Assistance Consolidations statutaire et Prudentielle (S2)

CONTEXT

Société Générale Insurance (SGI), the insurance branch of the Société Générale Group, represents a major player in the Bancassurance sector. SGI is composed of its two French subsidiaries Sogecap (Life) and Sogessur (Non-life) and a number of foreign subsidiaries, offering life and non-life insurance services for individuals and professionals. SGI combines its insurance expertise with the capabilities of the Société Générale Group’s retail banking network, helping its clients manage their assets and protect their families and property.

As an insurer, SGI has been required since January 1^st, 2016 to meet the new requirements of the Solvency 2 regulation, consisting of producing solo prudential reporting for each of its European subsidiaries and Group prudential reporting, while ensuring consistency with statutory data (French GAAP and IFRS).

IMPLEMENTATION

In this context, MeltOne Advisory participates in the maintenance and evolution of the solution based on SAP’s EPM suite (FIM, BFC and DM) which meets the requirements of statutory consolidation and Solvency 2 regulation; in the production deployment of multi-standard analyses and reconciliations necessary to ensure the quality and reliability of the group’s financial reporting and its management; in identifying functional and application impacts on the existing system in a review of EIOPA logs during different publications.

MeltOne Advisory also works on optimizing the Consolidation and S2 solution, through improving the S2 statement data feed process, simplifying restatements, reviewing the entire S2 data production chain (local, statutory and prudential), and covering taxonomic controls (reference, accounting and extra-accounting).

RESULT

A live FIM / BFC / DM system ensuring statutory and regulatory consolidation. Production support, during the transitional period (before 2016), of SGI’s Solvency II reporting in compliance with the tight schedules set by supervisory authorities. Submission of the various Solo reports in XBRL format on the national regulators’ portal.

MeltOne continues to support SGI in producing its annual S2 reporting in run mode.