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1. www.frc.org.uk › uk-accounting-standards › frs-103FRS 103 Insurance Contracts - FRC (Financial Reporting Council)

   www.frc.org.uk › uk-accounting-standards › frs-103

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   Name. FRS 103 Insurance Contracts (September 2024) Publication date. 10 September 2024. Type. Standard. Notes. The September 2024 edition of FRS 103 incorporates all amendments issued up to September 2024. Some requirements, including those introduced by the Periodic Review 2024 amendments, are not mandatory at the time of publication.

2. assets.ey.com › content › damAccounting for certain life insurance and annuity products

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   Jul 19, 2023 · The accounting and financial reporting guidance for certain long-duration insurance and annuity contracts is codified in Accounting Standards Codification (ASC) 944, Financial Services — Insurance. Our publication will help you understand the accounting and financial reporting requirements for certain long-duration insurance and annuity ...

3. viewpoint.pwc.com › dt › ukLong-term contract accounting – common mistakes - Viewpoint

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   Mar 2, 2023 · The accounting for long-term contracts can be complex, and has been an area of regulator focus and concern over recent years. The guidance below is not intended to be a complete guide of how to account for long-term contracts, but is intended to highlight some of the key areas where entities make mistakes or find challenges in the application of IFRS 15 to long-term contracts.

4. www.deloitte.com › uk › enRegulatory Outlook 2024 | Life insurance - Deloitte

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   Jan 8, 2024 · Back to Regulatory Outlook 2024. The life and pensions sector faces a series of once-in-a-generation opportunities and challenges. This is driven by a heady mix of higher interest rates and inflation alongside significant changes to the prudential regulatory regimes (Solvency UK and Solvency II) and conduct regulation in the UK.

5. www.actuaries.org.uk › solvency-ii-life-insuranceSOLVENCY II LIFE INSURANCE - Institute and Faculty of Actuaries

   www.actuaries.org.uk › solvency-ii-life-insurance

   insurance market. This ensures consistency between insurance companies across the EU, and also allows for the different interest rate environments across the different economies. The rates are based on swap rates where there is a sufficiently deep and liquid swap market, or government bond rates otherwise. These rates are then adjusted (by ...

6. www.accaglobal.com › rate-returnAccounting rate of return | FFM Foundations in Financial ...

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   Calculating the accounting rate of return The accounting rate of return can now be calculated as either: ($8,000/$40,000) x 100% = 20% or ($8,000/$22,500) x 100% = 36%; This approach should be used for any accounting rate of return calculation, no matter how easy or difficult: Calculate the numerator: Calculate the profit for the whole project.

7. People also ask

   What is premium persistency & deferral rate?

   • Premium persistency is 90% each year, and acquisition costs qualifying for deferral are 6% of each premium received. The policy has a surrender charge that phases out after seven years. The estimated investment yield rate is 10% and the interest crediting rate is 8.5%.

   Accounting for certain life insurance and annuity products

   assets.ey.com/content/dam/ey-sites/ey-com/en_us/topics/assurance/accountinglink/ey-frd00362-181us-07-19-2023.pdf?download

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   What is the probability that life-contingent payments will be made?

   • The probability that life-contingent payments will be made is remote. The present value of the expected life-contingent payments relative the present value of all expected payments under the contract is insignificant. Some annuity products are structured as life annuities with a period certain payout.

   Accounting for certain life insurance and annuity products

   assets.ey.com/content/dam/ey-sites/ey-com/en_us/topics/assurance/accountinglink/ey-frd00362-181us-07-19-2023.pdf?download

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   Are You struggling with accounting rate of return?

   • Recent FFM exam sittings have shown that candidates are struggling with the concept of the accounting rate of return and this article aims to help candidates with this topic. Candidates should note that accounting rate of return can not only be examined within the FFM syllabus, but also the F9 syllabus.

   Accounting rate of return - ACCA Global

   www.accaglobal.com/gb/en/student/exam-support-resources/foundation-level-study-resources/ffm/ffm-technical-articles/rate-return.html

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   What is the formula for life insurance business?

   • For life insurance business, the formula is based on technical provisions and capital at risk on death or disability, multiplied by specified factors. These factors vary according to whether the business is with profits, unit-linked or conventional without profits.

   SOLVENCY II LIFE INSURANCE - Institute and Faculty of Actuaries

   www.actuaries.org.uk/documents/solvency-ii-life-insurance

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   Are performance obligations loss-making?

   • In fact, if a performance obligation appears to be loss-making at inception, this might indicate that the method for allocating the transaction price across the different performance obligations in the contract is not the best reflection of stand-alone selling price. The variable consideration threshold is different.

   Long-term contract accounting – common mistakes - Viewpoint

   viewpoint.pwc.com/dt/uk/en/pwc/uk_in_briefs/PwC-UK-in-briefs/PwC-UK-in-briefs/long-term-contract-accounting-common-mistakes.html

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8. www.gov.uk › hmrc-internal-manuals › life-assuranceLAM01100 - Introduction and long-term insurance ... - GOV.UK

   www.gov.uk › hmrc-internal-manuals › life-assurance

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   LAM01100 - Introduction and long-term insurance business overview: life company accounting: basic overview Life companies produce financial information both for regulatory solvency purposes as ...