Several European insurance companies have now published their half-year 2026 financial results, including both capital generation indicators and condensed results under International Financial Reporting Standards (IFRS). Whilst these half-year disclosures can be more aggregated and less complete than the equivalent full-year results, they do provide sufficient information for a brief update on the emerging 2026 experience in the European insurance market. A more extensive analysis for financial year 2025 (FY25) based on the year-end 2025 disclosures can be found in our annual Shareholder Value Report.
This analysis presents the results of solvency and IFRS 17 metrics based on half-year 2026 (HY26) disclosures, and comments where possible on how these metrics have changed over the period. The following 13 companies are included: Achmea, Ageas, Allianz Group, a.s.r. Nederland, Assicurazioni Generali, Aviva, AXA Group, Gjensidige Forsikring, Legal and General Group, M&G, NN Group, Standard Life Group, and Zurich Insurance Group. These companies are large European insurance groups that provide sufficiently detailed information at mid-year to analyse movements of comprehensive equity and own funds.
The analysis of HY26 results covers the following categories.
- Financial markets: Overview of the development of financial markets, given how interest rates, credit spreads, and investment returns impact the performance of insurers and their capital positions
- Solvency-based metrics: Breakdown of the development of own funds for the companies in our sample
- IFRS-based metrics: Breakdown of the movement of comprehensive equity and stock of future profits
- Comparison: Market capitalization, plus solvency and IFRS value metrics for each firm