INTRODUCTION

KEY SERVICES

1. EMBEDDED VALUE AND APPRAISAL VALUE:

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Our expertise: More than 7 years of work experience in EV, MCEV and Appraisal Value calculations.

2. ASSET LIABILITY MANAGEMENT:

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Our expertise: More than 5 years experiencein ALM process and Solvency II principles based risk reporting, including quantification of various risks.

3. PEER REVIEW:

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Our expertise:More than a decade relevant experience, fulfills Life CoP requirements and acted as Life-Peer Reviewer.

4. ACTUARIAL AUDITS:

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We provide support to Companies in calculation or reviewing Embedded Value (TEV/ MCEV/ IEV basis). This will include but not limited to :Preparation of financial modelsNecessary documentation and process control for assumptionsNew business margin and overruns calculationsComponents of Net Worth and VIF and their reconciliation with balance sheet profitsTreatment of global reserves in Net Worth and VIFIndependent Report on embedded value and appraisal value

Designing ALM policy in compliance with IRDA/Actl/Cir/ALM/005/2012Analysing current ALM position and projecting future ALM positionMeasuring and monitoring various risks Suggesting measures to improve ALM mismatch

Peer review is undertaken as per APS4 issued by Institute of Actuaries of India to independently review the valuation process:Review of appropriateness of data collection and validation processReview of valuation methodology and valuation assumptionsCheck the reasonableness of results and conclusions

Assumption setting processValuation methodology (including un-modelled business and reserves)

We provide support in strengthening ALM process:

Audit always gives comfort and confidence in the process. We have expertise to independently review the following actuarial processes:Data checks and controlsExperience investigations &

Mithras Consultants is a registered Actuarial Firm and is a ONE STOP Actuarial solution provider. At Mithras, we bring national and international expertise with combined more than four decades of experience. We specialize in Actuarial services related to Life Insurance, General Insurance, Employees' Benefits, Pension, Risk-Management and Services of similar nature to support your business in a holistic and cost effective manner.

OUR KEY PROJECTS DELIVERED·

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Product Pricing Review

Year- end reporting-MCEV and Sol-II principles based results' review Actuarial Audit- Product Development and Pricing and Statutory Valuation Statutory Valuation Process Review Regulation Compliance review Peer Review of Statutory Valuation Review of Business plan projection R1 and R2 submitted to IRDAI Employee benefits' Actuarial Valuations on Indian and International accounting standard

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Bidding financials and terms for a Bancassurance deal for a mutual and 106 years old Life Insurance Company in Philippines

Review of Loss Curve

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Our expertise: We have advantage of work experience in core insurance companies which can help in more comprehensive and meaningful audit. We have done similar projects.

5. PRODUCTS AND THEIR PRICING :

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Our expertise : Actual regulatory working experience of F&U at IRDAI level, review of F&U at company level, review of cash flow matching of products as per F&U, IRDAI regulations compliance undertaken in Life Insurance Company.

6. DOCUMENTATION:

Our expertise : We can help to strengthen your processes by appropriate and detailed process write ups. These can be but not limited to ALM policy, PAR business management, reserving manual, pricing process etc.

7. REINSURANCE :

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Our expertise: Working experience of reinsurance treaties management, implementation of Reinsurance systems like RENOVA, filing of LR forms to IRDAI, credit of reinsurance arrangement in Solvency Calculations

Checking the compliances with IRDAI regulationsSolvency ratio, ARA Report verification, Shareholder reporting etc.Actuarial software model review

We provide support in following areas:Pricing of a new product as per client needDocumentation for filing and internal approvalReview of pricing models

Documents are valuable sources of reference, for sharing knowledge with both internal and external stakeholders, such as management, new staff, colleagues in different departments, regulators, rating agencies and independent validators. These provide evidence of strong processes and hence reduce the chances of errors.

We can provide support in the following areas:Checking of Reinsurance Premium Calculation by the reinsurance systemClaim recoveries from the reinsurerReinsurance premium charge back in case of lapse, surrender, death etcChecking the sum ceded calculation

Our Expertise in Life Insurance····· ··· ···

Product Pricing and product development Statutory reserving and reporting Solvency Computation as per regulations Advice on asset liability management Experience Investigations: Persistency, Mortality, Morbidity and Expenses Peer Review Calculation of embedded value Modelling of benefits in excel and in PROPHET software Industry Analysis Process audit and review Start up advice and market analysis