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Valuation Manual
Effective January 1, 2027
The 2027 Valuation Manual will be posted after it has been adopted by the NAIC’s Executive (EX) Committee and Plenary at the 2026 Summer National Meeting.
2026 Edition – Valuation Manual
2026 Edition – Valuation Manual - Redlined
Plenary Adopted Amendments for the 2026 VM
2025 Edition - Valuation Manual
2025 Edition - Valuation Manual - Redlined
2024 Edition - Valuation Manual
2024 Edition - Valuation Manual - Redlined
2023 Edition - Valuation Manual
2023 Edition - Valuation Manual - Redlined
2022 Edition - Valuation Manual
2022 Edition - Valuation Manual - Redlined
2021 Edition - Valuation Manual
2021 Edition - Valuation Manual - Redlined
2020 Edition - Valuation Manual
2020 Edition - Valuation Manual - Redlined
2019 Edition - Valuation Manual
2019 Edition - Valuation Manual - Redlined
2018 Edition - Valuation Manual
2018 Edition - Valuation Manual - Redlined
2016 Edition - Valuation Manual
Valuation Manual Maintenance Agenda
(Includes status of all VM APF's.)
LATF ADOPTED AMENDMENTS
LATF Adopted Amendments for the 2025 VM
LATF Adopted Amendments for the 2024 VM
LATF Adopted Amendments for the 2023 VM
LATF Adopted Amendments for the 2022 VM
LATF Adopted Amendments for the 2021 VM
VM-20 / VM-21 / VM-V (Previously VM-22) Tables
Beginning in January, 2018, the tables required under VM-20 and VM-V (VM-22 prior to 2026) of the NAIC Valuation Manual will be published on the NAIC website home page (
www.naic.org
).  The information contained in the tables provided herein is derived through use of the methodology as defined in VM-20 and VM-V (VM-22 prior to 2026), including use of information provided by various third-parties. All such information is believed to be accurate and reliable; however, the truth, accuracy and completeness thereof is necessarily dependent upon the source of the information. There is also the possibility of human or mechanical error in the production or transmission of information as well as the possibility of  incomplete or untimely disclosure by any third-party providers of such information. Therefore, all information provided herein is provided on an "as is" basis without any representation or warranty of any kind, and THE NAIC HEREBY EXPRESSLY DISCLAIMS ALL EXPRESS, IMPLIED  AND STATUTORY WARRANTIES OF ANY KIND INCLUDING, BUT NOT LIMITED TO, THE WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE. All users of the information contained herein assume sole responsibility and risk for its use and agree to indemnify and hold the NAIC harmless from and against any liability or claim of any person or entity that is attributable to the use, inability to use, or improper use by any user of this information.
VM-20 CURRENT YEAR TABLES (ALSO USED FOR VM-21 and VM-22)
The
Valuation Manual
prescribes swap spreads to be used in calculating reserves under VM-20, VM-21 and VM-22.  These are shown in
Table J
.  The VM-20 prescribed swap spreads have been calculated using the average of LIBOR swap spreads from two third-party sources. The NAIC recently discovered that beginning December 31, 2021, one of the two sources began providing SOFR swap spreads instead of LIBOR swap spreads. Consequently, the rates published for 12/31/21 and subsequent months have been a 50/50 blend of LIBOR and SOFR. The exceptions are the swap spreads for the 3-month and 6-month tenors which continue to be based fully on LIBOR.
The NAIC is working toward discussions with both sources to ascertain their ability and desire to provide both LIBOR and SOFR through June 30, 2023, the date on which the publication of LIBOR rates is scheduled to cease.
If you have questions on the Valuation Manual transfer from LIBOR to SOFR, please contact
Jim Stinson
2024 Table A Default Cost
2026 Table H & I Long Term Spread
2026 Table J Current and Long Term Swap Spreads
2026 Table F&G Current Spreads
Table K Conversion to PBR Numeric Rating
VM-V CURRENT YEAR TABLES (VM-22 prior to 2026)
On April 1st, the 2nd quarter Non-Jumbo rates were published in error. This error has been corrected and the correct 2nd quarter Non-Jumbo rates are now available.
2026 Non-Jumbo and Jumbo Valuation Rates
Appendices
VM-20 ARCHIVE (ALSO USED FOR VM-21 and VM-22)
Table A Default Costs
2014 Table A Default Costs
2015 Table A Default Costs
2016 Table A Default Costs
2017 Table A Default Costs
2018 Table A Default Costs
2019 Table A Default Costs
2020 Table A Default Cost
2021 Table A Default Cost
2022 Table A Default Cost
2023 Table A Default Cost
Table F-J Spreads
2015
2015 Table F & G Current Spreads
2015 Table H & I Long Term Spreads
2015 Table J Current and Long Term Swap Spreads
2016
2016 Table F & G Current Spreads
2016 Table H & I Long Term Spreads
2016 Table J Current and Long Term Swap Spreads
2017
2017 Table F & G Current Spreads
2017 Table H & I Long Term Spreads
2017 Table J Current and Long Term Swap Spreads
2018
2018 Table F & G Current Spreads
2018 Table H & I Long Term Spreads
2018 Table J Current and Long Term Swap Spreads
2019
2019 Table F & G Current Spreads
2019 Table H & I Long Term Spreads
2019 Table J Current and Long Term Swap Spreads
2020
2020 Table F & G Current Spreads
2020 Table H & I Long Term Spreads
2020 Table J Current and Long Term Swap Spreads
2021
2021 Table F & G Current Spreads
2021 Table J Current and Long Term Swap Spreads
2021 Table H & I Long Term Spread
2022
2022 Table F&G Currents Spreads
2022 Table J Current and Long Term Swap Spreads
2022 Table H & I Long Term Spread
2023
2023 Table F&G Current Spreads
2023 Table J Current and Long Term Swap Spreads
2023 Table H & I Long Term Spread
2024
2024 Table F&G Current Spreads
2024 Table J Current and Long Term Swap Spreads
2024 Table H & I Long Term Spread
2025
2025 Table F&G Current Spreads
2025 Table J Current and Long Term Swap Spreads
2025 Table H & I Long Term Spread
VM-V ARCHIVE (VM-22 prior to 2026)
2017 Non-Jumbo and Jumbo Valuation Rates
2018 Non-Jumbo and Jumbo Valuation Rates
2019 Non-Jumbo and Jumbo Valuation Rates
2020 Non-Jumbo and Jumbo Valuation Rate
2021 Non-Jumbo and Jumbo Valuation Rates
2022 Non-Jumbo and Jumbo Valuation Rates
2023 Non-Jumbo and Jumbo Valuation Rates
2024 Non-Jumbo and Jumbo Valuation Rates
2025 Non-Jumbo and Jumbo Valuation Rates
VM-31
Prescribed PBR Actuarial Report Templates
Template A (Distribution of Direct Life Insurance Business)
Optional Template B (Distribution of Assumed Life Insurance Business)
Template C (Company Experience Studies)
Sample PBR Actuarial Report Templates
illustrating how to complete Prescribed Templates A - C
Sample Assumptions Summary for PBR Actuarial Report
Optional Interest Maintenance Reserve Template
VM-50 / VM-51
For Questions Please Contact:
experience_reporting@naic.org
Mortality Data Collection Kickoff Webinar July 2025-Recording
Mortality Data Collection Kickoff Webinar July 2025-Powerpoint
2025 VM-51 Data Dictionary - Updated July 2025
2025 VM-51 Data Validations
Mortality Data Collection Kick-Off Webinar July, 2024 - Recording
Mortality Data Collection Kick-Off Webinar July, 2024 - Powerpoint
Mortality Data Collection SharePoint Training Video
Mortality Data Collection SharePoint Training PowerPoint
Mortality Experience Data Collection Submission Check List
024 VM-51 Data Validations
2024 VM-51 Data Dictionary - Updated July 2024
RDC Company Administrator User's Guide - Updated July 2024
Mortality Data Collection Kick-Off Call 06212023 - Recording
Mortality Data Collection Kick-Off Call 06212023 - Powerpoint
Mortality Data Collection Kick-Off Call 06152022 - Recoding
Mortality Data Collection Kick-Off Call 06152022 - PowerPoint
Questions from 2022 Kick Off Call 06152022
Mortality Data Collection Training: TPA Reporting 06292022 - Recording
Mortality Data Collection Training: TPA Reporting 06292022 - PowerPoint
Questions from TPA Reporting Training 06292022
What's New in 2022
2022 VM-51: Instructions, Questionnaires and File Formats (extracted from Valuation Manual)
2022 VM-51 Data Dictionary - Updated 7/27/2022
2022 VM-51 Data Validations
Mortality Data Collection Kick-Off Call 04212021 - Recording
Mortality Data Collection Kick-Off Call 04212021 - PowerPoint
Questions from Kick-Off Call 04212021
Mortality Data Collection Training: Validations 04282021 - Recording
Mortality Data Collection Training: Validations 04282021 - PowerPoint
Questions from Validation Training 04282021
Mortality Data Collection Training: RDC File Submission Process 05122021 - Recording
Mortality Data Collection Training: RDC File Submission Process 05122021 - PowerPoint
Questions from RDC Submission Process Meeting 05122021
Mortality Data Collection Training: Company Administrators 05272021 - PowerPoint
Mortality Data collection Training: Company Administrators 05272021 - PowerPoint
Questions from Company Administrator Training
Mortality Statistical Plan Company Selection Memo
RDC Rate File Submission Instructions
Company Administrator Guide Updated July 2024
A/E Calculation Methodology
Control Totals Template
Reconciliation Template
VM-51 Appendix 1 Questionnaire Template
VM-51 Appendix 2 Questionnaire Template
VM-51 Appendix 3 Questionnaire Template
ECONOMIC SCENARIOS
Economic Scenarios, Tools, Training Materials, and Documentation
Note: The above link directs to an external site.
AAA Interest Rate Acceptance Criteria
AAA ESGWG Equity Model Stylized Facts LATF 8_9_22
GEMS Equity and Corporate Model Stylized Facts
Treasury Model Stylized Facts
AAA ESGWG Corporate Stylized Facts and Acceptance Criteria LATF 12_11_22
AAA Equity GWF Acceptance Criteria 031424
MORTALITY AGGREGATION
Mortality Aggregation Presentation 2019 Summer Meeting
Mortality Aggregation-Excel Spreadsheet
INDUSTRY PUBLISHED DATA
Society of Actuaries Mortality Tables
SOA 2017 CSO Tables
SOA 2017 Guaranteed Issue Mortality Tables
(SOA website)
Statutory Valuation Interest Rates
DFS.NY.gov: Maximum Reserve Valuation and Maximum Life Policy Nonforfeiture Interest Rates
AG 38 / VM-20 MORTALITY IMPROVEMENT SCALE
Mortality Improvement Rates for AG 38/VM-20
2015 VBT Unismoke ANB/ALB Tables
2015 VBT Smoker-Distinct ANB/ALB Tables
2015 VBT Male Non-Smoker RR ANB Tables
2015 VBT Female Non-Smoker RR ANB Tables
2015 VBT Male Non-Smoker RR ALB Tables
2015 VBT Female Non-Smoker RR ALB Tables
2015 VBT Male Smoker RR ANB Tables
2015 VBT Female Smoker RR ANB Tables
2015 VBT Male Smoker RR ALB Tables
2015 VBT Female Smoker RR ALB Tables
Contacts
Jim Stinson (VM Tables)
Scott O'Neal (Valuation Manual)
PBR Life Associate Actuary
Managing Life Actuary