Key objectives:
- Analysing the technical, operational and financial impacts that arise with respect to the calculation of the CSM at initial recognition and subsequent measurement. These include issues pertaining to:
- contract boundaries
- ‘locked-in’ financial assumptions
- coverage units
- reinsurance contracts held
- loss components
- with-profits funds
- transition
- the impact on management information and relevant KPIs
- In addressing these issues, the working party will also consider existing literature and research material produced by relevant stakeholders (e.g. IASB and TRG; EFRAG; IFoA and other international actuarial associations; ICAEW and other accountancy bodies; consulting and audit firms; regulators and national standard setters)
Key outputs:
- A presentation to Yorkshire Actuarial Society (YAS) on 6 March 2019
- A LinkedIn Article: IFRS 17 Contractual Service Margin (CSM) Working Party, published on 2 March 2019
- A LinkedIn Article: Locked-in assumptions, published on 12 March 2019
- A LinkedIn Article: Transition, published on 18 March 2019
- A LinkedIn Article: Variable Fee Approach, published on 16 April 2019
- A LinkedIn Article: Fair value transition, published on 1 May 2019
- A LinkedIn Article: Adjustments to coverage units, published on 23 May 2019
- A LinkedIn Article: Identification of coverage units, published on 29 May 2019
- A LinkedIn Article: Determining the CSM - operational approaches using prior information, published on 11 June 2019
- A LinkedIn Article: Discounted vs undiscounted coverage units, published on 18 June 2019
- A LinkedIn Article: How to choose the measurement model, published on 17 July 2019
- A LinkedIn Article: Profit profiles under IFRS 4 and IFRS 17, published on 17 July 2019
- A LinkedIn Article: Modified Retrospective Approach, published on 17 July 2019
- A LinkedIn Article: Order of adjustments, published on 19 July 2019
- A LinkedIn Article: Determining the risk adjustment at the group of contracts level, published on 19 July 2019
- A LinkedIn Article: Transition - fair value vs modified retrospective, published on 11 August 2019
- A LinkedIn Article: Loss components_changes in FCF using current or locked in interest rates, published on 11 August 2019
- A LinkedIn Article: Aggregation of reinsurance contracts held, published on 23 September 2019
- A LinkedIn Article: Calculating value at initial recognition, published on 23 September 2019
- A LinkedIn Article: Challenges of proportionate reinsurance contracts held, published on 23 September 2019
- A LinkedIn Article: Discount rates at initial recognition, published on 7 October 2019
- A LinkedIn Article: Reinsurance contracts held - contract boundaries and recognition dates, published on 7 October 2019
- A LinkedIn Article: Reinsurance and the risk mitigation option, published on 23 October 2019
- A LinkedIn Article: Why do loss components need to be amortised, published on 6 November 2019
- A LinkedIn Article: Comparing various loss component amortisation methods, published on 6 November 2019
- A LinkedIn Article: Advanced considers for loss components, published on 6 November 2019
- A LinkedIn Article: Setting consistent assumptions for reinsurance contracts held, published on 6 November 2019
- A LinkedIn Article: IFRS17 Determining contract boundaries under IFRS 17, pubished on 18 November 2019
- A LinkedIn Article: IFRS 17 Impact on KPIs, Published on 18 December 2019
- A Linkedin Article: IFRS 17 CSM Adjustment for Experience Variances, published on 13 January 2020
- A Linkedin Article: IFRS 17_Estimating future new business for reinsurance contracts held, published on 28 January 2020
- A research paper
- A sessional meeting in 2020
- A presentation at the Life Conference in 2019
- An article in The Actuary - June 2020
- Management Information Article in May 2020
| Chair: | Wijdan Yousuf |
|---|---|
| Membership: | 15 |
| Established: | 2018 |
Contact Details
If you want more information about this research working party please contact the Communities Team.
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Events calendar
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F&I Webinar: Disrupting the investment management industry using AI
Webinar30 September 2020
What are the advantages of using artificial intelligence (AI) in investing? What are the differences between traditional quant and AI? This new webinar discusses challenges and the future of AI in the investment sector.
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Sessional Event: The IFRS 17 Contractual Service Margin: A Life Insurance Perspective
Webinar5 October 2020
Delivered by the IFRS 17 Contractual Service Margin working party. -
Why Certified Actuarial Analysts add value to employers, including both insurers and consultancies
Webinar6 October 2020
The Certified Actuarial Analyst (CAA) qualification has rapidly established itself as adding real value, to insurers and consultancies, and to the clients of consultancies, around the World. CAAs work alongside actuaries and actuarial students, as well as other financial services professionals, in an increasingly broad range of roles and fields. -
Why Certified Actuarial Analysts add value to employers
Webinar6 October 2020This session is a repeat of the one earlier today at 09:30 -
Autumn Lecture 2020: Professor Elroy Dimson
Online webinar14 October 2020
Many individuals and institutions have a long-term focus, and invest funds for the benefit of future generations. Their strategy should reflect their long horizon. University endowments are one of the oldest classes of institutional investor, and I will present the first study of the management of these endowments over the very long term. -
GIRO Conference 2020 Webinar Series
Available to watch globally in November.02-13 November 2020
This year's GIRO has been re-designed as a virtual conference to offer members and non-members the opportunity to get up to date content from leading experts in the general insurance field via online webinars. All sessions will be recorded and made available to purchase and re-watch post-event on the IFoA's GI Online Learning Resource area.
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Life Conference 2020 Webinar Series
Online16 November 2020 - 27 November 2020
This year's Life Conference has been re-designed as a virtual conference to offer members and non-members the opportunity to get up to date content from leading experts in the life insurance field via online webinars. All sessions will be recorded and made available to purchase and re-watch post-event on the IFoA's website.
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Autumn Pensions Webinar: Update from The Pensions Regulator (TPR)
Webinar1 December 2020
This webinar will provide an update on the emerging thinking around future regulation of DB schemes:
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Autumn Pensions Webinar: To the end game and beyond
Webinar2 December 2020The webinar will discuss the challenges and opportunities schemes face in evaluating end game options, choosing a target state and understanding the impact this strategic decision could have on member outcomes long after the “end state” is reached. Adolfo, Kevin and Rhian bring over 60 years of experience in the industry and a variety of perspectives as scheme actuary, covenant adviser, trustee, de-risking adviser and insurer. -
Autumn Pensions Webinar: Cash is King - What next for CDI?
Webinar4 December 2020Cash-flow driven investing is a game-changer for DB pension funds navigating their end-game. Suitable for sponsors who want to reduce risks on their balance sheets. And for trustees, it shifts the focus to providing greater certainty of returns, managing funding level volatility and ensuring they have enough income to pay cash-flow requirements. -
Autumn Pensions Webinar: Impact of Dividends
Webinar8 December 2020The talk will provide an understanding of the priorities and relationships between deficit reduction contributions, in the context of wider scheme funding, and different types of value outflow from the employer based on the working party’s recently published report.
Delivered by the IFRS 17 Contractual Service Margin working party.
The Certified Actuarial Analyst (CAA) qualification has rapidly established itself as adding real value, to insurers and consultancies, and to the clients of consultancies, around the World. CAAs work alongside actuaries and actuarial students, as well as other financial services professionals, in an increasingly broad range of roles and fields.
Many individuals and institutions have a long-term focus, and invest funds for the benefit of future generations. Their strategy should reflect their long horizon. University endowments are one of the oldest classes of institutional investor, and I will present the first study of the management of these endowments over the very long term.
