Market insight from year-end 2022 SFCRs: Analysis of health insurers based in the UK

In this briefing note, we analyse the Solvency and Financial Condition Reports (SFCRs) of the health insurers that primarily sell UK domestic private medical insurance (PMI). The PMI market in the UK has experienced significant transformations in recent years. We have included the following insurers, based on selection criteria detailed in an appendix of this paper: AXA PPP Healthcare Ltd., Bupa Insurance Ltd., Vitality Health Ltd., and Western Provident Association Ltd. The sections of the paper include discussion of:  

• Combined ratio
• Solvency capital requirement (SCR) ratio
• SCR
• Assets
• Investments
• Liabilities
• What’s next