PRA Statement on 2028 Life Insurance Stress Test

Bank of England Prudential Regulation

Published February 27th, 2026

Detected March 6th, 2026

Summary

The Prudential Regulation Authority (PRA) has issued a statement indicating its intent to launch the next Life Insurance Stress Test (LIST) exercise in January 2028. The PRA will engage with stakeholders throughout 2026 to refine the design and methodology based on lessons learned from the 2025 exercise.

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What changed

The Prudential Regulation Authority (PRA) has announced its intention to conduct the next Life Insurance Stress Test (LIST) exercise in January 2028. This statement serves as an early indication to the industry, building upon the approach used in the 2025 LIST which incorporated firm-specific and aggregate sector disclosures under Solvency UK. The PRA plans to engage with participating firms and other stakeholders during 2026 to gather feedback and inform the design, scope, and methodology of the upcoming exercise.

While this is an early indication, regulated entities should anticipate further details in Q4 2026 regarding the scope, methodology, and participating firms. The PRA's commitment to regular stress testing underscores its ongoing supervision of the life insurance sector. Compliance officers should prepare for potential updates to internal risk assessment and reporting frameworks as the design of the 2028 LIST exercise is finalized.

What to do next

Monitor PRA communications throughout 2026 for updates on the LIST 2028 design, scope, and methodology.
Prepare to engage with the PRA during stakeholder consultations in 2026 regarding the LIST 2028 exercise.
Review internal risk management and reporting processes in anticipation of potential changes based on the LIST 2028 requirements.

Source document (simplified)

Prudential Regulation Authority statement on the life insurance stress test in 2028

This statement provides an early indication to industry of the Prudential Regulation Authority’s (PRA) intent to launch the next Life Insurance Stress Test (LIST) exercise in January 2028.
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Published on

27 February 2026

Statement

LIST 2025 was an important milestone for the PRA in assessing and explaining the resilience of UK life insurers’ financial positions under Solvency UK, using a combination of firm-specific and aggregate sector disclosures for the first time. The PRA remains committed to regular life insurance stress testing exercises as part of its ongoing supervision of the life insurance sector, building on the approach taken within LIST 2025.

The PRA will engage with stakeholders during 2026 to reflect on any lessons learned from LIST 2025 and to use this feedback to inform the design and set-up of the next life insurance stress testing exercise. This stakeholder engagement will include discussions with participating firms and wider users of the stress testing disclosures. This will help inform how best to build on the approach taken during LIST 2025, including to respond to any simplifications or limitations within LIST 2025, or to reflect how sector risks might evolve.

The PRA intends to launch the next LIST exercise in January 2028. The PRA expects to provide further details in 2026 Q4, including on any changes in the scope or methodology of the exercise, and confirmation of likely firms in scope.

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