2012 Milliman Index

7/31/2019 2012 Milliman Index

1/14

1MPPMQER6IWIEVGL6ITSVX

&IGEYWISJXLI[E]IQTPS]IVWTSRWSVIHLIEPXLMRWYVERGIMWTEMHJSV

QER]JEQMPMIWQE]RSXVIEPM^IXLIGSWXSJXLIMVLIEPXLGEVIJSVEWMRKPI]IEV

MWVSYKLP]IUYMZEPIRXXSXLIGSWXSJEFEWMGQMHWM^IWIHER


2/14

)\IGYXMZIWYQQEV]

'SQTSRIRXWSJGSWX

+ISKVETLMGGSWXHMJJIVIRGIW

)QTPS]IIWvWLEVI

SJLIEPXLGEVIGSWXW

,IEPXLVIJSVQERH

LIEPXLGEVIGSWXW

8IGLRMGEPETTIRHM\


3/14

1MPPMQER

6IWIEVGL6ITSVX

1MPPMQER1IHMGEP-RHI\

1E]

)


4/14

1MPPMQER

6IWIEVGL6ITSVX


1E]

7TIGMJMGJMRHMRKW

&IX[IIRERHXLI11-MRGVIEWIHNYWXWYVTEWWMRKXLIVIGSVHMRGVIEWIWIXFIX[IIRERH

&YXXLIVIMWEWMPZIVPMRMRK8LIMRGVIEWIMRXLI11-GSWXQSHIVEXIHXSQEVOMRKXLIWIGSRH

]IEVMREVS[XLITIVGIRXEKIMRGVIEWILEWVIEGLIHERI[PS[WMRGIXLIMRGITXMSRSJXLI11-

8LMW]IEVXLIMRGVIEWIMRXLIIQTPS]IVvWTSVXMSRSJGSWXW[EWWPMKLXP]PIWWXLERXLISZIVEPPXVIRH

SJ8LIKVS[XLMRXLIIQTPS]IIvWWLEVISJGSWXW[EWWPMKLXP]QSVIXLERXLISZIVEPPXVIRHSJ

8LMWPEXXIVRYQFIVMRGPYHIWERGSWXMRGVIEWIMRTE]VSPPHIHYGXMSRWERHEMRGVIEWIMR

SYXSJTSGOIXGSWXW

3JXLIGMXMIWTVSJMPIHF]XLI11-XLIQSWXI\TIRWMZI[EW1MEQMEXERHXLIPIEWXI\TIRWMZI[EW4LSIRM\EX4LSIRM\MWSRISJXLVIISJXLIGMXMIWWXYHMIHF]XLI11-[LSWIGSWXJSVSYVJEQMP]SJJSYVVIQEMRWFIPS[

'31432)2873*'378

8LIXSXEPGSWXSJGEVIVITVIWIRXIHF]XLI11-VIJPIGXWYXMPMÊXMSRSJGEVIXLIEQSYRXGLEVKIH

JSVIEGLWIVZMGIERHXLIQM\SJWIVZMGIWXLEXEVIYWIH;II\EQMRIXLIXVIRHWMRIEGLSJXLIWI

GSQTSRIRXWJSVIEGLX]TISJQIHMGEPGEVITVSZMHIHXSSYVJEQMP]SJJSYVERHXLIRWYQQEVMÎXLSWI

XVIRHWF]JMZIQENSVGEXIKSVMIW

-RTEXMIRXJEGMPMX]GEVI

3YXTEXMIRXJEGMPMX]GEVI

4VSJIWWMSREPWIVZMGIW

4LEVQEG]

3XLIV

8LIVIEVIWIZIVEPOI]XEOIE[E]WJVSQXLMW]IEVvW

EREP]WMWSJLIEPXLGEVIWIVZMGIEVIEW

%XPIWWXLERSYXTEXMIRXGSWXMRGVIEWIW

EVIWMRKPIHMKMXJSVXLIJMVWXXMQIMRJSYV]IEVW

3YXTEXMIRXGSWXWWXMPPI\LMFMXXLILMKLIWXVEXISJMRGVIEWISJEPPQENSVGEXIKSVMIWSJGEVI

,SWTMXEPMRTEXMIRXGEVIXVIRHWEPWSI\GIIHXLI

SZIVEPPXVIRHVEXIRS[EGGSYRXMRKJSVRIEVP]EW

QYGLMRXSXEPHSPPEVWEWTL]WMGMERGEVI9XMPMÊXMSR

VIQEMRIHETTVS\MQEXIP]YRGLERKIHFYXXLI

EZIVEKIGLEVKITIVHE]MRGVIEWIH

4LEVQEG]vWVEXISJKVS[XLMWPS[IVXLERMR

HYIXSSRKSMRKMRGVIEWIWMRXLIEZEMPEFMPMX]SJ

KIRIVMGW7TIGMEPX]HVYKW[MPPLEZIERMRGVIEWMRKMQTEGXSRXVIRHWMRXLIJYXYVIFYXEVIGYVVIRXP]WXMPP

EQMRSVTSVXMSRSJGSWXW

4L]WMGMERGSWXMRGVIEWIWEVIYTFYXWXMPPPIWWXLER

SZIVEPP11-XVIRHW

8LIGSWX

MRGVIEWIMRMW

XLIPS[IWXMRXLI

LMWXSV]SJXLI11-

]IXXLIXSXEPHSPPEV

MRGVIEWISJ

MWXLILMKLIWX

*-+96)

11-%229%06%8)3*-2'6)%7)-2'3787&='31432)283*1)(-'%0'%6)

838%0 -RTEXMIRX 3YXTEXMIRX 4L]WMGMER 4LEVQEG]

'31432)283*1)(-'%0'%6)


5/14

1MPPMQER

6IWIEVGL6ITSVX


1E]

4LEVQEG]GSWXWJSVSYVJEQMP]SJJSYVMR

I\GIIHJSVXLIJMVWXXMQIERHXLI

GSWXWSJMRTEXMIRXERHSYXTEXMIRXJEGMPMX]GEVI

GSQFMRIHI\GIIH

3RETIVGIRXEKIFEWMWGSWXMRGVIEWIWEVIHS[RMR

IZIV]WIVZMGIGEXIKSV]SXLIVXLERTL]WMGMERGSWXW

3REHSPPEVFEWMWXLIMRGVIEWIMWWXMPPRSXMGIEFPIJSV

XLI11-JEQMP]SJJSYV

'SWXWEVIKSMRKYTEGVSWWEPPWIVZMGIGEXIKSVMIWERHMRIEGLGEXIKSV]XLIXSXEPMWIRSYKLXS

GSRWXMXYXIEWMKRMJMGERXLSYWILSPHI\TIRWI

*SVER]KMZIRJEQMP]XLIWIGSWXWQE]ZEV][MXL

QER]JEQMPMIWEGGYQYPEXMRKPIWWXLERMRQIHMGEPGSWXWXLMW]IEVERHSXLIVWWIIMRK

I\TIRWIWMRI\GIWWSJ8LMWOMRHSJZEVMERGIMWXSFII\TIGXIH-RWYVERGILIPTW

QEOILIEPXLGEVIEQSVITVIHMGXEFPII\TIRWIJSV

XLIWIJEQMPMIWF]WTVIEHMRKXLIVMWOERHI\TIRWI

EGVSWWXLIMRWYVERGITSSPERHSZIVETVSPSRKIH

TIVMSHSJXMQI

;LMPIQER]SJXLIWII\TIRWIWVIQEMRSFWGYVIH

XSXLIGSRWYQIVERH[LMPIXLIVIMWQYGLZEVMEXMSRJVSQ]IEVXS]IEVSREZIVEKIXLIWIGSWXWUYMIXP]

GSRWXMXYXIEQSRKXLILMKLIWXLSYWILSPHI\TIRWIW

JSVQER]JEQMPMIW*SVI\EQTPITLEVQEG]GSWXWJSV

SYVJEQMP]SJJSYVMRI\GIIHJSVXLIJMVWXXMQIERHXLIGSWXWSJMRTEXMIRXERHSYXTEXMIRX

JEGMPMX]GEVIGSQFMRIHI\GIIH)ZIR[LIRHMZMHIHYTXLITMIGIWSJETMIEVITVIXX]FMK *-+96)

11-'31432)2873*74)2(-2+

-24%8-)28

3984%8-)284,=7-'-%2

4,%61%'=

38,)6

*-+96)

11-%229%074)2(-2++63;8,&='31432)283*'%6)

-RTEXMIRX 3YXTEXMIRX 4L]WMGMER 4LEVQEG] 3XLIV

'31432)283*1)(-'%0'%6)


6/14

1MPPMQER

6IWIEVGL6ITSVX


1E]

+)3+6%4,-''378(-**)6)2')7

;LMPIXLIYRHIVP]MRKHVMZIVWSJLIEPXLGEVIGSWXWEVIYPXMQEXIP]XLIWEQI{XLIGSWXSJWIVZMGIW

TVSZMHIHERHXLIZSPYQISJWIVZMGIWYXMPM^IH{XLI]ZEV]JVSQSRIPSGEXMSRXSERSXLIV)ZIV]]IEV

XLI11-I\EQMRIWGSWXWMRHMJJIVIRXGMXMIWEGVSWWXLI9RMXIH7XEXIWEWE[E]SJMPPYWXVEXMRKXLI

VIKMSREPREXYVISJLIEPXLGEVIGSWXW

8LMW]IEVEPPFYXXLVIISJXLIGMXMIWWXYHMIHI\GIIHIHMRXLIGSWXSJGEVIJSVXLIX]TMGEPJEQMP]SJJSYV%WLEWFIIRXLIGEWIJSVWIZIVEP]IEVW1MEQM[EWXLIQSWXI\TIRWMZIGMX]WXYHMIHERH4LSIRM\[EWXLIPIEWXI\TIRWMZI-RXLIHMJJIVIRGIMRGSWXFIX[IIRXLIX[SGMXMIWMWRIEVP]EXLMVHSJXLIREXMSREPEZIVEKI11-

8LIVIEVIERYQFIVSJVIEWSRW[L]GSWXWJSVER]WTIGMJMGJEQMP]MRSRISJXLIWIGMXMIW[MPPZEV]

JVSQXLIREXMSREPEZIVEKI*SVGSQTEVMWSRTYVTSWIWXLI11-IUYEPM^IWJSVHMJJIVIRGIWWYGLEW

TPERHIWMKRERHHIQSKVETLMGW;LEXvWPIJXMRXLIMPPYWXVEXIHHMJJIVIRXMEPWF]GMX]MWEVIJPIGXMSRSJ

HMJJIVIRGIWMRLS[GEVIMWHIPMZIVIHEW[IPPEWXLIEQSYRXXLEXTVSZMHIVWERHTE]SVWRIKSXMEXIEW

TE]QIRXJSVWIVZMGIW

*-+96)

4)6')28%+)3*2%8-32%0%:)6%+)

2EXMSREP

'MX] 11- 4IVGIRXEKI

1MEQM

2I[=SVO'MX]

'LMGEKS

&SWXSR

4LMPEHIPTLME

1IQTLMW

1MRRIETSPMW

;EWLMRKXSR('

0SW%RKIPIW

2EXMSR[MHI

(IRZIV

(EPPEW

7IEXXPI

%XPERXE

4LSIRM\


7/14

1MPPMQER

6IWIEVGL6ITSVX


1E]

)1403=))7v7,%6)3*,)%08,'%6)'3787

-RSVHIVXSYRHIVWXERHXLIHVMZIVWFILMRHXLIIQTPS]IVERHIQTPS]IITSVXMSRWMXMWRIGIWWEV]XSGPIEVP]

HIJMRIIEGLWSYVGISJTE]QIRXJSVQIHMGEPGEVI*SVXLI11-[IYWIXLVIIQEMRGEXIKSVMIW

)QTPS]IVWYFWMH])QTPS]IVWWYFWMHM^IETSVXMSRSJXLIQSRXLP]TVIQMYQGSWXWJSVXLIMVIQTPS]IIWvGSZIVEKI

)QTPS]IIGSRXVMFYXMSRW)QTPS]IIW[LSGLSSWIXSTEVXMGMTEXIMRXLITPERTE]XLIVIQEMRHIVSJXLI

QSRXLP]TVIQMYQGSWXWYWYEPP]XLVSYKLTE]VSPPHIHYGXMSRW

)QTPS]IISYXSJTSGOIXGSWXEXXMQISJWIVZMGI)QTPS]IIW[LS

VIGIMZIGEVIQE]LEZIGSTE]WHIHYGXMFPIWERHSXLIVHIWMKR

IPIQIRXWXLEXEVITEMHSYXSJTSGOIXEXXLIXMQISJWIVZMGI

-RXSXEPIQTPS]IVWGSRXMRYIXSWLSYPHIVXLIPEVKIVWLEVISJXLIWIGSWXW

,S[IZIVMREPPFYXSRI]IEVFIX[IIRERHIQTPS]IIGSWXW

MRGVIEWIHF]EKVIEXIVTIVGIRXEKIXLERIQTPS]IVGSWXW

*MKYVIWLS[WXLIVIPEXMZITVSTSVXMSRWSJIEGLSJXLIWIXLVIIGEXIKSVMIW3JXLIQIHMGEPGSWXJSVEJEQMP]SJJSYVXLIIQTPS]IVTE]WEFSYXMRIQTPS]IVWYFWMH][LMPIXLIIQTPS]IITE]WXLIVIQEMRMRKGSRWMWXMRKSJMRIQTPS]IIGSRXVMFYXMSRWERHMRIQTPS]IISYXSJTSGOIXGSWXW

3YXSJTSGOIXGSWXWEVISJTEVXMGYPEVWMKRMJMGERGIKMZIR44%'%vWJSGYW

SREGXYEVMEPZEPYIEGSRGITXTVIHMGEXIHSRXLITIVGIRXEKISJETPERvW

GSWXWXLEXMWTEMHSYXSJTSGOIXF]XLIMRWYVIH*MKYVIMRHMGEXIWLS[

EW[EWXLIGEWIPEWX]IEVXLI11-vWTPERVIQEMRWWPMKLXP]FIXXIVXLER

EKSPHTPEREWHIJMRIHF]44%'%8LI11-TPERLEWQEMRXEMRIHE

VIPEXMZIP]WXEFPIEGXYEVMEPZEPYISZIVXMQIFIGEYWIIQTPS]IVWX]TMGEPP]

EHNYWXXLIMVTPERHIWMKRWSRERERRYEPFEWMWXSOIITTEGI[MXL

MRGVIEWIWMRXLIYRHIVP]MRKQIHMGEPXVIRH-JRSWYGLEHNYWXQIRXW[IVI

QEHIERHHIHYGXMFPIWERHGSTE]WVIQEMRIHWXEXMGXLITPER[SYPHFIGSQIVMGLIVERH[SYPHIZIRXYEPP]I\GIIHXLI TPEXMRYQXLVIWLSPH

-REHHMXMSRXSEX]TMGEP443TPERQER]IQTPS]IVWEVI

TVSZMHMRKIQTPS]IIWERSTXMSRXLEXMRGPYHIWLMKLIV

SYXSJTSGOIXGSWXWLEVMRKMRI\GLERKIJSVIQTPS]IV

GSRXVMFYXMSRWXSELIEPXLWEZMRKWEGGSYRXERHPS[IV

TE]VSPPHIHYGXMSRW7SQIFIPMIZIXLEXXLIWIOMRHW

SJLMKLHIHYGXMFPIGSRGITXWPIEHXSKVIEXIVGSWX

E[EVIRIWWF]TEXMIRXW%PSRKXLIWIPMRIWWSQITPERW

XLEXQE]FIGSQIEZEMPEFPIXLVSYKLXLIWXEXIMRWYVERGI

I\GLERKIWQE]GSRXEMRPS[IVEGXYEVMEPZEPYIWXLERXLI

X]TISJTPERI\IQTPMJMIHF]XLI11-

6)0%8-:)4634368-3273*1)(-'%0'3787

)1403=)6

'3286-&98-32

)1403=))

'3286-&98-32

)1403=))

3983*43'/)8

*-+96)

*-+96)

1-00-1%21)(-'%0-2()


8/14

1MPPMQER

6IWIEVGL6ITSVX


1E]

*MKYVIWERHMPPYWXVEXILS[GSWXWLEVMRKLEWIZSPZIHSZIVXMQI-RIQTPS]IVWEWWYQIHSJXLIXSXEPMRGVIEWI)QTPS]IIWWE[EHSPPEVMRGVIEWISJ8LIIQTPS]IIvWMRGVIEWIMRXLIEQSYRXSJSYXSJTSGOIXGSWXWERHTE]VSPPHIHYGXMSRW[EWPIWWXLERXLITVMSV]IEV[LIRIQTPS]IIW

JEGIHEGSWXMRGVIEWI

-RXLITEWX]IEVXLI11-TPERHMHRSXYRHIVKSWMKRMJMGERXHIWMKRGLERKIW0SRKXIVQIQTPS]IVW

QE]FIPSSOMRKJSVRI[HIWMKRGSRGITXWXLEX

XEGOPIXLISRKSMRKGSWXGSRXVSPGLEPPIRKI(IWMKR

GSRGITXWYRHIVGSRWMHIVEXMSRQE]MRGPYHIE

TSWWMFPIQSZIXS[EVHMRGVIEWIHYWISJHIJMRIH

GSRXVMFYXMSRGSRGITXWERHGSRXMRYIHQSQIRXYQ

XS[EVHLMKLHIHYGXMFPITPERWSVTPERWPIZIVEKMRK

EGGSYRXEFPIGEVISVKERM^EXMSRW%'3W

-RIQTPS]IVWEWWYQIH

SJXLIXSXEPMRGVIEWI)QTPS]IIW

WE[EHSPPEVMRGVIEWISJ

1)(-'%0'378&=7396')3*4%=1)28

)QTPS]IV4EMH'SWX )QTPS]II4E]VSPP(IHYGXMSR'SWX )QTPS]II'SWX7LEVMRK

'SQFMRIH

)QTPS]II'SWX

*-+96)

*-+96)

%229%0-2'6)%7)-274)2(-2+740-8&=)1403=)6%2()1403=))4368-327

)1403=))4%=6300

()(9'8-32

)1403=)64368-32

)1403=))3983*43'/)8

'3787,%6-2+

)1403=)6)1403=))838%01)(-'%0'378


9/14

1MPPMQER

6IWIEVGL6ITSVX


1E]

,)%08,6)*361%2(,)%08,'%6)'3787

44%'%MRWXMXYXIW[MHIWTVIEHGLERKIWXSXLILIEPXLGEVIW]WXIQ;MXLXLIGSRWXMXYXMSREPMX]SJXLI

PE[GYVVIRXP]YRHIVWGVYXMR]F]XLI977YTVIQI'SYVXXLIVIEVIWIZIVEPWGIREVMSWJSVXLIJYXYVISJ

%QIVMGERLIEPXLGEVI44%'%QE]FIYTLIPHIRXMVIP]MXQE]FISRP]TEVXMEPP]YTLIPHSVMXQE]FIWXVYGO

HS[RIRXMVIP]

;LMPIIEGLSJXLIWIWGIREVMSWLEWMQTPMGEXMSRWJSVLS[LIEPXLGEVIMWEGGIWWIHERHJMRERGIHXLI]EVIRSX

RIGIWWEVMP]WMKRMJMGERX[LIRMXGSQIWXSEGXYEPLIEPXLGEVIGSWXW,IEPXLGEVIGSWXHVMZIVWMRGPYHIXLIGSWX

SJWIVZMGIWERHXLIZSPYQISJWIVZMGIWYWIH8LIQEMRJSGYWSJ44%'%MWSRI\TERHMRKGSZIVEKIERHSR[LSWLSYPHTE]JSVXLIWIWIVZMGIW44%'%GSRXEMRWPMQMXIHHMVIGXJSGYWSRVIHYGMRKSZIVEPPLIEPXLGEVI

WTIRHMRKJSVEJEQMP]SJJSYVGSZIVIHF]ERIQTPS]IVWTSRWSVIH443

8LIVIEVIMQTPMGEXMSRWJSVGSRWYQIVWIQTPS]IVWTVSZMHIVWERHXLIJIHIVEPKSZIVRQIRX;I[MPPI\EQMRI

XLIMQTPMGEXMSRWJSVIEGLSJXLIWITSMRXWSJZMI[

'32791)67

)QTPS]IIWVIGIMZMRKLIEPXLGEVIGSZIVEKIEWEFIRIJMXSJIQTPS]QIRXQE]LEZIEPVIEH]RSXMGIHGLERKIW

XLEXEVIHYIXS44%'%8LSWIMRGPYHIFIRIJMXIPMKMFMPMX]JSVEHYPXHITIRHIRXWYTXSEKIGSZIVEKISJ

TVIZIRXMZIGEVI[MXLSYXER]SYXSJTSGOIXGSWXWLEVMRKERHIPMQMREXMSRSJQE\MQYQFIRIJMXPMQMXW;LEX[MPPXLI]WIIMRXLIGSQMRK]IEVW#

;MXL44%'%JYPP]MRXEGX

-J44%'%TVSGIIHWJYPP]MRXEGXXLIRXLIGLERKIWJSVIQTPS]IIW[MPPHITIRHSR[LEXWXVEXIK]XLIMV

IQTPS]IVHIGMHIWXSYXMPM^I7SQIIQTPS]IVW[MPPVIXEMRXLIWEQIFEWMGFIRIJMXWXVYGXYVIFYXQE]

MQTPIQIRXPEVKIVXLEREZIVEKIMRGVIEWIWMRSYXSJTSGOIXGSWXWLEVMRKSVTE]VSPPGSRXVMFYXMSRWXS[EVH

TVIQMYQMRSVHIVXSSJJWIXXLIMRGVIEWIHIQTPS]IVSFPMKEXMSRWVIUYMVIHF]44%'%

7SQIIQTPS]IIWQE]HIGMHIXLEXXLI]TVIJIVXLILIEPXLGEVIGSZIVEKITVSZMHIHXLVSYKLXLII\GLERKI

3XLIVIQTPS]IIWQE]FIJSVGIHXSTYVWYIEPXIVREXMZIWMJXLIMVIQTPS]IVWXIVQMREXILIEPXLGEVI

GSZIVEKIERHTSWWMFP]VITPEGIMX[MXLGEWLGSQTIRWEXMSR-RIMXLIVGEWIMJIQTPS]IIWFIGSQI

VIWTSRWMFPIJSVTYVGLEWMRKXLIMVS[RLIEPXLGEVIGSZIVEKIXLIRXLI][SYPHPMOIP]JMRHQSVIGSZIVEKI

STXMSRWXLER[IVITVIZMSYWP]EZEMPEFPIXSXLIQ[LIRXLIMVIQTPS]IVWTVIWIPIGXIHEQIRYSJSTXMSRW

8LI]QMKLXFIWYVTVMWIHLS[IZIVXSWIIXLIXSXEPTVIQMYQGSWXFIGEYWIXLI]LEZITSXIRXMEPP]FIIRMRWYPEXIHJVSQXLIXSXEPGSWXSJGEVI

;MXLRSMRHMZMHYEPQERHEXI

)QTPS]IIW[MXLGSZIVEKIEZEMPEFPIXLVSYKLXLIMVIQTPS]IVWTSRWSVIHLIEPXLTPERWGYVVIRXP]QEOIE

HIGMWMSREFSYX[LIXLIVTEVXMGMTEXMSRMWVMKLXJSVXLIQ;MXLSYXXLIMRHMZMHYEPQERHEXIXLI][SYPH

GSRXMRYIXSQEOIEWMQMPEVHIGMWMSRFEWIHSRXLITPERSTXMSRWSJJIVIHXLIMVTIVWSREPJMRERGMEP

WMXYEXMSRERHTIVGIMZIHTSXIRXMEPRIIHJSVLIEPXLGEVI

2S44%'%

-JEPPTVSZMWMSRWSJ44%'%[IVIWXVYGOHS[RSVVITIEPIHXLIRGSRWYQIVW[SYPHFIMREWMXYEXMSR

WMQMPEVXS[LIVIXLI]EVIRS[*YVXLIVQSVIXLIMVIQTPS]IVWQE]HIGMHIXSVSPPFEGOWSQISJXLI

GLERKIWEPVIEH]MQTPIQIRXIHWYGLEWGSZIVMRKHITIRHIRXWYTXSEKI


10/14

1MPPMQER

6IWIEVGL6ITSVX


1E]

)1403=)67

)QTPS]IVWLEZIFIIRMQTPIQIRXMRKGLERKIWXSGSQTP][MXL44%'%SZIVXLIPEWXX[S]IEVWMRGPYHMRK

I\XIRHMRKIPMKMFMPMX]XSEHYPXHITIRHIRXWYTXSEKIGSZIVMRKTVIZIRXMZIGEVI[MXLRSSYXSJTSGOIX

GSWXWLEVMRKTVSZMHMRKYRPMQMXIHPMJIXMQIFIRIJMXQE\MQYQWERHSXLIVGSZIVEKIVIUYMVIQIRXTVSZMWMSRW

)QTPS]IVWXLEX[ERXIHXSHIPE]WSQISJXLIIEVP]VIUYMVIQIRXWSJ44%'%GSYPHHSWSF]QEMRXEMRMRK

KVERHJEXLIVIHWXEXYW


4VSEGXMZIIQTPS]IVWLEZIFIIRTPERRMRKXLIMVFIRIJMXWXVEXIKMIWXSFIMRGSQTPMERGI[MXL44%'%

(ITIRHMRKSRXLITEVXMGYPEVWSJXLIMV[SVOJSVGIWERHI\MWXMRKFIRIJMXTPERWXLI]QE]I\TIGXMRGVIEWIH

GSWXWXLEXEVIHYIXSQSVIIQTPS]IIWFIMRKIPMKMFPIJSVERHTEVXMGMTEXMRKMRXLITPER3XLIVGSWX

HVMZIVWMRGPYHIWIPIGXMSRVMWOJIIWERHTSXIRXMEPTIREPXMIWERI\GMWIXE\JSVZIV]I\TIRWMZITPERW

ERHXLITSWWMFMPMX]XLEXEYXSQEXMGIRVSPPQIRXQEXIVMEPP]MQTEGXWTPERIRVSPPQIRX*SVXLIQSWXTEVX

IQTPS]IVWEVITPERRMRKXSEHNYWXXLIMVTPERWXSSJJWIXXLIWIGSWXW-RSXLIV[SVHW44%'%vWVIUYMVIH

GLERKIWXLEXWLMJXQSVISJXLIJMRERGMEPFYVHIRXSXLIIQTPS]IVEVIFIMRKSJJWIXF]SXLIVGLERKIWXLEX

IMXLIVVIHYGIXLISZIVEPPGSWXSJGEVIERHSVTEWWEWMQMPEVTSVXMSRSJGSWXWFEGOXSXLIIQTPS]II

-RWSQIGEWIWXLITSWWMFMPMX]SJIPMQMREXMRKSVWYFWXERXMEPP]VIHYGMRKGSZIVEKIMWSRISJXLISTXMSRW

YRHIVGSRWMHIVEXMSRIZIRXLSYKLXLIVIEVITIREPXMIWXLEXSJJWIXWSQISJXLIWEZMRKW7QEPPIQTPS]IVW

QE]LEZIEHHMXMSREPSTXMSRWMRGPYHMRKXLI7QEPP&YWMRIWW,IEPXL3TXMSRW4VSKVEQ7,34I\GLERKI

SVHVSTTMRKGSZIVEKI[MXLSYXXLIWEQITIREPXMIWJEGMRKPEVKIIQTPS]IVW


8LITVIWIRGISJERMRHMZMHYEPQERHEXILEWPMXXPIIJJIGXSRIQTPS]IVWYRPIWWSXLIVTVSZMWMSRWWYGLEW

EYXSQEXMGIRVSPPQIRXMRXSXLIIQTPS]IVvWTPER[SYPHEPWSFIIPMQMREXIH*SVEJYPP]MRWYVIHIQTPS]IV

WYGLEWWQEPPKVSYTWXLIVIGSYPHFIERIJJIGXSRMRWYVERGITVIQMYQWMJKYEVERXIIHMWWYIVIQEMRW

WMRGIXLIEZIVEKILIEPXLWXEXYWSJIQTPS]IIWGSZIVIHMRXLMWWGIREVMSQE]GLERKI8LMWHSIWRSX

LS[IZIVWYFWXERXMEPP]GLERKIXLIYRHIVP]MRKGSWXSJGEVIJSVXLIX]TMGEPJEQMP]SJJSYV

2S44%'%

-JEPPSJ44%'%[IVIIPMQMREXIHIEGLIQTPS]IV[SYPHJEGIXLIHIGMWMSRSJ[LIXLIVXSVSPPFEGO

TPERGLERKIWXLEXLEZIEPVIEH]FIIRQEHIERHMRWSQIGEWIWLEZIEPVIEH]FIGSQIZEPYIH

FIRIJMXWJSVIQTPS]IIW

,E]RIW6'LERMR.&SRWII4,IEPXLGEVIVIJSVQERHIQTPS]IVW2I\XWXITW1MPPMQER-RWMKLX3GXSFIV%GGIWWIH1E]EXLXXTMRWMKLXQMPPMQERGSQEVXMGPITLT#GRXMH!YXQCWSYVGI!LIEPXLGEVIYXQCQIHMYQ![IFYXQCGSRXIRX!YXQCGEQTEMKR!1MPPMQER3R

,IEPXLGEVI

3v'SRRSV.4EXMIRX4VSXIGXMSRERH%JJSVHEFPI'EVI%GX-QTPMGEXMSRWSJ7XEXYWEWE+VERHJEXLIVIH4PER&IRIJMXW

5YEVXIVP]*MVWX5YEVXIV%GGIWWIH1E]EX[[[MJIFTSVKMRJSVIUYIWXTHJ


11/14

1MPPMQER

6IWIEVGL6ITSVX


1E]

463:-()67

4VSZMHIVWJEGIERYQFIVSJRI[SFPMKEXMSRWYRHIV44%'%ERHXLI]LEZIEPVIEH]FIKYRXSXEOISR

MRGVIEWIHJMRERGMEPVMWOMR[E]WXLEXEPXIVXLIJIIJSVWIVZMGIH]REQMGXLEXLEWGVIEXIHETIVZIVWIMRGIRXMZI

XSYXMPM^IGEVI;LMPI44%'%vWTVMQEV]JSGYWMWSRLIEPXLMRWYVERGIVIJSVQMXQE]PIEHXSGLERKIWMRXLI

[E]XLEXTVSZMHIVW[SVOERHEVITEMH4VSZMHIVWQE]QSZIXS[EVHQSVIEGGSYRXEFPIGEVIERHTVSZMHIV

VMWOWLEVMRKQE]PIEHXSERMQTVSZIHLIEPXLGEVIGSWXIRZMVSRQIRX


44%'%MRXVSHYGIWXLITSWWMFMPMX]JSVTVSZMHIVWXSSJJIVRI[EVVERKIQIRXWWYGLEW%'3W8LIWI

GSRGITXWEVIEPVIEH]FIMRKI\TPSVIHF]TL]WMGMERWERHLSWTMXEPW[MXLIQTPS]IVWERHMRWYVIVW3ZIV

XLIPSRKXIVQXLIX]TMGEPJEQMP]SJJSYVQE]JMRHXLIWISTXMSRWEZEMPEFPIXLVSYKLMXWIQTPS]IVWSVSR

MRWYVERGII\GLERKIW

;MXLJI[IVTISTPIYRMRWYVIHTVSZMHIVW[MPPWIIPIWWYRGSQTIRWEXIHGEVI,S[IZIVXLI]QE]JEGI

GETEGMX]MWWYIWERHERMRJPY\SJTEXMIRXWGSZIVIHF]1IHMGEMHQE]EPWSLEZIGSQTIRWEXMSRMQTPMGEXMSRW


9T[EVHGSWXTVIWWYVIWEVIQSVITVSFEFPI;MXLSYXXLIMRHMZMHYEPQERHEXIXLIVI[MPPFIJI[IV

MRGIRXMZIWJSVYRMRWYVIHMRHMZMHYEPWXSTYVGLEWIMRWYVERGIYRPIWWXLI]LEZIWMKRMJMGERXLIEPXLGEVI

RIIHW3ZIVXMQIXLMWQE]GVIEXIEHZIVWIWIPIGXMSRERHHVMZIYTMRWYVERGITVIQMYQWVIWYPXMRKMRQSVIYRMRWYVIHTEXMIRXW

2S44%'%

44%'%MWNYWXSRIJSVGIEPVIEH]QSXMZEXMRKGLERKIWF]TVSZMHIVWMRLS[XLI]HIPMZIVGEVIXSEJEQMP]

SJJSYVERHLS[XLI]EVIGSQTIRWEXIHJSVXLEXGEVI1ER]MRMXMEXMZIWXLEXTVSZMHIVWEVII\TPSVMRKXS

MQTVSZIGEVIHIPMZIV]WYGLEWTEXMIRXGIRXIVIHQIHMGEPLSQIW4'1,QE]GSRXMRYIIZIR[MXLSYX44%'%8LITVIWWYVIWXSPS[IVLIEPXLGEVIGSWXWMRGPYHMRKEJSGYWSRTVSZMHIVVIMQFYVWIQIRX

GSSVHMREXMSRSJGEVIERHREVVS[IVRIX[SVOW[MPPRSXKSE[E]

4VSIFWXMRK(;L]LSWTMXEPGSWXWLMJXMRKMWRSPSRKIVEZMEFPIWXVEXIK]1MPPMQER

-RWMKLX.YRI%GGIWWIH1E]EXLXXTMRWMKLXQMPPMQERGSQEVXMGPITLT#GRXMH!YXQCWSYVGI!WIEVGLYXQCQIHMYQ![IFYXQCGSRXIRX!YXQCGEQTEMKR!7IEVGL

,SYGLIRW41IEWYVMRKXLIWXVIRKXLSJXLIMRHMZMHYEPQERHEXI1MPPMQER-RWMKLX1EVGL

%GGIWWIH1E]EX LXXTMRWMKLXQMPPMQERGSQEVXMGPITLT#GRXMH!YXQCWSYVGI!LIEPXLVIJSVQYXQCQIHMYQ![IFYXQCGSRXIRX!YXQCGEQTEMKR!1MPPMQER3R

,IEPXLGEVI

7RSSO8,EVVMW6%HZIVWIWIPIGXMSRERHXLIMRHMZMHYEPQERHEXI1MPPMQER-RWMKLX

3GXSFIV%GGIWWIH1E]EXLXXTMRWMKLXQMPPMQERGSQEVXMGPITLT#GRXMH!YXQCWSYVGI!WIEVGLYXQCQIHMYQ![IFYXQCGSRXIRX!YXQCGEQTEMKR!7IEVGL


12/14

1MPPMQER

6IWIEVGL6ITSVX


1E]

+3:)621)28

8LIKSZIVRQIRXMWF]JEVXLIPEVKIWXTYVGLEWIVSJLIEPXLGEVIWIVZMGIWWSMXWEGXMSRWEWELIEPXLGEVI

TYVGLEWIVEJJIGXXLIVIWXSJXLIQEVOIX-REHHMXMSRKSZIVRQIRXVIKYPEXMSRWWXVSRKP]MRJPYIRGIXLIREXYVI

SJIQTPS]IVWTSRWSVIHLIEPXLGEVIFIRIJMXWERHGERMRJPYIRGITPERWZMEQERHEXIWERHXE\IW

;MXL44%'%JYPP]MRXEGX;LIRJYPP]MQTPIQIRXIH44%'%[SYPHVIHYGIXLIRYQFIVSJXLIYRMRWYVIHERHMRXYVRXLIEQSYRX

SJYRGSQTIRWEXIHGEVI-RXLISV]XLMW[SYPHVIHYGIGSWXWLMJXMRKF]TVSZMHIVWERHVIHYGIXLIGLEVKI

JSVLIEPXLGEVIWIVZMGIWXLEXMWTEMHF]MRWYVIHTPERW3JJWIXXMRKXLMWIJJIGXMWXLIMRGVIEWIMR1IHMGEMH

IRVSPPIIW&IGEYWI1IHMGEMHX]TMGEPP]VIMQFYVWIWWYFWXERXMEPP]PIWWXLERSXLIVTE]SVWTVSZMHIVW[MXL

WYFWXERXMEP1IHMGEMHTEXMIRXWX]TMGEPP]WYFWMHM^IXLI1IHMGEMHGEVIXLI]TVSZMHIXLVSYKLGLEVKIWXS

SXLIVTE]SVWWYGLEWGSQQIVGMEPMRWYVIVW


)ZIR[MXLSYXXLIMRHMZMHYEPQERHEXIXLIVIEVISXLIVMRGIRXMZIWWYGLEWWYFWMHMIWXLEXGSYPHIRXMGI

WSQITVIZMSYWP]YRMRWYVIHMRHMZMHYEPWXSSFXEMRGSZIVEKI-JXLIWIIJJSVXW[IVIYRWYGGIWWJYPMR

WYFWXERXMEPP]MRGVIEWMRKXLIRYQFIVSJGMXM IRW[MXLGSZIVEKIXLIKSZIVRQIRXQMKLXWXMPPJEGITVIWWYVI

XSVIHYGIXLIRYQFIVSJYRMRWYVIHW

2S44%'%

%PXLSYKLSTMRMSRWEFSYX[LEXWSPYXMSRWXLIGSYRXV]WLSYPHTYVWYIEVIHMZIVWIKSZIVRQIRXPIEHIVW

EGVSWWXLITSPMXMGEPWTIGXVYQEKVIIXLEXXLIGYVVIRXEGGIWWERHGSWXH]REQMGWEVIRSXWYWXEMREFPI-J

44%'%MWSZIVXYVRIHXLIWIH]REQMGW[MPPGSRXMRYIXSFITVSFPIQWMRWIEVGLSJWSPYXMSRW

-14%'83211-*%1-0=3**396

;LMPIWIZIVEPEWTIGXWSJLIEPXLGEVIVIJSVQ[SYPHLEZIQIERMRKJYPMQTEGXSRXLIGSWXSJMRWYVERGI

GSZIVEKIXLIIJJIGXSRXLIXSXEPGSWXSJGEVIMWZIV]PMQMXIHJSVSYVJEQMP]SJJSYV*SVI\EQTPIQIHMGEP

PSWWVEXMSVYPIWERHWXVMRKIRXVIZMI[SJLIEPXLMRWYVERGIMRGVIEWIWQE]VIHYGIMRWYVIVTVSJMXWERHEPWSTYX

TVIWWYVISRMRWYVIVWXSFIEWIJJMGMIRXERHPS[GSWXEWTSWWMFPI&YXXLIGSWXSJGEVIJSVXLMWJEQMP]SJJSY

MWWXMPP[LMGLI\GPYHIWMRWYVIVTVSJMXWERHEHQMRMWXVEXMZII\TIRWIW

;LMPIIJJSVXWXSFIQSVIEHQMRMWXVEXMZIP]IJJMGMIRXQE]PIEHXSPS[IVTVIQMYQWXLI]HSRSXHMVIGXP]EJJIGXXLIGSWXSJHIPMZIVMRKLIEPXLGEVIXSXLI11-JEQMP]SJJSYV

;LEX[MPPMXXEOIXSWMKRMJMGERXP]EJJIGXXLIGSWXSJGEVI#7SQISJXLIQSZIQIRXWEPVIEH]YRHIV[E]QE]

LIPT)\EQTPIWMRGPYHIFIXXIVGEVIGSSVHMREXMSREJSGYWSRSYXGSQIWERHIJJMGMIRG]MRGVIEWIHTEXMIRX

EGGSYRXEFMPMX]ERHLIEPXLMIVPMJIWX]PIGLSMGIW

;LIXLIVXLIREXMSRMWRI\XHIFEXMRKRI[PIKMWPEXMSRJVSQWGVEXGLSVRI\XWXITWXSXEOIYWFI]SRHXLI

JMRERGMRKMWWYIWSJ44%'%XSQIERMRKJYPGSWXVIJSVQWXLIEQSYRXWEXWXEOI[MPPRSXKSYRRSXMGIH

;LMPIWIZIVEPEWTIGXWSJLIEPXLGEVIVIJSVQ[SYPH

LEZIQIERMRKJYPMQTEGXSRXLIGSWXSJMRWYVERGI

GSZIVEKIXLIIJJIGXSRXLIXSXEPGSWXSJGEVIMW

ZIV]PMQMXIHJSVSYVJEQMP]SJJSYV


13/14

1MPPMQER

6IWIEVGL6ITSVX


1E]

8)',2-'%0%44)2(-

2012 Milliman Index

Documents