FTSE Insurers - Solvency II Progress

Having already checked out the earlybirds in the interim reporting season for their Solvency II progress (here and here), Standard Life chipped in today with their progress.

• Slight IGD surplus improvement (others have followed suit to varying degrees of prudence)
• Having de-risked their business and having a capital-lite business model, they feel "well placed to operate in the currently proposed Solvency 2 environment"
• Transformation costs (including Solvency 2 costs) up from £17m to £23m in the half year
• Solvency 2 "currently expected to implement in 2014" - a little more presumptuous than the others who preferred to stick with 2013, but bearing in mind it is a fait accompli, fair enough.

The recurring motif across the listed insurers seemingly increased costs, increasing own funds (possibly more through equity markets being peaky in June than by design), and a resignation that 2014 is the new full implementation date.