The Prudential Regulation Authority (PRA) has published insurer-specific results for the core scenario of the Life Insurance Stress Test 2025 (LIST 2025), the first such exercise conducted under the Solvency UK regime implemented in 2024. The annex sets out, for each of the 11 participating UK insurers, projected movements in Solvency Capital Requirement (SCR) coverage, SCR and eligible own funds from 31 December 2024 to Stage 3 of the core scenario, shown both before and after the impact of a standard set of management actions defined by the PRA. LIST 2025 is not a pass-fail exercise and will not be used to inform the setting of capital requirements or buffers. The PRA highlights that firm outcomes vary with business mix and risk profile, the extent to which firms recognise management actions in stress, and the treatment of with-profits funds where surplus eligible own funds above the SCR in ring-fenced segments are excluded from the regulatory SCR coverage ratio. At the end of the core scenario, reported SCR coverage ratios ranged from 112% (Partnership Life Assurance Company Limited) and 122% (The Prudential Assurance Company Limited) to 213% (Rothesay Life plc) and 184% (Pension Insurance Corporation plc), with Scottish Widows Limited increasing to 146% from 144% at 31 December 2024. The results exclude any capital distributions or raises, or changes to business in 2025. The insurer-specific publication follows the sector-level LIST 2025 findings released on 17 November 2025 and also includes matching adjustment portfolio composition disclosures by asset class using Matching Adjustment Asset and Liability Information Return definitions.

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