Life European Actuarial Directors Forum
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1 Life European Actuarial Directors Forum Liability in-force management Laszlo Hrabovszki, Generali Germany Wolfgang Hoffmann, Towers Watson 4-5 March 0, Istanbul 0 Towers Watson. All rights reserved.
2 Agenda Introduction Towers Watson Approach In-force Management Case study on Generali Germany 4 Outlook
3 INTRODUCTION Example: AXA with in-force optimisation programme for life
4 In-force management as part of wider options for capital management INTRODUCTION Areas of Capital Management Financial/ actuarial Business management Investment Reinsurance Capital solutions Business reorganisation Review models for prudence Product redesign/ repricing Asset portfolio redesign/ restructure Reinsurance optimisation Equity raising Discontinue/ run-off certain lines of business Review actuarial reserves/dac for prudence In-force management Cash flow/ duration matching Internal reinsurance Debt structuring Reorganisation of corporate legal structures Accounting and tax optimisation Ongoing business volume/ mix management Derivatives/static/ dynamic hedging Risk transfer/ external reinsurance Contingent capital Redomiciling/ branch structures Regulatory arbitrage Underwriting and claims management Credit Financial reinsurance Sidecars or equivalent Internal captives/ resources Inter-group arrangements Expense management and outsourcing Alternative investments Securitisation Other (nonreinsurance) internal transactions Purchase/sale of business/blocks of business Possible Capital Management Actions
5 Agenda Introduction Towers Watson Approach In-force management Case Study on Generali Germany 4 Outlook
6 IN-FORCE MANAGEMENT Our experience shows it is helpful to differentiate three levels of in-force management Internal enhancements Enhance value of in-force within current legal and product framework Smart customer handling Be selective when dealing with (discretionary) client requests Active conversion programmes Approach clients actively to modify or exchange current products Increasing time Costs Complexity
7 IN-FORCE MANAGEMENT. Internal enhancements Internal enhancements Smart customer handling Active conversion programmes Areas to be covered Profit sharing Level of discretion by management / actuaries Fairness between policyholder generations Allocation of estate Modifications / simplifications Policy alterations Reduce to legal minimum / policyholder contractual obligations
8 IN-FORCE MANAGEMENT. Smart customer handling Internal enhancements Smart customer handling Active conversion programmes Areas to be covered Customer requests (inbound) Lapses / surrender Change requests Premium delay Customer communications (outbound) Reminder of rights and options Different default options
9 IN-FORCE MANAGEMENT. Proactive customer approaches Internal enhancements Smart customer handling Active conversion programmes Areas to be covered Active conversion programmes Selection of portfolios Client communication / good advice Legal circumstances (individual, collective, regulator, consumer protection) Incentives For customers For distribution partners
10 IN-FORCE MANAGEMENT There are successful and less successful examples Selected conversion programmes across Europe Denmark Sampension (0): guarantee was reduced with regulatory approval Sweden SalusAnsvar and Handelsbanken Liv (in the last few years): exchange of traditional products with unit-linked UK various product managements, e.g. conversion of guaranteed annuity options or reduction of guarantee Poland PZU ( ): exchange of whole life group policies for short term YRT group policies France high guarantees for low guarantees / traditional products for unit-linked products Czech Republic confidential: exchange of high guarantees for low ones
11 Agenda Introduction Towers Watson approach In-force management Case study on Generali Germany 4 Outlook
12 CASE STUDY Options analysed for Generali Germany Internal enhancements Utilise contractual framework Change of existing contracts Financing Zinszusatzreserve (ZZR) Smart customer handling Surrender management Management of benefit payment Active conversion programmes Conversion
13 CASE STUDY Active conversion programmes Different options: Options No actions taken Actions Transfer of whole contract New contract for future premiums No collective approach possible under German regulation; individual agreements with policyholders are required. Skilled advisory services are needed; examples (Germany and abroad) show that often incentives are paid to agents/distributors Possible disadvantages for policyholders need to be considered (e.g. loss of tax advantage) Legal and reputational risks
14 CASE STUDY Options analysed for Generali Germany Internal enhancements Utilise contractual framework Change of existing contracts Financing Zinszusatzreserve (ZZR) Smart customer handling Surrender management Management of benefit payment Active conversion programmes Conversion
15 CASE STUDY Smart customer handling Options* Actions The customer service is focused on improving persistency, e.g. to reduce lapse rates in order to keep contracts The customer service is trained to improve annuity conversions for contracts with guaranteed annuity options Surrender management Identify contracts with generous guarantees Management of maturity benefit payment Brief customer service on what kind of contract is welcome to surrender (e.g. contracts with high guaranteed interest rates) Identify contracts with generous GAOs Brief customer service on what kind of contract is welcome to take the lump sum payment at maturity (e.g. contracts with high GAOs) * The success of these approaches is highly dependent on the structure of the underlying business. Hence an analysis of expected release is advisable.
16 CASE STUDY Options analysed for Generali Germany Internal enhancements Utilise contractual framework Change of existing contracts Financing Zinszusatzreserve (ZZR) Smart customer handling Surrender management Management of benefit payment Active conversion programmes Conversion
17 CASE STUDY Internal enhancements (/) Options Actions Use the contractual framework to allow for adaption of guarantees Advantage: can be applied collectively without any further approval of regulator or policyholder Regulated business (before 994): any change has to be approved by regulator (BaFin) Deregulated business (after 994): any change needs to be agreed with policyholder. Regulator can intervene, if legal requirements not fulfilled Exploit contractual framework Change of existing contracts Analysing the terms and conditions with regard to possible adaptions of guarantee (e.g. in case of surrender, premium indexation, contract changes, GAO or other options) Analysing the possibilities with regard to legal boundaries as well as technical feasibility
18 CASE STUDY Internal enhancements (/) Options Actions Possibility to finance the ZZR by reducing bonus declaration on an individual or collective basis All bonus types (interest, risk, expense and terminal bonuses) should be considered Financing through Loans from business not affected from the ZZR is also possible Restrictions for business written before 994 ( regulated business ) need to be taken into account Compatibility with underlying terms and conditions has to be ensured Financing Zinszusatzreserve (ZZR) Analysing the actual bonus declaration for the 4% tariff generation leads to the following result: No current bonus declared Still terminal bonus declared è A reduction of the terminal bonus is possible
19 CASE STUDY Results of the option analysis for Generali Germany Internal enhancements ü Utilise contractual framework Change of existing contracts - ü Financing Zinszusatzreserve (ZZR) Smart customer handling ü Surrender management ü Management of benefit payment - Active conversion programmes Conversion Overall significant annual savings
20 Agenda Introduction Towers Watson approach In-force management Case study on Generali Germany 4 Outlook
21 OUTLOOK Towers Watson observations on in-force management More and more companies turn to in-force business in the search of additional return and management of high guarantee products One size does not fit all in-force management approaches need to be tailored carefully to the values and objectives of individual companies! No silver bullet, but many small steps and actions which can overall lead to improved financial situation 4 Mainly, this means change for the entire organisation!
22 OUTLOOK It all depends upon the perspective
23 OUTLOOK Change is needed 4 % 4 %
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