This report provides a summary of Milliman’s annual research on shareholder value metrics and is based on the disclosures of a sample of more than 20 European insurance companies as of year-end 2025. The report examines key themes emerging in the public disclosures of these firms in light of continued macroeconomic uncertainty and a sustained higher interest rate environment that continued to influence consumer demand and new business volumes, policyholder behaviour, capital generation and payments to shareholders.
The research first considers solvency-based metrics, including, on an aggregate basis for companies in the sample, a breakdown of the movement in Solvency II/UK/SST Own Funds over 2025, and assesses the trends and conclusions that can be drawn from the results in recent years.
For the first time, the report also presents an analysis of IFRS 17-based value measures for companies in the sample, including movements in comprehensive equity and the stock of future profits, and considers the growing role of IFRS 17 metrics in shareholder value disclosures.
Finally, the report reviews significant regulatory developments that may affect shareholder value reporting or reporting metrics, including the Solvency II Review in Europe, ongoing developments under Solvency UK, the Insurance Capital Standard and developments in IFRS reporting.