IFRS 17 Forum


IFRS 17 Forum

Transitioning from review and analysis to implementation

Venue: Bishopsgate Court, 4-12 Norton Folgate, London, E1 6DQ

Registration: Currently only £499+vat until 29 September

Key highlights that will be addressed at our IFRS 17 Forum:

THE STANDARD
Examining the IFRS 17 standard and variations in interpretation

SOLVENCY II
Understanding how to leverage Solvency II to build efficient systems and limit duplicate effort

TIMELINES
Reviewing IFRS 17 timelines and how institutions can prepare for full implementation

DEPARTMENTAL IMPACTS
Exploring the impacts of IFRS 17 on finance and accounting teams

CONTRACTUAL SERVICE MARGIN
Examining CSM calculations and the ability to align data practices and approach.

IMPACTS ON THE BUSINESS
Analysis of areas of concern and uncertainty within IFRS 17 and the possible impacts on the business

PREMIUM ALLOCATION APPROACH
Understanding the key considerations when implementing PAA

MODELLING
Comparison of modelling approaches including BBA & PAA

FUTURE IMPACTS
Investigating the possible future consequences of IFRS 17

Hear from 12+ senior accounting and reporting specialists including:

JamesOrr_V9R3442_HI-RES BLUE BKGD

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

John Nolan
Head of Technical Accounting,
RSA Insurance

Head shot - Bernhard Klinger

Bernhard Klinger
Head of Actuarial Development
Bupa

Gavin Sibbick

Gavin Sibbick
Head of Regulatory Reporting
Brit Insurance

Anthony-Appleton

Anthony Appleton
Chief Actuary, Head of Department, PRA
Financial Reporting Council

David Castleden

David Castleden
Head of Accounting Policy & Advisory
Old Mutual

IFRS 17 Forum | 29 November, 2017

Download the PDF Brochure

08:15 Morning coffee, breakfast and registration

08:45 Chair’s opening remarks

THE STANDARD – PANEL DISCUSSION
09:00 Reviewing the IFRS 17 standard and understanding impacts based on interpretations

  • Overview of the requirements
  • Moving from IFRS 4 to IFRS 17
  • Conducting an early gap analysis
  • Principles based interpretation: management under different scenarios
  • Gaining audit approval
  • Impact on life and non-life insurers

John Nolan, Head of Technical Accounting, RSA Insurance
Gavin Sibbick, Head of Regulatory Reporting, Brit Insurance

PROFIT MESSAGING
09:50 Communicating numbers to analysts, market and shareholders to educate and maintain share price

  • Understanding, educating and applying metrics for valuation
  • Education of internal and external stakeholders
  • Communicating with analysts to flow into share price
  • Managing & explaining volatility
  • Communicating changes to the market
  • Cash generation: annual profit changes

Ben Canagaretna, Group Chief Actuary, Barbican Insurance

10:30 Morning refreshment break and networking

TIMELINES – PANEL DISCUSSION
11:00 Discussing IFRS 17 timelines and institutional preparedness in preparation for full implementation

  • UK programmes compared to other regions
  • Transformative project with IASB
  • Working alongside Solvency II
  • Levels of preparedness in large and smaller insurers
  • Moving from proof of concept to modelling business and performing calculations

Anthony Appleton, Director, Accounting and Reporting, Financial Reporting Council
Varun Verma, Head of Solvency II Reporting, AIG
David Castleden, Head of Accounting Policy and Advisory, Old Mutual

SOLVENCY II
11:50 Leveraging Solvency II systems to build efficiency and minimise duplication of efforts

  • Gap analysis between solvency II and IFRS 17
  • Leveraging Solvency II capabilities and aligning technical calculations
  • Valuation and liability on market bases in certain regions
  • Continual management of Solvency II whilst implementing IFRS 17
  • Governance: feeding into P&L and balance sheet

Prashanth Ariyam, Director, Deloitte

12:30 Lunch break and networking

CONTRACTUAL SERVICE MARGIN
13:30 Reviewing calculations for CSM and aligning data practices with approach options

  • Calculating profits over life time of a contract
  • New balance under IFRS 17
  • Calculating on individual contracts
  • Obtaining historical data for life insurers
  • Moving across accounting periods
  • Outputs from actuarial models more granular
  • Full retrospective, modified retrospective and fair value approach
  • Requirements and benefits of each
  • Configuring systems to capture data
  • Building internally or outsourcing

Nick Walker, Director, EMEIA Insurance, Risk and Actuarial Services, EY

PAA
14:10 Key considerations when implementing the Premium Allocation Approach

  • Assessment of eligibility
  • Granularity
  • Onerous contracts
  • Treatment of acquisition costs
  • Reinsurance
  • Presentation & disclosure

Bernhard Klinger, Head of Actuarial Development, Bupa

BBA & PAA– PANEL DISCUSSION
14:50 Analysis and comparison of building block and premium allocation approach

  • Comparison of each approach
  • Eligibility for the premium allocation approach
  • Considerations for general insurers vs life insurers
  • Industry best practice

Andrew Halim, Head of Accounting Policy & Control, Hiscox
Bernhard Klinger, Head of Actuarial Development, Bupa

15:40 Afternoon refreshment break & networking

DEPARTMENTAL IMPACTS
16:10 Reviewing implications for finance and accounting teams and complexity of IFRS 17

  • Discount rates risk adjustment
  • Impact on financial balance sheet
  • Complex accounting at contract level
  • Implementation from accounting and business
  • Back office finance impact

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

FUTURE IMPACTS – PANEL DISCUSSION
16:50 Reviewing potential unintended consequences of IFRS 17 and impact on new business streams

  • US GAAP impact on trading
  • Encouraging risky behaviour for short term view
  • Making decision based on impact to IFRS 17 numbers
  • Increased volatility in market and profit
  • Understanding end state vision post IFRS 17 implementation

Mark Laidlaw, Life Finance and Group Actuarial Services Director, LV
Russell Lee, Director of Strategic Transaction, Legal and General
Varun Verma, Head of Solvency II Reporting, AIG
Alwin Swales, IFRS 17 Consulting Lead Partner, PwC

17:40 Chair’s closing remarks

17:50 End of Forum

Anthony-Appleton
Anthony Appleton, Director, Accounting and Reporting, Financial Reporting Council

Anthony Appleton is the Director of Accounting and Reporting Policy at the FRC and a member of its senior leadership group. He is responsible for developing the FRC’s policy in respect of accounting and reporting. This includes monitoring, influencing and contributing to European and international developments and is a member of the EFRAG Technical Expert Group. He is also responsible for leading the development of UK GAAP and narrative reporting guidance and was, prior to joining the FRC in his current position, a non-executive member of the FRC’s Accounting Council.

Prashanth Ariyam
Prashanth Ariyam, Director, Deloitte

Prashanth Ariyam will be presenting at the forthcoming IFRS 17 Forum

CanagaretnaW
Ben Canagaretna, Group Chief Actuary, Barbican Insurance

Ben is group chief actuary and joined Barbican in June 2009.

Ben leads the actuarial and exposure management departments within Barbican and brings high levels of systems, processes and data management expertise to the role.

Ben began his career in 2001 at PriceWaterHouseCoopers in the pension consultancy area providing services to a number of FTSE 250 companies. He moved into the insurance industry in 2004, joining the actuarial team at Whittington. Ben then became casualty divisional actuary at Liberty Syndicates with sole responsibility for actuarial output for the casualty division.

David Castleden
David Castleden, Head of Accounting Policy & Advisory, Old Mutual

David Castleden will be presenting at the forthcoming IFRS 17 Forum

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

Andrew has more than 14 years’ experience in financial accounting in financial services. He is the Head of Accounting Policy and Control at Hiscox Group, 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.

Head shot - Bernhard Klinger
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.

Mark Laidlaw
Mark Laidlaw, Life Finance and Group Actuarial Services Director, LV

Mark Laidlaw is Life Finance and Group Actuarial Services Director at Liverpool Victoria. Mark leads the actuarial function for LV= across both life and GI covering all aspects of actuarial work (reserving, capital calculations, methodology, etc) and also acts as Finance Director of the Life business supporting the Managing Director in growing their Retirement and Protection businesses. Mark joined LV= in 2012.

Prior to joining LV= Mark was Executive Vice President at AEGON nv in the Netherlands leading the global Solvency II Programme across AEGON’s global businesses. A role Mark describes as to being like herding cats.

Russell Lee
Russell Lee, Director of Strategic Transactions, Legal & General

Russell Leewill be presenting at the forthcoming IFRS 17 Forum

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

John Nolan, Head of Group Technical Accounting at 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.

JamesOrr_V9R3442_HI-RES BLUE BKGD
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.

Gavin Sibbick
Gavin Sibbick, Head of Regulatory Reporting, Brit Insurance

Gavin Sibbick is the Head of Regulatory Reporting at Brit Insurance responsible for external reporting for the Brit Syndicate entities and has 12 years of experience in the Lloyd’s market.

Prior to his present role, Gavin was the Manager of both the Company and Syndicate external reporting for Liberty Specialty Markets, where responsibilities included the preparation of accounts under various GAAPs, and Solvency II.

Gavin’s first experience in the industry was at Lloyd’s, which provided him with valuable insight into the operations of the market and the extensive regulatory requirements imposed.

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Alwin Swales, IFRS 17 Consulting Lead Partner, PwC

Alwin will be presenting at the forthcoming IFRS 17 Forum

male
Varun Verma, Head of Solvency II Reporting, AIG

Varun Verma will be presenting at the forthcoming IFRS 17 Forum

male
Nick Walker, Director, EMEIA Insurance, Risk and Actuarial Services, EY

Nick Walker will be presenting at the forthcoming IFRS 17 Forum

13th September 2017

A lawyer talks accounting: International Financial Reporting Standards (IFRS) 17

13th September 2017

Overcoming the ambiguity of IFRS 17

11th January 2017

EU eyes Solvency II cut that would push up life insurance costs

11th January 2017

How will Brexit impact the insurance market?

11th January 2017

The future of Solvency II in a post-Brexit Britain

31st October 2016

Pension funds and insurers at risk from low interest rates, says IMF

14th October 2016

Solvency II and capital efficiency. A basic problem and its solution. Today

5th October 2016

Assessing the continuing impact of low interest rate environment and ensuring profitability in the future

5th October 2016

Are you ready for new data protection laws?

4th October 2016

Ethical use of data sources, privacy and risk

4th October 2016

Emerging risks across the insurance industry: When to move from emerging risk to take action

3rd October 2016

Strengthening individual accountability in insurance

26th September 2016

DATA GOVERNANCE: The Importance of a Definition

26th September 2016

The importance of The Use Test: An arranged marriage of intricate characters?

5th September 2016

Balancing data security with insurance customer experience

Venue

Bishopsgate Court,
4-12 Norton Folgate,
London, E1 6DQ

Nearby Accommodation:

Our IFRS 17 conference takes place in a fantastic location on Bishopsgate – only 5 minutes from Liverpool Street Station. If you require accommodation the following hotels are close by:

Click here to view more close by hotels.

CPD certified available

Earn CPD Points

To claim your CPD points please contact info@cefpro.com or call (0)20 7164 6582

FAQs

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

Are there any rules on 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
  • App: download the App two weeks prior to the Summit to meet colleagues and attendees
  • 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 shannon.mason@cfp-events.com or call +44 (0) 207 164 6582.


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

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 shannon.mason@cfp-events.com on +1 888 677 7007.

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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  or email jesse.hopkins@cefpro.com

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

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3. Download the PDF Registration Form

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