Apr 23, 2009 15:15
15 yrs ago
1 viewer *
Italian term
posti a copertura degli impieghi tecnici
Italian to English
Bus/Financial
Finance (general)
equities bonds
Not a lot to go on:
Il bilancio civilistico di Insurance Company evidenzia una perdita pari a about a hundred milioni di euro dovuta essenzialmente a svalutazioni relative a titoli azionari ed obbligazionari *** posti a copertura degli impieghi tecnici ***.
Il bilancio di Same Insurance Company redatto in applicazione dei principi contabili internazionali evidenzia una perdita di circa around ten milioni di euro.
It is all clear until the term in question. "Posti a copertura" could mean pledged as collateral or to hedge, but it doesn't make sense to use them for "impieghi" a "loan"?
Il bilancio civilistico di Insurance Company evidenzia una perdita pari a about a hundred milioni di euro dovuta essenzialmente a svalutazioni relative a titoli azionari ed obbligazionari *** posti a copertura degli impieghi tecnici ***.
Il bilancio di Same Insurance Company redatto in applicazione dei principi contabili internazionali evidenzia una perdita di circa around ten milioni di euro.
It is all clear until the term in question. "Posti a copertura" could mean pledged as collateral or to hedge, but it doesn't make sense to use them for "impieghi" a "loan"?
Proposed translations
(English)
| 4 +1 | to cover technical reserves |
DCypher (X)
|
| 3 | in place to cover technical obligations |
Judith McLean
|
| 3 | attributable to technical assignments |
Elisa El Shimy
|
Proposed translations
+1
1 hr
Selected
to cover technical reserves
this relates to general insurance I presume
Technical reserves are a statutory minimum required to cover potential claims from insurance business underwritten (a bit like regulatory capital for banks). Those reserves need to be covered, naturally, by something on the asset side.
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Note added at 1 hr (2009-04-23 16:21:06 GMT)
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http://moneyterms.co.uk/technicalreserves/
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Note added at 2 hrs (2009-04-23 17:44:02 GMT)
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Jim,
Following is a discussion on the subject and a link to S&P definitions for both tech reserves and required minimum margin/solvability.
You might also want to take a look at press releases for 2008 acquisition by Aviva in Italy (nudge nudge)
http://www.watsonwyatt.com/europe/pubs/insurancefinancial/re...
https://www.ratingsview.com/NASApp/cotw/help/terms/r.html
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Note added at 2 hrs (2009-04-23 17:56:56 GMT)
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This extract is from Fortis accounts:
Insurance companies break I.S. down into technical and non-technical result. B.S. will have a technical reserve which is a loss reserve based on specific formula. You will see from this note that certain assets are specifically allocated to back certain liabilities...hence a loss recognised in technical result if there is a value change in a specific asset pool....but it has been a while since I analysed these things....
"Realised capital gains and losses on investments backing certain insurance liabilities, amongst others separated funds, are part of the allocated financial income and thus included in technical result. "
Technical reserves are a statutory minimum required to cover potential claims from insurance business underwritten (a bit like regulatory capital for banks). Those reserves need to be covered, naturally, by something on the asset side.
--------------------------------------------------
Note added at 1 hr (2009-04-23 16:21:06 GMT)
--------------------------------------------------
http://moneyterms.co.uk/technicalreserves/
--------------------------------------------------
Note added at 2 hrs (2009-04-23 17:44:02 GMT)
--------------------------------------------------
Jim,
Following is a discussion on the subject and a link to S&P definitions for both tech reserves and required minimum margin/solvability.
You might also want to take a look at press releases for 2008 acquisition by Aviva in Italy (nudge nudge)
http://www.watsonwyatt.com/europe/pubs/insurancefinancial/re...
https://www.ratingsview.com/NASApp/cotw/help/terms/r.html
--------------------------------------------------
Note added at 2 hrs (2009-04-23 17:56:56 GMT)
--------------------------------------------------
This extract is from Fortis accounts:
Insurance companies break I.S. down into technical and non-technical result. B.S. will have a technical reserve which is a loss reserve based on specific formula. You will see from this note that certain assets are specifically allocated to back certain liabilities...hence a loss recognised in technical result if there is a value change in a specific asset pool....but it has been a while since I analysed these things....
"Realised capital gains and losses on investments backing certain insurance liabilities, amongst others separated funds, are part of the allocated financial income and thus included in technical result. "
Note from asker:
| Hi Paul, It's a banking group This must be what the author means, but not he is saying very clearly. Else where with refernce to other insurance companies they have explicity stated a capital increase to strenghen the "margine di solvibilità". And then technical reserves of reinusers are actually a balance sheet item. To use the word "impieghi" with the generic meaning of "use" in a bank's report!!!! |
| Its not a subsidiary, just a relatively insignificant associate. It is probable that the guy in accounts, didn't have precise details so just used what he considered was a catch-all term. I'll ask the client again and go for "to strengthen capital". Time is at a great premium :-) |
4 KudoZ points awarded for this answer.
Comment: "Thanks Paul, I put "to meet technical requirements", mainly because the client is too busy to reply and this compromise will keep all happy. Obviously the best solution is to "correct" the origninal."
11 mins
Judith McLean
United Kingdom
United Kingdom
Native in English
Specializes in field
United Kingdom
Business & finance, geology, environment
Native in: English 
Works in: Italian to English, English
Related KudoZ points
:
146
in place to cover technical obligations
impieghi could be more generic than loans
Note from asker:
| Thanks jmcl |
35 mins
Elisa El Shimy
Works in field
Energy, aviation
Native in: Romanian 
Works in: Romanian to English, English to Romanian, English to Italian, and 3 more.
attributable to technical assignments
For me seem that they want to say that the reason of all that 100 millions loss is due to shares depreciation and the shares devaluation fault is attributable to technical assignments....
posti a copertura " placed under the cover of..." " attributable to.."
posti a copertura " placed under the cover of..." " attributable to.."
Note from asker:
| Thanks Elisa |
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