3rd Edition IFRS 17 Forum 2018

IFRS 17 Forum 2018

Discussing the latest technical IFRS 17 updates and their financial impact

IFRS 17 Forum 2018

27 November, 2018 | London

2018 Key Agenda Highlights

IFRS 17

Assessing how IFRS 17 interpretations can impact decision-making process

P&L

Addressing the potential P&L impacts on local branches and subsidiaries to limit liabilities

European Overview

European Insurance and Occupational Pensions Authority’s evaluation of IFRS 17

Disclosure

Reporting and disclosure under IFRS 17 requirements and limiting volatility

Risk Adjustment

Understanding how the IFRS 17 standard could affect risk adjustment calculations

Re-Insurance

Challenges associated with re-insurance for successful contract management

Financial Implications

Financial implications associated with IFRS 17 and impacts on the business

Contractual Service Margin

Identifying adequate data to ensure accurate calculations

Life Vs Non-Life

Opportunities and constraints of life and non-life insurers and ensuring compliance

Hear from Senior IFRS 17 experts including:

JamesOrr_V9R3442_HI-RES BLUE BKGD

James Orr
Chief Actuary – Head of Department
PRA, Bank of England

Head shot - Bernhard Klinger

Bernhard Klinger
Head of Actuarial Development
Bupa

John Nolan - cropped

John Nolan
Head of Technical Accounting
RSA

Alexandre Tzenev

Alexandre Tzenev
Head of Structuring EMEA
SCOR

Tommaso

Tommaso Fabi
EFRAG Team Member, Technical Director
OIC

Jo Clube 120x120

Jo Clube
TRG Member, Group Technical Accounting Director
Aviva

Why Attend?

New IFRS 17 regulations are creating many challenges around its implementation in the insurance industry; many are now increasing efforts to ensure they are fully compliant by 2021.

Awareness of IFRS 17 interpretations and how these may affect the firm is vital, so every small detail can make a huge difference, from systems to P&L, as well as being able to assess how the market would respond to different implementation approaches.

In light of this, The Center for Financial Professionals will bring together some of the industry’s most senior thought leaders to discuss the contract landscape. Our upcoming 3rd Edition IFRS 17 Forum will provide a platform to discuss the latest trends, updates and opportunities for different financial institutions.

IFRS 17 Forum 2018 | AGENDA

27 November, 2018 | London

08:15 – Registration, morning coffee and breakfast

08:50 – Chair’s opening remarks


THE STANDARD – PANEL DISCUSSION
9:00 Assessing how IFRS 17 interpretations can impact decision-making processes

  • Impacts of the standard on profitability and liability
  • Systems support
  • Retained profits and paying dividends
  • Actuarial vs accountant perspectives
  • Assessing current market positions
  • Approaches from life insurers vs general insurance
  • Testing phase: cost and benefit and analysis
  • Effects on the market post-implementation

James Orr, Chief Actuary – Head of Department, PRA, Bank of England

Jo Clube, TRG Member, Group Technical Accounting Director, Aviva


P&L

9:50 Addressing the potential P&L impacts on local branches and subsidiaries to limit liabilities

  • Assessing business costs for subsidiaries and branches
  • Educating stakeholders and shareholders on potential market changes
  • Training internal teams
  • Additional effects on P&L: European legislation, Brexit

Bernhard Klinger, Head of Actuarial Development, Bupa


10:30 Morning refreshment break and networking


REGULATORS VIEW

11:00 An overview of the most significant topics of IFRS 17

  • Level of aggregation
  • Recognition and measurement
  • General model
  • Variable fee approach
  • Premium allocation approach

Tommaso Fabi, Technical Director, OIC


FINANCIAL IMPLICATIONS – PANEL DISCUSSION

11:40 Reviewing the financial implications associated with IFRS 17 and the potential impacts on the business

  • Managing volatility
  • Expected behaviour changes
    • Life insurance vs GI insurance
  • Analysing financial transformation
    • Resource allocation

Bernhard Klinger, Head of Actuarial Development, Bupa

Kamran Foroughi, Senior Director, Willis Tower Watson


12:30 Lunch break and networking


CONTRACTUAL SERVICE MARGIN

13:30 Identifying adequate data to ensure accurate calculations

  • Data quality, quantity and sourcing
    • Coping with a lack of historical data
  • Systems for effective data management
  • Calculating profits over contracts life-span
  • Best practice for achieving high precision for calculations
  • Treatments of surrenders and termination fees

Alice Boreman, Global Actuarial Solution Lead, QBE


DISCLOSURE

14:10 Exploring reporting and disclosure under IFRS 17 requirements and the ability to limit volatility

  • Modifications to disclosures
  • Reporting adjusted profits
  • Leveraging reporting practice from other programmes
  • Impacts on the overall reporting landscape

Andreas Huthmann, Managing Partner, FAS


14:50 Afternoon refreshment break & networking


EUROPEAN OVERVIEW

15:20 EIOPA’s evaluation of IFRS 17

  • Producing accurate reports
  • Importance of IFRS 17 for European insurers
  • Potential impact of IFRS 17 in Europe
  • Efficiency gains by using Solvency II inputs and processes

Sandra Hack, Principle Expert, EIOPA


RE-INSURANCE

16:00 Exploring challenges associated with re-insurance best practice for successful contract management

  • Management of contracts
    • Potential mismatches
  • Modifying contracts features
  • Comparing best practices for reinsurance profit reporting
  • Identifying risk trends

Alexandre Tzenev, Head of Structuring EMEA, SCOR Global Life


LIFE VS NON-LIFE – PANEL DISCUSSION
16:40 Explaining the opportunities and constraints faced by life and non-life insurers and the ability to become fully compliant

  • Treatment of multi-year policies and shorter contracts
  • Budget, profit and cash flows
  • Modelling differences
  • Data and disclosure

John Nolan, Head of Technical Accounting, RSA

Phil Singh, Chief Actuary, Allianz Insurance tbc


 17:30 Chair’s closing remarks

17:40 End of the Forum


IFRS 17 Forum 2018 | SPEAKERS

27 November, 2018 | London

Alice Boreman, Global Actuarial Solution Lead, QBE

Alice will be speaking at IFRS 17

Jo Clube, Group Technical Accounting Director, Aviva

Jo Clube is the Accounting Policy Development Lead at Aviva PLC, responsible for policy and developments for IFRS, focusing particularly on IFRS 17, the new standard for insurance contracts. Based in London, Jo sits on ICAEW’s Financial Reporting Committee and Insurance sub-committee and has been involved for more than 10 years with the ABI Financial Reporting Committee and the CFO Forum accounting working groups. An expert in Insurance accounting, Jo was recently appointed to the IASB’s IFRS 17 Transition Resource Group.

Jo has been at Aviva since 2004 and has held numerous roles across the organisation including Group Tax Reporting Director, Head of Performance Analysis and Head of Accounting Developments.

A Chartered Accountant with more than 20 years’ experience, Jo originally joined Aviva to provide accounting technical expertise during the Group’s transition to IFRS, prior to that she was a member of Pricewaterhouse Cooper’s accounting technical team. Originally from Northern Ireland, Jo was educated at the University of Edinburgh gaining a BSc (Hons) in Molecular Biology.

Tommaso Fabi, Technical Director, OIC

Tommaso will be speaking at IFRS 17

Kamran Foroughi, Senior Director, Willis Tower Watson

Kamran will be speaking at IFRS 17

Sandra Hack, Principle Expert, EIOPA

Sandra will be speaking at IFRS 17

Andreas Huthmann, Managing Partner, FAS

Andreas Huthmann is Head of Financial Services and Managing Partner at FAS AG. FAS AG is an independent consulting firm specialized in accounting and finance topics and is known to combine a deep theoretical knowledge with a strong hands-on-approach.

Andreas joined FAS AG in 2004 after studying Business Administration at Phillips University in Marburg. Prior to his studies, he did an apprenticeship at a large German bank. He holds an MBA from WHU Otto Beisheim School of Management, Vallendar and Kellogg Business School, Chicago.

During his professional life Andreas Huthmann has participated in and managed several projects at banks and financial institutions within the field of IFRS conversions, implementation of hedge accounting and finance process optimization. One of his main focusses is the harmonization of balance sheet steering with economic and regulatory steering approaches.

Andreas is a regular lecturer for the Akademie für Internationale Rechnungslegung and the Academy of Finance (VöB) as well as a guest lecturer at various universities and conferences. He has published several articles about accounting and finance topics and is author of a book about accounting for financial instruments.

Bernhard Klinger, Head of Actuarial Development, Bupa

Bernhard is the actuarial lead on Bupa’s IFRS 17 implementation project. Bernhard has over 15 years of experience in the development of financial models and supporting regulatory change projects. Most recently, Bernhard lead the implementation of Solvency II models and reporting at Bupa. Before joining Bupa, Bernhard worked for Swiss Re as a risk manager and for HSBC in various senior actuarial roles.

Bernhard is a Fellow of the Institute and Faculty of Actuaries.

John Nolan, Head of Technical Accounting, RSA Insurance Group plc

John worked in practice in audit before joining RSA in Liverpool in 2004 where he progressed from UK financial reporting manager to his current Group Technical role. John represents RSA on the Financial Reporting Committees of the 100 Group and the ABI as well as chairing the ICAEW National Technical Committee and is a member of the ICAEW Technical Strategy Board. He is actively involved with the Liverpool Society of Chartered Accountants and was recently its President.

James Orr, Chief Actuary, Head of Department, PRA, Bank of England

James Orr is the Chief Actuary for General Insurance at the Prudential Regulation Authority, part of the Bank of England Group. He is also the Head of Department for the General Insurance Risk Specialists within the PRA. James’ department is focussed on reviewing firms’ capital requirements and provisioning under the new Solvency II regime. His career has included working for Lloyd’s of London, time as a GI consultant, and five years with the PRA’s predecessor organisation, the Financial Services Authority.

Phil Singh, Chief Actuary, Allianz Insurance tbc

Phil will be speaking at the upcoming 3rd Edition IFRS 17 Forum.

Alexandre Tzenev, Head of Structuring EMEA, SCOR Global Life

Alex has a large experience in the design of reinsurance financing arrangements – first in New York with Lehman Brothers and in London with Swiss Re.  Alex is currently the head of structuring for the EMEA financial solutions team at SCOR Global Life with a responsibility of assisting clients with capital or accounting related issues.  He is a Fellow of the Society of Actuaries and CFA.

IFRS 17 Forum 2018 | SPONSORS

27 November, 2018 | London

Co-Sponsors

Addactis


addactis Actuarial & Software Solutions:

addactis is the worldwide trademark of insurance software solutions of ADDACTIS Group covering the whole range of (re)insurance needs : pricing, reserving, reporting and modelling.
For over 25 years, ADDACTIS Group has been developing an unique expertise in actuarial consulting, design and deployment of software solutions for insurers, HR and financial departments for steering and modelling of occupational risks.
With addactis, you benefit from our 25 years of experience of 200 local and passionate experts & actuaries
and our team of software developers fully dedicated to the insurance industry.
That’s why we are THE ALTERNATIVE. Providing you with a new generation of actuarial software solutions that fit your needs. Present in 24 locations around the 5 continents, the company ensures an effective and responsive support across Europe, Latin America, Asia-Pacific and Africa. Over 500 (re)insurance companies worldwide with more than 2000 users in almost 50 countries have already chosen addactis.

Move forward with addactis, insurance software for actuaries by actuaries!

contact@addactis.com

FAS AG


FAS AG as a member of WTS Group is an independent and innovative solution provider for focused consulting, hands-on operational support and efficient outsourcing for the finance function of companies as well as for valuation and transaction purposes.

We provide multiple years of extensive experience in the widest variety of industries – from software and renewable energy to automotive and engineering.

Established in 2000 as a Spin-off from Arthur Andersen, today FAS supports you as an innovative solution provider and professional alternative to the Big4 with over 150 professionals working on projects all around the world.

Locations in Stuttgart, Munich, Duesseldorf, Frankfurt, Leipzig, Berlin, Hamburg, Cologne, Zurich and Vienna.

FAS AG – Accounting & Controlling ● Finance Optimization ● Corporate Finance ● Business Services

Tagetik


Relied upon by nearly 75,000 users in over 35 countries CCH Tagetik software helps CFOs meet the growing demands of an increasingly strategic role. CCH Tagetik’s mission is to deliver world-class corporate performance management solutions through a unified Financial Performance Platform which helps automate complex financial and business processes. Shorter cycles, lower TCO, greater insight, better decision-making – in short, CCH Tagetik software solutions helps the Office of Finance work better, smarter and more efficiently with more confidence and less risk. Spend less time on routine, manual and repetitive activities and more time devising, advising and executing on the business strategies that drive financial results.

Can your organisation contribute at our IFRS 17 Forum?

Please contact the Center for Financial Professionals today to discuss how we can deliver your thought-leadership at the event, help you generate leads, and provide you with unique networking and branding opportunities. Please visit www.cefpro.com/sponsorship for an outline of what we can offer, and contact sales@cefpro.com or call us on +44 (0)20 7164 6582 where a member of the team will be happy to tailor the right package for you. Download sponsor packages

2018 Media Partners

Media Partnerships

We are happy to support publications, associations and organisations at this event. From a simple company listing with your logo to taking advantage of some of our sponsor benefits listed above. To discuss this further please contact Amy Greene by email at Sophie.Goodeve@cefpro.com or call +44 (0)20 7164 6582.

IFRS 17 Forum 2018 | VENUE

27 November, 2018 | London

Venue


GRANGE CITY HOTEL

8-14 COOPER’S ROW
LONDON | EC3N 2BQ

Find out more online at
www.grangehotels.com/hotels-london/grange-city/

hotel image - the grange
Can I present at IFRS 17?

Yes, the Center for Financial Professionals are happy to discuss speaking opportunities at IFRS 17. For further information on this please contact alice.kelly@cefpro.com

What is the dress code?

Business attire is requested. The Summit is a formal opportunity to network with like-minded professionals and to gain knowledge from the industry’s finest risk management experts.

What is the cost and what is included in the registration fee?

We offer incentives for ‘early bird’ registrants of the main Forum, as outlined on our pricing tab. Registration includes breakfast, refreshment breaks, lunches, the cocktail reception at the end of Day One, full access to the Summit sessions, streams, and exhibition area. Presentations from sessions are also available, subject to speaker approval.

Where can I find the Summit documentation and speaker presentations?

All registered attendees will receive an email with access to documentation and speaker presentations* All available documentation will be provided after the Summit has taken place. However, we will work with our presenters to make these available before the Summit where possible. *Please note that our speakers often have to gain permission from their relevant compliance departments to release their presentations. On rare occasions compliance may not allow presentations to be distributed.

Will there be opportunities to network with other attendees?

There are ample opportunities for networking and interaction throughout the Summit, such as:

  • Breakfast, lunch and refreshment breaks
  • Q&A, panel discussions and audience participation technology at the event and during the sessions
I have several colleagues that would like to attend, is there a group discount?

Certainly! We are pleased to offer you a 50% discount on the third registration or provide a fifth registration for free. If you would like to register more than five colleagues please contact us on +44 (0) 207 164 6582. Please note:

  • Registrations must be made at the same time
  • Registrations must come from the organisation
  • The lowest registration will be discounted
Are there any opportunities to share my thought-leadership at IFRS 17?

Yes there are plenty of opportunities for the Center for Financial Professionals to share thought-leadership to the attendees of IFRS 17 and our wider risk professionals community. At the event we can distribute your material to the attendees or even offer you an exhibition booth so that you may enjoy a more prominent presence at the Summit. Visit the Sponsor tab for further information or contact sales@cefpro.com / +44 (0) 207 164 6582. Risk Insights Feature your content on our Risk Insights website and supporting Risk Insights monthly newsletter. For further information please download our media pack here

Are there media partnership opportunities available for IFRS 17?

Yes. As part of a media partnership we can offer a variety of options to increase the branding and awareness of your association, company, certificate, publication or media. We are flexible with what we can offer however we usually:

  • Provide a discounted rate to attend
  • Place your logo and profile on the Summit website
  • Place your logo on the Summit brochure
  • Place your logo on promotional content where applicable
  • Distribute your media/marketing at the Summit
  • Promote through social media channels

To discuss this further please contact Sophie.Goodeve@cefpro.com or call +44 (0) 207 164 6582.

IFRS 17 Forum 2018 | INSIGHTS

27 November, 2018 | London

FEATURED RESOURCE

IFRS 17 Video Presentation:

Transition and Business Transformation

By Greg Douglas, Actuary, Old Mutual & David Castleden, Current Head of Accounting Policy and Advisory, Old Mutual

Ahead of the upcoming 3rd Edition IFRS 17 Forum taking place on 27 November in London, view this presentation from the 2nd Edition IFRS 17 Forum in June 2018. This presentation looks into the approaches to transition, opportunities, integration into current systems, increasing core BAU activities and more…

IFRS 17 Presentation Slides:

IFRS 17- What does the new standard tell us about the business?

By Nick Dexter, Senior Advisor, Bank of England

Ahead of the upcoming 3rd Edition IFRS 17 Forum taking place on 27 November in London, Nick Dexter, Senior Advisor for Bank of England has released his PDF presentation from the 2nd Edition IFRS 17 Forum. These slides will cover what the new standard tells us about the business, including:

  • Why regulators are interested in an accounting standard
  • What are we interested in?
  • Other aspects of regulatory interest

ARTICLES

15th October 2018

Exploring challenges associated with re-insurance best practice for successful contract management

By Alexandre Tzenev, Head of Structuring EMEA, SCOR Global Life
1st October 2018

Assessing how IFRS 17 interpretations can impact decision-making processes

By James Orr, Chief Actuary, Head of Department, PRA, Bank of England
12th September 2018
Guglielmo Migliori article banner

CeFPro research – IFRS 17 best practice: Data, re-insurance efficiency and achieving positive financial implications

By Guglielmo Migliori, Senior Research Executive, CeFPro 
5th September 2018

IFRS 17- What does the new standard tell us about the business?

By Nick Dexter, Senior Advisor, Bank of England.
3rd July 2018

Presentation – IFRS 17: Transition and business transformation

6th June 2018

Leveraging technology to implement IFRS 17

By Amritpal Khangura and Tom Kim, Consultants from Milliman.
16th May 2018

IFRS 17 departmental impacts

By James Orr, Chief Actuary for General Insurance, Bank of England.
16th May 2018

Discussing approaches to embedding IFRS 17 into the business and day to day management practices

By David Castleden, Current Head of Accounting Policy & Advisory and Greg Douglas, Actuary, Old Mutual.
30th April 2018

Understanding the systems and data challenges of IFRS 17

Insight from Legerity.
19th April 2018

IFRS 17 unanswered questions and latest developments

By Susanne Pust Shah, Project Director, Financial Reporting Council.
16th April 2018

Exploring resourcing strategies and the ability to effectively manage timeframes, budgets and staffing

By Otto Bauer, Former FAR Controller, Zurich.
4th April 2018

IFRS 17: Progress, opportunities and implementation

By Shannon Harris, Senior Research Executive, Center For Financial Professionals
13th November 2017

The impact of IFRS 17 on new business streams

By Mark Laidlaw, Life Finance and Group Actuarial Services Director, LV.
6th November 2017

IFRS 17 – From Data to Journals

By Mark Miller, IFRS Global Lead, Legerity Limited.
2nd November 2017

Building block vs. premium allocation approach

By Andrew Halim, Head of Accounting Policy & Control, Hiscox.

IFRS 17 Forum 2018 | REGISTRATION

27 November, 2018 | London

Super Early Bird

Register by 19 October

SAVE £300

Early Bird

Register by 16 November

SAVE £200

Standard Rate

Registrations after 16 November

£599*

£699*

£899*

*All rates subject to UK Vat

Group Bookings – 3rd Person Half Price:

Group rates are available for 3 or more attendees from the same organisation, when registering at the same time. The current rate allows every third colleague to come along for half price or the fifth person to attend for FREE! Should you have any questions regarding registering, please contact the Center for Financial Professionals, please contact us on +44 (0)20 7164 6582 (UK) or +1 888 677 7007 (US), or email sophie.goodeve@cefpro.com

Other ways to register

1. Save Time – Register by Email

Simply email us with your e-signature – and we will do the rest for you!

2. Contact Us Directly

3. Download the PDF Registration Form


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Co-Sponsors:

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