Investment management software for insurers

Investment management software for insurers forms the backbone of investment management: insurers use it to manage, record and monitor their investments and to report to supervisory authorities and the accounting department. XENTIS by Profidata combines these tasks front-to-back in a single system: from tied assets in accordance with the revised supervisory ordinance, through private markets and bonds, to investment accounting in accordance with Swiss GAAP FER, the Swiss Code of Obligations (OR) and IFRS 9.

In Switzerland, Mobiliar and Pax, amongst others, rely on XENTIS. They use it to manage assets subject to the highest security requirements, as these assets underpin the benefit commitments made to policyholders.

Reviewed by Stefan Siegrist, Head of Business Analysis and Pre-Sales at Profidata · As at: November 2026

XENTIS for insurers at a glance

Requirement

What XENTIS offers

Asset structure
Tied and free assets (Switzerland) as well as security assets and other tied assets (Germany) within a consistent portfolio and mandate structure
Asset classes
Bonds, shares, funds and private markets on a single platform; illiquid investments via the Alternative Investments module
Regulation
Mapping the requirements of the revised Insurance Supervision Ordinance (AVO) regarding tied assets
Accounting
Parallel accounting in accordance with Swiss GAAP FER, the Swiss Code of Obligations (OR) and IFRS 9 based on the same transactions
Integration
Transfer of balance sheet and profit and loss account entries to SAP via open interfaces and the FINAL scripting language
Compliance
Integrated investment compliance module for regulatory, contractual and internal investment requirements
Operations
On-premises, in the Profidata Private Cloud Xcloud, or supplemented by Managed Business Services

What insurers look for in investment management software


Hardly any institutional investor operates within such a dense web of regulations as an insurer. The investments of insurance companies in Switzerland totalled 560.8 billion Swiss francs at the end of 2023, around 230 billion of which was in fixed-income securities. According to the FINMA Insurance Market Report, investment income rose by 47.6 per cent to 24.8 billion Swiss francs in 2025, whilst the return on investments climbed from 3.37 to 5.00 per cent.

As volumes grow, so do the demands placed on the systems. The Supervisory Ordinance requires that insurers only invest in assets whose risks they can adequately assess, monitor, manage and incorporate into their reporting. This principle of corporate prudence, known internationally as the Prudent Person Principle, is essentially a requirement for data quality: anyone who fails to map their investments comprehensively and in a manner that is traceable at all times cannot fulfil it.

Investment management software for insurers must therefore fulfil five requirements simultaneously:

  • Asset structure: Breakdown according to regulatory asset categories.
  • Asset classes: Liquid and illiquid investments on a single database.
  • Accounting: The same transactions, reported in accordance with multiple standards.
  • Compliance: Monitoring of investment guidelines before and after every transaction.
  • Integration: Seamless integration with the general ledger and reporting.

XENTIS Investment Management Software

The revised Insurance Supervision Act (VAG) and the revised Supervisory Ordinance (AVO) have been in force since 1 January 2024. FINMA Circular 2016/5 ‘Investment Guidelines – Insurers’ was repealed with effect from 1 September 2024. Detailed investment guidelines have been replaced by insurers’ own responsibility.

For tied assets, this means: assets from the standard list under Article 79(2) of the AVO may be allocated without further ado. For all other assets, an insurer requires a company-specific list approved by FINMA in accordance with Article 79(1) of the AVO. The transition period for previously allocated values ends on 4 January 2027. At the same time, the revision has tightened the rules on the use of derivatives in tied assets, with direct consequences for collective investment schemes.

FINMA generally checks compliance with investment regulations on an annual basis. If an insurer outsources asset management, it remains responsible itself.

XENTIS maps the requirements of the revised AVO regarding tied assets. The platform distinguishes between the institutional and client levels and assigns portfolios to each client that correspond to the regulatory asset categories. For groups with companies in Switzerland and Germany, XENTIS maps both sets of terminology side by side.

In Switzerland, supervisory law under the VAG and AVO distinguishes between tied assets – which also include separate tied assets such as those for occupational pensions – and free assets. In Germany, tied assets under the VAG and HGB are divided into security assets and other tied assets, alongside which free assets also exist.

The asset components can be grouped as required and analysed on a consolidated basis at any level of the hierarchy.

For years, insurers have been investing increasingly in illiquid assets such as private equity, private debt, infrastructure and property, and the trend is set to continue. These investments follow their own rules: capital commitments are drawn down in stages, valuations are received quarterly and with a delay, and distributions are irregular.

XENTIS manages these investments via the Alternative Investments Module in the same environment as the traditional portfolio. This ensures they flow seamlessly into compliance, accounting and reporting without any disruption.

At the same time, insurers traditionally hold a much higher proportion of bonds than traditional asset managers. XENTIS automatically records corporate actions such as coupon payments and calculates accrued interest without the need for manual intervention. This eliminates a significant portion of the daily routine work, particularly for large bond portfolios.

Many insurers are required to report their investments in accordance with multiple accounting standards: statutorily under the Swiss Code of Obligations (CO), in accordance with Swiss GAAP FER and, within international groups, in accordance with IFRS 9. If transactions are recorded multiple times for this purpose, the workload and risk of error increase with each standard.

XENTIS operates using a transaction-based accounting system. Each transaction is recorded once. From this, the platform generates balance sheets and profit and loss accounts in accordance with any applicable standard. Chart of accounts can be customised to client specifications, ensuring that the organisation’s structure is reflected rather than a standard template.

XENTIS transfers the balance sheet and profit and loss account entries to the general ledger, typically SAP. This is made possible by the platform’s open interfaces and the XENTIS scripting language FINAL, which allows the transfer to be precisely tailored to the insurer’s processes.

The integrated investment compliance module monitors regulatory, contractual and internal investment requirements. Checks are carried out ex ante, before an order is executed, and ex post on the portfolios. This means that potential breaches are identified before a transaction is completed, rather than only during the quarterly review.

For regulatory reporting, XENTIS uses the FINAL scripting language. At Profidata, a dedicated department continuously monitors the regulatory environment and develops the relevant reports. New requirements are thus delivered to customers as part of the platform, rather than as individual projects for each insurer.

Front-to-back rather than a landscape of interfaces


The greatest advantage of XENTIS lies in its end-to-end integration. From the management and analysis of investments, through order execution and compliance, to accounting and reporting, all processes run within a single system and on a shared database. XENTIS can be operated on-premises or in the Profidata Private Cloud, Xcloud. Those wishing to outsource additional operational tasks can supplement the platform with the Managed Business Services from Profidata, for example for shadow accounting, investment compliance or reporting.

Multiple specialised systems

XENTIS as an integrated platform

Data basis: Portfolios are managed and reconciled separately in each system
Data basis: a single source for portfolio management, compliance, accounting and reporting
Asset classes: Private markets are often managed using a separate solution or spreadsheet
Asset classes: traditional investments and private markets in the same environment
Accounting: multiple entries per standard
Accounting: single entry, reporting in accordance with multiple standards
Regulatory compliance: adjustments across multiple systems
Regulatory compliance: Centralised adjustments within the platform
Operations: numerous interfaces, numerous responsibilities
Operations: one system, one partner

Which insurers rely on XENTIS


Several insurers in Switzerland use XENTIS, including Mobiliar and Pax. Profidata therefore has first-hand knowledge of the requirements of the Swiss insurance market, from the structure of tied assets right through to statutory financial reporting.

Mobiliar. Mobiliar Asset Management implemented XENTIS to manage its insurance, pension and fund business within a single system. At the time of implementation, the company was managing around 20 billion Swiss francs.

Pax. Pax Asset Management opted for XENTIS in 2022 and operates the platform in the Profidata Private Cloud Xcloud.

“From the very beginning, it was important to us to ensure that a project of this nature – which undoubtedly carries its own risks – could be completed within the timeframe and budget we had set. We are convinced that, in the Profidata team, we have found the right business partner for this.” – Markus Baumgartner, Head of Portfolio Management, Pax Asset Management

Insurance groups outside Switzerland also work with Profidata, including Utmost in Luxembourg and HM Trust from the HanseMerkur Group. In 2026, Profidata was shortlisted as a finalist in three categories at the Insurance Investor European Awards, including Investment & Portfolio Management Technology of the Year.

“Insurers choose us because XENTIS meets their requirements within a single system: tied and free assets, private markets and bonds, accounting in accordance with Swiss GAAP FER and the Swiss Code of Obligations (OR) without duplicate transactions, as well as integration with SAP. Everything runs front-to-back on a single platform.” – Roger Wildi, CEO of Profidata

FAQ: Investment management software for insurers

A platform that enables insurers to manage, record, monitor and report their investments to regulators and the finance department. Unlike software for portfolio management or sales, it deals with the assets side of the balance sheet. XENTIS from Profidata covers these tasks end-to-end within a single system.

XENTIS assigns portfolios to each client that correspond to the regulatory asset categories and maps the requirements of the revised AVO regarding tied assets. In groups comprising German companies, the platform also manages security assets and other tied assets.

Assets not included in the standard list under Article 79(2) of the AVO may only remain allocated to tied assets if FINMA has approved a company-specific list in accordance with Article 79(1) of the AVO. Insurers must therefore know exactly which of their assets are on which list.

Yes. The transaction-based accounting system records each transaction once and presents the balance sheet and profit and loss account in accordance with Swiss GAAP FER, as required by the Swiss Code of Obligations (OR) and in accordance with IFRS 9, without duplicating transactions.

IFRS 17 governs the valuation of insurance contracts – i.e. the liabilities side of the balance sheet – and is managed within actuarial systems. XENTIS covers the investment side, in particular in accordance with IFRS 9.

Yes. Private equity, private debt, infrastructure and property are managed via the Alternative Investments module in the same environment as bonds, shares and funds. XENTIS automatically posts coupon payments and accrued interest.

XENTIS transfers balance sheet and profit and loss account entries to the general ledger, typically SAP. To do this, the platform uses open interfaces and its own scripting language, FINAL.

In Switzerland, Mobiliar and Pax, amongst others, rely on XENTIS. Internationally, Utmost in Luxembourg and HM Trust from the HanseMerkur Group, amongst others, work with Profidata.

Yes. XENTIS runs on-premises or in the Profidata Private Cloud (Xcloud). In addition, Profidata’s Managed Business Services handle operational tasks such as shadow accounting, investment compliance and reporting.

Advice for insurers

Let’s talk about your investments

Whether it’s tied assets under the revised AVO, private markets or accounting in accordance with multiple standards: our experts will show you how XENTIS maps your insurance company’s investments front-to-back.

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