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PBR Data

Principle-Based Reserving

VM-20 / VM-21 / VM-22 Tables

Beginning in January, 2018, the tables required under VM-20 and VM-22 of the NAIC Valuation Manual will be published on the NAIC website home page ( ).  The information contained in the tables provided herein is derived through use of the methodology as defined in VM-20 and VM-22, 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.         


The Valuation Manual prescribes swap spreads to be used in calculating reserves under VM-20 and VM-21.  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.

2023 Table A Default Cost

2024 Table H & I Long Term Spread

2024 Table J Current and Long Term Swap Spreads

2024 Table F&G Current Spreads

Table K Conversion to PBR Numeric Rating


VM-22 Table X spreads are now included in the Non-Jumbo and Jumbo Valuation Rates file.

2024 Non-Jumbo and Jumbo Valuation Rates



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

VM-50 / VM-51

For Questions Please Contact:

Pat Allison Jim Stinson (VM Tables) Scott O'Neal (Valuation Manual)
Managing Life Actuary PBR Life Associate Actuary Life Examination Actuary
Phone: 816-783-8528 Phone: 816-783-8428 Phone: 816-783-8814