Insurance aggregate data quarterly report

This report is a quarterly statistical release of aggregated data, produced using PRA regulatory data supplied by UK authorised insurance firms.

In PS3/24 – Review of Solvency II: Reporting and disclosure phase 2 near-final, which came into effect on Tuesday 31st December 2024, the PRA confirmed the extension of submission deadlines for quarterly reporting by solo firms and branches. These deadlines have been extended from five weeks to 30 business days. As a result, the publication of the Insurance Aggregate Data Quarterly Report – 2024 Q4 has been delayed from end Q1 2025 to Q2 2025.

Additionally, the publication of the Insurance Aggregate Data Annual Report – 2024 has been delayed from end Q2 2025 to Q3 2025. The delay is to enable additional data quality assurance on the first collection of annual SUK data reporting. The annual publication is normally released in tandem with the Q1 Insurance Aggregate Data Quarterly Report, therefore the Insurance Aggregate Data Quarterly Report – 2025 Q1 will also be delayed until Q3 2025 to maintain the consistency of these publication timelines.
Introduction

The Bank of England and Prudential Regulation Authority (PRA) recognise the value of UK Insurance data produced in a timely and structured publication, based on the regular submission of data by Solvency II firms across the various sectors of the market. We understand that analysis and insights into the UK Insurance market are built upon access to timely, quality data. Through regular disclosure of key insurance statistics, we seek to facilitate the analysis and insight into time-period data, utilising the breadth and depth of data submitted by UK Solvency II undertakings.

Since the implementation of Solvency II, we have emphasised to UK undertakings the need for correct and complete data, and recognise that undertakings have endeavoured to comply with plausibility and quality checks. The efforts and improvements by firms to provide good quality data have resulted in the PRA being able to provide aggregated market data for industry users outside of the PRA.

This publication of PRA aggregated insurance statistics is accompanied by underlying aggregated granular data to enable users to perform bespoke analysis. The content includes UK aggregated statistics that were published by the European Insurance and Occupational Pensions Authority (EIOPA) up to 2020, for ease of analysis. The publication does not include a commentary on the data, nor does it seek to provide any explanation of observed trends or movements.

Publication of the data will be at a timely point following the submission and quality checking of the data provided by firms, with the intention of publishing the information when it is of most relevance.

Content

The content of the quarterly publication is currently solely based on Solvency II Quantitative Reporting Templates (QRTs). It incorporates areas of core insurance data and detailed breakdowns that can be extended in future publications. The publication includes the split of Life and Non-Life insurance where relevant. The charts are displayed in Tableau, and contain a level of interactivity which allows more detailed examination of specific breakdowns, as well as access to the aggregate level data used within the charts. A .csv file containing all the aggregate data used in the charts is provided for those wanting to undertake their own analysis.

Future additional content for this publication may include other data points from the Solvency II dataset and other PRA data collections. This quarterly publication is accompanied by an annual publication based on Solvency II QRTs, as well as National Specific Templates (NSTs).
European third country branches that were in the temporary permissions regime (TPR)/supervised run-off regime (SRO) began reporting in 2022 Q2 due to expiry of transitional reporting relief on 31 March 2022. These firms were previously not required to report Solvency II data to the PRA due to European passporting rules. The aim of the TPR was to allow firms that wish to continue carrying out business in the UK in the longer term to operate in the UK for a limited period while they seek authorisation from UK regulators. These firms had to apply for full authorisation by the end of 2022 in order to continue accessing the UK market. The inclusion of data reported by these firms from 2022 Q2 has contributed to the increases seen in some of the published data, and within the non-life insurance market in particular.  

We welcome comment and feedback on the scope and depth of the data within the publication, and how it is presented. Please provide this to InsuranceDataRelease@bankofengland.co.uk.

Copyright guidance and the related UK Open Government Licence can be viewed on our Legal page.

Data file

Insurance aggregate data quarterly report - 2024 Q3

List of charts

Section 1 – Capital:

Chart 1.1: Solvency Capital Requirement (SCR) coverage

This chart shows the capital coverage of the life and non-life insurance sectors over time, measured by the ratio of eligible own funds to meet SCR. 

By loading the chart you agree to Tableau cookie policy. This use will include analytics.

Chart 1.2: Range of SCR coverage ratio

This chart shows the range of SCR coverage ratios in the life and non-life insurance sectors. The SCR is measured by standard formula, partial internal model or full internal model.

By loading the chart you agree to Tableau cookie policy. This use will include analytics.

Chart 1.3: Quality of capital

This chart shows the breakdown of the quality of capital for the life and non-life sectors and how it has changed over time. The breakdown is into the relevant tiers reported for eligible own funds.

By loading the chart you agree to Tableau cookie policy. This use will include analytics.

Section 2 – Balance Sheet:

Chart 2.1:  Balance Sheet

This chart breaks down the movement in assets and liabilities.

By loading the chart you agree to Tableau cookie policy. This use will include analytics.

Chart 2.2: Range of the ratio of assets to liabilities

This chart shows the average and range over time of the asset-liability ratio. It excludes unit linked and index linked assets and unit linked and index linked technical provisions.

By loading the chart you agree to Tableau cookie policy. This use will include analytics.

Section 3 - Assets:

These charts show various breakdowns of assets and bonds based on the granular asset data set, which has been subject to some data cleansing.  The information is based on the item-by-item asset data submitted in S.06.02.

Chart 3.1: Breakdowns of assets by investment category

By loading the chart you agree to Tableau cookie policy. This use will include analytics.

Chart 3.2: Breakdown of bonds by credit rating

By loading the chart you agree to Tableau cookie policy. This use will include analytics.

Chart 3.3: Breakdowns of bonds by years to maturity

By loading the chart you agree to Tableau cookie policy. This use will include analytics.

Section 4 – Non-Life Lines of Business:

Chart 4.1: Performance metrics for key lines of business (Non-life sector)

This chart shows performance metrics over time for all direct and proportional reinsurance lines of business. It shows net written premiums in the last 12 months. It also shows the net incurred claims loss ratio and a combined operating ratio.

By loading the chart you agree to Tableau cookie policy. This use will include analytics.

Chart 4.2: Best estimate liabilities breakdown for key lines of business

This chart shows the breakdown of the best estimate liabilities into claims provisions and premium provisions, net and gross for all direct and proportional reinsurance lines of business.

By loading the chart you agree to Tableau cookie policy. This use will include analytics.

Chart 4.3: Range of risk margin to net best estimate liabilities for key lines of business

This chart shows the range of the ratio of risk margin to net best estimate liabilities.

By loading the chart you agree to Tableau cookie policy. This use will include analytics.

Annex

The annex provides detailed information on the source of the data used within each chart, together with the methodology used for aggregating and grossing up the data as required, and the approach taken to ensure confidentiality of individual firm data within the report.

  • Source Data

    All data in this publication is sourced from the Solvency II Quantitative Reporting Templates (QRTs) of all UK-authorised solo insurance firms and third-country branches which fall under the directive. These firms, currently numbering around 325, account for in excess of 99% of the UK insurance market. Data is aggregated across all insurers as per the chart calculations outlined below.

    Firm Categorisation

    Insurers have been categorised into either life or non-life cohorts calculated using the absolute values of technical provisions on template S.02, i.e. if the absolute value of non-life technical provisions is greater than the absolute value of life technical provisions, the firm is classified as non-life, and vice versa for life technical provisions. If there is no technical provision data for a firm, the cohort is classified based on the reported type of undertaking in template S.01.02.

    Reporting Exemptions Methodology

    Many small firms, whose aggregated data currently accounts for less than 10% of the total, are given a waiver from reporting much of the quarterly data. To account for this, data from the last available reporting period is carried forward into the waiver reporting periods so that the temporal trends are consistent. For example, a firm with reported data in Q2 and a waiver in Q3 would have the Q2 data carried forward into Q3. Data is carried forward for multiple reporting periods if the waiver periods extend for more than one quarter. Annual data is used to populate Q4 waiver periods when it is available. Due to the delay between receiving Q4 and annual data, Q3 data is used to populate Q4 waiver periods until the annual data is submitted.

    Data Confidentiality

    The aggregated data has been checked to ensure it is non-disclosive – ie that no one firm’s data can be identified within the charts and data published, unless express permission to publish is provided by any affected firm. This has led to some minor subcategories within Assets chart 3.1 being combined for a small number of reporting periods. 

  • Section 1 – Capital:

    For Section 1, data from third country branches have been excluded due to the different capital requirements between third country branches and solo insurance firms.

    Chart 1.1: Solvency Capital Requirement (SCR) coverage

    This chart shows the capital coverage of the life and non-life insurance sectors over time, measured by the ratio of eligible own funds to meet SCR. This is a weighted average calculation:

    Capital coverage = (1) / (2)

    1

    Total eligible own funds to meet SCR for selected cohort

    S.23.01:R0540:C0010

    2

    Total SCR for selected cohort

    S.23.01:R0580:C0010
    Chart 1.2: Range of SCR coverage ratio

    This chart shows the range of SCR coverage ratios in the life and non-life insurance cohorts. The SCR is measured by standard formula, partial internal model or full internal model.  The range box shows the 25th, 50th and 75th percentiles of SCR coverage for each cohort. 

    1

    Total eligible own funds to meet SCR for selected cohort

    S.23.01:R0540:C0010

    2

    Total SCR for selected cohort

    S.23.01:R0580:C0010
    Chart 1.3: Quality of capital

    This chart shows the breakdown of the quality of capital for the life and non-life sectors and how it has changed over time. The breakdown is into the relevant tiers reported for eligible own funds.

    1

    Total tier 1 unrestricted eligible own funds to meet SCR for selected cohort

    S.23.01:R0540:[C0020+C0030]

    3

    Total tier 2 restricted eligible own funds to meet SCR for selected cohort

    S.23.01:R0540:C0040

    4

    Total tier 3 restricted eligible own funds to meet SCR for selected cohort

    S.23.01:R0540:C0050

    5

    Total eligible own funds to meet SCR for selected cohort

    S.23.01:R0540:C0010

    Proportion of tier 1 unrestricted eligible own funds to meet SCR = (1) / (5)

    Proportion of tier 1 restricted eligible own funds to meet SCR = (2) / (5)

    Proportion of tier 2 restricted eligible own funds to meet SCR = (3) / (5)

    Proportion of tier 3 restricted eligible own funds to meet SCR = (4) / (5)

    Section 2 – Balance Sheet:

    Chart 2.1: Balance Sheet

    This chart breaks down the movement in assets and liabilities.

    Assets:

    1

    Investments and cash excluding participations

    S.02.01:[R0070-R0090+R0230+R0410]:C0010

    2

    Unit-linked and index-linked assets

    S.02.01:R0220:C0010

    3

    Reinsurance recoverables

    S.02.01:R0270:C0010

    4

    Insurance related payables

    S.02.01:[R0350+R0360+R0370]:C0010

    5

    Participations

    S.02.01:R0090:C0010

    6

    Operating assets & other

    S.02.01:[R0500-R0070-R0220-R0230-

    R0350-R0360-R0370-R0410]:C0010

    Liabilities:

    7

    Technical Provisions (TPs) (excl. index & unit linked)

    S.02.01:[R0510+R0600]:C0010

    8

    Technical Provisions (TPs) (Index linked & Unit Linked)

    S.02.01:R0690:C0010

    9

    Insurance related payables

    S.02.01:[R0770+R0820+R0830]:C0010

    10

    Derivatives in liabilities

    S.02.01:R0790:C0010

    11

    Other liabilities

    S.02.01:[R0900-R0510-R0600-R0690-R0770-R0790-R0820-R0830]:C0010

    12

    Excess Assets over Liabilities

    S.02.01:R1000:C0010
    Chart 2.2: Average and range of the ratio of assets to liabilities

    This chart shows the average and range over time of the asset-liability ratio. It excludes unit linked and index linked assets and unit linked and index linked technical provisions. The range box shows the 25th, 50th and 75th percentiles of capital coverage for the selected cohort.

    Asset-liability ratio = (Total assets - Assets held for index- and unit-linked contracts) / (Total liabilities – Technical provisions: Index and unit-linked)

    1

    Total assets for selected cohort

    S.02.01:[R0500-R0220]:C0010

    2

    Total liabilities for selected cohort

    S.02.01:[R0900-R0690]:C0010

    Section 3 - Assets:

    These charts show various breakdowns of assets and bonds based on the granular asset data set, which has been subject to some data cleansing.  The information is based on the item-by-item asset data submitted in S.06.02.

    Chart 3.1 – Chart 3.3: Breakdowns of assets and bonds

    This chart shows the proportion of each type of asset.  Some combining of categories has been necessary to ensure confidentiality of individual firm data. 

    Chart 3.2: Breakdown of bonds by credit rating

    This chart shows the proportion of bonds with each credit rating.  The reported data been subject to some data cleansing, as not all firms report ratings in the format shown in the chart.   The chart includes both government and corporate bonds.

    Chart 3.3: Breakdown of bonds by years to maturity

    This chart shows the proportion of bonds that fall into each duration bucket. The reported data has been subject to some data cleansing in order to derive years to maturity from the maturity date.

    Section 4 – Non-Life Lines of Business:

    Chart 4.1: Performance metrics for key lines of business (Non-life sector)

    This chart shows performance metrics over time for all lines of business. It shows net written premiums in the last 12 months. It also shows the net incurred claims loss ratio and a combined operating ratio (difference being the expenses ratio).

    Cohort

    Net written premiums in last 12 months

    Net claims incurred

    Expenses incurred

    Net earned premiums

    Year to Date
    Assistance (S.05.01:R0200:C0110) (S.05.01:R0400:C0110) (S.05.01:R0550:C0110) (S.05.01:R0300:C0110)
    Credit & Suretyship (S.05.01:R0200:C0090) (S.05.01:R0400:C0090) (S.05.01:R0550:C0090) (S.05.01:R0300:C0090)
    Financial loss (S.05.01:R0200:C0120) (S.05.01:R0400:C0120) (S.05.01:R0550:C0120) (S.05.01:R0300:C0120)
    General liability (including Workers’ compensation) (S.05.01:R0200:C0030) + (S.05.01:R0200:C0080) (S.05.01:R0400:C0030)
    +
    (S.05.01:R0400:C0080)     		(S.05.01:R0550:C0030)
    +
    (S.05.01:R0550:C0080)    		 (S.05.01:R0300:C0030)
    +
    (S.05.01:R0300:C0080)
    Income protection (S.05.01:R0200:C0020) (S.05.01:R0400:C0020) (S.05.01:R0550:C0020) (S.05.01:R0300:C0020)
    Legal expenses (S.05.01:R0200:C0100) (S.05.01:R0400:C0100) (S.05.01:R0550:C0100) (S.05.01:R0300:C0100)
    Marine, aviation & transport (S.05.01:R0200:C0060) (S.05.01:R0400:C0060) (S.05.01:R0550:C0060) (S.05.01:R0300:C0060)
    Medical expenses (S.05.01:R0200:C0010) (S.05.01:R0400:C0010) (S.05.01:R0550:C0010) (S.05.01:R0300:C0010)
    Motor vehicle liability (S.05.01:R0200:C0040) (S.05.01:R0400:C0040) (S.05.01:R0550:C0040) (S.05.01:R0300:C0040)
    Motor vehicle other (S.05.01:R0200:C0050) (S.05.01:R0400:C0050) (S.05.01:R0550:C0050) (S.05.01:R0300:C0050)
    Property (S.05.01:R0200:C0070) (S.05.01:R0400:C0070) (S.05.01:R0550:C0070) (S.05.01:R0300:C0070)
    Total non-life (S.05.01:R0200:C0200) (S.05.01:R0400:C0200) (S.05.01:R0550:C0200) (S.05.01:R0300:C0200)

    Loss ratio = Net claims incurred / Net earned premiums

    Expenses ratio = Expenses incurred / Net earned premiums

    Combined ratio = Loss ratio + Expenses ratio 

    Chart 4.2: Best estimate liabilities breakdown for key lines of business

    This chart shows the breakdown of the best estimate liabilities into claims provisions and premium provisions, net and gross for all direct and proportional reinsurance lines of business.

    Gross claims provisions = Net claims provisions + Ceded claims provisions

    Gross premium provisions = Net premium provisions + Ceded premium provisions

    (Ceded provisions are after the adjustment for expected losses due to counterparty default.)

    Cohort

    Net claims provisions

    Ceded claims provisions

    Net premium provisions

    Ceded premium provisions
    Assistance (S.17.01:R0250:C0120) (S.17.01:R0240:C0120) (S.17.01:R0150:C0120) (S.17.01:R0140:C0120)
    Credit & Suretyship (S.17.01:R0250:C0100) (S.17.01:R0240:C0100) (S.17.01:R0150:C0100) (S.17.01:R0140:C0100)
    Financial loss (S.17.01:R0250:C0130) (S.17.01:R0240:C0130) (S.17.01:R0150:C0130) (S.17.01:R0140:C0130)
    General liability (including Workers’ compensation) (S.17.01:R0250:C0040)
    +
    (S.17.01:R0250:C0090)    		 (S.17.01:R0240:C0040)
    +
    (S.17.01:R0240:C0090)    		 (S.17.01:R0150:C0040)
    +
    (S.17.01:R0150:C0090)    		 (S.17.01:R0140:C0040)
    +
    (S.17.01:R0140:C0090)
    Income protection (S.17.01:R0250:C0030) (S.17.01:R0240:C0030) (S.17.01:R0150:C0030) (S.17.01:R0140:C0030)
    Legal expenses (S.17.01:R0250:C0110) (S.17.01:R0240:C0110) (S.17.01:R0150:C0110) (S.17.01:R0140:C0110)
    Marine, aviation & transport (S.17.01:R0250:C0070) (S.17.01:R0240:C0070) (S.17.01:R0150:C0070) (S.17.01:R0140:C0070)
    Medical expenses (S.17.01:R0250:C0020) (S.17.01:R0240:C0020) (S.17.01:R0150:C0020) (S.17.01:R0140:C0020)
    Motor vehicle liability (S.17.01:R0250:C0050) (S.17.01:R0240:C0050) (S.17.01:R0150:C0050) (S.17.01:R0140:C0050)
    Motor vehicle other (S.17.01:R0250:C0060) (S.17.01:R0240:C0060) (S.17.01:R0150:C0060) (S.17.01:R0140:C0060)
    Property (S.17.01:R0250:C0080) (S.17.01:R0240:C0080) (S.17.01:R0150:C0080) (S.17.01:R0140:C0080)
    Total non-life (S.17.01:R0250:C0180) (S.17.01:R0240:C0180) (S.17.01:R0150:C0180) (S.17.01:R0140:C0180)

    Gross best estimate liabilities = gross claims provisions + gross premium provisions

    Chart 4.3: Range of risk margin to net best estimate liabilities for key lines of business

    This chart shows the range of the ratio of risk margin to net best estimate liabilities. The average is the weighted average for the line. The range box shows the 25th, 50th and 75th percentiles of capital coverage for the line.

    Cohort

    Risk Margin

    Net best estimate (including TPs calculated

    as a whole)
    Assistance (S.17.01:[R0280 + R0310]:C0120) (S.17.01:[R0050 + R0270 + R0290 + R0300]:C0120)
    Credit & surety (S.17.01:[R0280 + R0310]:C0100) (S.17.01:[R0050 + R0270 + R0290 + R0300]:C0100)
    Financial loss (S.17.01:[R0280 + R0310]:C0130) (S.17.01:[R0050 + R0270 + R0290 + R0300]:C0130)
    General liability (including Workers’ compensation) (S.17.01:[R0280 + R0310]:C0040)
    +
    (S.17.01:[R0280 + R0310]:C0090)    		 (S.17.01:[R0050 + R0270 + R0290 + R0300]:C0040)
    +
    (S.17.01:[R0050 + R0270 + R0290 + R0300]:C0090)
    Income protection (S.17.01:[R0280 + R0310]:C0030) (S.17.01:[R0050 + R0270 + R0290 + R0300]:C0030)
    Legal expenses (S.17.01:[R0280 + R0310]:C0110) (S.17.01:[R0050 + R0270 + R0290 + R0300]:C0110)
    Marine, aviation & transport (S.17.01:[R0280 + R0310]:C0070) (S.17.01:[R0050 + R0270 + R0290 + R0300]:C0070)
    Medical expenses (S.17.01:[R0280 + R0310]:C0020) (S.17.01:[R0050 + R0270 + R0290 + R0300]:C0020)
    Motor vehicle liability (S.17.01:[R0280 + R0310]:C0050) (S.17.01:[R0050 + R0270 + R0290 + R0300]:C0050)
    Motor vehicle other (S.17.01:[R0280 + R0310]:C0060) (S.17.01:[R0050 + R0270 + R0290 + R0300]:C0060)
    Property (S.17.01:[R0280 + R0310]:C0080) (S.17.01:[R0050 + R0270 + R0290 + R0300]:C0080)
    Total non-life (S.17.01:[R0280 + R0310]:C0180) (S.17.01:[R0050 + R0270 + R0290 + R0300]:C0180)

    Ratio = Risk margin / net best estimate liabilities (including TPs calculation as a whole)

Back to top

This page was last updated 27 March 2025