Announcement: SOA releases passing candidate numbers for July 2019 Exam P.

Agenda

Monday, November 6
6:30 a.m. – 7:30 a.m.
7:30 a.m. – 7:40 a.m.
7:40 a.m. – 8:30 a.m.

Presentation(s): View Presentation

Presenter(s): Matthew Coleman, Willis Towers Watson

This session will provide an overview of the evolution of equity-based guarantees (e.g. VA, FIA, etc.) over the last few years and discuss the current lay of the land as it relates to the regulatory, issues, capital markets (e.g. Department of Labor, Dodd-Frank) environment in which these products are offered.

 

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8:30 a.m. – 9:15 a.m.

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Presenter(s): Anshul Pradhan, Barclays Bank

Across various markets, investors have pared back expectations of pro-growth policies of the new administration and volatility has declined to close to historical lows. Further, amid tepid inflation and a business cycle which is becoming long by historical standards, investors now expect the hiking cycle to be extremely benign even as the global and financial backdrop remains supportive. Have investors become too complacent?

 

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9:45 a.m. – 11:15 a.m.

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Presenter(s): Sebastian Lutz and Varun Mahajan, Commerzbank

The presentation will outline the different possibilities insurance companies have to hedge their equity risk for the various products.

 

It will give a market overview what happened over the year in the various markets and will show the generics about how to build guaranteed or semi guaranteed products using equity derivatives in various forms.

 

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Presenter(s): Simpa Baiye, PricewaterhouseCoopers; Ari Lindner, Munich Re

Some new variable and index-linked annuities offer simplified guarantees with limited downside protection; the policyholder "pays" for this protection with a limited upside.  These products effectively provide policyholders access to an equity index with an option pass-through.  This new direction blurs the line between more traditional variable annuity and fixed indexed annuity products.  This session will discuss these and other similar product innovations, including some interesting regulatory, accounting, and risk management considerations.  

 

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11:15 a.m. – 12:30 p.m.

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12:30 p.m. – 2:00 p.m.

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Presenter(s): Pawel Konieczny and Arsen Arutyunov, Numerix

The speakers of this session investigate different hedging strategies for the most popular FIA products with a focus on market consistent pricing, strategy simulation, and quantifying the risk vs. benefit of different approaches.

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Presenter(s): Tim Paris, Ruark Consulting

Starting with a review of recent VA and FIA industry policyholder behavior experience, this session will explore several critical elements in developing a sustainable and coherent framework to translate this complex experience data to assumption models, particularly for guarantee features such as GLWBs.  The discussion will include the use of industry- and company-level data in building customized predictive models, and integrating models across behaviors such as income utilization and surrenders.

 

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2:00 p.m. – 2:30 p.m.
2:30 p.m. – 4:00 p.m.

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Presentation(s): View Presentation

Presenter(s): Peter Phillips, Aon Benfield

This presentation focuses on the risks and challenges faced by insurance companies due to the adoption of a new accounting standard, IFRS 17.  This new accounting standard will present a host of real challenges to companies.  For example, the computation of contractual service margin, a new high standard required of ALM systems, and the handling of data and assumptions, just to name a few.  The goal of the presentation is to flesh out these issues and to get the audience thinking about potential solutions for these problems and underscore the need for long-term planning and organization to overcome these issues successfully.

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Presenter(s): Dariush Akhtari & John Manistre, Moody’s Analytics

This session will start with an overview of why this is important along with a number of practical ways to achieve the objective. Topics covered in this talk include what has been done on the issue so far (e.g. Solvency II, IFRS, U.S. GAAP, PBR) and new and practical ideas in the goldilocks' zone (i.e. that are neither too simple nor too complicated).  

 

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4:30 p.m. – 6:00 p.m.

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