Description: Risk adjustment is needed under IFRS 17 to reflect the compensation that a company requires for bearing the uncertainty about the amount and timing of the cash flows that arises from non-financial risk. Companies are also required to disclose the method and confidence level used for the calculation of the RA. However, IFRS 17 doesn’t specify a method and a confidence level, nor does it provide a list of specific risks that are considered to be non-financial risk. Companies need to define them based on their own preferences or existing practices. This article will introduce available approaches and discuss the confidence level approach with potential consideration stemming from industry preferences and illustrative examples.

Description: After International Accounting Standards Board (“IASB”) issued International Financial Reporting Standard No. 17 – Insurance Contracts (“IFRS 17”), IASB received much feedback and suggestions for improvement. As a result, in early 2019, IASB made limited changes to IFRS 17. The presentation will briefly discuss the main contents and effects of those changes.

Description: This article is an abstract of the Deloitte whitepaper “Financial KPIs in the New World” that will be published in January 2023. It provides a market view of how the new Financial KPIs will be integrated in the insurers’ decision-making process and about the main challenges and opportunities for insurers’ management and external stakeholders in the jurisdictions that have adopted IFRS17 and in particular countries in the EMEA region.

Description: After 23 years, the new guidelines for insurance contracts have been released, which describe life insurance economic behavior and show its operating results in an unprecedented and complex accounting language. The management of the insurance industry, as well as accounting and actuarial professionals, will face new challenges. This speech started from the basic logic of accounting and the framework of the standards, combined with the insurance industry's operating rules and accounting characteristics, to illustrate the orientation of the new insurance contract standards. From the internal and external perspectives of life insurance operation, this paper used common management language to discuss the understanding of the new insurance contract standards, the focus issues of the industry and the key issue of the effective implementation of the new standards -- the deep integration of accounting and actuarial.

Description: The goal of this publication is to give insights on some market trends in the insurance industry from an African perspective. Some of such trends include digital innovation, accounting standards (IFRS 9 and IFRS 17), African Continental Free Trade Area (AfCFTA), Political Violence and Terrorism (PVT) incidents and Covid-19 pandemic exposures as well as Environmental, Social and Governance (ESG) considerations. It also highlights the success story of the leading pan-African reinsurer, African Reinsurance Corporation, with a message to young professionals that can help increase their odds of success.

Description: This presentation shares experience and ideas of both AIA Group and AIA China during implementation of the IFRS17 project and will discuss potential impact and outlooks in the domestic market from IFRS 17. This presentation includes a general overview of an IFRS17 implementation project, focusing on changes and requirements, as well as the resources cost of the main challenges and relative resources.

Description: Recognizing the benefit for actuarial discussions about how COVID-19 will affect our work, the Smaller Insurance Company Section of the Society of Actuaries hosted “COVID-19: What a Smaller Insurance Company Actuary Needs to Know Virtual Town Hall” on April 17, 2020. The following delves into these presentations and discussions.

Description: Manulife has been preparing on the system development for IFRS17 implementation since 2018. Manulife will start official parallel run in 2022. The purpose of this presentation was to share the valuable system development experience gained over the past 3 years. The practical cases would be shared, to discuss key areas including projection, implementation and expectation. After IFRS17 implementation, on top of being data experts, the future actuary will play an more active role in corporation analysis and strategy planning.

Description: Results of the 2021 SOA Life Reinsurance Survey

Description: In the speech, the presenter will share her insights based on three aspects: 1. Investment management is an important part of the whole process of risk management; 2. Methods and processes of asset allocation as well as risk management considerations; 3. The interaction between liability and asset is critical to risk management.