Introduction to Life Assurance Financials
Information
A one day highly participative programme which equips participants to discuss the business model of life and pensions including ‘with profits’ funds; to interpret their financial statements; to use key ratios to evaluate performance; and to outline the basics of their prudential capital under. The intended participants are senior sales and relationship managers who wish to enhance their ability to hold knowledgeable conversations with life assurer clients about current business issues
Participants are assumed to be familiar with basic insurance concepts and terminology; and with the essentials of double entry accounting. The course will be based largely on the financial statements of a major UK life & pensions group
Schedule
Session One
Introduction
Main life products: term assurance, investment policies, pensions and annuities
Distinction between participating and non-participating business
Distribution and sales channels
Characteristics of with-profits policies
Smoothing and bonus allocation
Profit sharing bases for mutual vs public companies
Session Two
Financial accounting
Balance sheet and income statements, line by line
Key life ratios
Mathematical reserves and technical provisions
Indicators of financial strength in life
New business strain
Session Three
Different reporting bases
Statutory Solvency Basis
IFRS 4 and FRS 27
European Embedded Value
Session Four
Prudential capital and other regulation
Twin Peaks capital requirements
Implications of Solvency II
Distribution of inherited estates and other topical issues
Course Conclusion
Register interest
As every course we run is tailored to meet the specific needs of each client, we can only provide an estimate after fully understanding your specific requirements. Please complete the form below of call +44 (0) 208 894 4977 to discuss how Taylor Associates can help you.