Milliman Expands Life Insurance ALM Services with New SAA Solution
As investment strategies and balance sheets become more dynamic and interconnected, insurers and asset managers need integrated approaches to decision-making.
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Milliman is the global leader in financial risk management, with over two decades of experience helping insurers and insurance-focused asset managers navigate market volatility, regulatory change, capital pressure, strengthen balance sheet resilience and optimize portfolio outcomes.
Our life and annuity risk management capabilities are grounded in deep actuarial expertise and span a wide range of products, including VA, FA, FIA, RILA, and PRT blocks. We help clients manage surplus volatility, create and optimize hedge programs, and comply with evolving accounting and reserve standards.
We engineer ALM, SAA, and portfolio optimization solutions across entire general accounts and targeted blocks, integrating private credit and illiquid structured assets. Our optimization approach incorporates return, risk, capital, and liquidity constraints to support detailed efficient frontier analysis across global regulatory regimes. In capital markets, Milliman supports the design and oversight of over $170 Billion in customized hedge and overlay programs across portfolios, currencies, and risk exposures.
In M&A, we are a trusted advisor, having supported more than three quarters of insurance and reinsurance transactions over the past decade, across major insurance acquisitions, reinsurance, and sidecar structures.
Milliman brings analytical depth and strategic partnership to help our insurance clients solve their most complex challenges, empowering them to grow with strategic insight and confidence.
Milliman
71 S Wacker Dr.
Chicago, IL 60606

Todd W. Arbuckle
SAA & ALM Strategic Advisor
Todd.Arbuckle@milliman.com
O +1 312.279.3066
M +1 312 953 7868

Tony Dardis, FSA, MAA, CERA, CFA
Principal & Consulting Actuary
Anthony.dardis@Milliman.com
O 312 499 5795
M +1.312 804.7996


As investment strategies and balance sheets become more dynamic and interconnected, insurers and asset managers need integrated approaches to decision-making.
Learn MoreAs investment strategies and balance sheets become more dynamic and interconnected, insurers and asset managers need integrated approaches to decision-making.
Read MoreMilliman explains how principle-based regulatory frameworks are changing the way insurers approach asset-liability management and strategic asset allocation. The solution focuses on integrated analytics, liquidity intelligence, enhanced governance, and a comprehensive enterprise-wide view.
Read MoreWe explore how complex assets such as CLOs, ABS, RMBS, and CMBS are reshaping insurer portfolios, and what ALM teams should be thinking about next.
Read MoreWhile reinsurance sidecars have been a common structure in the U.S. property and casualty (P&C) industry, their use has become a more common theme in the U.S. life and annuity (L&A) industry.
Read MoreInsurers are significantly increasing their allocations to private credit, yet many privately placed structured-finance transactions lack the modeling files, standardized disclosures, or performance histories typically available for public deals. To address these challenges, we developed a nearest-neighbor (NN) modeling framework that systematically matches each unmodeled private deal to the most comparable public deal using five economically meaningful characteristics.
Read MoreA review of 2025 and an outlook for 2026 and beyond, covering transactions in North America, Europe, Asia, Latin America, and Africa
Read MoreMilliman’s Sam Nandi and Anna Berezovskaya join host Stewart Foley, CFA, to discuss how private credit and principle-based regimes are reshaping strategic asset allocation for insurers.
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