This report provides a summary of the annual research performed by Milliman consultants which looks at Solvency II based metrics disclosed by a sample of around 20 companies as at year-end 2023. The report examines key themes emerging in the public disclosures of these firms in light of an economic environment that was characterised by high inflation and sustained high interest rates that influenced consumer demand and new business volumes, policyholder behaviour and capital generation.

We also consider a breakdown of the movement in Solvency II Own Funds over 2023, on an aggregate basis, for companies in our survey, and consider any trends or conclusions that can be drawn over the analysis of the past six year-ends. Finally, the report considers any significant regulatory developments in 2023 that may impact shareholder value reporting or reporting metrics, including EIOPA's Solvency II Review, the UK’s Solvency UK reforms, and the implementation of IFRS 17.