Life & Pensions Nordics programme

Tuesday 29 September 2009

08:30 Registration and breakfast

09:00 Welcome address

09:10 Panel discussion: Focus on pan-Nordic financial regulation, Solvency II and market specifics

• The effect of changes to discount rates used to value liabilities in 2008 in both Sweden and Denmark
• What is the long term outlook for the calculation of these discount rates
• Preparation work for the pre-approval process of internal models

Andreas Johansson, Portfolio Strategist, Lansforsakringar (Sweden)
Raoul Berglund, Head of Insurance Technical Risks and Research Division, Finansinspektionen, FIN-FSA
Matti Leppala, Director, International and Legal affairs, Finnish Pensions Alliance TELA
Bertil Sjöö, Acting Director of Insurance, Finansinspektionen (Sweden)

10:00 The next generation of retirement products

Comparison of savings and retirement products
What are the qualities of attractive retirement products?
How is it possible to combine upside potential, income stability and downside protection?
Why is a new product category needed?
Combining the best qualities of traditional and investment linked products
How do you obtain a good balance between cost and benefit?
Product design and behavioural economics
In the vanguard of retirement income product innovation

Per Linnemann, Chief Advisory Officer, SEB Pension, Denmark

10:50 Morning break and networking opportunities

11:20 Today's ERM - the consistent aggregation of risks across the entire balance sheet

- Integrating assets and liabilities within a consistent risk and economic capital framework
- Aggregating market, credit, and insurance risk types though scenario projections
- Replicating portfolios as a tool for capturing risk factors spanning asset and liabilities
- Incorporating “orthogonal” risk factors in order to capture all risks consistently
- Leveraging an enterprise risk framework for decision support purposes

Andrew Aziz, Executive Vice President, Risk Solutions, Algorithmics

12:00 Risk management in times of crisis and the way forward

The lessons of 2008 - increased risk capital needed to withstand shocks
Reactive vs. pro-active risk management
Strategic asset allocation when markets collapse
Getting ready for Solvency II: last minute modifications in the pipeline?

Øystein Stephansen, Risk Advisory, DnB NOR Markets, Norway

12:40 Lunch and opportunity to visit the exhibition

13:40 Utilising risk overlay techniques for portfolio protection as a strategy to minimize risk

- Optimising return with limited risk
- Optimising risk allocation by using derivatives overlay
- Using swaptions to hedge interest risk in liabilities

Andreas Johansson, Portfolio Strategist, Lansforsakringar, Sweden

14:20 The seesaw effect, wide tails, new rules and other challenges

The changing regulation and turbulent financial markets give the life insurance industry challenges, but also seeds of some potential solutions to the problems. In this presentation a selected few are gone through from a Finnish perspective, together with a fast picture of what is going on in the Finnish market and how the Mandatum Life approach differs from the usual.

Janne Saarikko, Executive Vice President, Mandatum Life

15:00 Afternoon break and networking opportunities

15.30 Valuation of long term liabilities in distressed markets

Lessons learned during the crisis
The consequences of structural duration shortage
Monetary policy and consequences for life insurers, a paradox?
Valuation of long cash flows where no bond markets exist

Staffan Hansen, Chief Investment Officer, SPP, Sweden

16.10 ROUNDTABLE Risk Management

How did the players of pension and life insurance markets cope in 2008?
What has been learned?
What responses should we expect from regulators?

Håkan Ljung, CRO, Chief Actuary, Skandia Life, Sweden
Mads Smith Hansen, COO, Sampension KP Livsforsikring, Denmark
Frederic Ottesen , Group Finance Director, Storebrand, Norway