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Your family means a lot to you. What steps should you take to ensure that their current and future needs are met?
Liberty Corporate offers a wide range of risk and annuity products, tailored to an employee’s unique needs.
Liberty Corporate has a range of investment portfolios suitable as retirement funds and for businesses.
Liberty Corporate’s umbrella solutions give you the flexibility to structure employee benefits.
Liberty Corporate’s fully fledged administration team provides a comprehensive fund administration service.
Liberty Corporate provides a multitude of specialist consulting and actuarial solutions.
Sometimes bigger is better, which is the case when subsidiaries of multinational companies pool together to ensure the best benefits for their employees.
Multinational pooling is a method used by international companies to manage the risk of their employee benefit plans around the globe. Think of it as a centralised profit andloss account, where the company’s global employee benefits are managed in a central portfolio.
As much as international backing is important, local is still best, which is why premiums are paid by the subsidiaries of the multinational company to a local insurer and claims are settled by the local insurer on a purely local basis in local currency. It’s a win-win situation – you get the advantage of a multinational’s support structures and all the local monetary advantages as well. Liberty is the local insurer.
Who is the product aimed at?Employees of multinational companies with a local subsidiary.
Benefits for local subsidiary:Why multinational pooling? It improves financial efficiency through improved underwriting terms and conditions because of a negotiated and standardised global arrangement. This means:
The sheer size of the mother company, its subsidiaries and the international currency allows higher free-cover levelsfor members.
There may be an opportunity for profit sharing.
It strengthens the relationship with the mother company.
Premiums are standardised across the globe.
The associated benefit of being linked to an international group of companies.
The more multinational subsidiaries that enter the pool, the bigger the size of the pool and the better the benefits.
Benefits to the parent company:
Multinational pooling helps multinational companies address the risk-financing challenges of providing benefits to an international workforce. This is achieved by leveraging their size to reduce their global spending for benefits and international dividends, which can be shared with their global subsidiaries.
Multinational pooling offers transparency for the parent company through detailed information on members’ benefit plans, through a yearly profit and loss account showing the financial performance of pooled plans.
How does it work?
Multinational or international pooling helps to balance out any losses suffered in one country against profits gained in another.
It brings together the various local insured benefit plans of a mother country’s subsidiaries that have been set up locally.
The process is facilitated internationally by Maxis Global Benefits Network through AXA and MetLife, two of the world’s largest companies with links in 111 markets around the world.
Multinational pooling relies on a local insurance company to facilitate pooling of risks and administer the pool on behalf of AXA.
Although a multinational arrangement, everything is kept local with premiums paid by subsidiaries of the multinational company to a local insurer and claims settled by the local insurer in local currency.
A multinational account is then drawn up, consolidating the claims experience for each multinational subsidiary, affiliate, or branch office into a single profit-loss account.
If the experience of the insured group (the entire pool) is favourable, then there will be a surplus in the multinational account, payable to the parent company as a multinational dividend, resulting in potential dividends for multinational subsidiaries.
On the other hand, if the overall balance is negative, then the parent company need not compensate for this. There would simply be no dividend payable for that year.
Liberty Corporate is Maxis’ only local partner, and as a member of Maxis we have access to multinational pooling services and benefits.
Reinsurance Group of America is the partner to Liberty Corporate in reinsurance services as well as retention of risk on a local level in multinational pooling.Multinational pooling is therefore a large, solid, well-connected machine to benefit you, the employee.
Group insurance benefit plans offered to you include:
Death cover products:
Accidental death benefit
Spouse’s and children’s income benefit
Spouse’s death benefit
Capital disability benefit
Income replacement benefit
Managed income replacement benefit
Impairment disability benefit (Debility)
Fixed period income replacement
Critical Condition benefit
All local contract conditions remain the same and, in most cases, are enhanced.
The more multinational subsidiaries enter the pool, the bigger the size of the pool and the better the expected benefits.
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