DWS Manager Profile

We are insurance asset management.

As a pioneer in insurance asset management, DWS started working with insurance companies in 1929. Trust, knowledge and customized solutions crafted over time are what we deliver insurers.

Our global platform delivers multi-asset investment programs in an insurance context across active and passive fixed-income, equity, alternative, cash, and ESG strategies. It is supported by an understanding of the dynamics and complexities of insurance investing in a constrained environment that is subject to state regulations, solvency requirements, rating agency considerations, reporting and accounting standards.

2019 YE — All values in USD billionsDefinitions

Firm Information

AUM, Firm Distribution

Insurance GenAcct 3rd PartyInsurance GenAcct AffilInsurance SepAcctAll Other FirmAUMTotal Firm AUM180.80762.064618.074860.945
DWS

www.dws.com
875 Third Avenue, New York, NY 10022

Bernard F. Ryan, CFA
Insurance Coverage
bernie.ryan@dws.com
617-295-2105

Service Offerings & Client Profiles

Insurer Services
Investment Accounting OutsourcingYALM PartneringY
Customized Portfolio ReportingYRegulatory AssistanceY
Insurance Client Web PortalYStrategic Asset Allocation AdviceY
Peer AnalyticsYTactical Asset Alloc / Multi-Asset Portfolio MgtY
Capital Modelling & ManagementYInsurance Client ConferencesY
Income & Cash Flow ProjectionsYESG Specific Products Placed with InsurersY

Client Type Count

Life HealthPropertyCasualtyReinsurance(All Lines)Multi-LineOtherTotal ClientCount9447162317197

Client Relationship Size

<$250mn$250mn – $1bn$1 – $5bn5 – $10bn>$10bn124351532

AUM Summary

3rd Party General Account Public Private Total
Fixed Income148.5311.233149.764
Equities22.098.95331.043
Total170.62110.186180.807
Firm Public Private Total
Fixed Income447.2971.72449.017
Equities302.821109.107411.928
Total750.118110.827860.945
Regions 3P-GA Firm
N America92.144223.997
Europe & UK81.126590.824
APAC7.53746.124
Offshore
Other

AUM Details

Public Fixed Income 3P-GA Firm
Cash/Short-Term3.50763.98
Governments & Agencies3.40312.874
Corporates26.94557.85
Municipals, Tax-Preferenced4.23913.119
Municipals, Taxable0.097
Securitized – RMBS
Securitized – All Other3.9013.901
Convertibles
High Yield6.17510.365
Bank/Leveraged Loans0.9011.616
CLOs2.3380.175
Emerging Markets – Sovereigns0.368.453
Emerging Markets – Corporates0.5497.525
Other98.876267.44
Public Equities 3P-GA Firm
Large Cap0.4258.539
Mid Cap0.5994.437
Small Cap0.0011.421
Global Developed Markets9.82776.324
Emerging Markets0.6135.497
Quant/Smart Beta
Mkt Neutral / Long-Short / Liquid Alts24.85
Dividend-Tilt1.9463.579
Passive SMAs
Other11.439203.024
Private Fixed Income 3P-GA Firm
Private Placements – Traditional
Corporate – Middle Market
RE – CMLs
RE – All Other Debt0.8280.828
Infrastructure Debt0.4050.892
Structured
High Yield
Other
Private Equity, Equity Alts 3P-GA Firm
PE / VC0.1621.92
RE Equity4.37769.505
Infrastructure Equity4.41437.682
Hedge Funds
Other

Notes
Public fixed income and public equitues “Other” is primarily multi-sector / strategy mandates
Within the client count section, “Other” is inclusive of clients requesting confidentiality. The client counts may not match due to double-counting of multi-line insurers. The actual client count is 179