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Solvens II– Effekter på de svenska livbolagen och derasfastighetsexponeringar.
KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
KTH, School of Architecture and the Built Environment (ABE), Real Estate and Construction Management.
2013 (Swedish)Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesisAlternative title
Solvency II - Effects on the Swedish life insurance companies and their real estate exposures (Swedish)
Abstract [sv]

Svenska livbolag har varit en av de större kapitalplacerarna på den svenska fastighetsmarknaden under de senaste fem åren. Livbolagen förvaltar kapital åt sina försäkringstagare som förväntar sig få utbetalningar antingen genom en traditionell försäkring, där livbolagen utlovar en bestämd avkastning per år eller genom att erbjuda fondförsäkringar. Den traditionella livförsäkringen inbringar stora summor premier som måste investeras i olika tillgångsslag. Placeringstillgångarna kommer att bli underställda det nya Solvens II direktivet som innebär att livbolagen måste anpassa sina tillgångar efter sina åtaganden.

Syftet med den här rapporten är att utreda vilka effekter Solvens II direktivet kan tänkas ha på de svenska livbolagen och hur livbolagen kan komma att förändra sina portföljeallokeringar till följd av det nya regelverket. Rapporten avgränsas till livbolagens fastighetsrelaterade tillgångar och kommer primärt behandla effekten av ett riskbaserat kapitalkrav på olika fastighetsexponeringarna. Avslutningsvis diskuteras ifall livbolagens agerande till följd av direktivet kan komma att påverka fastighetsmarknaden.

Utredningen kring förslaget har pågått sedan 2006 och implementeringen förväntas ske kring 2016. Dock så har både Europaparlamentet och Finansinspektionen gett indikationer på att implementeringen kan komma att förskjutas ytterligare. Utöver kapitalkravet kommer Solvens II leda till en mer betungande rapportering samt strukturella förändringar inom livbolagens ledning.

Uppsatsen kommer fram till att ingen fastighetsinvestering kommer att premieras för samtliga livbolag men att de kan premieras en fastighetsinvestering för enskilda livbolag beroende på vad de har i sin befintliga portfölj och hur investeringen kan komma att påverka diversifieringseffekten. Eftersom livbolagens portföljer är relativt olika kommer Solvens II inte att påverka den svenska fastighetsmarknaden och om den så var fallet skulle detta redan ha skett eftersom direktivet har varit på agendan sedan 2006.

Abstract [en]

The Swedish life insurance companies have been one of the major capital investors in the Swedish real estate market in the past five years. The life insurance companies manages capital for its policyholders who expect to get payments either through a traditional insurance where the life insurance companies promise a fixed return per year or by providing a unit-linked insurance. The traditional life insurance brings in huge amounts of premiums that must be invested in different assets. The allocation of the assets will be subjected to the new Solvency II directive, which means that life insurance companies must adapt their assets according to their commitments.

The purpose of this report is to investigate the effects the Solvency II directive could have on the Swedish life insurance companies and how life insurance companies may change their allocation of their portfolio as result of these new regulations. The report is limited to the life insurance companies' real estate-related assets and will primarily deal with the impact of risk-based capital requirements for various real estate exposures. Finally, we discuss if the life insurance companies' behavior may affect the Swedish real estate market as a result.

The investigation about the proposal has been ongoing since 2006 and implementation is expected to occur around 2016. However, the European Parliament and the Swedish Financial Supervisory Authority have given indications that the implementation could be postponed. In addition to capital requirements, Solvency II will lead to a more stringent reporting and structural changes in the life insurance companies' management.

The main findings in this report are that none of the real estate asset classes will be preferred for all life insurances companies, however some asset classes may be preferred from the individual companies perspective with regard of what their present portfolio contains and how the inclusion that asset may affect the diversifying effect. Since every life insurance company portfolio contains a different mix of assets the Solvency II directive will not affect the Swedish real estate market and if that were the case it would already have happened because the directive have been on the agenda since 2006.

Place, publisher, year, edition, pages
2013.
Keyword [en]
Solvency II, risk-based, property exposures, SCR, MCR
Keyword [sv]
Solvens II, riskbaserat, fastighetsexponeringar, SCR, MCR
National Category
Engineering and Technology
Identifiers
URN: urn:nbn:se:kth:diva-128515OAI: oai:DiVA.org:kth-128515DiVA: diva2:647733
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Examiners
Available from: 2013-09-12 Created: 2013-09-12 Last updated: 2013-09-12Bibliographically approved

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Alexander Dratos, Joakim Suvilehto(937 kB)545 downloads
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