From the Oliver Wyman website:

Cash has been fundamental to the re-rating that the European insurance sector has enjoyed in recent years. We believe that the introduction of Solvency II when it comes into effect on 1 January 2016 presents a threat to this success story. Available capital post Solvency II becomes significantly more volatile and the way cash is disclosed today needs to change. In this joint report with Morgan Stanley, we explore further in a Solvency II world, how the value-in-force becomes an integral part of own funds and recommend strategies for insurers in managing the volatility this creates.