Vplyv zvýšenia storna na hodnoty v modeli VFA
Keywords:
IFRS 17, metóda VFA, podkladové aktíva, poistenie unit-linked, zmluvná servisná marža, IFRS 17, VFA method, Underlying Item, Unit-linked Insurance, Contractual Service MarginAbstract
The paper deals with the actual topic of the insurance sector, the international financial accounting standard IFRS 17, which enters into force for insurance companies in Slovakia on 1.1.2023. It focuses on the valuation of the portfolio of unit-linked life insurance contracts using the VFA method. The standard permits the application of the VFA method to insurance contracts with an investment component linked to the underlying items of an insurance company. By creating a VFA model and then increasing the lapse rate by clients, we examine how the values that the standard introduces change. How the increase of lapse rate affects the contractual service margin, the risk adjustment and the values in the income statement. The insurance period of 20 years is a sufficiently long period to record the impact of the increased cancellation. Another output of the paper is the issuance of a simplified income statement and a comparison of the economic result of the basic VFA model and the model with increasing lapse rate.References
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[2] CFO Forum: Letter to IASB. (2020). Amsterdam. Available at: http://www.cfoforum.nl/downloads/CFOF_letter_to_IASB_23Jan2020.pdf
[3] European Insurance and Occupational Pensions Authority. License Agreement - Risk Free Interest Rate Coding. Available at: https://www.eiopa.europa.eu/license-agreement-risk-free-interest-ratecoding_en.
[4] Ewelt-Knauer, C. - Kraft, A. - Schneider, J. (2018). Der neue Standard zur bilanziellen Abbildung von Versicherungsverträgen (IFRS 17) – Eine kritische Analyse der Auswirkungen auf die Versicherungsbranche. In Zeitschrift für die gesamte Versicherungswissenschaft. 107.2: 193-226. Available at: doi: 10.1007/s12297-018-0405-6.
[5] IASB. (2017). International Financial and Reporting Standards IFRS 17 Insurance Contract.
[6] IASB. (2020). International Financial and Reporting Standards IFRS 17 Insurance Contracts (Incorporating the June 2020 Amendments). Available at: https://cdn.ifrs.org/-/media/project/amendments-to-ifrs-17/ifrs-17-incorporating-the-june-2020-amendments.pdf?la=en.
[7] KPMG. (2020) IFRS 17 – Final amendments are out now. Available at: https://home.kpmg/xx/en/home/insights/2020/06/revised-standardissued-ifrs17.html.
[8] Sakálová, Katarína. (2006). Aktuárske analýzy. EKONÓM.
[9] Sotona, Petr. (2018) Mortality risk assesment under IFRS 17. In: 21th International Scientific Conference AMSE: Applications of Mathematics and Statistics in Economics, Czech Republic. Praha: VŠE v Praze. roč. 21, s. 281-289.
[10] The Human Mortality Database. Slovakia. Available at: http://www.mortality.org/cgi-bin/hmd/country.php?cntr=SVK&level=1.
[11] TOOLS4F. (2019) IFRS 17 Seminár. [presentation].
[12] Widing, B. & Jansson, Jimmy. (2018) Valuation Practices of IFRS 17. (Dissertation) Available at: http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-224211.
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2021-12-17
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