Shareholder value reporting in Europe: Solvency II based metrics

As part of the ongoing research conducted by Milliman consultants, this report sets out a summary of the Solvency II based metrics that a sample of 21 companies in Europe disclosed at year-end 2021. Results at year-end 2021 reflect the first full year since the emergence of COVID-19, and so we consider what key themes can be drawn on how firms in our sample have reported their performance over 2021 in a post-COVID environment. Using year-end 2021 results, we also consider a breakdown of the movement in Solvency II Own Funds over 2021, on an aggregate basis, for firms in our survey. We then expand on this analysis and consider results for the previous four 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 as well as the UK Government’s review of Solvency II in the UK, specifically in relation to reporting on value metrics.