GENERALI PANEUROPE LIMITED

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GENERALI PANEUROPE LIMITED

COMPANY OVERVIEW

SEPTEMBER 2012







2


Finance


Actuarial


IT

EXECUTIVE COMMITTEE

Paul Gillett

CEO

Cillin O’Flynn

Chief Operating
Officer

John Martin

Chief Financial
Officer

Barry Kelly

Chief Risk Officer


WP & IP Sales


WP & IP Operations


Projects


Risk Management


Compliance


Employee Benefits Sales


Employee Benefits
Operations

Chris Ennis

Head of Employee
Benefits







3


69 billion
in
P
remiums

180 Year

History


Present in more than

60
C
ountries

in

5 Continents

Over

82,000

Employees


65 million
Customers


THE GENERALI GROUP


INTERNATIONAL SINCE 1831


AT HOME

throughout

the
world

FORTUNE GLOBAL 500

AUM

PROFITS







4

One of the

world’s leading

asset managers

with over

460bn


under management

THE GENERALI GROUP


ASSETS
UNDER MANAGEMENT


FORTUNE GLOBAL 500

AUM

PROFITS

FINANCIAL

Strength

*www.generali.com


Correct
as at

August 2012







5





Independent
Rating

GENERALI PANEUROPE


STRENGTH


0
1000
2000
3000
4000
5000
6000
7000
8000
9000
10000
2009
2010
2011
2012
2013
2014

M


M

Assets Under Management


Solvency
Ratio

494%

GENERALI PANEUROPE LIMITED

IRELAND







7

Life assurance companies are liable to Corporate Tax
(12.5%) but exempt on the share of their profits allocated
to policyholders. There is neither taxation on premiums nor
on policyholder gains. Unit
-
linked policies can therefore
grow free of taxes in
Ireland (when resident outside of
Ireland).

Ireland is one of the largest cross
-
border life
assurance
centres
in Europe, a position it has enjoyed for
more
than
a
decade.

Irish regulations are governed by EU insurance directives
and provide maximum policyholder protection in an
optimal tax environment.

IRELAND


A COMPETITIVE REGULATORY ENVIRONMENT


Ireland
has signed comprehensive double taxation
agreements with 68 countries, of which 61 are in effect
(
Sept
2012)
. The agreements cover direct taxes, which in
the case of Ireland are income tax, corporation tax and
capital gains tax
.







8

The Irish Central Bank specialised supervisor for insurance
conducts permanent scrutiny of insurance companies and
has extensive powers of inspection and intervention
.

IRELAND


CONSIDERABLE SCRUTINY FROM SUPERVISORY AUTHORITIES

Life insurers must name an Appointed Actuary who certifies
financial accounts and report any material risk to the
supervisor. External auditors have to report to the
supervisor as well any breach of requirements or risk that
may affect the insurer’s ability to meet its obligations.

Ring
-
fencing of technical reserves for
policyholders







9


Moreover
, the Irish Statutory Instrument 168
2003,which
gave effect to EU Directive
2001/17/EC
on
Reorganisation
and Winding
-
up of Insurance
Undertakings
, provides
that
policyholders take
absolute
precedence over all other creditors in respect
of the
assets
representing technical reserves of their
life
assurance policies
.

IRELAND


THE HIGHEST ASSET PROTECTION


This
protection is superior to the ring
-
fencing provided
in
other countries, namely
Luxembourg
, where tax
debts
,
employees and other secured creditors rank
ahead
of
policyholders
if other assets of
the company are
not
sufficient (full details on next
page
).

Absolute Precedence in Case of Insolvency of the Insurer







10

While
both Luxembourg and Ireland offer similar
advantages
for insurance policyholders, namely asset
protection, investment

flexibility, confidentiality and a tax
-
free environment for policy transactions and proceeds, there are still some differences

favouring Ireland.

Ireland


Free choice of custodian, only subject to approval by
the insurer. The custodian can be either a bank or other
financial institution
based in any country
.



Maximum investment flexibility

regardless of policy
size (no minimum threshold
).






Assets representing technical reserves are ring
-
fenced
and policyholders as a whole
take precedence over all
other creditors

(including secured creditors) in case of
insolvency of the insurer
.

Luxembourg


The custodian must be a bank based either in
Luxembourg or in the bank’s head office country and
needs to be approved by the Luxembourg regulator
CAA
(Commisariat aux Assurances
).



Maximum investment flexibility starts at EUR 2.5 million
(need to comply with catalogue of assets referred to in
CAA’s Circular Letter 01/08
).



Assets representing technical reserves are ring
-
fenced
and policyholders as a whole take precedence over all
other creditors with the exception of claims from the
Trésor, the social security, public bodies and employees
up to six months of salary and severance payments if the
assets representing technical provisions are insufficient
to meet policyholders liabilities.

IRELAND V LUXEMBOURG


A SUMMARY OF DIFFERENCES







11


Irish
law gives greater freedom in the choice of assets
underlying the policy and allows a high
-
level of investment
personalisation.



It is possible to invest in any type of financial asset: bonds,
shares, investment funds including closed funds, QIFs,
SIFs, private equity funds, alternative funds and hedge
funds
.


Exceptions

-
Assets
that cannot be liquidated at
six months
’ notice
(except on special request approved by GPE Investment
Committee
)

-


Non
-
quoted
company shares (exceptions also to be
approved)

-


Direct
Real Estate
property

-


Shares
representing more than 10% of voting rights.




Derivatives can be used for investment or hedging
purposes but leveraging is not permitted.



Another positive factor in Irish law is the absence of
limitations regarding the levels of concentration of
investments. There are no limitations regarding the
amount invested in single issuers, asset types or the
geographical concentration of the investment
.

IRELAND


INVESTMENT RULES







12

Flexible
products for
individuals for

medium
to
long
-
term
financial planning

Investment Planning

Insurance solutions for Private Banks

Wealth
Protection

Corporate cross
-
border

employee benefit
solutions

Employee Benefits

BUSINESS LINES







13

A specialist provider of expatriate savings and investment plans in selected European countries


Contractual savings and portfolio products


Marketed to expatriates resident in selected EU
countries

Belgium, Cyprus, Gibraltar,
Luxembourg and Spain


Marketed to expatriates
and nationals in
Sweden


Distribution
through financial intermediaries


Limited death benefit and no investment
guarantees


Utilises Freedom of Services model under EU
Third Life Directive


Product positioned to avoid competing with other
local Generali operating companies


Sales support and administration principally out
-
sourced to other Generali companies


Standardised English language products and
administration (pre
-
sales literature available in
Swedish)


Mass affluent clients


Regular savings averaging

10,000 per annum


Single premium investment averaging

200,000

INVESTMENT PLANNING


Overview

Products/Distribution

Business Model

Targets







14

Products/Distribution

Business Model

Targets

WEALTH
PROTECTION


Overview

Leading Pan
-
European provider of insurance
-
based solutions for HNW/UHNW individuals


Life assurance wrapped investment portfolios


Available in Italy, Germany, UK, Spain, France,
Ireland and International


Tailored to law of policyholder residence


Distributed in partnership with leading private
banks


Limited death benefit and no investment
guarantees


Utilises Freedom of Services model under EU Third
Life Directive


Localised sales support in each territory


Dedicated front office with full local language
capability


Private banks provide individual asset management
and custody


HNW and UHNW segment for premiums from

0.5m to in excess of

100m


Clients who:

-

require tailored asset management

-

have need for tax or succession planning







15

EMPLOYEE BENEFITS


Overview

Major provider of corporate Group Risk solutions in Sweden and becoming a significant Pan
-
European provider


Group Risk products (life, disability, accident etc.)


Main market is Sweden but increasingly products
are offered on a Pan
-
European basis


Distributed in partnership with managed agent,
Generali Employee Benefits (GEB) and EB
consultants


Products written under Irish Law but also compliant
in local markets


Single contract under Freedom of Services model
for companies who have employees located in
selected EU countries


Complementary position to existing Generali local
and network EB products


Most risks reinsured to other Group companies


Distribution and underwriting offered locally or
through GEB


Sweden


Swedish based corporates and affiliation
groups


Pan
-
European


targeting multinationals seeking
Pan
-
European group risk solutions


Ireland


Domestic corporates and Irish based
multinational
operations

Products/Distribution

Business Model

Targets







16

CONTACT

Mats Arousell
Sales Manager

Mobile:
+46 70 600 6049

Email:
matsarousell@generali.ie


Anita Teistela
Regional Director
-

Europe

Mobile:
+44 (0)7884 004
010

Email:
anitateistela@generali.ie

www.gpe
-
investmentplanning.ie


Generali PanEurope Limited

Tel: +353 (0)46 9099
800


Fax
: +353 (0)46 9060
223

www.generalipaneurope.ie







17

DISCLAIMER

Generali PanEurope Limited is regulated by the Central Bank of Ireland. Generali PanEurope Limited is a limited company regis
ter
ed in Ireland
(Number 311420) with a registered office at 25
-
28 North Wall Quay, Dublin 1, Ireland. Generali PanEurope Limited is a wholly own
ed subsidiary of

the Generali Group, which was founded in Trieste, Italy, in 1831 with a listed number in the Italian Insurance Group Register

of

026.


These materials and the information contained herein are provided by Generali PanEurope and are intended to provide general i
nfo
rmation on a
particular subject or subjects and are not an exhaustive treatment of such subject(s). Accordingly, the information in these
mat
erials is not intended
to constitute professional advice or services. The information is not intended to be relied upon as the sole basis for any de
cis
ion which may affect
you or your business.

Before making any decision or taking any action that might affect your personal finances or business, you

should consult a
qualified professional adviser. These materials and the information contained therein are provided as is, and Generali PanEur
ope

makes no express or
implied representations or warranties regarding these materials or the information contained therein. Without limiting the fo
reg
oing, Generali
PanEurope does not warrant that the materials or information contained therein will be error
-
free or will meet any particular cr
iteria of performance
or quality. Generali PanEurope expressly disclaims all implied warranties, including, without limitation, warranties of merch
ant
ability, title, fitness for
a particular purpose, non
-
infringement, compatibility, security and accuracy.



Your
use of these materials and information contained therein is at your own risk, and you assume full responsibility and risk of
los
s resulting from
the use thereof. Generali PanEurope will not be liable for any special, indirect, incidental, consequential or punitive damag
es
or any other damages
whatsoever, whether in an action of contract, statute, tort (including, without limitation, negligence) or otherwise, relatin
g t
o the use of these
materials or the information contained therein.

If any of the foregoing is not fully enforceable for any reason, the remainder shall nonetheless continue to apply
.