Under pressure II: how life insurers fared in the PRA's latest stress test

On 24 November 2025, the Prudential Regulation Authority (PRA) published its individual findings from its 2025 stress testing of life insurers. In our previous publication, our experts provided an overview of the sector-wide results and initial market reactions.

In this follow-up, we take a closer look at the insurer-specific outcomes, the factors influencing these results, and what they mean for trustees and the wider market.

In this publication, our experts explore:

• how all major bulk annuity insurers remained well-capitalised under the PRA’s 2025 stress test;
• why outcomes differed between insurers, driven by business mix and investment strategy; and
• the call for greater comparability and transparency in future PRA stress test results.

Read the publication

If you have any questions or would like to discuss further, please get in touch. 

This communication has been compiled by Hymans Robertson LLP® (HR) as a general information summary and is based on its understanding of events as at the date of publication, which may be subject to change. It is not to be relied upon for investment or financial decisions and is not a substitute for professional advice (including for legal, investment or tax advice) on specific circumstances. HR accepts no liability for errors or omissions or reliance on any statement or opinion. Where we have relied upon data provided by third parties, reasonable care has been taken to assess its accuracy however we provide no guarantee and accept no liability in respect of any errors made by any third party.