Formation of reserves for life insurance agreements is an essential element in ensuring the solvency of any insurance company. That is why the responsibility for carrying them out clearly should lay on qualified and certified actuarial reports specialists. ‘LUTS Consulting’ team can definitely assist you with it.

  Our actuaries have large experience in working on Ukrainian insurance market and offer to carry out the evaluation of math reserves of Insurance Company according to Regulator and IFRS.

  We can calculate the Company’s reserves based on the existed Regulations of Life Insurance Reserve Formation. Also, we can help to develop new  Regulations based on the best assessment methods, business features and given statistics if needed.

  In addition to the reserves evaluation, our actuaries can calculate redemption and reduced amounts according to current insurance methods, including confirmation and independent checkup of accordance of calculations to the methods.

  The results of any our work are shaped into Actuary report that contains the information about actuary assumptions and methods that have been used. All our reports, as well as calculation results that will be shown in reporting,  are signed by the certified actuary.

  Our team assists the client’s Company in terms of all calculations in case of Regulatory or External Auditor’s checkup. Furthermore, we can carry out the presentation on reserve evaluation methods and results for any audience.

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  Forming of the reserves from Life insurance companies it is one of the most important points for providing the solvency of the Insurance Company. For that reason, the responsible for the quailitative and correct estimation should be licensed specilists in the actuarial calcultaions. «Luts Consulting» has such specialists.

  Our actuaries have an extensive experience of work at the Ukrainian insurance market and propose the estimation of the Mathematical reserve and other relevant reserve of Insurance Companies in accordance to the requirements of the Regulator and International Financial Reportind Standards.

  According to the Order № 24 since 27.01.2004 Mathematical reserve are divided to:

  • Net reserve – premiums;
  • The cost of doing business;
  • Alignment reserve;
  • Reserve of bonuses;

  The results of our work are putted into the Acturial report, where disclosing the information of the used actuarial assumptions and methods. All our reports, and results of calculations, which shown in the Company’s reports for the Regulator are verified by licensed Actuary. Also the Actuary can verify the Reporting section in the National Financial Services Commission.

  We can make the calculations of reserves in accordance to the existing Regulation regarding forming reserves of life insurance of the Company. Also, when it is needed we can develop new Regulation basing on the best estimations methods, business characteristics and presented statistical data.

  In addition to the reserves evaluation, our actuaries can calculate redemption and reduced amounts according to current insurance methods, including confirmation and independent checkup of accordance of calculations to the valid methods.

  Our team assists the client’s Company in terms of all calculations in case of Regulatory or External Auditor’s checkup. Furthermore, we can carry out the presentation on reserve evaluation methods and results for any audience.