Insurance Asset Risk EMEA 2021 (Virtual) Conference

Welcome and Introduction to the day

PANEL DISCUSSION: MONETARY AND FISCAL POLICY INTERVENTION AND ITS IMPLICATIONS AGAINST A UNIQUE ECONOMIC BACKDROP – WHO WILL BE THE WINNERS AND LOSERS?

• Impacts of broader central bank intervention and stimuli post pandemic – can the balance sheet absorb this or will we see rising inflation as a result?
• How can we expect central banks to behave in the future?
• Is the state becoming an entrepreneur? Is the super state too broadly directing investments towards some sets of preferences? – eg. green transformation, infrastructure
• Is the environment conducive to insurance right now?
• As insures grapple with the challenges of a hostile environment posed by regulation, rates, credit availability and an ever increasing regulatory focus on climate change, who will be the winners and losers?

Moderator:
Vincent Huck, Editor, Insurance Asset Risk

Panellists:
Nuwan Goonetilleke, Head of Shareholder Assets, Phoenix Group
Andrew Bailey, Director of Financial Risk, Just Group
Erik Ranberg, CIO, Gjensidige Forsikring

PANEL DISCUSSION: POST PANDEMIC INVESTMENT RISK AND OPPORTUNITIES

• Investment lessons learned from the pandemic
• How does this compare to lessons learned from previous crises?
• What new things do we now need to factor in to our risk analysis?
• What scenarios are you testing, post pandemic?
• Societal and economic changes post pandemic – which trends are here to stay and how might this influence investment decisions?
• How has the pandemic shifted the landscape in terms of asset preferences and risk?
• Capitalising on opportunities
• How do we react to sudden and dramatic changes in the market? What can we do to be more agile and capitalize on opportunities as they arise?

Moderator:
Erik Vynckier, Board Member, Foresters Friendly Society

Panellists:
Wim Vermeir, Chief Investment Officer, Ageas
Ashish Dafria, Chief Investment Officer, Aviva UK Life
Alexandre Mincier, Global Head of Insurance Investment Solutions, INVESCO 

PANEL DISCUSSION: THE RATE ENVIRONMENT – WHAT DOES THE FUTURE HOLD?

• What is the industry view on the direction of rates in the near, medium and long term?
• As the 'Lower for longer' trend becomes a more permanent scenario - What challenges is this creating for insurer investors?
• ALM implications
• How is this influencing risk-taking?
• Can investment survive the pressure of low rates forever? How are insurers responding?
• Take more interest rate risk?
• Take more credit risk?
• Take more risk on the product side?
• Or take the route of acceptance and reset expectations?
• If, on the other hand, rates rise – as an economy and industry, how well prepared are we for that?

Moderator:
David Walker, Senior Staff Writer and Head of Projetcs, InsuranceERM/Insurance Asset Risk

Panellists:
Lauri Saraste, Director ALM, LähiTapiola
Thomas Fiedler, Team Head, Group Investment Management, Strategic Asset Allocation, ERGO International Entities
Daniel Finn, Managing Director, Head of Risk Solutions, North America, Conning
Antonio Tedesco, Head of Group ALM & Strategic Asset Allocation, Group Insurance and Investment, Generali S.p.A.

PANEL DISCUSSION: POST-PANDEMIC INFLATION - HERE TO STAY?

• Short term effect vs. long term impact of inflation
• To what extent is rising inflation a direct result of central bank stimulus?
• Where might inflation go next?
• As support is withdrawn will we see inflation return to normal or is this a trend that is set to stay?
• CPI inflation vs. claims inflation
• Preparing the balance sheet for the risk of long-term higher inflation
• Potential impact on asset classes and the balance sheet - how might we see inflation driving insurers' allocation decisions?

Moderator:
Vincent Huck, Editor, Insurance Asset Risk

Panellists:
Massimo di Tria, Group Chief Investment Office and Member of the Management Board, Cattolica Assicurazioni
Corrado Pistarino, Chief Investment Officer, Foresters Friendly
Patrick Saner, Head of Macro Strategy, Swiss Re

PANEL DISCUSSION: CREDIT MARKETS OUTLOOK/SPOTLIGHT ON THE CREDIT MARKETS

• How has the pandemic reshaped what is attractive in terms of the credit landscape across different sectors?
• How are investors viewing the energy, leisure and travel sectors?
• Downgrades and defaults off the back of the pandemic – what is the outlook for this and what does this mean for insurers portfolios?
• How are the regulators responding to this risk?
• Credit spreads – will we see rising spreads or a default cycle?
• Did we experience the end of the credit cycle or is it still lurking on the horizon?
• What are the implications of rapid government intervention?

Moderator:
Antonello Aquino, Associate Managing Director, Moody's Investors Service

Panellist:
Angela Jung, Senior Director, ALM Investment Risk, Athora
Johnny Chow, Chief Investment Officer, Legal and General Retirement (LGRI)
David Ramroop, Deputy Chief Investment Officer, JUST Group plc
Nils Thewes, Head of Portfolio Management, Fixed Income Solutions, Europe, DWS

Closing remarks

End of Day One

Welcome and Introduction to the day

PANEL DISCUSSION: BEYOND BONDS - OPPORTUNITIES IN ALTERNATIVE FIXED INCOME

• The alternative fixed income asset class includes private debt, consumer loans, residential mortgages and asset-backed securities. These investments can offer enhanced yields compared to government and corporate bonds, along with relatively low correlations to traditional assets.
• How has the pandemic changed what is attractive in alternative fixed income and which assets offer insurers the most attractive return on capital?
• As ESG and impact factors become more relevant, we ask whether yield and responsible investing can go hand-in-hand?
• As new opportunities emerge, what should insurers consider when evaluating alternative fixed income strategies?

Moderator:
David Walker, Senior Staff Writer and Head of Projetcs, InsuranceERM/Insurance Asset Risk

Panellists: 
Frank Meijer, Head of Alternative Fixed Income, Aegon Asset Management
Pau Amat, Managing Director, Regional Investment Manager Europe, SI, Zurich Insurance Group
Dimitrios Palaiologos, Head of Financial Risk, Convex Insurance

PANEL DISCUSSION: THE EVOLVING LANDSCAPE FOR INFRASTRUCTURE INVESTMENTS

• What are the factors driving opportunities in infrastructure right now?
• How is the world of infrastructure changing and how is the nature of opportunities in the infrastructure space changing?
• How is this evolution impacting our ability to invest in this asset class and our ability to support lower credit quality transactions?
• What is Biden's plan for infrastructure and what implications does this hold?
• How is government intervention shaping the direction of infrastructure investments? Is there a crowding out effect?
• Synergy between the public sector and the private sector – what is the role of the institutional investor in delivering the green agenda?
• How does the existing landscape for infrastructure differ from geography to geography? UK vs. Europe vs. US vs. Emerging markets.

Moderator:
Tom Sumpster, Head of Private Debt Direct Origination, Phoenix Group

Panellists:
Stéphanie Passet, Investment Director, Infrastructure Debt, BNP Paribas Asset Management
Prasun Mathur, Head of Private Assets, Aviva
Charlotta Groth, Managing Director, Global Macroeconomist, Zurich Insurance

PANEL DISCUSSION: REGULATORY INITIATIVES AND THE RESULTING IMPLICATIONS FOR ASSET ALLOCATION

• SII review
• Overview of key changes to SII
• Industry view on final SII changes
• How effective was the consultation process from both a regulators and industry perspective?
• UK's review of SII – what divergence from the EU's review of the SII framework can we expect?
• Libor transition
• IFRS 17 – implications for asset allocation
• International Capital Adequacy regimes
• What does all this mean for the way insurers invest?
• Wider industry implications
• Renewed focus on liquidity risk assessment and management

Moderator:
Vincent Huck, Editor, Insurance Asset Risk

Panellist:
Olav Jones, Deputy Director General, Director Economics & Finance, Insurance Europe
Justin Wray, Head of Policy Department, EIOPA
Hugh Francis, Director of External Reporting Developments, Aviva

PANEL DISCUSSION: MEETING NET ZERO COMMITMENTS IN THE INVESTMENT PORTFOLIO – HOW DOES IT WORK IN PRACTICE?

• What does Net Zero actually mean in practical terms?
• What is your roadmap to meeting this commitment?
• Measuring carbon within the portfolio? What do you measure? And how?
• How are you tracking progress on aligning your portfolio with the net zero targets?
• What steps do you intend to take to lower that carbon number?
• If we need to make carbon count choices, what is the price we are willing to pay?
• What safety nets do you build in for unexpected events?
• What stimulus can we expect governments to put in place to encourage insurers to achieve net-zero?

Moderator:
Ashley Hamilton Claxton, Head of Responsible Investment, Royal London Asset Management 

Panelists:
Claudia Bolli, Head Responsible Investing, Swiss Re
Erick Decker, Chief Investment Officer, Southern Europe and Emerging Markets, Axa
Johanna Köb, Head of Responsible Investment, Zurich
Michele Lacroix, Head of Group Investment Risk and Sustainability, Scor

PANEL DISCUSSION: ARE INSURERS PAYING ENOUGH ATTENTION TO THE 'S' OF ESG? WHAT IS THE IMPACT WE CAN CREATE ON SOCIETY WHICH CAN ALSO GENERATE VALUE FOR SHAREHOLDERS?

• What are firms practically doing at present? How are social factors currently included in Environmental, Social and Governance policies?
• Investing for social good - Where is the impact opportunity for the 'S" of ESG?
• Social bond offerings
• Impact investing to advance diversity and inclusion
• Does anyone have a mandate to do that and if so what does it look like?
• How can the industry bond together to make a bigger impact?
• Assessing risks posed by social factors
• How far down the supply chain do you analyse?
• Designing and applying KPIs to social factors.

Moderator:
Lucy Auden, Senior Programme Manager, Investment Leaders Group, CISL

Panellists:
José Luis Jiménez, Chief Investment Officer, Mapfre
James Kenney, Head of Capital Management, Legal and General
Bettina Reinboth,Director of Human Rights and Social Issues, Principles for Responsible Investment (PRI)

Closing remarks

End of Day Two