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1、MILLIMAN REPORT Asset and liability management survey 2025:Asia Analysis of survey results Julian Man Clement Bonnet Alex Bryant Takanori Hoshino Hiroki Koizumi Chihong An Sung Hoon Kim Linda Jin Jaden Chiu Michelle Lai Lucy Ouyang Florin Ginghina MILLIMAN REPORT Table of contents INTRODUCTION.1 EXE

2、CUTIVE SUMMARY OF KEY FINDINGS.2 ALM SURVEY 2025 RESULTS.4 PARTICIPANT PROFILE.4 MAIN OBJECTIVES OF ALM.5 METRICS AND KPIS TO ASSESS THE EFFECTIVENESS OF ALM.6 DETAILS AND METHODOLOGIES EMPLOYED IN ALM OPTIMISATION.7 Approach for the metric during ALM optimisation.7 Calculation method for the metric

3、 during ALM optimisation.7 Basis for the metric during ALM optimisation.8 CONSTRAINTS ENCOUNTERED IN ALM OPTIMISATION.9 INTEGRATION OF ALM STUDIES INTO SAA AND TAA.10 REVIEW OF ALM STRATEGIES.11 APPROACH TO NEW BUSINESS WITHIN ALM.12 Basis on new business profitability.12 Consideration of ALM during

4、 product development.13 APPLICATION OF HEDGING IN ALM.14 ALM FOR PARTICIPATING PRODUCTS.16 ALM ISSUES AND CHANGES SINCE 2020.17 ALM IN OTHER MARKETS.18 EUROPE AND THE UNITED KINGDOM.18 THE UNITED STATES.19 CONCLUSIONS.21 APPENDIX:ALM SURVEY QUESTIONS AND ANSWER OPTIONS.22 MILLIMAN REPORT Asset and L

5、iability Management Survey:Asia 1 December 2025 Introduction Asset and Liability Management(ALM)has become increasingly complex in Asia,especially in the wake of post-COVID economic volatility.This complexity is further intensified as many Asian markets move toward more sophisticated solvency framew

6、orks and adopt new accounting standards,leading to stronger interactions between assets and liabilities.Additionally,the introduction of more innovative savings products and heightened competition in this segment are influencing asset strategies.These trends have led to greater use of growth assets