Agenda

1. IFRS 17: Lessons learned from this standard’s implementation (2 hrs)

In this section the trainers, who advised numerous insurance firms regarding the implementation of IFRS 17, will cover what they learned so far during the transition period from IFRS 4 to IFRS 17. They will also analyse, through examples, the Accounting treatment of IFRS 17. More specifically, they will present an overview of the below aspects:

• Scoping and separation
• Level of aggregation
• Contract boundaries
• Recognition, modification and derecognition
• Measurement
• Presentation and disclosures
• International news

2. IFRS 17: Actuarial considerations (1 hr and 30 mins)

In this section the trainers will cover what they learned so far during the transition period from IFRS 4 to IFRS 17 from an Actuarial perspective. They will also analyse, through examples, the Actuarial components of IFRS 17. More specifically they will present an overview of the below aspects:

• Key lessons
• Risk adjustment
• Discounting

3. IFRS 17: Transition approaches (1 hr and 30 mins)

The trainers will present and analyse different methods (approaches) that were followed by insurance firms based on the available information they had to process. 

• Full retrospective approach
• Modified retrospective approach
• Fair value approach

4.  What’s next? (1 hr)

The trainers of this session will present what changes the Management of each company can make, following the transition to IFRS 17

• Financial reporting close process – key challenges and practical examples
• Key performance indicators (KPIs) and management information – What changes are expected to be made
• Information transfer across the organization – Change in management process and information systems.

Trainers

Pangratios Vanezis
Board Member, IFRS 9 and IFRS 17 Implementation Leader, Audit,KPMG in Cyprus

Pangratios joined KPMG in Cyprus in 2003 and became a Board Member in 2017. He holds a BA in Accounting & Finance from Lancaster University and is an Associate member of the Institute of Chartered Accountants in England and Wales.

Pangratios possesses versatile industry experience deriving from sectors such as the financial services, consumer products, airline transport industry, agriculture and food and beverages. In 2014, he was pivotal in the creation of the KPMG Enterprise and Startups team of KPMG in Cyprus, for which he acts as the team leader.

He is actively involved in the group which offers training and support within KPMG in Cyprus, as well as in the DPP (Accounting) of KPMG in Cyprus, which provides insights, consultation and training on financial reporting issues both internally and externally. Pangratios is the implementation leader and contact person on IFRS 17 and IFRS 9 matters of KPMG Cyprus IFRS Helpdesk team. 

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.

Andrea Loizia
Manager, Accounting Advisory Services, KPMG in Cyprus

Andrea is a Manager in the Accounting Advisory Services focusing on IFRS 9 Financial Instruments and IFRS 17 Insurance contracts. She graduated from the University of Cyprus with a BSc in Public and Business Administration and from the University of Warwick with a MA in Management and Organisational Analysis. She qualified as a member of the Institute of Chartered Accountants in England and Wales in 2015. She joined KPMG Cyprus in 2022, while she had been previously employed by another Big Four company for many years.

Andrea has worked on various projects, including those for clients from the oil and gas industry, holding of investments, trading industry and financial services. During her career, she has been involved in the audit of group engagements operating in various sectors. She is committed to turning knowledge into value while providing on-the-job training to team members in order to improve the quality of audit files. In addition, she has offered technical accounting support both internally and externally to clients.

Andrea also possesses advanced knowledge related to IFRSs and has delivered various presentations to KPMG staff on IFRS matters (e.g. IFRS Updates and IFRS 17).

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.