The COVID-19 pandemic has had a mixed effect on the Asian life insurance industry, with embedded value growing by 13.2% to US$964 billion (SG$1.3 trillion) and value of new business falling by 19.2% to US$42.3 billion, according to a report by Milliman.
The markets of India and Japan led EV growth in the region, with increases of 26% and 24%, respectively. Several other markets also reported double-digit growth in EV.
One of the markets hit hardest by VNB decline was Hong Kong. According to the report, continued social unrest, restrictions on travel from mainland China, low interest rates and the