Understanding Insurance Financial Statements, Risk Management in Financial Institutions, Certificate in ESG Investing awarded by CFA UK, CISI International Certificate in Wealth and Investment Management, International Investment Operations Certificate (IOC), Certificate in Quantitative Finance (CQF), Chartered Financial Analyst (CFA®) Program, SAQ Certified Wealth Management Advisor (SAQ CWMA), CISI Private Client Investment Advice and Management, CISI Advanced Certificate in Global Securities Operations, CISI Investment Operations Certificate (International), Aprenda más acerca de nosotros en Español. But at present, as per the provisions of IRDA Act, 2002, the Revenue Account of Life Insurance companies are to be prepared as per the requirement of Schedule ‘A’ of the said regulations. This chapter contains the calculation of main financial ratios for evaluating performance of Insurance Company Limited. the financial statements. Understand the key components of an insurance company’s income statement, balance sheet and cashflow statement Recognize the impact of differing accounting standards, reserving policies and changes in external variables (such as interest rates and asset prices) on the financial statements Benefits include: The overall goal of this two-day introductory course is designed to provide a basic technical background to the insurance industry as a precursor to attending our intermediate Insurance Company Analysis workshop. If your company is granted a waiver or extension, please provide that documentation to FDRadmin@naic.org.. Looking forward to the next class! The National Association of Insurance Commissioners (NAIC) regulates all U.S. insurance companies to … Great trainer, very inspiring. Financial Statement Analysis – Insurance Companies — Overview The 1-day Financial Statement Analysis Program provides participants with a broad understanding of the financial information that is used to assess the financial strength and performance of insurance companies. Financial Statements Insurance. Great introductory course for understanding insurance company financial statements. 1  with the exception of A.M. Best, which analyzes insurers only, these firms … Principal activities and ownership The Company is licensed by the Gibraltar Financial Services Commission under the Financial Services (Insurance Companies) Act to underwrite the following insurance classes: n Accident n Sickness I think the overall experience was great! With the threat of a pandemic and global recession, the potential impact on the insurance industry, either from elevated claims experience or capital market volatility, makes it essential more than ever to understand how to undertake a structured analysis of the key risks faced by both life and non-life companies. Underwriters frequently request financial statements when they provide both new business and renewal quotations. Working capital is a measure of a company's liquidity, operational efficiency and its short-term financial health. Our areas of expertise include: We are always searching for talented professionals with technical expertise in banking and/or financial services who are interested in making the move to become a Trainer. Part of the Fitch Group, Fitch Learning partner with clients to enhance knowledge, skills and conduct. Very professional, well presented and enjoyable. The way he taught was outstanding. Fundamentals of Insurance Financial Statements, World-class video conferencing technology, Fully interactive, engage and network with peers using break out rooms, quizzes and polls, On-hand technical support team throughout, Attend from anywhere, across four time zones, Distinguish the risks inherent in the main products offered by life, non-life (P&C) and reinsurance companies and recognize how these are reflected in the financial statements, Understand the key components of an insurance company’s income statement, balance sheet and cashflow statement, Recognize the impact of differing accounting standards, reserving policies and changes in external variables (such as interest rates and asset prices) on the financial statements, Calculate and apply some basic ratios to quantify an insurance company’s financial strength, performance and risk profile​, Insurance company treasury officers and staff, Bank risk, portfolio and relationship managers, Types of insurance company: Mutual vs. proprietary, multi-line vs. monoline, underwriters vs. brokers, captive insurers and Lloyd’s entities, Non-life products: Short tail and long tail lines; degrees of riskiness, Life and investment products: Whole life, annuity, endowment, term insurance and health products, Investment bases for life products: Fixed (stable value), unit-linked (variable), with profits, interest-sensitive, Reinsurance products: Proportional vs. non-proportional, excess of loss and catastrophe covers, Relating the business to the balance sheet and income statement, Key items of the balance sheet and income statement for life and non-life insurers, Premium accounting: gross vs. net, written vs. earned, Claim/loss accounting (non-life): Claims incurred vs. paid, claims incurred but not reported (IBNR), Claim/benefit accounting (life): Benefits and surrenders, annual and final bonuses, Technical reserves: Loss reserves, unearned premiums, mathematical provisions, Investment reserves – capital or liability? 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