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The figures and forecasts provided by our Allianz global research network are designed to back your decisions on investment and in finance and insurance matters.
AIM’s investment approach is based on principles of liability-driven and long-term investing.
AIM is a liability-driven investor. We invest the premiums from insurance contracts according to the insurance liabilities they generate. The Asset-Liability Management (ALM) team translates the requirements of liabilities into capital market dimensions. This is done via quantitative models complemented by qualitative analysis.
The output of the models is then translated into the Strategic Asset Allocation (SAA), which is the main driver of our long-term investment results, for every insurance portfolio. To ensure a holistic integration of capital market characteristics and developments in insurance products the ALM experts are a key element of product development teams.
The Investment Strategy (IS) teams – asset class experts and portfolio managers – develop and implement the investment strategy across all asset classes. IS develops secular capital market views that serve as input in the ALM models and enriches the liability-driven Strategic Asset Allocation by long-term investment strategies. The IS teams analyze capital market developments to derive investment recommendations for portfolio management. The resulting local asset allocations, which are comprised of more than 50 investment strategies, are then translated into mandates for Asset Managers. Furthermore, the IS team is actively searching for investment opportunities in new asset classes, also referred to as “sourcing”. In sum, IS positions the portfolios to benefit from medium to long-term capital market opportunities, while managing market risks.
The Asset Manager Management (AMM) team oversees selecting, reviewing and managing performance of asset managers.
To allow for portfolio steering and to foster organizational learning the Financial Control (FC) team independently controls investment risk as well as the investment return. The FC team develops investment plans based on the SAA, monitors their implementation, prepares information for decision-making.
Operations are the execution “backbone”, orchestrating all relevant steps from the settlement of transactions and the management of subsequent liquidity, to ensuring timely, accurate and reliable delivery of an investment into our portfolios. The team also drives the implementation of processes and related IT systems (e.g., new investments and instruments).
ESG stands for Environmental, Social and Governance (ESG). It is the term used to describe extra-financial risks and opportunities which are becoming increasingly relevant to investment and underwriting decisions. ESG risks are often considered emerging risks which are rapidly changing and are of concern to different stakeholders in society
Aware of the two-degree-target of the Paris climate negotiations as well as the economic risks involved, we are sending a clear signal to policy-makers, the market and our industry, by no longer financing coal-based business models going forward (as of Nov. 2015).
We define coal-based business models as:
Equity stakes are being divested until the end of March 2016; fixed income stakes can be held until maturity (run-off).
For further details, please see the