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  "authorName": "Oliver Wyman",
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      "text": "2021 company-level data indicates an average ESR ratio of approximately 200%",
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      "text": "1. An update of the Japan Heath scalar was out-of-scope for this report; this scalar is addressed in a separate analysis presented by consultant Louis Felice, which derives scalar of approximately 0.21 by applying the same principles as the Life scalar.",
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      "text": "Japan will be moving to a new economic value-based capital regime (\"ESR\") beginning in 2025. Japan's insurance regulator conducts annual field tests. Several Japanese insurers voluntarily disclose ESR ratios; absent recent field test results, the NAIC can calibrate an initial ESR scalar based on company-level data. A 200% ESR ratio results in a Japan Life ERR scalar of 0.30. We expect that this analysis would be refreshed with more recent data when Japan moves to the ESR in 2025.",
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      "text": "Source: S&P Global Ratings",
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      "text": "REGIME CHANGE EXAMPLE: JAPAN",
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