Embedded value research


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Embedded Value is a way of calculating the value of insurance business that a company has which includes an adjusted net asset value and the present value of future profits from customers using actuarial science. Milliman’s actuaries across the world have several years of experience of helping organisations with their Embedded Value calculations. EV calculation and sensitivity analysis began with traditional EV, but now extends different methods of calculation including European embedded value (EEV), and market consistent embedded value (MCEV).

2016 Embedded Value Results: Europe
This publication focuses on embedded value results as at year-end 2016 and provides an overview of companies’ results and methodologies, covering changes in methodologies they have adopted in the post-Solvency II world.


2016 Embedded Value Results: Asia (excl. Japan)
This report compares and contrasts the various different approaches taken to embedded value reporting across Asian markets and insurers.


2016 mid-year embedded value results (Asia excl. Japan): Growth amidst volatility
This report provides a summary of the mid-year 2016 embedded value results disclosed by Asian insurers.


2016 mid-year embedded value results - Europe and Japan: Generating value
This mid-year publication provides an update on the embedded value (EV) reporting for European insurance companies that have published interim EV results in 2016.


2015 Embedded Value Results: Asia (excl. Japan)
This report examines the embedded value (EV) results published by various multinational corporations and domestic insurers within Asia, excluding Japan.


2015 Embedded Value Results: Europe
The year 2015 was another one with challenging market conditions. Interest rates decreased in the first half of the year and remained low despite some recovery during the second half of 2015.


2015 mid-year embedded value results - Europe and Japan: Generating value
This mid-year publication provides an update on the embedded value reporting for European insurance companies that have published interim embedded value results in 2015.


2015 mid-year embedded value results (Asia excl. Japan): The growth story continues
This report supplements the full year embedded value report for Asia (excluding Japan), which was released in September, and provides a summary of the published half-year 2015 embedded value results for Asian insurers.


2014 embedded value results − Asia (excl. Japan): The growth story
This report compares and contrasts embedded value (EV) reporting across Asian (excluding Japanese) markets and insurers.


2014 embedded value results: Europe generating value
This paper focuses on embedded value (EV) results at year-end 2014, including an overview of the methodologies companies used and a discussion of current hot topics in EV.

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Related press release

Milliman analyses embedded value reporting in the European and Asian insurance markets

09 September 2015

London—Milliman, Inc., a premier global consulting and actuarial firm, today announced the availability of two new reports detailing embedded value (EV) results for 32 major insurance companies in Europe and 34 major insurance companies operating in Asia.

Related links

Embedded value