Risk Quantum/Generali
Allianz, Generali post €52bn in fair value losses in H1
Bond portfolio values crash as equities tailwinds fades
Top European insurers bet on private equity
Allianz and Axa had a combined €29 billion at end-2019
Market risks push up top EU insurers’ capital charges
Allianz sees SCR for market risk surge 28% year-on-year
Generali’s solvency ratio savaged by Covid-19 turmoil
Italian sovereign exposures could force capital gauge even lower
Local banks’ CDSs chase Italy’s sovereign risk higher
MPS and Banco BPM creditworthiness lags Italy’s
Generali’s solvency ratio continues to slide
Rate cuts, bond movements hike SCR and bite into own funds
Generali pivots from corporate bonds
Company debt makes up 31.6% of life insurance investment portfolio; 28.1% of property and casualty portfolio
Generali expands scope of internal model
Total SCR drops 8% to €20.4 billion in 2018
EU insurers’ solvency ratios weather UFR change
New fixing of ultimate forward rate increases firms’ solvency capital requirements
Generali’s solvency ratio falls on risk-free rate changes
Regulatory changes increased present value of liabilities
Generali accelerates pivot to ‘capital light’ products
Tilt to unit-linked products helps relieve capital burden
Generali weathers Italian bond turbulence
Solvency II SCR ratio dips to a still lofty 201% in the first half