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We specialise in actuarial valuation for employee benefits to comply with accounting requirements according to local and international financial reporting standards including MFRS 119. SFRS (I) 1-19 Employee Benefits We specialise in actuarial valuation for employee benefits to comply with accounting requirements according to local and international financial reporting standards including SFRS (I) 1-19. Download Flyer for more information Objective The objective of this Standard is to prescribe the accounting and disclosure for employee benefits. The Standard requires an entity to recognise: (a) a liability when an employee has provided service in exchange for employee benefits to be paid in the future; and (b) an expense when the entity consumes the economic benefit arising from service provided by an employee in exchange for employee benefits. Scope This Standard shall be applied by an employer in accounting for all employee benefits, except those to which SFRS(I) 2 Share-based Payment applies. This Standard does not deal with reporting by employee benefit plans (see SFRS(I) 1-26 Accounting and Reporting by Retirement Benefit Plans). The employee benefits to which this Standard applies include those provided: (a) under formal plans or other formal agreements between an entity and individual employees, groups of employees or their representatives; (b) under legislative requirements, or through industry arrangements, whereby entities are required to contribute to national, state, industry or other multi-employer plans; or (c) by those informal practices that give rise to a constructive obligation. Informal practices give rise to a constructive obligation where the entity has no realistic alternative but to pay employee benefits. An example of a constructive obligation is where a change in the entity’s informal practices would cause unacceptable damage to its relationship with employees. Employee benefits include: (a) short-term employee benefits, such as the following, if expected to be settled wholly before twelve months after the end of the annual reporting period in which the employees render the related services: (i) wages, salaries and social security contributions; (ii) paid annual leave and paid sick leave; (iii) profit-sharing and bonuses; and (iv) non-monetary benefits (such as medical care, housing, cars and free or subsidised goods or services) for current employees; (b) post-employment benefits, such as the following: (i) retirement benefits (eg pensions and lump sum payments on retirement); and (ii) other post-employment benefits, such as post-employment life insurance and post-employment medical care; (c) other long-term employee benefits, such as the following: (i) long-term paid absences such as long-service leave or sabbatical leave; (ii) jubilee or other long-service benefits; and (iii) long-term disability benefits; and (d) termination benefits. Employee benefits include benefits provided either to employees or to their dependants or beneficiaries and may be settled by payments (or the provision of goods or services) made either directly to the employees, to their spouses, children or other dependants or to others, such as insurance companies. An employee may provide services to an entity on a full-time, part-time, permanent, casual or temporary basis. For the purpose of this Standard, employees include directors and other management personnel.

Collection of white papers, publications and conference presentations by Actomate. WORK WHIte PAPERS Our succinct white papers & thought leadership July 2021 Actuarial Solutions for the Healthcare Industry April 2020 Healthcare Costs in the Long-Term January 2020 Cambodian Insured-Lives and Annuitant Mortality Tables September 2019 Takaful Operational Framework October 2018 Cambodia Insurance Industry Report September 2017 Role of Actuary in Transfer Pricing August 2017 Actuarial Reserves in Labuan IBFC May 2017 The Liberalisation of Motor Insurance in Malaysia May 2017 Usage Based Motor Insurance April 2017 Insurance as a Social Enterprise articles A collection of our published articles August 2020 Defined Benefit (DB) plans An Empirical Analysis of Defined Benefit Plans in Malaysia December 2019 Actuarial Innovation & Technology Literature Review: Artificial Intelligence and Its Use in Actuarial Work November 2017 Innovators & Entrepreneurs, Society of Actuaries Actuarial Profession in the Age of Artificial Intelligence and Process Automation September 2017 SAS Quarterly, Singapore Actuarial Society Expert Insights: Actuarial Profession in the Age of Artificial Intelligence and Process Automation August 2017 Innovators & Entrepreneurs, Society of Actuaries Insurance as a Social Enterprise February 2017 Innovators & Entrepreneurs, Society of Actuaries Interview with Nicholas Yeo December 2015 The Malaysian Actuary, Actuarial Society of Malaysia Up Close and Personal 2012 Actuarial Research Clearing House, Society of Actuaries Communicating Takaful presentations Our presentations at public conferences July 2022 PAI-SOA Joint Webinar - Digital Transformation & Artificial Intelligence Developing Actuarial Applications Using R Shiny June 2022 SOA webcast The Explorers - Stories of Actuary Entrepreneurs May 2022 The Actuary - Challenges in valuing and managing post-retirement employee benefits in South East Asia Post-retirement pension benefits March 2021 IFoA - Exploring the Change Exploring the change podcast series April 2020 Healthcare Costs in the Long-Term Using Data Science Techniques in Actuarial Work October 2019 Asia Captive Summit 2019 The Captive Life Cycle: Formation, Expansion & Transformation September 2019 ASEAN Data Analytics eXchange (ADAX) Artificial Intelligence in Insurance Case Studies June 2019 Actuarial Society of Malaysia - General Insurance and Takaful Actuarial Seminar Supplementing Reserving Work with Artificial Super Intelligence (ASI) November 2017 Actuarial Society of Malaysia Annual Dinner & Talks - Who Wants to be a Data Scientist? Data Analytics Case Studies August 2017 Joint Regional Seminar - Divergent - The Devil is in the Detail An Actuarial Journey in Insurtech July 2017 Actuarial Society of Malaysia - General Insurance and Takaful Actuarial Seminar IBNR Robot July 2017 South Asian Actuarial Conference IBNR Robot July 2017 Society of Actuaries Asia Pacific Symposium IBNR Robot November 2015 Asian Actuarial Conference: Innovation - Creating Sustainable Value Research Prototype: Lapse Analysis of Life Insurance Policies in Malaysia with Generalised Linear Models September 2015 Singapore Actuarial Society Enterprise Risk Management Conference 2015 - Creating Value in an Evolving Landscape in Asia Capital Allocation for Effective Business Steering Events Our events held in public June 2023 The Asia Pacific PAI-SOA Joint Symposium in Indonesia. Professionalism August 2022 The Asian Captive Conference 2022 - Embracing Change & Accelerating Growth The way Forward for Self-Insurance June 2022 SOA Asia-Pacific Annual Symposium Developing Actuarial Application using R Shiny October 2019 Indonesia Actuarial Conference 2019 IFRS 17 and Industry Revolution 4.0 September 2019 Artificial Intelligence (AI) Revolution 2019 Artificial Intelligence in Insurance September 2018 Vietnam Actuarial Seminar 2018 Embrace Changes in Insurance August 2018 Asian Captive Review Award 2018 Transparency and Digital Disruption July 2018 The ERM and ORSA framework at Bangkok, Thailand. Meltdown challenge. MELTDOWN Party June 2018 8th General Insurance & Takaful Actuarial Seminar Riding The Wave of Change 31st International Congress of Actuaries (ICA) Berlin Congress Program 2018 IBNR Robot - An Actuarial Application of Artificial Intelligence UTAR Actuarial Science Society - Actuary Today - The leader of Risk Management Risk Management - MELTDOWN May 2018 Malaysian Insurance Institute (MII) 4th Breakfast Talk - Life Framework - Are You Ready? Life Framework A collection of our press release November 2024 Actomate Achieves ISO9001 Quality Management System Certification, awarded by SIRIM QAS International and internationally recognised by IQNET, UKAS and Malaysia Standards. September 2024 Asian Captive Conference 2024 "Asian Anchors: Leading the Way in Captive Innovation" June 2024 The SOA Asia-Pacific Annual Symposium 2024 "Embracing the New Norm - Beyond Actuarial Frontier" December 2023 Nicholas Actuarial solutions receives the SME 100 Awards 2023 under the category of Fast-Moving Companies. November 2023 The ASM-SOA Joint Seminar 2023, Nicholas presented topics regarding applying new technology to actuarial work. September 2023 The Institute and Faculty of Actuaries (IFoA) Asia Conference 2023, Nicholas Actuarial Solutions is the Gold Sponsor for the event. September 2023 The Insurance Capital Adequacy Framework Conference, Our Founder & Actuary Nicholas Yeo is one the panelist for the panel discussions regarding the ICAF topical issues June 2023 The Asia Pacific PAI-SOA Joint Symposium in Indonesia, our Founder and Actuary Nicholas Yeo delivered a presentation on Professionalism May 2023 PT Tiga Solusi Pilihan, An Affiliate of Nicholas Actuarial Solutions in Indonesia March 2023 Kok Ming Wei, an Associate Actuary of Nicholas Actuarial Solutions delivered a presentation on Environmental, Social and Governance strategies (ESG) at ASM conference 2023 August 2022 Nicholas Actuarial Solutions Complete the disposal Exercise of Minority Shareholding in Deartime Berhad July 2022 Nicholas Actuarial Solutions Completion of the First Phase of Its Disposal Exercise for Its Minority Shareholding in Deartime Berhad June 2022 "The Explorers – Stories of Actuary Entrepreneurs" June Webcast Nicholas Yeo, Founder & Actuary of Nicholas Actuarial Solutions, and Debbie Ooi, Actuarial Analyst Present About Developing Actuarial Applications Using R Shiny November 2021 Nicholas Yeo, Founder & Actuary of Nicholas Actuarial Solutions in Promoting Your Business Townhall Networking Event Launching of a Fully Automated PET Robot by Nicholas Actuarial Solutions March 2021 IFoA - Exploring the Change podcast series May 2020 Nicholas Actuarial Solutions Receives QAS Quality Accreditation April 2020 Leading Insurance and Takaful Industry Expert Azlin Joins Nicholas Actuarial Solutions Nicholas Actuarial Solutions in Collaboration Partnership with DD Consulting February 2020 Insurance Industry Leader Wong Kim Teck Joins Nicholas Actuarial Solutions January 2020 Senior Actuary Patrick Cheah Joins Nicholas Actuarial Solutions October 2019 Nicholas Actuarial Solutions Speaks at Indonesia Actuarial Conference Nicholas Actuarial Solutions Wins Top Actuarial Firm in Asia Award 2019 Navigating Risk in the Digital Era June 2019 Leading Asian Actuarial Firm Establish Branch Operations in Labuan May 2019 Nicholas Actuarial Solutions Shortlisted for Risk Management Award January 2019 Nicholas Actuarial Solutions Sets Up Japan Desk March 2018 Nicholas Actuarial Solutions Inked Strategic Partnership with Businessbuysell.my to Provide Analytics and Due Diligence Services to the Marketplace November 2015 Malaysian Startup Nicholas Actuarial Solutions Trailblazing the ASEAN Predictive Analytics Scene PRESS RELEASEs

We specialise in actuarial valuation for stock compensation to comply with accounting requirements according to local and international financial reporting standards including ASC 718. ASC 718 Stock Compensation We specialise in actuarial valuation for stock compensation to comply with accounting requirements according to local and international financial reporting standards including ASC 718. Download Flyer for more information Objective The objective of accounting for transactions under share-based payment arrangements with employees is to recognize in the financial statements the employee services received in exchange for equity instruments issued or liabilities incurred and the related cost to the entity as those services are consumed. Scope 1. The guidance in the ASC 718 Compensation—Stock Compensation Topic applies to all entities that enter into share-based payment transactions with employees. 2. The guidance in the ASC 718 Compensation—Stock Compensation Topic applies to all share-based payment transactions in which an entity acquires employee services by issuing (or offering to issue) its shares, share options, or other equity instruments or by incurring liabilities to an employee that meet either of the following conditions: a) The amounts are based, at least in part, on the price of the entity’s shares or other equity instruments. (The phrase ‘at least in part' is used because an award of share-based compensation may be indexed to both the price of an entity’s shares and something else that is neither the price of the entity’s shares nor a market, performance, or service condition.) b) The awards require or may require settlement by issuing the entity’s equity shares or other equity instruments. 3. Share-based payments awarded to an employee of the reporting entity by a related party or other holder of an economic interest in the entity as compensation for services provided to the entity are share-based payment transactions to be accounted for under this Topic unless the transfer is clearly for a purpose other than compensation for services to the reporting entity. The substance of such a transaction is that the economic interest holder makes a capital contribution to the reporting entity, and that entity makes a share-based payment to its employee in exchange for services rendered. 4. The guidance in this Topic does not apply to the following payment transactions: a) Share-based transactions for other than employee services 5. ASC 805 Business Combinations provides guidance on determining whether share-based payment awards issued in a business combination are part of the consideration transferred in exchange for the acquiree, and therefore in the scope of ASC 805, or are for continued service to be recognized in the post combination period in accordance with ASC 718.

You require additional actuarial resources to perform key tasks to support your company’s objective. Our team members has expertise in Pricing, Valuation, Modelling, Risk Management and IFRS 17. They are proficient in Prophet Modelling, DCS, R Shiny, R programming, SQL, Excel / VBA & Robotic Process Automation. ACTOMATE ACTUARIAL VALUATION, MODELLING, & PRICING Our team members have expertise in Pricing, Valuation, Modelling, Risk Management and IFRS 17. They are proficient in Prophet Modelling, DCS, R Shiny, R programming, SQL, Excel / VBA & Robotic Process Automation. You require additional actuarial resources to perform key tasks to support your company's objective. For more information on how our actuarial resourcing solutions can support your team, click here . For more information on how our secondment works and how it can benefit your business, click here . RESOURCING SOLUTIONS FROM ACTOMATE Actomate is a leading actuarial firm in Asia. We have a large team of experts with relevant experience to support you both on a short-term & long-term partnership basis. Basic Resourcing : Our analysts shall perform all tasks assigned by you, following your internal policies and standards of operating procedures. Guided Resourcing : Our analysts shall perform all tasks assigned by you, guided by our team of actuaries following your internal policies and standards of operating procedures as well as utilising our processes, templates & software. ✓ Mobilise resources on short notice ✓ Overcome headcount constraints ✓ Meet key timelines & deliverables ✓ Minimise disruption from staff turnover & absence Experience - We have experience in managing multiple resourcing projects around the world. We understand your needs! Cost Effectiveness - Our solution is structured in a cost-effective manner! What does an actuary do? Actuaries are problem solvers and strategic thinkers who use their skills to help measure the probability and risk of future events. Businesses and industries increasingly depend on the skills of actuaries and analysts to help them model and plan for the future. As the world changes at an increasingly rapid pace, risk management expertise can help businesses navigate this evolving landscape. How does actuarial consulting benefit my business? Actuarial consulting helps businesses make smarter decisions by assessing financial risks and uncertainties. Using historical data and statistical models, actuaries analyse outcomes, refine strategies, and support long-term financial stability. Their expertise is key in insurance, pensions, investments, and business planning, improving profitability and reducing risks. I’m not sure if you can help me with the business problem, what should I do? You can share the details of your issue by filling out the form on our Contact Us page or reaching out to us via WhatsApp. From there, we’ll gladly arrange a call to discuss further.

Actuarial firm specialising in technology, education, analytics and offshore insurance, in addition to traditional actuarial services. We are the insurtech specialist, the innovative actuarial consultant. Nicholas Actuarial Solutions is the first and only actuarial firm awarded MSC Malaysia status. ACTOMATE DATA ANALYTICS PRACTICE We analyse data and develop predictive models to help our clients identify risks and opportunities. As a pioneer in the field of data science, we are able to adequately communicate and translate our analytics work into high value advice to businesses. data analytics solutions descriptive analysis predictive analysis prescriptive analysis data visualisation data mining data management enterprise data warehouse machine learning deep learning techniques & methodologies generalised linear model (GLM) piecewise regression logistic regression classification and regression trees (CART) random forests K-means clustering hierarchical clustering principal component analysis neural networks support vector machines time series business applications R and R Shiny PostgreSQL Python Microsoft Access Microsoft Visual FoxPro customised solutions business practices improvement price optimisation customer targeting forecasting events forecasting profiles cost difference models competitor analysis remuneration optimisation models Practice Leader Nicholas Yeo FIA FASM FSA FSAS CIA Founder & Actuary PRACTICE LEADER Nicholas leads the Data Analytics Practice at Actomate. Nicholas founded Actomate in 2015, a leading actuarial firm in Asia. He is an actuary with exceptional business acumen and a global perspective. His clients and his organization benefit from his strong grasp of strategic, operational and risk management aspects of the business. Nicholas has developed various technology and software application including IBNR Robot, ReACC Robot, PET Robot, LRC Robot, LIC Robot, and PAA Robot. Nicholas also has significant experience in captive insurance, offshore insurance, robotic process automation, artificial intelligence and data analytics. Nicholas has 18 years experience in actuarial work including life insurance, family takaful, general insurance, general takaful, employee benefits, pension, medical insurance, reinsurance and insurtech startups. Nicholas held appointed actuary and signing actuary roles in various jurisdiction across Asia. Nicholas is a Fellow of the Institute and Faculty of Actuaries (UK) and a Fellow of the Society of Actuaries (US). He is a past Council Member of the Society of Actuaries’ Entrepreneurial & Innovation Section. He is also a past Chairperson of the Professional Development Committee and Events Committee of the Actuarial Society of Malaysia. Nicholas graduated from Bayes Business School with First Class Honours in BSc Actuarial Science. He is an Associate Member of the Institute of Internal Auditors Malaysia and holds a Certificate in Finance and Investment (CFI) from the Institute and Faculty of Actuaries (UK). CONTACT US

Actuarial firm specialising in technology, education, analytics and offshore insurance, in addition to traditional actuarial services. We are the insurtech specialist, the innovative actuarial consultant. Nicholas Actuarial Solutions is the first and only actuarial firm awarded MSC Malaysia status. ACTOMATE TECHNOLOGY & INNOVATION PRACTICE We develop technology and artificial intelligence in the field of actuarial science. Our solutions are state-of-the-art and world leading, serving like-minded clients in the forefront of technology and innovation. IBNR ROBOT IBNR Robot estimates the optimum level of expected claims liabilities and its range. The underlying artificial intelligence combines commonly used loss reserving methods, statistical optimisation techniques and pragmatic solutions. It is independent, robust and instant. It is commonly used in general insurance pricing and valuation. For more information, visit IBNR Robot. technology & process automation reinsurance administration risk management systems life insurance point of sale systems medical underwriting systems customised calculators enterprise data warehouse blockchain solutions innovation workshop Innovation is crucial to enterprise success. Our innovation workshop guides participants through real-life business challenges, using a variety of stimulating tools and activities. With our experience in the insurance sector, we have developed an insurance industry focused workshop specifically to benefit insurance companies. Practice Leader PRACTICE LEADER Nicholas Yeo FIA FASM FSA FSAS CIA Founder & Actuary Nicholas leads the Technology and Innovation Practice at Nicholas Actuarial Solutions. Nicholas founded Nicholas Actuarial Solutions in 2015, a leading actuarial firm in Asia. He is an actuary with exceptional business acumen and a global perspective. His clients and his organization benefit from his strong grasp of strategic, operational and risk management aspects of the business. Nicholas has developed various technology and software application including IBNR Robot, ReACC Robot, PET Robot, LRC Robot, LIC Robot, and PAA Robot. Nicholas also has significant experience in captive insurance, offshore insurance, robotic process automation, artificial intelligence and data analytics. Nicholas has 18 years experience in actuarial work including life insurance, family takaful, general insurance, general takaful, employee benefits, pension, medical insurance, reinsurance and insurtech startups. Nicholas held appointed actuary and signing actuary roles in various jurisdiction across Asia. Nicholas is a Fellow of the Institute and Faculty of Actuaries (UK) and a Fellow of the Society of Actuaries (US). He is a past Council Member of the Society of Actuaries’ Entrepreneurial & Innovation Section. He is also a past Chairperson of the Professional Development Committee and Events Committee of the Actuarial Society of Malaysia. Nicholas graduated from Bayes Business School with First Class Honours in BSc Actuarial Science. He is an Associate Member of the Institute of Internal Auditors Malaysia and holds a Certificate in Finance and Investment (CFI) from the Institute and Faculty of Actuaries (UK). CONTACT US

We specialise in actuarial valuation for employee benefits to comply with accounting requirements according to local and international financial reporting standards including MFRS 2. MFRS 2 Share-Based Payment We specialise in actuarial valuation for employee benefits to comply with accounting requirements according to local and international financial reporting standards including MFRS 2. Download Flyer for more information Objective The objective of this Standard is to specify the financial reporting by an entity when it undertakes a share-based payment transaction. In particular, it requires an entity to reflect in its profit or loss and financial position the effects of share-based payment transactions, including expenses associated with transactions in which share options are granted to employees. Scope 1. An entity shall apply this MFRS in accounting for all share‑based payment transactions, whether or not the entity can identify specifically some or all of the goods or services received, including: (a) equity‑settled share‑based payment transactions; (b) cash-settled shared-based payment transactions; and (c) transactions in which the entity receives or acquires goods or services and the terms of the arrangement provide either the entity or the supplier of those goods or services with a choice of whether the entity settles the transaction in cash (or other assets) or by issuing equity instruments, except as noted in paragraphs 2⁠–⁠5 below. In the absence of specifically identifiable goods or services, other circumstances may indicate that goods or services have been (or will be) received, in which case this MFRS applies. 2. A share‑based payment transaction may be settled by another group entity (or a shareholder of any group entity) on behalf of the entity receiving or acquiring the goods or services. Paragraph 1 also applies to an entity that (a) receives goods or services when another entity in the same group (or a shareholder of any group entity) has the obligation to settle the share‑based payment transaction, or (b) has an obligation to settle a share‑based payment transaction when another entity in the same group receives the goods or services unless the transaction is clearly for a purpose other than payment for goods or services supplied to the entity receiving them. 3. For the purposes of this MFRS, a transaction with an employee (or other party) in his/her capacity as a holder of equity instruments of the entity is not a share‑based payment transaction. For example, if an entity grants all holders of a particular class of its equity instruments the right to acquire additional equity instruments of the entity at a price that is less than the fair value of those equity instruments, and an employee receives such a right because he/she is a holder of equity instruments of that particular class, the granting or exercise of that right is not subject to the requirements of this MFRS. 4. As noted in paragraph 1, this MFRS applies to share‑based payment transactions in which an entity acquires or receives goods or services. Goods include inventories, consumables, property, plant and equipment, intangible assets and other non‑financial assets. However, an entity shall not apply this MFRS to transactions in which the entity acquires goods as part of the net assets acquired in a business combination as defined by MFRS 3 Business Combinations, in a combination of entities or businesses under common control as described in paragraphs B1⁠–⁠B4 of MFRS 3, or the contribution of a business on the formation of a joint venture as defined by MFRS 11 Joint Arrangements. Hence, equity instruments issued in a business combination in exchange for control of the acquiree are not within the scope of this MFRS. However, equity instruments granted to employees of the acquiree in their capacity as employees (e.g., in return for continued service) are within the scope of this MFRS. Similarly, the cancellation, replacement, or other modification of share‑based payment arrangements because of a business combination or other equity restructuring shall be accounted for in accordance with this MFRS. MFRS 3 provides guidance on determining whether equity instruments issued in a business combination are part of the consideration transferred in exchange for control of the acquiree (and therefore within the scope of MFRS 3) or are in return for continued service to be recognised in the post‑combination period (and therefore within the scope of this MFRS). 5. This MFRS does not apply to share‑based payment transactions in which the entity receives or acquires goods or services under a contract within the scope of paragraphs 8⁠–⁠10 of IAS 32 Financial Instruments: Presentation (as revised in 2003)1 or paragraphs 2.4⁠–⁠2.7 of MFRS 9 Financial Instruments. 5A. This MFRS uses the term ‘fair value’ in a way that differs in some respects from the definition of fair value in MFRS 13 Fair Value Measurement. Therefore, when applying MFRS 2 an entity measures fair value in accordance with this MFRS, not MFRS 13.

Explore IFRS 17, the international standard for financial reporting in the insurance industry. Actomate offers solutions to simplify adoption & compliance. ACTOMATE International Financial Reporting Standard (IFRS 17) We specialise in implementing the International Financial Reporting Standard (IFRS 17) to comply with accounting requirements in accordance with International Accounting Standards Board (IASB). Download Flyer for more information Objective The objective of this Standard is to establish principles for the recognition, measurement, presentation and disclosure of insurance contracts within the scope of IFRS 17. The practices and processes for establishing contracts with customers vary across legal jurisdictions, industries and entities. The Standard requires an entity to: Provide relevant information that faithfully represents the Insurance Contracts. This information gives a basis for users of financial statements to assess the effect that insurance contracts have on the entity’s financial position, financial performance and cash flows. Consider its substantive rights and obligations, whether they arise from a contract, law or regulation, when applying IFRS 17. A contract is an agreement between two or more parties that creates enforceable rights and obligations. Enforceability of the rights and obligations in a contract is a matter of law. Contracts can be written, oral or implied by an entity’s customary business practices. Disregard terms that have no commercial substance as contractual terms include all terms in a contract, explicit or implied (eg no discernible effect on the economics of the contract). Implied terms in a contract include those imposed by law or regulation. Scope An entity shall apply IFRS 17 to: Insurance contracts, including reinsurance contracts, it issues; Reinsurance contracts it holds; and Investment contracts with discretionary participation features it issues, provided the entity also issues insurance contracts; and Insurance contracts acquired by the entity in a transfer of insurance contracts or a business combination other than reinsurance contracts held. An entity shall not apply IFRS 17 to: Warranties provided by a manufacturer, dealer or retailer in connection with the sale of its goods or services to a customer (see IFRS 15 Revenue from Contracts with Customers). Employers’ assets and liabilities from employee benefit plans (see IAS 19 Employee Benefits and IFRS 2 Share-based Payment ) and retirement benefit obligations reported by defined benefit retirement plans (see IAS 26 Accounting and Reporting by Retirement Benefit Plans). Contractual rights or contractual obligations contingent on the future use of, or the right to use, a non-financial item (for example, some licence fees, royalties, variable and other contingent lease payments and similar items: see IFRS 15, IAS 38 Intangible Assets and IFRS 16 Leases). Residual value guarantees provided by a manufacturer, dealer or retailer and a lessee’s residual value guarantees when they are embedded in a lease (see IFRS 15 and IFRS 16). Financial guarantee contracts, unless the issuer has previously asserted explicitly that it regards such contracts as insurance contracts and has used accounting applicable to insurance contracts. The issuer shall choose to apply either IFRS 17 or IAS 32 Financial Instruments: Presentation, IFRS 7 Financial Instruments: Disclosures and IFRS 9 Financial Instruments to such financial guarantee contracts. The issuer may make that choice contract by contract, but the choice for each contract is irrevocable. Contingent consideration payable or receivable in a business combination (see IFRS 3 Business Combinations). Insurance contracts in which the entity is the policyholder, unless those contracts are reinsurance contracts held. Credit card contracts, or similar contracts that provide credit or payment arrangements, that meet the definition of an insurance contract if, and only if, the entity does not reflect an assessment of the insurance risk associated with an individual customer in setting the price of the contract with that customer (see IFRS 9 and other applicable IFRS Standards). However, if, and only if, IFRS 9 requires an entity to separate an insurance coverage component that is embedded in such a contract, the entity shall apply IFRS 17 to that component. Some contracts meet the definition of an insurance contract but have as their primary purpose the provision of services for a fixed fee. An entity may choose to apply IFRS 15 instead of IFRS 17 to such contracts that it issues if, and only if, specified conditions are met. The entity may make that choice contract by contract, but the choice for each contract is irrevocable. The conditions are: The entity does not reflect an assessment of the risk associated with an individual customer in setting the price of the contract with that customer; The contract compensates the customer by providing services, rather than by making cash payments to the customer; and The insurance risk transferred by the contract arises primarily from the customer’s use of services rather than from uncertainty over the cost of those services. Some contracts meet the definition of an insurance contract but limit the compensation for insured events to the amount otherwise required to settle the policyholder’s obligation created by the contract (for example, loans with death waivers). An entity shall choose to apply either IFRS 17 or IFRS 9 to such contracts that it issues unless such contracts are excluded from the scope of “An entity shall not apply IFRS 17 to”. The entity shall make that choice for each portfolio of insurance contracts, and the choice for each portfolio is irrevocable. What does an actuary do? Actuaries are problem solvers and strategic thinkers who use their skills to help measure the probability and risk of future events. Businesses and industries increasingly depend on the skills of actuaries and analysts to help them model and plan for the future. As the world changes at an increasingly rapid pace, risk management expertise can help businesses navigate this evolving landscape. How does actuarial consulting benefit my business? Actuarial consulting helps businesses make smarter decisions by assessing financial risks and uncertainties. Using historical data and statistical models, actuaries analyse outcomes, refine strategies, and support long-term financial stability. Their expertise is key in insurance, pensions, investments, and business planning, improving profitability and reducing risks. I’m not sure if you can help me with the business problem, what should I do? You can share the details of your issue by filling out the form on our Contact Us page or reaching out to us via WhatsApp. From there, we’ll gladly arrange a call to discuss further. CONTACT US

IBNR Robot Automating Actuarial Work 关于 团队 方案 IFRS 17 见解 联系 New Page 作品 Submit RFP Submit RFP Search Results More Artificial Intelligence Process Automation Innovation IBNR Robot estimates the optimum level of expected claims liabilities and its range. The underlying artificial intelligence combines commonly used loss reserving methods, statistical optimisation techniques and pragmatic solutions. learn more Independent Robust Instant IBNR Robot is independent of past results, human actuarial judgment and the influence and opinions of various stakeholders. It is fully automated. IBNR Robot is robust. It automatically applies optimal treatment to effects of accident, underwriting and calendar year as well as large and unusual events, taking into account credibility, relevance, homogeneity, volatility and correlations observed. IBNR Robot can produce loss reserves estimates and range from formatted data input in less than 1 minute for each dataset.

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Actuarial firm specialising in technology, education, analytics and offshore insurance, in addition to traditional actuarial services. We are the insurtech specialist, the innovative actuarial consultant. Nicholas Actuarial Solutions is the first and only actuarial firm awarded MSC Malaysia status. NICHOLAS ACTUARIAL SOLUTIONS RISK MANAGEMENT PRACTICE We provide a comprehensive range of risk management solutions, ranging from enterprise risk management implementation, providing risk management resources as well as independent risk management review. risk management implementation enterprise risk management (ERM) risk awareness development risk culture development market risk management credit risk management financial risk management compliance risk management strategic risk management operational risk management external risk reporting risk planning & risk evaluation key risk assessment policy audits & compliance risk analytics & risk model risk management resources We provide resources to support our clients' risk management practices. Our team has experience in risk management across life insurance, general insurance, reinsurance, takaful as well as enterprise risk management. In addition to providing resources and support, we assist our client to improve and automate risk management processes leading to long term efficiencies. risk management review enterprise risk management (ERM) key risk assessment compliance review reinsurance optimisation insurance risk management operational risk management financial risk management economic capital modelling (ECM) statutory capital modelling risk based capital (RBC) own risk solvency assessment (ORSA) internal capital model (ICM) Practice Leader PRACTICE LEADER Raymond Lai FSA FASM CFP NLP CBE Risk Management & AI Expert Raymond is a Fellow of the Society of Actuaries (US) and has over 30 years of actuarial, financial and risk management experience in the insurance industry. Raymond previously held appointed actuary, chief actuary and chief risk officer (CRO) roles and is currently the appointed actuary to life insurance, general insurance, family takaful and reinsurance companies. Raymond has experience across many markets in Asia including Bahrain, Myanmar, Vietnam, Malaysia, Labuan and Indonesia. He is proficient in many actuarial areas including product development and pricing, actuarial valuation, financial reporting, financial projection and enterprise risk management. Raymond has significant expertise in developing risk and capital management frameworks, developing growth strategies, performing risk analysis, developing compensation models and performing client value analysis. Raymond is a pioneer of new product ideas and systems and is recognised as a leading innovator in the market. He has coached and mentored many younger and successful actuaries. Raymond is a Certified Financial Planner and a Certified Neuro-Linguistic Programming (NLP) Practitioner for Appraisal and Performance Management. Raymond also has specialized knowledge in internet marketing, social media marketing and blockchain technology. CONTACT US