Unlisted securities held in life insurance: focus on real estate valuation

Luxembourg's insurance regulation permits a broad range of underlying investments in internal funds. These investments may manifest as unquoted/unlisted assets, depending on the overall investment strategy of the life insurance policy. Real estate, whether through funds or other appropriate structures, is also an acclaimed asset class in insurance policies, bringing a particular perspective.

As investors in these specific and typically more complex assets, insurers encounter increased risks and challenges. These risks include, but are not limited to, valuation concerns and extend to legal, compliance, governance, and other policy management matters. These aspects need to be assessed and monitored continuously, especially for cross-border policies.

The imperative for comprehensive and streamlined processes and controls is heightened, and implementing a clear action plan to address these challenges should be considered a priority.

By the end of this training, participants will be able to:

• acquire comprehensive knowledge on valuation concepts specific to real estate assets held in life insurance;
• understand recognised valuation methodologies, including valuation allocation techniques;
• gain an overview of the European real estate markets.

• Key concepts in real estate valuation
• Influencing factors on real estate values
• Recognised valuation methodologies
• European market updates

This training is coordinated by Anthony Dault, and Alexandre Goossens, Partners at PwC Luxembourg.

• Anthony Dault is a partner specialising in insurance and reinsurance with over 20 years of experience gained through PwC’s Luxembourg and Paris practices. He leads audit engagements for multinational subsidiaries under various reporting frameworks, overseeing the insurance audit line and managing operations and HR for audit staff. Anthony directs both technical and non-technical training curricula and external training in this field. Beyond audits, he leads insurance regulatory solutions focusing on ESG/SF, AML/KYC, cross-border distribution, and compliance support. He has successfully delivered regulatory licensing and restructuring projects from strategic planning to operational setup.
• Alexandre Goossens is a partner at PwC Luxembourg, specialising in Alternatives Valuations Real Estate Services with over 15 years of experience as both a consultant and valuer in the real estate market. Since joining PwC in 2014, he has led a team responsible for the annual review of more than 2,000 assets across real estate, debt, infrastructure, and forestry, managing a comprehensive global real estate market database. Alexandre oversees the implementation of models and processes for fund management under AIFMD, focusing on valuation, risk, and portfolio management. He is an active member of RICS and serves as lead instructor for real estate valuation courses internally and externally, including lecturing at Neoma Business School Reims. His notable projects include managing valuation teams, co-leading PwC’s valuation center of excellence, conducting gap analyses for AIFMD functions, and advising on real estate transactions and strategy.