Official Solvency II figures published by EIOPA show a drop of 16% in the total assets of European insurance groups in 2022; from EUR 9.7 trillion in 2021 down to from EUR 8.3 trillion.
The EIOPA annual figures confirm analysis published in June 2022 by Solvency II Wire Data showing the ten largest European insurance groups lost EUR 806 billion in 2022.
The 16% drop is the largest since Solvency II balance sheet figures were first published in 2016 (see chart) and follows a continued downward trend of the market since 2019.
Despite the drop in total assets the number of groups reporting has steadily increased over the period. The EIOPA figures exclude the UK across all years.
UK insurance market trends
Analysis of individual firm UK Solvency II submissions conducted by Solvency II Wire Data shows a similar drop in total assets for groups and solos since last year.
Despite the figures being subject to annual variation due to scope and quality of the SFCR publications, the overall trend for the past year echos that of the wider market.