Life ILS Ecosystem Gareth Mee Partner | EY ELSA-SLS.ORG INFO@ELSA-SLS.ORG
Consider Life ILS through three lenses Investment Capital Liability provision transfer ELSA-SLS.ORG INFO@ELSA-SLS.ORG
Investment A wave of new capital providers take interest in insurance Capital Liability provision transfer Apollo lists US insurance vehicle Athene and creates European entity Athora ELSA-SLS.ORG INFO@ELSA-SLS.ORG
Investment A tough market in which to make returns – UK example Capital Liability provision transfer 5% Social housing loan Infrastructure Loan 4% Equity release mortgage loan Aviation bond BBB corporate bond Student housing Student loan loan CMBS AA 3% A corporate bond Returns p.a. UK RMBS Private placement AAA CRE loan AA corporate bond loan Res. Mortgage Loan AAA corporate bond 2% Gilt curve Trade finance Swap curve Infrastructure loans 1% Real estate backed loans Other asset backed securities Other unsecured assets 0% 0 5 10 15 20 Indicative Modified Duration ELSA-SLS.ORG INFO@ELSA-SLS.ORG Source: EY proprietary analysis based on template from IFOA
Investment Competition is high; capital ratios are misleading Capital Liability provision transfer Source: EIOPA statistics Source: IMF World Insurance report 2018 ELSA-SLS.ORG INFO@ELSA-SLS.ORG
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