Disclosed embedded value (EV) results have been broadly positive, with gains in the first six months of 2015 slightly higher, on average, than those in the first six months of 2014. Most European equity market indices exhibited growth over the first quarter of 2015.

The first half of 2015 has continued to see insurers focus their efforts on preparing for the forthcoming Solvency II regulatory regime.

As expected, fewer companies published mid-year embedded value compared with year-end, and the level of detail was scaled back for those that did. Of the 32 European companies covered in our 2014 year-end publication, 10 disclosed mid-year results.