For actuaries, finance and IT professionals, the long-duration targeted improvements (LDTI) implementation has been a career milestone. These projects were often the most significant undertaking of individuals’ careers, with respect to scale, complexity and duration. Join this session and participate in small groups, with consideration given to ensure each group has representation from both 2023 and 2025 filers., with moderators presenting questions to encourage small group discussion.
Questions may include:
- What challenges did you encounter, both expected and unexpected, when implementing LDTI calculations in your valuation model, upside of the valuation model (e.g., IT systems, finance processes)?
- Were any disclosures, either disaggregated roll forwards or non-roll forward supplements, particularly difficult from an actuarial/ITf Finance perspective?
- Did you perform “mock parallel” or “true parallel” quarter closes, and if so, how many? What value did these exercises add and how did they influence your confidence at go-live?
- Compare your LDTI close calendar to that under legacy GAAP. What differences were expected? Were there any unexpected challenges that materially impacted the LDTI close calendar?
- How has leadership's behavior shifted with respect to both internal and external reporting? What tools, techniques and analytics were created that did not exist in the legacy GAAP reporting cycle?
- With the knowledge you have today, what, if anything, would you have done differently in the time from Q3 2021 to the Q1 2023 go-live?
If you’re a 2025 filer, you will gain an improved understanding of the challenges, including how you stack-up against to your peers. As your go-live date quickly approaches, this is an opportunity for those of you who are late filers to benefit from lessons learned by 2023 filers and adopt best practices for the final leg of your LDTI journey. If you’re a 2023 filer. you have completed your implementation and now have three quarterly reporting cycles under your belt. Gain new insight into industry challenges and consider shared best practices for your LDTI reporting framework.