The UK Life Insurance market continues to evolve, shaped by regulatory reform, technological advancements and changing customer expectations. Insurers must therefore be ready to react and adapt to the changing circumstances in order to maintain a competitive edge and capitalise on opportunities which arise wherever there is change.
Success in this changing landscape requires insight from across the market. Therefore, to shed some light on the practices and dynamics shaping the industry, KPMG’s Life Actuarial team have been conducting the annual Technical Practices Survey for almost two decades. As ever, the focus of this survey is to enable UK life insurance firms to identify the key technical issues within the industry, and the range of methodologies and approaches that have been adopted by their peers. The 2025 survey has been completed by 18 firms, representing a wide spectrum of the UK life insurance market, including 9 Internal Model or Partial Internal Model firms.
Each year, in response to market developments and participant feedback, we select thematic areas to explore in more detail in our report. In this year’s report, we have highlighted a number of key topics throughout the report, including the new requirements around the SCR analysis of change, modelling the matching adjustment under stress, expectations around solvent exit planning, and proposed changes to liquidity reporting. In order to further support firms in the assessment of their capital management policies, the report also includes additional calibration points for selected risks (such as interest rate, credit stress, mortality, and longevity risks) at 1-in-20 levels.
The survey results are accessible via the link below. If you would like someone to take you through the survey results in detail, or for any further queries, please contact us.
