Starting 2021, insurance companies will be required to migrate to a new financial reporting standard known as IFRS17.

Moving to IFRS17 is expected to have a significant impact on accounting processes and systems and this will require actuarial input like never been seen before. Irrespective of whether prophet or other software is being used there are an immense number of issues and decisions to be made and many grey areas to be understood.

The goal of this workshop is to bridge the gap between global ideas which have been presented quite extensively elsewhere and local issues and challenges.

As a start in this workshop we will focus on the General Model which is used for non- participating products rather than the Variable Fee Model or the Premium Allocation Approach for par products and unit linked respectively which are basically extensions of the General Model.

This workshop is the first in a series of workshops geared for IFRS17. This workshop will be for conventional rather than Takaful, though Takaful operators will certainly benefit from working through the concepts in this workshop.

As this is a hands on workshop, participants will be required to bring a laptop in order to participate in the exercises.




Introduction and Overview of IFRS17

How it affects the local insurance industry

10:30am – COFFEE BREAK


In Depth Look at Concepts and Calculations: Single Premium Mortgage Reducing Term Assurance (MRTA)

Review of basic cash flows and work through fulfillment cash flows ( best estimate and risk adjustment), then  continue to calculate the contractual service margin.


Hands on Session: Regular Premium Term

Participants will put together fulfillment cash flowa and CSM for a regular term plan. This will be a facilitated session.

12:30pm – LUNCH BREAK


Extending IFRS17 to Bijak Malaysia

Participants will put together fulfillment cash flows and CSM for a regular premium endowment (Bijak Malaysian)plan. This will be a facilitated session.

3:30pm – TEA BREAK


Financial Reporting under IFRS17

  • Comparing IFRS4 to IRFS17

  • Dealing with onerous contracts

  • Actual vs experience for financial as well as non-financial variables

  • Effects of reinsurance



Early Bird Rate: MYR 1,890 (valid until 5 April 2018)

Normal Rate: MYR 3,490

(All rates stated not inclusive of GST)

Registration Closing Date: 16 April 2018


Zainal Kassim, FIA

Actuary and Senior Partner


Hassan Scott Odierno, FSA

Actuary and Partner


Joanne Law, FIA

Actuary and Principal


Zainal is a Fellow of the Institute of Actuaries, UK. He has extensive experience spanning over 30 years covering the full spectrum of actuarial services including takaful, conventional life and general insurance, pensions and investment.


He has had experience in a number of countries including Malaysia, Indonesia, Thailand, Singapore, Brunei, Taiwan and countries in the Middle East.


He represents the Malaysian Accounting Board in the IAS 19 working commitee at the International Accounting Standard Board in London.


He has presented on pension, social security and takaful in many conferences locally and overseas and has contributed many articles in journals and books on issues relating to pensions and takaful.

Hassan Scott Odierno is an American who has been a partner with Actuarial Partners Consulting in Malaysia and involved in insurance consulting and Risk Based Capital (RBC) since 1996.


His role as appointed actuary to insurers in countries such as Malaysia, Sri Lanka, Kenya, Brunei and Mauritius has allowed him to understand the challenges of taking RBC regulations from the developed world.


He is a co-author of the World Bank book Takaful and Mutual Insurance, co-author of the book Essential Guide to Takaful and a contributing author to the books Actuaries in Microinsurance and Health Insurance in Asia. He is also the external advisor to two universities in Malaysia to their risk management and actuarial science programs.


Hassan is a Fellow of the Society of Actuaries, and has a Bachelor of Science degree with high distinction in Mathematics from Worcester Polytechnic Institute in the USA.

Joanne graduated from the University of Melbourne, Australia in 2003 with a Bachelor of Commerce Degree (Actuarial Science). She is a Fellow of the Institute of Actuaries in the United Kingdom and has close to 10 years of experience in consultancy and insurance.

Joanne has significant actuarial experience on product design, pricing and valuation for several conventional and takaful companies. She was involved in a wide range of actuarial consulting works such as statutory valuations, FCR, Embedded Value, mergers and acquisitions, ICAAP and product pricing works.

Joanne previously worked in the U.K. where she was the Solvency II Actuary in Friends Life and was involved in developing the Solvency Capital Requirement (SCR) model for the company.

She also worked for Deloitte UK for 3 years, where she worked on various assignments such as a large scale Finance Transformation Programme for Aviva UK, actuarial review works, unit pricing calculations, mergers and acquisitions, Market Consistent Embedded Value, Realistic Balance Sheet reporting, Individual Capital Assessments and various aspect of Solvency II work.

Led by Experienced Practitioner with 30 Years Experience

Practical & Relevant

Hands-on Interactive Exercises

Case Studies

Networking Opportunity with Fellow Professionals

Who Should Attend

  • Actuaries

  • Middle to Senior Level Actuarial Executives

  • Regulators

  • Researchers

In-house Training

If you are looking for an in-house training program, kindly send your request of proposal to

Registration Form - FUNDAMENTALS OF IFRS17
Registration is on a first come first serve basis. The capacity of this workshop is 24 participants. We will issue an invoice upon receipt of your registration form and payment shall be due before the workshop. We shall reserve the right to decline entry for registered but unpaid participants. Should the workshop be cancelled for any unforeseen circumstances, we shall endeavor to reschedule the workshop or refund the workshop fees. Registration fee includes participation in the workshop plus all tea breaks, lunches and workshop documents. For cancellation in writing made at least 5 working days before the closing registration date, the workshop fees may be refunded or the entire amount may be used as credit for any future learn@AP events. Substitutes may be nominated.


M Khairul Izad
+603-21610433 ext 240