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AKG Update Issue 17
3 February 2016
Solvency II has (finally) landed!

There are those who at different times thought Solvency II would never actually see the light of day.

However, whilst suffering significant delays and additional complexity in substance and negotiation, Solvency II has come into being and is a major change in the regulatory paradigm for insurers.

Whilst it has come at a cost, ultimately Solvency II improves the identification of risk and capital requirements within insurer businesses for their benefit, in assisting their regulator(s) and ultimately to the advantage of advisers’ clients.

AKG’s brief paper, “Solvency II: Landed”, provides a post implementation update to its publication, in February 2013, of “Solvency II – An Introductory Guide for Advisers”.

Guy Vanner

AKG's Managing Director
Buy AKG’s With Profits Reports online

AKG’s 2015 UK Life Office With Profits Reports were launched on 14th December and can be purchased online at for £1,950 plus VAT.

These reports are designed to assist advisers and other analysts to assess the relative merits of specific with profits funds. The aim is to provide comprehensive, structured and consistent information, accompanied by AKG's key analytical assessments of with profits financial strength, future performance and transparency.

The reports provide an invaluable resource for intermediaries who are advising clients in the selection of with profits providers for new policies. Advice for in-force clients should be just as robust as it is for new business. Indeed evaluating existing with profits funds is an important part of an adviser's job and AKG's reports provide a wealth of relevant information and assessments.

Each individual report provides information on the structure and operation of a provider's with profits fund(s). It also highlights the various risks borne by with profits policyholders and concludes with AKG's long established Ratings for With Profits Financial Strength, With Profits Future Performance and With Profits Transparency.

The reports contain analysis and assessments of 187 sub-funds within 72 funds within 30 firms that were active in the UK market at the end of December 2015 (from 26 different groups). A number of comparative industry-wide tables are also included, covering a range of key metrics.

Please click here if you would like to view a table of contents for the reports, including confirmation of fund coverage.

If you have any queries about the reports please contact us.

Matt Ward

AKG's Head of Communications
Rating Activity

Life Companies, Friendly Societies & Similar Providers

Cabot Trustees Limited
Overall Financial Strength
D [Confirmed] Issued 11 Jan 2016

Canada Life Ltd
Overall Financial Strength
B+ [Confirmed] Issued 18 Jan 2016

Curtis Banks Limited
Overall Financial Strength
B- [Previously C] Issued 1 Feb 2016

Just Retirement Ltd
Overall Financial Strength
B [Confirmed] Issued 28 Jan 2016

MetLife Europe Ltd
Overall Financial Strength
B+ [Confirmed] Issued 1 Feb 2016

Offshore Life Companies

SEB Life International Assurance Company Ltd
Overall Financial Strength
B- [Confirmed] Issued 19 Jan 2016

Platform Operators

Sterling ISA Managers Ltd
Platform Financial Strength
B+ [Confirmed] Issued 11 Jan 2016

Note: This section refers solely to our Overall Financial Strength Ratings/Platform Financial Strength Ratings.
Report Releases

Company Profile & Financial Strength Reports

Canada Life
Full Report – Issued 18 Jan 2016

Curtis Banks
Short Report – Issued 1 Feb 2016

Just Retirement
Full Report – Issued 28 Jan 2016

Full Report – Issued 1 Feb 2016

Offshore Profile & Financial Strength Reports

SEB Life International
Short Report – Issued 19 Jan 2016

Platform Profile & Financial Strength Reports

Full Report – Issued 11 Jan 2016
Report Withdrawals

Offshore Profile & Financial Strength Reports

Legal & General International
Full Report – Withdrawn 22 Jan 2016 (see our report on Canada Life International)
Useful Links
The AKG website provides access to a range of information about our processes and services.
In each of our AKG Updates we will seek to help you learn more about us.

Click here if you would like to learn more about AKG Ratings and to gain access to our Ratings Guides.
AKG Offshore Profile Reports Available To Purchase In Bundled Format
We have been assessing and rating operators within our Offshore Life Company Peer Group for over eleven years now and this group currently comprises reports on 18 offshore life companies.

Unlimited online access to the complete range of 18 AKG Offshore Profile & Financial Strength Reports, including all updates issued in the next 12 months, can be purchased for £280 plus VAT by clicking here.
Contacting AKG
Call us on +44 (0)1306 876439 for more information on any aspect of AKG ratings, reports and services.

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