Valuation of life insurance contracts with supplement insurance - an approach in the context of IFRS 17

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dc.contributor.authorZelinová, Silvia
dc.contributor.authorŠpirková, Jana
dc.contributor.authorKamenárová, Mária
dc.date.accessioned2025-09-05T07:16:13Z
dc.date.available2025-09-05T07:16:13Z
dc.date.issued2025
dc.descriptionIn: Odyssey Conference : proceedings of FEB Zagreb 16th International Odyssey Conference on Economics and Business, Dubrovnik, May 7-10, 2025 / rec. Ana Aleksić Fredotović, Mihovil Anđelinović ... [et al.]. 1. vyd. Zagreb : University of Zagreb, 2025. ISSN 2671-132X. Pp. 48-64.
dc.description.abstractNew trends in life insurance regulation have a major impact not only on gross written premiums reported in financial statements but also on the overall profit recognition of the insurance products. Since 2023 the IFRS 17 standard has come into force as mandatory in some jurisdictions such as local GAAP and for international insurance groups. This resulted in major changes in the actuarial valuation methods used for technical provision valuation and consecutive financial disclosures. New variables such as contractual service margin and risk adjustment for non-financial risks are part of the insurance company's liabilities and affect the total value of the economic result reported by insurance companies. The paper presents a proposal for a model for valuating portfolio of term insurance contracts with supplement insurance covers critical illness. The amount of the premium depends on the choice of the adequate actuarial assumptions, which describe in detail the actuarial assumptions and their selection. The main output of the paper is a complete valuation of a product with supplement insurance covers in the context of IFRS 17 valuation. The risk adjustment is valued using the Value at Risk method at the 70th percentile. The proper valuation of contractual service margin and risk adjustment is a necessary source of information for insurance company management to manage products not only in life insurance.
dc.description.sponsorshipVEGA 1/0096/23 Vybrané metódy riadenia rizík pri implementácii parciálnych interných modelov pre stanovenie kapitálovej požiadavky pre solventnosť ESG A-25-103/3020-17 Improving students' knowledge and skills in project management using the IPMA methodology VEGA 1/0124/24 Slovensko v kontexte dôchodkového indexu a indexu starnutia populácie - perspektíva budúcnosti
dc.identifier.doihttps://doi.org/10.22598/odyssey/2025.7
dc.identifier.issn2671-132X
dc.identifier.urihttps://repo.umb.sk/handle/123456789/778
dc.language.isoen
dc.publisherUniversity of Zagreb
dc.rightsCC BY-NC-SA Creative Commons Attribution-NonCommercial-ShareAlike 4.0. International
dc.rightsinfo:eu-repo/semantics/openAccess
dc.rights.urihttps://creativecommons.org/licenses/by-nc-sa/4.0/
dc.subjectochorenie
dc.subjectpoistenie
dc.subjectinsurance
dc.subjectpoistné zmluvy
dc.subjectinsurance contracts
dc.subjectživotné poistenie
dc.subjectlife insurance
dc.titleValuation of life insurance contracts with supplement insurance - an approach in the context of IFRS 17
dc.typeArticle
dc.typeinfo:eu-repo/semantics/article

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