MCEV provided reliable company values in recent economic turmoil argues Allianz’s Tom Wilson

The emergence of market-consistent embedded value has proved challenging for insurance traditionalists, but Tom Wilson, chief risk officer of Allianz, argues that not only has it provided an accurate reflection of shareholder value in the recent volatile markets, but it also sheds additional light on the liquidity premium issue that vexes portions of the European industry


The traditional view of life insurance is a simple one that sees asset accumulation as a long-term business: insurers raise funds and purchase assets on behalf of policyholders, allowing them to participate in future investment earnings and generate fees in exchange for providing investment and risk management services. The value creation of these businesses is seen as stable, reflecting the long-term nature of their liabilities and earnings.

This traditional view raises two interesting

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