La Mutuelle Generale, one of France's largest mutual insurance providers, has appointed BNP Paribas Securities Services for custody of its €2 billion portfolio.
BNP Paribas will also provide fund administration, risk management and performance analysis services and will be responsible for La Mutuelle Generale’s institutional accounting.
No details were given about a previous provider. In a statement, Christophe Harrigan, financial director of La Mutuelle Generale, says: “Our objective was to partner with a single custodian for our entire portfolio.”
Paris-based La Mutuelle Generale provides life and health insurance to 1.3 million French individuals.
A major reason for the move is the insurer’s eagerness to anticipate changes in the market and the implementation of the Solvency II directive. La Mutuelle Generale wants to optimise the monitoring of its assets.
BNP Paribas will provide the insurer with reporting and analysis for its investment portfolio via the custodian’s Data Navigation and Analysis service. This will allow BNP Paribas to assist the company in meeting its requirements under Solvency II, which is scheduled to come into effect at the beginning of 2016.
The new regulation affects capital adequacy requirements as well as risk management techniques for European insurance companies.
Harrigan says: “This software provides sophisticated data capture, enabling us to break down performance analysis globally using a range of filters.”
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