Possible investment topics in the Explanatory Report of the Responsible Actuary for the 2022 financial year
Overview
The scope of this report covers both general issues spanning all fiscal years and current issues that are closely tied to and possibly limited to 2022[1]. These relate to life insurance and those property and casualty insurance policies in which actuarially valued benefit reserves are created in the manner of life insurance and commented on by the responsible actuary in the explanatory report required by the supervisory authority. For property and casualty insurance, these specifically include accident insurance with guaranteed premium repayment (UBR) and pension benefits from general liability insurance, motor vehicle liability insurance, motor vehicle accident insurance, and general accident insurance (HUK pensions). The statements in this report on investment topics may only be applicable to a limited extent specifically for UBR and HUK pensions. This is because, on the one hand, many aspects affect the company as a whole, but, on the other hand, the associated security assets generally only comprise a small portion of the investments.
The final report therefore directly concerns the responsible actuaries of life insurance and, taking into account the specific features mentioned, the responsible actuaries of the UBR and HUK insurance (insurance and pension insurance).
The working group also considers the topics of this paper that relate solely to investments to be relevant for pension and health insurance.
The resulting summarized report is addressed to the members and committees of the DAV (German Association of Insurance Professionals) to inform them of the findings obtained by the working group. The first two chapters have been adopted virtually unchanged from the previous year and supplemented with current references. Due to its growing importance, a new chapter 2.6 has been dedicated to the topic of "Sustainability and ESG." This report does not represent a professionally legitimate position of the German Actuaries (DAV).
[1] In order to ensure that it can be made available to the responsible actuaries in good time before the final editing of the explanatory reports, this report, where statements are made on current capital market developments, generally refers only to capital market developments up to September 30, 2022. The working group recommends that materially relevant developments from the last quarter of 2022 be considered additionally, if necessary. General statements in this report that are not specific to a specific time period also claim validity beyond the specified reference period.
