IFRS 17 Insurance Contracts will become effective as early as 1.1.2022 and will fundamentally change the way insurance companies present their obligations and their financial performance stemming from insurance contracts. Consequently, IFRS 17 will trigger major implementation projects at all companies affected – and no company can afford to waste (any more) time!

Actuaries will play a key role in implementing the new guidance: First, the standard will require many fundamental decisions, which will determine the amount and profile of IFRS results for years to come. Actuaries will be key to prepare decision making by top-management by explaining the options and their consequences. Also, complex measurement models will need to be developed, possibly starting with prototypes providing a starting point for an impact analysis and then gradually developed into audit proof applications.

The output of these models will need to be integrated in the financial reporting processes. Communication with accounting functions will become more intense and more complex – as will be the modelled output.

Accordingly, a strong focus of this seminar is on the accounting framework in which actuaries operate, accompanied by practical examples illustrating the key issues. Past editions of the seminar have been attended and considered useful by both finance and actuarial experts.

Organised by the EAA – European Actuarial Academy GmbH in cooperation with the Eesti Aktuaaride Liit  and Estonian Insurance Association (EKsL).

This seminar is suited for all interested individuals involved in financial reporting according to IFRS, such as actuaries (or specified accountants, controllers) involved in valuation, controlling, auditing and consulting.

Participants are expected to have general accounting knowledge and a general understanding of IFRS Financial Statements, in particular with respect to the Statement of Comprehensive Income and its components. 

Attendees are encouraged to bring a laptop computer with Microsoft Excel installed to work on xls-models provided before the seminar.

The goal of the 2-day seminar is to provide participants with a comprehensive introduction to the new measurement, presentation and disclosure guidance for insurance contracts. It will cover life and non-life business, including the special guidance on direct participating contracts.

The seminar is based on the 2016-2018 seminars and their material, with a shift to more hand-on examples.

Overall, the goal is to enable participants to competently interpret the standard and thus prepare for both model development and consultation with management, accounting and auditors.

The language of the seminar will be English.

Stephan Otzen
Stephan Otzen is founder and Managing Partner of Wort & Zahl Unternehmensberatung GmbH, a Hamburg (Germany) based actuarial consulting firm focussed on actuarial accounting and valuation. Stephan has more than 19 years of experience with implementing and auditing of new accounting standards. He began his career at a Big 4 Audit Firm, where he supported various insurance groups with implementing IFRS. Since 2010, he is working as an independent consultant, supporting a Swiss composite insurance group with implementation of IFRS 17 in Life, Non-Life and Accounting functions. He has held numerous internal workshops on the topic for both Board / Executive Management level and practitioners on a hands-on basis – including highly rated IFRS 17 seminars for the EAA in 2016 to 2018. Stephan is an experienced presenter on IFRS 17 related topics. He also advised senior staff in a regulatory body regarding the financial statements of insurance companies.