Solvency

AM Best Affirms Credit Ratings of Assicurazioni Generali S.p.A. and Its Main Rated Subsidiaries

Retrieved on: 
Friday, December 16, 2022

AM Best has affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a+” (Excellent) of Assicurazioni Generali S.p.A. (Generali) (Italy) and its main rated subsidiaries.

Key Points: 
  • AM Best has affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a+” (Excellent) of Assicurazioni Generali S.p.A. (Generali) (Italy) and its main rated subsidiaries.
  • Additionally, AM Best has affirmed the Long-Term Issue Credit Ratings (Long-Term IRs) of debt instruments issued or guaranteed by Generali.
  • The outlook of these Credit Ratings (ratings) is stable.
  • The FSR of A (Excellent) and the Long-Term ICRs of “a+” (Excellent) have been affirmed with stable outlooks for Assicurazioni Generali S.p.A. and its following subsidiaries:

Best's Market Segment Report: Higher Profits for Many European Insurers as COVID-19-Related Losses Not Repeated

Retrieved on: 
Tuesday, December 13, 2022

Mergers, divestments and fluctuations in foreign exchange brought more volatility to the ranking of Europe's 30 largest insurers.

Key Points: 
  • Mergers, divestments and fluctuations in foreign exchange brought more volatility to the ranking of Europe's 30 largest insurers.
  • In a new Bests Market Segment Report, Higher Profits for Many European Insurers as COVID-19-related Losses Not Repeated, AM Best also notes that earnings improved overall, and a number of players saw materially higher profit after tax as the adverse effect from COVID-19-related losses on profits in the previous year was not repeated.
  • The European insurers in AM Bests ranking also continued to benefit from strong regulatory solvency ratios.
  • Of the groups for which Solvency II ratios are available, three quarters of them have ratios above 200%.

Christine Lagarde: Macroprudential policy in Europe: building resilience in a challenging environment

Retrieved on: 
Friday, December 16, 2022

[1]

Key Points: 
  • [1]
    When future historians look back on our times, they may well say we lived through an era of permacrisis.
  • A key message therein was the crucial importance of ensuring the continued resilience of our financial system.
  • Resilience is key in helping the financial system to deliver on its ultimate goal of supporting the real economy.
  • [4] In my remarks today, I will explore these two aspects of resilience, and how we can best ensure that they are met across the financial system.
  • And I have no doubt that if all parties work together, we can master the challenges standing before us.
  • By identifying and addressing vulnerabilities ahead of time, we can increase the resilience of the financial system, allowing it to withstand rather than amplify shocks.
  • This applies first and foremost to banks, which remain at the heart of the European Unions financial system.
  • They should be attentive to credit risk and remain alert to potential flaws in their internal models as the risk environment evolves.
  • But building resilience cannot stop at banks: non-banks also play an increasing role in the financial system.
  • In March this year, the ESRB published a blueprint for how to make the EU macroprudential framework fit for the next decade.
  • That is why macroprudential policy must remain alert to the emergence of new challenges as and when they appear.
  • (2019), The biology of human resilience: opportunities for enhancing resilience across the life span,
    Biological psychiatry, Vol.
  • Behn, M, Rancoita, E. and Rodriguez dAcri, C. (2020), Macroprudential capital buffers objectives and usability,
    Macroprudential Bulletin, ECB, No 11, 19 October.
  • Lagarde, C. (2022), Monetary policy in a new environment, speech at the European Banking Congress, 18 November.
  • ESRB (2022), Concept Note on the Review of the EU macroprudential framework for the banking sector, March.

ESAs publish joint advice to the EU Commission on the review of the securitisation prudential framework

Retrieved on: 
Friday, December 16, 2022

12 December 2022

Key Points: 
  • 12 December 2022
    The three European Supervisory Authorities (EBA, EIOPA and ESMA ESAs) today published a joint advice in response to the European Commissions October 2021 call for advice on the review of the securitisation prudential framework.
  • The ESAs welcome the current review as an opportunity to assess the performance of the current framework and support the objective of reviving the EU securitisation market.
  • However, the ESAs believe that re-calibrating the securitisation prudential framework would not be a solution that in itself would ensure the revival of the securitisation market.
  • Based on the input received and the analysis performed, the ESAs advice concludes that the Solvency II framework does not seem to influence insurance activity in EU securitisation.

Phoenix Holdings Reports Results for the Third Quarter of 2022 and the Nine Months Ended September 30, 2022; Continues to Improve Performance in Line with Strategic Plan Targets

Retrieved on: 
Wednesday, November 30, 2022

Higher Solvency strengthens the Groups ability to continue investing in attractive financial and strategic opportunities with significant business potential.

Key Points: 
  • Higher Solvency strengthens the Groups ability to continue investing in attractive financial and strategic opportunities with significant business potential.
  • This position, together with the Groups flexible management capabilities and diverse activities, attractively position the Phoenix for continued value creation.
  • The comprehensive income before tax in third quarter of 2022 and the nine months ended September 30, 2022 was NIS 14 million and NIS 73 million, respectively.
  • Phoenix Holdings is a leading Israel-based financial, insurance, and investment group traded on the Tel Aviv Stock Exchange (TASE: PHOE).

Best’s Commentary: UK Solvency II Reform Likely to Drive Investment Portfolio Restructuring

Retrieved on: 
Wednesday, November 23, 2022

Plans to reform the Solvency II framework for U.K. insurers will allow the countrys life insurers to invest in a wider array of assets, and likely lead to a higher proportion of U.K.-based assets underpinning the U.K. annuity portfolio, according to a new commentary from AM Best.

Key Points: 
  • Plans to reform the Solvency II framework for U.K. insurers will allow the countrys life insurers to invest in a wider array of assets, and likely lead to a higher proportion of U.K.-based assets underpinning the U.K. annuity portfolio, according to a new commentary from AM Best.
  • The Bests Commentary, UK Solvency II Reform Likely to Drive Investment Portfolio Restructuring, notes the expansion of asset options for U.K. annuity writers, outlined in a U.K. Treasury communique, should assist the industry in sourcing assets to meet expected high demand for pension risk transfer solutions in the coming years.
  • According to AM Bests commentary, the proposed asset eligibility changes should not directly affect capital ratios.
  • The likely impact of the changes will be focused on the restructuring of investment portfolios backing policyholder liabilities, as the range of eligible assets is widened.

EQS-News: Allianz SE: Operating profit grows by 7.4 percent to 3.5 billion euros in 3Q - Group confirms full-year outlook

Retrieved on: 
Friday, November 11, 2022

3Q 2022: Operating profit increased 7.4 percent to 3.5 (3.2) billion euros, driven by improved investment and underwriting results in the Property-Casualty segment.

Key Points: 
  • 3Q 2022: Operating profit increased 7.4 percent to 3.5 (3.2) billion euros, driven by improved investment and underwriting results in the Property-Casualty segment.
  • On November 9, 2022, Allianz has announced a new share buy-back program of up to 1 billion euros.
  • 9M 2022: Operating profit increased 3.2 percent to 10.2 (9.9) billion euros, driven by higher operating profit in the Property-Casualty business segment.
  • We expect our full-year operating profit to reach the upper half of the target range of 13.4 billion euros, plus or minus 1 billion euros.

Clearwater Analytics Wins WatersTechnology Buy-Side Technology Award

Retrieved on: 
Thursday, November 10, 2022

BOISE, Idaho, Nov. 10, 2022 /PRNewswire/ -- Clearwater Analytics (NYSE: CWAN), a leading provider of SaaS-based investment accounting, reporting, and analytics solutions, today announced that it has won the WatersTechnology 2022 Buy-Side Technology award for the best buy-side client reporting platform.

Key Points: 
  • BOISE, Idaho, Nov. 10, 2022 /PRNewswire/ -- Clearwater Analytics (NYSE: CWAN), a leading provider of SaaS-based investment accounting, reporting, and analytics solutions, today announced that it has won the WatersTechnology 2022 Buy-Side Technology award for the best buy-side client reporting platform.
  • "Clearwater Analytics is thrilled to win the best buy-side client reporting platform award.
  • We take immense pride in knowing that our platform is among the best in the industry," said Gayatri Raman, President, Europe and Asia at Clearwater Analytics.
  • Clearwater Analytics is a global industry-leading SaaS solution for automated investment data aggregation, reconciliation, accounting, compliance, risk, performance,and reporting.

Aegon to combine its Dutch operations with a.s.r.

Retrieved on: 
Thursday, October 27, 2022

to combine its Dutch pension, life and non-life insurance, banking, and mortgage origination activities with a.s.r.

Key Points: 
  • to combine its Dutch pension, life and non-life insurance, banking, and mortgage origination activities with a.s.r.
  • Im convinced that the combination of our companies is in the best long-term interest of all stakeholders and Dutch society at large.
  • and Aegon the Netherlands, two renowned Dutch companies, deeply rooted in Dutch society, will create a leader in Dutch insurance.
  • Aegon N.V. will be a 29.99% strategic, supportive shareholder in a.s.r., allowing Aegon to participate in the financial benefits that the combination will bring.

Monument Re Announces Merger of AME Life Lux S.A. Into Monument Assurance Luxembourg S.A.

Retrieved on: 
Monday, October 3, 2022

Monument Re announced today that AME Life Lux S.A. will merge into Monument Assurance Luxembourg S.A. following receipt of regulatory approval from the Commissariat aux Assurances.

Key Points: 
  • Monument Re announced today that AME Life Lux S.A. will merge into Monument Assurance Luxembourg S.A. following receipt of regulatory approval from the Commissariat aux Assurances.
  • As a result, Monument Assurance Luxembourg S.A. will be the sole Monument Luxembourg entity following the merger.
  • Monument Assurance Luxembourg S.A. is a fully licensed Luxembourg life insurance company regulated by the Commissariat aux Assurances, with branches in Spain, Italy, and Germany.
  • Its strategy is to acquire, by portfolio transfer or outright purchase, legacy guaranteed and linked portfolios in Luxembourg, Italy and Spain.