1、MILLIMAN REPORT Shareholder Value Reporting in Europe:Solvency II Based Metrics September 2024 Samuel Burgess Stuart Reynolds,FIA David Burston,FIA Isabel Stansfield Tatiana Egoshina,FIA Lyndsay Wrobel,FIA Andrew Kirk,FIA Chew Hou Ng,FIA MILLIMAN REPORT Table of Contents 1.EXECUTIVE SUMMARY.1 INTROD

2、UCTION.1 THEMES ARISING FROM YEAR-END 2023 RESULTS.1 YEAR-END 2023 RESULTS.2 COMPARISON OF EXPERIENCE OVER RECENT YEARS.3 REGULATORY DEVELOPMENTS.4 2.INTRODUCTION.6 3.THEMES ARISING FROM YEAR-END 2023 RESULTS.7 FINANCIAL MARKETS.7 NEW BUSINESS.10 STRATEGIC DECISIONS.11 POLICYHOLDER BEHAVIOUR.13 ASSU

3、MPTION-SETTING USED IN PROJECTIONS.14 PAYMENTS TO SHAREHOLDERS.14 IFRS 17.15 4.YEAR-END 2023 RESULTS.17 BACKGROUND.17 SOLVENCY II RELATED METRICS DISCLOSED BY COMPANIES IN OUR SAMPLE.19 UPDATE ON APPROACH TAKEN BASED ON YEAR-END 2023 DISCLOSURES.19 RESULTS AT YEAR-END 2023.19 BREAKDOWN OF THE MOVEME

4、NT IN OWN FUNDS OVER 2023.21 COMMON THEMES FOR BREAKDOWN OF THE MOVEMENT IN OWN FUNDS OVER 2023.22 5.COMPARISON OF EXPERIENCE OVER RECENT YEARS.26 6.REGULATORY DEVELOPMENTS.31 SOLVENCY II.31 SOLVENCY UK.32 INSURANCE CAPITAL STANDARD.34 MILLIMAN REPORT Shareholder Value Reporting in Europe:1 Septembe

5、r 2024 Solvency II Based Metrics 1.Executive summary INTRODUCTION In previous years we have commented on how we have observed a shift in companies publicly disclosing supplementary reporting metrics related to Solvency II.In this report we provide a summary of the Solvency II based metrics that a sa

6、mple of around 20 companies disclosed as at year-end 2023 and consider if the approaches adopted when determining these metrics have changed since year-end 2022.Financial markets in 2023 saw central banks maintain a tight monetary stance to combat high inflation,leading to a persistently high intere