MCEV savaged in Fitch report

A damning report by ratings agency Fitch has called for greater guidance, transparency and consistency into the application of Market Consistent Embedded Value (MCEV) principles while claiming continued prevarication over the standards is harming the European life insurance industry.

The report, titled Embedded Value: Valuable, But More Consistency Needed, claimed that “rather than improving matters, MCEV seems to have worsened the situation” as “frequent changes” to Embedded Value (EV) reportin