IFRS 17 - Technical aspects

IFRS 17 will fundamentally change the accounting requirements for insurers. These latest will need to use new measurement models and accounting principles, which will increase the comparability of financial statements.

This course is a continuation of the 'Insurance contract - IFRS 17' module on IFRS 17 concepts. It will provide in-depth materials around the practical implementation of IFRS 17 for typical insurance products: examples will be discussed and walked through in Excel, and impacts on key reporting figures will be illustrated in a set of stress scenarios.

By the end of this course, participants will be able to understand how to implement the key IFRS 17 concepts by creating cash flow models and illustrative accounts for insurance products, in particular:

• Mechanics of opening CSM calculation
• Patterns of components of revenue release (CSM, RA, BEL)
• Operating experience illustration - scenarios of experience deviating from assumptions with impacts on underwriting results
• Operating assumptions changes and its impacts on IFRS 17 figures
• VFA model vs GMM model for 'investment' like products - how to manage volatility

• Understanding the measurement models
• Highlight on potential operational challenges
• Key financial effects to be aware of
• Practical illustration of IFRS 17 modelling and accounting

This training is coordinated by Pavel Kostyuchenko.

Pavel is an actuarial partner at PwC Luxembourg and has a wealth of experience in IFRS 17 implementation projects, including gap analysis, financial impact assessment, accounting advice, etc.

The training will be supported by other experts of PwC Luxembourg daily involved in the implementation of the IFRS for insurers.