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Market capitalisation of CFO Forum companies: An analysis of IFRS 17 results at year-end 2024

9 October 2025

In this white paper, we analyze the market capitalization of 23 companies that are members of the CFO Forum in the United Kingdom and Europe, using information from their year-end annual reports. Our analysis aims to give an additional investment indicator besides price-to-earnings and other ratios. The annual reports are based on International Financial Reporting Standards (IFRS), an accounting basis different from the determination of distributable earnings. Yet components such as cost of capital, effects of local statutory accounting requirements, and timing of dividends are not sufficiently captured in IFRS-based information. Also, the return requirements of a potential buyer play an important role in its assessment of the value of a portfolio or entity. In this paper, we discuss:

  • Methodology, limitations, and scope
  • Market value of the balance sheet
  • Other sources of income
  • Inclusion of the future new business
  • Sensitivity
  • Risk adjustment
  • Solvency position
  • Market sentiment around year-end 2024

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About the Author(s)

Henny Verheugen

Amsterdam Insurance and Financial Risk | Tel: 31 6 10149938

Hortense Désiré

Sjoerd Brethouwer

Amsterdam Insurance and Financial Risk | Tel: 31686818132

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