IFRS 17 Forum

IFRS 17 Forum | 29 November, 2017

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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, 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, Director, Deloitte

Prashanth Ariyam will be presenting at the forthcoming IFRS 17 Forum

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, Head of Accounting Policy & Advisory, Old Mutual

David Castleden will be presenting at the forthcoming IFRS 17 Forum

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.

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, 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, Director of Strategic Transactions, Legal & General

Russell Leewill be presenting at the forthcoming IFRS 17 Forum

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.

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, 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.

Alwin Swales, IFRS 17 Consulting Lead Partner, PwC

Alwin will be presenting at the forthcoming IFRS 17 Forum

Varun Verma, Head of Solvency II Reporting, AIG

Varun Verma will be presenting at the forthcoming IFRS 17 Forum

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

Nick Walker will be presenting at the forthcoming IFRS 17 Forum

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:

• Point A Hotel London Liverpool Street – 13-15 Folgate Street, London, E1 6BX – 020 7456 0400
• 196 Bishopsgate – 196 Bishopsgate, London, EC2M 4NR – 020 7621 8788

Click here to view more close by hotels.

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FAQs

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