To improve the readability throughout this report, we have shortened the names of some insurers when referring to them. The following table sets out the full entity names of the insurers we reviewed, together with the name used in this report, if applicable.

UK-based insurers

Summary of insurers analysed

The firms we analysed wrote £109bn of non-life gross premiums during 2020 and held £171bn of gross best estimate technical provisions on their Solvency II balance sheets at their 2020 year end, reducing to £105bn after allowing for expected reinsurance recoveries. 73% of the firms we analysed use the standard formula, 8% use partial internal models and the remaining 19% use full internal models to calculate their SCRs.

Groups vs solo entities

Some of the entities listed above are part of a larger group. When analysing the QRTs, we have considered only the QRTs of the solo entities listed. Where a firm has produced an SFCR at a group level for multiple solo entities, we have applied their comments to all entities within the group unless they explicitly disclosed otherwise.

Year ends and aggregating figures

A small proportion of firms analysed had a financial year end that was not 31 December 2020. When we have aggregated figures within this report, we have done so for all companies, including those with other year end dates during 2020.

Exchange rates

For those firms that do not report in Sterling, we have taken all of their reported figures and converted them to Sterling using the prevailing exchange rate as at their financial year end.

Data

The data analysed in this report was sourced from Solvency II Wire Data and the company disclosures. Solvency II Wire Data provides detailed information about the Solvency II figures, enabling users to build reports and view changes over time to better understand the impact of Solvency II. The data is available via subscription here.