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  <title>Proposed changes to Valuation Manual-22 for non-variable annuity products in the U.S.</title>
  <description>Inna Kogan, Karen Grote and Rick Hayes discuss the proposed updates to Valuation Manual (VM)-22 for non-variable annuity products in the U.S. They highlight the shift to a more flexible framework that prioritizes actuarial judgment, asset-liability management and strong governance. The changes have the potential to affect product design, reinsurance and capital management. With a deadline of January 1, 2026, life insurers need to prepare now. </description>
  <author_name>(Re)thinking insurance</author_name>
  <author_url>https://www.wtwco.com/en-gb/insights/podcast-series/re-thinking-insurance-podcast-series</author_url>
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