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: Sustainable operations under changes in accounting principles and solvency standards

Description: With long duration targeted improvements in the U.S., and IFRS 17 in other countries, the insurance industry is currently undergoing the adoption of two of the most significant accounting changes in recent history. While the scale of these specific events are infrequent, change is the norm in the world of insurance and life of an actuary. We live in a dynamic environment that will continue to bring challenges in how companies make decisions in order maximize their value and return on capital. Capital management requires an ability for insurance companies to take corporate actions and understand the impact this will have on both the current and future available capital. Being able to make optimal decisions when the goal posts are subject to frequent and material shifts in accounting regulation is a difficult process. It requires holistic consideration of all tools available to manage capital and how KPIs can shift in their measurement under new regimes. By attending the session, you will: Discuss the challenges that companies have in managing capital in an ever evolving environment, what steps they have taken in managing the current scope of accounting change, and how they can be prepared for adjustments in the future.

Description: The landscape of climate-related and sustainability-related disclosures has been changing and evolving. The approaches that companies will use under the new ISSB standards (IFRS - IFRS S1, IFRS - IFRS S2) remains to be seen. To help prepare for these standards taking effect, the SOA Research Institute Catastrophe & Climate Strategic Research Program Steering Committee is seeking researchers to conduct a literature search to lay out methodologies and approaches being considered to implement these new standards, along with common terminology and common language determination in the approaches.

Description: Overview of regulations and best practices for governance of PBR valuation processes, including standards, oversight, controls and review related to the PBR analysis

Description: Hot Topics in Setting Pension Return Assumptions is the third in a series, following Mathematics of Pension Return Assumption and Inflation, focusing on Effects, Forecasts, and Role in Pension Valuations. What time horizon is more appropriate for Capital Market Assumption (CMA) forecasts: mid-term or long-term time horizon, or a blend of both? How do we map the asset classes of a plan's own investment policy to the asset classes of investment forecasters' CMAs? If we use asset-smoothing for valuation assets, should we use market-driven expected returns or smoothed/average versions of them?

Description: As a consequence of increased merger and acquisition activity in the insurance market in recent months, understanding the methodology behind goodwill calculations is becoming more relevant. Actuaries play an integral role in the calculation and validation of goodwill values. By understanding the principals and concepts in more detail, we can ensure that an optimal approach can be achieved both in terms of accuracy and value to the business. Gaininsight into the various components of goodwill, including an overview of the actuarial appraisal method that establishes how to calculate those components. Drill down to core intangibles, including VOBA, VODA and VOCRA. Explore the best practices for calculation of these components and obtain an understanding of the assumptions, methodology, and challenges that are being presented while deriving values of goodwill. Identify the key choices which can be made and how they impact the value both initially and over time. By attending the session, you will: - Describe the components of goodwill. - Calculate the components of goodwill. - Understand the challenges of calculating goodwill. - Understand what decisions are available within the methodology and their impact.

Description: As effective dates for major changes in insurance accounting are rapidly approaching, insurers find themselves at various stages of their implementation programs. Driven by the need for compliance and desire for operational excellence, companies are transforming by reimagining their processes, leveraging technology enablers, redefining roles and responsibilities, and enhancing risk management, governance, and controls. Companies that proactively include risk and control elements in their accounting change implementation programs benefit from improved outcomes, enhanced investment returns, early identification, and mitigating of risk. Focus on risk and controls considerations around accounting change programs and how strategic partnerships with internal audit and ERM groups can benefit these significant transformation programs. By attending the session, you will: Be able to articulate key considerations around risk and controls for accounting change implementation programs.

Description: TAXING TIMES recently sat down with a group of retired tax actuaries to hear about how they got involved in actuarial tax matters and how their tax experience impacted their careers. Their insights will be useful for actuaries who are just starting out in the profession, as well as more seasoned actuaries.

Description: As IFRS 17 Insurance Contracts casts its net wide, reinsurers find themselves sailing toward new horizons of financial reporting. The transition to IFRS 17 is not just a regulatory compliance exercise but a transformational journey that reshapes the financial reporting landscape for reinsurers. The enhanced disclosure requirements, the granular contract-level accounting, and the measurement consistency across different reinsurance contracts promise to unveil a clearer financial picture. Yet, these new reporting waters could be choppy, demanding a sturdy understanding and application of IFRS 17's principles. This article describes benchmarking of IFRS 17 information provided at HY 2023 for four reinsurers.