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CIA Annual Meeting Assemblée annuelle de l’ICA

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Presentation on theme: "CIA Annual Meeting Assemblée annuelle de l’ICA"— Presentation transcript:

1 CIA Annual Meeting Assemblée annuelle de l’ICA
June 29 & 30, 2006 Ÿ Les 29 et 30 juin 2006 Ottawa, Ontario Session IND-6: Segregated Funds Update | Jeff Brook – Sun Life Financial

2 SLF/CI Investments Relationship Risk Management Hedging
Agenda SLF/CI Investments Relationship Risk Management Hedging Session IND-6: Segregated Funds Update

3 CI Investments – Leveraging Strengths
Scale Marketing/sales support Sun Life Financial Insurance powers Distribution Whole greater than sum of parts Session IND-6: Segregated Funds Update

4 CIA Annual Meeting Ÿ Assemblée annuelle de l’ICA
Session IND-6: Segregated Funds Update

5 Main risk - market downturn
Risk Management Main risk - market downturn Significant marketplace activity on risk management/reduction Session IND-6: Segregated Funds Update

6 Risk Reduction Techniques
Remove/Reduce Resets Eliminate design choices (e.g. 100/100) Limit Fund Choices Increase Diversification Fund choices Time Soft Caps/Hard Caps Hedging Session IND-6: Segregated Funds Update

7 Hedging What An asset portfolio that has cash flows/value which responds to changes in the underlying funds in the same direction and magnitude as the cash flows/value of the liabilities Why Types Considerations Requirements Session IND-6: Segregated Funds Update

8 Risk committee/senior management tells you to
Why Hedge? Offload risk Risk committee/senior management tells you to Session IND-6: Segregated Funds Update

9 Static Long dated Put Options “Cash flow” hedge Dynamic
Types of Hedging Static Long dated Put Options “Cash flow” hedge Dynamic Trading Strategy “Value” hedge Typically Delta hedge Session IND-6: Segregated Funds Update

10 Reduce income volatility Residual exposure
Considerations Cost of hedging Reduce income volatility Residual exposure Session IND-6: Segregated Funds Update

11 Hardware requirements Significant
IT Capability Software Hardware requirements Significant Systems interlinks - usually Valuation and Hedging systems Technical Capability Hedge Accounting Session IND-6: Segregated Funds Update

12 Questions and Answers Session IND-6: Segregated Funds Update

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