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STATUTORY AND GAAP REPORTING: Perhaps the most fundamental role for an actuary is to serve as Valuation or Appointed Actuary. L&E actuaries serve many client companies in the role of Appointed Actuary and assist many others with valuation issues. We will assist you in completing all required regulatory reports. Our assistance can include complete reporting for the company or assistance with selected aspects of reporting. Specifically, we help our clients by providing:
- Valuation programs for the determination of company reserve liabilities;
- Reserve factors that can be used by the company’s current administrative and reserve programs;
- Evaluation of reserve liabilities to disclose under/over-reporting of reserves;
- Completion of Schedules and Exhibits for Annual Statutory, GAAP or tax reporting;
- Completion of Schedules and Exhibits for Quarterly Statutory and GAAP reporting;
- Asset Adequacy Tests;
- Opinion Statements as required under Appointed Actuary regulations;
- Completion of forms for reporting to rating agencies; and
- Mortality exposure studies supporting X factors for the statement of actuarial opinion.
We will respond in a professional and timely manner to state insurance departments, IRS and rating agencies regarding questions relating to financial reports.
FINANCIAL ANALYSIS: It is important for a company to be able to analyze its current financial condition and future earnings capabilities. The ability to “slice and dice” earnings potential by business segment and period can be a powerful management tool, enabling companies to avoid costly mistakes and seize current opportunities. We contribute to the understanding of financial condition through use of our proprietary corporate modeling system, LEAPPS®.
From a regulatory perspective, we complete asset adequacy tests with corresponding opinion statements for many clients. Our approach meets all regulatory requirements and provides companies with meaningful information to improve performance through adjustments in future investment strategies. In addition, we prepare reports showing durational values for key liabilities by product type. These reports allow a company to manage investment strategies under varying business growth scenarios.
Our modeling system, LEAPPS®, is an equally valuable tool in pricing new products, checking illustration testing requirements and managing in-force dividend and crediting strategies.
We also build corporate models to forecast future results by detailed business segment. Reports allow companies to distinguish cost components and identify sources of earnings by line of business or product. We communicate results in such a way as to grant companies clarity and ownership of decisions to improve strategic operations. We have been highly effective in presenting company value to:
- Company management for strategic planning and measurement of operation performance;
- Board of Directors to bring a deeper understanding of factors influencing business performance;
- Rating agencies, including A.M. Best, to demonstrate company qualifications for improved ratings; and
- Buyers and sellers of business for acquisition and merger purposes.
MERGERS AND ACQUISITIONS: Many companies in the life insurance industry have been able to maximize consolidation opportunities as a result of their relationship with L&E. Our reputation as a leading expert in mergers and acquisitions gives you an immediate advantage when buying or selling a block of business. Our consultants will supply your management team with accurate values and can help you locate potential acquisition targets. Our appraisals provide you an optimal tool for evaluating a block of business or an entire life insurance company. In addition, our state-of-the-art proprietary software, LEAPPS®, enables us to forecast statutory or GAAP earnings based on your company parameters so that you can better evaluate the impact of an acquisition to your business plan.
FINANCIAL REINSURANCE: L&E will effectively analyze financial reinsurance programs to meet strategic capital needs. Whether reinsurance needs are product related, such as deficiency reserves under term plans, or related to overall business growth, we can search the market for the ideal provider. We will identify and negotiate treaties to bring maximum value to your company.
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