(Vocus) September 23, 2010
BNL Vita, an Italian banking insurance company specializing in the life sector, has implemented SunGard’s FastVal, an independent valuation service for vanilla and complex over-the-counter (OTC) derivatives, to help it achieve ISVAP regulatory compliance. SunGard’s FastVal 3.0 will help BNL Vita's financial department independently value its OTC derivative portfolios and gain greater transparency of its valuations.
To meet ISVAP's Italian insurance regulations, BNL Vita required a single solution that could cover all its valuation needs and provide consistent and reliable processes when valuing non-liquid instruments. FastVal provides a customized output report to help BNL Vita consider key elements of calculations, such as credit and liquidity spread. In addition, it offers reporting views that enable valuations to be decomposed on single derivative elements. BNL Vita also needed a solution which could be implemented in a short timeframe. With FastVal 3.0 delivered on as ASP basis, BNL Vita was able to run valuations on portfolios containing vanilla and complex instruments within two months.
Maurizio Pellicano, general manager of BNL Vita, said, "We required a single valuation solution to help us increase efficiency, improve transparency and meet our national regulatory requirements. Thanks to SunGard, we were able to go live with FastVal within a tight deadline. Now that implementation is complete, we can rely on FastVal's independent valuation solution to help us reduce our operational risk.”
Gavin Lee, chief operating officer of SunGard’s FastVal business unit, said, “BNL Vita needed a solution to provide greater transparency in the way its OTC portfolios are valued. The completion of this implementation has further strengthened our relationship with BNL Vita, and the flexibility of the solution will help the company to evolve with future changes in the industry."
About BNL VITA S.p.A
Insurance and reinsurance company operating in life and investment insurance branches and pension fund.
- Unipol Gruppo Finanziario S.p.A. (51%)
- BNP Paribas S.A. (49%)
BNL Vita S.p.A. was authorized in 1988, and has been operating for 22 years through the 700 counters of Banca Nazionale del Lavoro S.p.A. with “bancassurance” products and pension schemes.
In 2009, the premium portfolio reached 3,051 million euro and mathematical reserves reached at 11,173 million euro while technical profits came to 133 million euros. In terms of premiums collected in 2009, BNL Vita S.p.A. ranked 4th among “bancassurance” insurance companies and 7th on the life insurance market.
In 2009, the Company developed new specifical guaranteed and unit linked products. It is currently studying new products with more opportunities for its customers regarding new insurance and investment options.
About SunGard’s FastVal
FastVal is an ASP portfolio valuation service, accessed via the Internet that provides independent valuations for individual trades and holdings as well as entire portfolios. FastVal is powered by a proprietary pricing language that can describe any financial instrument based on cash flows, calendar events and boundary conditions. This helps FastVal to respond rapidly to developing markets and products and assimilate new instruments. FastVal uses both single and multi-factor models with a choice of numerical methods to price and structure derivatives in a wide range of asset classes. http://www.sungard.com/fastval/learnmore
SunGard is one of the world's leading software and technology services companies. SunGard has more than 20,000 employees and serves 25,000 customers in 70 countries. SunGard provides software and processing solutions for financial services, higher education and the public sector. SunGard also provides disaster recovery services, managed IT services, information availability consulting services and business continuity management software. With annual revenue exceeding $5 billion, SunGard is ranked 380 on the Fortune 500 and is the largest privately held business software and IT services company. For more information, please visit SunGard at http://www.sungard.com.
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