Unlisted securities held in life insurance: focus on private equity 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. Private equity vehicles have seen a signicant boom as an underlying assets class for life insurance policies, notably as a means to decorrelate performance from other assets classes and boost yields.

As investors in these specific and typically more complex assets, insurers encounter increased risks and challenges. These risks are not limited to valuation concerns but 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:

• obtain a comprehensive knowledge on valuation concepts specific to private equity assets held in life insurance;
• understand recognised valuation methodologies (including valuation allocation techniques).

• Key concepts in private equity valuations
• Recognised valuation methodologies
• Quote price in the context of a private equity/venture capital asset valuations
• Practical considerations
• Case study

This training is coordinated by Anthony Dault, Partner, and Samir Moussaoui, Director 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.
• Samir Moussaoui is a director within the Valuation Services (VS) team, specialising in traditional and alternative investment funds with a focus on private business valuations and modeling. He possesses extensive expertise in valuation processes, techniques, market practices, and auditing skills. Samir leads the VS practice in managing diverse financial valuation engagements for local and international clients and PwC offices. He is a Chartered Financial Analyst (CFA) and Chartered Valuation Surveyor (MRICS), serves on the board of the Luxembourg Valuation Professionals Association, and actively contributes as a training instructor and member of PwC’s Transformation group.