Prof. Dr. Hato Schmeiser July 2009
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1 Prof. Dr. Hato Schmeiser July 2009
2 Page 2 Status quo... trends... strategic challenges Overview: Upward trend in the insurance sector despite natural catastrophes in record height Regulatory challenges: Solvency II, SST (CH), VVG reform, IFRS 4, FINMA (CH), SQA (CH), MaRisk... increased relevance of ratings Fundamental strategic challenges under consideration of the change of values for customers Financial crisis
3 Page 3
4 Page 4 Financial crises and Insurance
5 Page 5 Estimates by IMF - Losses from current market turmoil estimated to around 1'405 Billion USD - Depreciations in the banking sector of worldwide 700 Billion USD - Necessary capital for the banking system in the next years: 675 Billion USD - Worldwide losses of insurance companies are estimated to 150 Billion USD (realized and non-realized losses)
6 Page 6 Reasons - Propensity to consume and global financing policy of the U.S.? - Intransparent cross-linked capital markets? - Incentive structures in corporations led by managers? - Stochastic models and their interpretation?. - Search for "culprit"
7 Page 7 Transparency in the financial sector. AIG had subsideries AIG, Vice-Chairman for Restructuring Head, Ms. Reynolds: The best businesses are run by people who kickk their tires every day. We don t even know where the tires are, much less get to kick them. If we can get back to the size of a company where we can intelligently kick our tires every day, that would be a wonderful outcome. (Fortune, Jan 19, 2009, p. 54)
8 Page 8 Strategic target variables in the insurance sector Profitability Safety Growth
9 Page 9 Growth Measuring output: premium growth (for new business), balance sheet total, capital investment volume, etc. Measuring input: human resources (indoor employees / field service), etc. Of vital importance: market share (presumes definition of the relevant market) Measurement in principle unproblematic
10 Page 10 European insurance market (still) growing Life insurance Non-life lnsurance growth rate Source: Swiss Re, WTF, OEF growth rate
11 Page 11 EU life insurance market Prämienvolumen (CEA) Infl.angepasstes Wachstum % % Mrd d. Euro % 5% % -5% growth rate (net of inflation) % CEA Statistics 2008
12 Page 12 Life Insurance markt and concentration in CH Einzelversicherung Kollektivversicherung BPV Statistics 2007
13 Page 13 Strategic target variables in the insurance sector Profitability Safety Growth
14 Page 14 Safety Insolvency of an insurance company can lead to ruin of the policyholder Safety level of the insurance company directly influences the product quality Willingness to pay reacts extremely sensitive to variations of the safety level of the insurance company Safety of the insurance company is in the focus of rating agencies and legal regulations (Solvency II, Swiss Solvency Test)
15 Page 15 Measurement based on shortfall probabilities (cf. LPM 0, VaR) or average shortfall amounts (cf. LPM 1, TVaR, EPD ratio) but subprime?
16 Page 16 Strategic target variables in the insurance sector Profitability Safety Growth
17 Page 17 Profitability and profitable (sustainable) growth Relative measure, synonymous for return Basis? Return on equity / total return Gross or net return? Risk-adjusted return? Relation to profit quantities ("expected profit")? Relation to company value / shareholder value?
18 Page 18 Measurement of profitability based on annual report: Which statements may or may not be made?
19 Page 19 Which line of business performs better? Better portfolio under consideration of... Portfolio 1 (Casualty) Portfolio 2 (Property) (Operating) Costs 10% of net premums X 15% of net premiums Costs + Claims (Combined Ratio) 100% X 95% Costs + Claims + Investment Income 85% X 90% RoE Risk? 12% X 15% Source: G. Egloff, Basler
20 Page 20 Profitability versus risk: An example from the bond market (year 2008) Coupon payments: 4,25% Switzerland (CHF) ,00% Rep. Argentina ( ) Returns till maturity Switzerland: 2,30% Rep. Argentina: 205,98%
21 Page 21 net present value EVA, RAROC, RORAC Costs of equity capital Integration of all cash-flows regarding the shareholder of the insurance company Consideration of investment risk (in the cash-flow or in the costs of capital)
22 Page 22 Profitable growth: RAROC or EVA (I.) Insurance practice: Identification of profitable business lines on the basis of risk-adjusted performance measures Measurement of the relative performance of individual lines of business Objective: Capital budgeting decisions (+ further objectives?) Often deals as a basis for compensation of devision manage- ment
23 Page 23 Profitable growth: RAROC or EVA (II.) Definitions: EVA: P EC. r hurdle >0 RAROC / RORAC: P/EC>r hurdle Profit P, hurdle rate r hurdle, or equity capital EC may be risk adjusted
24 Page 24 Profitable growth: RAROC or EVA (III.) Practical implementation in three steps: 1. Derivation of an "economic equity capital" on the basis of a predetermined safety level for the insurance company 2. The determined equity capital is allocated to the business lines (segments) 3. The cost of the allocated equity capital are compared with a profit quantity of the business line and conclusions are drawn with respect to capital budgeting decisions such as whether to expand or contract business segments
25 Page 25 Profitable growth: RAROC or EVA (IV.) RAROC (insurance company level) or EVA EC-allocation Line 1 Line 2 Line 3... RAROC 1 RAROC 2 RAROC 3 Do all lines of business earn their costs of capital?
26 Page 26 Example for three lines of business, hurdle rate 10% Profit P: 20, Equity capital EC: 100 RORAC (Company level): 20% EC-allocation EC: 10, P: 3 EC: 50, P: 14 EC: 40, P: 3 RAROC 1 = 30% RAROC 2 = 28% RAROC 3 = 8 % 1 2 3
27 Page 27 Profitable growth: RAROC or EVA (V.) Pros and Cons: - Chances and risk are focused simultaneously, cost of capital is considered - RAROC or EVA are intuitive quantities and hence "well communicable" in the company - To Step 1.: Results strongly depend on the design of RAROC / EVA and on the definition of "economic capital" - Compatibility to the net present value concept is in principle i not given
28 Page 28 Profitable growth: RAROC or EVA (VI.) net present value Q EC + E ( P) = EC 1+ r f The eory Q E ( P) = E( P) Riskadjustment Q 1 E ( P) net present value = EC rf 1 + r f EC RAROC
29 Page 29 Profitable growth: RAROC or EVA (VII.) To Step 2.: There is no appropriate in the sense of nonarbitrary capital allocation method Reason: Allocation of costs of capital r hurdle EC issimplya common cost allocation problem Source: M. Sherris 2006, NAAJ
30 Page 30 Profitable growth: RAROC or EVA (VIII.) Source: M. Sherris 2006, NAAJ
31 Page 31 Example for three lines of business, hurdle rate 10% Profit P: 20, Equity capital EC: 100 RORAC (Company level): 20% EC-allocation EC: 10, P: 3 EC: 60, P: 14 EC: 30, P: 3 RAROC 1 = 30% RAROC 2 = 23% RAROC 3 = 10 % 1 2 3
32 Page 32 Profitable growth: RAROC or EVA (IX.) To Step 3.: Financial decisions based on the existing company structure are problematic: Growth strategy by expanding the (alleged) most profitable line of business may be wrong For assessment of the profitability of specific growth strategies and general capital budgeting decisions, i the RAROC / EVA concept seems not to be suitable A comparison of net present values for strategic alternatives within the insurance company constitute a more sound basis What are your experience in this respect?
33 Page 33 Math phobic s nightmare
34 Page 34 Strategic target variables / challenges Profitability Safety Growth
35 Page 35 Strategic challenges Management of global developments: - Strongly varying market saturation degrees (also within Euro- pe) - Concentration in the EU market - Convergence of basic insurance market structures (products, value added d chain, distribution) ib ti - Demographic changes - Opening of new insurance markets
36 Page 36 Market share of top 5 insurers UK Belgium Netherlands 29.4% 27.2% 43.1% 51.8% 64.4% 52.1% 78.1% 61.6% 68.0% 73.0% 52.8% 35.0% France Germany 50.0% 55.6% 51.7% 40.8% UK 30.7% 23.1% 45.3% 38.0% Netherlands Bli Belgium Germany Spain Switzerland 29.4% 20.4% 39.0% 40.2% France Switzerland 68.4% 76.2% 60.4% 57.4% Italy Portugal 83.3% 3% 59.4% 67.8% 52.7% Portugal Spain Concentraion in the EU market Italy 61.8% 67.9% 45.0% 34.1% Quelle: Morg gan Stanley Source: CEA Life Non-life
37 Page 37 Insurance density (premiums per capita in USD) 6'000 Source: Swiss Re, Sigma 5/2006 Switzerland 5'000 Irland UK 4'000 Belgium Denmark US NL Japan France Finland 3' '000 1'000 Saudia Arabia United Arab Emirates Mexiko Russia Latin America Agentina China Brazil India Africa Germany Asia Oceania Europe Namibia Hong Kong South Korea Taiwan Sout h Afric a 0 0% 2% 4% 6% 8% 10% 12% 14% 16% Insurance penetration (premiums in % of GDP)
38 Page Place for innovations in the insurance business Percentage of asked managers 70% 66% 60% 50% 57% The four most important factors for changes are: 40% - Demographic development 30% 20% 10% 0% 21% Disposition for innovation of the branch Disposition for innovation of your company Pressure for innovation from outside - Reconstruction of social security systems - Regulation tendencies - Growing individualization and ongoing erosion of solidarity High Very high Source: I.VW
39 Page 39 1 Impact of regulatory provisions Capital and risk management provisions (Solvency II) International accounting standards Product and consulting liability Consumer protection provisions Intermediary provisions Altered taxation systems Money laundering provisions Reregulation (tariff constraints, compulsory coverage) Laws regarding gene technology % 20% 40% 60% 80% 100% Very strong Strong Moderate Very small Source: I.VW
40 2 Page 40 Changes of market structures Change Tendency Number of insurance companies in the German-speaking area Market share of foreign (EU) insurance companies Market share of foreign (non-eu) insurance companies Market share of alternative providers (e.g. VW-Bank, Tchibo, ) Market share of pure distribution organizations Market share of specialized niche suppliers Source: I.VW
41 Page 41 These companies sell insurance!
42 Page 42 Problems of participating endowment life insurance contracts - Pressure from investors on life insurers (risk-adequate return for the shareholders?) - Fiscal treatment of life insurance contracts (CH, Germany) - IFRS and balance sheet treatment - Consumer protection agency's critics - Competition by mutual funds with embedded guarantees / unitlinked life insurance products
43 Page 43 Variable Annuities: The new product in life insurance? - Participation in positive market development and, at the same time, assuring a guaranteed minimum payoff (chances for high returns and flexibility) Transparency: Costs for additional building blocks in addition to basic product are priced as a fixed percentage of fund value Choice of guarantee depends on investment strategy; guarantees fulfill need for safety - Especially well suited for needs of "Generation 55+" But: Highly complex product design, requires ambitious pricing i and risk management (dynamic hedging strategies)
44 Page 44 Optional guarantees as additional building blocks "Guaranteed Minimum Benefit" (GMXB) with X = I,D,W,A historical values: too low! Guarantee building blocks Type of guarantee Fee (approx.) in basis points Guaranteed Minimum Income Benefit (GMIB) Guaranteed minimum annuity payment (at maturity) Guaranteed Minimum Death Guaranteed death benefit Benefit (GMDB) payment Guaranteed Minimum Withdrawal Benefit (GMWB) Guaranteed withdrawal benefits at fixed points in time Guaranteed Minimum Accumulation Benefit (GMAB) Guaranteed living benefit Guarantee costs depend on choice of underlying fund; substantial problems if fund value decreases
45 Page 45 Conclusion Area of conflict: growth, profitability, and safety Evaluation of the profitability of a growth strategy is not a trivial task Strong changes of market conditions to be expected in the life insurance sector Thank you very much for your attention
46 Page 46 Contact Prof. Dr. Hato Schmeiser Universität ität St. Gallen Kirchlistrasse 2 CH St. Gallen Telefon: +41 (0) hato.schmeiser@unisg.ch
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