IFRS 17 Calculation and Reporting Tool
Finalyse has developed an IFRS 17 calculation and reporting tool for small and medium size insurers. This simple and robust tool can be either used to produce or validate IFRS 17 results. It uses actuals, projected cash flows and market data as input to generate IFRS 17 measures and standard reporting (Disclosure 100, 101, statement of financial income, balance sheet, etc.).
Finalyse’s IFRS 17 tool is easy to implement, user-friendly and adaptable to our clients’ requirements. It is far from being a black box as its transparency allows each IFRS 17 measure to be auditable and traceable throughout the calculation chain.
Finalyse’s IFRS 17 tool can be easily adapted to our clients’ interpretation of the standard and policy choices.
It meets all the minimum IFRS 17 reporting requirements but can also be customised to produce additional and more granular reportings according to our clients' specific needs in terms of breaking down IFRS 17 results and internal ad hoc or regular reportings.
Our validation toolkit includes a broad library of use cases which may also be used for illustration purposes as well as for validation purposes.
Our IFRS17 implementation partner team comprises of very experienced IFRS 17 actuaries, business analysts and project managers who will accompany you through each step of your IFRS 17 implementation or IFRS 17 validation project.
We also provide IFRS 17 training and learning materials for your actuarial, risk and accounting teams.
How does Finalyse address your challenges?
A quick but robust implementation of IFRS 17
IFRS17 validation (of your existing IFRS 17 calculation engine)
Proof of Concepts at the beginning of your implementation project
Impact Assessments at the beginning of your implementation project
Scenario & sensitivity analysis and ALM, Hedging strategy by your risk and investment teams
Planning and forecasting by your financial control teams
Regulatory Context
In May 2017, the IASB (International Accounting Standard Board) published the IFRS 17 standard with an effective date extended to January 1st, 2023 and with a transition period starting from January 1st, 2022.
IFRS 17 standard redefines the treatment of insurance contract liabilities, from the contract definition to the reporting, via the calculation approaches. IFRS 17 represents a significant change for insurers, and the stakes go far beyond the purely accounting aspects. Given the magnitude of the change, the associated costs, and the risk that ineffective implementation would inflict on the company, it is crucial to properly plan the implementation program that covers the E2E IFRS 17 process (from actuarial to consolidation).
Since 2017, solution vendors worldwide have built different software solutions for IFRS 17 implementation. The level of flexibility as well as the transparency and the ability to trace the results vary from one solution to another. Moreover, the standard allows for some degree of interpretation and this may further complicate the understanding of the action performed behind the scenes.
Our subject matter experts
Divyank is a Senior consultant with more than 8 years of experience and a part qualified Actuary. He has acquired expertise in Solvency II, IFRS17 and MCEV reporting and has worked for life and non-life business. He has extensive experience in Prophet modelling, DCS, statutory valuation and IFRS17 implementation and his coding skills include Prophet and DCS modelling, SAS, VBA, R.
Stéphane is a senior consultant with proven skills in credit and market risk (including FRTB) and extensive knowledge of financial markets. He is a subject-matter expert in IFRS 17, Basel II, Basel III and Solvency II,. His field of competence also covers Strategic Asset Allocation (SAA) for insurers. Stéphane has been involved in the implementation of IFRS 17 for many insurance and reinsurance companies in Europe and North America. He is an active member of the Finalyse IFRS 17 Centre of Excellence, where he has been leading the development of the Finalyse IFRS 17 calculation and reporting tool.
Hassane Boubacar is an actuarial consultant with experience in IFRS 17 implementation and expertise in Actuarial Sciences, Quantitative Finance and Risk Modelling. Hassane has supported several IFRS 17 validation projects. He is an active member of the Finalyse IFRS 17 Centre of Excellence, where he has been involved in the development of the Finalyse IFRS 17 calculation and reporting tool. He also has a working knowledge of the Moody’s AXIS actuarial software and is continuously developing his proficiency in this area.