CNP Assurances has finished integrating a "front-to-back-office" platform built on the SimCorp Dimension system.
CNP Assurances, France's leading personal insurer with net profits of over €1bn ($1.1bn) in 2014, said it can now optimise its management of more than €300bn-worth of assets in line with best market practices via a platform that covers all types of financial instruments and multiple accounting standards.
CNP Assurances said it is using the platform to meet the requirements of Solvency II and to consolidate its products and partnerships.
"We are delighted to have assisted CNP Assurances, one of the leading French institutional investors, in achieving its strategic objectives for growth and operating efficiency and enabling it to adapt rapidly to regulatory changes"
CNP Assurances decided in July 2010 to upgrade its systems and organisational structure to optimise the management of its assets and Simcorp has helped the insurer develop the core platform in three stages.
Asset accounting functions were added in January 2015. Other recent additions have been asset/liability management in unit-linked funds, order placement, cash flow integration, European Market Infrastructure Regulation (EMIR) disclosures for OTC instruments and financial performance calculations.
Further work on the project this year includes the standardisation of closing procedures ("multi-close" requirements) in order to comply with Solvency II.
"The integration of SimCorp Dimension has already enabled us to standardise asset management activities while also improving the yield-to-risk ratio and adapting to changes in regulatory and prudential standards," said Michel Bois, programmes and information systems director and member of the executive committee at CNP Assurances.
SimCorp is a provider of investment and portfolio management software and services headquartered in Copenhagen.