• Actuaries, Accountants and Financial Reporting Professionals, Insurance or Reinsurance Professionals, Risk Managers, Regulatory Compliance Officers, Legal Advisors and Consultants, Senior Management and Board Members, Auditors and External Reviewers.
• Also suitable for professionals seeking to navigate the complexities of IFRS 17 within the insurance or reinsurance context and those who aspire to lead their organizations through the transition smoothly and efficiently, ensuring compliance, optimizing reporting processes, and leveraging the standard for strategic advantage.

At the end of the programme, participants should be able to:

• Understand the Fundamentals of IFRS 17 : Participants will gain a solid understanding of the background, key principles, and major changes introduced by IFRS 17, especially in contrast to its predecessor, IFRS 4. This includes comprehending how IFRS 17 affects insurance or reinsurance contracts and operations, highlighting the shift towards greater transparency and comparability in financial reporting.
• Master the Key Areas of IFRS 17 Implementation : Learners will delve into critical aspects of IFRS 17 implementation, including Classification & Unbundling, Level of Aggregation, Measurement Models (General Measurement Model and Premium Allocation Approach), Best Estimate Cash Flows, Discount Rates, Risk Adjustment, Contractual Service Margin (CSM), and the Treatment for Reinsurance Held. This objective covers both theoretical knowledge and practical application.
• Apply IFRS 17 Accounting Treatments and Requirements: Through case studies and practical exercises, participants will learn how to apply IFRS 17 accounting treatments and requirements in real-life scenarios. This includes understanding and implementing the Premium Allocation Approach, accounting for Loss Components & RI Loss Recovery Components, Risk Adjustment, Non-performance Risk, and managing Foreign Exchange Movements.
• Develop a Roadmap for IFRS 17 Implementation and Compliance: Participants will be equipped with the knowledge to conduct gap analyses, develop implementation plans, and assess the costs and benefits of transitioning to IFRS 17. Additionally, an overview of IFRS 17 software solutions and their configuration will enable learners to understand the technological requirements and solutions available for efficient compliance and reporting under IFRS 17.

Background and overview

Major differences between IFRS 17 & 4

• Reporting changes.
• IFRS17 improvements.

Implementation

Key Areas of IFRS 17:

• Classification & Unbundling.
• Level of Aggregation.

Measurement Model (GMM)

Best estimate cash flows

Expenses

Discount Rates

Risk Adjustment

Contractual Services Margin (CSM)

Treatment for Reinsurance held

Premium allocation approach:

• PAA methodology and mechanics.
• Disclosures
• PAA eligibility assessment.
• Accounting example.

Loss Components & RI Loss Recovery Components

• Overview: GMM LC and LRC.
• Underlying GMM contract group example.
• Reinsurance GMM Contract group example.

Risk Adjustment

• Case Study: RA VAR and MFAD Approach.
• RA Requirements.

Reinsurance Non-performance risk

• Case Study: NPR Accounting Treatment.
• NPR Requirements.

Foreign Exchange Movements

• Case Study: Foreign Exchange Calculations.

IFRS 17 implementation

• Gap Analysis.
• Implementation plan – Costs and Benefits.
• IFRS17 software overview.
• IFRS17 software PAA configuration.
• IFRS17 software demo.

Natarajan Murali, founder and CEO of Arom Grips Ltd, has over 35 years of (Re)Insurance experience. He leads the company in IFRS 17 consultancy, software solutions, and specialized training, notably developing the “Grips Solution” for reinsurance.

Andre Erasmus, Partner at Virtual Actuary, specializes in IFRS 17 implementations, leading teams to deliver end-to-end solutions. His expertise includes data integration, actuarial modeling, software installations, gap analyses, and implementation planning for insurance and banking clients.

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Full Course Fee: S$441.45 (incl. of 9% GST)