Description: This session will explore the evolving landscape of accident and health valuation, with a special focus on GAAP Long Duration Targeted Improvements. Discussion will delve into the intricacies of change brought by GAAP LDTI for calculation of both Lifetime Future Policy Benefits (LFPB) and Deferred Acquisition Costs, as well as potential downstream impacts to other activities related to general GAAP and STAT reserving such as experience analysis, model system conversion, financial planning and analysis, and statutory margin analysis. Attendees should be able to connect accounting and financial reporting concepts under GAAP LDTI to opportunities for technology modernization, improved transparency of financial analytics, and important considerations unique to Accident and Health products.

Description: Both LDTI and IFRS 17 have introduced numerous new metrics with most companies having only crossed the finish line, just complying with what's needed for reporting due the complexity and large amounts of data required to simply comply. How do you leverage all the work you did to get proper business insights across the organization that tie back to these reporting metrics? This presentation covers a perspective of pain points faced in getting over the the hurdle in complying with LDTI and IFRS 17, upcoming hurdles, emerging KPIs, as well as how to best manage the data, technology, and processes to produce the analysis around these KPIs efficiently.

Description: The session is based on an article of the same name featured in the January, 2023 issue of Health Watch. It gives a step-by-step method of how to apply the average paid PMPM method to calculate IBNR with zero run-out, as opposed to current methods, which generally require a three-month run-out period. Methods for obtaining confidence intervals for the IBNR estimates will also be discussed.

Description: Gather with members and non-members in the China actuarial community to discuss recent topics and related issues in areas such as macroeconomic sharing, pension, investment, product strategy, and more.

Description: As long-term care enters into its fifth decade, the product continues to evolve. Current trends as well as innovative product designs pose many challenges as carriers seeks to model long-term care.

Description: This article highlights the fact that new requirements for disclosure of average liability duration and interest rates could lead to diversity in practice. It also recognizes that elements of the new disclosure requirements will enable financial statement users to perform their own crude estimates of these averages in ways that could help them to better understand the liabilities and to compare companies using consistent methods. Finally, the article describes how companies might also find value in such crude estimates.

Description: S&P reissued a second Request for Comment (RFC) in May 2023 that proposed changes to their insurer capital adequacy methodology and assumptions, and suggested these proposed changes may become effective at the end of 2023. This paper is to highlight the notable changes between the current capital model criteria and the proposed model. We also discuss major changes from the first RFC and the second RFC, as well as several key items that still require enhanced guidance and clarification. Our analysis is based on information gathered from S&P's public comments, conversations with industry participants, and publications released by S&P Global as of July 2023 when this paper was written. Most U.S. life insurers are rated by S&P using their U.S. Life Statutory Capital model, while other insurers use the GAAP/IFRS Capital Model. Statutory financials will remain the starting point for U.S. life insurers under the proposed model, however there will be additional adjustments made to these numbers in an effort to create consistency and comparability with other accounting and solvency regimes.

Description: This session will address the risk management, reserving and capital issues associated with index-linked annuities including financial reporting considerations for FIAs and RILAs, benefits of combining VA and RILA hedging and reserving under VM-21, current and future challenges with FIA reserving under VM-22, potential capital redundancy for FIAs, RILA interim values under AG 54, NAIC economic scenario reform, asset modeling, fund mapping and more!

Description: Join us for an engaging session packed with practical tips and interactive discussions to help you unlock the true potential of the investment in being LDTI ready and unleash its full potential.

Description: How does mortality experience impact earnings under the new GAAP financial framework? This article discusses how to isolate key components from financial models related to decrements, as well as how to handle the changes in the financial reporting landscape including: the aggregation of insurance policies into cohorts, dynamic reserving, and the limitations imposed by caps and floors. Looking at the components of earnings, such as the present value of benefits, expenses, and premiums, and how these elements interact is critical to form a comprehensive earnings story.