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© 2016 KPMG IFRG Limited, a UK company limited by guarantee and a member firm of the KPMG network of independent member
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© 2016 KPMG IFRG Limited, a UK company limited by guarantee and a member firm of the KPMG network of independent member
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© 2016 KPMG IFRG Limited, a UK company limited by guarantee and a member firm of the KPMG network of independent member
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© 2016 KPMG IFRG Limited, a UK company limited by guarantee and a member firm of the KPMG network of independent member
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© 2016 KPMG IFRG Limited, a UK company limited by guarantee and a member firm of the KPMG network of independent member
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© 2016 KPMG IFRG Limited, a UK company limited by guarantee and a member firm of the KPMG network of independent member
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© 2016 KPMG IFRG Limited, a UK company limited by guarantee and a member firm of the KPMG network of independent member
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© 2016 KPMG IFRG Limited, a UK company limited by guarantee and a member firm of the KPMG network of independent member
fi...
© 2016 KPMG IFRG Limited, a UK company limited by guarantee and a member firm of the KPMG network of independent member
fi...
© 2016 KPMG IFRG Limited, a UK company limited by guarantee and a member firm of the KPMG network of independent member
fi...
© 2016 KPMG IFRG Limited, a UK company limited by guarantee and a member firm of the KPMG network of independent member
fi...
© 2016 KPMG IFRG Limited, a UK company limited by guarantee and a member firm of the KPMG network of independent member
fi...
© 2016 KPMG IFRG Limited, a UK company limited by guarantee and a member firm of the KPMG network of independent member
fi...
© 2016 KPMG IFRG Limited, a UK company limited by guarantee and a member firm of the KPMG network of independent member
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© 2016 KPMG IFRG Limited, a UK company limited by guarantee and a member firm of the KPMG network of independent member
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© 2016 KPMG IFRG Limited, a UK company limited by guarantee and a member firm of the KPMG network of independent member
fi...
© 2016 KPMG IFRG Limited, a UK company limited by guarantee and a member firm of the KPMG network of independent member
fi...
© 2016 KPMG IFRG Limited, a UK company limited by guarantee and a member firm of the KPMG network of independent member
fi...
© 2016 KPMG IFRG Limited, a UK company limited by guarantee and a member firm of the KPMG network of independent member
fi...
© 2016 KPMG IFRG Limited, a UK company limited by guarantee and a member firm of the KPMG network of independent member
fi...
© 2016 KPMG IFRG Limited, a UK company limited by guarantee and a member firm of the KPMG network of independent member
fi...
© 2016 KPMG IFRG Limited, a UK company limited by guarantee and a member firm of the KPMG network of independent member
fi...
© 2016 KPMG IFRG Limited, a UK company limited by guarantee and a member firm of the KPMG network of independent member
fi...
© 2016 KPMG IFRG Limited, a UK company limited by guarantee and a member firm of the KPMG network of independent member
fi...
© 2016 KPMG IFRG Limited, a UK company limited by guarantee and a member firm of the KPMG network of independent member
fi...
© 2016 KPMG IFRG Limited, a UK company limited by guarantee and a member firm of the KPMG network of independent member
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© 2016 KPMG IFRG Limited, a UK company limited by guarantee and a member firm of the KPMG network of independent member
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© 2016 KPMG IFRG Limited, a UK company limited by guarantee and a member firm of the KPMG network of independent member
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© 2016 KPMG IFRG Limited, a UK company limited by guarantee and a member firm of the KPMG network of independent member
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Insurance accounting - Changes on the horizon for life insurers

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Accounting for insurance contracts is changing. If your company issues life insurance contracts, it’s time to prepare for the impacts on your business.

Publié dans : Business

Insurance accounting - Changes on the horizon for life insurers

  1. 1. © 2016 KPMG IFRG Limited, a UK company limited by guarantee and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Insurance accounting Changes on the horizon for accounting for life insurance contracts July 2016 kpmg.com/ifrs
  2. 2. © 2016 KPMG IFRG Limited, a UK company limited by guarantee and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. “The new IFRS insurance contracts standard will be published soon. Now is the time for entities to begin assessing the impact the standard will have on their key performance indicators and processes.” Insurance–Accountingchangesarecoming Joachim Kölschbach, KPMG’s global IFRS insurance leader 2
  3. 3. © 2016 KPMG IFRG Limited, a UK company limited by guarantee and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. It’stimetostartassessingtheimpact 3 insurance or reinsurance contracts, or any contracts defined as such by the standard The coming changes impact companies’ accounting if they issue… investment contracts with a DPF DPF = direct participation feature or
  4. 4. © 2016 KPMG IFRG Limited, a UK company limited by guarantee and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Thecomingchangeswillaffect... Volatility in your financial results 4 Capital and asset- liability management Your people Broad business decisions Systems and processes Operational performance and measurement
  5. 5. © 2016 KPMG IFRG Limited, a UK company limited by guarantee and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Keyfeatures
  6. 6. © 2016 KPMG IFRG Limited, a UK company limited by guarantee and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Anew,comprehensiveaccountingmodel 6 It’s based on the fulfilment objective, and uses current assumptions and discount rates
  7. 7. © 2016 KPMG IFRG Limited, a UK company limited by guarantee and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Generalmeasurementmodel 7 Estimates of future cash flows Discounting to reflect the time value of money Contractual service margin (CSM) Profit to be recognised over life of the contract Risk adjustment Four building blocks
  8. 8. © 2016 KPMG IFRG Limited, a UK company limited by guarantee and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Premiumallocationapproach 8 Optional for certain short-duration contracts A proxy for the building block approach Discounting of claim provisions required unless practical expedients are applied
  9. 9. © 2016 KPMG IFRG Limited, a UK company limited by guarantee and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Variablefeeapproach 9 Fee for service Obligation to policyholder The building blocks still apply The approach considers the variable fee associated with direct participating contracts The underlying items can be held or indexed Underlying items related to policyholder participation
  10. 10. © 2016 KPMG IFRG Limited, a UK company limited by guarantee and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Subsequentmeasurement 10 Update assumptions ̶ future cash flows ̶ discount rates ̶ risk margins Adjust the CSM for changes to cash flows and risk margins related to future coverage and services Recognise other changes in comprehensive income
  11. 11. © 2016 KPMG IFRG Limited, a UK company limited by guarantee and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Transition 11 Practical expedients and fair value approach available for determining CSM and discount rates Limited ability to redesignate some financial assets on initial application ! Change ahead Full retrospective application is required Restate comparative information
  12. 12. © 2016 KPMG IFRG Limited, a UK company limited by guarantee and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Presentationanddisclosures 12 Revenue presentation based on provision of service pattern Investment components excluded from insurance revenue Entities can choose to present effect of discount rate and market variable changes in OCI or P&L to reduce volatility Multiple new disclosures add complexity
  13. 13. © 2016 KPMG IFRG Limited, a UK company limited by guarantee and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Mandatoryeffectivedate 13 AlternativeEarliest possible Expected to be at least three years between the date the final standard is issued and the mandatory effective date or
  14. 14. © 2016 KPMG IFRG Limited, a UK company limited by guarantee and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Determiningthe impact
  15. 15. © 2016 KPMG IFRG Limited, a UK company limited by guarantee and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Volatilityinyourfinancialresults 15 Volatility may increase because current information and assumptions will be used
  16. 16. © 2016 KPMG IFRG Limited, a UK company limited by guarantee and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Operationalperformancemeasurement 16 Level of aggregation may reduce comparability Transparency about expected profitability of contracts in force
  17. 17. © 2016 KPMG IFRG Limited, a UK company limited by guarantee and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Broadbusinessdecisions 17 Measurement and separation criteria may require changes to product profiles, features or pricing More transparency about guarantees may alter business decisions New reporting basis may have tax implications in some jurisdictions
  18. 18. © 2016 KPMG IFRG Limited, a UK company limited by guarantee and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Capitalandasset-liabilitymanagement 18 Interaction with IFRS 9 may impact investment allocations and asset-liability management Accounting mismatches may occur, but can be reduced by using accounting policy choices Possible significant change in capital amount at transition
  19. 19. © 2016 KPMG IFRG Limited, a UK company limited by guarantee and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Systems,processes,andcontrols 19 Changes may be needed to develop, test and implement processes and controls Transition may require early planning and parallel runs Systems and actuarial models may need upgrading
  20. 20. © 2016 KPMG IFRG Limited, a UK company limited by guarantee and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Yourpeople 20 Compensation arrangements and performance targets may need to change Additional resources and interaction with actuaries may be needed to manage transition and reporting processes A co-ordinated response within the organisation is essential
  21. 21. © 2016 KPMG IFRG Limited, a UK company limited by guarantee and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Nextsteps
  22. 22. © 2016 KPMG IFRG Limited, a UK company limited by guarantee and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Accounting,taxandreporting 22 Review your contracts Plan your accounting policy decisions Assess possible alignment with solvency and regulatory reporting Identify impact on capital positions and volatility sources Consider benchmarking against peers
  23. 23. © 2016 KPMG IFRG Limited, a UK company limited by guarantee and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Processes 23 Evaluate contract classification and separation criteria Evaluate specific criteria for contracts under the variable fee approach Identify processes affected and establish new processes to… Calculate insurance contract liabilities
  24. 24. © 2016 KPMG IFRG Limited, a UK company limited by guarantee and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Systems 24 Accounting systems and internal controls Actuarial modelling capabilities Upgrade systems to ensure that they can handle new requirements… Valuation and financial reporting systems
  25. 25. © 2016 KPMG IFRG Limited, a UK company limited by guarantee and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Yourbusiness 25 Review product profiles and consider changes to product design and pricing Revisit investment allocations and asset-liability management Evaluate existing reinsurance programmes for their impact on results Assess impacts on key performance metrics
  26. 26. © 2016 KPMG IFRG Limited, a UK company limited by guarantee and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Peopleandchange 26 Determine staff needs Train finance, actuarial, and other relevant teams Evaluate impact on compensation arrangements Communicate performance and metric changes to stakeholders Assess the impact of changes to processes
  27. 27. © 2016 KPMG IFRG Limited, a UK company limited by guarantee and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. KPMGcanhelpyou 27 Assess the impacts Design the right solution Implement a future state Accounting diagnostics Process and information gap analysis Financial impact assessments Data requirements
  28. 28. © 2016 KPMG IFRG Limited, a UK company limited by guarantee and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Nextsteps Speak to your usual KPMG contact Think about your implementation plan Find out more at kpmg.com/ifrs 28
  29. 29. © 2016 KPMG IFRG Limited, a UK company limited by guarantee and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. © 2016 KPMG IFRG Limited, a UK company limited by guarantee and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. The KPMG name and logo are registered trademarks or trademarks of KPMG International. The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavour to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. kpmg.com/appkpmg.com/socialmedia

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