Moody's Analytics Provides Solvency II Solution for Skandia
NEWS | For Immediate Release
LONDON, November 18, 2013 — Moody’s Analytics, a leader in risk measurement and management, today announced that Livförsäkringsaktiebolaget Skandia (Skandia Liv), one of Sweden’s largest life insurance companies, has selected Moody’s Analytics’ RiskIntegrity™ software, to enhance its risk management architecture and help it comply with Solvency II. The RiskIntegrity™ framework is an integrated solution to assist with managing insurance regulatory capital calculation and reporting. The platform enables the consolidation and cleansing of data from multiple sources while offering calculation engines which natively embed Solvency Capital Requirement (SCR), as well as integrated regulatory reporting capability, to produce quantitative reporting templates (QRTs) in an efficient and timely manner.
Skandia chose Moody’s Analytics Solvency II solution for its out-of-the box regulatory capabilities and user-friendliness. Another factor was Moody’s Analytics’ expertise, both in terms of regulation and implementing software solutions for large, international organizations.
“Moody’s Analytics offered us the best solution to help us meet regulatory requirements for our operations and Moody’s Analytics has the technological sophistication and expertise, delivering risk management projects for large organizations. We preferred the solution’s integrated regulatory reporting capabilities, which leverages the same data used for the SCR calculations. This will save us vital time and effort when carrying out our quarterly reporting,” said Håkan Ljung, Chief Risk Officer at Skandia Liv.
Andy Frepp, Managing Director of Insurance Solutions at Moody’s Analytics, said: “We are proud and pleased that Skandia has selected our solution for their Solvency II project. Recent regulatory updates are revitalizing the market in which the Nordic region is very active, and this new relationship underscores our commitment to continue serving both this area and the rest of Europe as we grow our business.”
In addition to RiskIntegrity™ software, Moody’s Analytics offers comprehensive solutions for insurers. Amongst them, RiskFrontier™ for credit VAR calculations and the Barrie & Hibbert product suite are expanding Moody’s Analytics solution to more advanced approaches that can be foundations for Internal Models methodologies. Barrie & Hibbert was acquired by Moody’s Analytics in 2011.
For more information, please visit www.moodysanalytics.com/riskintegrity.
About Moody's Analytics
Moody’s Analytics helps capital markets and risk management professionals worldwide respond to an evolving marketplace with confidence. The company offers unique tools and best practices for measuring and managing risk through expertise and experience in credit analysis, economic research and financial risk management. By providing leading-edge software, advisory services and research, including proprietary analyses from Moody’s Investors Service, Moody’s Analytics integrates and customizes its offerings to address specific business challenges. Moody's Analytics is a subsidiary of Moody's Corporation (NYSE: MCO), which reported revenue of $2.7 billion in 2012, employs approximately 6,800 people worldwide and has a presence in 28 countries. Further information is available at www.moodysanalytics.com.
About Livförsäkringsaktiebolaget Skandia
Skandia has provided financial stability for more than 150 years – through times of war and times of crises, from the agrarian society into the global wireless communication culture. From this we have established a long and proud tradition of entrepreneurial spirit, product development and deep engagement in the society at large. Today we are a leading provider of financial solutions and long term savings in the Nordic region. We have 2.2 million customers in Sweden, Norway and Denmark, assets under management of over 440 billion SEK and 2300 employees.
The process of transforming Skandia into a purely mutual company has begun, and we will become one of the largest, independent customer-owned banking and insurance groups in the Nordic region. Read more at www.skandia.se.