Agenda Day 1

Anticipated Agenda
Thursday, September 1
8:00 a.m. – 9:00 a.m.
9:00 a.m. – 9:30 a.m.
9:30 a.m. – 10:30 a.m.

Presentation(s): View Presentation

Presenter(s): Shanwen Gao, Chief Economist at Essence Securities Co., Ltd

Let's ponder:

* Why interest rates are reaching historical lows while commodity prices keep climbing higher and higher?

* Why prices of the industrial products stay low for years yet the interest center stays high?

* Why negative interest rates is the global "thing" now?  Its impact on economic policies and capital markets?

Session Coordinator(s)

Facilitator(s)

10:50 a.m. – 11:20 a.m.

Presentation(s): View Presentation

Presenter(s): Deyun Cao, Executive Vice Chairman & Secretary-General, Insurance Asset Management Association of China (IAMAC)

It's helpful for the actuaries to know how a future macro environment may affect asset management for the insurance industry (what are the unique characteristics of the industry, which of the macro changes may be particularly important to the insurance industry and how the industry may prepare for the potential changes).

Where can IAMAC help in the potentially volatile environment going forward?

How can the actuarial professionals participate with asset management professionals?

Session Coordinator(s)

Facilitator(s)

11:20 a.m. – 12:10 p.m.

Presenter(s): Guosheng Duan, executive vice president & CIO of Taikang Insurance Group Co., Ltd.; CEO of Taikang Asset Management Co.; Ltd Chairman of China Insurance Investment Co., Ltd.

Mr. Duan will discuss the unique characteristics of the insurance industry and the impact of potential macro changes. He will share his views on the interest rate trends and the corresponding strategies for products, profitability, risk management and investments. He will specifically focus on allocation strategy of insurance capital asset in low interest rate environment.

 

Session Coordinator(s)

Facilitator(s)

12:10 p.m. – 1:30 p.m.
1:30 p.m. – 1:40 p.m.
1:40 p.m. – 2:30 p.m.

Presentation(s): View Presentation

Presenter(s): Chris Howells, Head of Insurance Solutions, Asia Pacific, Schroders group

  • the investment challenges facing insurers
  • balance sheet impact and other consequences
  • observed responses in Europe and elsewhere
  • where ALM, risk budgeting and portfolio optimisation can help
  • casting the net wider in search of yield (brief characteristics of infrastructure debt, high yield, EMD, real estate)

Session Coordinator(s)

Facilitator(s)

Presentation(s): View Presentation

Presenter(s): Andrew D. Rallis, Executive Vice Present and Global Chief Actuary for MetLife Inc at New York, NY.

Mr. Rallis will discuss trends in the market for risk transfer of defined benefit plans in the US. He will also address implications of increasing longevity.

Session Coordinator(s)

Facilitator(s)

2:30 p.m. – 3:20 p.m.

Presentation(s): View Presentation

Presenter(s): Zachary Brown, Portfolio Manager at Milliman

Asset-Liability Management (ALM) strategies are critical to ensure that insurance companies, pension plans, and banks can fulfill their financial obligations. Over the last 50 years, ALM strategies have evolved from relatively simple cash flow matching schemes to complex hedging programs involving derivatives. This presentation will trace the history of ALM strategies, address current best practices, and focus on the challenges and opportunities of implementing these strategies in China.

Session Coordinator(s)

Facilitator(s)

Presentation(s): View Presentation

Presenter(s): Genghui Wu, Vice President & Actuary, Prudential Financial

  • The evolution of variable annuity, lesson learned from VA markets in North America and other counties in Asia, and how variable annuities business behaved through multiple economic cycles
  • VA pricing and valuation framework, and its implication of reserving challenges and capital requirement to company's financials
  • Understand the VA market targeting and planning, product positioning and value proposition
  • Quantification of VA risk exposures; Realization of risk management tools, techniques and best practices

Session Coordinator(s)

Facilitator(s)

3:20 p.m. – 3:50 p.m.
3:50 p.m. – 4:40 p.m.

Presentation(s): View Presentation

Presenter(s): Hong Cai, Senior manager of EY Actuarial and Insurance Risk Management service. Yixuan Wang, Senior manager of China Pacific Insurance (Group) Co., Ltd

A case study of the SAA procedure of a typical life insurer. In the first phase, we explore new asset strategies and perform efficient frontier analysis to select the SAA candidates. In the second phase, we built the ALM model and designed for SAA candidates testing. We then performed an extensive analysis on asset return profile, value-at-risk measures, C-ROSS capital position and risk tolerance in order to formulate the optimal asset strategies. The final SAA led to yield enhancement, improved ALM matching and surplus position.

Session Coordinator(s)

Facilitator(s)

Presentation(s): View Presentation

Presenter(s): Davout Yean, Chief Strategy Officer/ AIG Business Consulting, Beijing

  • Frame work, assumptions, and the structure of the 15 years projection model for Urban Employee-Based Basic Medical Insurance Scheme
  • The baseline and the lesson learned
  • Overview of New Rural Cooperative Medical Care System & Urban Resident-based Basic Medical Insurance Scheme
  • Possible future directions for China social health insurance programs

Session Coordinator(s)

Facilitator(s)

4:40 p.m. – 5:30 p.m.

Presentation(s): View Presentation

Presenter(s): Andrew D. Rallis, Executive Vice Present and Chief Global Actuary for MetLife Inc at New York, NY.

Mr. Rallis will discuss asset/liability management issues related to both separate account and general account products of life insurers. This discussion will acknowledge the current regulatory environment and challenges of managing in a low interest rate environment. He will also touch on product design and risk management structures, including hedging.

Session Coordinator(s)

Facilitator(s)

Presentation(s): View Presentation

Presenter(s): Head of LTC and Disability R&D Center SCOR Global Life

Session Coordinator(s)

Facilitator(s)

5:30 p.m. – 6:30 p.m.