Overview
Work History
Education
Skills
Certification
Timeline
Generic

Raymond Yau

FCAS, Reserving & IFRS17 Actuary
Hong Kong

Overview

12
12
years of professional experience
4
4
years of post-secondary education
1
1
Certification
3
3
Languages

Work History

Vice President, Reserving

Peak Reinsurance Company Limited
03.2022 - Current
  • Perform the User Acceptance Testing (UAT) for the IFRS17 sub-ledger (i.e. SAP FPSL), responsible for testing scenarios design, data preparation (e.g. BECF, RAV, YCU), as well as validation of the IFRS17 result.
  • Construct cash-flow projection models based on existing system data and current reserving result, in both Excel and R. Calibrate different actuarial assumptions including risk adjustment, discounting curve, default probabilities.
  • Work with external actuarial consultants on the transition result. Developed a framework and excel model to analyze IFRS17 results, by explaining the result from IFRS4 to IFRS17.
  • Produce and evaluate quarterly IFRS17 financial results for Financial Year 2022 and 2023. The scope includes external assumed business, external retrocession arrangement, as well as intra-group retrocession arrangement.
  • Provide stakeholders (e.g. including Head of Reserving, CFO, CEO, Shareholders) with detailed explanations on the impact to financial KPIs every quarter.
  • Develop an Excel model that replicate our system's IFRS17 result (P&L, OCI and NAV) which initially serves for audit purpose, but eventually used internally as the model for pre-closing result and sensitivity testing analysis.
  • Support the Finance team in developing the supplementary disclosure table, including the analysis of movement, CSM future's amortization, maturity analysis, sensitivity analysis.
  • Work with external auditors to walk them through Peak Re's accounting policies, methodology and assumption, data preparation process and understanding FPSL result. Successfully obtain the auditor sign-off for interim and year-end 2023 result.
  • Provide technical training to internal colleague as well as to external clients. Conducted a IFRS17 training to Peak Re's China client in Beijing, Shanghai and Shenzhen.

Assistant Vice President, Reserving

Peak Reinsurance Company Limited
06.2020 - 03.2022
  • Support in the quarterly reserving analysis for the global P&C business and the production of the Reserving Committee materials.
  • Assume the role of main person-in-charge for the Swiss entity of Peak Re which covers activities from conducting internal reserving review, engaging with external responsible actuary, to Swiss Solvency Testing (SST).
  • Support the HKRBC result submission in relation to actuarial input, including claim liability and premium liability assessment, and interest rate sensitivity testing.
  • Appointed as the main person-in-charge from the P&C reserving team for IFRS17 implementation work. Main activities at the early stage includes determining accounting policy choice (e.g. measurement model, level of aggregation, contract boundary), reviewing Financial Impact Analysis and providing technical training to internal staff.

Consulting Actuary

Milliman Limited
03.2018 - 06.2020
  • Statutory reserve review for over 10 non-life insurance and reinsurance companies in Hong Kong and Southeast Asia. Assuming the primary role of estimating the amount of insurance liabilities, as well as producing the reserving reports and financial condition reports for different regulatory bodies including HKIA, MAS and BNM
  • Appraisal valuation, financial projection and actuarial due diligence support for mergers and acquisitions of non-life insurance companies
  • Project management and result analysis of HKRBC Second Quantitative Impact Study (QIS2) for a major non-life insurance company in Hong Kong. Main project scope includes initial walk-through of QIS2 template and technical specifications, extensive coordination works with different work streams in relation to data gathering and template completion, peer review and result interpretation of QIS2 result
  • Independent review of actuarial valuation process for a global non-life insurance company in Hong Kong. Key review areas include data extraction process, data validation process, methodology and assumption setting and impact study on proposed change in reserving grouping
  • Health insurance consulting support including market research study and product development support of medical insurance products under the Voluntary Health Insurance Scheme (VHIS) for a major life insurance company in Hong Kong
  • Actuarial assistance to Hong Kong Hospital Authority Medical Malpractice reserving and claim analysis
  • Responsible for the day-to-day client communication works for Milliman Hong Kong non-life actuarial consulting team. These includes project management, project coordination and client engagement work such as drafting and presentation of project proposal.

Assistant Vice President, Casualty Treaty Underwriting

Swiss Reinsurance Company Ltd
08.2016 - 03.2018
  • Reinsurance pricing and technical underwriting assessment for Casualty Treaty business across the Asia region, including Hong Kong, Taiwan, Japan, Korea, India and South East Asia
  • Extensive use of actuarial techniques in various regular processes and projects such as market burning cost analysis, development of internal pricing models and annual review of treaty pricing assumptions
  • Provided strong support to client managers and other business functions to collaboratively manage and grow the portfolios. Maintained strong relationships with key clients by providing technical support and responding to daily inquiries including review of special acceptance
  • Project member on a structured reinsurance deal in Hong Kong which offered the client a solution to transfer the claim liabilities and premium liabilities of their Construction Employees' Compensation portfolio

Associate, Casualty Treaty Underwriting

Swiss Reinsurance Company Ltd
09.2014 - 07.2016
  • Joined as 1 of the 42 graduates in the worldwide graduate program
  • Technical underwriting assessment including actuarial costing, structuring reinsurance programs, reviewing treaty terms and conditions
  • Rotation in Engineering Underwriting team. Built a Monte Carlo simulation tool for pricing a solar panel parametric product

Risk Analytics Assistant, Risk and Capital Management

AIA Group
06.2013 - 12.2013
  • Research support on portfolio optimization, strategic asset allocation and concentration risk
  • Data extraction, cleansing and analysis of various financial data from Bloomberg terminals & other sources
  • Actuarial support on insurance pricing & valuation works by running testing results in Excel or Prophet.

Actuarial Intern, Proposition Management and Development

Zurich Insurance Company Ltd
07.2012 - 12.2012
  • Support on the set-up of the online quotation system by preparing features and rating table of insurance products
  • Performance of User Acceptance Testing (UAT) on the online quotation system
  • Verification of the reinsurance database system and preparation of monthly report with use of Microsoft Access.

Education

BBA in Insurance, Financial and Actuarial Analysis -

The Chinese University of Hong Kong
01.2010 - 04.2014

Skills

    IFRS17

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Certification

Fellowship in Casualty Actuarial Society (FCAS)

Timeline

Vice President, Reserving

Peak Reinsurance Company Limited
03.2022 - Current

Assistant Vice President, Reserving

Peak Reinsurance Company Limited
06.2020 - 03.2022

Consulting Actuary

Milliman Limited
03.2018 - 06.2020

Assistant Vice President, Casualty Treaty Underwriting

Swiss Reinsurance Company Ltd
08.2016 - 03.2018

Associate, Casualty Treaty Underwriting

Swiss Reinsurance Company Ltd
09.2014 - 07.2016

Risk Analytics Assistant, Risk and Capital Management

AIA Group
06.2013 - 12.2013

Actuarial Intern, Proposition Management and Development

Zurich Insurance Company Ltd
07.2012 - 12.2012

BBA in Insurance, Financial and Actuarial Analysis -

The Chinese University of Hong Kong
01.2010 - 04.2014

Fellowship in Casualty Actuarial Society (FCAS)

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Raymond YauFCAS, Reserving & IFRS17 Actuary