This report sets out a summary of the annual research performed by Milliman consultants which looks at Solvency II based metrics for a sample of over 20 firms in Europe based on disclosures at year-end 2022. We consider key themes which can be drawn on how firms in our sample have reported their performance over 2022, especially in light of financial market movements that saw sharply rising interest rates and high levels of inflation. We also consider a breakdown of the movement in Solvency II Own Funds over 2022, on an aggregate basis, for companies in our survey. We then take a step back and consider results for the previous five year-ends and what, if any, conclusions can be made. Finally, we consider regulatory developments in particular in relation to EIOPA’s Solvency II 2020 Review and the UK Government’s review of Solvency II in the UK, specifically in relation to reporting on value metrics.