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Agenda

08.30 - 09.00: Registration and refreshments


09.00 - 09.05: Chairman’s welcome
David Otudeko,
Assistant Director, Head of Prudential Regulation, Association of British Insurers (ABI)


09.05 - 09.35: Keynote speaker - Productive investment under Solvency UK: opportunities and risks
Alan Sheppard, Senior Adviser in Insurance Supervision, PRA

Transfers from defined benefit pensions schemes to the insurance sector are forecast to triple the annuities sector in size over the next decade. Alan Sheppard, senior advisor in insurance supervision at the PRA, will discuss the opportunities for long term, productive investment in the UK arising from this rapid growth. He will explain how the regulatory reforms that will create the new Solvency UK regime will facilitate productive investment, what is expected of firms, and the risks posed by this transformation of the investment of pension savings.


09.35 - 10.00: European Direct Lending: assessing the risks and opportunities for insurance investors
Gareth Payne,
Head of Credit & Alternative Fixed Income Client Portfolio Managers, Pictet Asset Management

- Direct lending continues to attract capital for its inherent benefits: stable, reliable income with downside protection and diversification.
- These facets align well in trying to solve for the unique challenges - both structural and regulatory - facing insurance investors.
- However, as the asset class has rapidly expanded, unpicking its opportunities and risks has become critical.
- Investors should proceed selectively; considering market segments with the potential to harness more of the benefits it can offer


10.00 - 10.25: Natural capital investment outlook and opportunities for insurers
Skye Macpherson,
Managing Director, Head of Global Asset Management, Nuveen Natural Capital

Skye Macpherson will provide an overview of the natural capital market and will take a closer look at the investment and environmental benefits of natural capital. She will highlight opportunities we see in timberland with a particular focus on carbon credits and portfolio benefits that come with that. Finally, Skye will share Nuveen’s experience in supporting insurance clients with their natural capital investment journey and needs.


10.25 - 10.55: Panel - Alternatives (sponsored by Schroders)
Chair:
Punil Chaubal, Insurance Investment Advisory Leader, WTW

Panellists:
Prasun Mathur,
Head of Private Assets, Aviva
Patrick O’Sullivan, Head of Insurance Solutions, Schroders
Corrado Pistarino,
Chief Investment Officer, Foresters Friendly Society
Ying Ye,
Chief Investment Officer, Allianz Holdings

- Where to invest going forward in 2023 and into 2024?
- Current opportunities in the private assets space
- Levels of outsourcing


10.55 - 11.10: Coffee break


11.10 - 11.35: What have central banks learned this cycle, and what does it mean for credit?
Jon Levy, Global Strategist, Loomis, Sayles & Company

Economic forecasting and monetary policy formulation have been shocked by shocks. The recession that wasn't makes clear that central banks need to reassess how they estimate and try to influence credit conditions. Major policy changes can follow. What might the new monetary landscape look like and how will it affect the credit landscape?
- How are central bankers thinking about private credit?
- Will inflation targeting succeed, adapt or evolve?
- Do policymakers still believe in the portfolio balance effect?
- What do we need to watch in terms of credit cycle analysis?


11.35 - 12.00: Capital Solutions: Embracing Risk Partnership approach in the ‘Higher for Longer’ era.
Borja Azpilicueta,
Head of Capital Solutions, HSBC Asset Management

Borja will provide an analysis on the outlook and opportunities available to investors through HSBC Bank's Alternative Capital Solutions partnership structures. He will give particular focus to exploring the impact of higher interest rates and explore strategies tailored for this evolving landscape. He will also address;
- Establishing risk partnerships for accessing proprietary assets
- Maximising the returns while managing risk prudently
- Evolving long term implications beyond the current economic cycle


12.00 - 12.45: Lunch break


12.45 - 13.10: Preparing for the next phase
Arnaud Lebreton,
Third Party Insurance Solutions, Head of AXA US & UK CRM and Deputy Head of AXA Relationship

Managing your fixed income portfolio in today’s market environment requires a flexible navigation system to manage both emerging opportunities and head winds. In this session we discuss the key challenges ahead, how macro factors are evolving, and the many capabilities needed to negotiate these factors over the next few years.


13.10 - 13.40: Panel - Fixed income panel (sponsored by T Rowe Price)
Chair:

Paul Whelan,
Partner and Co-Head of Global Fixed Income Manager Research, Aon

Panellists:
Chris Bray, 
Investment Analyst, Hiscox
Elizabeth Cain, Head of Debt Origination, PIC
Quentin Fitzsimmons,
Global Fixed Income Portfolio Manager, T. Rowe Price
Sumit Mehta,
Head of Strategy, L&G
Guillaume Tissot,
Chief Investment Officer, AXA UK

- What does the current inflationary environment mean for fixed income portfolios?
- How can insurers mitigate the risk of inflation in the fixed income space?
- Where are insurers adding their allocations to in the current macro-economic environment?


13.40 - 14.05: The trouble with Decarbonisation
Eric Pedersen,
Head of Responsible Investments, Nordea Asset Management

Given the failure of real-world GHG emissions to come down at the pace required to prevent catastrophic climate change, it is becoming increasingly clear that while portfolio de-carbonisation may be good PR, it is – in the words of Mark Carney – a false comfort. Conversely, the simple abandonment of portfolio GHG targets would rightly expose asset owners to accusations of abdicating their responsibility. A nuanced approach is thus needed, albeit one which is not merely a fig-leaf for business-as-usual. What are the implications of this for asset owners’ climate targets, and how can legitimate real-world impact be achieved?


14.05 - 14.30: Green, Social and Sustainability bonds – a fast-growing sustainable investment opportunity
David Zahn,
Head of Sustainable Investment and Europe, Fixed Income, Franklin Templeton

Green, social and sustainability (GSS) bonds allow impact-oriented investors direct financing of projects that address the most pressing challenges of our times and help to develop strategic local or regional resilience. These use-of-proceeds instruments assure an investor is directly supporting sustainable economic activities. We will address how this rapidly growing sector can help insurers meet their sustainability goals while providing attractive investment opportunities.


14.30 - 14.55: Listed Real Asset Debt: The Benefits of a Strategic Allocation for Insurance Investors
Daniel Parker, Managing Director, Portfolio Manager, Real Asset Debt, Brookfield Public Securities Group

Dan Parker will start his presentation with an overview of the real assets industry and then dive into the benefits of investing in listed debt in the current market environment. He will share his experience of investing in real asset debt and the sector’s risk-adjusted return profile relative to other sectors. Finally, Dan will share Brookfield’s approach to customizing client portfolios to suit liquidity and return needs, with a focus on the insurance clients.


14.55 - 15.25: Panel - ESG (sponsored by Phoenix Group)
Chair:

Sindhu Krishna, 
Head of Responsible Investment, Phoenix Group

Panellists:
Bianca Hanscombe,
Head of Sustainable Investments, UK Life, Aviva
Hilkka Komulainen,
Head of Responsible Investment, Aegon UK
David Thompson,
Chief Investment Officer UK, Zurich

- Where does the insurance industry stand in the ESG debate?
- How realistic are the net-zero targets?
- What needs to drive further change?


15.25 - 15.30: Chairman's round up



Downloadable presentations (click the link to view):

Borja Azpilicueta, Head of Capital Solutions, HSBC Asset Management

Arnaud Lebreton, Third Party Insurance Solutions, Head of AXA US & UK CRM and Deputy Head of AXA Relationship

Jon Levy, Global Strategist, Loomis, Sayles & Company

Skye Macpherson, Managing Director, Head of Global Asset Management, Nuveen Natural Capital

Eric Pedersen, Head of Responsible Investments, Nordea Asset Management

Gareth Payne, Head of Credit & Alternative Fixed Income Client Portfolio Managers, Pictet Asset Management