Download Longevity & Mortality Investor Volume 1, Issue 3, December 2025

Recent weeks have seen the publication of two new reports from insurance asset manager, Conning – one of them produced in conjunction with life settlement industry group the European Life Settlement Association, publisher of Longevity and Mortality Investor – that paint an optimistic picture of the state of the life settlement market. Greg Winterton spoke to Conning’s Manu Mazumdar, Head of Data Analytics & Insurance Technology and Scott Hawkins, Managing Director and Head of Insurance Research and Chris Conway, Managing Director at Vitaro Group to get their views on the outlook for the space in New Reports Suggest Life Settlement Market in ‘Confident Evolution’. 

The inclusion of illiquid assets in defined benefit pension scheme portfolios has historically been seen as a roadblock on the journey to complete a bulk purchase annuity transaction in the UK, so Mark McCord spoke to Russell Chapman, Head of Investment Risk Transfer at Hymans Robertson, Huw Evans, Professional Trustee and Director at BESTrustees and Miki Fairfax, also a Professional Trustee at BESTrustees to get their thoughts on how private assets are viewed currently by the market for UK Insurers Showing Less Resistance to Illiquid Assets but Cash Premiums Remain King for Bulk Purchase Annuities. 

The UK’s Prudential Regulation Authority has published DP2/25 – Alternative Life Capital: Supporting innovation in the life insurance sector, which sets out the PRA’s initial thinking and invites feedback on potential policy changes that could allow UK life insurers to transfer defined tranches of risk to the capital markets. Greg Winterton spoke to George Belcher, Partner at Mayer Brown, to get his thoughts on what the PRA will need to think about as it formulates its reforms in Capital Markets Investors Could Be About to Get A Slice of UK Life Insurance Risk. 

The 2025 edition of the Life Insurance Fact Book – the American Council of Life Insurers’ annual review into the inner workings of US life insurance company balance sheets – was published in early November. As with previous years, Roger Lawrence, Managing Director at W L Consulting, takes a look at some of the notable results in US Life Insurance Industry Retreats Slightly in 2024 but Remains Healthy Fundamentally, the first of three articles Lawrence will be writing for LMI in the next few months. 

The past four decades has brought revolutionary improvements in cancer care, transforming many forms of cancer from fatal diagnoses into chronic, manageable conditions. Pushparani Mudaliyar, Medical Underwriter at CG Analysts, provides something of a ‘state of the market’ perspective in Decoding Progress: The Evolution of Life Expectancy for Cancer Patients, our second guest article this month. 

Actuaries in the UK’s longevity and mortality modelling industry have been exceptionally busy in 2025. Greg Winterton spoke to James Hadley, Senior Consultant at Barnett Waddingham, to learn more about what is front and centre of the conversation in his world as the year draws to a close in this month’s Q&A. 

The UK life insurance industry is now responsible for hundreds of billions of pounds in pension liabilities via the bulk purchase annuity market. Given the critical importance of these insurers to the millions of Britons receiving defined benefit pensions, the Prudential Regulation Authority conducted its Life Insurance Stress Test initiative this year to assess potential risks and identify firms standing too close to the risk precipice. Greg Winterton asked Roger Lawrence, Managing Director at W L Consulting, and Chris Rice, Head of Trustee Services at Broadstone for their thoughts on the results in Stress Test Results Find UK Life Insurance Industry in Rude Health. 

We hope you enjoy the latest issue of Longevity and Mortality Investor.