Description: Pension accounting standards continue to evolve across the globe with objectives, methods and assumptions varying, sometimes substantially, from one jurisdiction to the next. The presenters will compare the primary global pension accounting standards (US GAAP and IFRS), review recent developments and address whether or not the current standards adequately serve stakeholders such as plan participants, investors, management and regulators.

Description: The discount rate is one of the most critical topics in IFRS 17, which may have important repercussion on product profitability. Having a low discount rate may indicate a low profitability of a group of contracts, while a realistic expectation may differ. A similar issue was prevalent especially for U.S. companies when discount rates were set using a market consistent framework. The session is intended to help develop a discount rate framework that aligns with the business practices and address the concerns around the market consistent framework. This session will cover practical implementation considerations to set and apply IFRS 17 discount rates. The panelists will discuss alternative approaches to allow for a level of illiquidity premium for business supported by fixed assets with credit risks. Discussions will also cover other implementation considerations including granularity of setting the discount rate, application to new business, implications on asset and liability modeling, and a planning aspect for a successful implementation of the discount rate setting process. The panelists will share case studies to illustrate different approaches of setting the discount rate and their potential financial impacts. At the conclusion of the session, attendees will be able to: understand key requirements of setting discount rates under IFRS 17; understand how to align the discount rate to the actual business practices; understand implications of the discount rate in actuarial modeling; understand potential impacts on financial results; and develop a realistic plan to set discount rates appropriate to the business practices.

Description: This session will have two sections: General consideration of IFRS17 implementation for VA writers and reinsurers A case study of IFRS17 implementation for a reinsurer The first section will go over VFA and GM approaches that are available for VA writers. Both approaches have their own challenges. We will highlight some of the challenges and how to approach/overcome them. Additionally, we will discuss how hedging/ALM can help smooth the transition. The second section will go over the details of implementation process of a VA reinsurer. The case study will explore valuation challenges unique to reinsurers assuming business that would otherwise be valued under the VFA. It will also go over some of the modeling difficulties, project management, and database requirement.

Description: IFRS 17 is a significant change that requires insurers to invest time and resources. The presenters will address wider implications of the new standard, and a senior leaders' panel will cover a number of perspectives. They will address the latest developments of the standard and interpretations, emerging technology that is accelerating implementation, insights from implementing IFRS 17 in Canada and globally, reinsurance considerations and opportunities for the actuarial profession.