Solvency

EBA and EIOPA publish Data Point Modelling Standard 2.0 to foster collaboration and harmonisation in the field of supervisory reporting

Retrieved on: 
Sunday, June 18, 2023
EIOPA, Solution, Resolution, PEPP, BRRD, EBA, Solvency, XBRL, Standard, Capital Requirements Regulation 2013, CRR, DPM, ITS, Risk management

In the last decade, the DPM methodology has successfully supported the EBA and EIOPA in integrating their respective regulatory reporting frameworks.

Key Points: 
  • In the last decade, the DPM methodology has successfully supported the EBA and EIOPA in integrating their respective regulatory reporting frameworks.
  • After all these years, the DPM Standard 1.0 required enhancements to still fit the purpose of responding to changes in reporting and reducing costs.
  • By providing a consistent approach for modelling reporting requirements, the Standard should facilitate the future integration of concepts and definitions (semantic integration) in a common data dictionary.
  • The EBA and EIOPA use DPM models to produce data exchange specifications in the format of XBRL Taxonomy.

Hardman & Co Research on Chesnara plc (CSN): Nice little acquisition

Retrieved on: 
Saturday, May 27, 2023
Economic value added, Value, Acquisition, Solvency

Chesnara has announced its first acquisition of 2023.

Key Points: 
  • Chesnara has announced its first acquisition of 2023.
  • It is buying the onshore protection business from Canada Life’s UK business.
  • Chesnara is paying £9m for the policies, and expects the Economic Value to be £16m – so this is a bit smaller than some of its more recent deals.
  • This benefit is relatively front-end-loaded; so there will be a smaller cashflow benefit beyond the five years.

Moody’s Assigns Phoenix Insurance A2 Rating with a Stable Outlook: Cites Strong Market Position and Capital Adequacy with High Profitability and Liquidity

Retrieved on: 
Tuesday, May 23, 2023
Banking, Professional Services, Insurance, Finance, Growth, Holding, The Phoenix Companies, Solvency, TASE, Bank, Phoenix

Moody’s rating for Phoenix Insurance is similar to the rating assigned to Israeli banks, reflecting the status of the Phoenix as one of Israel’s leading financial institutions.

Key Points: 
  • Moody’s rating for Phoenix Insurance is similar to the rating assigned to Israeli banks, reflecting the status of the Phoenix as one of Israel’s leading financial institutions.
  • According to Moody’s, the rating of the Phoenix is based on market leadership, broad and diverse insurance activities, a high capital adequacy ratio, strong liquidity and profitability, and the support of growing markets and strong new business opportunities.
  • In conclusion, Moody’s highlights that Phoenix Insurance has demonstrated a strong track-record of access to capital which supports it financial flexibility.
  • The rating and outlook assigned to Phoenix Insurance indicate potential for raising capital in international markets in addition to continued growth in Phoenix Holdings’ international shareholder base.

Allianz Increases Operating Profit by Almost a Quarter to 3.7 Billion Euros

Retrieved on: 
Friday, May 12, 2023
Professional Services, Insurance, Business, Finance, Asset management, VNB, Allianz, Williams v Natural Life Health Foods Ltd, CIR, Multimedia, Solvency, Financial instrument, NBM, CSM, Roe, EPS, Internal, Engineered wood, Chemical, Gasoline, Clothing, Financial adviser, Bank, Financial services, Security (finance)

1Q 2023: Operating profit jumped 24.2 percent to 3.7 (1Q 2022: 3.0) billion euros.

Key Points: 
  • 1Q 2023: Operating profit jumped 24.2 percent to 3.7 (1Q 2022: 3.0) billion euros.
  • We confirm our full-year outlook of operating profit of 14.2 billion euros, plus or minus 1 billion euros.”
    1Q 2023: Total business volume rose by 11.2 percent to 24.1 (21.7) billion euros.
  • Operating profit surged by 22.7 percent to 1.9 (1.5) billion euros, due to a higher operating insurance service result that was partly offset by a slightly lower operating investment result.
  • Positive net inflows of 14.9 billion euros and favorable market impacts of 42.2 billion euros were partially offset by negative foreign currency translation effects of 23.4 billion euros.

EQS-News: Allianz SE: Allianz increases operating profit by almost a quarter to 3.7 billion euros

Retrieved on: 
Friday, May 12, 2023
Asset management, VNB, Insurance, Williams v Natural Life Health Foods Ltd, CIR, Property & Casualty Management Systems, Finance, Solvency, Financial instrument, NBM, Allianz, CSM, Roe, EPS, Internal, Security (finance), Chemical, Gasoline, Clothing, Financial adviser, Bank, Financial services

1Q 2023: Operating profit jumped 24.2 percent to 3.7 (1Q 2022: 3.0) billion euros.

Key Points: 
  • 1Q 2023: Operating profit jumped 24.2 percent to 3.7 (1Q 2022: 3.0) billion euros.
  • We confirm our full-year outlook of operating profit of 14.2 billion euros, plus or minus 1 billion euros.”
    1Q 2023: Total business volume rose by 11.2 percent to 24.1 (21.7) billion euros.
  • Operating profit increased to 1.3 (0.8) billion euros and benefited in particular from a higher result in the United States.
  • Positive net inflows of 14.9 billion euros and favorable market impacts of 42.2 billion euros were partially offset by negative foreign currency translation effects of 23.4 billion euros.

ESAs call for vigilance in the face of mounting financial risks

Retrieved on: 
Wednesday, April 26, 2023
Uncertainty, EIOPA, Face, Policy, Eye, Risk management, EBA, Joint committee, Solvency, Credit Suisse, ICT, Investment, Risk, UBS, Union Bank of Switzerland, ESG, ESMA, Union Bank, Bank, Cryptocurrency, EU

ESAs call for vigilance in the face of mounting financial risks

Key Points: 
  • ESAs call for vigilance in the face of mounting financial risks
    The three European Supervisory Authorities (EBA, EIOPA and ESMA - ESAs) today issued their Spring 2023 Joint Committee Report on risks and vulnerabilities in the EU financial system.
  • While noting that EU financial markets remained broadly stable despite the challenging macro environment and recent market pressure in the banking sector, the three Authorities are calling on national supervisors, financial institutions and market participants to remain vigilant in the face of mounting risks.
  • The second half of 2022 witnessed a worsening of the macro environment due to high inflation and tighter financial conditions, and the economic outlook remains uncertain.
  • Sharp movements in prices triggered sizeable margin calls and put some market participants under liquidity strains, notably non-financial corporations and non-bank financial institutions.

Aéma Groupe: FY 2022 Results

Retrieved on: 
Saturday, April 15, 2023
Insurance, Pressure, PRI, Asset management, Palm oil, Energy transition, Socially responsible investing, Mondial, Health care, Wealth, Business, P&C, Solvency, Carbon, Common, IPE, Biodiversity, Acquisition, Investment, UMG, Regulatory News Service, Growth, Weather, Climate, Health, Takaud Savings and Pensions B.S.C., Principles for Responsible Investment, Principle, MMJ, Risk management, Life insurance, Reinsurance, Cryptocurrency, Chemical, Financial services, Retail, Group (military unit)

More than 11 million policyholders, with 100,000 new policyholders won in 2022.

Key Points: 
  • More than 11 million policyholders, with 100,000 new policyholders won in 2022.
  • In September 2022 Aéma Groupe announced the creation of its Asset Management division Ofi Invest, which is now the 5th largest asset management group in France, and a key player in responsible finance.
  • The impact of the transformation plans launched in 2022 to restore profitability will be seen from the next financial year onwards.
  • Aéma Groupe has strengthened and proved its attractiveness, through an M&A strategy initiated in 2022: Mutuelle des Métiers de la Justice (MMJ) joining UMG Aésio Macif, acquisition of Mondial Pare-Brise by Macif.

Phoenix Holdings Publishes 2022 Financial Statements and Reports Comprehensive Income of NIS 1.1 Billion with Dividend Distribution, Despite Capital Market Declines

Retrieved on: 
Thursday, March 23, 2023
Professional Services, Insurance, Finance, Phoenix Group, Holding, Travel, Tel Aviv Stock Exchange, Bank statement, Policy, Long-term care, Aum Mangalam Singlem, P&C, Multimedia, Research, Solvency, Organization, Share repurchase, Report, Trust, Corporation, Greeneye, Investment, TASE, Psagot Investment House, Growth, NIS, ESG, Mortality, The Phoenix Companies, Analyst, Israel Securities Authority, Nostro and vostro accounts, Cryptocurrency, Video game, Holding company, Mobile phone, Bank, Phoenix, Platinum

As of December 31, 2022, equity capital totaled NIS 10.1 billion, following the NIS 160 million dividend distribution from 2022 first half income and a share buyback of NIS 56 million.

Key Points: 
  • As of December 31, 2022, equity capital totaled NIS 10.1 billion, following the NIS 160 million dividend distribution from 2022 first half income and a share buyback of NIS 56 million.
  • Profit from operations (before tax) amounted to NIS 1,796 million in 2022 and NIS 458 million in the fourth quarter of 2022.
  • The comprehensive income in 2022 and in the fourth quarter of 2022 amounted to NIS 611 million and NIS 115 million, respectively.
  • The decrease in comprehensive income before tax in 2022 and in the fourth quarter of 2022 amounted to NIS (958) million and NIS (202) million, respectively.

2022 Annual Results: SCOR ends 2022 with a net income of EUR 208 million in Q4 and proposes a dividend of EUR 1.40 per share

Retrieved on: 
Thursday, March 2, 2023
P&C, OCI, Property, Solvency, National Organization of Life and Health Insurance Guaranty Associations, CPP Investment Board, Annual, EUR, Economic value added, Policy, CSM, DTA Combo, SCOR, Weather, L&H, Roe, Annual general meeting, Outline, Environment, Flood, Life, Growth, Value, Film industry, Lithium, Insurance, Video game, Rare-earth element, Reinsurance, Cryptocurrency, COVID-19

SCOR ends 2022 with an accounting loss of EUR 301 million, which has been significantly reduced by the strong results in the fourth quarter.

Key Points: 
  • SCOR ends 2022 with an accounting loss of EUR 301 million, which has been significantly reduced by the strong results in the fourth quarter.
  • In Q4 2022, the Group generates a net income of EUR 208 million (equivalent to an annualized RoE of 16.8%), with each of the three business units delivering a positive result.
  • This net loss is reduced compared to Q3 2022 thanks to the Group’s strong performance and net income of EUR 208 million in Q4 2022.
  • SCOR therefore proposes a dividend of EUR 1.40 per share for the fiscal year 2022.

AM Best Affirms Credit Ratings of CattRe S.A.

Retrieved on: 
Wednesday, February 1, 2023
Insurance, Professional Services, Credit, AM, Kapisanan ng mga Brodkaster ng Pilipinas, Generali, News, Cattolica, AM Best, EUR, Solvency II, Bernd, Commissariat, Solvency, ALL, Growth, Risk management, MGA

AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of CattRe S.A. (CattRe) (Luxembourg).

Key Points: 
  • AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of CattRe S.A. (CattRe) (Luxembourg).
  • The outlook of these Credit Ratings (ratings) is stable.
  • For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings .
  • For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments .