Solvency II reporting: Solvency and Financial Condition Report 2016
Under Solvency II Pillar 3 regulations, Aegon and other insurers are required to publish a Solvency and Financial Condition Report (SFCR). This report is Aegon Ireland plc’s SFCR for the year ended 31 December 2016. It informs Aegon Ireland’s stakeholders about the following:
- A. Business and Performance
- This section gives an overview of Aegon Ireland’s business and also the underwriting, investment and other activity performance over the year.
- B. System of Governance
- This section gives general information on the systems of governance, the fit and proper persons requirements and our risk management system, including the Own Risk and Solvency Assessment (ORSA). It also covers functions such as internal audit and actuarial, as well as outsourcing arrangements.
- C. Risk Profile
- This section includes qualitative and quantitative information on our risk profile, including underwriting, market, credit, liquidity and operational risk categories.
- D. Valuation for Solvency Purposes
- This section includes quantitative and qualitative explanations of the bases, methods and main assumptions used for the valuation of assets, technical provisions and other liabilities for solvency purposes. It also explains any material differences between the valuations used for solvency purposes and those used within the financial statements.
- E. Capital Management
- This section provides an analysis and explanation of our Own Funds, Solvency Capital Requirement and Minimum Capital Requirement.
The full report can be found here(Opens new window) and we’ll issue it each year.