Key Facts
• European insurers released 2025 H1 financials from early to late August.
• Solvency II ratios for 2025 mid-year: AXA 220%, Allianz 209%, Generali 212%.
• AXA’s solvency ratio rose 4% points due to €4.6 billion operating profit.
• Allianz’s solvency ratio remained stable at 209%, with €7 billion operating profit.
• Generali’s solvency ratio increased by 2% points, driven by €900 million capital growth.
• Zurich’s SST ratio rose to 255%, up 2% points from 2024 year-end.
• Aegon’s solvency ratio dropped 5% points to 183% due to €400 million share buybacks.
• Aviva’s solvency ratio improved by 3% points to 206%, aided by debt issuance.
• IFRS 17 adoption in 2023 led to revised financial disclosures across insurers.
• Market conditions in 2025 H1 were favorable, boosting most insurers’ capital levels.
• Regulatory updates: EU Solvency II reforms effective January 2027; UK Solvency UK reforms already implemented.
Summary
European insurance groups reported their 2025 mid-year solvency ratios, reflecting varied trends. AXA, Allianz, and Generali showed stable or improved ratios, while Aegon experienced a decline. Zurich’s SST ratio rose, highlighting its robust capital position. Aviva benefited from debt issuance, improving its solvency ratio. IFRS 17 adoption in 2023 prompted changes in financial reporting, with insurers adjusting disclosures. Favorable market conditions in 2025 H1 supported capital growth for most firms. Regulatory developments include EU Solvency II reforms set for 2027 and UK Solvency UK reforms already in effect. These updates underscore insurers’ ongoing efforts in capital management and regulatory compliance.
