Zi Xiang Low

FSA, FIA, MAAA

Principal & Consulting Actuary

Seattle, WA, US

Zi Xiang Low is a principal with the Life Practice in Milliman’s Seattle office. He joined the firm in 2011.

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Experience

Since joining Milliman, Zi Xiang has worked on a large variety of life insurance projects. His experience includes working on actuarial appraisals for M&A transactions across the United States, Southeast Asia and India, as well as assisting clients in the areas of financial reporting, pricing, appointed actuary services, and model validation.

In recent years, Zi Xiang has managed and contributed to projects related to model development for statutory reporting, M&As, and reinsurance transactions with a strong focus on variable annuities, fixed indexed annuities, and structured annuities.

Zi Xiang is a regular speaker on the topic of VM21 at the American Academy of Actuaries’ (AAA) Principle-Based Reserving Boot camp.

Zi Xiang is a strong Integrate® user and has prior experience in using Prophet.

Zi Xiang is currently a member of the AAA’s PBR Implementation subcommittee and Variable Annuity Reserve and Capital working group.

Zi Xiang is fluent in both English and Mandarin.

Publications and Presentations

“Proposed Changes to US GAAP: An impact analysis of proposed targeted improvements,” June 2017.“U.S. GAAP Targeted Improvements for Long Duration Insurance Contracts,” September 2018.“The Withdrawal Delay Cohort under VM21: The case for random sampling,” March 2019.“VM21 Survey Report,” January 2020 / October 2020.“Principle-based Reserving Impact on Fixed Indexed Annuity Pricing,” October 2020.“Fixed Indexed Annuity overview in the U.S. and Japan,” November 2023.“Current state of principle-based reserving for non-variable annuities,” May 2024.

Professional Designations

Fellow, Society of Actuaries
Fellow, Institute and Faculty of Actuaries
Member, American Academy of Actuaries

Education

First Class Honors Degree in Bachelor of Commerce, Actuarial Studies, University of Melbourne, 2010

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Publications

Read their latest work

Article

Navigating AG 55: A hypothetical insurance case study

13 March 2026 - by Yan Fridman, Zi Xiang Low, Galin Mitchener, Zohair Motiwalla, Bill Sayre, Shang Xu

With the initial filing for Actuarial Guideline 55 just around the corner, we offer a case study that illustrates key implications for insurers.

Article

米国VM-22への対応：検討すべき主なポイント

11 July 2025 - by Aatman Dattani, Zi Xiang Low, Yan Fridman, Karthik Yadatore, Zohair Motiwalla

米国VM-22の下で導入される変額以外の年金向け原則主義方式準備金積立（PBR）の法定フレームワークへの対応にあたり、保険会社が検討すべき主なポイントをいくつかご紹介します。

Article

VM-22 readiness: Key areas for consideration

11 July 2025 - by Aatman Dattani, Zi Xiang Low, Yan Fridman, Karthik Yadatore, Zohair Motiwalla

We highlight some key areas for insurers to consider for the upcoming principle-based reserving statutory framework for non-variable annuities under VM-22.

Article

変額年金以外の年金に対するPrinciple Based Reserving（VM-22）に関する最新情報

10 May 2024 - by Yan Fridman, Zi Xiang Low, Zohair Motiwalla, Ricardo Trachtman, Karthik Yadatore

「VM-22」として知られている、NAICが検討中の法定準備金に関する原則主義方式の準備金積立の枠組みの主な要素を見ていきます。

Article

Current state of principle-based reserving for non-variable annuities (VM-22)

10 May 2024 - by Yan Fridman, Zi Xiang Low, Zohair Motiwalla, Ricardo Trachtman, Karthik Yadatore

We look at the key elements of a principle-based-reserving framework for statutory reserving, known as “VM-22” and under review by NAIC.

Article

米国および日本の定額指数連動型年金概観

15 November 2023 - by Zi Xiang Low, Manabu Shoji, David Wang

日米間の定額指数連動型年金商品の類似点や相違点について理解することは、適切な商品の戦略や設計に役立ちます。

Article

Fixed Indexed Annuity overview in the U.S. and Japan

15 November 2023 - by Zi Xiang Low, Manabu Shoji, David Wang

Understanding the similarities and differences between the fixed indexed annuity products in Japan and the United States can aid appropriate product strategy and design.

Article

プリンシプルベースの責任準備金評価による指数連動型定額年金プライシングへの影響

14 October 2020 - by Aatman Dattani, Zi Xiang Low, Zohair Motiwalla, Katherine Wang, Karthik Yadatore

本レポートでは、まもなく取り入れられるプリンシプルベースの責任準備金評価による定額繰延年金への影響について分析、理解、解説します。

Article

Principle-based reserving impact on fixed indexed annuity pricing

14 October 2020 - by Aatman Dattani, Zi Xiang Low, Zohair Motiwalla, Katherine Wang, Karthik Yadatore

This report analyzes, understands, and discusses the impact of the upcoming Principle-Based Reserving on non-variable deferred annuities.

Article

VM-21 – 2020年業界実務調査：10月

07 October 2020 - by Zohair Motiwalla, Zi Xiang Low, Aatman Dattani, David South

2020年第3四半期にミリマンは、「VM-21：プリンシプルベースの変額年金責任準備金の要件」適用における現行の市場実務を裏付ける調査を更新しました。

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Read their latest work

Article

Navigating AG 55: A hypothetical insurance case study

13 March 2026 - by Yan Fridman, Zi Xiang Low, Galin Mitchener, Zohair Motiwalla, Bill Sayre, Shang Xu

With the initial filing for Actuarial Guideline 55 just around the corner, we offer a case study that illustrates key implications for insurers.

Article

米国VM-22への対応：検討すべき主なポイント

11 July 2025 - by Aatman Dattani, Zi Xiang Low, Yan Fridman, Karthik Yadatore, Zohair Motiwalla

Article

VM-22 readiness: Key areas for consideration

11 July 2025 - by Aatman Dattani, Zi Xiang Low, Yan Fridman, Karthik Yadatore, Zohair Motiwalla

We highlight some key areas for insurers to consider for the upcoming principle-based reserving statutory framework for non-variable annuities under VM-22.

Article

変額年金以外の年金に対するPrinciple Based Reserving（VM-22）に関する最新情報

10 May 2024 - by Yan Fridman, Zi Xiang Low, Zohair Motiwalla, Ricardo Trachtman, Karthik Yadatore

「VM-22」として知られている、NAICが検討中の法定準備金に関する原則主義方式の準備金積立の枠組みの主な要素を見ていきます。

Article

Current state of principle-based reserving for non-variable annuities (VM-22)

10 May 2024 - by Yan Fridman, Zi Xiang Low, Zohair Motiwalla, Ricardo Trachtman, Karthik Yadatore

We look at the key elements of a principle-based-reserving framework for statutory reserving, known as “VM-22” and under review by NAIC.

Article

米国および日本の定額指数連動型年金概観

15 November 2023 - by Zi Xiang Low, Manabu Shoji, David Wang

日米間の定額指数連動型年金商品の類似点や相違点について理解することは、適切な商品の戦略や設計に役立ちます。

Article

Fixed Indexed Annuity overview in the U.S. and Japan

15 November 2023 - by Zi Xiang Low, Manabu Shoji, David Wang

Understanding the similarities and differences between the fixed indexed annuity products in Japan and the United States can aid appropriate product strategy and design.

Article

プリンシプルベースの責任準備金評価による指数連動型定額年金プライシングへの影響

14 October 2020 - by Aatman Dattani, Zi Xiang Low, Zohair Motiwalla, Katherine Wang, Karthik Yadatore

本レポートでは、まもなく取り入れられるプリンシプルベースの責任準備金評価による定額繰延年金への影響について分析、理解、解説します。

Article

Principle-based reserving impact on fixed indexed annuity pricing

14 October 2020 - by Aatman Dattani, Zi Xiang Low, Zohair Motiwalla, Katherine Wang, Karthik Yadatore

This report analyzes, understands, and discusses the impact of the upcoming Principle-Based Reserving on non-variable deferred annuities.

Article

VM-21 – 2020年業界実務調査：10月

07 October 2020 - by Zohair Motiwalla, Zi Xiang Low, Aatman Dattani, David South

Zi Xiang Low

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Experience

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Read their latest work

Navigating AG 55: A hypothetical insurance case study

米国VM-22への対応：検討すべき主なポイント

VM-22 readiness: Key areas for consideration

変額年金以外の年金に対するPrinciple Based Reserving（VM-22）に関する最新情報

Current state of principle-based reserving for non-variable annuities (VM-22)

米国および日本の定額指数連動型年金概観

Fixed Indexed Annuity overview in the U.S. and Japan

プリンシプルベースの責任準備金評価による指数連動型定額年金プライシングへの影響

Principle-based reserving impact on fixed indexed annuity pricing

VM-21 – 2020年業界実務調査：10月

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Zi Xiang Low

Experience

Read their latest work

Navigating AG 55: A hypothetical insurance case study

米国VM-22への対応：検討すべき主なポイント

VM-22 readiness: Key areas for consideration

変額年金以外の年金に対するPrinciple Based Reserving（VM-22）に関する最新情報

Current state of principle-based reserving for non-variable annuities (VM-22)

米国および日本の定額指数連動型年金概観

Fixed Indexed Annuity overview in the U.S. and Japan

プリンシプルベースの責任準備金評価による指数連動型定額年金プライシングへの影響

Principle-based reserving impact on fixed indexed annuity pricing

VM-21 – 2020年業界実務調査：10月

CHOOSE A LOCATION AND LANGUAGE