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          FAQctuary 2020-4, Features with flat partial dependence plots up to a certain level: not important?
          08/12/2020
          Detra Note 2021-1, Solvency II
          03/03/2021
           



          Financial statements analysis of insurance companies: beyond the numbers

          DATE : February 23, March 2 & 9, 2021
          LENGHT : 3 x 3h (from 14h to 17h30 with 2 breaks of 15min.)
          TYPE : Online training via Teams (For all level)
          INDUSTRY : Insurance
          REQUIREMENTS : A computer with Excel is needed for the practical parts
          LANGUAGE : English
          ACCREDITATION : 9 CPD points | 54 points PPC
          PRICE : 900€ excl. VAT
          Register now
          Ask us a question
           

          This training is given by

          Donatien rond


          Donatien Hainaut
          Scientific Director
           
           
          Download the program
           

          DESCRIPTION


          The purpose of this course is to help participants to get a deep understanding of financial statements disclosed by insurance companies and to value their activities. Participants will learn to break down the disclosed information into key performance indicators. All concepts are illustrated on a case study of a major international insurer.​

          ​The first module reviews the main items of financial statements. We introduce the principles behind IFRS 9 (accounting of investments). IFRS 4 and 17 (insurance liabilities). We also explain the methods for the consolidation of subsidiaries.​

          The second part focuses on the analysis of financing structure and margins and profitability. We introduce the concepts of capital employed and working capital in order to get a better picture of the balance sheet. We also review market ratios which allows to compare the company market value to its accounting figures.​

          The third part is devoted to the valuation of insurance companies, exclusively based on public disclosed information. After a review of the costs of corporate funding, we present direct and indirect approaches based and we conclude with a peer-comparison methods (direct and indirect).​


          PROGRAM


          1. READING THE FINANCIAL STATEMENTS
          1.1 FINANCIAL STATEMENTS
          • The balance sheet
          • The Income statement
          • Cash-flow statement
          1.2 INTRODUCTION TO IFRS 9, 4 AND 17
          • IFRS 9 : accounting of investments
          • IFRS 4 : principles of shadow accounting
          • IFRS 17 : Building Block Approach (BBA)
          • IFRS 17 : Variable Fee Approach (VFA)
          2. RATIO ANALYSIS
          2.1 CAPITAL EMPLOYED ANALYSIS
          • Working capital & Capital employed analysis
          • Liquidity, leverage and debts ratios
          2.2 MARGIN ANALYSIS
          • Restructuring the income statement
          • Added value, EBIT, Net margins
          • Loss, combined ratios and reinsurance
          2.3 PROFITABILITY ANALYSIS
          • ROE, ROCE and ROA
          • Financial and insurance leverages
          • Costs of liabilities
          • Profitability and margins
          3. ENTREPRISE VALUATION
          3.1. SHARES & MARKET RATIOS
          • Shares
          • IFRS 4 : principles of shadow accounting
          • MBR, PER, PEG
          • Payout ratio & dividends analysis
          3.2 COST OF CORPORATE FINANCING
          • Capital Asset Pricing Model, CAPM
          • Cost of debts
          • The Weighted Average Cost of Capital WACC
          3.3 INSURANCE ENTREPRISE VALUATION
          • Sum of the parts
          • Discounted dividends approach
          • Discounted cash-flows
          • Peer comparison method


          ACQUIRED SKILLS


          At the end of this training, the participants will be able to analyze the IFRS accounts of an insurance company. They will master concepts such as IFRS9, IFRS4 and IFRS17. They will also master all the performance and structure ratios.


          Notice that all concepts are illustrated with a case study (AGEAS) and excel workbooks used during the lecture will be distributed to participants.

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