New business leads to 19% embedded value EV growth for life insurers in Asia
Insurance Weekly News
By a News Reporter-Staff News Editor at Insurance Weekly News -- Milliman, Inc., a premier global consulting and actuarial firm, announced the findings of its study on reported year-end 2017 embedded value (EV) / value of new business (VNB) results for 31 major insurance companies operating in Asia, excluding Japan. The report highlights trends in published EV results, including a total growth in reported EV in 2017 of 19.2%, and similarly a 19.1% growth in value of new business (VNB).
Beyond EV results, the Milliman 2017 Embedded Value Results: Asia (excl. Japan) report analyses and discusses the EV methodologies and assumptions, the impact of regulations, as well as recent developments with IFRS 17 as it gains momentum in the region.
"China's clampdown on high guarantee universal life sales reduced premium volumes but had little effect on EV and VNB results due to profitability of this line of business typically being very low or even negative," said Milliman principal and consulting actuary Paul Sinnott. "Overall, those insurers that successfully reoriented their product strategies from savings to protection business seem to have performed best."
Keywords for this news article include: Business, Milliman Inc.
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