Wednesday, 31 August 2011

FTSE Insurers - last but not least...

Having tried on a number of occasions to complete the traipse through FTSE interims for Solvency II progress and mistakenly thought I was finished, Chesnara (a Resolution-style acquisition vehicle) dropped their results today - Reuters take on them is here, but I would highlight;
  • On target for the current implementation date of 1 January 2013. "...the exact date is currently being reconsidered by the EU and may be deferred to 2014”
  • [We] also believe that the current climate and the challenges of Solvency II will give rise to possible acquisition opportunities and [we] remain keen to progress these.
  • Current planning indicates that [we] are well placed to meet the deadline and that there is not expected to be any increased capital requirements in the Group's UK businesses.
Irish Life and Permanent also got in on the act - I had spotted a few years ago (p21 of the document, p23/24 of the pdf) that they were massively ambitious to enjoy the capital savings expected under Solvency II (this was pre-crisis of course!) Their ambitions seem rather curtailed now, commenting only that "The group believes that the adoption of Solvency II will increase available capital resources." 

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