Possible investment topics in the Explanatory Report of the Responsible Actuary for the 2023 financial year
Overview
This results report addresses potential content for the responsible actuary's explanatory report. These relate to the selection and presentation of potential topics related to capital investments. This is intended to provide a service for the responsible actuaries.
The scope of the results report covers both general issues that span multiple fiscal years and current issues that are closely tied to and possibly limited to 2023[1]. These relate to life insurance and those property and casualty insurance policies in which actuarially valued policy reserves are created similar to life insurance and commented on by the responsible actuary in the explanatory report required by regulatory requirements. For property and casualty insurance, these specifically include accident insurance with guaranteed premium refunds (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, while, on the other hand, the associated security assets generally only represent a small portion of the investments.
The report therefore directly concerns the responsible actuaries of life insurance and, taking into account the specific features mentioned, the responsible actuaries of UBR and HUK.
The working group also considers the topics in this paper that relate solely to investment 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 Pensioners) to inform them of the findings of the working group. The first two sections have been adopted virtually unchanged from the previous year and supplemented with current references. 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, 2023. The working group recommends that materially relevant developments from the last quarter of 2023 be considered additionally, if necessary. General, time-independent statements in this report also claim validity beyond the specified reference period.
