The most consequential domestic development is the Prudential Regulation Authority’s reform of the Matching Adjustment framework. Under the revised rules, MA eligibility now extends to assets with predictable cash flows rather than only those with fixed cash flows, and assets carrying limited uncertainty regarding the timing of principal repayment may also qualify, provided insurers can manage and model the associated liquidity considerations. The simultaneous launch of the Matching Adjustment Investment Accelerator increases the range of assets that may qualify further. For UK-regulated annuity writers, the combined effect is a materially wider investable universe for MA portfolios – a development conference participants viewed positively.