Main news of the Sofia S68 release

Compliance

ESG

A new module is available for the management in Sofia of the ESG sustainability ratings (Environmental, Social, Governance), which have become, alongside with traditional ratings, central factors in defining investment decisions.

Per info: sofia.info@simcorp.com

IFRS 17

The developments related to the Principle keep going, both for the complete configuration, which intends to manage internally in Sofia the entire calculation cycle of the IFRS 17 accounting entries, as well as for the reduced configuration, which allows the import and the accounting of the values for Fulfilment Cash Flows calculated by an external actuarial engine.

In particular, with this release the calculation of the investment component within the ALM forecasts has been implemented. Moreover, the functionalities for the analysis and reconciliation of the policies imported in different periods have been completed.

With Sofia's IFRS 17 solution, the Holdings screen offers an integrated overview of assets and liabilities, allowing to monitor and control over the IFRS balance sheet items.

For further information: sofia.IFRS17@simcorp.com

RiskALM

Strategic planning

The ALM module has been enhanced and it now supports also multi GAAP forecast cycles, making it possible to analyse the effects of the trades simulated in the Segregated Funds portfolios also on Local GAAP and IFRS portfolios. Thanks to these enhancements, Sofia becomes a more and more complete tool supporting the Company’s strategic planning.

With a unique tool, Sofia is now able to create and run forecasts for the three portfolio levels (Segregated Fund, Local GAAP and IFRS) creating, in the Segregated Funds’ forecasts, trades which allow to meet the asset allocation targets. These trades are then replicated into the Local GAAP and IFRS levels allowing P/L and accounting values calculation.

For further information: sofia.risk-alm@simcorp.com

Simulazioni ALM su portafogli Unit Linked

The ALM module has been enhanced with new functionalities allowing to run complete ALM forecasts on Unit Linked portfolios, integrating both assets and liabilities. The forecast process includes the prospective calculation for NAV, management fees and rebates and for the price of the fund’s share, of the shares belonging to the policyholders and of the Company’s shares set aside for a hypothetical coverage higher than the reserve value. 

For further information: sofia.risk-alm@simcorp.com

Financial instruments

Derivative hedging

The Hedging Accounting module has been enhanced with new functionalities, allowing:

• the management of hedging strategies cash flow hedge and fair value hedge, when the hedged derivative is an IRS; 

• the management of hedging strategies cash flow hedge and fair value hedge, when the hedged derivative is a bond forward and of the reserve amortization for the security holding; 

• the management of the early termination for the open hedging strategies.

For further information: sofia.derivati@simcorp.com

Alternative Investments Funds

The Alternative Investments Funds module has been enhanced with new functionalities and it is now possible to calculate the Fund’s yield and to manage withholdings for distribution events and the final redemption event. The commitment management has also been enhanced and it is now possible to manage new variation types also for issued shares.

Per info: sofia.FIA@simcorp.com

Stock dividends

It is now possible to manage in Sofia also stock dividend events for shares and funds.

Per info: sofia.info@simcorp.com