La Mutuelle Générale, 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 Générale’s institutional accounting.
Paris-based La Mutuelle Générale provides life and health insurance to 1.3 million French individuals.
BNP Paribas will provide La Mutuelle Générale with reporting and analysis for its investment portfolio via the custodian’s Data Navigation and Analysis (DNA) 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. These requirements can be met by outsourcing services including fund administration and reporting to a specialist provider such as BNP Paribas.
Christophe Harrigan, financial director of La Mutuelle Générale commented: “Our objective was to partner with a single custodian for our entire portfolio. We chose BNP Paribas as its DNA offering appeared to us as the most innovative in the market, with a unique method of interactive reporting. This software provides sophisticated data capture, enabling us to break down performance analysis globally using a range of filters.”
Head of institutional client development at BNP Paribas Securities Services, France, Gilliane Philip-Courtines: “We are delighted to strengthen our partnership with La Mutuelle Générale. This demonstrates our capacity to help our institutional clients meet new challenges, including regulation. In addition to our global custody and accounting services, our clients enjoy a range of value-added reporting services. Our ‘end to end’ offering is the most comprehensive in today’s market.”
BNP Paribas Securities Services has more than $8 trillion in assets under custody and a global network covering over 100 markets. It services all participants in the financial services industry, helping them protect their investments, evaluate and report on their portfolios, monitor risk and enhance returns.
