This award recognises that Moody's continues to develop its Solvency II solution, bringing together the many areas of specialist expertise across its insurance team.

Moody's Solvency II solutions consist of stochastic models, software and services that enable insurers to perform a range of functions, including valuation, capital and solvency calculation, as well as financial projections, analytics and reporting. In addition, Moody's supports the demands of financial frameworks including IFRS 9 and IFRS 17.

The judging panel was impressed that Moody's RiskIntegrity Suite offers a full regulatory risk and solvency solution delivering out-of-the box standard formula and internal model capabilities, covering solvency capital requirement and minimum capital requirement calculations, as well as regulatory reporting capabilities.

The judges also commended Moody's for offering a range of scenario generation solutions, with packages of software, models and content intended to meet the specific business challenges of Solvency II compliance. For example, the launch of its Scenario Generator Climate Pathways web-based application last year, allows its insurance customers to experiment with different climate assumptions and scenarios to build robust recommendations and easily explain them to the board.

Improvements by Moody's in the last year have focused on the efficiency of solvency calculation processes and the production of regulatory submissions.

This has included enhancements to its modelling, calibration content and tools and updates to reflect regulatory changes in different global regimes where its largest European insurer clients operate.

The risk analytics and technology provider has also continued to enhance its calibration services to meet the demand for faster calibrations and support the short timelines insurers are managing in their reporting requirements.

As a spokesperson for Moody's comments: "We help insurers with some of the complex asset liability modelling and risk management challenges for Solvency II and engage with the market around solvency metrics, business projections, business planning, ORSA and stress testing."