Insurers typically have their assets and liabilities well matched, but the shifting macroeconomic environment over the past year - including interest rates, inflation and greater market volatility - means insurers have increased their focus on asset liability management (ALM).

Hymans Robertson was the clear winner in the ALM category because of the breadth and depth of the team's expertise in areas including asset origination, ALM hedging and modelling.

The consultancy's in-house investment research and responsible investment teams, as well as its Economic Scenario Service (ESS), allows it to support clients with asset manager selection exercises, entering new markets and managing ESG risks.

The judges were impressed with the evidence Hymans Robertson provided in helping UK life insurers with their matching adjustment portfolios. This has included supporting firms with regulatory approvals for a range of assets and structured assets.

Hymans Robertson says it also supported several clients with their private debt strategies over 2022, as well as helping them navigate this in the context of the current and evolving regulatory landscape.

This has included building cash flow models for illiquid assets, such as commercial mortgage loans and infrastructure debt, as well as determining suitable probability distributions and assumptions.

A spokesperson for Hymans Robertson says its insurance and financial services team now has over 60 consultants working across life and general insurance, and its insurance investment and ALM team is one of the key growth areas.

In 2023, the spokesperson says Hymans Robertson expects to help clients in several areas, such as reviewing their strategic asset allocations and investment capabilities.

The use of risk transfer tools is another important area for the consultancy and the spokesperson says: "Our clients see funded reinsurance as an additional tool to managing their balance sheet."