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% Document Info
\author{gustav.klingbiel}
\pdfinfo{
  /Title (f203-ifrs-17.pdf)
  /Creator (Cheatography)
  /Author (gustav.klingbiel)
  /Subject ({[}F203{]} IFRS 17 Cheat Sheet)
}

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        \hspace*{-6pt}\includegraphics[width=5.8cm]{/web/www.cheatography.com/public/images/cheatography_logo.pdf}}
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    \vspace{-2pt}\large{\bf{\textcolor{DarkBackground}{\textrm{{[}F203{]} IFRS 17 Cheat Sheet}}}} \\
    \normalsize{by \textcolor{DarkBackground}{gustav.klingbiel} via \textcolor{DarkBackground}{\uline{cheatography.com/207810/cs/44426/}}}
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  \mymulticolumn{2}{p{5.377cm}}{\bf\textcolor{white}{Cheatographer}}  \\
  \vspace{-2pt}gustav.klingbiel \\
  \uline{cheatography.com/gustav-klingbiel} \\
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  \mymulticolumn{1}{p{5.377cm}}{\bf\textcolor{white}{Cheat Sheet}}  \\
   \vspace{-2pt}Published 21st September, 2024.\\
   Updated 21st September, 2024.\\
   Page {\thepage} of \pageref{LastPage}.
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  Measure your website readability!\\
  www.readability-score.com
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\begin{multicols*}{3}

\begin{tabularx}{5.377cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{Key differences from prudential reporting}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{IFRS 17 Liabilities: Generally higher due to inclusion of CSM on profitable contracts.} \tn 
% Row Count 2 (+ 2)
% Row 1
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{{\bf{Day-One Profits:}}} \tn 
% Row Count 3 (+ 1)
% Row 2
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{Prudential Reporting: Recognizes profit immediately in own funds.} \tn 
% Row Count 5 (+ 2)
% Row 3
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{IFRS 17: Defers profit recognition over the coverage period via CSM.} \tn 
% Row Count 7 (+ 2)
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{GMM - Generalised Measurement Model}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{Default Model for most insurance contracts.} \tn 
% Row Count 1 (+ 1)
% Row 1
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{{\bf{Discounting}} Required when it materially affects provisions or as mandated by legislation.} \tn 
% Row Count 3 (+ 2)
% Row 2
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{Need to disclose liability before discounting, and the assumptions used} \tn 
% Row Count 5 (+ 2)
% Row 3
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{{\bf{Consider for discount rate:}}} \tn 
% Row Count 6 (+ 1)
% Row 4
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{Reflects the assets backing the liabilities} \tn 
% Row Count 7 (+ 1)
% Row 5
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{Excluded assets - premium debtors} \tn 
% Row Count 8 (+ 1)
% Row 6
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\mymulticolumn{1}{x{5.377cm}}{Taxation - tax deductible} \tn 
% Row Count 9 (+ 1)
% Row 7
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\mymulticolumn{1}{x{5.377cm}}{Variability} \tn 
% Row Count 10 (+ 1)
% Row 8
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{{\bf{Performance Timing:}} Affects the timing of profit emergence, not actual performance.} \tn 
% Row Count 12 (+ 2)
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\par\addvspace{1.3em}

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\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{Building blocks}}  \tn
% Row 0
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\mymulticolumn{1}{x{5.377cm}}{Building Blocks} \tn 
% Row Count 1 (+ 1)
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\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{X}
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\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{Best Estimate Future Cashflows (BEL)}}  \tn
% Row 0
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\mymulticolumn{1}{x{5.377cm}}{Includes: All cashflows within the contract boundary.} \tn 
% Row Count 2 (+ 2)
% Row 1
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{{\bf{Contract Boundary}}} \tn 
% Row Count 3 (+ 1)
% Row 2
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{Period where the insurer is obligated to provide coverage.} \tn 
% Row Count 5 (+ 2)
% Row 3
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{Ends when the insurer can reassess risk and reprice.} \tn 
% Row Count 7 (+ 2)
% Row 4
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{{\bf{Differences from Prudential Reporting:}}} \tn 
% Row Count 8 (+ 1)
% Row 5
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\mymulticolumn{1}{x{5.377cm}}{Includes acquisition and maintenance expenses.} \tn 
% Row Count 9 (+ 1)
% Row 6
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\mymulticolumn{1}{x{5.377cm}}{Different discount rates and contract boundaries.} \tn 
% Row Count 10 (+ 1)
% Row 7
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\mymulticolumn{1}{x{5.377cm}}{Includes tax-related flows.} \tn 
% Row Count 11 (+ 1)
% Row 8
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\mymulticolumn{1}{x{5.377cm}}{Requires unbundling certain contracts.} \tn 
% Row Count 12 (+ 1)
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\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{X}
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\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{Risk Adjustment (RA)}}  \tn
% Row 0
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\mymulticolumn{1}{x{5.377cm}}{Compensation for uncertainty in amount and timing of cashflows.} \tn 
% Row Count 2 (+ 2)
% Row 1
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{Similar to: Risk margin in prudential reporting.} \tn 
% Row Count 3 (+ 1)
% Row 2
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{Methodology: Not prescribed; confidence level must be disclosed.} \tn 
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% Row 3
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{Release: Recognized in profit as risk expires over time.} \tn 
% Row Count 7 (+ 2)
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\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{X}
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\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{Contractual Service Margin (CSM)}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{Represents unearned future profits on a group of contracts.} \tn 
% Row Count 2 (+ 2)
% Row 1
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{{\bf{Initial Recognition:}}} \tn 
% Row Count 3 (+ 1)
% Row 2
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\mymulticolumn{1}{x{5.377cm}}{For profitable contracts: CSM = -(BEL + RA) to make initial liability zero.} \tn 
% Row Count 5 (+ 2)
% Row 3
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{For onerous contracts: CSM = 0; losses recognized immediately.} \tn 
% Row Count 7 (+ 2)
% Row 4
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{{\bf{Release Pattern}}} \tn 
% Row Count 8 (+ 1)
% Row 5
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\mymulticolumn{1}{x{5.377cm}}{Based on coverage units (e.g., benefit-weighted policies)} \tn 
% Row Count 10 (+ 2)
% Row 6
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{Recognized in profit over the coverage period.} \tn 
% Row Count 11 (+ 1)
\hhline{>{\arrayrulecolor{DarkBackground}}-}
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\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{X}
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\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{Discounting}}  \tn
% Row 0
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\mymulticolumn{1}{x{5.377cm}}{Adjusts cashflows to present value using appropriate discount rates.} \tn 
% Row Count 2 (+ 2)
\hhline{>{\arrayrulecolor{DarkBackground}}-}
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\par\addvspace{1.3em}

\begin{tabularx}{5.377cm}{X}
\SetRowColor{DarkBackground}
\mymulticolumn{1}{x{5.377cm}}{\bf\textcolor{white}{PAA - Premium Allocation Approach}}  \tn
% Row 0
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{Simplified Model for short-duration contracts.} \tn 
% Row Count 1 (+ 1)
% Row 1
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{{\bf{Eligibility Criteria}}} \tn 
% Row Count 2 (+ 1)
% Row 2
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\mymulticolumn{1}{x{5.377cm}}{Contracts where: PAA measurement ≈ GMM measurement (not materially different)} \tn 
% Row Count 4 (+ 2)
% Row 3
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{And Coverage period ≤ one year.} \tn 
% Row Count 5 (+ 1)
% Row 4
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{{\bf{Key Features}}} \tn 
% Row Count 6 (+ 1)
% Row 5
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{Similar to: Unearned Premium Reserve (UPR).} \tn 
% Row Count 7 (+ 1)
% Row 6
\SetRowColor{LightBackground}
\mymulticolumn{1}{x{5.377cm}}{No Explicit: CSM or RA (implicit in the unearned premium).} \tn 
% Row Count 9 (+ 2)
% Row 7
\SetRowColor{white}
\mymulticolumn{1}{x{5.377cm}}{Onerous Contracts: Loss component recognized at inception, similar to an unexpired risk reserve} \tn 
% Row Count 11 (+ 2)
\hhline{>{\arrayrulecolor{DarkBackground}}-}
\end{tabularx}
\par\addvspace{1.3em}


% That's all folks
\end{multicols*}

\end{document}