4th Edition IFRS 17 Forum 2019

08:00 Registration and breakfast

08:50 Chair’s opening remarks

Moderator: Dr. Daniel Trzesniak, Head IFRS 17 Initiative, Systemorph

TIMELINES – PANEL DISCUSSION
09:00 Reviewing the consequences of the deferred implementation date and how firms have adapted their plans and timelines

• Impact on resources
• Strategic postponement – halting operations to await industry development
  • Saving on resources and future amendments
• Risk of postponement on investor relations
• Using extra time to enhance operations
• Brexit impact – final requirement and regulators
• Being ready for the revised implementation date
• Potential for further extensions

Andrew Halim, Head of Accounting Policy, Hiscox
Elena Rodriguez, IFRS 17 Project Director – Finance Dry Run and Transition, Zurich
Bernhard Klinger, Head of Actuarial Development, Bupa

IMPLEMENTATION
09:40 Exploring techniques and methodologies around implementing the standard

• Consistency across the industry
• Technical impact on the balance sheet
• Consequences of methodologies
  •  Changes to profit
• Risk adjustment
• Discount rates

Rahul Verma, Methodology Lead, Just Group

10:15 Morning refreshment break and networking

TRANSITION & IMPLEMENTATION
10:45 Discussing the various transitional and implementation challenges including approaches, timelines and triggers to begin adoption

• Centralise vs localise implementation
• Data integration challenges between departments
• Main system implementation obstacles
• Conducting parallel runs
• How the finance function may be affected

Elena Rodriguez, IFRS 17 Project Director – Finance Dry Run and Transition, Zurich

11:20 IFRS 17 Implementation: Experience from various projects: Status and learnings

• Status of ongoing implementation projects
• Challenges and solutions
• Dos and don’ts
• Demo

Dr. Roland Bürgi, Founder & CEO, Systemorph AG

CSM
11:55 Reviewing the Contractual Service Margin (CSM) and providing a user perspective

• CSM at transition
• Calculating CSM on day one
• Cash flows movements impacting the CSM
• Allocation over the term of a contract – impact on profit
• IT systems implementation

Remo Cavegn, Finance Program Director, Allianz SE

12:30 Lunch break and networking

1:30 Management of IFRS 17 effects before, at and after first time adoption

• Explanation of explicit and implicit application choices of IFRS 17
• Impact on results and capital
• Interaction with the asset side

Andreas Huthmann, Managing Partner, FAS AG

ACCOUNTING
2:05 Exploring IFRS 17 accounting standards and the ability to create links to the financial reporting process

• Level of detail required
• Re-categorising contracts into profitable, onerous and at risk
• Reporting onerous contracts separately
  • Impacts on disclosure
  • Minimising loss on the financial statement
• Re-instating existing portfolios
• Mitigating loss making contracts
• Interplay between IFRS 9 & IFRS 17 – assets and liabilities
  • Re-instating figures for one standard and not the other
• Avoiding accounting mismatch

RE-INSURANCE
2:40 Reviewing the uncertainty surrounding re-insurance strategy and the ability to progress without final guidance

• Mismatch between re-insurance policy and underwriting policy
• Allocating protection against onerous contracts
• Treatment of longevity swaps
• Re-insurance design to alleviate IFRS 17 effects

Alexandre Tzenev, Head of Structuring EMEA, SCOR Global Life

3:15 Afternoon refreshment break and networking

IT SYSTEMS
3:45 Elaborating on the IFRS 17 system requirements and the ability to adapt legacy systems and reporting

• Creating a flexible system plan – in house vs external
• Bridging the gap between IFRS 4 and IFRS 17
• Level of granularity required
• Preparing warehouses for scrutiny
  • Data warehouses
• Capturing and tracking data
  • Calculating historic CSM
  • Joining up actuarial and accounting data
• Bundling policies together to report as a group
• Aggregation
• Building and defining systems in time for dry runs

Tanya Boyd, Head of Actuarial, Skandia Group

RISK MANAGEMENT
4:20 Exploring how IFRS 17 affects risk management

• Strategic risk management: Now and after implementation
• Decision making: Risk-reward equations that could change
• Measuring risk: Key risk metrics, impacts, and tolerances under IFRS 17
• Mitigating risk: Potential actions now and in the future

Peter Telford, Group Enterprise Risk Director, Legal & General

COMMUNICATION – PANEL DISCUSSION
4:55 Explaining the possible IFRS 17 impacts to investors, shareholders and rating agencies

• Changes to the profile & recognition of profit
  • Explaining profitable/non-profitable portfolios
  • Creating greater understanding of products under IFRS 17
• Mitigating against shareprice drops
• Ensuring rating agencies correctly represent the views of the shareholders
• Reporting on both frameworks and comparing numbers
• Helping clients manage their accounting profitability

Varun Verma, Head of Solvency II Reporting, AIG
Hadley Cohen, European Insurance Equity Analyst, Deutsche Bank
Jo Clube, Group Technical Accounting Director, Aviva

5:35 Chair’s closing remarks & end of Forum

Tanya Boyd, Head of Actuarial, Skandia Group

Tanya Boyd is currently the Head of Actuarial at Skandia Group, one of Sweden’s largest pension and life mutual insurers. Tanya is responsible for valuation and accounting of Group technical provisions amounting to 430 billion SEK. Tanya has 20 years of experience with the largest insurance companies in the nordic market of which 11 years were with Alecta, occupational pensions mutual. She was also engaged with BNP Paribas Nordic and Länsförsäkringar AB in the various roles of leading actuary, senior Risk management and Governance.
Tanya has been heavily involved in actuarial valuation models, implementation of Solvency II and IFRS 17 as well as extensive commercial activities. Tanya holds a degree in Economics and is a member of the Swedish Society of Actuaries. She is an active representative of the Swedish insurance branch in dialog with regulators and legislators.

Dr. Roland Bürgi, Founder & CEO, Systemorph

For over a decade Roland worked as a business architect in the reinsurance industry, designing models, business processes and software systems for pricing, internal models, economic scenario generation, and operational risk. Noticing the lack of standard software in this area, Roland founded Systemorph to provide an agile software platform serving the needs of the financial industry for managing business data.

Remo Cavegn, Finance Program Director, Allianz SE

Since September 2016 Remo has been the Program Director at Allianz SE, Munich leading the harmonized implementation of IFRS 9 and IFRS 17 across Allianz Group. Plus contributing towards the standardization and digitalization of actuarial and finance processes and systems across Allianz Group. Previously Remo was also Global Head of Accounting and Reporting at Allainz Partners, Paris and Head of Accounting and Tax at Allianz Suisse Insurance Company Ltd, Zurich. Just some of Remo’s educational achievements include MAS in Taxation / LL.M.  Taxation, Swiss and MAS Accounting and Finance.

Hadley Cohen, European Insurance Equity Analyst, Deutsche Bank

Hadley Cohen is an analyst in Deutsche Bank’s European Insurance team. He joined in September 2013 from another sell side institution, where he covered the sector for seven years with a focus on Large Cap composites, Reinsurance and the Nordic insurers. Previously, Hadley was an interest rate futures trader. He is a CFA Charterholder and holds a MSc in Applicable Mathematics from the London School of Economics as well as a BSc in Mathematics … with Modern Languages from UCL

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.

Andrew Halim, Head of Accounting Policy, Hiscox

Andrew has more than 14 years’ experience in financial accounting in financial services. He is the Head of Accounting Policy at Hiscox, responsible for development and maintenance of group-wide accounting policy and leading the implementation of new accounting standards including IFRS 17.

Prior to this role, Andrew held worked in a similar capacity at Aviva and prior to that role worked for ten years as a consultant with EY. He advised and managed projects for large European (re)insurers, banks and asset managers on financial accounting, economic capital, auditability and M&A transactions.

Prior to this role, Andrew held worked in a similar capacity at Aviva and prior to that role worked for ten years as a consultant with EY. He advised and managed projects for large European (re)insurers, banks and asset managers on financial accounting, economic capital, auditability and M&A transactions.

Andreas Huthmann, Managing Partner, FAS AG

Andreas Huthmann is Managing Partner of FAS AG the financial advisory firm of WTS group. FAS AG is specialized in accounting, regulatory and finance topics and known to combine deep theoretical knowledge with a strong hands on approach. Andreas is heading the joint service line Financial Services of FAS AG and WTS group.

Andreas joint FAS AG in 2004 after studies in business administration at Philipps University in Marburg. Prior hed started his work life with a traineeship at Commerzbank. Further he holds an MBA from WHU Otto Beisheim School of Management, Vallendar and Kellogg Business School, Chicago.

During his professional life Andreas participate din and managed several projects for financial institutions within the fields of accounting standard implementation, hedge accounting, regulatory reporting and finance process optimization and financial reporting architectures. Further he is focusing on integrated approaches for integrated management based on regulatory and finance figures and requirements.

Andreas is a regular lecturer for “Akademie für international Rechnungslegung” and the Academy of Finance (VöB) as well as guest speaker 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.

Elena Rodriguez, IFRS 17 Project Director – Finance Dry Run and Transition, Zurich

Elena is a Qualified Management Accountant who has been with Zurich Insurance Group for 9 years and involved in IFRS 17 Program almost from the beginning. At the start, she has led the design of the end-to-end process, with special focus on the translation of the IFRS 17 data requirements across systems and functions. As process owner of the Target System Landscape, she is sounding board for the design of the centrally developed actuarial solution. Currently as the IFRS 7 Program evolves, her focus is on the Finance Dry Run, ensuring readiness from the countries as well as from the Group functions.

Previously, Elena was Manager of Accounting Services, with a wide experience leading financial accounting teams. She has also participated in various projects including SAP conversion towards a common platform, outsourcing of accounting activities and process improvements across countries and functions applying Lean methodology (currently Lean Black Belt candidate).

Peter Telford, Group Enterprise Risk Director, Legal & General

Peter Telford is Group Enterprise Risk Director at Legal & General (L&G). He oversees L&G’s enterprise risk management, including the strategic risk appetite framework, the Own Risk and Solvency Assessment, and the internal capital model. Peter has led the L&G Risk function’s involvement with IFRS 17, and helped to shape L&G’s feedback to the IASB in the design phase.

Peter is a Fellow of the Institute and Faculty of Actuaries and a Chartered Enterprise Risk Actuary, with an MA in Mathematics from Oxford University. His experience with L&G and AXA includes risk and capital management, product management, financial reporting, chief actuary, and chief risk officer roles.

Dr. Daniel Trzesniak, Head IFRS 17 Initiative, Systemorph

Daniel has several years of experience in the reinsurance industry. He started his career as a pricing actuary, where he developed tools and systems for non-life reinsurance.
Afterwards, he moved into treaty underwriting and structuring, working for different markets and lines of business. During this time, he became an expert at costing models and marketing complex reinsurance transactions. Daniel currently works at Systemorph as Head of Product Strategy and IFRS 17 Initiative Lead.

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.

Rahul Verma, IFRS 17 Methodology Lead, Just Group plc

Rahul is an experienced risk professional with academic background in multiple disciplines of actuarial science, investments, finance and applied mathematics.

Currently he is leading the IFRS17 methodology development for one of the largest UK based DB pension scheme consolidator and annuity provider.

With his career spanning over 15 years and work across UK (majority), EU and Asia, he has served in several key positions such as VP-head of risk, interim CRO, head of financial transformation and lead project actuary covering not only the technical deliveries but also successful stakeholder management at all levels, including regulatory approval processes.

He has a proven track record of delivering leading roles in key financial reporting, IMAP, Solvency II, investments, risk management and strategic projects for UK based global insurers requiring thought leadership, strategic decision making, strong quantitative skills and team management across multiple countries.

Varun Verma, Head of Solvency II Reporting, AIG

Varun will be presenting at the IFRS 17 Forum.

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Venue

Etc Venues – Monument
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London
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UK

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Grange City Hotel

Apex City of London

Premier Inn London City (Tower Hill)

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