This report examines the embedded value (EV) results published by multinational corporations and domestic life insurers for countries in Asia for 2023. Overall, the trend in reported EV was positive, up 7.2% for the year, though results were mixed across markets. In line with global trends, bond yields decreased during 2023 in most of the Asian markets, with varying responses across the region. Our report compares and contrasts the different approaches with EV reporting, and includes the following:  

• Executive summary
• Introduction and background
• Embedded value results
• EV methodology and assumptions
• Disclosures
• Other measures of value
• Eight appendices