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  • 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.


    Preliminary Meeting Topics

    Contract boundaries

    Contract bifurcation


    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


    Transition - IFRS 9

    IFRS 17 transition options

    Transition workshop




    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.





    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


    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


    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.


    Grand Stanford Hong Kong

    70 Mody Road

    Tsimshatsui East


    Hong Kong

    Telephone: +852 2721 5161

    Fax: +852 2732 2233



    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


    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


    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.


    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


    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,

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