Analysis conducted by Solvency II Wire Data reveals expected growth in assets under management and own funds reported in 2023 by European insurers, while solvency ratios remain stable.
The analysis is based on a sample of 1,200 solo European insurers that have published their Solvency II disclosures for all years between 2016 and 2023.
The sample is tracked against the official annual statistics published by EIOPA and exludes the UK & Gibraltar that were removed from the EIOPA figures in 2021. 2023 figures are due to be published later in the year.
European insurance total assets on the rise again
The value of the total assets under management of the sample (based on the Total Assets, cell S020102__R0500_C0010 in the QRTs) in 2023 was EUR 8.7 trillion. In 2022 assets under management of the sample were EUR 8.2 trillion, representing about 88% of the full market total (EUR 9.3 trillion).
As can be observed from the chart above, movment in the Solvency II Wire Data sample closely tracks the EIOPA annual figures, including the dips in 2018 and 2022, hence it is reasonable to assume an overall rise in the market in 2023.
Insurance capital set to recover in 2023
Eligible Own Funds of the sample (EOF, the Total eligible own funds to meet the SCR, cell S230101__R0540_C0010) also closely track the EIOPA statistics, and are similarly expected to rise relative to 2022.
SCR rising
The Solvency Capital Requirement (SCR, cell S230101__R0580_C0010) of the sample is also on the rise: EUR 650.7 billion, up from EUR 517.6 in 2022.
Much like the total assets and own funds the Solvency II Wire Data sample trackes the market figures closely.
2023 European solvency ratios stable
The solvency ratio of the sample (Ratio of Eligible own funds to SCR, cell S230101__R0620_C0010) is 259% in 2023, relatively unchaged from 2022 (247%).
Based on the sample the 2023 ratios are expected to remain unchanged in 2023.
Further 2023 SFCR analysis from Solvency II Wire Data
Distribution of group SCR and MCR ratios of European insurers 2016 – 2023
UK Solvency ratio distribution 2016 – 2023
Insurance asset allocation of Europe’s largest groups 2016 – 2023
SFCR 2023: Solvency II template S.25.05 partial and full internal model reporting
European insurers that halved their solvency ratio in 2023
AXA Group reports highest Solvency II ratio to date
More information about the data is available to premium subscribers of Solvency II Wire Data and subscribes to Solvency II Wire‘s exclusive SFCR Spotlight mailing list (subscribe for free here).
Datasets available on Solvency II Wire Data
-
- Swiss Solvency Test (SST): all available data 2016 – 2022
-
- Bermuda Financial Conditions Reports (BSCR): all available data 2016 – 2022/3
-
- Bermuda Financial Statements: data for 226 insurers 2016 – 2023 (1324 reports) selected tables
-
- Israel Economic Solvency Ratio Reports: all available data 2016 – 2022
-
- Lloyd’s Syndicate filings: data for 143 syndicates 2016 – 2023 (872 reports) selected tables
-
- SOLVENCY II WIRE DATA Captive Hub