Michael
@OladejiTosin15 • 11,399 subscribers
Maths geek. Writes about quant, actuarial and career. Views expressed are my own and not financial advice. RTs ≠ Endorsements.
Videos
Demystifying IFRS 17 Insurance contract One of the IFRS standards that is too dear to me is IFRS 17. While it’s an accounting standard, it has a strong intersection with actuarial work and in many cases you see accountants in the insurance industry shy away from it and let the actuarial team take the lead (more reason I’ve been preaching that accountants who like complexity should explore actuarial exams… lol 😄). Unlike the old IFRS 4 where actuarial numbers were often treated as “just a liability figure,” IFRS 17 now has a very pervasive impact on the face of the accounts, from revenue to expenses to finance income/expense, etc. It’s also quite specialised such that if you’re not involved in insurance industry (or insurance-like contracts), you may never really experience it. And honestly, it’s difficult to learn purely in theory because it’s well loaded. practical application is what makes it click. That said, I still believe anyone can get a solid gist with the right explanation. I’ve supported 40+ insurance & reinsurance entities across Africa on IFRS 17 implementation and delivered 50+ trainings for boards, practitioners, and regulators. Someone dear to me recently asked that I explain the standard, so I put something together to share (recorded this yesterday night from about 8pm–1am, even sacrificed my Chelsea game as I was so sure its a straight win 😅). The video is in 3 streams (about 4 hours combined), but if you really want to learn, you’ll need to pause, open Excel, and demo the same examples yourself. This is a preamble, but I trust that if you’re interested in IFRS 17 and you go through it, it will be a strong starting point to explore the standard further. Here are the 3 parts: Basics of Insurance + IFRS 17 technical foundations- IFRS 17 practical example (GMM portfolio)- Analysing IFRS 17 financial statements- Snippet 1 - explaining non insurance components in insurance contracts Snippet 2- explaining why expenses and claims forms part of insurance revenue Snippet 3 - analyzing IFRS 17 Financial statements #insurance #IFRS17
Michael39,628 views • 6 months ago
Just wrapped up a 4-part IFRS 9 ECL series with a focus on the modelling. Almost 4hrs in all but to follow through with the modeling you probably need at least 8hrs. Part 1: A brief intro - Classification & Measurement (SPPI, business model assessment, EIR dynamics) Part 2: ECL framework + EAD Modelling (amortisation profiles, CCF, behavioural assumptions) Part 3: PD Modelling (Markov Chain, transition matrices, lifetime PD term structure) Part 4: LGD + Full ECL (recoveries, collateral projection etc) Some snippets 👇 Also used the opportunity to highlight advanced Excel functions like LET, LAMBDA, and SCAN. Worth exploring if you’re into complex modelling. Of course, it’s almost impossible to cover everything within a limited time. I only just scratch the surface😎. #IFRS9 #ECL #CreditRisk #Quant
Michael22,920 views • 3 months ago
Someone reminded me how I failed my ACCA P5 and P3 exams back in 2015, after a streak of passing 11 papers in two years. He said that my failure helped him recover from his own because it made him realize that if Michael can fail these exams then failing it didn't mean he wasn't smart 😀. Actually, i did the same thing with my CFA Level 3 exam. After failing on my first try, I remembered a senior I considered incredibly smart had also failed it before passing. This gave me the hope I needed to go at it again. It's easy to look at a nice LinkedIn profile and only see the career progression, awards and honors, but behind all that is a long list of failures, and disappointments. I have had a number of failures and disappointment too even beyond exams. For example, last year I failed three actuarial exams in April after putting in over 400 hours of study. I resumed work the next day, laughed about it with my colleagues, and told them I'd run it again in September. And I did. This year, I've had my fair share of both good passes and failures in my actuarial exams. In our actuarial world, we are so used to failing that not failing can be a a surprise. We learn to accept it as part of the process. Also, when you fail, don't go looking for sympathy. Sympathy kills morale. Instead, you have to fail forward and go again. This isn't just about exams. It applies to every part of life, career delays, lost business deals, and any other pursuit. You will fail at some point. it's an inevitable part of life journey. Embrace it. The experience of failure, especially early on, is what truly builds you. (Please try not to fail exams oooo, especially with the high exchange rate! 😉) In Denzel's word "Fail big"
Michael26,902 views • 11 months ago
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