This report examines the embedded value (EV) results published by multinational corporations and domestic life insurers for countries in Asia for 2022. EV results were mixed across markets. There was significant variance in performance even within companies falling in similar categories. Given the general increase in bond yields throughout the region, we have seen a general reduction in the adjusted net worth of insurers due to the fall in market values of bonds.

The report includes the following:

• Executive summary
• Introduction and background
• Overview of embedded value
• Embedded value results
• Methodology, assumptions, and disclosures
• Other measures of value
• Eight appendices