Agenda

1. IFRS 17 Key Concepts (1 hr)

• Scoping and separation
• Recognition, Derecognition and modification
• Measurement
• Level of Aggregation
• Discounting
• Risk Adjustment
• Contractual Service Margin
• Reinsurance

2. General Measurement Model (GMM) methodology (1 hr)

• Building blocks
• Method eligibility
• Measurement approach
• Applicable example of products

3. Premium allocation approach (PAA) methodology (1 hr)

• PAA eligibility assessment
• PAA eligibility testing
• Measurement approach

4. Variable Fee Approach (VFA) methodology (1 hr)

• VFA eligibility
• Investment component
• Measurement of VFA

5. Discounting (1 hr)

• Concept of financial risk
• Risk Free rates
• Illiquidity premium

6. Risk Adjustment (1 hr)

• Concept of non-financial risk
• Risk Adjustment measurement methodologies
• Modeling of risk adjustment.

Trainers

Michael Aristides
Principal, Risk Consulting, KPMG in Cyprus

Michael is a Principal in the Risk Consulting Department of KPMG in Cyprus, leading the Actuarial and Insurance Risk Services of the Firm. He is a UK Qualified Actuary with nearly 20 years of professional experience in the Life and non-Life insurance sectors and Pensions.  He is leading the KPMG IFRS17 actuarial transformation on behalf of a number of local life and non-insurance companies. The transformational process includes the creation of the actuarial position papers of the company and the implementation of the system infrastructure to support the new standard. Michael also specialises in Reserves Calculations for both Life and Non-Life insurance products and he is the actuarial function holder and signing actuary for a number of local insurance companies. As an Insurance expert, Michael specialises in Insurance processes optimisation including operational digital transformation KPI / KRI design as well as Regulatory and Economic Capital modelling and optimisation.

Xanthia Lazarou
Assistant Manager, Risk Consulting , KPMG in Cyprus

Xanthia is an Assistant Manager in the Actuarial and Insurance Risk Services team of KPMG Cyprus since 2020. She is a part-qualified actuary with over six years of experience in the provision of actuarial and insurance services in Cyprus and the UK. At KPMG, she acquired significant experience in the insurance sector of Cyprus by working in Solvency II and IFRS17 implementation projects,  performing and reviewing actuarial reserves and by contributing to the development and creation of several actuarial models. During her previous work experience in the UK, she gained data analysis and data optimisation skills. She has been involved in projects related to process automation of reports, finance transformation, data analysis and data optimisation.

Stavroula Menelaou
Senior Advisor, Risk Consulting, KPMG in Cyprus

Stavroula is a Senior Advisor in the Actuarial and Insurance Risk Services team of KPMG in Cyprus. Stavroula specialises in the provision of advisory services to insurance companies related to actuarial reserving, Solvency II, financial and system transformations. She provides support to several local insurance companies for the implementation of the IFRS17 including the creation of accounting manuals, the analysis of change of the insurance liabilities and the development of actuarial models. During her current and previous work experience in the insurance industry, Stavroula has been involved in many challenging projects including the BI transformation and the SCR optimisation. She also specialises in the development and enhancement of actuarial models with target to optimise run time.