Event Agenda

Agenda

Addressing IFRS 17 Transition Challenges | Agenda

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Live virtual course | Agenda timing is in HKT/SGT

Respective time in AEST:
Start: 11:00am
Break: 1:00pm
Finish: 2:15pm
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09:0010:00

Overview of IFRS 17 Implementation

10:00 - 11:00

  • Latest update from the IASB
  • The Implementation timeline:  priority areas and their impacts 
  • Underlying principles and comparison to IFRS 4
  • Impact on Non-insurance entities 
Steve Cheung

Associate Partner

EY Actuarial & Insurance Advisory Services Hong Kong

Steve Cheung is Associate Partner and Consulting Actuary of the EY Asia Pacific Actuarial & Insurance Advisory Services, based in Hong Kong. He is the fellow member of the Society of Actuaries. Steve is the EY Global IFRS 17 technical panel member and sub-group leader. During his actuarial consulting experience, he has helped clients in Asia Pacific in implementing various financial reporting bases, including IFRS 17, USGAAP, Purchase Price Allocation, and Embedded value. Steve has also helped different clients in the region on IFRS 17 subledger system implementation, deterministic/ stochastic actuarial modeling to align with the client’s reporting requirements.

10:0011:00

Measurement Models in Detail & Determination of Investment Components

10:00 - 11:00

  • High level overview of measurement models and their usage
  • Understanding the measurement approaches
    • The General Model (GM)
    • Premium Allocation Approach (PAA)
    • Variable Fee Approach 
  • Applying IFRS 17 to all components of the host insurance contract
  • Treatment of investment components
  • Impact on profit sharing schemes

11:0011:15

Break

10:00 - 11:00

11:1512:15

Presentation and Disclosure

10:00 - 11:00

  • Objective of the disclosure requirements
  • Key amendments for presentation and transition disclosure
  • Presentation in financial statements

09:0010:00

Recognition of Insurance Contracts

10:00 - 11:00

  • Definitions of contract boundaries and the current challenges 
  • Timing and requirements 
  • Identifying the significant insurance risk
  • Assessing the level of aggregation

10:0011:00

Applying IFRS 17 to Reinsurance

10:00 - 11:00

  • Retreating the reinsurance contract boundaries 
  • Challenges of the accounting symmetry mismatches
  • Addressing the impact under IFRS 17
    • Balance sheet
    • Key performance metrics
    • Profitability 
    • P&L volatility 
Alain Béland

Head IFRS Implementation Asia

Swiss Re

Alain is a Director with Swiss Re, leading the implementation of IFRS 17 for the Asia-Pacific region. Prior to this role, he developed a Portfolio Management team at Swiss Re, to focus on the active monitoring of the Life & Health inforce insurance business.

He has previously held a number of senior Actuarial and Finance positions in the insurance industry, in Canada, France, Australia and now in Hong Kong for the last 11 years. He had the opportunity to implement USGAAP twice for international insurance organisations, including in one instance for an introduction on the NYSE in the US.

He spent the first 10 years of his career as a consultant in the Employee Benefits sector, helping 
organizations to develop and manage insurance and pension benefits programs for their workforce.

Alain is a Fellow of the Canadian Institute of Actuaries.
 

11:0011:15

Break

10:00 - 11:00

11:1512:15

IFRS 17 Profit Emergence and Volatility

10:00 - 11:00

  • Impact of underwriting risks: profitable vs onerous contracts
  • Risk adjustment and the Impact of non-financial risks
  • Interaction with assets, IFRS9 and IAS 39
  • Case Studies

09:0010:00

Managing the Implementation and Approach to Transition

10:00 - 11:00

  • Implementing your plan, enhancing processes and controls
  • Choosing the right approach
    • Full retrospective approach
    • Modified retrospective approach
    • Fair value approach: Looking at P&L vs OCI (Other Comprehensive Income) 
  • Engagement with external stakeholders
  • Case Studies

10:0010:15

Break

10:00 - 11:00

10:1511:15

Practical Insight into Systems and Data Management

10:00 - 11:00

  • Business impacts of IFRS 17 when adapting internal processes
  • Addressing key challenges of system requirements
  • Examining the system and data impacts on Contractual Service Margin (CSM) calculation
  • Data quality, governance and management issues
  • Role of machine learning