Financial Reporting For Insurance Contracts Under Possible Future International Accounting Standards

Research Projects – Life Insurance

The Society of Actuaries' Financial Reporting Section and the Product Development Section are pleased to make available the following report. Performed by Sam Gutterman, Jennifer Liang, Tracey Polsgrove and Randy Tillis of PricewaterhouseCoopers, the research models the possible impact on certain U.S. life and health insurance products of the International Accounting Standard Board's preliminary views on accounting for insurance contract liabilities.

Also provided is a document by the authors addressing the questions and comments received to date regarding the initial report. The version of the report that appeared in the July 2008 issue of the SOA's Actuarial Practice Forum (APF) also follows.

The Financial Reporting Section and the Product Development Section Councils would like to thank the companies that provided modelling assistance and those individuals who served on the Project Oversight Group.

If you have any questions or comments regarding this report, please direct them to Ronora Stryker, SOA Research Actuary, at