IFRS-17 Implementation Progress Survey

Survey Purpose

This survey is being conducted by Foresight Solutions, Inc., an actuarial consulting firm. The goal of this survey is to obtain a current view into the IFRS-17 implementation progress of insurance companies with particular insights into the more challenging aspects of implementation.

The survey is confidential. Individual company responses will not be shared. Summarized survey results will be provided to all participating companies.

This survey has two parts. The first part (Q1 - Q11) is considered the primary survey, while the second part (Q12 - Q22) is optional and asks more in-depth questions regarding specific decisions and positions companies are taking regarding their implementation.

For your participation, you will be entered into a drawing where two participants will win USD 25 Amazon gift cards. For those choosing to answer the optional questions, an additional two USD 50 Amazon gift cards will be drawn. All spam responses will be disqualified.

The survey will be open through July 15, 2021. We thank you for your willingness to participate in this important survey.

Question Title

* 1. Please provide professional contact information so we can send survey results.

Name *

Company *

Address

Address 2

City/Town

State/Province

ZIP/Postal Code

Country

Professional Email Address (no gmail, yahoo, aol, hotmail, etc) *

Phone Number

Question Title

* 2. Please describe your role in the implementation of IFRS-17 at your company.

Question Title

* 3. Do you generally consider your global company as small, medium, or large compared to other companies in the industry?

Small

Medium

Large

Question Title

* 4. How do you classify your company?

Life

Health

Property & Casualty

Pension

Composite

Other

Question Title

* 5. When do you plan to go live with IFRS-17?

Prior to January 1, 2023 (early adopter)

January 1, 2023

After January 1, 2023

Question Title

* 6. How would you classify your implementation status?

Significantly ahead of schedule

Ahead of schedule

On schedule

Behind schedule

Significantly behind schedule

Question Title

* 7. Regarding initial quantitative results:

We have initial quantifications and are regularly producing parallel runs

We have produced initial quantifications but have yet to establish a regular parallel framework

We have not yet produced initial quantifications but plan to prior to year-end 2021

We anticipate producing initial quantifications for year-end 2021

We anticipate producing initial quantifications in 2022 or later

Other (please specify)

Question Title

* 8. Regarding disclosures, we anticipate producing a first working version of the disclosures:

prior to year-end 2021

at year-end 2021 (with year-end reporting)

in 2022 or later

We have already produced a working versions of disclosures and will continue to enhance them

Other (please specify)

Question Title

* 9. What is your current anticipated impact of IFRS-17 on your opening liability balance:

Significant increase

Increase

No material impact

Decrease

Significant increase

Uncertain

Question Title

* 10. Have you replaced or significantly enhanced any of the following systems due to IFRS-17 requirements:

	Replace	Enhance	No significant change	Prefer not to answer
Policy admin system	Policy admin system Replace	Policy admin system Enhance	Policy admin system No significant change	Policy admin system Prefer not to answer
Financial reporting system	Financial reporting system Replace	Financial reporting system Enhance	Financial reporting system No significant change	Financial reporting system Prefer not to answer
Actuarial projection model	Actuarial projection model Replace	Actuarial projection model Enhance	Actuarial projection model No significant change	Actuarial projection model Prefer not to answer
Other	Other Replace	Other Enhance	Other No significant change	Other Prefer not to answer

Other (please specify your 'other' system)

Question Title

* 11. Which actuarial projection model software do you intend to use to project IFRS-17 cash flows (select all that apply)?

AXIS

MG-ALFA

MoSes

Pathwise

Polysystems

Prophet

SLOPE

Other (please specify)

Question Title

* 12. For each of the following, please indicate the level of difficulty you have experienced in defining and/or implementing your approach:

	Very difficult	Difficult	Moderate effort	Not difficult	Not applicable OR not yet addressed OR prefer not to answer
Discount curve	Discount curve Very difficult	Discount curve Difficult	Discount curve Moderate effort	Discount curve Not difficult	Discount curve Not applicable OR not yet addressed OR prefer not to answer
Risk Adjustment	Risk Adjustment Very difficult	Risk Adjustment Difficult	Risk Adjustment Moderate effort	Risk Adjustment Not difficult	Risk Adjustment Not applicable OR not yet addressed OR prefer not to answer
Grouping requirements	Grouping requirements Very difficult	Grouping requirements Difficult	Grouping requirements Moderate effort	Grouping requirements Not difficult	Grouping requirements Not applicable OR not yet addressed OR prefer not to answer
CSM Rollforward	CSM Rollforward Very difficult	CSM Rollforward Difficult	CSM Rollforward Moderate effort	CSM Rollforward Not difficult	CSM Rollforward Not applicable OR not yet addressed OR prefer not to answer
Reinsurance	Reinsurance Very difficult	Reinsurance Difficult	Reinsurance Moderate effort	Reinsurance Not difficult	Reinsurance Not applicable OR not yet addressed OR prefer not to answer
Best-estimate cash flows	Best-estimate cash flows Very difficult	Best-estimate cash flows Difficult	Best-estimate cash flows Moderate effort	Best-estimate cash flows Not difficult	Best-estimate cash flows Not applicable OR not yet addressed OR prefer not to answer
Onerous contract determination	Onerous contract determination Very difficult	Onerous contract determination Difficult	Onerous contract determination Moderate effort	Onerous contract determination Not difficult	Onerous contract determination Not applicable OR not yet addressed OR prefer not to answer

The remaining questions are optional, but a drawing for two USD 50 Amazon gift cards will be open to everyone choosing to answer these remaining questions.

Question Title

* 13. (Optional) To what degree has IFRS-17 implementation resulted in changes to the company's:

	Significant changes made or expected to be made	Likely some changes to be made or have been made	No change expected to current approach/strategy
Use of reinsurance	Use of reinsurance Significant changes made or expected to be made	Use of reinsurance Likely some changes to be made or have been made	Use of reinsurance No change expected to current approach/strategy
Product mix	Product mix Significant changes made or expected to be made	Product mix Likely some changes to be made or have been made	Product mix No change expected to current approach/strategy
Product pricing	Product pricing Significant changes made or expected to be made	Product pricing Likely some changes to be made or have been made	Product pricing No change expected to current approach/strategy
Merger and acquisition activity	Merger and acquisition activity Significant changes made or expected to be made	Merger and acquisition activity Likely some changes to be made or have been made	Merger and acquisition activity No change expected to current approach/strategy
Investment profile	Investment profile Significant changes made or expected to be made	Investment profile Likely some changes to be made or have been made	Investment profile No change expected to current approach/strategy
Risk management practices	Risk management practices Significant changes made or expected to be made	Risk management practices Likely some changes to be made or have been made	Risk management practices No change expected to current approach/strategy

Question Title

* 14. (Optional) To what degree has the company engaged in communication with the following constituents:

	Significant engagement and conversation - generally positive	Some engagement and conversation - generally positive	No engagement yet	Some engagement and coversation - generally challenging	Significant engagement and conversation - generally challenging
C-suite executives	C-suite executives Significant engagement and conversation - generally positive	C-suite executives Some engagement and conversation - generally positive	C-suite executives No engagement yet	C-suite executives Some engagement and coversation - generally challenging	C-suite executives Significant engagement and conversation - generally challenging
Investors and shareholders	Investors and shareholders Significant engagement and conversation - generally positive	Investors and shareholders Some engagement and conversation - generally positive	Investors and shareholders No engagement yet	Investors and shareholders Some engagement and coversation - generally challenging	Investors and shareholders Significant engagement and conversation - generally challenging
Regulators	Regulators Significant engagement and conversation - generally positive	Regulators Some engagement and conversation - generally positive	Regulators No engagement yet	Regulators Some engagement and coversation - generally challenging	Regulators Significant engagement and conversation - generally challenging
Rating agencies	Rating agencies Significant engagement and conversation - generally positive	Rating agencies Some engagement and conversation - generally positive	Rating agencies No engagement yet	Rating agencies Some engagement and coversation - generally challenging	Rating agencies Significant engagement and conversation - generally challenging

For the remaining questions, identify the accounting policy choice your company has made.

Question Title

* 15. (Optional) Regarding Insurance Acquisition Cash Flows (IACF) under the PAA approach, we choose to

Defer and recognize insurance acquisition costs as expense over time

Recognize insurance acquisition cash flows as expense when incurred

Have not decided

Not applicable

Question Title

* 16. (Optional) Regarding discounting of the Liability for Remaining Coverage (LRC) under the PAA approach, we choose to

Discount the LRC

Not discount the LRC

Have not decided

Not applicable

Question Title

* 17. (Optional) Regarding the Risk Mitigation Option under the VFA approach, we choose to

Apply the risk mitigation option (i.e. exclude from the CSM some or all of the time value of money and financial risk on the entity's share of the underlying items and the fulfillment cash flows that do not vary with the underlying items)

Not to apply the risk mitigation option

Have not decided

Not applicable

Question Title

* 18. (Optional) Regarding changes in the Risk Adjustment, we choose to

Present all changes in the risk adjustment in the insurance service result

Disaggregate the changes in the risk adjustment between the insurance service result and IFIE

Have not decided

Not applicable

Question Title

* 19. (Optional) Regarding the presentation of Reinsurance Held contracts, we choose to

Present the income and expense of reinsurance held as a single net amount

Present reinsurance held income separately from reinsurance held expense

Have not decided

Not applicable

Question Title

* 20. (Optional) Regarding the Other Comprehensive Income (OCI) option, we choose to

Disaggregate IFIE between P&L and OCI

Include IFIE in P&L

Have not decided

Not applicable

Question Title

* 21. (Optional) Regarding the IFRS-17 transition approach, we choose to utilize the following approaches (select all that apply):

Full Retrospective Approach

Modified Retrospective Approach

Fair Value Approach

Have not decided yet

Question Title

* 22. (Optional) Regarding interim financial reporting under IAS 34, we choose to

Apply period-to-period reporting

Apply year-to-date reporting

Have not decided

Thank you for completing this survey on IFRS-17 implementation! Visit us at https://foresightsolutions.us for more information about Foresight Solutions.