Moody’s Analytics IFRS 17 Solution Licensed by ManulifeJanuary 16, 2019
Moody’s Analytics is pleased to announce that Manulife Financial will license both AXIS IFRS 17 Link and RiskIntegrity IFRS 17 as part of its global implementation of IFRS 17. Manulife is a leading financial services company in Canada and globally, reporting total invested assets of CDN $ 345 billion and assets under management of CDN $ 1.1 trillion as of September 30, 2018.
Belgian Insurer selects Moody’s Analytics IFRS 17 SolutionDecember 19, 2018
Moody’s Analytics has announced that its IFRS 17 technology has been selected by Belfius, a major bank insurer in Belgium. Belfius is using the Moody’s Analytics RiskIntegrity™ IFRS 17 solution to make the transition from their current insurance accounting frameworks to the new IFRS 17 standard. While this marks the first insurance company to formally commit to our technology, many other insurers in Canada and around the world are actively investigating our solution strategy and we expect more commitments in coming weeks and months in preparation for active implementation projects in 2019.
PwC and Oliver Wyman Collaborate with Moody’s Analytics on IFRS 17December 06, 2018
During 2018, Moody’s Analytics expanded its PartnerAlliance program to address the projected needs of insurers who are impacted by IFRS 17. The IFRS 17 PartnerAlliance program positions partners to help insurers world-wide implement their IFRS 17 projects and related business transformation programs, using Moody’s Analytics solutions, and RiskIntegrity IFRS 17 in particular. We are delighted to announce that both PwC and Oliver Wyman have agreed to join this program as Elite Global Partners. For more information on the agreements with these firms, and the services they offer, please refer to the respective press releases for both the PwC and Oliver Wyman announcements.
IASB Votes to Defer Effective Date of IFRS 17 for a YearNovember 16, 2018
While the new IFRS 17 Insurance Contracts standard released in May 2017 had an effective date of the 2021 reporting year for most insurers, the International Accounting Standards Board (IASB) has now endorsed a proposal to delay the effective date until the 2022 reporting year, and they will apparently consider a list of technical issues with the standard at its meeting in December. Moody’s Analytics will not be slowing down its development project for planned enhancements in AXIS, including the new IFRS 17 Link modules as a result of this announcement, and we will continue to work with our clients to deliver the full IFRS 17 solution functionality needed to support the new standard in a timely manner.
Introduction of IFRS 17 Link Modules of AXISOctober 01, 2018
AXIS version 2019.05.01 marks the first release in beta form of the new AXIS IFRS 17 Link modules, which are designed to support the reporting challenges under the new IFRS 17 – Insurance Contracts standard. New feature codes in AXIS unlock the functionality of IFRS 17 Link modules for Regular Life and Par Products for testing and feedback, including new Batch processes, new reporting options, improved runtime efficiency and support for both opening and closing date Assumption Sets. One new report option generates a report pack designed specifically for RiskIntegrity IFRS 17. See Knowledge Base article 2164 for more details.
Changes to AXIS Dataset Conversion PolicyAugust 10, 2018
Starting with the AXIS 2019 version stream, old datasets can no longer be converted to the most recent version of AXIS in one single step, and instead will need to undergo a two-step conversion process before being fully updated. For any version before the 2012 series, the dataset will have to be converted to a version between the 2012 and 2018 series, and then converted again to the latest AXIS version in the 2019 stream.
IFRS 17 Support for AXIS ClientsAugust 09, 2018
AXIS clients in Canada and Europe, and many in Asia Pacific, will be impacted by IFRS 17 along with select US clients with parent companies or subsidiaries based outside the US. We have been following the developments in this project since its inception, anticipating the additional functionality that will be required to satisfy the standard. Learn more about AXIS support for IFRS 17 and watch our latest webinar for AXIS clients.
Notice: Removal of Formula Interpreter in AXIS SystemMay 22, 2018
Following our announcement from August 2016, we would like to bring to your attention that we plan to completely remove support for the Formula Interpreter mode in AXIS and AXIS EnterpriseLink in July/August 2018. The Formula Accelerator mode will become the only option, and users must convert their existing code from the old Interpreter code to the new .NET code for all relevant uses including Formula Tables, Dataset Formula, System Formula and AXIS Script prior to upgrading to any AXIS version released after July/August 2018.
Update to AXIS GridLink RequirementsFebruary 22, 2018
Moody’s Analytics is pleased to announce the imminent release of the next generation of AXIS GridLink. The new version is fully redesigned to support a variety of deployment options from on-premises, fixed-size grid farms to fully scalable cloud-based environments. It introduces a range of enhancements to existing functionality, many new features, and is designed to be a platform for future expansion of hybrid and fully cloud-based implementations.
Update on Intel Security VulnerabilitiesFebruary 15, 2018
Moody's Analytics has assessed the impact of the Spectre and Meltdown vulnerabilities on our software. We can confirm that AXIS will continue to function after applying the patches Microsoft released to address the vulnerability, and we have tested to determine what (if any) performance impact the patch introduces on the speed of AXIS calculations. A summary of the results is in Knowledge Base article 2142.
Update on US Tax Reform 2018January 09, 2018
Moody's Analytics is currently assessing the impact of the tax reform legislation, Bill H.R.1, on AXIS. The main changes affecting Life Insurance companies include:
- Capitalization of Certain Policy Acquisition Expenses: DAC amortization period is changed from 10 years to 15 years
- Tax reserve calculations
- Transition Relief
- Net Operating Loss treatment
Additional functionality will be needed to address the above changes. Knowledge Base article 2139 describes the relevant jobs that have been established so far and will be updated regularly going forward.
Although the changes will take effect in 2018, companies may want to consider the impact of the tax reserve treatment with respect to valuation and financial projections being performed for year-end 2017. Under certain circumstances, current functionality in AXIS can be used to model tax reserves that is the greater of:
- Cash Surrender Value, or
- 92.81% of a prescribed NAIC reserve
Details and examples of the workaround can be found in Knowledge Base article 2140.
Over the next few months, we plan to publish additional guides describing the tax law changes and demonstrating new functionality to address these changes as it is released.
Please contact Client Support to discuss any questions you may have and on how to get the most out of AXIS.
FormulaLink Library Now AvailableNovember 14, 2017
As of EnterpriseLink 6.0.101, the FormulaLink Library is now available in the FormulaLink module. This new addition is a fully featured formula development area under the control of AXIS EnterpriseLink, making it the most powerful feature within the FormulaLink module. This feature provides tools to create, edit, compile and test reusable .Net class libraries that can be used as plug-ins to Formula Tables / Dataset Formulas in AXIS model datasets and ELink Script Jobs:
- C# support is now available
- Integration with EnterpriseLink Version Control for change tracking and promotion to production (plug-in rules)
- Unit-testing tools for standalone compilation, debugging and testing of class libraries
- Role-based library management interface
- Third-party assembly referencing
- Code editor with color coding, line numbering, auto-completion and IntelliSense-like features
Update on Fixed Scenario to be a Feature to be RemovedAugust 09, 2017
Starting with AXIS 2018.01.01 released August 3 2017, opening a dataset in Fixed Scenario format will require activating the feature-to-be-removed code 590. The user will be prompted to either automatically activate the feature code password or manually enter the feature code password received from GGY.
AXIS FormulaLinkApril 26, 2017
AXIS FormulaLink is a module offering a set of features and tools in AXIS and AXIS EnterpriseLink for advanced programmability in AXIS Formula Tables, Dataset Formulas and EnterpriseLink Scripted Jobs.
It offers the following functionality:
- Powerful script editing capabilities
- Advanced debugging features
- Formula Libraries with Version Control
- Integration with custom user-created and third-party libraries
- Integration with external systems
AXIS EnterpriseLink Introduces ELink Script Job Type March 10, 2017
AXIS EnterpriseLink version 5.1.101 released March 10 includes a new type of EnterpriseLink Job called ELink Script. EnterpriseLink provides users with the ability to create EnterpriseLink Scripts using the object oriented programming model. These types of scripts run natively within the EnterpriseLink environment which allows them to automate many of the interactions within EnterpriseLink without invoking AXIS. That also means that all the permissions are checked and application logs are posted as if those actions were performed through EnterpriseLink itself interactively.
EnterpriseLink scripts can be run like an AXIS Script Job. That includes job scheduling, setting run parameters, setting job custom permissions, adding them to the version control system and launching the job from an external application using the ELinkTask.exe Tool. You can also review active and completed EnterpriseLink script jobs like you would an AXIS Script job.
These scripts are designed to be run locally on the machine where EnterpriseLink is installed. Inside the script users can submit AXIS job script or AXIS dataset batch to GridLink.
AXIS CloudLink November 17, 2016
GGY is pleased to announce the official release of the new AXIS CloudLink module. AXIS CloudLink is a comprehensive set of tools that make it easy to provision, manage, and maintain AXIS environments in on-premise datacenters and in the public cloud. The CloudLink toolset includes:
- Cloud Control Center (C3)
- DataSync Manager (DSM)
- Cloud Access Point (CAPoint)
- GridLink Cloud Licensing Portal
AXIS Assumption Sets new in AXIS 2017.05.01 October 28, 2016
Assumption Sets have been introduced in AXIS cells for the Regular Life, Universal Life, Par Products, Disability, Annuity and Group Annuity modules. Assumption Sets will be added to the MultiState module in the future.
Cell Assumption Sets fundamentally change the ways actuarial assumptions are arranged and used in AXIS. Instead of having a fixed set of assumptions in Pricing and the six reserve slots, the user can now have up to 99 sets of user nameable assumptions in every cell. Each set of assumptions in turn will be selectable in places that require actuarial assumptions (e.g. pricing projection, reserves, dividend generate).
The new design prepares AXIS for different demands and emerging challenges of financial reporting and capital frameworks, including US GAAP, VM-20, AG 43, C-3 Phase II and the forthcoming IFRS 17. Such advanced uses of Assumption Sets will be provided moving forward.
For more information on Assumption sets please see:
AXIS MultiState Module September 20, 2016
GGY is pleased to announce the official release of the new AXIS MultiState module, effective with AXIS version 2017.03.01. We used an extended Beta testing period for this module to add significant enhancements, including:
- The option to perform stochastic decrement projections, which will allow accurate analysis of path dependent product features such as total policy benefit caps, and
- A policyholder investment fund, to support fund accumulation features needed for UL and UL combo products.