Insurance Asset Risk Asia 2022 (Virtual) Conference

ASSET ALLOCATION & ILLIQUID INVESTMENTS - 15:00 – 17:00 SG & HK

Presentation: Macro-economic overview and survival strategies for insurers in the low interest rate environment

• Exploring the ongoing economic impact of the pandemic and implications for investments
• With the expectation for interest rates to stay lower for longer post-Covid, how do products and investments need to adapt accordingly?
• The regulatory environment – driver or hindrance for investments?
• Examining political and economic events impacting the region, and their wider potential risks, such as the Evergrande crisis
• What does the future look like for insurers and their investments, in Asia and globally?

Speaker:

Clarence Wong, Chief Economist, Peak Re

Panel: Asset allocation strategies, including illiquids: finding yield whilst managing risk

• What opportunities can be found in Asia's private markets, and what are the challenges in sourcing those assets?
• private debt/credit - private equity - private placement
• To what extent is the appetite for illiquids increasing in the current low yield environment? Where can illiquidity premiums still be found? Exploring sectors such as:
• infrastructure - real estate
• Factors to consider when allocating to higher yield investments:
• How do higher yield investments change the risk characteristics of an existing portfolio?
• How much of the portfolio should be allocated to higher yield investments?
• How to achieve the right diversity of assets?
• Striking the balance between returns and capital consumption
• Duration gap management – how are Asian insurers using reinsurance and derivatives to hedge risk and extend asset duration?
• How is the Asian illiquids landscape set to change over the next 5-10 years, in terms of asset classes, sectors, structures? Will Asian investors look to opportunities overseas?

Moderator:
Vincent Huck, Editor, Insurance Asset Risk

Speakers:
Hemant Chandrasekaran, Head of Portfolio Management, Investments, HSBC Insurance (Asia) Limited
Fanda Ho, Head of Investments, Prudential Hong Kong
Jaijit Kumar, Head of Asia Insurance Solutions, Invesco

Panel: Fixed income investments for insurers in Asia – opportunities and challenges

• What is the best fixed income strategy for an Asian insurer?
• Where to find the necessary duration and yield to match liabilities?
• Domestic vs US bonds
• Currency hedging

Moderator:
David Walker, Senior Staff Writer and Head of Projects, Insurance Asset Risk

Speakers:
Byungkyu Cheon CFO, DGB Life Insurance
Michael Vos, Managing Director, Regional Investment Manager, Asia Pacific, Zurich Insurance Group

End of Day One

REGULATION & ALM - 15:00 – 16:30 SG& HK

Panel: The impact of RBC on ALM and investments

• Examining the benefits, risks and challenges that RBC can bring to CIOs
• HK RBC – how does it compare to RBC regimes in other Asian markets?
• RBC and Solvency II: What lessons can be learned from Solvency II on what to do, or avoid, in other RBC regimes?
• How are ALM strategies evolving to manage balance sheet inefficiencies and duration mismatch?
• How are assets getting reallocated to meet longer liability durations under RBC? Which assets are more/less attractive? Can USD fixed income be used to find duration?
• Understanding how to use the MA (Matching Adjustment) option under RBC
• Examining capital risk charges for specific asset classe - could there be an asset bubble risk under Asia's RBC regimes?

Moderator:
David Walker, Senior Staff Writer and Head of Projects, InsuranceERM

Speakers:
Bong Choi, Head of Financial Risk Management, AXA
Carol Mo, Head of Investment Management, BOC Group Life Assurance Company
Terence Yiu, Director of ALM, Investments & Capital Management, Asia, Ageas

Fireside Chat: Implementing IFRS 17 and 9 alongside regulatory overhaul

• Reviewing the progress of IFRS 17 implementation across the different Asian markets
• Sharing different approaches towards IFRS implementation, from minimal compliance to full integration, and how this has impacted investments
• Adapting the product mix: which product offerings are more/less viable under IFRS 17 in the context of regulatory changes in HK and Singapore RBC changes which pave the way for new insurance products?
• Best practices and lessons learned for developing ALM strategies under IFRS 17
• IFRS 9 – discussing Asian feedback on the IASB's post-implementation review: how could the standard be improved from an Asian perspective?

Speaker:

Blake Sowerby, IFRS 17/9 Programme Manager Asia Region, Generali

End of Day Two

ESG FOR INSURERS IN ASIA - 15:00 – 17:00 SG & HK

Panel: Integrating ESG into investment processes - Insurers share strategies and challenges

• Exploring current ESG trends amongst the different types and sizes of insurers in Asia
• How are Asian insurers calibrating risk frameworks for ESG?
• What role should the CIO play in ESG? Comparing how the responsibility of ESG/sustainability is managed within different insurers
• Examining the key constraints for integrating ESG into investments:
• Limited appetite: can it bring improved returns for policyholders, and insurers?
• Challenges in sourcing investable ESG assets
• Difficulties in obtaining ESG data
• Lack of standardised ESG disclosure across fragmented markets
• Where are the potential growth sectors for ESG investments?
• ESG challenges for private assets, where there is insufficient data available
• Best practices and challenges in scenario analysis and TCFD reporting
• Developing a holistic approach to integrate ESG across a multi-asset portfolio

Moderator:
David Walker, Senior Staff Writer and Head of Projects, InsuranceERM

Speakers:
Liza Jansen, Head of Responsible Investment, Prudential
Max Davies, CFA, Vice President and Insurance Strategist, Wellington Management
Richard Chan, HK Chief Investment Officer and Asia Head of ALM, AXA
Robert Turnbull, Head AM Asia, Managing Director, Swiss Re

Panel: The future of ESG in Asia

• How is ESG investing shaping up in the region – are we seeing the emergence of an Asian flavoured ESG or are we on a journey where all else will become equal?
• To what extent is net-zero gaining momentum in Asia? Has COP 26 spurred on this momentum?
• To what extent is the 'S' evident in Asia, and will it become more so? Does the 'S' play well in Asian consumers' minds? Is it an important facet of how an insurer invests ?
• What is the role of the SDGs in shaping Asia's ESG road map?
• Comparing the EU taxonomy to the Asian taxonomies under development: what lessons can be learned?
• Could China's increased focus on climate spur more growth in the rest of the region?
• How will the ongoing reliance on coal in Asian markets play out?
• What are the drivers and inhibitors for Asian ESG to gain maturity?
• Harmonisation of market standards
• Growth in labelling of assets
• Increase in customer/shareholder demand and expectations
• Stronger capacity and expertise in ESG
• More robust regulatory policy framework

Moderator:
Vincent Huck, Editor, Insurance Asset Risk

Speakers:
Dylan Bryant, Green and Sustainable Insurance Working Group Co-Chair, Hong Kong Green Finance Association
Miyuki Zeniya, Head of Sustainable Finance, The Dai-ichi Life Insurance Company & Deputy Global Head of Sustainability, Dai-ichi Life Holdings
Satoshi Ikeda, Chief Sustainable Finance Officer, Financial Services Agency (FSA)

End of Day Three