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1、 MILLIMAN RESEARCH REPORT Life insurance capital regimes in Asia Comparative analysis and implications of change 7th Edition-Summary report September 2025 MILLIMAN RESEARCH REPORT Summary report:Life Insurance Capital Regimes in Asia 1 September 2025 Comparative Analysis and Implications of Change I

2、ntroduction Capital regulations for life insurance companies in Asia are complex and varied.They are also subject to change,with such changes often affecting how insurers manage their business.In many markets in the region,regulators are“upgrading”existing risk-based capital(RBC)frameworks or introd

3、ucing RBC regimes for the first time,with increasing consideration being given to consistency with the Insurance Capital Standard(ICS),the new International Financial Reporting Standard 17(IFRS 17),and other capital regimes worldwide.This is the seventh edition of the Milliman Capital Regimes report

4、,which covers the existing or upcoming capital regimes in 15 markets in Asia plus ICS,the Bermuda Solvency Capital Requirement(BSCR)and the Cayman Islands RBC which impact the balance sheets of some Asian life insurers.The report also makes reference to Solvency II,Solvency UK,Canadas Life Insurance

5、 Capital Adequacy Test(LICAT),the United States RBC regime(US RBC)and Australia RBC,as well as the typical approaches used by large companies in Asia under IFRS 17.Our report aims to:Compare and contrast life insurance RBC regimes across selected Asian markets Highlight some of the potential implica

6、tions for life insurers arising from the future development of capital regulations Contribute to the wider discussion on the potential impact of changes in regulation on the life insurance industry in Asia In line with our reports from previous years,this report seeks to provide a comparison of key