Download the webinar slides

EIOPA Solvency II 2020 Review
David Burston & Neil Christy

In this session, we will outline some of the key changes proposed by EIOPA in its opinion on the Solvency II 2020 Review and consider their potential impacts on firms and the market. Topics will include the extrapolation of risk-free interest rates, the volatility adjustment (VA), the Risk Margin and the Standard Formula Interest Rate SCR stresses.

Shareholder Value Reporting in Europe – Solvency II-based metrics
Stuart Reynolds

Leading up to and since the implementation of Solvency II, there has been a decline in the number of European companies that publicly disclose an embedded value, with the focus shifting towards metrics relating to Solvency II. This presentation provides a summary of the Solvency II-based metrics that a sample of 20 companies in Europe are disclosing as of year-end 2019 and the associated explanatory information. Building on previous Milliman research, alternative Solvency II-based value metrics, such as Solvency II Adjusted Own Funds and Solvency II Appraisal Value, are also considered. Approximate values of these metrics are determined using publicly available information for the sample of companies and compared to the relevant market capitalisation to test their potential usefulness. Finally, the appropriateness of the use of Solvency II Own Funds as a benchmark for the prices agreed in recent transactions is examined.

Please find links to the following papers:

• Solvency II 2020 review
• Shareholder Value Reporting in Europe – Solvency II Based Metrics