Life insurance
Explore life insurance products, the business environment, customer responsibilities, capital management, financial reporting, and shareholder value.
- 1. Protection and savings products
Product categories, term assurance, income protection, critical illness, endowments, universal life and investment bonds.
- 2. Retirement income and other products
Pensions, annuities, drawdown, wraps, variable annuities, equity release, takaful and microinsurance.
- 3. Life insurance product bases
With-profits business, methods of distributing surplus, unit-linked and index-linked business.
- 4. The business environment
Regulation, demand, competition, technology, emerging risks, distribution, outsourcing and corporate finance.
- 5. Legislation and customer protection
Fair contracts, discrimination, personal data, security and the responsibilities associated with data science.
- 6. Taxation principles
Government objectives, policyholder taxation, trading profits, the I-E basis and excess expenses.
- 7. Taxation in practice
UK life insurance taxation, deferred tax and comparisons with other jurisdictions.
- 8. The regulatory environment
Regulatory objectives, supervision, actuarial roles, business transfers and international approaches.
- 9. Solvency frameworks and governance
Solvency II governance, own risk and solvency assessments, reporting, groups and international comparisons.
- 10. Solvency valuation and capital
Asset and liability valuation, the risk margin, capital calculations, diversification and the quality of capital.
- 13. Capital management
Capital needs, available capital, solvency projections, proxy models and methods of managing the capital position.
- 14. Asset–liability management
Investment principles, matching different product types, stochastic projections and the use of derivatives.
- 15. Analysis of surplus
Sources of surplus, experience and assumption changes, roll-forward calculations and management decisions.
- 16. Profit reporting
Financial statements, accounting principles, IFRS 9, IFRS 17 measurement and profit emergence, and US GAAP.
- 17. Embedded value
Embedded value principles, capital costs, links to solvency, analysis of change and customer value.