An online repository for Solvency II, ERM and Corporate Governance material and comment from the Principal of Governance Matters, an independent Risk Consultancy firm based on the Isle of Man.
Showing posts with label Swiss Solvency Test. Show all posts
Showing posts with label Swiss Solvency Test. Show all posts
Friday, 9 March 2012
Geneva Association Paper on Capital Allocation - More Capital = More Stability?
Very nice and very concise paper from our chums at the Geneva Association, using Solvency II/Swiss Solvency Test backdrop to challenge the appropriateness/perversity of increasing capital requirements in order to instill/achieve improved confidence, and the exponential costs of looking for incremental improvements in confidence, covering some normal and fat tail distribution angles, and the ultimate overall cost to society in seeking 100% confidence - well worth a read.
Friday, 24 February 2012
Listed Insurers - Solvency sweep on full year results announcements
Having already touched on Axa and St James's Place, I thought it handy to get a few of the others in one place with regards to Solvency detail at 2011 year end, more for my own benefit than anything! Appreciating that the Swiss lads below have different yet Solvency II-complimentary regulation to worry about on this front.
Zurich
As ever, acres of disclosure (which you can serve yourself at here) but the salient points on Solvency are hard to identify, partly as a by-product of the volume of material, and also due to the Swiss Solvency Test (SST) transitional reporting. Couldn't be too confident of getting any real message other than the analyst presentation drawing out a rise in capital adequacy y-o-y on the Solvency I measure (and SST differences) in page 23, and pages 32-40 touching on a number of elements of economic capital. More text description on capitalisation on p25 of the Operating and Financial report.
Swiss Re
Corking set of results (helped of course by reserve releases!). Main Solvency II point is that they comment on page 15 that the delay in implementation is actually driving demand for Solvency I-style products (always a silver lining...)
Allianz
No detailed disclosure yet, just this, but the Solvency I measure has crept up to 179% y-o-y. Nothing of substance to say on Solvency II.
AEGON
Fair amount of disclosure in both the report and the slides, and Solvency I measure up around 195% at group level. More soberingly on the UK side, their Solvency I surplus was at approx 150% (p6 of report), with the other regions floating the number up.
Should be more to follow, though the meaty disclosure on capital adequacy will no doubt be saved for the Annual Report and Accounts rather than the results releases.
Zurich
As ever, acres of disclosure (which you can serve yourself at here) but the salient points on Solvency are hard to identify, partly as a by-product of the volume of material, and also due to the Swiss Solvency Test (SST) transitional reporting. Couldn't be too confident of getting any real message other than the analyst presentation drawing out a rise in capital adequacy y-o-y on the Solvency I measure (and SST differences) in page 23, and pages 32-40 touching on a number of elements of economic capital. More text description on capitalisation on p25 of the Operating and Financial report.
Swiss Re
Corking set of results (helped of course by reserve releases!). Main Solvency II point is that they comment on page 15 that the delay in implementation is actually driving demand for Solvency I-style products (always a silver lining...)
Allianz
No detailed disclosure yet, just this, but the Solvency I measure has crept up to 179% y-o-y. Nothing of substance to say on Solvency II.
AEGON
Fair amount of disclosure in both the report and the slides, and Solvency I measure up around 195% at group level. More soberingly on the UK side, their Solvency I surplus was at approx 150% (p6 of report), with the other regions floating the number up.
Should be more to follow, though the meaty disclosure on capital adequacy will no doubt be saved for the Annual Report and Accounts rather than the results releases.
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