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Shareholder value reporting in Europe: Solvency- and IFRS-based metrics

23 October 2026
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Several European insurance companies have now published their half-year 2026 financial results, including both capital generation indicators and condensed results under International Financial Reporting Standards (IFRS). Whilst these half-year disclosures can be more aggregated and less complete than the equivalent full-year results, they do provide sufficient information for a brief update on the emerging 2026 experience in the European insurance market. A more extensive analysis for financial year 2025 (FY25) based on the year-end 2025 disclosures can be found in our annual Shareholder Value Report.

This analysis presents the results of solvency and IFRS 17 metrics based on half-year 2026 (HY26) disclosures, and comments where possible on how these metrics have changed over the period. The following 13 companies are included: Achmea, Ageas, Allianz Group, a.s.r. Nederland, Assicurazioni Generali, Aviva, AXA Group, Gjensidige Forsikring, Legal and General Group, M&G, NN Group, Standard Life Group, and Zurich Insurance Group. These companies are large European insurance groups that provide sufficiently detailed information at mid-year to analyse movements of comprehensive equity and own funds.

The analysis of HY26 results covers the following categories.

  • Financial markets: Overview of the development of financial markets, given how interest rates, credit spreads, and investment returns impact the performance of insurers and their capital positions
  • Solvency-based metrics: Breakdown of the development of own funds for the companies in our sample
  • IFRS-based metrics: Breakdown of the movement of comprehensive equity and stock of future profits
  • Comparison: Market capitalization, plus solvency and IFRS value metrics for each firm

Download the full paper (PDF).


About the Author(s)

David Burston

Markus Hersche

Subadra Raman

Stuart Reynolds

Henny Verheugen

Amsterdam Insurance and Financial Risk | Tel: 31 6 10149938

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