Financial projections and reporting
Accurate, actionable financial projections and reporting require sophisticated modelling tools and expertise in local and international regulatory requirements. We design and customise financial projection tools that help you understand the impact of pending changes on reserves and capital. With a clear, independent analysis of your financial situation and capital requirements, you can make strategic decisions built on top-quality projections.
IFRS reporting
IFRS 17 calls for a more nuanced and comprehensive approach to insurance contract modelling—an approach that will require not just specialised actuarial expertise, but also efficient implementation and unprecedented processing speed to meet strict reporting timeframes. Milliman has unparalleled experience with Solvency II and other regulatory regimes, coupled with groundbreaking systems implementation and industrialisation capabilities.
Solvency II
Many entities need to report solvency on both local and group bases or assess how the balance sheet would look to a multinational partner. This introduces the need to report under EU Solvency II, which affects all operations that are at the heart of the insurance business: pricing, underwriting, assessment, risk management, assets management, internal and external reporting, and more. We are one of the world’s leading experts on Solvency II and approach these issues in a holistic fashion, helping you go beyond the basics and use modern modelling approaches to improve your business.
US GAAP reporting
Reporting requirements differ across markets, and many entities need to report on local and group bases, often including US GAAP. We have reviewed and advised clients on adjusting IFRS accounts to US GAAP for internal reporting or as part of an acquisition. With Milliman’s US roots, we advise hundreds of insurers on the rules-based approaches underlying US GAAP and what the business and product implications of this reporting basis could be.
Embedded Value
We advise insurers on Embedded Value (EV) methodology for shareholder reporting, performance measurement, and pricing, taking into account of regulatory solvency, internal target capital, and liquidity. We can also review and provide assurance for APN 107 compliance. Our consultants have experience with Market Consistent Embedded Value relevant entities in South Africa.
Milliman financial reporting products
VEGA
Streamline Solvency II compliance with a multi-user, multi-site tool for Standard Formula SCR and quantitative reporting templates.
Solvency II Compliance Assessment Tool
Monitor and assess compliance with Solvency II while creating an audit trail of completed work and a development plan for future actions.