Milliman：2024年亚洲寿险行业内含价值分析报告：内含价值与新业务价值持续增长（英文版）

Overall, the growth in reported EV in 2024 was positive. Vietnam (+25.0%) reported a steep increase in EV; Taiwan (+13.7%), Malaysia (+13.3%) and Thailand (+11.9%) reported significant double-digit increases in EV, while growth for India (+9.3%), China (+5.1%) and Hong Kong (+4.7%) was more modest. Japan (+1.3%) and Indonesia (-1.5%) were broadly flat. In Taiwan, the increase in EV was mainly caused by an increase in the adjusted net worth (ANW), which was attributed to strong investment retu