSVQYXQCQIHMYQ![IFYXQCGSRXIRX!YXQCGEQTEMKR!1MPPMQER3R
,IEPXLGEVI
7RSSO8,EVVMW6%HZIVWIWIPIGXMSRERHXLIMRHMZMHYEPQERHEXI1MPPMQER-RWMKLX
3GXSFIV%GGIWWIH1E]EXLXXTMRWMKLXQMPPMQERGSQEVXMGPITLT#GRXMH!YXQCWSYVGI!WIEVGLYXQCQIHMYQ![IFYXQCGSRXIRX!YXQCGEQTEMKR!7IEVGL
-
7/31/2019 2012 Milliman Index
12/14
1MPPMQER
6IWIEVGL6ITSVX
1MPPMQER1IHMGEP-RHI\
1E]
+3:)621)28
8LIKSZIVRQIRXMWF]JEVXLIPEVKIWXTYVGLEWIVSJLIEPXLGEVIWIVZMGIWWSMXWEGXMSRWEWELIEPXLGEVI
TYVGLEWIVEJJIGXXLIVIWXSJXLIQEVOIX-REHHMXMSRKSZIVRQIRXVIKYPEXMSRWWXVSRKP]MRJPYIRGIXLIREXYVI
SJIQTPS]IVWTSRWSVIHLIEPXLGEVIFIRIJMXWERHGERMRJPYIRGITPERWZMEQERHEXIWERHXE\IW
;MXL44%'%JYPP]MRXEGX;LIRJYPP]MQTPIQIRXIH44%'%[SYPHVIHYGIXLIRYQFIVSJXLIYRMRWYVIHERHMRXYVRXLIEQSYRX
SJYRGSQTIRWEXIHGEVI-RXLISV]XLMW[SYPHVIHYGIGSWXWLMJXMRKF]TVSZMHIVWERHVIHYGIXLIGLEVKI
JSVLIEPXLGEVIWIVZMGIWXLEXMWTEMHF]MRWYVIHTPERW3JJWIXXMRKXLMWIJJIGXMWXLIMRGVIEWIMR1IHMGEMH
IRVSPPIIW&IGEYWI1IHMGEMHX]TMGEPP]VIMQFYVWIWWYFWXERXMEPP]PIWWXLERSXLIVTE]SVWTVSZMHIVW[MXL
WYFWXERXMEP1IHMGEMHTEXMIRXWX]TMGEPP]WYFWMHM^IXLI1IHMGEMHGEVIXLI]TVSZMHIXLVSYKLGLEVKIWXS
SXLIVTE]SVWWYGLEWGSQQIVGMEPMRWYVIVW
;MXLRSMRHMZMHYEPQERHEXI
)ZIR[MXLSYXXLIMRHMZMHYEPQERHEXIXLIVIEVISXLIVMRGIRXMZIWWYGLEWWYFWMHMIWXLEXGSYPHIRXMGI
WSQITVIZMSYWP]YRMRWYVIHMRHMZMHYEPWXSSFXEMRGSZIVEKI-JXLIWIIJJSVXW[IVIYRWYGGIWWJYPMR
WYFWXERXMEPP]MRGVIEWMRKXLIRYQFIVSJGMXM IRW[MXLGSZIVEKIXLIKSZIVRQIRXQMKLXWXMPPJEGITVIWWYVI
XSVIHYGIXLIRYQFIVSJYRMRWYVIHW
2S44%'%
%PXLSYKLSTMRMSRWEFSYX[LEXWSPYXMSRWXLIGSYRXV]WLSYPHTYVWYIEVIHMZIVWIKSZIVRQIRXPIEHIVW
EGVSWWXLITSPMXMGEPWTIGXVYQEKVIIXLEXXLIGYVVIRXEGGIWWERHGSWXH]REQMGWEVIRSXWYWXEMREFPI-J
44%'%MWSZIVXYVRIHXLIWIH]REQMGW[MPPGSRXMRYIXSFITVSFPIQWMRWIEVGLSJWSPYXMSRW
-14%'83211-*%1-0=3**396
;LMPIWIZIVEPEWTIGXWSJLIEPXLGEVIVIJSVQ[SYPHLEZIQIERMRKJYPMQTEGXSRXLIGSWXSJMRWYVERGI
GSZIVEKIXLIIJJIGXSRXLIXSXEPGSWXSJGEVIMWZIV]PMQMXIHJSVSYVJEQMP]SJJSYV*SVI\EQTPIQIHMGEP
PSWWVEXMSVYPIWERHWXVMRKIRXVIZMI[SJLIEPXLMRWYVERGIMRGVIEWIWQE]VIHYGIMRWYVIVTVSJMXWERHEPWSTYX
TVIWWYVISRMRWYVIVWXSFIEWIJJMGMIRXERHPS[GSWXEWTSWWMFPI&YXXLIGSWXSJGEVIJSVXLMWJEQMP]SJJSY
MWWXMPP[LMGLI\GPYHIWMRWYVIVTVSJMXWERHEHQMRMWXVEXMZII\TIRWIW
;LMPIIJJSVXWXSFIQSVIEHQMRMWXVEXMZIP]IJJMGMIRXQE]PIEHXSPS[IVTVIQMYQWXLI]HSRSXHMVIGXP]EJJIGXXLIGSWXSJHIPMZIVMRKLIEPXLGEVIXSXLI11-JEQMP]SJJSYV
;LEX[MPPMXXEOIXSWMKRMJMGERXP]EJJIGXXLIGSWXSJGEVI#7SQISJXLIQSZIQIRXWEPVIEH]YRHIV[E]QE]
LIPT)\EQTPIWMRGPYHIFIXXIVGEVIGSSVHMREXMSREJSGYWSRSYXGSQIWERHIJJMGMIRG]MRGVIEWIHTEXMIRX
EGGSYRXEFMPMX]ERHLIEPXLMIVPMJIWX]PIGLSMGIW
;LIXLIVXLIREXMSRMWRI\XHIFEXMRKRI[PIKMWPEXMSRJVSQWGVEXGLSVRI\XWXITWXSXEOIYWFI]SRHXLI
JMRERGMRKMWWYIWSJ44%'%XSQIERMRKJYPGSWXVIJSVQWXLIEQSYRXWEXWXEOI[MPPRSXKSYRRSXMGIH
;LMPIWIZIVEPEWTIGXWSJLIEPXLGEVIVIJSVQ[SYPH
LEZIQIERMRKJYPMQTEGXSRXLIGSWXSJMRWYVERGI
GSZIVEKIXLIIJJIGXSRXLIXSXEPGSWXSJGEVIMW
ZIV]PMQMXIHJSVSYVJEQMP]SJJSYV
-
7/31/2019 2012 Milliman Index
13/14
1MPPMQER
6IWIEVGL6ITSVX
1MPPMQER1IHMGEP-RHI\
1E]
8)',2-'%0%44)2(-