Organised by the EAA – European Actuarial Academy GmbH in cooperation with the Hellenic Actuarial Society.

Due to the inversion of the production cycle, the insurance business is very different from other traditional industries. Understanding, measuring and managing the performance of insurance companies is difficult due to the specific risks insurance companies must cover. It is therefore essential that you, as employee of the insurance sector, understand how your company is functioning, how its activity is measured via the balance sheet and the P&L, what are the main regulations influencing this measure, which indicators are used to assess the performance and what levers can improve this performance.

The aim of this workshop is to:

• Present the functioning of an insurance company and the insurance and financial products it manages
• Explain how to read and understand the different elements of an insurance balance sheet and P&L, in local GAAP and in IFRS
• Compute performance indicators used in different regulatory frameworks (Local GAAP, IFRS and Solvency 2)
• Understand the impact of risk mitigation (reinsurance) and ALM on the performance
  

We will cover life as well as non-life insurance. Health insurance will not be specifically covered.

This seminar is an introduction to main concepts and is therefore particularly suited for participants, coming potentially from different departments (product development, risk management, finance, accounting but also underwriting, claims management or IT), wanting to develop a broader view on how their work can influence the performance. It is also well suited for newcomers or people wanting to refresh their minds on these concepts.

This training is not designed for people wanting to build a deep expertise on the presented topics.

The seminar will alternate between methodological concepts, practical examples and case studies to ensure a comprehensive understanding of the techniques presented.

The instructor-led sessions will take place over two days.

The participants will be requested to look at 15 e-learning capsules (of around 30 minutes each) covering the following topics:

• Functioning of an insurance company (economic principles, main insurance and financial products, insurance provisions
• Insurance financial statements in IFRS
• Risk management under Solvency II

The e-learning capsules contain pedagogical presentations of the concepts with examples. They can be followed by the participants whenever they want, best before the sessions, as pre-requisites.

The training will be illustrated by case studies in Excel in which the participants will be invited to work, too.

Examples in e-learning capsules and case studies will be based on our experience with Belgian companies but are not specific to Belgium and are rather applicable to most European countries.

Aurélie Miller (Reacfin)
Aurélie is a director at Reacfin who heads our Center of Excellence for Life, Health & Pension. She holds a Master of Business Engineer (Magna Cum Laude) from the Solvay Business School of the University of Brussels and a Master in Actuarial Science (Magna Cum Laude) from the University of Louvain. In 2006, she won thesis price of the Institute of Actuaries in Belgium (“IA|BE”). In 2007 Aurélie was finalist of the SCOR Award 2007 for best research work in actuarial science. She worked as a PhD student in actuarial science at the University of Louvain and as an assistant in Mathematics at the University of Brussels. Before joining Reacfin, Aurélie worked for 4 years as head of Non-Life Assets & Liabilities Modeling and Risk Management for Generali in Belgium. As such she was responsible for the development of a Non-Life ALM model and for the Solvency II project (economic capital calculation, value calculation, validations activities). She was also involved in other projects such as the improvement of the Life ALM tool and in the creation of a business plan for online sales. Aurélie is a qualified actuary of the Institute of Actuaries in Belgium (IA|BE).

Natacha Brouhns (Reacfin)
Natacha is a Managing Partner of Reacfin. She holds multiple degrees including a PhD. in Actuarial Science, MSc Actuarial Science (Magna Cum Laude), MSc. Electro-technical Civil Engineer (Magna Cum Laude), Postgraduate in Statistics (Summa Cum Laude) as well as a degree in Philosophy. Natacha is the author of several publications in actuarial science both for Life and Non-Life topics. Natacha has gained deep experience in Life and Non-Life insurance industry as a modeler and validator. She has developed several ALM models for Life insurance companies and has therefore mastery as much on the liability side as on the asset side of the balance sheet. She is coordinating all learning activities at Reacfin. Natacha is a qualified actuary of the IA|BE.

Elena Atienza y Rubio (Reacfin)
Elena is a consultant at Reacfin in the Center of Excellence for Life, Health & Pension. She holds a master’s degree in mathematics (focused on research) and a master’s degree in actuarial sciences. Elena joined Reacfin in September 2017. She is currently a manager and mainly involved in IFRS 17 and Health Insurance missions as well as in support projects for the Actuarial Function and trainings for Reacfin Academy. She is a qualified actuary of the IA|BE where she holds the position of member of the Actuarial Function working group. Furthermore, Elena co-writes the regulatory watch published every month by Reacfin which monitors and summarizes the key developments in financial and insurance-related regulations in the European Union.