The Actuarial Society of Hong Kong Presents
11-12 September 2017
InterContinental Grand Stanford
Hong Kong
Twenty years in the making, IFRS 17 published by the IASB on May 18 will radically
change financial reporting for insurers. All actuaries working in the insurance field
will need to be familiar with the new framework. For the second year, the Actuarial
Society of Hong Kong is proud to present a seminar on IFRS for insurers aimed
specifically at actuaries in Asia. This seminar is specially designed for actuaries
who are responsible for financial reporting in compliance with the International
Financial Reporting Standards (IFRS) or who need to be familiar with IFRS reporting
as part of their work.
Besides an entirely new profit recognition model, new financial reporting format
and elaborate disclosures, the new standard is expected to require new models,
systems, and processes and may influence the development of future products and
investment strategies. The clock is now ticking for insurers who need to begin
reporting on this new basis by 2021.
The new standard, along with the basis for conclusions and illustrative examples is
several hundred pages in length. Over the course of 2 days, a diverse panel of
industry experts will take you through this guidance in the form of lectures and
interactive workshops. Topics will cover the accounting models, discounting, risk
adjustments, profit recognition, financial statement presentation, disclosures and
transition considerations.
OVERVIEW
Preliminary Meeting Topics
Contract boundaries
Contract bifurcation
Unbundling
Contract boundary Workshop (WS)
General model (GM) vs Premium Allocation Approach (PAA)
GM vs Indirect vs Variable Fee Approach (VFA)
GM vs... Determination WS
Best estimate liability - guaranteed CFs
Maintenance expenses and acquisition costs
Treatment of additional premiums
Best estimate liability - nonguaranteed and other CFs
Discounting - GM
Discounting - VFA
Discounting - indirect and blended
Discounting - replicating portfolios
Stochastic scenarios
Growth and inflation rates
Discounting WS
Unit of account
Risk Adjustment Scope, diversification, calculation
CSM amortization, pattern of services provided
CSM unlocking and calculation sequence
Overall unit of account WS
GM vs... Allocation of changes WS (including
investment variances)
Revenue recognition
Financial statement presentation
Investment disaggregation, OCI Solution
Revenue recognition WS
Disclosures
Transition - IFRS 9
IFRS 17 transition options
Transition workshop
Hedging
Reinsurance
Tax
Endorsement procedures by country
The seminar will take a lecture and workshop approach: topics
will be presented and then followed with examples for attendees
to apply the information. Everyday products, as well as those
designed to illustrate a principle, will be addressed. Attendees
should bring a PC to gain maximum benefit from the workshops.
Question and answer sessions will take place at the end of each
day to address any unique situations you may face. The faculty
will discuss relevant considerations and treatments during these
interactive sessions.
ADDITIONAL
INFORMATION
Preliminary
AGENDA
Venue: Picasso Room, B1, InterContinental Grand Stanford Hong Kong
Monday, 11 September
08:00 09:00 Registration and Continental Breakfast
09:00 18:00 Meeting (includes Group Luncheon)
18:00 19:00 Happy Hour
Tuesday, 12 September
08:30 09:00 Registration and Continental Breakfast
09:00 17:00 Meeting (includes Group Luncheon)
17:00 Adjourn
Language
All sessions will be transacted in English.
Continuing Professional Development
This Seminar may qualify for (Actuaries Institute Australia/
ASHK / CAS / CIA / IFoA / SOA) Continuing Professional
Development (CPD). Actuarial members may find it a useful
contribution to their personal professional development. A
maximum of 14 CPD hours* can be claimed. The amount of
hours recorded is left to the discretion of the individual.
* 1 CPD hour = 60 minutes
Attire
Business casual attire is appropriate for this seminar.
Location and Airport
The InterContinental Grand Stanford Hong Kong is a five-star hotel conveniently located in the shopping, business and entertainment district of Tsim Sha Tsui East, in Kowloon. Hong Kong International Airport is located 38 kilometers (50 minutes by airport shuttle, 40 minutes by hotel limousine or taxi) from the hotel. Typical taxi fare is $HK300.
InterContinental
Grand Stanford Hong Kong
70 Mody Road
Tsimshatsui East
Kowloon
Hong Kong
Telephone: +852 2721 5161
Fax: +852 2732 2233
Website: http://www.hongkong.intercontinental.com
http://www.hongkong.intercontinental.com
PRESENTERS
Tze Ping Chng, FSA, MAAA
Partner, Actuarial & Insurance Advisory Services, Hong Kong
Ernst & Young
Tze Ping Chng is a Partner of the Asia Pacific Actuarial & Insurance Advisory Services of EY, based in Hong
Kong. Over the past 17 years, he has covered IFRS, USGAAP, and local Statutory through various roles as a
consultant, appointed actuary, and an auditor. Tze leads the EY Hong Kong office, and currently is the actuarial partner for
numerous IFRS 17 projects in the region.
Steve Cheung, FSA
Senior Consulting Actuary
Ernst & Young Advisory
Steve Cheung is a Senior Consulting Actuary of the Asia Pacific Actuarial & Insurance Advisory Services of EY, based in Hong Kong. He is the fellow member of the Society of Actuaries, and the member of Life Committee of the Actuarial Society of Hong Kong. During his actuarial consulting experience, he has helped clients in Asia Pacific in implementing deterministic/stochastic actuarial models, and various financial reporting bases, including IFRS 17, USGAAP, Purchase Price Allocation and Embedded value.
Syed Haider, FIA
Associate Director
KPMG
Syed Haider is an Actuarial Associate Director at KPMG with over 10 years of experience. Syed has strong economic capital, IFRS17, M&A and risk management experience having worked across Hong Kong, Indonesia, Malaysia, Singapore, Thailand and UK. Syed is a member of the Pillar 1 Life team advising the IA on the implementation of the RBC framework.
Chris Hancorn , FFA
Partner, Actuarial Services
PricewaterhouseCoopers
Chris Hancorn is a Partner in PwC's Asia Actuarial Services practice. He has over 20 years of experience in risk management, capital management, product design, pricing and distribution, actuarial valuation and reporting for long-term insurers, including the financial modelling to support these areas, and has also provided advice to other industries on risk management and financial modelling. Chris has extensive experience of financial reporting for long-term insurers - both as an adviser and as an independent auditor - and over the past four years has led a number of projects in the UK and in Asia to enable insurers to gain deep insights into the financial, operational and commercial implications of the IASB's new reporting standard for insurance contracts, IFRS 17.
PRESENTERS
Eric Lu, FIAA Actuarial Practice Leader Deloitte
Eric Lu is Deloittes actuarial practice leader in Greater China. He has more than 20 years of experience in the insurance industry and witnessed the development of IFRS 17 since Discussion Paper in 2007. Eric has extensive experience in financial reporting and analysis under many countries' accounting standards, such as US GAAP, Australian accounting standards, IFRS and various local statutory reserving standard in Asia.
William Horbatt, FSA, MAAA
Consulting Actuary
Actmasol
Bill Horbatt is a consulting actuary with Actmasol, a boutique actuarial and management
consulting firm that specializes in international issues. He serves clients in Europe, North America
and Latin America, where he focuses on financial reporting process improvement. Horbatt has decades of
experience which includes working for "Big Four" accounting firms and managing large life insurance companies.
Michael Lockerman, FSA, MAAA Principal PricewaterhouseCoopers
Mike Lockerman is a life actuary and principal with PwC. He is a FSA, MAAA and CFA who focuses on financial reporting and financial modelling and has worked in and advised clients in dozen of countries. Mike is currently based on New York but has previously lived and worked in Asia for several years.
Benjamin Lovelock, FIAA Senior Manager PricewaterhouseCoopers
Ben Lovelock is a Senior Manager in PwCs Actuarial Services practice in Hong Kong. He has fourteen years of commercial experience that spans many areas of financial management for life insurers, including all aspects of actuarial valuation and financial reporting, pricing, and in risk & capital management. Ben is involved in a number of IFRS 17 projects with PwC, and prior joining to PwC was been was heavily involved in the development,
