Multinational Pooling Arrangements Deliver Strong Profits
2014年11月6日 - 11:05PM
ビジネスワイヤ(英語)
Average international dividends paid back to companies by
pooling networks tops 6%
Global companies that operate multinational pooling arrangements
generated annual average returns of 6.1% on the financial
performance of their pooling arrangements, according to a new
research study conducted by global professional services company
Towers Watson (NYSE, NASDAQ: TW). The study analyzed 753
multinational pooling reports from 151 international companies
comprising $2.4 billion in premiums and found that nearly
two-thirds (64%) of the multinational pools analyzed returned
positive dividends.*
“With operational cost reduction and synergies still very much
at the top of the corporate agenda, multinational pooling is a
proven approach for companies to use their global spending power to
achieve savings and spread the risk of their employee benefit plans
across multiple geographies and business areas,” said Gerry
Winters, senior international consultant at Towers Watson.
The research revealed that the top-performing multinational
pools produced a significant proportion of the returns, with over a
quarter (28%) producing dividend returns in excess of 10%. “The
top-performing pools generate a big share of the profits, while at
the other end of the spectrum, some companies deliberately manage
their pools with a view toward reducing the up-front premiums as
opposed to maximizing dividends,” said Winters. “This suggests that
proactively managed pools tend to outperform their passive
counterparts in delivering improved financial performance to their
sponsors, underscored by the difference in profitability that can
be achieved between high- and low-performing pools.”
Similarly, there may be opportunities for those companies with
consistent double-digit returns from their multinational pools to
leverage significant reductions in up-front premiums in many
countries. “The pooling reports provide the information needed to
push these global pooling networks to reduce the premiums they are
charging locally. If you see a country that has produced surpluses
of 15% or more for several years, you have a strong business case
to demand those savings up front through immediate reductions in
the local premiums,” said Winters.
The research also unearthed the wide discrepancy in performance
between different countries, with profitability levels for
Indonesia and the Czech Republic hitting 36% and 33%, respectively.
Only six countries failed to produce positive average returns to
multinational pools, with Hungary (-36%) producing the worst
results, along with Australia (–15%), Canada (–11%), Singapore
(–9%) and China (–1%).
“Almost all countries produce surpluses overall, but notably,
the average life-only-contract result was 23%, while the average
for medical was –8%,” said Winters. “This suggests companies should
consider whether to pool stand-alone medical contracts based on a
number of factors. These include claim experience, current
local-country medical cost inflation, proposed premium level, and
the existing diversity of risks and premium within a pool,
including its ability to absorb potential losses from medical
contracts should they occur.”
*The Towers Watson 2014 Multinational Pooling and Captive
Research Study will be published either later this year or early
2015, and made available on towerswatson.com.
About Towers Watson
Towers Watson (NYSE, NASDAQ: TW) is a leading global
professional services company that helps organizations improve
performance through effective people, risk and financial
management. With 15,000 associates around the world, the company
offers consulting, technology and solutions in the areas of
benefits, talent management, rewards, and risk and capital
management. Learn more at towerswatson.com.
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Towers WatsonEd Emerman, +1
609-275-5162eemerman@eaglepr.comorBinoli Savani, +1
703-258-7648binoli.savani@towerswatson.com
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