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IFRS 17: Contractual Service Margin (CSM)

The working party will analyse the impact of different approaches of calculating the Contractual Service Margin (CSM) at initial recognition and subsequent measurement, with respect to life insurance products under the Building Block Approach (i.e. Annuities and Protection) and the Variable Fee Approach (i.e. With-Profits) for both existing and new business.

Key objectives:

  • A summary of existing research material performed by the actuarial profession, European bodies, regulators and consultants on the topic.
  • Analysis of the impact of different approaches to calculating the CSM at initial recognition and subsequent measurement, with respect to:
    • ‘Locked-in’ assumptions
    • Unit of account
    • Accretion
    • Changes in fulfilment cash flows (including FX changes)
    • Coverage units and CSM runoff
    • Reinsurance contracts
  • Analyse the impact of different approaches to calculating the Loss Component at initial recognition and subsequent measurement, Loss Component run-off and the interaction of the Loss Component with the CSM.

Key outputs:

 

Chair: Wijdan Yousuf
Membership: 13
Established: 2018

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Contact Details

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

professional.communities@actuaries.org.uk

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