IFRS 17 Forum

Transitioning from review and analysis to implementation

IFRS 17 Forum 

29 November 2017

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

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:

James Orr

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Chief Actuary Head of Department

PRA, Bank of England

John Nolan

J_NOLAN

Head of Technical Accounting

 RSA Insurance

Bernhard Klinger

Head shot - Bernhard Klinger

Head of Actuarial Development

Bupa

Andrew Halim

Andrew Halim

Head of Accounting Policy & Control

Hiscox

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

MODERATOR

Darrel Gill, Director, CCH® Tagetik

08:15 Morning coffee, breakfast and registration 08:50 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

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

James Orr, Chief Actuary for General Insurance, PRA, Bank of England

IFRS 17 & SOLVENCY II

09:50 Applying Solvency II lessons learned 

  • IFRS 17 & Solvency II standards; similarities & differences
  • System synergies and achieving efficiency
  • IFRS 17 Project challenges and applying Solvency II project lessons learned

Simon Gates, IFRS 17 UK Lead, Q_Perior

10:30 Morning refreshment break and networking

CONTRACTUAL SERVICE MARGIN – DOUBLE SESSION

11:00 Reviewing calculations for CSM and aligning data practices with approach options 

  • Calculating pro ts 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, modi ed 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

CONTRACTUAL SERVICE MARGIN – DOUBLE SESSION CONTINUED

11:40 IFRS 17 – From Data to Journals

  • Key business and accounting events
  • Overview of the data flow
  • Contract journals

Mark Miller, IFRS Global Lead, Legerity Limited

12:20 Lunch break and networking

TIMELINES – PANEL DISCUSSION

13:20 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

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

James Orr, Chief Actuary for General Insurance, 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

Russell Lee, Head of Client Solutions, Pension Risk Transfer, 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

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.

Matt Benaron Pic copy
Matt Benaron, IFRS 17 UK Lead, CCH® Tagetik

Matt Benaron is a Senior Consultant with CCH® Tagetik and leads the IFRS 17 UK Practise. Matt has recently led CCH® Tagetik’s UK Solvency II Practise, managing finance transformation projects, implementing Pillar I, II and III solutions for over 25 UK & European insurance firms, and supporting the 100% SII compliancy record CCH® Tagetik and clients hold. In addition to CCH® Tagetik, Matt has experience implementing Oracle, Microsoft, and SAP solutions, having worked on a number of technology transformation projects, predominately within Financial Services.

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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 is he Head of Accounting Policy and Advisory for Old Mutual plc, a FTSE 100 company with interests in insurance, banking and asset management. He has over 15 years of experience in consulting and advising on International Financial Reporting Standards. In recent years he has been involved in the development of IFRS 9 Financial Instruments and IFRS 17 Insurance Contracts. He is a qualified Charted Accountant from South Africa.

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Simon Gates, Executive Advisor, Q_Perior

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.

Russell Lee
Russell Lee, Head of Client Solutions, Pension Risk Transfer, Legal & General

Russell leads the client solutions team within Legal & General’s retirement division. He interacts with insurers, companies, and pension scheme trustees who wish to remove or reduce pension risk from their balance sheets. His team deals with both special situations and also new product innovation. He has to ensure that for each deal client needs are met, but also that the financial metrics meet internal thresholds. The IFRS profit signature is an important part of these considerations. Russell has a broad background in structured finance, investment consulting, capital optimisation, banking and quantitative modelling. Since joining Legal & General in 2015, Russell has been involved in a number of landmark transactions including the acquisition of a £3 billion annuity portfolio from Aegon.

markmiller
Mark Miller, IFRS  Global Lead, Legerity

Mark is a qualified accountant (ACA) with over 20 years of experience of finance change programs. Mark initially trained with PwC in the insurance practice. He has been involved in multiple accounting and IFRS implementations and is the global lead at Legerity for IFRS 9, 15, 16 and 17 programs.

J_NOLAN
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.

alwin-swales.jpg.pwcimage.200.252
Alwin Swales, IFRS 17 Consulting Lead Partner, PwC

With over 20 years’ finance transformation experience in the insurance sector, amongst others, Alwin is PwC’s IFRS 17 consulting lead partner. Prior to this he was a finance partner in PwC’s Insurance and Investment Management practice where he focused on finance transformation (especially with technology enabled transformation, EPM). Alwin was also UK consulting lead partner on Solvency II Pillar 3 reporting and, before that, PwC’s lead partner on the Insurance CFO Forum ICT Working Group.

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Varun Verma, Head of Solvency II Reporting, AIG

Varun Verma currently heads up Solvency II team for Europe and Israel. Primary responsibility for the team is to ensure quarterly and annual Solvency II EBS, SF-SCR and Pillar 3 reporting is in line with internal and external stakeholder expectations. Varun set up Solvency II team in 2014 that engineered and deployed leading methodologies, tools and processes to meet accelerated reporting requirements in an automated fashion. Varun joined AIG in 2012 as Head of Technical Accounting for then Europe, Middle East and Africa region where he set up a team to deliver technical accounting advisory on compliance and growth initiatives. Prior to joining AIG, Varun was Director  & Controller at American Express where he devised the strategy to standardise, optimise and offshore complex GAAP and local statutory/IFRS processes. He has previously held positions at corporate, Regional and Country level with leading Insurance, Financial Services and professional services firms in the UK, US, Spain and Canada. Varun is a UK qualified Fellow Certified Chartered Accountant and holds an MBA from Cardiff University.

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

Nick is a director within EY’s European Actuarial Services team, based in London. He focuses on financial reporting, and has followed the development of IFRS 17 for several years now. Nick has assisted clients on a number of IFRS 17 financial and operational impact assessments, and he leads the EY UK Life IFRS 17 ‘field of expertise’ team. Nick has been with EY for 14 years and during that time has also performed a variety of other work including transactions, Solvency II implementation reviews, and external & internal audits. Prior to joining EY Nick worked in Aviva’s group actuarial function where he was responsible for the world-wide life achieved profits (EV) reporting, for both external shareholder reporting and internal MI.

Venue

Etc. Venues 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 near-by hotels.

CPD certified available

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

Event Early Bird (Register by 17 November) Standard Rate Register now
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Click here to register online

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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

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

13th October 2017

IFRS 17 implications for finance and accounting teams

By James Orr, Chief Actuary, Head of Department, PRA, Bank of England.
9th October 2017

IFRS 17: Preparation for full implementation

By Anthony Appleton, the Director of Accounting and Reporting at the Financial Reporting Council.
9th October 2017

Discussing IFRS 17 timelines and institutional preparedness

By David Castleden, Head of Accounting Policy and Advisory at Old Mutual.
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

26th October 2016

EU insurance regulator eyes changes to Solvency II

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

2017 Co-Sponsors

Legerity


Legerity helps clients deliver complex accounting change. Its FastPost Accounting Rules platform provides a 3rd generation solution that meets new accounting standards such as IFRS 17, IFRS 16, IFRS 15 and IFRS 9 in a fast and non-disruptive manner. Based on cutting edge application and data design, FastPost provides best in class accounting rules functionality for the most complex of contracts including contractual service margin (CSM) calculation and risk adjustments. Ultra high performance allows millions of complex accounting rules to be processed in minutes, giving firms’ confidence that validated, granular contract accounting data is available when required. Accessed via a cloud subscription or on premise, FastPost provides seamless integration with existing systems and with the lowest TCO.

Wolters Kluwer | CCH Tagetik


Wolters Kluwer enables finance, legal, tax, and healthcare professionals to be more effective and efficient. We provide information, software, and services that deliver vital insights, intelligent tools, and the guidance of subject-matter experts. We understand the complex challenges that face the Office of the CFO and translate that knowledge into intuitive, enterprise-scale performance management software solutions that drive business results. With CCH® Tagetik software, you get the simplicity of the Cloud and the power to unify financial and operational planning; shorten the consolidation and close process; immediately analyse results, model and compare full financial statement impact of business scenarios; adjust strategic plans; seamlessly update rolling forecasts; produce formatted and auditable financial statements and management reports; collaborate on business reviews, and automate disclosure and board reporting. CCH® Tagetik corporate performance management solutions have built-in financial intelligence so that CFOs, finance managers, and operations executives can orchestrate multiple or all processes in one software solution. With over 30 years’ experience in the corporate performance management space and over 180 years serving professionals across the globe, Wolters Kluwer is lifting the standard in software, knowledge, tools and education. For more information, visit www.tagetik.com and www.wolterskluwer.com.

Literature Sponsor:

Zeb


zeb is Europe’s leading management consultancy in the financial services sector. zeb’s services include the development of ultra-modern IT solutions, IT strategy consulting and the provision of support to clients during software implementation projects. zeb.control is a holistic insurance reporting system covering all Solvency II, IFRS 9 and 17 issues and can be integrated into existing IT systems. Compare https://control.zeb.eu/ifrs17 for more details. A recent study by KPMG comparing 15 international software vendors shows that zeb offers the globally leading insurance software solution for Solvency II, IFRS 9 and IFRS 17 reporting.

Media Partners:

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.

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
  • 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.

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2017 Co-Sponsors

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