Pratik Goenka

Variable Annuities

• Responsible for Quarterly EVM valuation and preparation of financial statements for VA/GMDB.
• Analysis of Quarterly changes in EVM income by assessing actuarial impact and FM Hedging impact.
• Calculation of Balance sheet items like Risk Capital cost and Present Value of expenses based on inputs received from Risk management , VA analytics and SCA governance team.
• Analyzing movement of Risk capital cost and attribution of the movement to FM Risk, Basis Risk and Actuarial Risk.
• Presentation of Quarterly EVM Financial statements to stakeholders.
• Streamlining the process and develop checks and controls to ensure the numbers are loaded accurately.
• Undertook various knowledge sharing sessions on Variable annuities with stakeholders, Team members etc to simplify the complexity involved in valuation of VA/GMDB.
• Sensitivity analysis on Economic net worth by changing actuarial assumptions

Model Validation(Model Risk management)

• Validation of financial models in Blackrock for Swaptions, Interest rate swaps, Overnight Indexed swaps etc. generated model insights with respect to model risks associated with blackrock and swiss re's internal models
• Validation of models affected by the LIBOR transition to Overnight rates (SOFR, ESTR etc) for the interest rate products.
• Worked on model validation of Expected credit loss as per IFRS 9
• Worked on Model validation for IFR 17 Non performance reinsurance risk calculation.

IFRS 17/ IETV

• Preparation and validation of Life cycle lag factor assumptions for L&H Local comparative and Group Dry run of IFRS 17.
• Substantiation and validation of IFRS 17 numbers in Migration and Q1 2022 for Life and Health.

COVID Adjustments

• Responsible for Top Down posting of Additional EVM IBNR Claims towards Mortality, Longevity and disability due to Covid-19.
• Responsible for Truing up Actual losses reported by regions every quarter with IBNR estimates , and making adjustment for additional impact.
• Developed Controls and reconciliations to ensure correct flow of numbers in the system.
• Responsible for Presentation of quarterly Top down and bottom up comparison to the stakeholders.

OTHER responsibilities

• EVM L&H review of Financials reported by Asia region.
• Process optimization by identifying possible use cases and
• collaborating with relevant teams to create automated
• Validation financial models in Blackrock for Swaptions, Interest rate swaps, Overnight Indexed swaps etc.
• Worked on model validation of Expected credit loss as per IFRS 9

Corporate Finance

• Evaluating the viability of Buy or lease options for capital
  assets.
• Computing, Evaluating and Approving ad-hoc cost
  reduction projects to improve the operational efficiency of
  the company.
• Evaluation of Net present value from different business
  opportunities, eg - whether to sell or use By-product

Planning & Budgeting

• Liaising with cross-functional teams to prepare Quarterly,
  Annual and Long-Term plans, ensuring profitability of the
  organization & achievement of Business Objectives.
• Evaluating and ascertaining the requisite Working Capital,
  analyzing variances for the business unit & Inventory
  Management in co-ordination with the Supply Chain Team.

Costing

• Developing Cost Sheets facility-wise and analyzing variances
  with the plan; preparing timely MIS and reports of cost
  built-up and conducting Variance Analysis of KPIs; cost
  comparison with other units to determine opportunities for
  improvement.
  

• Pension and Post-Retirement valuations for US, Korea and UK
• Screening and checking the volatility of data from last year to current year and preparing data using Excel tools for the purpose of current year valuation.
• Actuarial Gain/Loss calculation and analysis on liability on both individual and overall plan level and communicate the analysis to the onshore partner.
• Calculation of Funded Status of various US based DB pension plans and calculation the minimum contribution to be made to make up the shortfall and bring the funding levels as per the regulatory requirements.
• Prepare Funding reports, Disclosure and Expense reports for different countries