This LMA programme looks at the financial statements of an insurance company/syndicate to show how financial performance is measured and assessed.
Attendees will learn about:
• insurance company/syndicate accounts and the nature of insurance business
• what differentiates insurance company/syndicate accounts from other industries
• how financial reporting problems are solved, looking at technical (underwriting) and non-technical (non-insurance items: investment return, interest and tax)
• underwriting and profit & loss accounting
• premiums written and their effect on financial reporting
• unearned premium reserves movements
• claims and their effect on financial reporting
• commissions, deferred acquisition costs and their effect on financial reporting
• balance sheet accounting
• insurance terminology and measurements – triangulations, traditional insurance business ratios – how they are calculated and what they mean
• insurance returns.