New business surge leads to double-digit embedded value growth in Asia

By a News Reporter-Staff News Editor at China Weekly News -- Milliman, Inc., a premier global consulting and actuarial firm, announced the findings of its study on reported year-end 2016 embedded value (EV) results for 34 major insurance companies operating in Asia, excluding Japan. The report highlights trends among companies reporting EVs and reveals a growth in reported 2016 EV of 15.3% by Asian insurance companies. This was primarily driven by a 40% growth over 2015 in Value of New Business (VNB) across the region in 2016.

The Milliman 2016 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 the long-awaited IFRS 17 reporting regime.

"The China and Hong Kong markets were the main drivers of the VNB explosion in the region; both having mainland consumers to thank for these results," said Milliman principal and consulting actuary Paul Sinnott. "Although we have some longer term concerns about the sustainability of profit margins in the region, recent yield curve rises are relieving some margin pressure in the short term."

Keywords for this news article include: Asia, Japan, Milliman Inc.

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