Our 2025 embedded value (EV) report examines results published by multinational and domestic life insurers across Asia for the 2025 calendar year. We compare and contrast the various approaches used for EV reporting across the region.
Key takeaways:
- Reported EV increased by 8% overall.
- EV rose by 12.7% in Japan, 8.6% in China, 8.2% in Malaysia, 6.5% in Thailand, and 4.3% in India; it was unchanged in Singapore.
- EV fell 4.3% in Hong Kong and 9.2% in Indonesia.
- EV decreased 20% in Vietnam, the sharpest decline, though only one insurer reported EV attributable to the country.
- Gross domestic product increased in all the covered Asian markets.
- Value of new business (VNB) increased 18% overall.
- Chinese insurers reported a particularly sharp increase in VNB of 32.6%, which was largely driven by higher sales volumes, particularly through the bancassurance channel.
- Overall gross written premium increased 9.3% in 2025 to US$1,392.9 billion.
- Price-to-embedded-value ratios continue to be well below 100%, with the exception of a few firms.
- Asia bond yields generally fell in 2025, with Indonesia recording the steepest absolute decline.