Asset and Liability Management Survey Results 2025

This report presents the findings of the Milliman Asset and Liability Management (ALM) Survey 2025, which investigates ALM practices among life insurance companies in major Asian markets, including Singapore, Hong Kong, Japan, Mainland China, and South Korea. The survey, conducted with input from 34 insurers, aims to provide a comprehensive understanding of ALM objectives, methodologies, constraints, and current challenges faced by these companies. Key priorities identified include meeting policyholder expectations, aligning asset and liability cash flows, and optimizing risk-adjusted returns. The report details the various metrics and optimisation techniques employed by insurers, highlighting the use of regulatory solvency ratios and cash flow matching as common practices. Additionally, it discusses the constraints faced by insurers, such as solvency position sensitivity and liquidity concerns. The findings are intended to assist organizations in comparing their ALM practices with those of their peers and to identify areas for improvement.