Solvency II came into effect on 1 January 2016 and introduced a number of disclosure requirements for European insurers. Under the new requirements, the majority of European insurers were required to publish detailed Solvency and Financial Condition Reports (SFCRs) for the first time in May 2017. The SFCRs contain a significant amount of information on the insurance companies, including details of their business performances, risk profiles, balance sheets and capital positions, amongst other topics. Insurers are also required to publish a great deal of quantitative information in the public Quantitative Reporting Templates (QRTs) included within the SFCRs.
One year later, the majority of the European insurers published their SFCRs for year-end 2017, providing an opportunity for more detailed comparisons among insurers over the last two years.
A new Milliman report compares the information provided in the QRTs and SFCRs to draw some conclusions about the balance sheets and risk exposures of Luxembourg insurers. The analysis focuses on the differences between 2016 and 2017.