Single solvency and financial condition report (SFCR) | Prudential Regulation Authority Handbook & Rulebook
Prudential Regulation Authority Rulebook

Prudential Regulation Authority Rulebook

Guidance

SS41/15 – Solvency II: applying EIOPA’s Set 2, System of Governance and ORSA Guidelines

Chapter

Single solvency and financial condition report (SFCR)

Printed on: 08/07/2025

Rulebook at: 03/04/2025


7

Single solvency and financial condition report (SFCR)

7.1

The PRA expects firms to assess risks on a forward-looking basis, covering business plan and strategy timelines, and reflect the specific risk profile and governance mechanisms of each entity or group.

  • 17/12/2021

7.2

In SS26/15 the PRA has set out its expectations for non-life firms regarding the option of demonstrating that their risks have been projected to the ultimate time horizon.[9] Firms should ensure that they capture own capital needs and reflect business risk profiles over both the short-term and the long-term.

Footnotes

  • 9. Supervisory Statement 26/15, ‘Solvency II: ORSA and the ultimate time horizon – non-life firms’, June 2015; https://www.bankofengland.co.uk/prudential-regulation/publication/2015/solvency2-orsa-and-the-ultimate-time-horizon-non-life-firms-ss.
  • 17/12/2021

7.3

As part of its supervisory process, the PRA will review ORSA reports on a risk-based and proportionate basis.

  • 17/12/2021