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Insurance Asset Management: Latest Round-Up

Active vs. Passive: The Debate Roars on!

One key trend among insurers in recent years has been the increasing use of ETFs across asset classes, often via entirely passive vehicles. As the whole 'Active vs Passive' debate rages on, asset owners face inundation with new products or strategies from either side. In what could turn out to be a marketing executive's dream, the 'Enhanced Passive' is now facing opposition from the 'Semi-Transparent'! 

Our Content Team has selected the best recent white papers which seek to inform, not only about 'Active vs Passive' in an insurance company context, but also on a wide range of topics of interest to insurers. Additional insights on solvency issues, asset management strategies and industry surveys are included.

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THE GROWING USE OF PASSIVE INVESTING AND ETFs BY INSURANCE COMPANIES


… Or How Insurance Companies Learned to Love Passive Investing (DWS AM, 2019)

DWS explores the growth in customized passive mandates and how its adoption might benefit insurance companies.

Shifts from Active to Passive Investing: Risks to Financial Stability? (2019)

The shift from active to passive investing has altered the dynamics of the financial system, this paper examines some of the risks and impacts.

ETFs in Insurance General Accounts (S&P Dow Jones Indices, 2019)

S&P's fourth annual analysis of the increasing use of ETFs in Insurance General Accounts.

Exchange-Traded Funds in General Accounts (Invesco, May 2019)

For compliance reasons, this paper is only accessible in certain geographies

Invesco spotlights the differing ways insurers are using ETFs.


ACCOUNTING AND SOLVENCY ISSUES


Long-Term Equity Investments for European Insurers (DWS AM, Jun 2019)

For compliance reasons, this paper is only accessible in certain geographies

Changes to EU solvency rules may benefit insurers as long-term equity investors.

Solvency II Ratios and the Volatility Challenge (JP Morgan AM, May 2019)

As the end of the credit cycle approaches, JPAM illustrates why insurers need to review mandate designs and stress test portfolio resilience under recession scenarios.

IFRS and Solvency II: Insurers' investment strategy (HSBC GAM, 2018)

For compliance reasons, this paper is only accessible in certain geographies

How changing accountancy standards may impact upon insuers' solvency positions and ultimately, asset allocation and investment strategy.

Liquidity risk management: An area of increased focus for insurers (Milliman)

Milliman's paper explores the different challenges of managing risk from a liquidity, rather than capital, perspective for insurers, and provides examples of where liquidity risk has challenged companies.


INDUSTRY SURVEYS AND INSIGHTS


GSAM Insurance Asset Management Survey 2019: Cautiously Optimistic.

GSAM's survey of insurance investors, representing around USD 13 trillion AUM.

Institutional Investor Study 2018: An Insurance Focus (Schroders)

Schroders' survey of 157 insurance investors, representing around USD 10 trillion AUM.

Making the Most of Asia-Pacific's Insurance Boom (Bain & Company, 2019)

Bain & Company's report outlines the huge opportunities that exist in the region for insurers, but companies will need to understand the challenges too.


IS PASSIVE THE RIGHT APPROACH?


The Performance of Exchange-Traded Funds (Robeco, 2019)

Despite the tsunami of money flowing into passive investment vehicles, Robeco finds little evidence for the perceived superiority in performance of ETFs over actively managed mutual funds.

Managing to liabilities (Invesco US, 2019)

For compliance reasons, this paper is only accessible in the United States

Invesco addresses the differing challenges facing insurance and pension investors when using LDI.

Spotlight on Semi-Transparent ETFs (State Street, 2019)

State Street's ETF specialists discuss responses to some of the most common questions they’ve received about semi-transparent ETFs.

EM Debt: The missing piece of the cashflow puzzle (LGIM, Jul 2019)

For compliance reasons, this paper is NOT accessible in the United States and Canada

LGIM suggests that EM Fixed Income may be a potential solution to the cashflow matching puzzle.

Is your ESG fund following its own guidelines? (Style Analytics, 2019)

Know what you own, especially when using passive vehicles...Style Analytics' paper digs deeper and finds something nasty!

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