SNL Center for Financial Education

•	The P&C business model
•	P&C company financial statements: identifying key ratios, line items, and disclosures
•	U.S. GAAP vs. statutory accounting
•	Drivers of value
•	Evaluating the quality of the balance sheet and earnings
•	The impact of reinsurance on financial statements
•	Market valuation techniques: identifying key multiples, selecting comparables
•	Calculating forecasted Book Value/Share

Evaluating a P&C Insurer

•	A case study in market valuation

Day One ends at approximately 5:30 p.m.

Day Two - Tuesday, December 7th

Program begins at 9:00 a.m.

Guest Lecture: The Vicissitudes of Insurance

•	Economics of the insurance industry
•	Market cycles
•	Identifying undervalued companies and companies that are risky
•	How to make money in the insurance sector

Advanced Property & Casualty Valuation Techniques

•	Actuarial valuation: key assumptions, calculation of adjusted surplus, net present value of future profits, cost of capital
•	Dividend discount model: key assumptions, modeling financial statements, sensitivity analysis

Evaluating a P&C Insurer

•	A case study in market valuation from an M&A perspective
•	Participants practice analysis and modeling under a variety of assumptions using an Excel-based dividend discount model.

Day Two ends at approximately 4:30 p.m.

Day Three- Wednesday, December 8th

Program begins at 8:00 a.m.

Valuing Life Insurance Companies

•	How life insurers make money
•	Life insurance financial statements: identifying key ratios, line items and disclosures
•	U.S. GAAP vs. statutory accounting
•	Key accounting rules that apply to life insurers
•	Drivers of value
•	Current state of the industry
•	Evaluating the quality of the balance sheet and earnings
•	Market valuation techniques: identifying key multiples, selecting comparables

Guest Lecturer

Eric Berg

Managing Director

Barclay's Capital

Valuing Life Insurance Companies (continued)

•	Intrinsic value approaches: actuarial valuation and embedded value

Actuarial Valuation

•	Assessing methodologies and evaluating results
•	Key assumptions and sensitivities
•	Actuarial valuation case study

Case Study: Evaluating a Life Insurer

•	A practical application of the concepts and techniques discussed

Program ends at approximately 5:30 p.m.

CFE Contact Information
P (434) 951-7786
F (434) 984-8038
E info@snlcenter.com

One SNL Plaza
PO Box 2016
Charlottesville, VA 22902