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1、 MILLIMAN REPORT 2024 embedded value results:Asia Sustained growth in EV and VNB July 2025 Heerak Basu Clement Bonnet Shamit Gupta Richard Holloway Farzana Ismail Scott Chow Chihong An Wen Yee Lee Takanori Hoshino Philip Jackson MILLIMAN REPORT Table of contents OPENING REMARKS.1 EXECUTIVE SUMMARY.2

2、 Embedded value results and assumptions.2 New business margins and profitability.2 EV methodology and metrics.2 INTRODUCTION AND BACKGROUND.3 EV in Asia.6 EMBEDDED VALUE RESULTS.8 Recent updates on reported disclosures.8 EV in Asia.8 EV by company.12 VNB in Asia.17 VNB by company.19 New business mar

3、gins in Asia.23 Market-wise analysis.23 EV METHODOLOGY AND ASSUMPTIONS .24 Construction of RDR.24 Investment return assumptions.25 Cost of capital.25 Time value of options and guarantees.26 DISCLOSURES.27 OTHER MEASURES OF VALUE.30 Market capitalisation.30 Return on embedded value.30 IFRS 17.31 APPE

4、NDIX A:RECENT AND UPCOMING REGULATORY CHANGES.33 APPENDIX B:COMPARISON OF EV METHODOLOGIES.38 TEV vs.EEV vs.MCEV.39 APPENDIX C:MARKET ANALYSIS.40 China.40 Hong Kong.41 India.42 Indonesia.44 Japan.45 Malaysia.47 Singapore.48 Taiwan.49 Thailand.50 Vietnam.51 APPENDIX D:RDR AND INVESTMENT RETURN ASSUMP

5、TIONS.52 APPENDIX E:SOLVENCY MARGIN REQUIREMENTS.60 APPENDIX F:TVOG APPROACHES.62 APPENDIX G:TOTAL ASIAN EV BY COMPANY BY TERRITORY.63 APPENDIX H:EXCHANGE RATES.65 MILLIMAN REPORT 2024 embedded value results:Asia 1 July 2025 Opening remarks Thank you for taking the time to read the latest edition of

6、 Millimans Asian embedded value(EV)report.In 2024,EV increased by 5.0%overall with Taiwan,India and China reporting increases of 13.7%,9.3%and 5.1%,respectively(Vietnam showed an increase of 25.0%;however,there was only one insurer reporting EV in Vietnam).Indonesia was the only market that has show