


Life insurers held £329bn of assets in their MA portfolios at the end of 2024, which provided a total capital benefit from the MA in the region of £78bn, figures published by the BoE have shown.
Speaking at an event in London, BoE executive director, insurance supervision, Gareth Truran said: There are good reasons why supervisors need to approve insurers’ use of the MA, given it confers a significant financial benefit on insurers.
“But our new team has streamlined our approach so that where firms need to get PRA approval, we can give them as quick a response as possible, while still providing assurance that MA requirements are met”.
Before the reforms, MA applications typically required an extended period of prior engagement between firms and the PRA.