Analysis of Solvency and Financial Condition Reports: Year-end 2021

This briefing note looks at the year-end 2021 Solvency and Financial Condition Reports (SFCRs) of most of the life, non-life and composite insurers based in Belgium. At year-end 2021, European insurers published the sixth set of annual SFCRs. In this briefing note, we analyse the SFCRs of 41 Belgian insurers, selected based on their total assets in 2021. After an introduction, we present an analysis of:

• Solvency coverage ratios
• Solvency capital requirements
• Own funds
• Loss-absorbing capacity of deferred tax (LACDT) and loss-absorbing capacity of technical provisions (LACTP)
• Investments, technical provisions, transitional long-term guarantee measures
• Premiums, combined ratio, and expense ratio