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Q2 2019 | VOL 3 | ISS 2 SPECIAL REPORTS 2019 EDITION League Tables Insurance Investment Outsourcing Report ETFs In Insurance General Accounts S&P Dow Jones Indices Insurance Research Report INTERVIEW Eric M. Kirsch Executive Vice President & Global Chief Investment Officer; President, Aflac Global Investments Thought Leadership for the Insurance Investment Community In This Issue The Editorial.......................................................................................................2 The Special Reports Insurance Investment Outsourcing Report............................................3 Every quarter, we bring you articles League Tables - 2019 and editorials from some of the most Insurance Asset Outsourcing Exchange successful financial institutions in the industry, full of technical and educational .......................... information that matters right now in our S&P Dow Jones Indices Insurance Research Report 10 industry, without advertising clutter. ETFs In Insurance General Accounts S&P Dow Jones Indices, A Division Of S&P Global We deliver in several formats: • Hard Copy via email The Interview...................................................................................................18 • Website Access via secure firewall Guest Q&A With Eric M. Kirsch • Subscription-Based via email Executive Vice President & Global Chief Investment Officer; President • LinkedIn via followers Aflac Global Investments Print subscriptions are complementary The Short List for insurance investment professionals, and are available to other members of 1 Technology Revisited: the institutional asset management Another Look At Its Role In Investing For Insurers...............................22 community for $150 per year. Aberdeen Standard Investments #1 Source of Thought Leadership 2 Can US Workers Help Keep The Expansion Humming?.........................26 as ranked by insurance CIOs.* Wellington Management Be part of the fastest-growing technical publication, email: ................................. 3 Five Things To Consider When Investing In ABS 30 [email protected] TwentyFour Asset Management, A Boutique Of Vontobel Asset Management Edition Content Due Released 4 PutWrite: A Potentially Risk-Reducing Strategic Q1 (JAN, FEB, MAR) FEB 15 MAR 15 Allocation For Non-Life Insurers...........................................................34 Q2 (APR, MAY, JUN) MAY 15 JUN 15 Neuberger Berman Q3 (JUL, AUG, SEP) AUG 15 SEP 15 Q4 (OCT, NOV, DEC) NOV 15 DEC 15 5 An Opportunity Worth Considering: High Yield Municipal Bonds.........41 Invesco *Source: Insurance Asset Outsourcing Exchange, 2019 Survey Results based on 46 insurance company CIO’s response to the question, “What are your preferred sources for Seeking Alpha In Emerging Markets Corporate Debt...........................43 6 thought leadership from third party investment managers T. Rowe Price and consultants?” The Insurance AUM Journal was the most frequently selected source for Thought Leadership The Chuckle..................................................................................................... from a list of seven specific institutional-focused 46 media. Sample limitations reduce the statistical level of confidence associated with this result. Q2 2019 Insurance AUM Journal VOL 3 | ISS 2 PAGE 1 847.868.0044 | [email protected] | insuranceaum.com The Editorial Dear colleagues, We are extremely fortunate to spotlight Eric Kirsch, Executive Vice President and Global Stewart J. Foley, CFA Chief Investment Officer; President, Aflac Global Investments, as thisJournal interviewee. Editor In Chief Eric is one of the most well-regarded CIOs in the world, and he has some interesting insights [email protected] to share – not only on markets, but on team building and career advice for entry-level college Stewart is the Founder students, as well. He was more than generous with his time, and we hope you enjoy his & Managing Partner of interview as much as we did. Insurance AUM and the Insurance AUM Journal, and the Lecturer & Special Advisor on the Practice of Finance In addition to some outstanding articles, we are humbled to include two distinguished bodies at Lake Forest College. of work in The Special Reports section of this edition. First, thank you to David Holmes for Stewart draws on his decades of experience once again allowing us to highlight his outstanding work, Insurance Investment Outsourcing managing over $25 billion of insurance general Report - League Tables 2019, summarizing outsourcing activity for the 2018 calendar year. As account assets in the US, London and Bermuda markets to find the best, most relevant content most of you know, David painstakingly compiles this information through manager surveys, for the insurance and investment community. conversations and other hands-on methods. Because it is not yet available anywhere else, we are fortunate to include it in this edition. We are also thankful to Raghu Ramachandran David F. Holmes for providing an excerpt from his incredible work, S&P Dow Jones Indicies Insurance Head Of Research Research Report - ETFs In Insurance General Accounts. This updated version of his 2018 david.holmes@ award-winning ‘best paper’ demonstrates Raghu’s extensive knowledge on how insurers are assetoutsourcingexchange increasing their allocations to ETFs. Both bodies of work are industry-wide and best-in-class. David is Founder & Director of Insurance Asset Outsourcing View The Special Reports in their entirety at: Exchange and is a Partner with Eager, Davis & Holmes LLC. Insurance Investment Outsourcing Report - League Tables 2019 https://assetoutsourcingexchange.com/exchange/home/research David provides invaluable, actionable research, which embodies his 30+ years of industry S&P Dow Jones Indicies Insurance Research Report - ETFs In Insurance General Accounts experience. www.spdji.com/indexology/fixed-income/etfs-in-insurance-general-accounts-2019 Robinn Jerutis Each quarter, we work hard to put the best thought leadership available, directly into your Head Of Design hands, in a straight-forward way. Because we are insurance investment professionals like you, [email protected] we look for articles that suit the unique characteristics of our industry, providing a diverse + Robinn brings 20 years of set of topics and asset classes in each edition. Our contributors are at the top of their field, visual marketing and branding producing best-quality work. But, we would love your feedback, too. What would you like to experience in the fields of see in upcoming Journals? Let’s work together to make every edition better than the last. Send investment securities, intellectual property and real estate. Robinn develops and your comments or requests to: [email protected] manages our design and creative output. Lastly, thank you very much for your kind words and the warm reception we have received Tom Childers industry-wide. We hope you enjoy this issue, as it wouldn’t be possible without the outstanding Head Of Technology work of our contributors, our entire team and you - our readers. Tom has over 40 years Best regards, of experience as a software engineer, architect and CTO. Now semi-retired, he provides managerial and technical support to a variety of non-profit organizations, as well as tending our infrastructure. Stewart For more, visit Our Team, on the website. Q2 2019 Insurance AUM Journal VOL 3 | ISS 2 PAGE 2 847.868.0044 | [email protected] | insuranceaum.com The Special Report: Insurance Investment Outsourcing Report Insurance Asset League Outsourcing Exchange David Holmes Tables Insurance Investment Outsourcing Exchange [email protected] 2019 Stewart Foley Insurance AUM Insurance Investment Outsourcing Report [email protected] Following are excerpts from the Insurance Our View Investment Outsourcing Report – 2019 Edition. This report is published by the Insurance Asset ARE INSURANCE COMPANIES INCREASING Outsourcing Exchange and Insurance AUM. View USE OF NON-AFFILIATED INVESTMENT MANAGERS? full report at: https://assetoutsourcingexchange. Yes, increasingly so! But you wouldn’t know it from a glance at year-to-year AUM numbers. com/exchange/home/research Forty-six investment managers post non-affiliated general account (GA) assets totaling $2.16 trillion on a global basis as of year-end 2018. A “same sample” of investment managers reporting non-affiliated insurance AUM both this year (2018 YE) and last year (2017 YE) posts essentially flat “0%” growth in aggregate. Analysis behind the numbers reveals a “leaky bucket.” New assets are moving strongly toward third-party investment manager solutions. Insurance Asset Outsourcing Exchange’s Insurance Asset Tracker (IAT) database documents a 40% increase in new outsourced mandates in 2018 over the prior year. However, insurance company M&A takes its toll on aggregate outsourced AUM. Larger insurance companies are acquiring smaller companies in record numbers and taking large multi-sector fixed income portfolios in-house. The number of US-domiciled insurers declined 3.5% in 2018 alone.1 DO AUM RANKINGS MATTER? Yes and no. AUM scale supports investment resources and insurance-focused services and expertise. But year-to-year AUM changes of specific investment firms don’t reveal much on the surface. In addition to new accounts, asset flows and terminations, AUM changes result from obfuscations such as mergers and acquisitions on both the supply side (investment managers) and demand side (insurance companies),
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