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The introduction of IFRS 17 will radically change the way insurance portfolios are compiled. Introducing a forward-looking view of earnings, IFRS 17 will lead insurers to project the earnings generated by their portfolios and to smooth their recognition over time. This twofold effect of anticipation and smoothing is at the root of a number of major issues concerning the evolution of savings results at the time of transition to IFRS 17: in a context where insurers anticipate a gradual deterioration in savings results, IFRS 17 leads them to recognize structurally weaker results as soon as the standard comes into force.

Beyond the reflections on the level of results of insurance portfolios as of 2023, IFRS 17 also poses a real challenge concerning the analysis and understanding of results. The indicators currently in force will have to evolve: while some monitoring indicators will remain useful and relevant, others will become obsolete and new indicators will be required.

Based on a simplified analysis of the existing situation generally observed in insurance organizations, this document presents ideas for preparing the analysis of results under IFRS 17, as well as their communication, internally at a senior management level or externally to financial analysts. More specifically, the document is based on reflections on the mechanisms by which earnings emerge under the BBA and VFA models, to suggest possible indicators for presenting and analyzing earnings. Indicators are proposed with, depending on the case, continuity with respect to the existing ones, an evolution of indicators currently used or the introduction of new indicators. This is a basis for reflection and discussion, not detailed and exhaustive instructions.

What is risk Management? It’s the process by which a company identifies, assesses and manages the risks to which it is exposed. It aims to prevent, mitigate or manage potential negative consequences that could affect the achievement of the company’s objectives.

Risk management is important for your company for several reasons:

  1. Risk Identification: It identifies the potential risks that your company faces. This can include financial, operational, legal, compliance, reputational, technological, etc.
  2. Risk assessment: Risk management enables you to assess the impact and probability of each identified risk. This helps you to prioritize risks and focus your resources on those that are most important and most likely to occur.
  3. Loss Prevention: By identifying and assessing risks, you can take steps to prevent or reduce them. This can include developing policies and procedures, implementing internal controls, purchasing appropriate insurance, etc. These preventive measures help reduce potential losses for your company.
  4. Informed decision-making: Risk management provides key risk information to your company’s decision-makers. This helps them to make informed decisions, taking into account potential risks and associated mitigation strategies.
  5. Business continuity: By anticipating and managing risks, your company can prepare for unforeseen events or crisis situations. This helps to ensure business continuity, minimize disruption and protect your company’s reputation.

In summary, risk management is important to your business because it allows you to identify, assess and manage potential risks. It helps you prevent losses, make informed decisions and ensure business continuity.

Our consultancy has in-depth expertise in managing the risks associated with regulatory compliance. We can carry out compliance assessments, develop appropriate policies and procedures, provide employee training and set up monitoring systems to ensure ongoing compliance. Our aim is to help you avoid regulatory penalties and keep your business in line with current requirements.

Risk management for companies expanding internationally can be complex. Our consultancy can help you identify the specific risks associated with internationalizing your business, such as political, currency and legal risks. We will develop risk management strategies tailored to your international expansion, taking into account industry best practices and local regulations.