The mission of the Actuarial Reporting Analyst in the Group IFRS 17 team consists in analyzing and explaining preliminary IFRS17 simulations and results received from entities and in launching simplified simulations (with existing models to be refined if need be) in a R&D mode. This will help the redesign of the P&L and KPIs related to Management Information induced by the future entry into force of IFRS17 norm in 2021, with a focus on changes due to actuarial methodologies.
The holder of the positon will work in close collaboration with the other managers and expert of the IFRS17 team (Actuarial, Accounting data, systems & processes, etc…) and with other PBRC Actuarial, Norms, Investor Relations, GRM, AGS stakeholders. Finally, he will also be a key interlocutor for local entities
The IFRS 17 norm was issued in May 2017 and applies to annual reporting periods beginning on or after 1 January 2021.
IFRS 17 represents the biggest accounting change for insurers in many years. The consequences of that new standard are not limited to a change in the measurement approach of technical reserves, the timing of P&L recognition and in the presentation of insurance companies’ financial statements. IFRS 17 requires also important changes in core systems and processes used in financial reporting; in operating models with higher interaction (or convergence) between actuarial and financial resources, in performance measurement and in financial communication. Once in place it will have also consequences in capital management, product design and investment strategies.
The implementation of IFRS 17 is seen as much challenging as Solvency II and much more complex from accountings systems and processes point of view, the whole with a shorter implementation timeline and a lower preparation. In a nutshell, not only IFRS17 will merge the frontiers between actuarial and accounting but will also impact almost all business processes.
The PBRC Department within the Group Finance Department is responsible for accounting consolidation and financial and actuarial reporting of the Group. These missions are performed for regular closings, forecasts and strategic plan exercises. PBRC works with local PBR units within the Finance Departments of Group subsidiaries.
Within PBRC, the recently created IFRS17 project team is in charge, from a Group perspective, of the monitoring of the implementation of the IFRS17 norm.
The program team includes 4 sub-teams, organized by domain of focus:
• Data & Systems
The holder of the position will mainly have to :
• Understand the IFRS17 norm from an actuarial and financial reporting standpoint
• Liaise with Actuarial IFRS17 team on some methodological topics (Discount Rates, Risk adjustment, Onerous contracts etc…)
• Actively participate in the studies around transition and simulations (ie what are the impacts on the B/S and the P&L when we will switch to IFRS17 in 2021)
• Analyze and explain preliminary IFRS17 simulations and results received from entities
• Launch simplified simulations (with existing models to be refined if need be) in a R&D mode
• Define the new reporting KPIs and schedules for the Management (Activity Indicators and Earnings presentations, SII and EEV).
• Participate under the leadership of PBRC Norms to the update of DREAM (Group Reporting manual)
• Monitor (from a business point of view) the adaption of Magnitude and IRIS to support the production of new reporting information
• Prepare and facilitate key documents/slides for IFRS17 Steering committees and Board meetings
• Animate the IFRS17 community around the Group and the entities on these topics
• Train or prepare trainings for entities and the management
• Write Instructions for the dry runs and parallel run, coordinate the processes and consolidate the results with PBRC Conso/Reporting team
• Be a key interlocutor of Investor relations team to prepare financial communication on IFRS17
Technical and professional skills
Technical and professional skills:
• Expertise in insurance company Actuarial Reporting ( IFRS Volumes and Earnings, Combined Ratios, NBV, EEV, SII, LAT, DAC, Combined Ratios, Life and P&C reserving etc…) and/or in Asset Liability Management
• Knowledge of the main Insurance Business analysis KPIs
• Skills in Reinsurance is a clear plus
Soft skills and competencies:
• Good communication skills to maintain good relationship with the various stakeholders and influence in decision making to reach project / team objectives
• Hands-on and polyvalent
• Ability to work in a multicultural environment with stakeholders of very different backgrounds (eg. business, IT) and countries
• Analytical mindset and good organizational skills
• Ability to accept to be challenged and to have to justify positions
• Open minded, ability to explore new solutions
• Promoter of a collaborative way of working with open and transparent communication building trustful relationships.
• Fluent level of operational English
Profession and educational background
• At least 6 years of successful experience in actuarial reporting, risk management, ALM, Business Lines
• Master degree in Actuarial, Finance, Economics