The calculated economic value of a company, which excludes any value that would be earned in the future.  It is calculated by adding the present value of existing cash flows to the Net Asset Value of the company.  This is most frequently calculated for life insurance companies.
Related information about embedded value:
- Embedded value - Wikipedia, the free encyclopedia
 The Embedded Value (EV) of a life insurance company is the present value of   future profits plus adjusted net asset value. It is a construct from the field of ...
 
- Embedded Value Definition | Investopedia
 A common valuation measure used outside North America, particularly in the   insurance industry. It is calculated by adding the adjusted net asset value and the ...
 
- European Insurance CFO Forum - Embedded Value
 Today the European CFO Forum announced that Gerald Harlin, CFO of AXA   Group, has been appointed the new Chair of the CFO Forum, succeeding Oliver ...
 
- Embedded Value - Society of Actuaries
 Summary: Panelists discuss the embedded value process, including discount ...   and much of my background has been in the area of embedded value reporting.
 
- Introduction to Embedded Value
 Sep 17, 2007 ... Introduction to European Embedded Value (EEV) principles ... into three   components, two of which make up the embedded value. Embedded ...
 
- Embedded Value Calculation for a Life Insurance Company
 Embedded Value Calculation for a Life Insurance Company. Frédéric Tremblay.   1. 1 Frédéric Tremblay, FSA, FCIA, is an Actuarial Consultant, Industrial Alliance ...
 
- Embedded Value (EV) Reporting - American Academy of Actuaries
 The members of the Embedded Value Work group that are responsible for this ...   Embedded value reporting is growing in importance in the US and Canada.
 
- Embedded Value
 The embedded value of a life insurance business is an estimate of the value of   both its net assets and the income stream expected from policies already in force.