You are here

IFRS 17: Contractual Service Margin (CSM)

The IFoA Life Research Sub-committee formed three working parties in 2018 to analyse different aspects of IFRS 17. One of these working parties was the IFRS 17 CSM Working Party which delivered in line with its stated objectives and presented its work in a sessional paper in October 2020. During the course of its work, it was evident that a number of IFRS 17 topics will remain open for debate and that will continue to pose challenges to stakeholders. The working party has been relaunched following its brief hiatus with revised terms of reference that would look to cover wider areas of IFRS 17 from a life insurer’s perspective.

Key objectives:

  • Identify IFRS 17 implementation challenges faced by life insurers globally other than those covered by existing working parties
  • Identifying possible interpretations and approaches to tackling those challenges
  • Consider the operational as well as technical implications of the different approaches to ensure that recommendations are proportionate
  • Provoke thought leadership and innovation within the industry through presentations at various forums to gain wider input.


View the ToR


Previous 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:


Chair: tbc
Membership: 15

2018 / relaunched 2021

Contact Details

If you want more information about this research working party please contact the Communities Team.

Filter or search events

Start date
E.g., 02/07/2022
End date
E.g., 02/07/2022

Events calendar

  • Spaces available

    The Actuaries’ Carbon Collaboration (ACC) is a group of actuaries and other professionals working towards a coherent understanding of the issues around greenhouse gas (GHG) emissions by considering them in an actuarial context.

    Emissions into and absorption from the atmosphere can be modelled in the same way that we model variable cash flows, including the impacts of uncertain quantities and timing. The ACC’s work investigates both the insights that this analogy provides and its limitations.

  • Spaces available

    This talk presents the work of the Data and Modelling workstream of the IFoA Mental Health Working Party. We explore data and modelling considerations in the risk assessment and underwriting of mental health conditions. We will also consider how newer risk factors and improved data availability might open up opportunities for additional underwriting and product designs.

  • Pensions Dashboards

    12 July 2022

    Spaces available

    As the industry prepares for Pensions Dashboards, we have lined up a specialist panel who is at the heart of the ongoing work in this area. Hear the latest developments, future proposals and have the opportunity to put forward your questions to our speakers.

  • Spaces available

    Crisis management, the process by which an organization deals with a disruptive, sudden and unexpected event that threatens to harm the organization or its stakeholders, has become a key concern in the light of the Pandemic and Geopolitical risks.

  • Spaces available

    Artificial Intelligence is heralded as a game-changer to the ways industries use data, with the insurance industry especially looking to embrace these new technologies. This brings many questions – not least around data privacy, ethics, potential biases and so on – with regulators increasingly interested in developments.

    Moreover, whilst the stunning progress of specific technologies such as Watson and Alphazero made headlines some years ago, current commercial applications of AI remain far from mature.

  • Spaces available

    This webinar will cover:

    • Some background on the risks of misselling in an ESG context, including the DWS case

    • Achieving positive impact is a strong antidote to the risks of greenwashing or ESG misselling, however this risks having a tension with fiduciary responsibilities

    • This tension can be resolved with a concept called Universal Ownership

    • Under Universal ownership, investors have an appetite to make a loss in order to achieve positive impact, and yet still have no compromise on their fiduciary responsibilities

  • Spaces available

    This session will focus on the transformation roadmap of the healthcare sector in KSA and the role of actuarial capabilities in enhancing its evolution to the desired end stage as per the objectives of the Vision 2030. The discussion will focus how the system has evolved so far and shed light on  the expected future changes. Through examining  the transformation, we will highlight how the sector is and can use actuarial  expertise to not only assist with this transformation but also use basic actuarial principles to identify the key risks and their respective mitigation strategies.

  • Spaces available

    The purpose of this research paper is to explore enterprise risk management lessons which can be learnt from the Covid-19 pandemic in preparation for potential future pandemics as well as other “gray rhino” or “black swan” events. This paper is not intended to be an all-encompassing solution to the issues presented by Covid-19; rather, the content has been provided to help drive discussions regarding how risk management processes may need to evolve in line with the dynamic nature of the underlying risks that they sometimes need to capture.

  • Spaces available

    The IFoA's Infrastructure Working Party, led by Chris Lewin, will present its new introductory guide to infrastructure investment, which will be published on the IFoA web-site prior to the webinar.   Those readers whose institutions have already taken the plunge into infrastructure will know that it is a highly complex and diverse field of activity.   This guide does not explore all the matters which investors take into account, but it does discuss many of the more important points, including the risks and past returns, benchmarking, and ESG and SDG considerations.    Attendees will be invi

  • Spaces available

    Health contributes to happiness at the personal, family, community and societal level.  Health, importantly underpins all our economic security. This talk will explore the drivers of our health, the measurement of health and the steps we can take to improve health – most of which lie outside the NHS.