The PRA has today published the insurer-specific results from the 2025 Life Insurer Stress Test (LIST).

While the aggregate picture shows the sector remaining comfortably above regulatory minimums – with total Solvency Capital Requirement (SCR) coverage moving from 185% pre-stress to 154% post-stress – the firm-level outcomes vary markedly.

The clear message from these is that the UK life insurers are strong, but not uniform. Some firms maintain very strong buffers even under severe stress, while others experience more pronounced reductions in solvency coverage.

The three bulk annuity insurers with the highest post-stress SCR coverage ratios were:
1️⃣ Rothesay – 213%
2️⃣ PIC – 184%
3️⃣ L&G – 161%

Notably, these are also the three insurers that started with the highest pre-stress SCR coverage ratios.

I’ve included charts comparing each bulk purchase annuity (BPA) writer’s SCR ratio at each stage of the PRA’s stress scenario:
Stage 1: Initial market shock
Stage 2: Developing market shock
Stage 3: Market stabilisation and management actions (shown separately)

These charts are intended to give an overview of how individual insurers’ solvency positions evolve through the stress. Significant care is needed when interpreting the results as among other things:
➖ The figures reflect the specific PRA scenario – for example, reinsurance recapture was not modelled.
➖ Not all firms used all available management actions, and in some cases it appears that none were applied.
➖ Insurers with significant with-profits funds (Aviva, Standard Life, M&G) appear to have lower overall SCR coverage because with-profits surplus is ring-fenced and not available to support other business lines.

Caveat: values have been estimated using a ruler and the charts published by the PRA, so individual stage numbers may be out by a percentage point or so. For the percentage-change charts, I’ve shown end-of-stage SCR divided by start-of-stage SCR, rather than percentage-point movement.