Matching adjustment repack structures revealed

Public company filings show details of Aviva’s single senior note structure, L&G’s £6 billion forex repack

shu-397807435-files-folders-hand

In the final days of last year, several UK insurers rushed plans to their regulator, the Prudential Regulation Authority (PRA), to transform assets that would not qualify for Solvency II's matching adjustment (MA) into assets that would.

Submissions of these repackaging transactions – or 'repacks' – were the end product of a three-year industry debate about how ineligible assets should be treated, punctuated by a UK Treasury intervention and an unexpected regulatory U-turn.

Confusion had

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact info@risk.net or view our subscription options here: http://subscriptions.risk.net/subscribe

You are currently unable to copy this content. Please contact info@risk.net to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to Risk.net? View our subscription options

The future of life insurance

As the world constantly evolves and changes, so too does the life insurance industry, which is preparing for a multitude of challenges, particularly in three areas: interest rates, regulatory mandates and technology (software, underwriting tools and…

You need to sign in to use this feature. If you don’t have a Risk.net account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here