Schedule of Financial statement analysis of insurance companies: beyond the numbers
| Day 1, Tuesday, 11 June | |
| 15:00 - 18:30 | Part 1 : Reading the financial statements in IFRS |
| Day 2, Monday, 17 June | |
| 15:00 - 18:30 | Part 2 : Ratios analysis |
| Day 3, Thursday, 20 June | |
| 15:00 - 18:30 | Part 3: Entreprise valuation |
-
Part 1 : Reading the financial statements in IFRS
1.1. Financial statements
• The balance sheet.
• The income and cash flow statements.
1.2. Introduction to IFRS 9, 4 and 17
• IFRS 9: accounting of investments.
• IFRS 4: principles of shadow accounting.
• IFRS 17: introduction to BBA and VFA.
-
Part 2 : Ratios analysis
2.1. Capital employed analysis
• Working capital and capital employed analysis.
• Liquidity, leverage and debts ratios.
2.2. Margin analysis
• Restructuring the income statement.
• Added value, EBIT, Net margins.
• Loss, combined ratios and reinsurance.
2.3. Profitability analysis
• ROE, ROCE and ROA.
• Financial and insurance leverages.
• Costs of liabilities, profitability and margins.
-
Part 3 : Entreprise valuation
3.1. Shares & market ratios
• MBR, PER, PEG.
• Payout ratio and dividends analysis.
3.2. Cost of corporate financing
• Capital Asset Pricing Model, CAPM.
• Cost of debts.
• The Weighted Average Cost of Capital WACC.
3.3. Insurance entreprise valuation