Insurance solutions

Financial Reporting

Financial reporting

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OVERVIEW

Success by the numbers

Evolving regulatory and financial reporting standards are challenging to interpret and implement. Milliman provides end-to-end support for reporting under a broad range of regulatory schemas, including IFRS 4, IFRS 17, Solvency Assessment and Management (SAM), Solvency II, Embedded Value (EV) and IFRS 2 and IAS 19 employee benefits. We bring decades of global expertise, tailored to the specific needs of the South African and broader African marketplace.

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OVERVIEW

Milliman financial reporting solutions

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.

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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.

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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.

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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.

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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.

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Insight

Milliman financial reporting insight

Article

SAM common errors: The series

This article deals with common issues faced by both Life and Non-Life insurers with the introduction of SAM.

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Article

South Africa: Insurance Industry Update

This update includes an update on IFRS 17 developments, how cyber risk is affecting insurers, various regulatory updates, as well considerations of the balance sheet and capital treatment of cryptocurrencies.

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Research Report

IFRS implementation survey

How are you measuring up in terms of IFRS readiness? Check out our survey on the topic, conducted with 115 insurers around the globe.

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Milliman financial reporting products

Solvency II reporting & compliance

VEGA

Streamline Solvency II compliance with a multi-user, multi-site tool for Standard Formula SCR and quantitative reporting templates.

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Solvency II compliance

Solvency II Compliance Assessment Tool

Stay Solvency II compliant with our cloud-based tool, simplifying the latest regulations into straightforward self-assessments while tracking your compliance progress.

Financial Reporting