how asset managers are preparing for solvency ii
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H w ss t s S v y II
Kgdn]f[q AA ^gj Ykk]l eYfY_]e]fl kmjn]q f\af_k *()*
E st u EMEI ss t M t
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C t tsx ut v su ry 1
I tr u t 3S v y II ss t t 7
T s rtu t s 13
t t S v y II 17
Pr r ss t t 7
v r 014 31
Surv y r 3
G ss ry r y s 34
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)ow sset n e s e p ep in o So ven y II | Kgdn]f[q AA ^gj Ykk]l eYfY_]e]fl kmjn]q f\af_k *()*
C]q f\af_k
ur p ss t rs t i t ywi wi r i sur c busi ss ut S v cy II
T surv y u ss t rst u s ut t r r s ts
w t us ss s r su t S v y II, w t tw -t r s r s ts x t t u r r
sur us ss. W t s s s t vv w t, r st u v s t tt s x t t s y s r t
jYl`]j l`Yf j]dYl]\ lg Y kh][a[ j]n]fm]t r t: s 1% r s ts v s t t r t r t s t
r t y S v y II.
L c c rity i t S v cy IIr u ti s is t bi st c r
ss t rs
t r s t, t st r ss trs st r S v y II s
t r ty r u r ts, w t rt r s ts t t s s
ssu . r ty s v , w w ut t t t t t t v
r v ur t , t y t w u t xt ur .
x ut v su ry
ss t rs b i v t ir c i t
r p rti , t pr uct v p t^mf[lagfk oadd Z] ka_fa[Yfldq aehY[l]\by S v cy II
T t t r r s t w tt ss t t r t
t y r s ts ur surv yw r t r rt , t t
r u t v t r s t v y. Ww u v x t t tt r r t t r rt
us t t r s tt r v st t r ss, w r s t
r rt s y t t r ss.W r s ts s t t s
t v ty u t r ty tr rt r u r ts u r S v y II.
Gl`]j f\af_k
L c c i t r u sts cit s r sr t vi S v cy II pr r
9degkl Y ^l` g^ j]khgf\]flk \g fgl `Yn] r r u r w y t t
t y , t r s t r u sts ss t rs
t v w sur rs s str t yrt t . T r s v
lg km__]kl l`Yl eYfq afkmjYf[] jekr t y t u y t r ss t
t rt rs S v y II, t r s s r ty t st t
j]Y\af]kk& 9 ^]o jek Yj] hmk`af_ Y`]Y\w t str t us r s t
rtu ty r y S v y II w
*( g^ j]khgf\]flkkYa\ l`Yl ]f_Y_]e]floal` afkmj]jk ak l`]ajZa__]kl [`Ydd]f_]& L`akak Y ka_fa[Yfl fmeZ]j$_an]f l`Yl l`]j] ak
t v afkmj]jk lg [gehdq oal`
Kgdn]f[q AA&
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* ow sset n e s e p ep in o So ven y II | Kgdn]f[q AA ^gj Ykk]l eYfY_]e]fl kmjn]q f\af_k *()*
st r ur y r t v w t wst t r ss. F r x , u rt r r s ts s w r t 10%
t r sur ts w tt S v y II. T r s s tS v y II r s r t v w t
t ss t rs t str t r : t sur r s t
r s s t S v y II, tss t r s t t t r r .
Furt r r , t r ss t rsYj] oal`gml Y [d]Yjdq \]f]\ kljYl]_q ^gjS v y II. T s r str t y sj]][l]\ af l`] dY[c g^ j]n]fm] lYj_]lk&
L c c rity r u r c upi c sts r ti iti s
T r s u w r t w tr s t t S v y II stru tur s.F r s y s r r r twj]Ykgfk2 jkl$ a^ l`]q Yj] Z]af_ Ykc]\ ^gj
t , t y t r u t st t tt , s , r v t
s rv s, t r s rtu ty tr t t r v u . It s r s
sur r s t t r t u rt r r s ts r t s r t
r S v y II x s s tt r sur t s . Furt r r ,
ust 5% r s ts v s t t r t r t s t t u
r t s r su t S v y II.
S v cy II pr r s pr i t y sc u
s r s t t s r S v y IIr r s r r , t s r t v y
hgkalan] k[]fYjag2 ^gj l`gk] jek oal` S v y II r r , u rt r
r s ts t t rJ u ry 013 t r - u rt rs
t t y t 013.T v t s , t r su ts
r S v y II s su stss t rs r r w st
r x st r r s t su rtS v y II. T s s r r ssur t s v u s str t r
r s ur s: t r s st t t shjg_jYek l`Yl Ykk]l eYfY_]e]fl jek
t s r.
on usionEYfq Ykk]l eYfY_]e]fl jek Yj] fgl Y[lmYddq lYcaf_ Ystr t rs t v S v y II. W st v r vs t y r r t v tw t r s v str t y
, r t v r t surv y su stst r r s r t v . T surv y u t tt us s r t tt rs, w tr t v y tt tt t t str t r v u
r t rtu t s t t y r v r tS v y II r r .
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3ow sset n e s e p ep in o So ven y II | Kgdn]f[q AA ^gj Ykk]l eYfY_]e]fl kmjn]q f\af_k *()*
S v y II s U D r t v t t
s ts ut str r r s tr u r ts r ur sur rs \a[lYl]k `go em[` [YhalYd jek emkl
r t t t r t s. U ru t ur I sur
u t P s s ut r ty( I P ), t t t D r t v
s x t t t r 1J u ry 014.
T r u r ts S v y II v vr x u t s t r- s
^gjemdYk$ klj]kk l]klaf_ Yf\ fYf[aYdeg\]dk& AfkmjYf[] jek emkl Ydkg eYc]ka_fa[Yfl [`Yf_]k lg fYf[aYd kqkl]ek$
t r s t r r rtt r-v u s s r S v y II,
r r r r t r u s sur fYf[aYd klYl]e]flk$ jakc e]Ykmj]k Yf\
t u t s. T r v w s sts t r tr rs:
P r 1 C t u y
P r Syst s v r
P r 3 Su rv s ry r rt u s sur
I t utur , sur rs r y t r rv st ts t t r v s r t
w t t r t s s r s yss t ss s, s t s w u r u t r
t r u r ts. T s r s ts rtu ty r S v y II- t z
r u ts, su s s r u ts t - ur t t s r r u ts
t t t t x s u t r t st w r w us . ss t rs
r s t v t rt s rt stru t , w t
rtu ty t y r tt t tt r sur ts t s r
u rt t z t s ut s,w tur y t str r, -t r t r t s s.
I tr u t
t r t stu s sur
t t S v y II v u t r sur rs rs t v .
Kgdn]f[q AA ak Y ka_fa[Yfl ha][] g^sur r u t ; t r r , t s
u rst t t t us t ts r r y r u t t
gf afkmjYf[] jek& @go]n]j$ Kgdn]f[q AAs t s t t xt t
t r r u t s t t ss tt ustry. U rtu t y,
w t r u t t t s tss t t us s t r r ty: FS r u t su s t R t
D str ut R v w ur v rs s s t su s D -Fr ,
UCITS F TC v v t y tr r ss t rs.
F r t st tw y rs, r st u s w r w t u r ss t
rs, t S v y II t r s ts t t ss t t
v u . I t s surv y, w yzS v y II r t v w t ss t
rs w t sur t s.T r u u r us t s w t ss t
rs, w v xt s vt v ut t r r s
s. s w r ss s r w , wv str t t t t t
S v y II xt s y t surustry t t us ss s
ss t rs.
S v y II s ^mf\Ye]flYd j]na]o g^l`] [YhalYd Y\]imY[qYf\ jakc eYfY_]e]flj]imaj]e]flk ^gj l`]Eu suaf\mkljq& Al ak gf] g^l`] egkl [`Ydd]f_af_
Yf\ ^Yj%j]Y[`af_j]_mdYlgjq j]^gjek l`Yll`] =mjgh]Yf afkmjYf[]af\mkljq `Yk k]]f&
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4 ow sset n e s e p ep in o So ven y II | Kgdn]f[q AA ^gj Ykk]l eYfY_]e]fl kmjn]q f\af_k *()*
B s ur w r s uss sw t ss t rs, w s ur surv y t t yz s v
t s t t r st r v t tS v y II r r t , r u r ts,
rtu t s t r ts. T t vs u t t t v ss ss t w tss t t ustry s r s
ts st t r ss. T r rtr v s w t t r ss
s u tw sur rs ss trs, w t r t r ts v s t
w t r v s s v rsur rs. T r r , t s r rt s rs
S v y II r t ss t trs t v , t r t surrs t v ( t t r rs).
It s w y w t t tu s t , ur y, s st y
u t w r s t s rs. s sur rs r s
t r r v r t rr u t rs v r t 18 t s,
t s v us t t y vY ka_fa[Yfl k`gjl^Ydd lg eYc] mh aft r s ss t t . T u t S v y C t R u r t (SCR)r u r s r uts, sur rsw r t , ur t ss t\YlY Yf\ imYflaYZd] [j]\al Yf\ daima\alqr s tr s.
Fu t t s s rt y uus, w t t t y tr t t su ss, sur rs w s
ssur t t ss t rs r v t t t y w s t y
t r t r t st s s.
W t ss t y r r r u t rysu rv s ry r v S v y II
s, t ss t t ustrys u r s y r r . T s
s r r t u tur t s rtw t r t ustry s v y
l`] [gf[]hlmYd afm]f[]k g^ Kgdn]f[q AA t r v s s r tr t ts str t
rtu t s. T s surv y s r v st rtu t s r ss t rs w tr s t t r u t v t.
O] ljmkl l`Yl l`ak j]hgjl oadd Z] Yhhj][aYl]\Zq l`] afkmjYf[] [geemfalq$ Yk alk f\af_kk`gmd\ _YdnYfar] al lg ]f_Y_] egj] oal` Ykk]leYfY_]e]fl hYjlf]jk& @go]n]j$ l`] hjaeYjqgZb][lan] g^ l`ak j]hgjl ak ^gj Ykk]l eYfY_]jklg Y[l mhgf l`] f\af_k&
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Kmjn]q f\af_k
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6 ow sset n e s e p ep in o So ven y II | Kgdn]f[q AA ^gj Ykk]l eYfY_]e]fl kmjn]q f\af_k *()*
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ow sset n e s e p ep in o So ven y II | Kgdn]f[q AA ^gj Ykk]l eYfY_]e]fl kmjn]q f\af_k *()*
s t i sur c i ustry
r t r t S v cy II ctiv y its ss t
t p rt rs?
t ssu t t t tus r S v y II r r w u st r
t sur r, t ur ws st t st t r r s ts
y st t r surt s r u S v y II. It s r,
`go]n]j$ l`Yl Y ka_fa[Yfl hjghgjlagf ss t rs r t r u r
u w t t r sur ts
ut S v y II, v t t s r t v yt st . I t, 5% r s ts
s r t 0% t r surts y t t w t t
S v y II r u r ts.I t s st s, t s t w u
r t r t v : tsur r s t r s s t
S v y II, t ss t r s tt t r r .
O`Yl h]j[]flY_] g^ qgmj afkmjYf[] [da]fl ZYk]`Yk ]f_Y_]\ oal` qgm Yjgmf\ Kgdn]f[q AA7
5%
0%
%
13%
%
4%
75%
/
A^ gmj [da]flk Yj] fglZjaf_af_ mh l`] akkm]g^ Kgdn]f[q AA$ l`]f o]Yj] lYcaf_ l`] d]Y\ aft s t t kljYl]_a[ hjg[]kk&
S v y II ss t t
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8 ow sset n e s e p ep in o So ven y II | Kgdn]f[q AA ^gj Ykk]l eYfY_]e]fl kmjn]q f\af_k *()*
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9ow sset n e s e p ep in o So ven y II | Kgdn]f[q AA ^gj Ykk]l eYfY_]e]fl kmjn]q f\af_k *()*
@go ogmd\ qgm \]k[jaZ] qgmj jek YhhjgY[` lg Kgdn]f[q AA7
r ss t rs b i pr ctiv
i t ir ppr c t w r S v cy II?T ws s t t t r tS v y II w s r t y s rYk Z]af_ hjgY[lan]$ l`gm_` Y ka_fa[Yflhjghgjlagf \]k[jaZ]\ l`]aj je Ykr t v r t .
It s ur t s r t vr s s r t ss t t
u ty, s v r t surv ys t t t sur rs r t y t
u y . r t v s t y
w r y st s, t u t uv ss t rs t t st
t r sur ts s t r s. r t v s t t s
t ss t rs v t vust u s r v u ts,
r t r t r t v y r utw t t y t v r. ss t
rs w r t r s sx st ts t r
t t rs t utur .
R t v
t r s t
Pr t v
N t
5%
0%
53%
%
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)( ow sset n e s e p ep in o So ven y II | Kgdn]f[q AA ^gj Ykk]l eYfY_]e]fl kmjn]q f\af_k *()*
@go ogmd\ qgm jYl] qgmj [gehYfq ZgYj\k [mjj]fl mf\]jklYf\af_g^ Kgdn]f[q AA Yf\ alk aehY[l gf Ykk]l eYfY_]e]fl7
Is t r u rst i
t i p cts S v cy II t b r v r w ic str t ic
ppr c s u v v ?
ur surv y t s r su rst t r v t
t S v y II. It s s t st yt t ss t t u tyt t r s r , v tr t t r r u t s t t t y r
t t w t . M r t
t r r s ts r t t r r s
u rst S v y II s ,w t r t s y t s r.
T tur r s w -r st ss t t
jek& L`] j]kmdlk ^gj klY^^ ZjgY\dq eajjgjt t t r , w t r t t r r t t r st s u rst
S v y II s st r t t r st s u rst s r.
40%58%
%
G
F r
P r
Gmj l]Ye `Yk Y j]Yddq_gg\ mf\]jklYf\af_g^ Kgdn]f[q AA$ Zmlgmlka\] g^ l`Yl l]Yel`]j] ak eafaeYdYoYj]f]kk&
S v y II ss t t
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))ow sset n e s e p ep in o So ven y II | Kgdn]f[q AA ^gj Ykk]l eYfY_]e]fl kmjn]q f\af_k *()*
@go ogmd\ qgm jYl] qgmj klY^^k [mjj]fl mf\]jklYf\af_g^ Kgdn]f[q AA7
T r s rt t v t r : t s
r su ts r r y ( ut t x us v y)kh][a[ lg Kgdn]f[q AA l]Yek& L`]j]^gj]$t 86% r s ts t t r t stu rst s r r s
r y t S v y II t s.T r s u st r r r
w r ss uts t s r u s:r st u s t v t
su st t t w r ss s t s txt y t S v y II t s.
I s w sus t w
S v y II s y w t tS v y II t , t s x s t
str t r yYkk]l eYfY_]e]fl jek& Oal` kYd]k$
v st t us ss v tt s t t S v y II
r r , t us r s r t t v t s.
4 %
44%
14%
G
F r
P r
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)* ow sset n e s e p ep in o So ven y II | Kgdn]f[q AA ^gj Ykk]l eYfY_]e]fl kmjn]q f\af_k *()*
@Yn] qgm jmf'\g qgm hdYf lg jmf ]\m[Ylagf k]kkagfk^gj qgmj klY^^ gf Kgdn]f[q AA7
us u t r w t r ss t
rs v r t v w tr s t t S v y II s t r rt tr . It u t r r s s
s t v t t 71% r s ts v ruu t s ss s r st S v y II.
T s r su t, w v r, s u t rZq l`] ^Y[l l`Yl Y ka_fa[Yfl fmeZ]j g^
ss t rs v t ru s ss s tu t st . T r rt t t vt ru ( r v t ru ) u t
s ss s S v y II s rr t sw t ss t rs r y\]f]\ kljYl]_q&
t r s y ssu t t v
u t s rs ru S v y IIw v r t t u r t s w t y ss t tje& L`] aehda[Ylagf ak l`Yl l`] hjg_jYek
r u r w y tw -t r s ss trs v str t y, w s
n]jq hgkalan]& @go]n]j$ l`] cfgod]\_]s w t t S v y II t s;
t r r , t s r r s r rr t - us
tur , r t r t tru y str t .
71%
%
s
N
O] l`afc l`] d]n]d g^mf\]jklYf\af_ Yl YZgYj\ d]n]d ak Y[[mjYl]`go]n]j$ o] ^]]d l`YlklY^^ mf\]jklYf\af_ g^Kgdn]f[q AA ak dgo]j l`Yfl`] j]kmdl `]j] ogmd\af\a[Yl]&
S v y II ss t t
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)+ow sset n e s e p ep in o So ven y II | Kgdn]f[q AA ^gj Ykk]l eYfY_]e]fl kmjn]q f\af_k *()*
T s rtu t s
O`Yl \g qgm h]j[]an] ak l`] Za__]kl [`Ydd]f_] ^gj Ykk]leYfY_]jk g^ Kgdn]f[q AA7
W t t S v y II ,
ss t rs s u s tw r t ts t r
r r s s r t . Butw r y r t y, w r r t y
? ur stu y t s t t tr s t, t st r ss t
rs st r S v y II st r ty r u r ts, w t rt r s ts t t s s
ssu .
s r ty r u r ts s st S v y II r r ,
r ty s v , w w u t tt t r v t r t t w u
t . D t r v s s urr t yr s , w t r t
u rt r r s ts t t s s . Su s u t y, w x t t
s t r s r ,
su s ss t tu r rty
u t t r u r t r -t r ut s t - v t , s t t -
, t t t sur rs r rtr u r ts.
T ss t tu r rty s t r st . T s w t
w ss t rs v t su t tt sur rs u r S v y II t v y
s t t t sur r t t yr t t rt t t t ss t
r s . s s u ,w y w ss t t
jek k]] dgkk g^ afl]dd][lmYd hjgh]jlq YkY eYbgj [`Ydd]f_]$ egkl Yj] ka_fa[Yfldq
r ut r v -t r ut w t su s rt t r
r x r w ys w t r u v tt s ssu .
0
5
10
15
0
5
D t
p r v i s
i
T i
i
s s
t
p r v i s
i
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t
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C r i t y
r u
i r
t s
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t w i t
i s
u r r s
R t
i i
i s u
r
b u s i
s s
L s s
i t
t u
p r
p r t y
O t
r
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b e r o
f r e s p o n
d e n
t s
O] kladd Yj]fl kmj]o`Yl l`] afkmj]jk Yj]]ph][laf_ ^jge mk
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), ow sset n e s e p ep in o So ven y II | Kgdn]f[q AA ^gj Ykk]l eYfY_]e]fl kmjn]q f\af_k *()*
O`Yl Yj] l`] lgh l`j]] Yj]Yk g^ qgmj gh]jYlaf_ eg\]d qgm l`afc oadd Z]aehY[l]\ l`] _j]Yl]kl Yk Y j]kmdl g^ Kgdn]f[q AA7
jYfc Yfko]jk ^jge ) lg +!
W r wi t r t st i p ct
S v cy II b t by ss t rswit i t ir w p r ti ?
T t t r r s t ty r s ts ur surv y w r t
r rt , t t r u tv t r s t v y.
I t r s t t t r teg\]d$ l`]k] f\af_k ^gj j]hgjlaf_
t t r w tt r u st s t surv y, w r t
r v s t t , u ty ssurt t r t SCR u t s
r y. T t rs t r
t t , r ss t, t, v t t t t v r us r ts r ss
l`] je$ af[dm\af_ l`] [da]fl j]hgjlaf_l]Ye l`]j]^gj]$ alk afm]f[] ak ZjgY\
.
N r s ts t t v st thjg[]kk Yk Z]af_ ka_fa[Yfldq aehY[l]\&I t s surv y w r t r t y rs t , w t r w r
r ty t ssu s, w w u x t tv st t r ss u t t rr r.
0
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t
p r
s s
I v s t
t
r i s
t
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- i b i
i t y
t
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t
b v
O t
r
T s rtu t s
O] ogmd\ `Yn] ]ph][l]\\YlY eYfY_]e]fl lgZ] jYfc]\ `a_`]j l`Yf
t t us\YlY eYfY_]e]fl
ss s hjg[]kk]k ^jge l`]ZY[c lg ^jgfl g^[]$
o`]j]Yk [da]fl j]hgjlaf_`Yk Yf aehY[l gf bmkll`] ^jgfl ]f\& O]kmkh][l l`ak ak goaf_lg dY[c g^ [dYjalq af l`]j]hgjlaf_ j]imaj]e]flkg^ Kgdn]f[q AA&
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)-ow sset n e s e p ep in o So ven y II | Kgdn]f[q AA ^gj Ykk]l eYfY_]e]fl kmjn]q f\af_k *()*
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). ow sset n e s e p ep in o So ven y II | Kgdn]f[q AA ^gj Ykk]l eYfY_]e]fl kmjn]q f\af_k *()*
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)/ow sset n e s e p ep in o So ven y II | Kgdn]f[q AA ^gj Ykk]l eYfY_]e]fl kmjn]q f\af_k *()*
t t S v y II
L`] f]]\ ^gj Y k[YdYZd]\YlY kgdmlagf `Yk Z]]fl`] []fl]j g^ em[`\]ZYl] oal`af l`] Ykk]leYfY_]e]fl af\mkljqgn]j l`] dYkl logq]Yjk& Kgdn]f[q AA oaddY\\ lg l`] `a_` d]n]d
g^ \YlY j]imaj]e]flkl`Yl Ykk]l eYfY_]jkYdj]Y\q ^Y[] ^jge YeqjaY\ g^ j]_mdYlagfkYf\ d]_akdYlagf&
Af j]dYlagf lg \YlY kgdmlagfk lg kmhhgjl Kgdn]f[q AA j]imaj]e]flk$\g qgm hdYf lg7
w r ss t rs ri up
r t i cr s t r uir tsst i r S v cy II?
T ss r s s -r ,s s t xt r syst s su rt.ur surv y u t t r t
r s ts t t rx st t r stru tur , w u rt r s t y r t t v r
- us u . I , y u rt r r s ts v t t t
x t v r t r u t r - rty rr t, su s
x st str t r.
T s y s sur r s t t systr v rs str t rs, w v
r r r ss t rs (sur rs) t r t r S v y IIt s ut su rt. T r r rt r u r ts u r S v y II, ut
t rs ss t rs t t
t s t r w r stru tur .W w r t r su ts r w tt s r t st t r ss
rt t v r us S v y II t s s,t r s s r ty. T urr t st t
t y t t v t s rS v y II w s r t wt r t , y t r t r s ts r x t t
x st t r stru tur . I t sjek Yj] lg Z] j]Y\q Zq YfmYjq * $
t v ty w t u s r y.
T r s s w y t r - rty ut t y us u t y t r v s t v r -s t r r r s.
L`]j]^gj]$ o] ea_`l ]ph][l l`ak _mj]t r s s t s s r t r ssur t y r s s rt sur r.
0
5
10
15
0
5
Buy
t v r t
s ut
D v r
- usu
x st tr stru tur
xt v r
t r u t rrty rr t
su s x ststr t r
t r
N u m
b e r o
f r e s p o n
d e n
t s
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)0 ow sset n e s e p ep in o So ven y II | Kgdn]f[q AA ^gj Ykk]l eYfY_]e]fl kmjn]q f\af_k *()*
j] qgm [gfka\]jaf_ Yfq g^ l`] ^gddgoaf_ lg hjgna\]YkkmjYf[] gn]j qgmj Kgdn]f[q AA \YlY7
T sur r s r s s r v s
s rt t tr s , s t yt t t r s s ty r
t u ty t t . T S C shjgna\] kge] [ge^gjl af l`Yl al [gfjek Y
v u ty w t t t .
ur surv y u t t 4% r s tsr t r v S C ssur , w 31% r s r
t r v w. B t t sr s s s v v r tr v w v xt r rty, s tu tt t w w y sur rs.
I tr u y, w v r, t r s t y
r t s r t r v s yssur . C s u t y, t s t r s y
y t t t t y v ty t t r v ssur r t tYfgl`]j je ak hjgna\af_ l`Yl k]jna[]&
I t r v w
Cr t t r s r
S rv r z ttr s r rt
(S C u r SS 16r IS 340 )
t r
N
31%
4%
4%
33%
8%
L`]j] Yj] nYjagmke]l`g\k g^ hjgna\af_imYdalq YkkmjYf[]gn]j Kgdn]f[q AA \YlY$af[dm\af_ af\]h]f\]flj]na]ok$ afl]jfYd\Yk`ZgYj\k Yf\ K]jna[]Gj_YfarYlagf ;gfljgdkJ]hgjl * KG; *!&
t t S v y II
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21/40
)1ow sset n e s e p ep in o So ven y II | Kgdn]f[q AA ^gj Ykk]l eYfY_]e]fl kmjn]q f\af_k *()*
@Yn] Ykk]l eYfY_]e]fl jek
cr ss ur p pt t irpr c ss s t S v cy II, c tibu t, r cruiti st s ttit r ts r s?
L`] f\af_k eYq af\a[Yl] Y dY[c g^[gf\]f[] af l`] Yegmfl g^ egf]q
urr t y s t S v y II rkaehdq l`Yl Y kh][a[ Kgdn]f[q AA Zm\_]l
s t t t s ss trs. F ty- r t t
r s ts w r u w r u ts y w t t r u t w s r S v y II-
r t t v t s.
v r t s t r s s r t
u t t . T s y u t u r t rs, su s t
r ty r u t r u t s, u rt r r t t t S v y II s
t ss t t ssu .
9 ^l` g^ j]khgf\]flk `Yn] Y k]hYjYl]s , t u t r ty t s vY Zm\_]l Z]dgo K e&
O`Yl ak qgmj Zm\_]l ^gj Kgdn]f[q AA%j]dYl]\ Y[lanala]k7
O] Yj] ogjja]\ YZgmlkh]f\af_ lgg em[`gf Kgdn]f[q AA a^ l`]j]ak kg em[` [`Yf_]Yf\ mf[]jlYaflq ^jgel`] j]_mdYlgjk&
0500,000
501,0001
>1
N t v / t w
N t y t
t r
N s r t u t
4%
10% 13%
4%
11%
51%
7%
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*( ow sset n e s e p ep in o So ven y II | Kgdn]f[q AA ^gj Ykk]l eYfY_]e]fl kmjn]q f\af_k *()*
@Yn] qgm j][jmal]\$ gj Yj] qgm hdYffaf_ lg j][jmal$Y\\alagfYd klY^^ lg kmhhgjl Kgdn]f[q AA7
w uc v ss t t
jek kh]fl gf Kgdn]f[q AA kg ^Yj7T r r t v ry tt w r ss
t u t ut z t t sty r, t r s s s t t tt t ut z y t r r s ur sw s s r v r w s,t r r , t sur .
T s w u su st t t t v u sr s t y s r s ts w u
Z] af Y\\alagf lg Yfq klY^f_ [gklk&L`]j]^gj]$ l`] Y[lmYd [gkl ak ka_fa[Yfldq
r t t . T ts t t ss t rs r r w
st r x st r r s t su rtS v y II. T s s t ss teYfY_]e]fl jek Yj] hdY[af_ egj]
r ssur t s v u s t us
r str t r r s ur s. ss t
rs t u rst t st t t s r r s.
T r ru t t st t ss st tt t S v y II r r
t s s t t r t t t w r w t
t ss t t u ty, 7% r s ts v r ru t
t s w y. t ssu t s r rsy t S v y II t rs, ut
kge] jek `Yn] j][jmal]\ klY^^ aflg Yj]Ykkm[` Yk hjg\m[l gj eYjc]laf_& L`ak _mj]
(1 ) s r w r t t u r jek `Ynaf_ Y Kgdn]f[q AA hjg_jYe mf\]jw y ( 8) r str t y ( ).L`] f\af_ af\a[Yl]k l`Yl Y\\alagfYdst r ru t t s t s s rt str t t t t w r S v y II.
7%
73%
s
N
t t S v y II
L`] j]khgfk]k lg l`]im]klagf j]_Yj\af_Kgdn]f[q AA kh]f\ o]j]]fda_`l]faf_ Yk Y j]kmdlg^ l`]aj YeZa_malq&
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7/31/2019 How Asset Managers Are Preparing for Solvency II
23/40
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7/31/2019 How Asset Managers Are Preparing for Solvency II
24/40
** ow sset n e s e p ep in o So ven y II | Kgdn]f[q AA ^gj Ykk]l eYfY_]e]fl kmjn]q f\af_k *()*
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7/31/2019 How Asset Managers Are Preparing for Solvency II
25/40
*+ow sset n e s e p ep in o So ven y II | Kgdn]f[q AA ^gj Ykk]l eYfY_]e]fl kmjn]q f\af_k *()*
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26/40
*, ow sset n e s e p ep in o So ven y II | Kgdn]f[q AA ^gj Ykk]l eYfY_]e]fl kmjn]q f\af_k *()*
j] qgmj afkmjYf[] [da]flk eYafdq jmffaf_7
tu r s r v rw r
rt u r w y w t r s t t S v y II.T st r w s r y s
s s r s usur rs. r r sur rs, w t rv tu r s, r r s
r r s ur s, w r x t tv r s st t r s s ,
w s t t r .
T surv y u t t t sur
ts 36% r s ts rru t r . T s rka_fa[Yfldq egj] [gehd]p Yf\ ]flYad Y
r t r r u r t t u t r u r ty t .
44%
36%
13%
7%
St r
I t r /rt t r
D t w
M x t r st r s
t t S v y II
Af\mkljq ]ph][lYlagf akl`Yl afkmj]jk oadd j]\m[]l`] jakc g^ l`]aj Ykk]l
t s s su t Kgdn]f[q AA&
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27/40
*-ow sset n e s e p ep in o So ven y II | Kgdn]f[q AA ^gj Ykk]l eYfY_]e]fl kmjn]q f\af_k *()*
j] qgm k]]af_ Y [`Yf_] af \]eYf\ ^gj \a^^]j]fl Ykk]l lqh]k ^jgeafkmjYf[] [da]flk7
T r s t s uss t
r t s t w , , sur rs wv t r t ss t ss s s
r su t S v y II. S t t rsv su st t t sur rs t tv ss t ty t r r v t, ut
t s t r st t t t t 64% ss trs r r y w t ss s ts s r r t ss t ss s. It s
r s u x t t t t s s rr v s r y.
T r 36% su sts t reYq Z] Y ka_fa[Yfl dYl] hmk` Yegf_
sur ts t t r t r ss tx s. F r ss t rs t t v
t r t r surts, su t us y r v v ry
.
64%
36%
s
N
@go \g qgm k]] \]eYf\ ^gj l`] ^gddgoaf_ Ykk]l lqh]k [`Yf_af_mf\]j Kgdn]f[q AA7
I ustry x t t s t t sur rs wr u t r s t r ss t t s
s r su t S v y II, w t r us t w y r u t s t w r s
v s su s v st t- r s.
I sur rs w t x z r s -ust r tur s t z t r us t . T s y v v zt r st r t FX s t
r u s u t s, -t rr r t t stru tur r t
w st x sur t s rt- tr r t s r- t
s v r t. ur surv y, w v r,u t t t y ss t ty s t t r
x r r s sur rs r s r v t v s.
0
5
10
15
20
25
30
E u t
s
P r p
r t y
B
s
D r v
t v
s
P r v
t
u t y
C
t
s E T
F s
C
c t v
v s t
t s
c
s
H
u
s
S t r u c t u
r p
r u
c t s
ss M r S
N u m
b e r o
f r e s p o n
d e n
t s
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28/40
*. ow sset n e s e p ep in o So ven y II | Kgdn]f[q AA ^gj Ykk]l eYfY_]e]fl kmjn]q f\af_k *()*
S v y II t t
r r t t ust t wr sur rs t t t r r
t ss t ty M t ( M).T s, tur , y r t y t r v wt t s t t t y v w r t
ss t rs t ut x st w r t s s u r s r s rut y.
T r r , ss t ty ty v rt t r t y
t r s t r t t .
T rty-s x r t r s ts r yss st sur rs w t M, 11% t
r v t s s rv .
T s st v s r t
r s ts w t ut urr t Ms rv r t t t r v suYkkaklYf[]& O] ogmd\ ]ph][l l`ak _mj]t s w r t J u ry
014 , r ss t rs wt t y r s s sur ts.
W t s w urr t y r t tsu y M ss st t sur rs w r
u st ut t r t sr M t , t r w s r y s t v
r s s . T r ty r s ts t r v t st t tw
t s: t r v ss t t r t ty t . T r w s s t s
v r su y ss t t y.
Fu stru tur w y
s r t r ss t rs s r su t S v y II, ur surv y
s u t t r v t t t s r r u tv t, SCR t r ts
t r t t ss t r.
mj f\af_k [gf[]jfaf_ l`] ]ph][l]\t u stru tur t s
r t t t r t v r r s s , ut t u
g^ Kgdn]f[q AA kh][a[ hjg\m[lk$ l`]r v s -t r u s t s
t us SCR w r t
t s t r .
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*/ow sset n e s e p ep in o So ven y II | Kgdn]f[q AA ^gj Ykk]l eYfY_]e]fl kmjn]q f\af_k *()*
Pr r ss t t
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30/40
*0 ow sset n e s e p ep in o So ven y II | Kgdn]f[q AA ^gj Ykk]l eYfY_]e]fl kmjn]q f\af_k *()*
A^ qgm \g fgl `Yn] Y Kgdn]f[q AA hjg_jYe mf\]joYq$ hd]Yk]k]d][l l`] j]Ykgfk o`q7
ur surv y r v t t t r s
r r s ts t v S v y IIr r u r w y s t
r u sts. T s ts t rsur rs t r w t t r ss t
rs s r s sur r s , vt t S v y II s r u t w t w
ur - s sur rs ust y.
T t ts y
r s ts t t s u st tt t u S v y II r r w s
u ss ry y s ss teYfY_]e]fl jek$ af[dm\af_2
ur syst s r y t t tsS v y II r rt s, ut t
u r ts s t .
S v y II ssu s r t w t s - y- s s s.
0
1
3
4
5
6
N b u
t
v i
b
N i
t
L i i t
p p
t i t
t
u
r t
p r r
N t r
t i
t s
t
E x i s t
i s y s t
s p
b
T i r
p r t y
i
i s t r
t r
m f \ ]
j l Y c a f
_ o g j c
g f j
e k Z
] ` Y d ^ O t
r
N u m
b e r o
f r e s p o n
d e n
t s
Pr r ss t t
Kgdn]f[q AA akkm]kYj] \]Ydl oal` gf Y[Yk]%Zq%[Yk] ZYkak&
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31/40
*1ow sset n e s e p ep in o So ven y II | Kgdn]f[q AA ^gj Ykk]l eYfY_]e]fl kmjn]q f\af_k *()*
A^ qgm Yfko]j]\ q]k gj hdYffaf_ lg af j]_Yj\ lg `Ynaf_ Y Kgdn]f[q AAhjg_jYe mf\]j oYq$ \g qgm afl]f\ lg h]j^gje Yfq g^ l`] ^gddgoaf_Y[lanala]k af j]dYlagf lg Kgdn]f[q AA7
T surv y w v s r t t
r u r s ts w t r v S v y II r r u r w y r r
t y .
I w stu y t s ut u rs, t sfglYZd] l`Yl o`ad] * jek kYa\ l`]q
v S v y II r r s u r w y, 1je af\a[Yl]\ l`Yl al oadd fgl Z] hjgna\af_
t t t t r sur ts.G v t tr s ss ty r t
t r r t su rt S v y IIr u r ts, t s r s t u stl`] Kgdn]f[q AA hjg_jYe af l`ak je Yf\
eYq km__]kl l`Yl l`] je `Yk lYc]f Yur y - r t - s r
s ss y t r u r tst t r - rty.
t x t t t t u r
r s ts t t v t hjg\m[lk lg Z] `a_`]j l`Yf *+ jek$
v t t r v u rtu t sv t urr t t . T s
klYlakla[ e]Yfk l`Yl l`]j] Yj] + jekt t r t vS v y II- t z r u ts. t u
ur t s r s ts r t* jek ^gj o`a[` l`]aj afkmjYf[] [da]flZYk] [gfljaZml]k d]kk l`Yf K Z 9 E$l`] f\af_ f]n]jl`]d]kk af\a[Yl]k l`Yl
ss t rs r st r t yv w S v y II r
rs t v s s t t tr v u rtu ty.
0
5
10
15
0
5
30
P r v
i s i
i t i
t
r S 2
P r v i s i
u i t y
s s u
r t
r S 2
P r v i s
i
p p u t
r p
r t s ( Q R T
s )
U r t
i S
v
y C
p i t
R u
i r
t s ( S C R )
s s t
u
t i s
P r v i s i
t t b
t
i s u
r r t
u
t S
C R i
u i
s s i s
t i t
i s u r
r t t
r i s t
s s t
t
U
r t i
i t i v
i t i s
r i s
u r r s
P r t
i p t i
i z t i
t i
v i t i s
< ] n ] d g h
e ] f l
g k h
] [ a [
K * ^ j a ]
f \ d q
h j g \ m
[ l k O t
r
N u m
b e r o
f r e s p o n
d e n t s
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+( ow sset n e s e p ep in o So ven y II | Kgdn]f[q AA ^gj Ykk]l eYfY_]e]fl kmjn]q f\af_k *()*
Oal`af qgmj [mjj]fl Kgdn]f[q AA Y[lanala]k$ o`a[` g^ l`] ^gddgoaf_lYkck `Yn] qgm [gn]j]\$ Yf\ o`Yl klYlmk Yj] l`]q Yl7
t v tur t t r s, w t w
r s ts u s ut t rv r r t .
ss t rs t r t tr r ss t r r r s s w v
t 013. ur surv y t s t tt r ty ss t rs r st
t r y st s t r r r t u r r s. T s y t
sur r s , t u , v t r ty w t t r u t s, ut tustry ust s t t r r
ts . W v s u r ustry
w r r u s s t u t r sst t s, w s s t v
st rw r .
@go [gf\]fl Yj] Ykk]l eYfY_]jk
i b ut t ir v pr p r ti r S v cy II?
I t r s t w t surts, t r s s s r t y
eg\]jYl]& L`ak j]kmdl [gfa[lk oal` l`]f\af_k [gf[]jfaf_ l`] YhhjgY[` g^ l`]
ss t r t S v y II, w r rt r s ts s r t r
r s r - t v .
I w s r t t s s ss ss , t v r v u t s w
t r t tur , w t y ta\]fla[Ylagf g^ \YlY j]imaj]e]flk Z]af_r t s . It s r t y
0
4
6
810
1
14
16
E
t w t
s u r
c
c
t s
R v
w
s u
r r
t s
A \ ] f l a [
Y l a g f
g \ Y
l Y j ]
i m a j ]
e ] f l
k
D t
p
y s
s
D t
v
r
c
p
y s s
< Y l Y
i m Y d a
l q h j
g d a f
_ ' Y f
Y d q k a k
D t
r
t
S y s t
s r
s s
s s
s s
t
y
s s
u c t
r u
r
t s
] o
h j g \
m [ l k '
k ] j n a [ ]
k
M r tV ry tt tt N r y t C t
Pr r ss t t
Gmj kmjn]q af\a[Yl]k l`Yll`] eYbgjalq g^ Ykk]l
s st l`] ]Yjdq klY_]k g^ l`]aj
t ug^ Yj]Yk&
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+)ow sset n e s e p ep in o So ven y II | Kgdn]f[q AA ^gj Ykk]l eYfY_]e]fl kmjn]q f\af_k *()*
A^ mf\]jlYcaf_ Y Kgdn]f[q AA hjg_jYe$ o`]f \g qgm]ph][l qgmj hjg_jYe lg [gehd]l]7
fdq k]n]f jek Yj] Yfla[ahYlaf_
t t r 1 J u ry 014. Iw r r t t s r u , t
r t r t t r s ts x t tr utst r sur r s . sw t r v us y, t r rt
r r y r v y sur rs s r t v y s - r u r ts.
T r r , w w u v t tl`]k] log lYkck lg Z] Yegf_ l`] jklt t .
C t ss t t i ustry
b i p siti t supp rt i sur cjek Zq l`] lae] Kgdn]f[q AA aki p t i J u ry 2014?
M y r t t t y 013. t u t r t
sur rs rs t v , w w u su stl`Yl l`]k] jek k`gmd\ Z] Yaeaf_ ^gj l`]
1. W w r x r t tr r r s r y t
dgf_]j l`Yf ]ph][l]\$ Yf\ a^ l`] je ak r 013, t r s t t
t t t w r t t 3.
0
4
6
8
10
1
P r 1 J
2 0 1
3
J M
r 2
0 1 3
A p r i
J u
2 0 1 3
J u y
S p t
b r
2 0 1 3
O t b
r D
b
r 2 0 1
3
P s t
1 J
2 0 1 4
D t
w
r N / A
N u m
b e r o f r e s p o n
d e n
t s
v r 014
L`] ha[lmj] ]e]j_af_s t v y s t v
k[]fYjag2 Y imYjl]j g^j]khgf\]flk oadd [gehd]l]l`]aj hjg_jYe Z]^gj]BYfmYjq *()+$ Yf\ l`j]]%imYjl]jk oadd [gehd]l] Zql`] ]f\ g^ *()+&
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+* ow sset n e s e p ep in o So ven y II | Kgdn]f[q AA ^gj Ykk]l eYfY_]e]fl kmjn]q f\af_k *()*
I t r s sur UM, 45% j]khgf\]flk eYfY_] d]kk l`Yf K Z
sur y, w t sh]j[]flY_] eYfY_]k egj] l`Yf K Z&
@go em[` g^ qgmj afkmjYf[]egf]q \g qgm eYfY_] af l]jekg^ 7
E]l`g\gdg_q
T r s r t y w s s r s -t - t t rv ws w t
st 44 , st , t r t vr t r ur ss t rs. T s
t rv ws w r u t t s r 01 . T u st s w r y
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