Reviewing the latest IFRS17 trends, methodology and concluding plans for timelines and implementation
5TH EDITION IFRS 17, 2020
5-6 November, 2020 | Virtual Event
TRANSITION & IMPLEMENTATION
Reviewing the final requirements and integration with systems
ENDORSEMENT PROCESS
Understanding how to manage complexities within the endorsement process
KEY PERFORMANCE INDICATORS
Establishing KPIs to manage and understand business performance
CONTRACTUAL SERVICE MARGIN
Measuring and incorporating CSM and classification of products under IFRS 17
RE-INSURANCE
Uncertainty and expectations of product treatments for reinsurance under IFRS 17
COMMUNICATION
Communicating the impacts of IFRS 17 to internal and external stakeholders
EeLain Ong
CFO
DHL Insurance
Alexandre Tzenev
Managing Director – Financial Solutions EMEA
SCOR Global Life
Oscar Kitasoboka
Chief Actuary
UAE Insurance Authority
Stephen Bishop
Business Project Manager – IFRS 17 Reinsurance
Munich Re
Brian Birch
IFRS 17 Project Manager
Randall & Quilter
CAN YOUR ORGANISATION CONTRIBUTE?
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. For more information on what we can offer, please contact sales@cefpro.com or call us on +1 888 677 7007 where a member of the team will be happy to tailor the right package for you.
08:50 Chair’s opening remarks
TRANSITION & IMPLEMENTATION – PANEL DISCUSSION
9:00 Reviewing the final standard requirements and integration with systems for effective implementation
- Establishing principles around practicality
- Reviewing status of integration of new actuarial system with current systems
- Managing time pressure leading to portfolio shortcuts vs full implementation
- Operational risk of portfolios at different stages of implementation
- Analysing final standard with industry expectations
- Clarity of perception of wording
- Benchmarking difference in IFRS and US GAAP
- Validating parallel runs across product
Oscar Kitasoboka, Chief Actuary, UAE Insurance Authority
Stephen Bishop, Business Project Manager – IFRS 17 Reinsurance, Munich Re
Brian Birch, IFRS 17 Project Manager, Randall & Quilter
ENDORSEMENT PROCESS
09:35 Managing complexity of the endorsement process and considerations for global institutions with impact of Brexit
- Explaining the UK endorsement framework for international standards
- Establishing the Endorsement Board and secretariat
- Explanation of transitional phase (pre/post Brexit) and the resulting uncertainties – both general and those specific to IFRS 17
- Overview of IFRS 17 project and timelines etc, relationship with EU adoption
Peter Drummond, Senior Project Director – UK Endorsement Board, Financial Reporting Council
10:05 Refreshment break and networking
10:35 Session reserved, details to follow shortly
10:55 -15 minute refreshment break and networking
CONTRACTUAL SERVICE MARGIN
11:10 Measuring and incorporating contractual service margin and classification of products under IFRS 17
- Reviewing investment return
- Establishing how to measure the earnings over the number years
- Implementing recognition patterns
- Including the investment margins versus just a pure insurance margin
- Recognising CSM on the classification of the product
- Measuring and realising relative margins
- How much and what time
- Treatment of pure investment products under IFRS 17
Martin Schmid, Head of IFRS 17, Baloise Insurance Company
11:40 Session reserved, details to follow shortly
12:00 Chair’s closing remarks
08:50 Chair’s opening remarks
KEY PERFORMANCE INDICATORS
09:00 Establishing KPIs to manage and understand business performance under IFRS17 reporting
- Reviewing how KPIs are embedded into reporting
- Compatibility of KPIs with elements within the standard
- E.g. reviewing revenue and insurance expense as one unit or two
- Reviewing creating additional calculations and discourse
- Corresponding principles with the US GAPP standards
- Using parallel runs to preview the standard to understand KPIs
Jo Clube, Group Technical Accounting Director, Aviva
09:30 Session reserved, details to follow shortly
09:50 Refreshment break and networking
REINSURANCE
10:20 Managing uncertainty and expectations of product treatments for reinsurance and effective treatment under IFRS 17
- Reviewing recovery of losses for onerous insurance contracts
- Managing IFRS17 grouping of contracts
- Achieving offset on onerous and non-onerous contracts
- Understanding new benefits and potential use of reinsurance
- Optimising the risk adjustment in the reinsurance
- Assessment of Contract Boundaries
Alexandre Tzenev, Managing Director – Financial Solutions EMEA, SCOR Global Life
10:50 -15 minute refreshment break and networking
COMMUNICATION – PANEL DISCUSSION
11:05 Communication and understanding of impacts of IFRS17 on company accounts to internal and external stakeholders
- Explaining potential shifts in numbers to stakeholders and market
- Changes to income statement and premiums included in the future
- Treatment of investment components under IFRS 17
- Changes to calculating profits and recognition period
- Variations in recognition of profits over time, upfront or at end of contract
- Maintaining relationships with investors and explaining changes
- When should investors be prepared and educated on future numbers?
- Understanding and interpreting results to report to management
Oscar Kitasoboka, Chief Actuary, UAE Insurance Authority
EeLain Ong, CFO, DHL Insurance
11:40 Chair’s closing remarks
Brian Birch
IFRS 17 project manager
Randall & Quilter
Brian Birch will be presenting at IFRS 17
Stephen Bishop
Business project manager – IFRS 17 Reinsurance
Munich Re
Stephen Bishop will be presenting at IFRS 17
Jo Clube
Group Technical Accounting Director
Aviva
Jo Clube is the Accounting Policy Development Lead and Technical Accounting Director at Aviva PLC, responsible for IFRS policy and developments, focusing particularly on IFRS 17, the new standard for insurance contracts. Jo represents the UK industry on the IASB’s Transition Resource Group which seeks to support the Global implementation of IFRS 17.
Peter Drummond
Senior Project Director – UK Endorsement Board
Financial Reporting Council
Peter is a Senior Project Director in the secretariat of the UK Endorsement Board. He leads the project to assess IFRS 17 against the endorsement criteria set out in UK legislation for the adoption of IFRS for use in the UK.
Previously Peter worked for HMRC, advising tax and policy specialists on accounting practice and developments, and was part of the team that developed the current life tax regime. Peter trained with PricewaterhouseCoopers and immediately before joining HMRC he worked for PwC in London as a Director in Transaction Services.
Oscar Kitasoboka
Chief Actuary
UAE Insurance Authority
Oscar is Chief Actuary at the UAE Insurance Authority, leading the implementation of IFRS 17 and risk-based regulation. He has spoken about IFRS 17 matters and its challenges at many events in Europe and the Gulf. He was previously Chief Actuary at Legal & General’s non-life insurance business, has 20 years’ experience in insurance and holds an MBA from the Edinburgh Business School.
EeLain Ong
CFO, Global Finance Director
DHL Insurance
EeLain Ong will be presenting at IFRS 17
Martin Schmid
Head Valuation Life
Baloise Insurance Company
As Head of Valuation Life I have been responsible for the cash flow, valuation and risk model development, its application and the reporting in local and IFRS reserving, solvency, MCEV, as well as ALM.
I helped shaping the regulatory framework within the industry’s working groups for local reservation, SST and am doing now so for IFRS 17.
Now I am driving the IFRS 17 development within the financial transformation project on group level, where I am responsible for the methodology, the implementation of the IFRS 17 calculation engine and the posting rules of the results.
I advise my co-project leads in financial steering, presentation, and process matters as far as IFRS 17 is concerned.
Alexandre Tzenev
Head of Strucruring EMEA
SCOR Global Life
Alex has over 15 years of experience in the structuring of reinsurance financing solutions – first in New York with Lehman Brothers and in London with Swiss Re. Alex is currently the head of EMEA financial solutions at SCOR Global Life with a responsibility of assisting clients with capital or accounting optimization issues. He is a Fellow of the Society of Actuaries and CFA.
CAN YOUR ORGANISATION CONTRIBUTE?
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. For more information on what we can offer, please contact sales@cefpro.com or call us on +1 888 677 7007 where a member of the team will be happy to tailor the right package for you.
Yes, the Center for Financial Professionals are happy to discuss speaking opportunities at the IFRS 17 2020 Forum. For further information on this please contact alice.kelly@cefpro.com or call us on +44 (0) 20 7164 6582.
This virtual Forum is free to attend for those representing financial institutions or government bodies. There is a nominal fee for those representing a service provider / vendor / consultancy. For more information please contact amy.greene@cefpro.com
All registered attendees will receive an email with access to documentation and speaker presentations after the Forum* We will work with our presenters to include as many presentations as 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.
Yes there are plenty of opportunities for the Center for Financial Professionals to share thought-leadership to the attendees of IFRS 17 2020 Forum and our wider risk professionals community. At the event We can distribute your material to the attendees, offer you an exhibition booth, and provide speaking opportunities so that you may enjoy a more prominent presence at the Forum. 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.
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- Provide a discounted rate to attend
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To discuss this further please contact amy.greene@cefpro.com or call +44 (0) 20 7164 6582.
IF YOU ARE REPRESENTING A REGULATED FINANCIAL INSTITUTION OR GOVERNMENT BODY…
You are able to register for free using our link below. All registrations are manually reviewed and approved before any confirmation emails are sent. If you have any questions please email james@cefpro.com
IF YOU ARE REPRESENTING A SERVICE PROVIDER, VENDOR OR CONSULTANT…
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All registrations are manually reviewed and approved before any confirmation emails are sent.
If you would like to register or have any questions please email james@cefpro.com
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