1. The Voice of Insurance

2. Tom Barry, INED, Chair of Risk with Aegon & On New Ireland Risk Comm Former Chair of Risk with: 1. Irish Life 2. Achmea Re 3. Imagine Re 4. Mediolanum Life 5. CBL (GI) INTRODUCTION

3. REPRESENTS 95% OF THE DOMESTIC MARKET AND 70% OF THE INTERNATIONAL MARKET What INEDs Really Worry About ? 1.The company does not go Insolvent, and warnings work before we reach that. - It’s Solvency rather than Solvency II 2. Reputational failures do not occur. Operational risk is now a big concern 3. If there’s a Parent Company, it will bail out the subsidiary in difficulty: - How much do you implicitly depend on that. - Do you have realistic bad scenarios that bring you below 150%

4. What INEDs Really Worry About ? 4. 2008 or equivalent doesn’t happen on our watch: - Imagine the hassle! - Maybe its now – with interest rates near zero. - What’s the GI equivalent? 5. Customers 6. Investment and Unit Pricing - Partly because each problem is a pain – ooo’s of p/h’s. 7. Unknown unknowns

5. Traits of a Good CRO 1. Be very organised * What are the traits of a good CRO?

7. REPRESENTS 95% OF THE DOMESTIC MARKET AND 70% OF THE INTERNATIONAL MARKET Traits of a Good CRO 2. Deficits of an actuarial education Consider...... Questions..... Give Answers ! 3. Friendly but ready to say NO 4. A good answer – ‘’I don’t know’’

8. 3 Lines of Defence

9. REPRESENTS 95% OF THE DOMESTIC MARKET AND 70% OF THE INTERNATIONAL MARKET GENERATES €25BN IN PREMIUM INCOME (DOMESTIC AND OVERSEAS) AND EMPLOYS OVER 15,000 PEOPLE. Board CEO CFO Finance Team(s) Actuarial Team(s) Actuarial Function Holder Risk Management Function Holder Risk Team(s) ORGANISATION 1 st Line2 nd Line

10. - Get to know each other - Be on mobile - Meet between (most) meetings, share drafts - Think of the Chair’s needs - Suggest visits – Subs, Outsourcers Building A Relationship

11. REPRESENTS 95% OF THE DOMESTIC MARKET AND 70% OF THE INTERNATIONAL MARKET GENERATES €25BN IN PREMIUM INCOME (DOMESTIC AND OVERSEAS) AND EMPLOYS OVER 15,000 PEOPLE. €10BN IN BENEFITS AND CLAIMS PAID EACH YEAR TO IRISH CUSTOMERS Thank you for your time  Q&A