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Understanding Life Insurance Company Financial Statements

October 11, 2019
PwC Canada, Toronto, Ontario

Welcome and Introduction

Overview of the state of the Canadian life insurance industry

Trends in sales and life products in Canada

The future: Critical issues facing the industry and implications on financial statements

Understanding Life Insurance Products

Overview of core life and annuity products currently offered in Canada

Fundamentals to Life Insurance Accounting and its Business Model

The accounting for premiums, commissions and claims and their timing of recognition in financial statements

Table exercises

Financial Statement Concepts and Risk Management

Critical estimates and assumptions that impact financial statements and fundamentals to the understanding of policy reserves

Management of those risks and assumptions

Interpreting and Using Financial Statements

IFRS reporting implications on financial statements

Insights to enable users to identify key ratios and other performance metrics from financial statements

Understanding of the users of life financial statements, regulatory environment, and key metrics from a regulatory perspective

Table exercises