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Actuarial Function Overview - Updatedv2

The actuarial function at MetLife provides core services including statutory valuations, US GAAP valuations, modeling of new business, experience studies, product reviews, and actuarial reviews and opinions. Key challenges include addressing historical issues leading to losses, regulatory changes, and limited actuarial resources in Bangladesh. New initiatives include establishing a local actuarial team, updating valuation projection models, improving processes, developing local talent, and enhancing data and analytics capabilities.

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ezaz ahmed
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132 views4 pages

Actuarial Function Overview - Updatedv2

The actuarial function at MetLife provides core services including statutory valuations, US GAAP valuations, modeling of new business, experience studies, product reviews, and actuarial reviews and opinions. Key challenges include addressing historical issues leading to losses, regulatory changes, and limited actuarial resources in Bangladesh. New initiatives include establishing a local actuarial team, updating valuation projection models, improving processes, developing local talent, and enhancing data and analytics capabilities.

Uploaded by

ezaz ahmed
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd
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Actuarial Function, Finance

Sharmistha Saha
07/09/2021
Confidential – for MetLife internal use only

Agenda

1. Overview of the function, core processes, major deliverables and impact to organisation

2. Challenges and new initiatives

2
Confidential – for MetLife internal use only

Overview of processes and deliverables


Ala Uddin Shao-Chien Chang
Chief Financial Officer Appointed Actuary

Bangladesh Actuarial
Function
Satyam Sadhu
Sharmistha Saha
Tashfia Kawakib
Saqif Masud

Statutory Valuation US GAAP Valuation Value of New Experience Product Financial & Actuarial
and Profit Distribution - Calculations of Business Studies Reviews Actuarial reviews and
- Annual exercise Actuarial balance - Modelling, - Analysing key - Carrying Modelling opinions
required by law to sheet items (DAC, monitoring and business data out reviews - Modelling key - Providing
determine policyholder UREV, PHDL and reporting of profits (mortality, lapse, of new business actuarial opinion
liabilities, profits arising, policyholder liabilities) expected to arise morbidity) to set products on projects, losses and support to
policyholder bonus - Loss recognition from new assumptions to behalf of and other ad- various
distribution and company testing business being be used in CFO and hoc modelling departments
profit transfers sold modelling and Appointed support and business
- Analysis and
projections projections Actuary processes
before filing
3
Confidential – for MetLife internal use only

Challenges and new initiatives


Actuarial is mainly a control function under Finance that works to ensure the better financial management of
the company through ensuring adequate financial security for policyholders and shareholders.

Consequently, the main challenges facing the Actuarial function are –


• Review and correction of historical issues that are leading to current period losses
• Regulatory challenges from proposed updates to accounting and actuarial regulations e.g. IFRS 17,
LDTI for US GAAP and Bangladesh IDRA insurance accounting regulations
• Actuarial resources are scarce in Bangladesh, so current Actuarial team is spread thinly over various
projects

Following new initiatives have been introduced –


• Setting up a local complete Actuarial function with less reliance on Region
• Updates and corrections to existing VNB models to accurately capture reality in the projections to aid in
business decisions
• Updates and corrections to existing Actuarial and Financial Reporting processes to reduce errors and
increase efficiency
• Development of Actuarial talent locally
• Improving data handling and analytics capability

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