Financial statement analysis of insurance companies: beyond the numbers ... : 20/04 - 27/04 - 04/05/2022 (15h00 till 18h30)
By Prof. Donatien HAINAUT, UCL & Scientific Director at Detralytics.
This training aims to introduce actuaries to the main tools used by financial analysts for measuring the performance of insurance companies. The training counts three lectures that review financial statements indicators, accounting, consolidation and valuation principles.
The first session is dedicated to the reading and understanding of financial statements and introduce the basis of IFRS 4 (insurance policy), 9 (investments) and 17 (Building Block – variable fee approach). We conclude with an overview of consolidation methods, of goodwill and of deferred taxes.
The second lecture focuses on financial indicators. We review the concepts of working capital and capital employed analysis. Next, we focus on margin and profitability analysis. We discuss the concepts of financial and insurance leverages. We conclude with shares and market ratios.
In the last session, we review the principles of enterprise valuation. We start by analyzing the cost of corporate financing and learn how to calculate the cost of capital. We next present various valuation techniques such as the discounted dividends, discounted cash-flows or the peer comparison method.
Some practical information:
- Language: French
MS Teams will be used for the web session.