Milliman

Milliman

Milliman was founded in 1947 and remains owned and managed by its principals, a structure that the firm says ensures objectivity and professional excellence. The firm's mission is to serve clients in protecting health and financial well-being, with a focus on insurance, healthcare, life sciences, and employee benefits. Milliman's practice spans actuarial consulting, risk modeling, and technology tools for health, insurance, retirement, and risk management. The firm serves insurers, healthcare organizations, governments, and employers, providing services that include actuarial valuations, underwriting, claims analytics, and digital solutions. Milliman does not operate as an asset manager; it does not deploy capital for external LPs, and its AUM is not disclosed. The firm has offices in major cities globally, including the US, Europe, Asia, and Latin America. Milliman employs a global team of professionals including actuaries, technologists, clinicians, economists, climate and data scientists, and benefits experts. The firm is structured as a principal-owned partnership, with no outside shareholders. Recent initiatives include a partnership with the United Nations Development Programme to grow the actuarial profession globally, and the firm publishes annual reports such as the 2026 Milliman Medical Index tracking employer-sponsored healthcare costs. Milliman's structural differentiator is its independence and principal-owned model, which the firm argues aligns its interests with clients over the long term. Unlike traditional asset managers or family offices, Milliman does not raise external capital or invest on behalf of third parties—its revenue comes from professional fees for consulting, technology, and risk management services.