Extract from. Études et Dossiers No Insurance and International Finance Reporting Standards. 1 December 2004 Milan, Italy

Transcript

1 International Association for the Study of Insurance Economics Études et Dossiers Extract from Études et Dossiers No. 296 Insurance and International Finance Reporting Standards 1 December 2004 Milan, Italy This document is free to download from The Geneva Association website, April 2005 Working Paper Series of The Geneva Association Association Internationale pour l'etude de l'economie de l'assurance The Geneva Association - General Secretariat - 53, route de Malagnou - CH-1208 Geneva Tel.: Fax: secretariat@genevaassociation.org -

2 The Geneva Association Working Paper Series Études et Dossiers appear at irregular intervals about times per year. Distribution is limited. The Études et Dossiers are the working paper series of The Geneva Association. These documents present intermediary or final results of conference proceedings, special reports and research done by The Geneva Association. Where they contain work in progress or summaries of conference presentations, the material must not be cited without the express consent of the author in question. This document is free to download from The Geneva Association website, please visit: Layout & Distribution: Valéria Kozakova & Bernadette Curty The Geneva Association - Association Internationale pour l'etude de l'economie de l'assurance

3 Table of contents Programme 0-1 List of Speakers 0-3 List of Participants 0-5 Opening remarks 1-1 by Roberto Pontremoli The Impact of International Accounting Standards: Strategic Challenges for 2-1 European Insurance Industry by Gérard de La Martinière The Impact of the new IAS/IFRS and the Process of Developing an International 3-1 Regulatory Framework by Yoshihiro Kawai, replaced by Catherine Lezon The Impact of IAS/IFRS on the Strategies and Business Models: A Global 4-1 Player View by Denis Duverne Impact of a IFRS Based on Full Fair Value: Views of Leading International 5-1 Insurance Companies by Gerry Dickinson Insurance Activity: The International Accounting Standards (IAS) 6-1 by Alfonso Desiata The Impact of IAS/IFRS on the Organisational Management of an Insurance 7-1 Company by Gianfranco Bennati IFRS and Insurance Companies Competitiveness 8-1 by Attilio Laganà The Impact of IAS/IFRS on Insurance Market 9-1 by Angelo Scarioni New Accounting Standards and the Effects on the Insurance Sector 10-1 by Andrea Battista Problems and Uncertainties in Formulating Investment Strategies within the 11-1 IAS/IFRS Schemes by Stefano Carlino The Impact of International Accounting Standards on Insurance Market 12-1 by Dario Focarelli The Impact of International Accounting Standards on the Insurance Market 13-1 by Benoit Jaspar

4 Insurance and International Accounting Standards 14-1 by Giampaolo Galli GENERAL INFORMATION List of past Etudes et Dossiers 15-1 The Geneva Association 15-3

5 Insurance and International Financial Reporting Standards Milan - 1 December, 2004 Sala Assemblee c/o Banca Intesa, Piazza Belgioso Registration Welcome / Opening Remarks: Roberto Pontremoli, President, Macros Risk Management First Session: International Accounting Standards and European Insurance Industry Chairman: Patrick M. Liedtke, Secretary General and Managing Director, The Geneva Association Gérard de la Martinière, President of CEA & President of FFSA The Impact of International Accounting Standards: Strategic Challenges for European Insurance Industry Yoshihiro Kawai, Secretary General, IAIS Replaced by Catherine Lezon, Vice Secretary General, IAIS The Impact of the new IAS/IFRS and the Process of Developing an International Regulatory Framework Denis Duverne, CFO, AXA Group The Impact of IAS/IFRS on the Strategies and Business Models: A Global Player View Gerry Dickinson, Vice Secretary General of The Geneva Association and Director of the Centre for Insurance & Investment Studies, City University Business School, London Impact of a IFRS Based on Full Fair Value: Views of Leading International Insurance Companies Coffee Break Second Session: IAS - Challenges and Scenarios of Italian Insurance Companies Chairman: Sandro Salvati, President, Alleanza Assicurazioni Alfonso Desiata, Vice President Banca Popolare, FriulAdria Insurance Activity: The International Accounting Standards (IAS) Giulio Baseggio, General Manager, FONDIARIA-SAI The Impact of IAS/IFRS on the Strategies and Business Model: A Key Domestic Player View Gianfranco Bennati, CEO, ERGO Italia Assicurazioni The Impact of IAS/IFRS on the Organisational Management of an Insurance Company Attilio Laganà, CEO, Macros Risk Management IFRS and Insurance Companies Competitiveness 0-1

6 13.30 Lunch Third Session: The Impact of International Accounting Standards on Insurance Market Massimo Michaud, President & CEO, AXA Italia IAS/IFRS and the Impact on Investment Policies and Asset Allocation Strategies Round Table Moderator: Angelo Scarioni, Vice President, Macros Risk Management The Impact of IAS/IFRS on Insurance Market Andrea Battista, Life Director, Cattolica Group New Accounting Standards and the Effects on the Insurance Sector Stefano Carlino, Vice General Manager, FONDIARIA-SAI Problems and Uncertainties in Formulating Investment Strategies within the IAS/IFRS Schemes Dario Focarelli, Chief Economist, ANIA The Impact of International Accounting Standards on Insurance Market Benoit Jaspar, SAC-IASB Member, Pres. Ins. Sc. EFRAG, Head of Consolidated Accounts Dep, Generali Ass The Impact of International Accounting Standards on the Insurance Market Discussion Coffee Break Conclusions: Giampaolo Galli, General Manager, ANIA Insurance and International Accounting Standards End of the conference 0-2

7 List of speakers Surname Name Position Company Giulio Baseggio General Manager FONDIARIA-SAI Andrea Battista Life Director Cattolica Group Gianfranco Bennati CEO ERGO Italia Assicurazioni Stefano Carlino Vice General Manager FONDIARIA-SAI Alfonso Desiata Vice President Banca Popolare FriulAdria Gerry Dickinson Vice Secretary General Director of the Centre for Insurance & Investment Studies Denis Duverne CFO AXA Group Dario Focarelli Chief Economist ANIA Giampaolo Galli General Manager ANIA Benoit Jaspar SAC-IASB Member, Pres. Ins. Sc. EFRAG, Head of Consolidated Accounts Dep. The Geneva Association City University Business School, London Generali Assicurazioni Attilio Laganà CEO Macros Risk Management Catherine Lezon Vice Secretary IAIS General Patrick M. Liedtke Secretary General and Managing Director The Geneva Association Gérard de la Martinière President CEA Massimo Michaud President & CEO AXA Italia Roberto Pontremoli President Macros Risk Management Sandro Salvati President Alleanza Assicurazioni Angelo Scarioni Vice President Macros Risk Management 0-3

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9 List of participants Surname Name Company Maria Rosa Alaggio Assicura Pierugo Andreini ARA Assicurazioni Rischi Agricoli VMG 1857 S.p.A Piero Massimo Andreoni Risparmio & Previdenza Silvano Andriani Montepaschi Vita Anita Angerilli SOFID Vita Guido Anselmi Repubblica Paolo Ascolani La Piemontese Assicurazioni Ileana Bai BCC Vita Danilo Balbinot Data Consulting Vincenzo Basile Pramerica Life Silvia Barettini Assicurazioni Generali Luciano Bassi Lloyd Adriatico Giancarlo Battisti Cattolica Assicurazioni Maurizio Bellini Banca Intesa Federico Berardelli Medionalum Assicurazioni Edoardo Bettinardi Mediolanum Vita Secondo Bordone Aurora Assicurazioni Sergio Borlenghi Difesa Assicurazioni Paola Boscaini Cattolica Assicurazioni Caterina Bosco TORO Assicurazioni Alvise Braga Illa TXT Solution Maurizio Brandi EURO Insurances LTD Dublino Giuseppe Buoro Assicurazioni Generali Vita Paola Burzi ERGO Italia Marta Calisse Banca Intesa Enrico Canu CMS Federico Caputi MAC FIN Gabriella Carmagnola ANIA Marco Carnago Mediolanum Paola Cavestri il SOLE 24 ORE Giovanni Cazzaniga SWISS Life Sergio Chiaberto EGIDA Assicurazioni Sandro Ciligot ARA Assicurazioni Rischi Agricoli VMG 1857 S.p.A Alessandra Colombo il SOLE 24 ORE Giampaolo Colucci KPMG Claudio Comaschi Padana Assicurazioni Giovanni Consorte UNIPOL Assicurazioni Camilla Conti Finanza & Mercati Chiara Cornalba Università di Pavia Ermenegildo Costabile Studio Constabile Roberto Cuda Assicura Luca D'Agostino Fineco Vita Nicola D'Alessio Centrovita Assicurazioni Luciano Dalla Costa ALLIANZ Subalpina 0-5

10 Enea Dallaglio IRSA Cristiano Daolio ARAG Roberto Dassiè ARAG Valeria Decina KEY partner Ramona Del Grosso KPMG Baudouin Deschamps AVIVA Holding Spa Emanuela Di Domizio AREA Life Mauro Di Guido Fineco Vita Mario Di Loreto Padana Assicurazioni Valerio Di Monte Carnica Assicurazioni Roberto Di Somma Macros Risk Management Lamberto Di Pietro DUOMO Assicurazioni Antonio Dogliotti Price Waterhouse Coopers Roberto Efrati HDI Enrico Fermi CSC Computer Italia srl Giulio Fezzi Cattolica Assicurazioni Giovanni Ficarra PROGRESS Assicurazioni Luciano Fiordalisi Quadrifoglio Vita Gian Piero Fontana Rava ISPI Luigi Franzina Padana Assicurazioni Marcella Frati NMG Financial Services Consulting Sergio Freda ALLIANZ Subalpina Giovanni Freda Piredda MONDIAL Assistance Italia Vittorio Frigerio Deloitte Consulting Italia Adolfo Frigessi di Rattalma IAMA Consulting Benito Vittorio Frosini Università Cattolica Milano Paolo Fumagalli INTESA Vita Carlo Galantini Galantini Heilbron Cocco-Ordini Studio Legale Associato Stefano Galeno CAP GEMINI Stefano Gentili Antoniana Veneta Popolare Vita Giampaolo Giarolli Bancassurance Popolari Claudia Gilardoni Montepaschi Vita Renato Gislimberti Valpiave Assicurazioni (Gruppo ITAS) Angelo Giudice Price Waterhouse Coopers Giuseppe Giusto Banca Intesa Giulia Gliubich MONDIAL Assitance Italia Sonia Grieco PROMETEIA Luigi Grignaffini Banca IMI Roberto Gussoni ANIA Masahito Kobaiashi MITSUI SUMITOMO Insurance Ciro La Gatta Cattolica Assicurazioni Roberto Lauro SCA Ltd Fabrizio Lorenz ITAS Bruno Lupani XL Insurance Company Limited Paola Luraschi Milliman Carlo Maccheroni Università di Torino e Bocconi Giulio Mangoni SKANDIA Vita Marco Maraccani AIG Europe Francesca Maraffa Assicurazioni Generali 0-6

11 Carlo Mareggini Azuritalia Vita Alberto Maria Maturi Alleanza Assicurazioni Michele Meneghetti Claris Vita Marco Mezzolani Novara Vita Giuseppe Milone Allianz Subalpina Augusto Monachesi SWISS Re Giancarlo Monateri TORO Assicurazioni Ramon Montè Rizzieriz TORO Assicurazioni Cristina Morpurgo Assicurazioni Generali Francesco Natale Università Bicocca di Milano Ida Nerici Università Bicocca di Milano Ole Neuhaus ARAG Giacomo Nocera Università Bocconi Ignazio Oggioni VITTORIA Assicurazioni Italo Ottini SCOR Carlo Parenti Gruppo RAS Paolo Particelli DESIO Vita Antonella Pasotti Aspecta Assurance Int Luxembourg S.A. Angelo Paulli Macros Research Maurizio Pellicano BNL Vita Franco Perera Gruppo Zurich Italia Davide Perotti SKANDIA Vita Omero Pesenti Euro Insurances Ltd Dublino Arturo Piazza PROGRESS Assicurazioni Giovanni Piredda Mondiale Assistance Italia Marco Pistamiglio GRS Life and Pension Federica Pizzaballa KPMG Marilisa Pizzalunga Gruppo Zurich Italia Paolo Polloni INTESA Vita Gianfranco Polo Executive Federico Pontremoli INA Assitalia Walter Puggioni ALLIANZ Subalpina Lodovico Radice National Swisse Gianroberto Ratti BNL Vita Sandro Riosa Lloyd Adriatico Sauro Roli Quadrifoglio Vita Guido Romani GeneralCologne Re Italia Stelio Rossi GenRe Life Health Luciano Rova Valpiave Assicurazioni (Gruppo ITAS) Emanuela Saccon A.I.P. Angela Maria Sammarone Gan Italia Vita Margrit Schmid SWISS Life Italia Massimo Sciarra Swiss Re Giorgio Sganga EUROSUN Assicurazioni Vita Alessandro Simonato RAS Paola Stasi Pramerica LIFE Tommaso Summo Medital Assistance Mara Tagliabue Macros Research Chihiro Tanaka MITSUI SUMITOMO Insurance 0-7

12 Marco Tessera AllenOvery Studio Legale Associato Alberto Tosti SARA Assicurazioni Adriano Trombini A.I.P. Luciano Vanni Centrovita Asicurazioni Marco Vitale EDS Bruno Zanello TORO Assicurazioni Massimiliano Zara AXA Italia Simplicio Ziglioli AREA Life Gabriele Zuliani SanPaolo Vita 0-8