Organized by: Co-sponsored with: China Region Committee. The Actuarial Institute of The Republic of China

Transcription

1 Organized by: Co-sponsored with: China Region Committee The Actuarial Institute of The Republic of China

2 OBJECTIVE Jointly organized by the Actuaries Institute Australia, Institute & Faculty of Actuaries, and Society of Actuaries (China Region Committee) with the support of local actuarial bodies, this Joint Regional Seminar is designed to assist actuaries and other professionals in meeting CPD requirements. THE SEMINAR The industry business model of borrowing (from policyholders) at 4% and investing at 2% is in trouble. To get our way out of this predicament, companies are going to have to take some real risks either in terms of outright punting, admitting to previous failures and raising capital, changing business models, risk sharing, and so on. Some of these decisions will be very, very hard culturally for companies, and obviously some companies have started this journey in earnest. We often spend a lot of time talking about risk reduction but having a conference that helps actuaries to think about which risks are the best for their organisations to take from those available is both a positive message and a rather practical one in today s environment. Hence we have crafted a conference on the theme of Taking Risks, and Winning in the hopes of helping actuaries participate in this debate at their companies. CPD The Joint Regional Seminar qualifies for (Actuaries Institute Australia/ IFoA/ SOA/ ASHK) Continuing Professional Development (CPD). Actuarial members may find it a useful contribution to their personal professional development. The amount of hours recorded is left to the discretion of the individual.

3 VENUE Beijing July 2013 Merchantel No.2 Xi Bian Men Wai Da Jie,Xicheng District,Beijing, China Hong Kong 26 July Hyatt Regency Hong Kong Regency Ballroom, 18 Hanoi Road, Tsim Sha Tsui, Kowloon, Hong Kong Taipei July /F (Day 2) & 6/F (Day 1), Y17 Taipei Youth Activity Centre No. 17 Ren Ai Road, Sec. 1, Taipei, Taiwan Kuala Lumpur 31 July 1 Aug 2013 Le Meridien Kuala Lumpur 2 Jalan Stesen Sentral, Kuala Lumpur Sentral, Kuala Lumpur, Malaysia Bangkok 2 Aug 2013 The Imperial Queen s Park Hotel Bangkok Q3, 199 Sukhumvit Soi 22, Bangkok 10110, Thailand ATTIRE Business casual attire is recommended for this seminar. CONTACT INFORMATION Individuals who wish to travel to any of the 5 locations for the seminar may contact the following persons for detailed seminar information and registration form: Beijing Ms. Yang Ting China Association of Actuaries Tel: (86) Fax: (86) yt@e caa.org.cn Hong Kong Ms. Tiffany Wong Actuarial Society of Hong Kong Tel: (852) Fax: (852) actsoff@netvigator.com Taipei Ms. Emily Lye Actuaries Office in Hong Kong Tel: (852) Fax: (852) actuaries@biznetvigator.com Bangkok Ms. Rattiya Singlor Society of Actuaries of Thailand Tel: (66) Fax: (66) ext rattiyas@mittare.com Kuala Lumpur Lim Weng Soon Actuarial Society of Malaysia Fax: (60) E mail: secretary@actuaries.org.my

4 Bill Chang Distinguished Chair Professor Bill Chang is a professor of risk management and insurance in National Chengchi University, Taipei, Taiwan. He is chairman of Risk Management Society of Taiwan. He was a commissioner of Financial Supervisory Commission, BOD member of Taiwan Insurance Institute etc. Professor Chang s research area is in the stochastic modeling and dynamic asset allocation, in particular, strategic asset allocation for liability oriented fund in continuous time, dynamic hedging strategy for investment linked insurance policies and pricing & valuation for nontraditional reinsurance: alternative risk transfer. Kitty Ching FSA Kitty has extensive experience of life insurance in the US and Taiwan. She was the head of Actuarial Risk Team with Fubon Life Insurance Company of Fubon Financial Holding. Her responsibilities included financial reporting, embedded value calculation, reinsurance, capital management and ALM function. Before joining Fubon Life, Kitty has worked with a number of international insurers such as AEGON, MetLife, CIGNA and ING on functions such as product development, financial reporting, performance measurement, risk management and capital management. Kitty has played a key role in developing local actuarial talents by the establishment of Actuarial Academy at ING Taiwan and Fubon Life. Kitty has spoken at universities in Taiwan and taught at Taiwan Insurance Institute. Peter Ryan Kane CFA Head of Portfolio Advisory for the Asia Pacific region, Towers Watson Peter is responsible for driving investment solutions for clients in Asia and is based in Hong Kong. He sits on the firm s Global Investment Committee and chairs the Asia Portfolio Construction Group. Peter has more than 25 years of experience in financial markets as an advisor, investor, borrower and risk manager. Peter is a sought after speaker and lecturer on the topics of portfolio construction, risk and asset allocation. He is a key advisor to a number of influential funds in Asia, assisting them in navigating a path through the investment, political and social challenges of their missions. He develops key thinking for the firm with respect to investment issues, strategic thinking and market research. Peter has previously held positions as Global Chief Investment Office, Head of Interest Rate Risk Management, Capital Markets researcher, and Financial Markets trader. Peter is registered with the Securities and Futures Commission as a licensed Responsible Office for Type 4 regulated activity (Advising on Securities) in Hong Kong. Shu Yen Liu FSA Partner, PricewaterhouseCoopers Shu Yen s a Partner from PricewaterhouseCoopers Actuarial Advisory Services for Asia based in Beijing, China. Her main responsibility covers providing actuarial and financial advisory services to multinational and local companies in the insurance and broader financial institutions in Asia. Shu Yen has more than 25 years of experience in the insurance industry in the US and Asia covering product pricing, hedging strategies and reinsurance arrangements for variable annuities with living benefit options, financial reporting for IFRS, local statutory and US GAAP bases, enterprise risk management and Economic Capital, ALM implementation, M&A activities, internal and external audit work coordination and resolutions, special strategic projects such as new market entry, and training for local actuarial and finance teams.

5 Keith Walter FSA, FCIA, CFA Director, Towers Watson Keith has extensive experience in the insurance and financial services industry; prior to his consulting roles, he worked in the industry in Canada, the UK and in the Asia region. Keith has 30 years of diversified experience, with 4+ years of investment related experience and 10 years in Asia. He has worked in a variety of actuarial and business management roles. His experience includes product development and pricing, risk management and financial reporting, asset/liability and investment management, as well as business development. Keith is a Council member of the Singapore Actuarial Society ( SAS ) and chairs the Retirement Committee of the Society. Katherine Wong FIAA Katherine is the Head of Pricing and Guidelines for SCOR Global Life Asia Pacific. Katherine is responsible for reinsurance pricing and development of the pricing guidelines in the Asia Pacific Region. Her background includes experience in both direct insurance and reinsurance in Asia. She is a Fellow of the Institute of Actuaries Australia. Bond Yang Bond Yang is SVP & Chief Investment Officer (CIO) for NanShan Life Insurance Company, Taiwan. Bond has worked in the investment industry for more than 20 years. Through this time he has been involved in a variety of projects and responsibilities, including analysis, investment research, mutual fund managers etc. Bond joined NanShan Life as CIO in Before taking up this role, Bond was CEO of Fuh Hwa Securities Investment Trust Company. His key areas of experience cover investment research, equity investment, fixedincome investment, mutual fund managers etc. Bond holds a MBA degree from National Taiwan University.

6 Day One Monday, 29 July :30 REGISTRATION 09:00 Welcome Remarks Alice Cheng, Organizing Committee, NanShan Life Insurance Company 09:10 A Review of the Economic Picture and the Opportunities It Brings Kitty Ching, FSA 10:00 Enhancing Yield through Taking Risks and Managing Risks Bond Yang, SVP & Chief Investment Officer for NanShan Life Insurance Company 10:50 BREAK 11:15 Capital Allocation and Asset Allocation Prof. Bill Chang, PhD, National ChengChi University 12:00 LUNCH 13:30 Building a Competitive Advantage Through Optimized Risk Taking Katherine Wong, SCOR Global Life In basic economics classes, it is taught that those who take the most risks can expect to get the biggest rewards. We are in the business of providing protection for our customers for the risks that they face. In this session, the speaker will discuss how the classical risk/reward trade off doesn t provide the full solution for optimizing success. The session will cover building a competitive advantage by understanding, effectively managing, and building an appetite for taking risks. Examples will be shared showing how this has been done, and opportunities going forward will also be discussed. 14:15 Stress Testing Shu Yen Liu, PwC 15:00 BREAK 15:20 Dynamic Asset Liability Management in Today's Complex Economic Development Keith Walter and Peter Ryan Kane, Towers Watson Since the global financial crisis, developed markets around the world have experienced persistent low interest rates and volatility in equity returns. As companies adapt to this new environment, new approaches are being developed for integrated asset and liability management. This presentation will examine the changing economic environment, review the impact on insurers, and describe how companies can adopt dynamic asset liability management techniques and might consider taking on risk to improve business performance. Background and update on the economic environment Implications of low interest rates

7 Managing new business opportunities and limitations Managing in force business opportunities and limitations Managing asset mix opportunities and limitations Building dynamic asset liability management Integrated risk management framework 16:05 Taking Long Term Health Risks, and Winning SwissRe In this session the presenter has chosen a case study of a recent successful product launch in Asia. The risks covered are an extension of what had been done before in that market. It involves evaluating new risks, costing and design, approval processes, discussion around distribution of the product, and the outcome. We will see the end to end process and how taking risks happens in "real life", and how this results in a winning solution. 16:50 END OF DAY ONE Day Two Tuesday, 30 July :30 REGISTRATION 09:00 Half Day Workshop Kitty Ching 10:00 BREAK The workshop will cover the subjects that actuaries face on a day to day basis through utilizing group discussions on a case study. 10:30 Half Day Workshop (cont d) 12:50 Closing Remarks Organising Committee 13:00 END OF DAY TWO

8 Personal Particulars Name in ENGLISH Company in ENGLISH Address Phone Fax Preferred name on badge Register by 19 July! Ms. Emily Lye Tel: (852) Fax: (852) [ ] Member of actuarial organizations Name of actuarial organization Please specify status: [ ] Fellow Member [ ] Associate Member [ ] Student Member (tick as appropriate) [ ] Non member Deadline for registration: 19 July 2013 Registration and Payment Method Registration fee: NT$2,000 per person NT$ x Person(s) = NT$ Note: For multiple registrations, please fill in the attached excel sheet. Successful registrations will be confirmed by . Registration fee includes refreshment breaks and lunch. Payment will be collected in cash at the reception desk on 29 July 2013 and a receipt (without Taiwan tax code) will be issued on site. To work effectively, registration fees will be collected on company basis, kindly appoint a representative with the exact amount for cash payment on site (e.g. NT$10,000 for a company with 5 attendees). Cancellation Policy Cancellations should be made by ing Ms Emily Lye at actuaries@biznetvigator.com. Full amount of registration fee will still be collected for cancellations received after 19 July 2013 and for no show. The Society reserves the right to cancel the seminar if conditions warrant. Organized by: Institute and Faculty of Actuaries Actuaries Institute Australia Society of Actuaries China Region Committee Co Sponsored with: The Actuarial Institute of The Republic of China Venue : 5/F (Day 2) & 6F (Day 1), Y17 Taipei Youth Activity Centre No. 17 Ren Ai Road, Sec. 1, Taipei