Introduction to Insurance Company Accounts

Speaker:   |  CPD Hours: 6.0

Price £575 plus VAT

New dates coming soon.


This one-day course is designed as an introduction to the financial statements of UK general insurers and life assurers under IFRS. It is suitable for those with little or no prior knowledge of the insurance market and will include an introduction to the principles, practices and terminology of insurance. However, participants are assumed to be familiar with basic accounting concepts and ordinary financial statements.

After the course delegates will be able to:

  • contrast and compare general insurance and life assurance markets
  • understand and apply correctly the terminology and financial definitions used in insurance; including the purpose and nature of general reinsurance
  • outline the workings of Lloyd’s and London insurance market
  • discuss and interpret the financial statements of UK general and life companies under IFRS, based on case study work on one example of each
  • calculate and use common insurance performance measures including Combined Ratio, Loss Ratio and Retention Ratio
  • discuss the main financial reporting standards applying to insurance
  • outline the prudential supervisory regime applying to UK insurers
  • discuss the insurance cycle and the management of capital and capacity


General insurance market

  • Introduction and background
  • Different classes of business
  • Sales and distribution; role of the broker
  • Lloyds and the London market
  • General reinsurance
  • Overview of prudential supervision

General insurance financial statements

  • Accounting and reporting standards
  • Insurance provisions
  • Financial statements: case study of a UK listed general insurer
  • Key performance measures

Life Assurance market

  • Life products and terminology
  • Participating and non-participating business
  • With profits and smoothing
  • Profit sharing bases
  • Overview of prudential supervisio

Life Assurance financial statements

  • Accounting and reporting standards
  • Realistic basis of liability reporting
  • Mathematical reserves (provisions)
  • Financial statements: case study of a UK listed life assurer
  • New business strain
  • European Embedded Value accounts


Anyone whose role requires them to be able to understand, interpret or assist in the production of insurance company accounts.


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