Our 2024 embedded value (EV) report examines results published by multinational and domestic life insurers across Asia for the 2024 calendar year. Results found that EV increased in most countries, while bonds yields were mixed, declining in China and India but increasing in Japan.
Key takeaways
- Overall, the growth in reported EV in 2024 was positive.
- EV rose in Vietnam (25%), Malaysia (13.3%), Taiwan (13.7%), Thailand (11.9%), India (9.3%), China (5.1%), Hong Kong (4.7%), and Japan (1.3%). It decreased in Indonesia (-1.5%).
- Overall gross written premium increased by 7.1% to US$1.243 billion.
- Adjusted net worth generally increased across the region, up 57.9% in India from strong profitability. It declined 44.4% in Japan due to rising interest rates.
- Value of new business overall increased by 8.3%.
- Reported value in force (VIF) grew for all Asian markets except for China, where VIF fell due to a downward shift in assumed investment returns.
- Price-to-EV ratios continue to be well below 100%, with the exception of AIA Group and private-sector Indian life insurers.