The requirements of financial reporting processes have become increasingly complex (US Statutory PBR, US GAAP LDTI, IFRS17, Bermuda Solvency etc.). As a result, the processes to support each reporting basis have turned out to be unique for each. With a desire to use a common calculation engine across all reporting applications, it is important to have holistic knowledge of all reporting bases and an understanding of the calculations and processes for each. In addition, the ability to explain and attribute results from period to period is an absolute management requirement as well as a key element of well controlled financial reporting. The following outlines the key attributes of modern end-to-end actuarial systems and processes.

 

• Combination of results from multiple model projections (e.g. PBR)

• Dependency on results from prior periods (e.g. US GAAP LFPB, IFRS 17)

• Incorporate results performed at the point of sale (e.g. US GAAP MRB, IFRS 17)

• Production of Rollforwards and Income Statements with actuarially calculated line items

• Data management and automation to bring together the various calculations from the process and system components

 

 

ARC has a long history of supporting the financial reporting processes including the latest reporting requirements. Our staff has expertise and experience working with a variety of valuation systems and modeling platforms. This has included client partnerships where we have designed solutions to facilitate calculation engine data input, data output, and post processing.