Description: The pension risk transfer (PRT) market has increasingly expanded to include the complexity of deferred participants who have additional options that do not exist for a retiree already receiving their benefit. Assumptions on the timing of benefit commencement and form of payment elected are highly dependent on specific pension plan provisions and the census population. These assumptions can have significant impact on the reserves and cash flows affecting not only the initial price but the future profitability of the deal and require a balance of both pension experience and annuity pricing. Learn about considerations for assumptions fit for purpose from pension actuaries working in the PRT market and who specialize in the assumption setting process for deferred lives.

Description: Environmental, Social, and Governance ('ESG') frameworks have been evolving over the last several decades in industries across the globe. The Life and Annuity insurance industry has traditionally not been viewed to be largely impacted by various ESG requirements and frameworks, but as these mature and evolve, L&A carriers need to understand potential implications on their industry.This panel discussion will focus on how experiences in other industries can inform impacts and solutions to the L&A industry.

Description: 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.

Description: The tape has finally been broken on live reporting with International Financial Reporting Standard 17 (IFRS 17). The insurance industry across much of the world now pivots focus from implementation efforts to assessing disclosed impacts of the new global standard. During this session, the presenters will explore how equity positions are changing for companies after adopting IFRS 17, particularly given the recent interest rate environment.

Description: Take part in a practical and forward-looking discussion for long duration targeted improvements (LDTI) implications on financial planning and analysis (FP&A). This session will provide an update on emerging industry practices and considerations for reflecting LDTI in FP&A, including operational headwinds and new opportunities.

Description: Join us for a lively discussion on how accelerated underwriting (AU) practices have evolved over time and specifically because of COVID-19.

Description: The Society of Actuaries Retirement Section Research Committee sponsored a research project on the impact of megatrends and paradigm shifts on retirement, retirement plan design and funding. Various aspects - sociocultural, economic, technological, health and long-term care, environmental - were examined to provide a context of the future of retirement plans and consider some possible areas for change. Join us for interactive table discussions as together we explore major areas of change, consider what they mean to various stakeholders, and propose various alternatives for employer-sponsored plans, individuals with or without plans and society in general. Tables will take turns sharing their thoughts with all session attendees and help give the SOA direction for future efforts. This is a great opportunity for your voice to be heard and let us know what YOU think will be the future of retirement!

Description: Actuaries too often get pulled into data management activities, taking them away from the analysis work they enjoy and were hired to do. Without a good relationship between actuaries and IT, this can persist even at companies that have been through finance transformations. Gain insight as we focus on the important relationship between actuaries and IT, and how they can work together on best practices for extracting, managing and using the policy data needed for actuarial models. Join our discussion on a variety of data governance and control practices used when extracting policy data from administration systems. Actuaries and IT must work together to create clear data dictionaries that fully document all steps taken as policy data runs through the exchange, transform and load (ETL) processes prior to being used in actuarial models.

Description: This session will discuss two important dimensions of why a holistic approach is recommended over a piecemeal, nonintegrated approach for an IFRS 17 modeling solution. Attendees will receive three perspectives from actuaries working as actuarial consultants or within an insurance company or as a software developer. The first dimension is model design. The session will demonstrate holistic model design advantages with regards to model inputs, model outputs, liability portfolio management, modeling efficiency, and transparency. The second dimension represents organizational impacts resulting from the model design.

Description: For over a decade, the low interest rate environment in the U.S. has shaped the life insurance industry. Challenges in finding reasonable yields on investment-grade assets have defined insurer decisions on product designs and business mix. Now, we see a material shift in the interest rate environment, with the 10-year U.S. Treasury rate increasing nearly 3% from 2020 lows. In this follow-up to ImpACT 2021's popular Interest Rates May Be Rising...Now What Do We Do?, join us as we investigate the industry's response to the shifting interest rate environment with respect to pricing and product design, inforce and capital management, and the M&A and reinsurance markets. Have insurers been altering product designs and management actions to take advantage of the increased investment yield on long-term assets? Or are we seeing business-as-usual? How have the changes in rates impacted policyholder behavior? What are the benefit and risk of the rising interest rate for life insurers? We will also discuss developments in the M&A and closed block reinsurance market as (re)insurers continue to navigate the evolving economy. Gain an understanding of the impact that the new interest rate environment has had on life insurance and annuity pricing and product design, inforce and capital management, and the M&A and reinsurance markets.