Day Two - Property and Casualty
Program begins at 9:00 a.m.

Valuing P&C Insurers

•	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 Three - Property and Casualty (continued)
Program begins at 9:00 a.m.

 

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 One - Life Insurers
Program begins at 9:00 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

Valuing Life Insurance Companies (continued)

•	Market valuation techniques: identifying key multiples, selecting comparables
•	Intrinsic value approaches: actuarial valuation and embedded value

Actuarial Valuation

Guest instructor: Stuart Silverman, FSA, MAA, CERA

•	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.