This report provides a summary of Milliman's annual research on Solvency-based metrics disclosed by a sample of more than 20 European life insurance companies as of year-end 2024. The report examines key themes emerging in the public disclosures of these firms in light of an economic environment characterised by stabilising inflation and sustained high interest rates. These conditions continued to influence consumer demand and new business volumes, policyholder behaviour and capital generation.

The research also considers a breakdown of the movement in Solvency II Own Funds over 2024, on an aggregate basis, for companies in our survey, and assesses any trends or conclusions that can be drawn over the analysis of the past seven year-ends. Finally, the report considers significant regulatory developments in 2024 that may impact shareholder value reporting or reporting metrics, including the Solvency II Review in Europe, reforms to Solvency UK, the Insurance Capital Standard, and ongoing developments in IFRS 17 disclosures.