Prophet library updates for IFRS 17 and US GAAP LDTI

Corporate 055

FIS have released updates to the Prophet libraries to support IFRS 17, US GAAP long duration targeted improvements and more:

IFRS 17

  • Improved handling of reinsurance contracts including allowance for dependencies between contract groups
  • PAA support for longer term business
  • Ability to add new contracts to existing groups
  • Flexible framework for mutualisation calculations
  • Addition of IFRS 17 toolkit for Insurance Data Repository customers
  • Other miscellaneous enhancements and customer requests

Asset Liability Strategy:

  • Performance enhancements, largely focussed on asset calculations
  • Improvements for German Health business
  • Enhancements for US GAAP long duration targeted improvements

Modules support

  • Support for the use of Modules in the Conventional, Deutsche, International and Unit Linked libraries
  • Ability to perform shocks on cash flow projections at contract level
  • Capital calculations and projections

US Life and Annuity 360:

  • Updates for Market Risk Benefit calculations
  • Calculation of OCI / Income split for change in benefit reserves

For more information visit the support page here.

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