Scottish Board and Knowledge Sharing Scotland Stephen Cunningham.

Slides:

Advertisements

Similar presentations

STRENGTHENING FINANCING FOR DEVELOPMENT: PROPOSALS FROM THE PRIVATE SECTOR Compiled by the UN-Sanctioned Business Interlocutors to the International Conference.

Advertisements

Financial Conglomerates Koos Timmermans

2001 results 18 March © 2002 Management Consulting Group PLC All rights reserved 2 Agenda Introduction 2001 highlights Profit and loss account Balance.

THE ROLE OF THE ACTUARY IN THE ECONOMY

Own Risk & Solvency Assessment (ORSA): The heart of Risk & Capital Management John Spencer Director, Ultimate Risk Solutions.

International Federation of Accountants International Education Standards for Professional Accountants Mark Allison, Executive Director Institute of Chartered.

Treasury solutions Treasury Management – Challenges for 2014 Society of District Council Treasurers 10 th January 2014 Presented by Cecilie Booth, Director.

Manulife Financial Corporation operates as John Hancock in the United States, and Manulife in other parts of the world. Enterprise Risk Management in Life.

1 Risk Management at Progressive Insurance How we got started Getting corporate support Capital Management Examples of deliverables The value risk management.

Growing your Business. Your business has been successful, and you are ready for the next step….. What now? Do I expand? You may decide to remain as you.

CDFI INSTITUTE February 25,2015. Who is US SIF? We are the membership association for professionals, firms, institutions and organizations engaged in.

OGIP Basics. What is oGIP? OGIP PURPOSE? Market Value Individual Value.

AusIndustry Martin Cebis AusIndustry – Entrepreneur Development Facilitator.

Dr Trevor Watkins Director of Education Educating the Actuaries of the Future ATRC 02 December 2014.

Fund Manager Profile Prosperity Asset Management Ltd are working with Gallium Fund Solutions as our Fund Investment Managers. Gallium’s primary objective.

NIGERIA’S FINANCIAL SYSTEM STRATEGY 2020 PERSPECTIVES ON BUILDING AN INTERNATIONAL FINANCIAL CENTRE: EXPERIENCE OF SINGAPORE.

1 SAI Global Limited ABN: Half-Year Results Presentation Half-Year Ended 31 December 2006 ASX Code: SAI APPLIED INFORMATION SERVICES “SAI.

ANNUAL RESULTS 2010 February Mike Wilson CHAIRMAN David Bellamy CHIEF EXECUTIVE Andrew Croft FINANCE DIRECTOR.

Half Year Results Presentation to Media David Murray 12 February

WHERE WE ARE 22 member associations in 20 countries Over 4300 individual members who are responsible for risk management and/or insurance in their organisations.

AIB Capital Markets Colm Doherty, Managing Director London, 17 th May 2007.

The Institute of Chartered Accountants of Sri Lanka National Conference 2011 October 2011.

Business Growth Services Aman Nirwal, Regional Manager Mobile:

Presentation to the Chinese Institute of Certified Public Accountants Beijing September 2012 Supporting International Development by China’s Corporate.

Update on research at the Institute and Faculty of Actuaries ATRC, 2 December 2014 Sarah Mathieson Head of Research and Knowledge, IFoA.

OECD Guidelines on Insurer Governance

Kodak Inc. Yang Wang ACG Executive Summary Eastman Kodak Company ranks as a premier multinational corporation, with a brand recognized in virtually.

October 2004 From Principles to Prosperity How we Integrate Corporate Governance into our Investment Process Guy Jubb Head of Corporate Governance.

The global body for professional accountants Brand Insights: Principles of branding and thought leadership in the accountancy profession.

Summer Internship ICICI Group  India’s 2nd largest bank with assets of over USD 91 bn  Presence in 19 countries  India’s largest equity house.

Cover Slide Notes The staff orientation PowerPoint was created originally by Dave Nielsen, CEO of the Home Builders Association of Metropolitan Portland.

SOCIAL DEVELOPMENT CANADA 1 The Government of Canada and the Non-Profit and Voluntary Sector: Moving Forward Together Presentation to Civil Society Excellence:

PIPER JAFFRAY COMPANIES APRIL 13, CAUTION REGARDING FORWARD-LOOKING STATEMENTS Statements contained in this presentation that are not historical.

Union SME Financing – Is it Really a …. ?. SME Definition (SBP) Type of Business a) Fixed Assets Excluding Land & Building (Rs.M) b) Employment.

Financial Outlook for U.S. Not-for-Profit Healthcare Sector Drew Corrigan May 5, 2011.

Solvency II Open Forum 4 th March 2008 Michael Aitchison.

Rural Development Council 8 th December Contents Scottish Enterprise Focus Economic Downturn Implications & Actions Core Rural Objectives HIE Economic.

© 2010 The Actuarial Profession  Colour palette for PowerPoint presentations Actuarial Bright Green R148 G166 B31 Actuarial Slate.

Professional Skills Training for Experienced Members Conflicts of Interest July 2013.

Limited Brands, Inc. Dixie Moseley ACG 2021 Section 002.

Meeting the Challenge of Periodical Payment Orders Anthony Wright, The MDU Sarah MacDonnell, LCP Scott Jamieson, Kames Capital 2 June 2014.

Proprietary and Confidential. For Towers Watson and Towers Watson client use only. towerswatson.com © 2012 Towers Watson. All rights reserved. Information.

VED S.A.. VED Your trusted partner for Investment Management, Mergers & Acquisitions and Real Estate Investments VED S.A. 1.

Financial Accounting and Its Environment Chapter 1.

© 2010 The Actuarial Profession  Colour palette for PowerPoint presentations Actuarial Bright Green R148 G166 B31 Actuarial Slate.

June This presentation contains statements that are forward looking in nature and, accordingly, are subject to risks and uncertainties. Factors.

Corporate Social Responsibility LECTURE 25: Corporate Social Responsibility MGT

BUCS Strategy Karen Rothery BUCS Chief Executive.

1 09:00 – 10:00: The Dutch Pension system Herman Wijffels 10:00 – 11:00: Shell Pension fund Willem Handels 11:00 – 12:00: An introduction to APG Jeroen.

1 FBD Holdings plc 2007 Preliminary Results. 2 2 Forward Looking Statements This presentation contains certain forward- looking statements. Actual results.

Merrill Lynch Matt Western ACG2021 Section 002. Executive Summary Overall Merrill Lynch had a great year in They increased their revenues 11% from.

Professionalism and Protection of Public Interests – the Role of Actuaries Dr David Hare Past President, Institute and Faculty of Actuaries IFoA Membre.

Annual Report Jessica Howarth ACG Executive Summary Tiffany & Co. experienced a modest growth in sales and earnings during Tiffany & Co.

Banking Risks and Regulation. Changes in Indian Banking.

1 Techniques for Effectively Managing Credit Relationships: Achieving the “Right” Rating Next Page To Advance: Click Screen Anywhere or Click Next To Return.

Principle of Accounting & Finance. What Is Accounting? A comprehensive system for collecting, analyzing and communicating financial information Users.

Education Strategy Review Norwich 25 February 2016 Karen Brocklesby – Registrar Tim Birse – Chair of Education Board February 2016.

February 2016 CONFIDENTIAL CIBC Capital Markets We are a strong banking partner dedicated to delivering integrated and customized financial solutions that.

Data Science Universe Seminar Modelling, Analytics and Insights from Data Working Party - Update on work streams.

Friends Life With-Profits Annuity De-risking (WPAD) Darren Thorne, Aviva Friends Life John Jenkins, KPMG 17 February 2016.

 The 2nd Younger Members Convention A Guide to International Benefits 1-2 December 2003 The Glasgow Moat House.

CONFIDENTIAL CIBC Capital Markets We are a strong banking partner dedicated to delivering integrated and customized financial solutions that meet the unique.

1 FINANCIAL SUPERVISION: MEASURING UP TO GLOBAL STANDARDS Lee Jang-Yung Assistant Governor Financial Supervisory Service.

 iShares powered by BlackRock – the largest exchange traded fund provider and the largest asset manager in the world.  We are producing and managing.

Chapter 13 Financial performance measures for investment centres and reward systems.

Senior Research Consultant, NEPC

Social Security Fund Financing and Investment Management System

Our new brand strategy and values

Of Financial Management Traditional View Modern View Objective of Financial Management Scope of Financial Management Relationship of Finance with other.

Financial Planning.

Presentation transcript:

Scottish Board and Knowledge Sharing Scotland Stephen Cunningham

Colour palette for PowerPoint presentations Dark blue R17 G52 B88 Gold R217 G171 B22 Mid blue R64 G150 B184 Secondary colour palette Primary colour palette Light grey R220 G221 B217 Pea green R121 G163 B42 Forest green R0 G132 B82 Bottle green R17 G179 B162 Cyan R0 G156 B200 Light blue R124 G179 B225 Violet R128 G118 B207 Purple R143 G70 B147 Fuscia R233 G69 B140 Red R200 G30 B69 Orange R238 G Dark grey R63 G69 B72 The Scottish Board The Scottish Board of the IFoA is accountable to members in Scotland and has three main key responsibilities (KRs):- –KR1 – Encourage and Develop the Actuarial Community in Scotland. Key success to date has been the KSS and OCF CPD events. Greater links to students and understanding optimal communication strategy are 2015 objectives as well as greater oversight of the wider CPD programme in Scotland. –KR2 – Raise the Profile of Actuaries and the Profession in Scotland. The profile and understanding of the IFoA was substantially enhanced by the Independence Vote with many new strong relationships made. Further 2015 work on engaging Employers, Schools/Universities, Media and PR as well as maintaining political engagement. –KR3 – Encourage and Advance Academic Developments in Scotland. The key success has been use of the Endowment Fund to help set up the ARC which is maturing and developing, we would welcome member input on use of the remaining Endowment Fund. The key 2015 roadmap for this KR is to understand and develop structure around academic developments in Scotland as well as develop a forward plan for the Endowment. The leader of the Scottish Board is Martin Potter (Hymans Robertson) and the Secretary is Tess Joyce We’d actively like more member feedback on the Scottish Board activities and willing volunteers to join the Board to help support the profession in 2

Colour palette for PowerPoint presentations Dark blue R17 G52 B88 Gold R217 G171 B22 Mid blue R64 G150 B184 Secondary colour palette Primary colour palette Light grey R220 G221 B217 Pea green R121 G163 B42 Forest green R0 G132 B82 Bottle green R17 G179 B162 Cyan R0 G156 B200 Light blue R124 G179 B225 Violet R128 G118 B207 Purple R143 G70 B147 Fuscia R233 G69 B140 Red R200 G30 B69 Orange R238 G Dark grey R63 G69 B72 KSS – Knowledge Sharing Scotland KSS offers members the opportunity to host/attend small, locally run events in an informal environment, to share information and experiences with peers. CANUK – Chinese Actuarial Network UK The Chinese Actuarial Network UK (CANUK) is an independent and non-profit making membership organisation for Chinese actuaries living and working in the UK. 3

Colour palette for PowerPoint presentations Dark blue R17 G52 B88 Gold R217 G171 B22 Mid blue R64 G150 B184 Secondary colour palette Primary colour palette Light grey R220 G221 B217 Pea green R121 G163 B42 Forest green R0 G132 B82 Bottle green R17 G179 B162 Cyan R0 G156 B200 Light blue R124 G179 B225 Violet R128 G118 B207 Purple R143 G70 B147 Fuscia R233 G69 B140 Red R200 G30 B69 Orange R238 G Dark grey R63 G69 B72 Summary of Scottish Events This is a KSS event put on by the Scottish Board in relation to feedback from members wanting more frequent and less formal CPD events in Scotland. The future KSS and OCF events for 2014/2015 session are:- –15 January – Maggie Craig from the FCA. “There’s more to life than pensions.” Edinburgh –5 February – John Wilson from JLT. “Current legislative developments in the pensions industry”. Edinburgh –26 February – Stephen Yates, Andrew Hornell and Stuart Cook from Towers Watson. “Impact of the 2014 Budget on DB pensions schemes. Edinburgh –26 March – John Warburton and Sandy Trust from Prudential. “A sea change in pensions” Stirling The Sessional Research Events are organised by the IFoA and the next event is Monday 19 January at RCPE and is ‘ROC Working Party: ‘Towards the Optimal Reserving Process’. Professional Skills for Experienced Members sessions on 28 January, 11 February and 18 March held at the IFoA Edinburgh. David Hume Institute “The Politicians and the Professionals” series on 13 & 21 January and 5, 18 & 25 February. 4

Colour palette for PowerPoint presentations Dark blue R17 G52 B88 Gold R217 G171 B22 Mid blue R64 G150 B184 Secondary colour palette Primary colour palette Light grey R220 G221 B217 Pea green R121 G163 B42 Forest green R0 G132 B82 Bottle green R17 G179 B162 Cyan R0 G156 B200 Light blue R124 G179 B225 Violet R128 G118 B207 Purple R143 G70 B147 Fuscia R233 G69 B140 Red R200 G30 B69 Orange R238 G Dark grey R63 G69 B72 Trends and opportunities of investing in emerging market Steven Yang Yu 5

Colour palette for PowerPoint presentations Dark blue R17 G52 B88 Gold R217 G171 B22 Mid blue R64 G150 B184 Secondary colour palette Primary colour palette Light grey R220 G221 B217 Pea green R121 G163 B42 Forest green R0 G132 B82 Bottle green R17 G179 B162 Cyan R0 G156 B200 Light blue R124 G179 B225 Violet R128 G118 B207 Purple R143 G70 B147 Fuscia R233 G69 B140 Red R200 G30 B69 Orange R238 G Dark grey R63 G69 B72 What should you consider before designing investment strategy? 6

Colour palette for PowerPoint presentations Dark blue R17 G52 B88 Gold R217 G171 B22 Mid blue R64 G150 B184 Secondary colour palette Primary colour palette Light grey R220 G221 B217 Pea green R121 G163 B42 Forest green R0 G132 B82 Bottle green R17 G179 B162 Cyan R0 G156 B200 Light blue R124 G179 B225 Violet R128 G118 B207 Purple R143 G70 B147 Fuscia R233 G69 B140 Red R200 G30 B69 Orange R238 G Dark grey R63 G69 B72 7 Begin with the end in mind Assets: £1.6bn Assets: £1.8bn Required Return:7% per year Required Return: 5% per year Liabilities: £2.3bn Return Requirement? Risk budget? Governance structure? Liquidity profile? Full Funding (Assets = Liabilities) “All investment strategy starts with the clear goals, objectives & constraints of the client, including a defined and agreed risk budget” - Redington Investment Principle

Colour palette for PowerPoint presentations Dark blue R17 G52 B88 Gold R217 G171 B22 Mid blue R64 G150 B184 Secondary colour palette Primary colour palette Light grey R220 G221 B217 Pea green R121 G163 B42 Forest green R0 G132 B82 Bottle green R17 G179 B162 Cyan R0 G156 B200 Light blue R124 G179 B225 Violet R128 G118 B207 Purple R143 G70 B147 Fuscia R233 G69 B140 Red R200 G30 B69 Orange R238 G Dark grey R63 G69 B72 8 Achieving your end game Assets with Cash Flows Smooth Volatility Liability Driven Investment / Hedging Property Leases Corporate Bonds Developed Market Equity Emerging Market Equity Emerging Market Debt Risk Parity Multi-Asset Infrastructure Meeting the Gap

Colour palette for PowerPoint presentations Dark blue R17 G52 B88 Gold R217 G171 B22 Mid blue R64 G150 B184 Secondary colour palette Primary colour palette Light grey R220 G221 B217 Pea green R121 G163 B42 Forest green R0 G132 B82 Bottle green R17 G179 B162 Cyan R0 G156 B200 Light blue R124 G179 B225 Violet R128 G118 B207 Purple R143 G70 B147 Fuscia R233 G69 B140 Red R200 G30 B69 Orange R238 G Dark grey R63 G69 B72 Why Emerging Market? 9

Colour palette for PowerPoint presentations Dark blue R17 G52 B88 Gold R217 G171 B22 Mid blue R64 G150 B184 Secondary colour palette Primary colour palette Light grey R220 G221 B217 Pea green R121 G163 B42 Forest green R0 G132 B82 Bottle green R17 G179 B162 Cyan R0 G156 B200 Light blue R124 G179 B225 Violet R128 G118 B207 Purple R143 G70 B147 Fuscia R233 G69 B140 Red R200 G30 B69 Orange R238 G Dark grey R63 G69 B72 10 Capital Market Under Represented Source: Neuberger Berman

Colour palette for PowerPoint presentations Dark blue R17 G52 B88 Gold R217 G171 B22 Mid blue R64 G150 B184 Secondary colour palette Primary colour palette Light grey R220 G221 B217 Pea green R121 G163 B42 Forest green R0 G132 B82 Bottle green R17 G179 B162 Cyan R0 G156 B200 Light blue R124 G179 B225 Violet R128 G118 B207 Purple R143 G70 B147 Fuscia R233 G69 B140 Red R200 G30 B69 Orange R238 G Dark grey R63 G69 B72 11 Economic Contribution Continues to Increase Source: IMF World Economic Outlook, April 2014

Colour palette for PowerPoint presentations Dark blue R17 G52 B88 Gold R217 G171 B22 Mid blue R64 G150 B184 Secondary colour palette Primary colour palette Light grey R220 G221 B217 Pea green R121 G163 B42 Forest green R0 G132 B82 Bottle green R17 G179 B162 Cyan R0 G156 B200 Light blue R124 G179 B225 Violet R128 G118 B207 Purple R143 G70 B147 Fuscia R233 G69 B140 Red R200 G30 B69 Orange R238 G Dark grey R63 G69 B72 12 Rising Domestic Consumption Compound Growth 8.4% Source: FundSmith

Colour palette for PowerPoint presentations Dark blue R17 G52 B88 Gold R217 G171 B22 Mid blue R64 G150 B184 Secondary colour palette Primary colour palette Light grey R220 G221 B217 Pea green R121 G163 B42 Forest green R0 G132 B82 Bottle green R17 G179 B162 Cyan R0 G156 B200 Light blue R124 G179 B225 Violet R128 G118 B207 Purple R143 G70 B147 Fuscia R233 G69 B140 Red R200 G30 B69 Orange R238 G Dark grey R63 G69 B72 13 Healthy Balance Sheets Source: IMF World Economic Outlook, April 2014

Colour palette for PowerPoint presentations Dark blue R17 G52 B88 Gold R217 G171 B22 Mid blue R64 G150 B184 Secondary colour palette Primary colour palette Light grey R220 G221 B217 Pea green R121 G163 B42 Forest green R0 G132 B82 Bottle green R17 G179 B162 Cyan R0 G156 B200 Light blue R124 G179 B225 Violet R128 G118 B207 Purple R143 G70 B147 Fuscia R233 G69 B140 Red R200 G30 B69 Orange R238 G Dark grey R63 G69 B72 14 Growing Investment Universe EM Fixed Income Universe EM Equity Market Cap (USD Trillions) Source: Ashmore

Colour palette for PowerPoint presentations Dark blue R17 G52 B88 Gold R217 G171 B22 Mid blue R64 G150 B184 Secondary colour palette Primary colour palette Light grey R220 G221 B217 Pea green R121 G163 B42 Forest green R0 G132 B82 Bottle green R17 G179 B162 Cyan R0 G156 B200 Light blue R124 G179 B225 Violet R128 G118 B207 Purple R143 G70 B147 Fuscia R233 G69 B140 Red R200 G30 B69 Orange R238 G Dark grey R63 G69 B72 15 Asset Strategies Passive Equity Active Equity Equity Sovereign Bond Corporate Bond Fixed Income Property Private Equity Illiquid

Colour palette for PowerPoint presentations Dark blue R17 G52 B88 Gold R217 G171 B22 Mid blue R64 G150 B184 Secondary colour palette Primary colour palette Light grey R220 G221 B217 Pea green R121 G163 B42 Forest green R0 G132 B82 Bottle green R17 G179 B162 Cyan R0 G156 B200 Light blue R124 G179 B225 Violet R128 G118 B207 Purple R143 G70 B147 Fuscia R233 G69 B140 Red R200 G30 B69 Orange R238 G Dark grey R63 G69 B72 16 I skate to where the puck is going to be, not where it has been. Wayne Gretzky Identifying Trends and Opportunities

Colour palette for PowerPoint presentations Dark blue R17 G52 B88 Gold R217 G171 B22 Mid blue R64 G150 B184 Secondary colour palette Primary colour palette Light grey R220 G221 B217 Pea green R121 G163 B42 Forest green R0 G132 B82 Bottle green R17 G179 B162 Cyan R0 G156 B200 Light blue R124 G179 B225 Violet R128 G118 B207 Purple R143 G70 B147 Fuscia R233 G69 B140 Red R200 G30 B69 Orange R238 G Dark grey R63 G69 B72 Case Study for China Trends due to technological change 17

Colour palette for PowerPoint presentations Dark blue R17 G52 B88 Gold R217 G171 B22 Mid blue R64 G150 B184 Secondary colour palette Primary colour palette Light grey R220 G221 B217 Pea green R121 G163 B42 Forest green R0 G132 B82 Bottle green R17 G179 B162 Cyan R0 G156 B200 Light blue R124 G179 B225 Violet R128 G118 B207 Purple R143 G70 B147 Fuscia R233 G69 B140 Red R200 G30 B69 Orange R238 G Dark grey R63 G69 B72 18 “Internet will change people’s life” 1999 Jack Ma – Founder of Alibaba Group Technological Change

Colour palette for PowerPoint presentations Dark blue R17 G52 B88 Gold R217 G171 B22 Mid blue R64 G150 B184 Secondary colour palette Primary colour palette Light grey R220 G221 B217 Pea green R121 G163 B42 Forest green R0 G132 B82 Bottle green R17 G179 B162 Cyan R0 G156 B200 Light blue R124 G179 B225 Violet R128 G118 B207 Purple R143 G70 B147 Fuscia R233 G69 B140 Red R200 G30 B69 Orange R238 G Dark grey R63 G69 B72 19 E-commerce company, founded in 1999 $9.3 billion sales on 11 Nov 2014 Market value $280 billion Instant/mobile messenger, founded in million monthly active users Market value $150 billion Search engine, founded in 2000 Handling 5 billion search queries per day Market value $85 billion Technological Change

Colour palette for PowerPoint presentations Dark blue R17 G52 B88 Gold R217 G171 B22 Mid blue R64 G150 B184 Secondary colour palette Primary colour palette Light grey R220 G221 B217 Pea green R121 G163 B42 Forest green R0 G132 B82 Bottle green R17 G179 B162 Cyan R0 G156 B200 Light blue R124 G179 B225 Violet R128 G118 B207 Purple R143 G70 B147 Fuscia R233 G69 B140 Red R200 G30 B69 Orange R238 G Dark grey R63 G69 B72 20 Technological Change

Colour palette for PowerPoint presentations Dark blue R17 G52 B88 Gold R217 G171 B22 Mid blue R64 G150 B184 Secondary colour palette Primary colour palette Light grey R220 G221 B217 Pea green R121 G163 B42 Forest green R0 G132 B82 Bottle green R17 G179 B162 Cyan R0 G156 B200 Light blue R124 G179 B225 Violet R128 G118 B207 Purple R143 G70 B147 Fuscia R233 G69 B140 Red R200 G30 B69 Orange R238 G Dark grey R63 G69 B72 21 “take a human desire, preferably one that has been around for a really long time. Identify that desire and use modern technology to take out steps.” Evan Williams – Co-Founder of Twitter Technological Change 1 – Eliminating steps

Colour palette for PowerPoint presentations Dark blue R17 G52 B88 Gold R217 G171 B22 Mid blue R64 G150 B184 Secondary colour palette Primary colour palette Light grey R220 G221 B217 Pea green R121 G163 B42 Forest green R0 G132 B82 Bottle green R17 G179 B162 Cyan R0 G156 B200 Light blue R124 G179 B225 Violet R128 G118 B207 Purple R143 G70 B147 Fuscia R233 G69 B140 Red R200 G30 B69 Orange R238 G Dark grey R63 G69 B72 22 Technological Change 1 – Eliminating steps

Colour palette for PowerPoint presentations Dark blue R17 G52 B88 Gold R217 G171 B22 Mid blue R64 G150 B184 Secondary colour palette Primary colour palette Light grey R220 G221 B217 Pea green R121 G163 B42 Forest green R0 G132 B82 Bottle green R17 G179 B162 Cyan R0 G156 B200 Light blue R124 G179 B225 Violet R128 G118 B207 Purple R143 G70 B147 Fuscia R233 G69 B140 Red R200 G30 B69 Orange R238 G Dark grey R63 G69 B72 23 Technological Change 1 – Eliminating steps

Colour palette for PowerPoint presentations Dark blue R17 G52 B88 Gold R217 G171 B22 Mid blue R64 G150 B184 Secondary colour palette Primary colour palette Light grey R220 G221 B217 Pea green R121 G163 B42 Forest green R0 G132 B82 Bottle green R17 G179 B162 Cyan R0 G156 B200 Light blue R124 G179 B225 Violet R128 G118 B207 Purple R143 G70 B147 Fuscia R233 G69 B140 Red R200 G30 B69 Orange R238 G Dark grey R63 G69 B72 24 Technological Change 1 – Eliminating steps

Colour palette for PowerPoint presentations Dark blue R17 G52 B88 Gold R217 G171 B22 Mid blue R64 G150 B184 Secondary colour palette Primary colour palette Light grey R220 G221 B217 Pea green R121 G163 B42 Forest green R0 G132 B82 Bottle green R17 G179 B162 Cyan R0 G156 B200 Light blue R124 G179 B225 Violet R128 G118 B207 Purple R143 G70 B147 Fuscia R233 G69 B140 Red R200 G30 B69 Orange R238 G Dark grey R63 G69 B72 25 Who stole my cheese?? Technological Change 2 – Cross Sector Competition

Colour palette for PowerPoint presentations Dark blue R17 G52 B88 Gold R217 G171 B22 Mid blue R64 G150 B184 Secondary colour palette Primary colour palette Light grey R220 G221 B217 Pea green R121 G163 B42 Forest green R0 G132 B82 Bottle green R17 G179 B162 Cyan R0 G156 B200 Light blue R124 G179 B225 Violet R128 G118 B207 Purple R143 G70 B147 Fuscia R233 G69 B140 Red R200 G30 B69 Orange R238 G Dark grey R63 G69 B72 26 Technological Change 2 – Cross Sector Competition

Colour palette for PowerPoint presentations Dark blue R17 G52 B88 Gold R217 G171 B22 Mid blue R64 G150 B184 Secondary colour palette Primary colour palette Light grey R220 G221 B217 Pea green R121 G163 B42 Forest green R0 G132 B82 Bottle green R17 G179 B162 Cyan R0 G156 B200 Light blue R124 G179 B225 Violet R128 G118 B207 Purple R143 G70 B147 Fuscia R233 G69 B140 Red R200 G30 B69 Orange R238 G Dark grey R63 G69 B72 27 MACHINERYLABOUR CAPITAL LAND Intellectual property Patents Brand New Technology Data User Platform Goodwill Customer Base Human Capital Technological Change 3 – Recognition of Intangible Assets

Colour palette for PowerPoint presentations Dark blue R17 G52 B88 Gold R217 G171 B22 Mid blue R64 G150 B184 Secondary colour palette Primary colour palette Light grey R220 G221 B217 Pea green R121 G163 B42 Forest green R0 G132 B82 Bottle green R17 G179 B162 Cyan R0 G156 B200 Light blue R124 G179 B225 Violet R128 G118 B207 Purple R143 G70 B147 Fuscia R233 G69 B140 Red R200 G30 B69 Orange R238 G Dark grey R63 G69 B72 28 Technological Change 4 – Innovate or Die

Colour palette for PowerPoint presentations Dark blue R17 G52 B88 Gold R217 G171 B22 Mid blue R64 G150 B184 Secondary colour palette Primary colour palette Light grey R220 G221 B217 Pea green R121 G163 B42 Forest green R0 G132 B82 Bottle green R17 G179 B162 Cyan R0 G156 B200 Light blue R124 G179 B225 Violet R128 G118 B207 Purple R143 G70 B147 Fuscia R233 G69 B140 Red R200 G30 B69 Orange R238 G Dark grey R63 G69 B72 29 QQ Online Game QQ Blog Webmail QQ Mobile App, Expand Value Added Services Mobile IM Wechat Launched Mobile Social Media Apps for taxi/flight booking Mobile Payment Platform Technological Change 4 – Innovate or Die

Colour palette for PowerPoint presentations Dark blue R17 G52 B88 Gold R217 G171 B22 Mid blue R64 G150 B184 Secondary colour palette Primary colour palette Light grey R220 G221 B217 Pea green R121 G163 B42 Forest green R0 G132 B82 Bottle green R17 G179 B162 Cyan R0 G156 B200 Light blue R124 G179 B225 Violet R128 G118 B207 Purple R143 G70 B147 Fuscia R233 G69 B140 Red R200 G30 B69 Orange R238 G Dark grey R63 G69 B72 30 Customer First Team Work Integrity Embrace Change Passion Commitmen t Technological Change 5 – Unique and clear differentiation

Colour palette for PowerPoint presentations Dark blue R17 G52 B88 Gold R217 G171 B22 Mid blue R64 G150 B184 Secondary colour palette Primary colour palette Light grey R220 G221 B217 Pea green R121 G163 B42 Forest green R0 G132 B82 Bottle green R17 G179 B162 Cyan R0 G156 B200 Light blue R124 G179 B225 Violet R128 G118 B207 Purple R143 G70 B147 Fuscia R233 G69 B140 Red R200 G30 B69 Orange R238 G Dark grey R63 G69 B72 31 Technological Change 5 – Unique and clear differentiation

Colour palette for PowerPoint presentations Dark blue R17 G52 B88 Gold R217 G171 B22 Mid blue R64 G150 B184 Secondary colour palette Primary colour palette Light grey R220 G221 B217 Pea green R121 G163 B42 Forest green R0 G132 B82 Bottle green R17 G179 B162 Cyan R0 G156 B200 Light blue R124 G179 B225 Violet R128 G118 B207 Purple R143 G70 B147 Fuscia R233 G69 B140 Red R200 G30 B69 Orange R238 G Dark grey R63 G69 B72 32 Embracing Changes

An Englishman in PRC 英国人在中国 John Atherton 安伟卓 4 December 年 12 月 4 日

How Different is China?

Language 说话你好

Language 说话 Hello 你好

Food 饭菜

Drink 喝酒

Movember 胡子月

Culture 文化

Operational Risk What is acceptable?

Operational Risk in Chinese Culture Accountability East meets West Self certification vs Audit Excellent process execution Self interest vs company interest Collusion Reliance on external controls

Pace Again

c.1990 c.2010 Shanghai Pudong 上海浦东

Chinese Accounting Standard Chinese Accounting Standard for insurance is based on the next version of IFRS for insurance (IFRS4 Phase 2) Fast following ahead of the original! After limited discussion and field trials Draft rules mid-2009 Implemented for YE 2009 Final rules issued 13/1/2010

C-ROSS Similar but at a Different Pace

C-ROSS Chinese-Risk Orientated Solvency Standard Chinese version of Solvency 2 First discussed in 2012 Will be implemented from 1/1/2016 (same as for Solvency 2)

C-ROSS Pillar 1 ►Insurance Risk ►Market Risk ►Credit Risk Quantitative Total Capital Evaluation Standard Capital Grading Dynamic Solvency Testing Regulatory Intervention Risk Comprehensive Grading ►Operational Risk ►Strategic Risk ►Reputational Risk ►Liquidity Risk Regulatory Requirement Regulatory Inspection Regulatory Intervention Public Disclosure Requirement Market Discipline Note: C-ROSS will focus quantification on Market Risk, Insurance Risk and Credit Risk (allowing for diversification benefits). It is not proposed to quantify Operational Risk and Liquidity Risk. However, operational risk and risk management controls will be considered within Pillar 2 risk comprehensive grading at HO and branch level. This comprehensive grading is expected to directly impact the minimum amount of risk capital a firm is required to hold. Therefore, operational risk control at HO and branches will become even more important in the future. China Risk Oriented Solvency System Framework Core/Total capital determined by grading according to loss absorption capability Overall evaluation of solvency risk include quantitative measurement and qualitative measurement. Evaluation scope covers both HO & branches. Pillar 2Pillar 3 Quantitative

C-ROSS – The Challenges What are suitable yield curves? – Are markets deep and liquid? – Are markets moved by policy actions How do you measure Op Risk – No data – Gaming the rules How do you maintain consistency? – Any chance of Internal Models?

Questions?