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Q U A R T E R L Y N E W S L E T T E R

REDEFINING THE INSURANCE WORLD

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Siri-Paye - Pakistan

Annual Conference 2019SIR Consultants (Pvt.) Ltd organized its Annual Conference themed "Redefining the Insurance World" on June27, 2019 in Karachi. Conference was attended by approximately 200 participants which included fellows andassociates of Society of Actuaries, ICAP members, senior officials from insurance industry and otherprofessionals.

Farrukh Sabzwari Chairman SECP was the chief guest. In his speech, Hereaffirmed his commitment to the continued development of insuranceindustry in Pakistan. The Chairman expressed his support for a collaborativeeffort in developing a road map for implementation of IFRS-17. He apprisedabout the recent steps taken by the SECP. These include setting up adedicated market development department, proposal to introduceoccupational health insurance scheme, and proposed legislativeamendments related to third party motor liability insurance and compulsorygroup life insurance.

In the first panel session, a discussion on“Operationalizing IFRS 17 – What are the practicalchallenges?” was moderated by Muhammad UsamaDangra, Consulting Actuary - SHMA Consulting. Thepanel comprised of Farrukh Rehman, Chairman -Accounting Standard Board ICAP, Ali Nadeem, COO - IGILife Insurance Ltd, Abdul Moid Ahmed Khan, ConsultingActuary and Hena Sadiq, Partner - Audit and Assuranceat Deloitte Yousuf Adil. The panel concluded that apragmatic deadline needs to be set for IFRS 17implementation but before that insurance companies mustembrace the change, start planning before it is too late.The second panel discussion moderated by Muhammad

Saeed Zafar Consulting Actuary - SHMA Consulting shedlight on the “Current challenges of life insurance and bestpossible solutions”. The esteemed panelists for thesession included Ali Omer Golam Morshed, CEO - SidatHyder Morshed Associates, Muhammad Ali Executive,Director - EFU Life Assurance Ltd and Syed NayyarHussain Zaidi, Director Insurance at SECP. The paneldeduced that the ICAP, SECP and insurance companiesshould be considerate of each other problems and mustwork together in finding solutions, which are beneficial forthe companies and the government.

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Machulu Valley - Pakistan

Hussain Feroz, Head of Actuarial Department atFWU, UAE, presented on “Unit linked Products”and compared the regulatory environment andpricing of the markets in Pakistan, India and UAE.He emphasized that to prosper we need to learnfrom all markets around the world and stay on topof the innovation ladder.

Ali Omer Golam Morshed delivered an enlighteningpresentation on the “Regulatory Role of Actuaries”. Hecompared the roles and responsibilities of an actuaryand discussed the challenges face by the profession inPakistan and around the world.

At the end, Muhammad Asif Iqbal offered a hearty voteof thanks to the Chief Guest, all guest speakers,participants and organizing team. He also announcedthat another seminar will be organized on “RetirementFunds” in the next few months.

Hammad Raza Khan, EVP at Oman InsuranceCompany – UAE, delivered a presentation on the “BestPractices of Insurance.” He informed the participantsabout the rapid developments in the insurance industrywhich aim to make the sector more customer centricand friendly. He stressed that it is crucial for thePakistani market to break from the current regime andincorporate these changes as soon as possible toflourish.

ACHIEVEMENTS

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Inside This Issue:

Redefining the insuranceworldAchievementsIAS 19 implication onEOSB (KSA)New Staff

We are honored to announce that Abdul Moid Ahmed Khan hassuccessfully passed all the Society of Actuaries exams.He recentlyreceived his fellowship certificate from the Society of Actuaries, USA.His achievement is a testament to the fact that anything can beachieved with strong will, hard work and positive actions. We are proudof him and wish him the best of life and a long and prosperous staywith our group.


ABOUT ABDUL MOID AHMED KHAN

Machulu Valley - Pakistan

Abdul Moid is a Fellow of the US Society of Actuaries and works as a

Senior Manager at SHMA Consulting based in Dubai UAE. He has

expertise in both life and general insurance and has more than ten

years of insurance and actuarial consulting experience in large projects

for multiple insurers and reinsurers in the Middle East and Asian

countries. He also has a responsibility for managing a large consulting

team and serves as an appointed actuary for several insurance

companies.

Apart from his consulting experience, Abdul Moid also serves as

Member of the International Financial Reporting Standards 17 (IFRS-

17) Working Group of the Institute of Chartered Accountants of

Pakistan (ICAP), Member of the IFRS-17 Working Group of the

Accounting and Auditing Organization for Islamic Financial Institutions

(AAOIFI) based in Bahrain, Committee Member of the Gulf Actuarial

Society (GAS) UAE, Council Member of the Pakistan Society of

Actuaries (PSOA) and Visiting Faculty Member in the Actuarial and

Risk Management Department of the University of Karachi, Pakistan.

The Impact of First Time Adoption of IFRS (IAS19) on the EOSB for Companies of Kingdom ofSaudi Arabia (KSA)

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Inside This Issue:

Redefining the insuranceworldAchievementsIAS 19 implication onEOSB (KSA)New Staff


Kamrat valley - Pakistan

IntroductionEffective 2017 for all listed entities, and effective 2018 for all otherpublicly accountable entities, Saudi Organization for Certified PublicAccountants (SOCPA) requires the application of ‘IFRS Standards thatare endorsed in Saudi Arabia and other standards and pronouncementsendorsed by SOCPA’. The ‘endorsed’ standards are IFRS Standards asissued by the IASB in addition to the requirements and disclosures addedto some standards by SOCPA

Results

ConclusionBased on the quantitative analysis in this study we have found out following: 1. 3 companies (4%) have no differences between EOSB under IFRS and EOSB under SOCPA GAAP.2. SOCPA GAAP EOSB of 20 companies (24%) exceeds the IFRS EOSB.3. IFRS EOSB of 59 (72%) companies exceed the SOCPA GAAP EOSB. From the findings we can conclude that the adoption of IFRS increased the EOSB liability of the Saudi companies, to furthervalidate this statement longitudinal research on a larger sample is required.

SHMA Consulting undertook a short survey of 82 companies to gauge the impact of adoption of IAS 19. Theresults are set out below.

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We believe in synergy and professional harmony and expect the same from you. We believein your potential and realize that we have a long way to go, and in this journey, we want youto pen down your own success story by taking this company to new heights. Wishing you allthe happiness and success with our group.Welcome aboard!

SIR Consultants (Pvt.) LtdHuman Resources,

New Employee(s) Inductions

Name Designation Qualification

Yumna FatimaAhmed

Actuarial Analyst BS - AS&RM - IoBM

Muhammad ZainFateh

Actuarial Trainee BS - AS&RM - UOK

Shiraz Anwar Manager BSc - Economics &Mathematics - LSE

Alizain AhmedKhoja

Actuarial Analyst BS - AS&RM - IOBM

Muhammad AhsunMemon

Actuarial Analyst B. Arts - Economics -Bilkent University

Sunaina Soomro Actuarial Analyst GCSE - A Levels

Kashmayen Karim Actuarial Trainee BS - AS&RM - IOBM

Alishba Wajahat Actuarial Trainee BS - AS&RM - IOBM

Shemyem Kasbati Actuarial Analyst BS - AS&RM - IOBM

Faizan Haider Actuarial Analyst BS - Economics &Mathematics - IBA

Abrar Hussain HR Assistant Intermediate - KarachiBoard

Sehrish Anwar Data Analyst ACCA

Farhan Anwar Senior Consultant BS - Economics -LUMS

Total head count = 88

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CONTACTS

SENIOR MANAGEMENTMuhammad Asif Iqbal, FCAHead of [email protected]@sirconsultants.com Shariq Sikander, FSA, CERASenior Manager - [email protected]@sirconsultants.com Muhammad Saeed Zafar, FSA, CERA, FRMSenior Manager - [email protected]@sirconsultants.com Abdul Moid Ahmed Khan, FSASenior Manager - [email protected]@sirconsultants.com Rahim Feroz, ASASenior Manager - Retirement [email protected]@sirconsultants.com

Unit No: AU-23-E, Gold Tower(AU) Plot No: JLT-PH1-13A,Jumeirah Lakes TowersDubai, UAETel: +971 4 5897025

Room No. 212, Beaumont PlazaBeaumont RoadKarachi 75530PakistanTel: +92 21 35642130

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