Milliman：2025年在新波动性调整框架下导航白皮书（英文版）

The review of the Solvency II Directive (the Directive) has been underway since 2020. In January 2025, the directive amending the Solvency II Directive was published in the Official Journal of the European Union. This briefing note summarises the amendments to the Volatility Adjustment (VA) and considers the effectiveness of the VA under this new approach. The VA is a long-term guarantee measure that was introduced as part of the Solvency II (SII) regime. The key objectives of the VA are to p