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

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 Deloitte’s 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 PwC’s 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, implementation and ongoing operation of the Australian IFRS requirements “Margin on Services”, a measurement approach with strong parallels with IFRS 17.

Paul Melody, FIA Partner KPMG

Paul is a Partner in KPMG’s Asia-Pacific Advisory practice, based in Hong Kong, and leads the Actuarial Practice in Asia. He has over 30 years’ experience in the life insurance industry and prior to moving to Asia nine years ago, worked in a number of locations across Europe. Paul helps clients in measuring and managing risk, capital and value, helping them to understand the drivers of risk and value generation in their business.

Darryl Wagner, FSA, MAAA Principal Deloitte Consulting LLP

Based in New York, Darryl Wagner leads Deloitte’s Global Actuarial Rewards & Analytics practice and serves as the IFRS insurance consulting leader in the US. Over his 25+ year consulting career, Darryl's areas of specialty include life insurer financial reporting and performance/value measurement and management. In addition to consulting with clients on IFRS 17, he is a frequent speaker on the topic, co-author of the Risk Adjustment monograph commissioned by the International Actuarial Association, and co-author of the Society of Actuaries IFRS 17 textbook.

David Ogloza

Associate Director, Advisory Deloitte

David Ogloza is an Associate Director in Deloitte Advisory focused on IFRS reporting for the Insurance Industry and has a leading role in Deloitte's Global IFRS 17 campaign. He has extensive international experience in the insurance industry for over 10 years. He joined Deloitte after working for over five years at Insurance Europe - the European Insurance and Reinsurance Federation. In his former role he led the IFRS lobbying strategy for the European Insurance industry, notably regarding the development of IFRS 17 – Insurance Contracts and IFRS 9 – Financial instruments.

PRESENTERS

Marco Warmelink, AAG

Partner

KPMG

Marco Warmelink is a Partner in KPMG’s Asia-Pacific Advisory practice, based in Hong Kong where he works with other senior practitioners around the region to help clients in measuring and managing risk, capital and value, particularly given the ever-changing regulatory environment that is challenging insurers across the region to innovate and transform their operating models. Marco has been working in the Life Insurance industry since 1996 with over 12 years’ in Asia; experienced in actuarial and insurance risk management. Marco has also previously held several senior executive roles, including Chief Risk Officer for a Hong Kong based multi-national insurer, as well as Executive Vice President & Head of Asset and Liability Risks for the company’s Asia Pacific Regional Office.

Jeremy Menzies, FIAA

Head of Valuation for Asia RGA

Jeremy Menzies is an FIAA with 20 years' experience in the insurance sector. He has worked in Asia for the last 14 years, with the last 12 years being in Hong Kong where he worked for Deloitte for 10 years, and has recently joined RGA as the Head of Valuation for Asia. Jeremy worked on numerous IFRS 17 projects for clients across the region in the last two years.

Full House

Registration Fee

Registration fee includes continental breakfast, lunch, refreshment

breaks and Happy Hour.

Registration

Form

Registration Fees Early Bird (Register by 11 Aug) Regular (Register after 11 Aug)

ASHK Member Attendee HK$5,000 HK$6,000

Non-member Attendee HK$6,250 HK$7,500

Payment method (Deadline for Registration : 1 September 2017)

1) By Cheque / Bank Draft:

Cheque or bank draft must be made payable to “The Actuarial Society of Hong Kong” and sent to the ASHK Office.

2) By Bank Transfer / Electronic Payment

The bank account details for bank transfers are as follows:

Account name: The Actuarial Society of Hong Kong

Account number: 511-105199-001

Bank name and address: The Hongkong and Shanghai Bank Corporation Limited

Main branch, 1 Queen’s Road, Central, Hong Kong

Bank code number: 004

Bank SWIFT code: HSBCHKHHHKH

Bank phone number: (852) 2748 3322

If using this method, please ensure that the amount of remittance includes both the registration fee and a bank charge of HK$65 for processing bank transfer. All bank charges must be met at your end. For our record purpose, please forward a copy of the bank advice to Ms. Annie Chan when the transfer has been done.

Cancellation Policy

Cancellations must be made by contacting Ms. Annie Chan at anniechan@actuaries.org.hk in writing. Cancellation before 1

September 2017 will be subject to a HK$400 administrative charge. Please note cancellations made after 1 September 2017 or no

shows will be charged at full rate. The Society reserves the right to cancel the seminar if conditions warrant.

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The Actuarial Society of Hong Kong Presents

International Financial Reporting

Standards for Insurers — IFRS 17 11- 12 September 2017

Picasso Room, B1,

InterContinental Grand Stanford Hong Kong

70 Mody Road, Tsimshatsui East, Kowloon, Hong Kong

Please return your completed form with your payment to Ms. Annie Chan:

The Actuarial Society of Hong Kong

1803 Tower One, Lippo Centre, 89 Queensway, Hong Kong

TEL: (852) 2147 9278 FAX: (852) 2147 2497

EMAIL: anniechan@actuaries.org.hk