Investing in Real Assets Conference 2024

Chair’s opening remarks

Vincent Huck, Editor, Insurance Asset Risk

Real asset investment strategies in the context of the current global macro-economic environment

• Have interest rates peaked? What are the potential implications for liquidity risk appetite and real asset investment strategies?
• While interest rates are high, when is the right time to hold on to liquidity versus taking advantage of the higher yields available?
• Is inflation still a concern? How effective are real assets, as an asset class, for diversification and hedging against inflation?
• 2024 will be an election year, with key jurisdictions – like US, UK, Taiwan, EU parliament – voting, what are the implications for geopolitical risk and how will it trickle down to investment decisions?
• Against this backdrop of uncertainty, which real assets could stand to bring better yields than others?
• What is the growth outlook for 2024 and beyond?

Moderator:
Vincent Huck, Editor, Insurance Asset Risk

Panellists:
Erik Vynckier, Board Member, Foresters Friendly Society
Jérôme Jean Haegeli, Group Chief Economist, Swiss Re
Thomas Fiedler, Head of Section, Group Investment Management, ERGO Group AG

Real assets and net-zero transition strategies

• Examining the role of infrastructure, renewables, and real estate in transition strategies. How might this role evolve going forward? And how to avoid the risk of greenwashing?
• Impact of regulation and policies? What changes could help channel insurers' capital towards green or greening infra and real estate projects?
• How to measure environmental and social considerations in real asset portfolios?
• How to balance investing in green real assets and greening real assets through investments?
• Discussing the capex challenges of using real assets to support net-zero transition

Moderator:
Josh Adcock, Staff Writer, Insurance Asset Risk

Panellists:
Bianca Hanscombe, Head of Sustainable Investments – UK Life, Aviva
Dominik Albert, Sustainability Engagement Manager, Allianz Investment Management
Marieke van Kamp, Head of Private Markets, NN Group
Wendy Walford, Head of Climate and Nature Risk, Legal & General

Public versus private assets in the high interest rate environment

• Comparing the pros, cons and risks of the private markets over equity markets when investing in real assets, and sharing examples of each
• How are the current interest rates impacting public versus private allocations?
• How could this play out going forward in the longer term, and what might be the influencing factors?

Moderator:
Robert Leeming, News Editor, Insurance Asset Risk

Panellists:
Corrado Pistarino, Chief Investment Officer, Foresters Friendly Society
David Ramroop, Chief Investment Officer, JUST Group
Kedi Huang, Chief Investment Officer - UK, Aspen Group

UK Solvency II reform and implications for real assets: could changes to the MA rules unlock investment opportunities?

• Reviewing the current status and future timeline of Solvency II reform: where is it heading?
• Discussing the increased investment flexibility created by the change in MA requirements - how is the universe of MA eligible assets set to expand, and how can insurers exploit this?
• Is the introduction of highly predictable cash flows useful to tap in new assets – such as SLBs?
• Exploring the implications in terms of risk management, capital requirements, valuation and investment decisions

Moderator:
Vincent Huck, Editor, Insurance Asset Risk

Panellists:
Darren Bustin, Head of Solution Capabilities, Schroders
Elizabeth Cain, Head of Debt Origination, Pension Insurance Corporation
Kyle Audley, Senior Investment Manager - New Assets, Phoenix Group
Prasun Mathur, Head of Private Assets, Aviva

Lunch

Infrastructure – investment trends, risks and future outlook

• Reviewing the current state of the infrastructure sector and its outlook, given recent defaults and takeovers
• As spreads have tightened, how is this impacting investor appetite for infrastructure assets? When to invest?
• Managing the challenges of infrastructure investments in a high interest environment, and dealing with volatility caused by inflation-linked cashflows (fuel etc)
• Discussing infrastructure debt versus equity, public versus private capital, and PPPs
• Trends, yield capacity and outlook for the different infrastructure sectors:
• Transport
• Energy infrastructure, including utilities
• Renewables: is the "greenium" too high to make new investments viable?
• Digital infrastructure
• Navigating illiquidity risks
• How are ESG and net zero transition strategies changing insurers' approaches to infrastructure investments?

Moderator:
Robert Leeming, News Editor, Insurance Asset Risk

Panellists:
Frank Mühleck, Senior Consultant, Munich Re
Greg Scott, Investment Manager, Phoenix Group
Nitesh Mistry, Head of Infrastructure Finance, Swiss Re

Real estate – where are the growth areas, how are investment approaches changing, and how are insurers investing in real estate to support their ESG strategies?

• Reviewing global trends impacting the sector, such as the challenging real estate climate in China
• Discussing the outlook for assets within the real estate sector:
• Industrial (including logistics and warehouses/storage)
• Residential
• Office space
• Retail
• Hotels and leisure
• Exploring how insurers are changing their approach to real estate in the current climate of low valuations - for example, how are they instilling more pricing discipline and selectivity into their real estate investments?
• Examining the challenges of getting access to deal flow and origination of attractive, high quality real estate assets
• How are insurers taking advantage of the low supply/high demand dynamics in rental markets, due to the high mortgage rates? What opportunities can be found here for long term investors' portfolios?
• Exploring the growth of investments in social housing, and how this aligns with insurers' social impact and engagement strategies
• To what extent can investment in repurposing of real estate to improve energy efficiency and green new builds support the "E" in ESG?

Moderator:
Josh Adcock, Staff Writer, Insurance Asset Risk

Panellists:
Jonathan Campbell, Senior Credit Risk Specialist - Real Estate, Phoenix Group
Mark Wood, Head of Credit, Aviva UK
Mike Bessell, Managing Director, European and Global Investment Strategist, Invesco Real Estate

Chair’s closing remarks