Certified IFRS 17 Insurance Financial Analyst
IFRS 17 is a revolution in the way (re)insurance financial statements are perceived and interpreted. The IFRS 17 course is intended for managers in the insurance business, insurance consultants, planning and controlling managers, investor relations managers, CFOs, accountants and controllers, risk managers, actuaries, insurance underwriters, asset managers and portfolio managers, capital markets practitioners, wealth managers, and client advisors.
This course analyzes the organizational and accounting impacts of the application of IFRS 17, with reference to the business functions involved in the use of financial statement indicators. The course focuses on the accounting rules and application of the new standard, including related disclosures and the use of old and new KPIs.
Measuring the accounting profitability of insurance products is essential for middle and top management. This point is critical for budgeting and business purposes, but also for analyzing asset allocation options to reduce volatility. The course helps to understand the key components and drivers of expected future profitability that will appear in the Contractual Service Margin (CSM) analysis. It provides examples of key external and internal factors that cause CSM volatility and supports management in evaluating measures to reduce volatility.
In addition, the training course provides an overview of IFRS 17 issues and problems discussed in the European Roundtables from the users’ perspective, thanks to the participation of the lecturers in the EFFAS and EFRAG working groups.
AIAF Financial School, propose the new IFRS 17 Certification
OBJECTIVES
IFRS 17 represents a revolution in the way (re)insurance financial statements are perceived and interpreted. The new standard became effective on January 1, 2023. This course analyzes the organizational and accounting impacts of the adoption of IFRS 17, with reference to the business functions involved in the use of financial statement indicators. The focus of the course is on the accounting rules and application of the new standard, including related disclosures and the use of old and new KPIs.A basic knowledge of financial statement analysis and a basic understanding of the insurance business is required.
TARGET AUDIENCE
The IFRS 17 program is aimed at:
Users of insurance financial data
Professionals interested in knowledge of IFRS17
Users of insurance reports
Analysts of insurance companies
Professionals who manage insurance KPIs
People that want to enter the insurance market
Switzerland a global leader in reinsurance
PROGRAM
The program (in English) is hybrid and structured in five online modules.
Module 1: Introduction to IFRS 17
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Why IFRS 17: an overview of the standard
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Implications for business
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Key concepts
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Disclosures
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Comparison with IFRS 4
Module 2: Examples of accounting for business events
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Classification of insurance contracts into BBA (General model and VFA), PAA
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The Business General model as the basis of the principle
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The Contractual Service Margin (CSM)
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Examples of (re)insurance accounting
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Booking examples
Module 3: Simulation examples to analyse impacts on insurance business
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Analysis of life business with an in-depth look at the impact of IFRS 17 on disclosure
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Presentation of the Case Study and impacts on the analysis of business products under the IFRS 17
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Methodological and operational aspects
Module 4: Impact on insurance KPI
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Analysis of the main criticalities emerged in the local and European working tables
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Analysis of KPIs related to life and non-life business under IFRS 17
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Analysis of the main KPIs impacted by IFRS 17
Module 5: Q&A session
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Wrap up, Q&A, discussion and review
COURSES FEATURES
12 hours of didactics in total.
In-person initial and final session, the intermediate sessions in webinar format
Study time: 20-25 hours
Duration is approximately 7 weeks
The course is organized 2 times a year, in spring and fall.
Deadline for registration: 10 days before the course starts (Spring session 6 May 2023; Autumn session 21 October 2023)
A certificate is awarded at the end of the course.
ADMISSION
There are no admission requirements.
EXAMINATION DETAILS, LANGUAGE
The examination, in English, for the issuance of the “IFRS 17 Certificate” lasts 60 minutes and consists of multiple-choice questions (MCQs).
The exam is held in Online mode twice a year (June and December).
IFRS 17 Scheda di iscrizione di AIAF Financial School
AIAF in Brief
AIAF – Italian Association for Financial Analysis was founded in 1971 and at the European level is a member of EFFAS “The European Federation of Financial Analysts Societies” with over 15,000 members. AIAF contributes with a role of Standard Setter for financial analysis to the development, transparency, efficiency of financial markets and professional excellence in financial matters, through the activity of working groups dedicated to many influential topics for financial activity, such as Fundamental Analysis, Sustainability, Fintech. AIAF Financial School directly offers certified training through the international diplomas CEFA “The Certified European Financial Analyst,” CIIA “Certified International Investment Analyst” and CEESGA “Certified EFFAS Environmental Social and Governance Analyst,” the latter dedicated to sustainability. AIAF has been committed to promoting the development of Sustainable Finance for more than a decade. It collaborates with agreements aimed at professional financial education with the Universities of Genoa, Milano Cattolica. of Milano-Bicocca and Ca’ Foscari.
