DWS is a pioneer in global insurance asset management. Our commitment and expertise in the insurance market dates back to 1929 when we first established a comprehensive partnership approach to develop customized investment solutions and programs for insurers.
Global reach with regional focus
Our footprint spans geographies and client types, with investment professionals located in key insurance centers around the world. This, along with a diverse business mix, allows DWS to execute sophisticated custom solutions on a regional level with a specific insurer perspective.
Assets under management
Managed for general accounts
Unit-linked and similar insurance products
Source: AUM as of December 31, 2023.
*2024 edition of the Insurance Investment Outsourcing Report. DWS ranks no. 5 overall for AUM managed globally for third-party insurance general accounts. No fee was paid by DWS to participate.
USD $180.6 billion/EUR €163.4 billion under management in General Account assets
Spectrum of investment solutions
Insurance fixed-income is at the core of our clients’ investment programs and our insurance asset management platform as well. A dedicated Insurance Fixed Income Portfolio Management team can be complemented by a broader set of investment capabilities across asset classes and risk spectrum, in both active and passive structures.
| SAA & Solvency Framework | Product Innovation | ||
| Insurance fixed-income |
Multi asset |
Alternatives & non core |
Unit-linked & variable annuities |
|
|
|
|
| DIGITAL SOLUTIONS Customized and model portfolio development |
|
| PASSIVE Xtrackers ETFs & Institutional passive mandates | Passive “building blocks” for the four steps above |
|
| ESG Unique ESG Engine** | Investment overlay and risk management | Responsible investment opportunities |
|
As of December 31, 2022
*Source: Fondspolicen Spezial, Fonds Professionell percentage of market share, 2022
** Source: DWS developed an engine, which is our proprietary software that aggregates data from multiple third-party commercial providers of ESG data, as well as data from several non-governmental organizations, to arrive at various ESG solutions (e.g., assignments of ratings to investment positions and sovereigns). The ESG engine is operated by DWS International GmbH, a German affiliate of DIMA, a U.S. registered investment adviser. DIMA's portfolio managers have access to ESG solutions produced by such German affiliate and may use such ESG solutions in managing client accounts. Please see Part II of the adviser's Form ADV for additional information regarding ESG issues.
Lifecycle of an insurance program — The three disciplines form a dynamic relationship
DWS insurance team members, from Solutions and Structuring, Coverage and Relationship Management, to Portfolio Management and Investment Specialists, actively collaborate to deliver insurers a cohesive and comprehensive investment experience. While the approach can vary by region, the objective is always the same—to deliver a bespoke investment program based on an insurer’s unique risk and return preferences.
Structuring & insurance analytics |
Portfolio management |
Insurance coverage & relationship management |
||
Enterprise Assessment |
Portfolio Construction |
Portfolio Analytics |
||
|
|
|
||
Establish Investment Framework |
||||
|
||||
Quantitative Modeling |
|
|||
|
|
DWS’s insurance asset management platform partners with insurers of all sizes and types to provide end-to-end solutions across strategic asset allocation, insurance advisory, and portfolio and product structuring.
Approach to strategic asset allocation
|
1. Enterprise assessment |
2. Establish framework |
|
| — Comprehensive review of enterprise and operating environment — Underwriting environment: Cycle, profit trends, competition, underwriting standards — Capital position, allocation, efficiency — Industry and peer research — Collaboration with management — Liability profile |
— Define constraints and risk/ return metrics — Primary and secondary objectives: total return/income versus volatility — External constraints: Regulation, tax considerations, accounting, rating agencies — Permitted asset classes: iterative process, driven by client — RBC, BCAR implications |
|
|
4. Review, revise, recommend |
3. Quantitative modelling |
|
| — Iterative process to refine client objectives, constraints and recommendations — Client feedback incorporated into optimization runs: enables a more refined and effective optimization result — Alignment of recommendation with practical implementation constraints: includes liquidity and market timing considerations |
— Flexible quantitative framework to evaluate multiple objectives and solutions — Development of asset class assumptions: inputs to optimization models — Quantitative portfolio optimization: in-house, proprietary models are leveraged; multiple objectives and constraints are incorporated |
Insurance solutions
| Solutions collaboration based on regional focus | ||||
|
Insurance strategy & advisory |
Insurance structuring & analytics |
Insurance portfolio management |
||
| — Deep understanding of the investment challenges of insurance companies — Strategic advice on the structure of business with regard to assets and liabilities — Expertise in regulatory environment and accounting developments — Analysis of industry parameters, taking into account accounting, regulatory, and capital considerations — Peer analysis |
— Bespoke quantitative modeling — SAA with consideration of regulatory capital requirements — LDI and ALM solutions — Advise on hedging structures — Product development for Unit-linked Life insurance products — Life-cycle & retirement solutions |
— Long heritage in managing fixed-income portfolios for insurers — Broad range of insurance customized products and individual investment strategies — Intense partnership and dialog between our investment professionals and clients — Various high-end tools for portfolio simulation, analysis and projections including cash flow and income — Develop and deliver individual and customized insurance-oriented reporting |
||
Off- and on-balance sheet solutions |
||||
Thought leadership
Awards
DWS’s insurance asset management has a history of award recognition over the years across the globe.
For more information regarding award criteria, please click here.
Get in touch
Your Insurance asset management specialists around the world
For general contact information, please visit our Contact us page under Profile