Efteruddannelsesudvalget vil gerne reklamere for, at der i efterårssemesteret 2017 kører nedenstående tre kurser på CBS med aktuarmæssigt indhold. Kursernes forelæsninger er åbne for alle, og Henrik Ramlau og Jesper Rangvid er begge at finde blandt underviserne.
Pension Liabilities and their Dynamics
The course gives an introduction to life insurance mathematics at an operational level. The idea is to cover essentially all aspects of life insurance mathematics for elementary products with payments contingent on the policy holder being dead or alive (term insurance, life annuities, endowment insurance etc.) Extensions to other life event contracts (disability annuities, unemployment insurance, premium waiver benefits etc.) are only vaguely discussed. Topics covered include mortality modeling; reserves; expected cash flows; linear difference and differential equations. Thiele's differential equation; relations to credit risk modeling and credit derivative pricing; stochastic interest and mortality rates; emergence and redistribution of surplus in guaranteed products; fundamentals of unit-link products; unit-link products with guarantees; policy holder options; expenses and profitability considerations; technical versus market-based valuation; relations to essential concepts in accounting and solvency for a pension fund; discussions about the demand for life insurance and pension contracts.
Yderligere information: http://kursuskatalog.cbs.dk/2017-2018/KAN-CCMVV2611U.aspx
Verdens bedste pensionssystem – Hvordan, hvorfor og hvilke udfordringer står det overfor?
Kurset vil indholde både danske og engelske tekster, ligesom undervisningen vil foregå på begge sprog. Nedenstående emnekredse er beskrevet på engelsk, da de engelske termer i høj grad vil blive anvendt i undervisningen.
* Insight in the structure of the Danish life and pension system i.e. the three pillars (Public pension schemes/ATP, Labour market pension schemes and Private pension savings), the role of taxation, market developments and drivers .
Understanding the characteristics of the products eg. guaranteed contribution schemes, conditional guarantees, lifecycle products and unit-linked schemes.
* Understanding the regulatory framework:
* Financial Supervisory Authority (Finanstilynet) and EIOPA/Solvens II
* The governance structure: Top Management requirements (fit and proper), the four functions (Compliance, Risk management, Actuary, Internal Audit) in the system of governance, Appointed Actuary, External Audit
* Solvency requirements (SCR). Key risk drivers: market risk, life insurance and expected lifetime, health insurance, operational risk, concentration risk.
* ORSA - Capital needs and capital planning
* "Prudent Person" in investments
* Ethics in investments/CSR (Corporate Social Responsibility)
* Outsourcing.
* Accounting and financial reporting
* Accounting rules: valuation, income statement, balance sheet and capital KPI (Nøgletal)
* Contribution rules (sharing of profit and loss in guaranteed pension schemes)
* Disclosure of costs (ÅOK/ÅOP)
* The role of rating agencies.
* Current issues
* The interaction between public pensions (Folkepension) and private pension savings imply low marginal effect of supplementary savings for some income groups
* The role of ATP.
* Challenges in the current low interest rate environment
* Individual pension schemes vs collective pension funds
* Consolidation: Cost-driven, yield-driven, regulation driven etc.
* A visit to a pension company highlighting contemporary issues.
* Pension systems in other countries.
Yderligere information: http://kursuskatalog.cbs.dk/2017-2018/KAN-CCMVV5561U.aspx
Investment Policy and Risk Management in Pension
The course will treat general issues related to investment policy and risk management in pension funds. It will be discussed how investment policy and risk management should be anchored in the business model and strategic objectives.
As pension funds are long term investors investment policy is also long term and risk metrixs should reflect this. However, pensions funds must also remain solvent and liquid and risk management must balance long and short term objectives. Regulatory demands must also be taken into account (Solvency II rules).
Pension funds invest in various asset classes to optimize risk adjusted returns and policyholders' long-term interests. In the course we will analyze a number of approaches pension funds apply to obtain these goals. Furthermore performance analysis will be used to evaluate strategies.
To get "hands on" qualifications students will have to carry out a number of exercises.
Yderligere information: http://kursuskatalog.cbs.dk/2017-2018/KAN-CCMVV2603U.aspx
