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Octium Life DAC – Annual Report 2020

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Octium Life DAC – Annual Report 2020 Annual Report 2020 Octium Life DAC 1st Floor College Park House South Frederick Street Dublin 2 Ireland T +353 1 568 5412 E [email protected] octiumgroup.com Octium Life offers flexible and agile life insurance products, designed as a tool for High Net Worth Individuals and their families to plan for the long term. Our Solutions are tailored to a client’s circumstances and needs, ensuring superior wealth planning and protection for individuals and their families. CONTENTS 2 Meet some of Octium‘s team members 3 2020 Highlights at a glance 4 2020 Calm through the storm 8 Directors’ Report 12 Independent Auditor’s Report 19 Financial Statements 24 Notes to the Financial Statements 1 MEET SOME OF 2020 HIGHLIGHTS OCTIUM’S TEAM MEMBERS AT A GLANCE 20+ 3 Average of over 20 years experience in 3 Octium Group offices Financial Services for Management team. in Dublin, Luxembourg Average experience of over 15 years in and Liechtenstein Financial Services for all staff Miguel Robaina Gwen Graham Paul Sherlin Head of Operations Head of Change Head of Product Solutions €4.2bn 206 % We have assets under management of 206% Solvency Capital Ratio approx. €4.2 billion with policyholders as at year end 2020 all over the world Nora Fay Ciaran Carr Jacqueline Glackin Senior Product Specialist Finance Manager Business Analyst Blakes Cross Active Markets Portrane Italy Donabate UK New Dairy Lane Fleenstown Turkey Spain Swords Octium staff Greece Malahide Dublin Airport worked remotely for you in 2020 5 Portmarnock Dunboyne Ballymun Clonee Mulhuddart Poppintree Donaghmede Sutton Coolock Kilbarrack Raheny Galsnevin Fairview Howth Killester Castleknock Drumcondra Bull Island Leixlip Cabra Dollymount Clontarf Lucan Rialto Phoenix Park Summerhill Palmerstown Ballyfermot TCD Office Locations Inchicore Crumlin Rathmines Active Markets Clondalkin Rialto Blackrock Rathfarnham Dundrum Monkstown Tallaght Dun Laoghaire Sandyford Dalkey Leopardstown 2 Killiney OCTIUM ANNUAL REPORT 2020 OCTIUM ANNUAL REPORT 2020 3 Carrickmines 2020 Calm through the storm Jean-François Willems, Chairman Dara Hurley, CEO 2020 was a very challenging year. Equity markets have endured a significant level In spite of the year that was, Octium achieved The Agency has welcomed a number of of fluctuations throughout the year. Firstly there solid results with new business exceeding internationally renowned, high calibre The global events that unfolded was a strong start to 2020, which then saw an that of 2019, which as a consequence ensured professionals into the Group, who in turn were not unique to Octium, but end to the Bull market in February and March we maintained policyholder assets of €4.2bn, are enhancing the existing experience and they tested our resilience like as the Covid-19 pandemic unfolded. In May consistent with the prior year. This was in part professionalism of the organisation. the recovery started to materialise helped by due to the strong performance of the Asset never before. In spite of the robust policymaker support. Over the summer, Managers we work with. Octium’s Solvency New colleagues, new markets, new solutions. challenges of the continuing the strengthening Euro dampened returns while Capital Ratio of 206% remains one of the It promises to be an exciting year in 2021. We evolution of the Group and the in September and October the markets paused strongest in our industry. The company also look forward to a return to normality within for breath. Finally we saw the markets rally in completed rigorous regulatory reviews to that timeframe and Octium continues to be a Insurance Carrier, Octium was November and December in a reaction to the assess a number of stress scenarios which calming force in looking after its clients’ needs. able to protect the needs of all US election and vaccine clarification. confirmed that it could withstand such its stakeholders – Policyholders, shocks, which is of paramount importance Octium’s Business Continuity Program had to the company as well as to our Regulators Asset Managers, Custodians, more than adequately prepared us for such and Policyholders. Brokers, Regulators, Employees eventualities and we were able to invoke immediate remote working conditions for 2020 also heralded the next stage of the and Shareholders. employees once mandated by Government strategic development of the Group, with the lockdown requirements. Almost a year later, establishment of Octium International Insurance A common phrase in capital adequacy testing and having experienced varying degrees Agent in Liechtenstein and launching new for Insurance Companies is “a 1-in-200 year of lockdown, we have continued to work markets. By having its own intermediary within event”. While pandemics have occurred before, uninterrupted and maintained the high level the Octium Group, Octium is able to offer the global impact has never been felt in modern of service that is at the core of our value a holistic approach when required, but also times to the same extent as that with Covid-19. proposition to both policyholders and partners. continuing to work with other intermediaries. Financial impact aside, the toll on humanity has This hybrid approach to distribution is been one not seen in many generations and we somewhat unique and takes advantage of would hope not to be experienced for many Liechtenstein’s unique status within the EEA more to come. There are very few of us who and bilateral agreement with Switzerland. have not been affected, either personally or through family or friends. We all know people who work on the frontline and we are indebted to them for their dedication. 4 OCTIUM ANNUAL REPORT 2020 OCTIUM ANNUAL REPORT 2020 5 Directors Ciarán McGettrick, Independent Non-Executive Director (resigned 31 December 2020) Dara Hurley, CEO and Executive Director Jean-François Willems, Non-Executive Director (Belgian) Seamus Hughes, Independent Non-Executive Director Massimoluca Mattioli, Non-Executive Director (Italian) Joan Collins, Independent Non-Executive Director (appointed 1 October 2020) Secretary Ruth Quinn Registered Office 1st Floor College Park House South Frederick Street Directors’ Dublin 2 Report Auditors Deloitte Ireland LLP – Chartered Accountants and Statutory Audit Firm Deloitte & Touche House Earlsfort Terrace Independent Dublin 2 Auditor’s Report Solicitors – A&L Goodbody North Wall Quay Financial Dublin 1 Statements Bankers UBS Switzerland AG, Zurich, Switzerland UBS Europe SE, Succursale Italia, Milan, Italy Bank of Ireland, St. Stephen’s Green, Dublin 2 Allied Irish Banks, Bankcentre, Ballsbridge, Dublin 4 Banque Havilland, 35a Avenue J F Kennedy, Luxembourg 6 OCTIUM ANNUAL REPORT 2020 OCTIUM ANNUAL REPORT 2020 7 Principal Risks and Uncertainties The Company is exposed to market risk on unit-linked DIRECTORS’ REPORT investments to the extent that adverse movements FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2020 The Company’s risk management policy in relation in the value of these assets would reduce the future to financial risks is outlined in note 19 of the financial profitability of the Company through a decline in policy statements. administration fees. The principal risks and uncertainties facing the business Reinsurance risk are: life insurance business risk, valuation risk, liquidity Octium ensures reinsurance arrangements are only risk, market risk, reinsurance risk, operational risk and affected with highly rated companies. Swiss Re is the regulatory risk. The directors present their report and the audited financial statements of Octium Life DAC (the “Company” or chosen reinsurer which has a credit rating of A+ (2019: A+), “Octium”) for the financial year ended 31 December 2020. as rated by A.M. Best as at 31 December 2020. Overall, the Life insurance business risk exposures and amounts involved are not material. Mortality risk is largely mitigated by the use of reinsurance. To date, the Company’s products typically COVID-19 continues to have a significant effect on Operational risk Principal Activity offer a standard death benefit in addition to the policy global economic activity and has created extensive Operational risk is the risk of loss resulting from value itself. The majority of these benefits are reinsured The principal activity of the Company, which is a wholly social disruption. While financial market volatility and inadequate or failed internal processes, people and with Swiss Re Europe S.A. (“Swiss Re”), with the remaining owned subsidiary undertaking of Octium Holding Limited, restricted business activity can both have an adverse systems, or from external causes. Octium has an portion borne by the Company. is the transaction of cross-border life assurance business. impact, Octium’s business model has demonstrated a Operational Risk Framework designed to identify and high level of resilience and a strong capital position and manage operational risk in the business. Results and Dividends performance have been maintained throughout the year. Valuation risk This is the risk of incorrect valuation of assets and Regulatory risk The result for the financial year ended 31 December liabilities. Policyholder liabilities are independently The Company continues to closely monitor the situation Regulatory risk is the risk of financial loss due to regulatory 2020 is set out on page 20 of the financial statements. calculated by the Reporting Actuary. Asset valuations to ensure it is well positioned to respond appropriately fines or penalties, restriction or suspension of business, A dividend of €5m was declared and paid during the
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