Cutting through the actuarial complexity
Cutting through the actuarial complexity
KPMG offers a broad range of actuarial services across life insurance, non-life insurance, health insurance, and pensions. Whether you require our life, non-life, or health expertise (which includes domestic and international insurance, and captive and reinsurance markets), or our pensions expertise (which includes the management and restructuring of defined benefit schemes and the set-up of new defined contribution schemes), we strive to continually provide clear, unambiguous, and independent advice, cutting through the actuarial complexity.
How KPMG can help
Our dedicated Actuarial practice combines technical knowledge and rigorous processes with wide-ranging commercial and market experience to provide progressive, high quality and flexible advice. Our team works across a wide range of areas, including risk management, regulatory, tax, advisory and accounting lines, providing the full breadth of services to our clients. We are also involved in both professional and industry bodies and take an active role in pursuing regulatory, accounting and tax issues affecting the industry.
We also provide technical insurance training, reinsurance optimisation, quality financial reporting close advice, unit pricing, asset de-risking and asset liability management services.
Our life and non-life actuaries have extensive actuarial modelling experience across a wide range of off-the-shelf packages. Our services include:
Business Strategy Support
Our business strategy support covers a wide range of activities. Recent projects include persistency experience improvement initiatives, independent assessment of de-risking strategies, development of improved asset liability investment strategies, technical and project management support in the tender of annuity business, advice on regulatory capital management and supporting actuarial software initiatives.
Embedded Value (EV) and General Accounting
We provide internal actuarial advice to support the KPMG audit opinion on a range of accounting bases, including Irish GAAP, IFRS, EV and US GAAP. KPMG requires actuarial sign-off on all insurance / reinsurance audit clients as part of its internal risk management arrangements.
We have provided technical advice to a number of insurance and reinsurance companies on technical issues, including treatment of various reinsurance arrangements under IFRS and regulatory bases, and revenue recognition issues due to new product features under IAS18 / IAS39 standards.
Independent Actuarial Review (including Expert / Independent Witness Work)
We provide independent actuarial review and associated support across a broad range of life and non-life areas. Our services include:
Internal Audit Support
We support our Internal Audit Services practice in providing services to the local insurance sector on a range of internal audit review matters. Our support focuses on actuarial related internal audit themes, including:
Mergers & Acquisitions
We are heavily involved in a large number of transaction activities. Our services include:
New Business Applications
As part of the new business application process, we support our regulatory colleagues in advising life companies on their new business application process and advising potential new entrants to the market on their preliminary discussions with the Central Bank of Ireland. We are currently advising a number of existing companies that are intending to expand their presence in Ireland through either licence or class extensions.
Outsourcing / Secondment Support
Our Actuarial team has supported a wide range of companies on an outsourced basis across a wide range of activities, including year-end financial reporting support, actuarial model development support, Solvency II support, data room sale process support and improvement of business planning processes.
Participation in Industry Bodies
Our Actuarial team is actively involved in:
Pension Actuarial Services
KPMG’s Pension Actuarial Services team focuses on pension issues from the perspective of the scheme sponsor – primarily the finance director.
We seek to help companies manage pensions in the context of their specific business needs. Two key components of this are:
Typically the issues facing our clients vary depending on size or industry but can include:
See also: Pension Advisory Services
KPMG’s Solvency II services include:
Appointed Actuary / Approved Actuary and Signing Actuary Services
Senior actuaries in our team act in statutory actuarial roles in Ireland, Isle of Man and Bermuda for life and non-life (re)insurance companies. The roles include: