How well the assets behind your liabilities match them in term, cash flow and liquidity, and the hedging and allocation decisions that keep the match.
We measure how well your assets match your liabilities in term, cash flow and liquidity, so you hold neither more nor less cash than the claims profile requires, and build the limits and governance that maintain the match. That includes reviewing and optimising the matching adjustment, its behaviour under stress, and the application and attestation process behind it.
We design hedging strategies for interest rate, inflation, currency and spread exposure that are practical to implement and monitor, and value the instruments behind them.
We independently value the derivatives in your hedging programme and the valuation adjustments applied to them.
We identify the asset allocation that meets your objective within your constraints, with the capital cost of each holding included and the result tested against the stresses that drive your solvency position.
We build live dashboards reporting the current matching position and the risk appetite metrics the board tracks it against.
The Matching Adjustment turns on eligibility evidence and on how the asset portfolio is structured, so the work is part actuarial and part credit. At Gini we test and evidence eligibility, structure the portfolio to reduce the capital requirement where the rules allow, and build the ALM framework that tracks duration, convexity and reinvestment risk across the balance sheet.
Yes, including the assets where the answer is genuinely arguable. Gini tests cashflow fixity and the restructuring that would achieve it, documents the basis for each judgement, and is explicit where an eligibility case would be contested. An eligibility conclusion nobody could defend under challenge is worse than an exclusion.
Because so much of the asset side now sits in illiquid private holdings, and rating those is a credit problem before it is an actuarial one. At Gini our actuaries work alongside the credit risk and data specialists, which is how a single climate pathway can be run through both sides of the balance sheet and land in one solvency figure.
Duration and convexity mismatch by portfolio, reinvestment risk under the rate paths you care about, and the effect of each on the solvency position rather than on the asset value alone. Gini generates the reporting from the same models the capital requirement uses, so the ALM view and the capital view cannot disagree about the same balance sheet.