1、MILLIMAN REPORT Considerations for new entrants to the pension risk transfer market December 2024 Jessica Crowson,FIA Vincent Embser,FSA MAAA CERA Arthur Hordijk AAG CPE Christiaan Mulder Jake Pringle,EA MAAA Stuart Silverman,FSA MAAA CERA Cornelis Slagmolen,AAG FRM Lin Sun,FSA MAAA MILLIMAN REPORT

2、Table of contents INTRODUCTION.1 UNITED KINGDOM.2 MARKET OPPORTUNITY.2 Introduction.2 Scheme funding levels.2 Alternative De-risking approaches.4 UK regulatory landscape.5 ACCESSING THE MARKET.6 Setting up a new insurer.6 Existing insurer expanding into PRT.8 Strategies for entry.9 TARGET OPERATING

3、MODEL.10 Overview.10 Asset management.11 Capital and liquidity.11 Modelling considerations.11 Pension scheme administration capabilities.12 People.12 CONCLUSION.12 UNITED STATES.13 MARKET OPPORTUNITY.13 ACCESSING THE MARKET.13 Overview.13 Recent case studies.13 Regulatory and legislative development

4、s.14 Recent litigation.14 TARGET OPERATING MODEL.15 Administrative capabilities.15 Technology platform.16 Strategic asset allocation.16 Pricing liability assumptions.16 Data availability.17 CONCLUSION.17 MILLIMAN REPORT NETHERLANDS.18 MARKET OPPORTUNITY AND BARRIERS TO ENTRY.18 ACCESSING THE MARKET.

5、19 Setting up a new insurer.19 Existing insurer expanding into PRT.20 Investing in an existing company.20 Strategies for entry.21 TARGET OPERATING MODEL.21 Overview.21 Asset management.21 Capital and liquidity.22 Modelling considerations.22 Pension scheme administration capabilities.22 People.22 CON

6、CLUSION.22 ACKNOWLEDGEMENTS The authors would like to thank Dilesh Patel for his contribution to this paper.MILLIMAN REPORT Considerations for new entrants to 1 the pension risk transfer market December 2024 Introduction As described in our 2023 paper“Global pension risk transfer market outlook,”DB