Michelle Lai

ASA

Actuarial Associate

Hong Kong, CN

Michelle is an actuarial analyst in Milliman’s life insurance consulting practice in Hong Kong. She joined the firm in December 2021.

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Experience

Performed regular embedded value and value of new business reviews, assumption reviews and Prophet model reviews under TEV basis for insurance companies in Thailand and the Philippines.
Assisted in strategy projects focusing on market benchmarking, including new business margin / assumptions benchmarking.
Supported the Appointed Actuaries work of year-end valuation for a company in Hong Kong.
Assisted in a consulting project focusing on the gap analysis on Macau RBC implementation.
Supported the indexed-product pricing model development for feasibility analysis for a company in Taiwan.
Assisted in research projects on comparison of capital regimes, including HKRBC, Bermuda basis, and Solvency II.
Provided on-site secondment support to two multinational insurance companies in Hong Kong on financial reporting, including:
Performing regular EV including analysis of movement and sensitivity testing and assist in EV process integration
Supporting stress testing and scenario analyses
Supporting cashflow checking and business plan projections for IFRS 17

Before joining Milliman as a full-time actuarial analyst, she worked as a part-time intern at Milliman:

Performing assumptions check on Prophet model for a Thailand insurer
Working on Thailand industry report used in IPO process for a Thailand insurer
Assisting in a product strategy project for Asian market for a multi-national company

Education

Bachelor of Business Administration in Insurance, Financial, and Actuarial Analysis from the Chinese University of Hong Kong
Student, Society of Actuaries

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Publications

Read their latest work

Article

Asset and liability management survey 2025: Asia

08 December 2025 - by Julian Man, Clement Bonnet, Alex Bryant, Takanori Hoshino, Hiroki Koizumi, Chihong An, Sung Hoon Kim, Linda Jin, Jaden Chiu, Michelle Lai, Lucy Ouyang, Florin Ginghina

Insurers in Asia are taking a more proactive approach to ALM, according to our 2025 survey of companies in the region.

Article

指數連結型商品（FIA與IUL）與其關鍵考量

06 February 2025 - by Scott Chow, Julian Man, Alvin Yeh, Jaden Chiu, Michelle Lai

指數連結型商品因其靈活性、流動性和透明度而備受青睞，在美國市場極受歡迎。而在亞洲市場，隨著接軌新資本要求及會計制度，業界就指數連結型商品的討論也愈來愈常見。

Michelle Lai

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Experience

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Read their latest work

Asset and liability management survey 2025: Asia

指數連結型商品（FIA與IUL）與其關鍵考量

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Michelle Lai

Experience

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