Milliman

Below please find Periodical Market updates for each of our portfolios. Each one addresses the market and shows Milliman’s SmartShield performance relative to respective benchmarks.

In our previous briefing note from May 2025,1 we discussed how we expected numbers of non-life Part VII transfers, which had been subdued for a number of years, to see an uptick. In this article we look at both the transfers that took place in 2025 and expectations for 2026. Background Part VII transfers are court-sanctioned novations of portfolios of insurance policies from one insurer to another.

I work as head of actuarial function (HAF) and consultant to life and non-life insurers of quite different sizes and sophistication. This gives me a view of the issues that come up consistently across the industry. I plan to publish a short set of questions annually that I think non-executive directors should be putting to their actuarial teams. This is the first edition. It clearly cannot be comprehensive.

Introduction Expense assumptions are sometimes viewed as the least “actuarial” components of insurance liability measurement. They do reach boards and audit committees, particularly where expense overruns are visible or solvency coverage is tight. However, what may not be fully appreciated is how wide the permissible range of interpretation can be within the existing standards, and how differently peers may be applying them.

This report recaps the state of the local and global markets at month end, including the following: Graphs, tables and commentary on the equity, bond, and currency markets Information on Solvency II discount rates for the pound and euro, along with swap credit risk adjustment Fundamental spreads for financial and non-financial Update on U.K. inflation and year-over-year growth in domestic product Recap of volatility and hedging costs

Overview on our discussion of the PRA’s solvent exit planning requirements As UK insurers work towards the 30 June 2026 implementation date for the solvent exit planning (SEP) requirements of the Prudential Regulation Authority (PRA), firms across the market are addressing the practical challenges of interpreting regulatory expectations, embedding new processes and integrating SEP within existing frameworks.1 In February 2026, Milliman convened a roundtable where fourteen professionals from...

This report examines the key regulatory updates in March for life insurance companies in the United Kingdom and Europe. We note items published by the European Insurance and Occupational Pensions Authority (EIOPA), Financial Conduct Authority (FCA), and the Prudential Regulation Authority (PRA). Key developments include: EIOPA proposes amendments aimed at easing insurers’ supervisory reporting and disclosure requirements.

A look at the year-end 2025 results from selected UK pension risk transfer (PRT) firms highlights some clear trends. Following two standout years in 2023 and 2024, the market returned to a more historically typical pace in 2025, with activity levels easing but profitability staying solid and the outlook for 2026 remaining encouraging.

As an alternative to traditional fee-for-service (FFS) Medicare, Medicare Advantage (MA) is a government-sponsored program in which benefits are provided to Medicare beneficiaries by private health plans, otherwise known as Medicare Advantage organizations (MAOs). MAOs offer plan designs that cover all services provided under traditional Medicare plus varying benefits and premiums.

Introduction: How the new CMMI LEAD model will serve populations dually eligible for Medicare and Medicaid In December 2025, the Center for Medicare and Medicaid Innovation (CMMI) announced a 10-year Long-term Enhanced Accountable Care Organization (ACO) Design (LEAD) model. LEAD presents a new opportunity to serve populations with high health and social needs, including individuals dually eligible for Medicare and Medicaid.