In-force management in the context of Solvency II

In-force management in the context of Solvency II


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Speaker(s): Olaf Schmitz (Allianz Lebensversicherungs-AG)

In-Force Management (IFM) became more and more relevant in recent years. As a result of the low interest rate environment insurance undertakings started to search for new income sources and the existing in-force was a natural candidate. In particular the larger life insurance companies started to analyze their in-force portfolios and used e.g. the existing client relationships to foster cross- and up-selling. Another focus of IFM was the often large block of traditional business with guaranteed interest rates and profit participation. The analyses showed that there are a number of levers to improve the profitability of the traditional in-force portfolio.

Besides a few other, less standard examples of IFM activities in a multi-national insurance company the presentation will focus on the possibilities IFM offers in the context of Solvency II. Most life insurance companies earn relatively stable risk and expense margins over time. Employing standard reinsurance financing may be interesting to improve model results by buffering the impact of adverse capital market paths.

In several European countries annuity business is growing for years. Longevity risk becomes more and more relevant and impacts the model results under Solvency II. There are various options to manage or mitigate this risk and the presentation will give an overview of capital-market and modelling options among others. The presentation concludes with other opportunities IFM offers unter Solvency II.

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