ESBD_503812_1775238396879_Financial Experience FY2023.pdf
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- Solicitation number
- RFP-01-SBA-26-280
- Issued by
- Brazos County, Texas
About this file
This is a financial experience report for The Texas A&M University System's employee and dependent benefits plans covering three policy years from September 1, 2020, through July 31, 2023. The document details claims experience across multiple insurance product lines including basic life insurance (BLIFE), dependent life insurance (BDEP), supplemental life insurance (SUPP LIFE), supplemental dependent life insurance (SUPP DEP), basic standalone accidental death and dismemberment (AD&D), and supplemental AD&D (SUPP AD&D). The report presents data on a per-policy-year basis, with the most recent year running from September 1, 2022, through July 31, 2023. All claims are reported on an accident year basis as of July 31, 2023.
The financial data demonstrates significant claims activity across all product lines. Total constant premiums across all categories for the three-year period amounted to $67,579,779, while total incurred claims reached $63,588,532, resulting in a combined incurred loss ratio of approximately 94%. The SUPP LIFE category represented the largest premium volume at $44,333,196, followed by BLIFE at $6,613,619. Claims experience varied by product line, with BLIFE showing a 136% incurred loss ratio, SUPP LIFE at 83%, SUPP DEP at 88%, and SUPP AD&D at 45%. The covered population ranged from approximately 34,000 to 35,800 employees annually for basic coverage, with smaller populations for supplemental products. The most recent policy year (09/01/2022 through 07/31/2023) showed improvement in loss ratios for most products compared to prior years, indicating favorable claims experience trends.
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EXPERIENCE - BLIFE EE
Account Name: THE TEXAS A&M UNIVERSITY SYSTEM Policy Numbers: 681835G, 681794G Employee All claims reported as of 07/31/2023 on an accident year basis.
PERIODS
From 09/01/2020 09/01/2021 09/01/2022
Through 08/31/2021 08/31/2022 07/31/2023
Constant Premium 2,299,789$ 2,254,047$ 2,059,783$ 6,613,619$
Total Paid Claims 3,140,556$ 2,860,630$ 2,430,670$ 8,431,857$
Total Incurred Claims 3,140,556$ 2,977,540$ 2,898,308$ 9,016,404$
Incurred Loss Ratio 137% 132% 141% 136%
Number of Claims 400 351 270 1,021
Lives 35,823 35,371 35,162 106,356
TOTAL
EXPERIENCE - BDEP
Policy Numbers: 681835G, 681794G Dependent All claims reported as of 07/31/2023 on an accident year basis.
PERIODS
From 09/01/2020 09/01/2021 09/01/2022
Through 08/31/2021 08/31/2022 07/31/2023
Constant Premium 120,010$ 131,334$ 116,809$ 368,153$
Total Paid Claims 10,001$ 10,000$ 10,001$ 30,002$
Total Incurred Claims 10,001$ 10,330$ 11,321$ 31,652$
Incurred Loss Ratio 8% 8% 10% 9%
Number of Claims 2 2 2 6
Lives 35,499 35,109 34,048 104,656
EXPERIENCE - SUPP LIFE
Policy Numbers: 681835G, 681794G Employee All claims reported as of 07/31/2023 on an accident year basis.
PERIODS
From 09/01/2020 09/01/2021 09/01/2022
Through 08/31/2021 08/31/2022 07/31/2023
Constant Premium 14,640,563$ 14,821,223$ 14,871,410$ 44,333,196$
Total Paid Claims 13,798,892$ 10,886,102$ 9,837,115$ 34,522,110$
Total Incurred Claims 13,798,892$ 11,350,902$ 11,696,315$ 36,846,110$
Incurred Loss Ratio 94% 77% 79% 83%
Number of Claims 211 190 135 536
Lives 17,063 16,598 16,057 49,718
EXPERIENCE - SUPP DEP
Policy Numbers: 681835G, 681794G Dependent All claims reported as of 07/31/2023 on an accident year basis.
PERIODS
From 09/01/2020 09/01/2021 09/01/2022
Through 08/31/2021 08/31/2022 07/31/2023
Constant Premium 2,665,717$ 2,437,298$ 2,131,820$ 7,234,834$
Total Paid Claims 2,488,905$ 2,142,261$ 1,507,855$ 6,139,021$
Total Incurred Claims 2,488,905$ 2,194,496$ 1,716,798$ 6,400,200$
Incurred Loss Ratio 93% 90% 81% 88%
Number of Claims 71 66 53 190
Lives 12,862 11,062 10,367 34,291
EXPERIENCE - BASIC STANDALONE AD&D
Policy Numbers: 681835G, 681794G Employee All claims reported as of 07/31/2023 on an accident year basis.
PERIODS
From 09/01/2020 09/01/2021 09/01/2022
Through 08/31/2021 08/31/2022 07/31/2023
Constant Premium 54,020$ 24,456$ 22,965$ 101,440$
Total Paid Claims 22,500$ 52,500$ 30,000$ 105,000$
Total Incurred Claims 22,500$ 53,885$ 35,540$ 111,925$
Incurred Loss Ratio 42% 220% 155% 110%
Lives 35,513 35,179 34,908 105,600
EXPERIENCE - SUPP AD&D
Policy Numbers: 681835G, 681794G Employee All claims reported as of 07/31/2023 on an accident year basis.
PERIODS
From 09/01/2020 09/01/2021 09/01/2022
Through 08/31/2021 08/31/2022 07/31/2023
Constant Premium 1,016,837$ 993,444$ 883,255$ 2,893,536$
Total Paid Claims 469,793$ 549,500$ 196,500$ 1,215,793$
Total Incurred Claims 469,793$ 565,972$ 262,387$ 1,298,151$
Incurred Loss Ratio 46% 57% 30% 45%
Lives 17,994 17,236 16,348 51,578
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