Overview
The 2025 edition of the Society of Actuaries (SOA) Valuation Actuary Meeting (ValAct) in Chicago took place from August 17—20. This event empowered actuaries across the life sector to build relationships and learn about the latest valuation and financial reporting concepts, including US GAAP, US Tax Account, and International Financial Reporting Standards (IFRS).
Our US Life Actuarial team was a key leader at ValAct 2025. We moderated and headlined six sessions on topics that included strategic forecasting, the Bermuda offshore reinsurance market, mergers and acquisitions (M&A), purchase GAAP valuation, scenario generation, enterprise profitability frameworks, and valuation and financial analysis.
Learn more about the event here.
Sessions
August 18, 11:30 a.m.—12:30 p.m. CST
Session 2D: Principles Of PGAAP
Kevin Desmond, FSA, MAAA, principal at Oliver Wyman, lead the conversation by addressing the complexities arising from the recent high volumes of M&A and reinsurance activity. As companies onboard business blocks, they perform Purchase GAAP (PGAAP) and similar exercises, with methodologies for establishing liabilities and intangible balances varying by transaction. Our industry experts provided an overview of key PGAAP elements and considerations, featuring interactive case studies with practical examples.
Moderator: Kevin Desmond, FSA, MAAA, principal, Oliver Wyman
Presenters: Huiying Cui, FSA, vice president, Prosperity Life; Mike Lundquist, FSA, MAAA, consulting actuary, KPMG
August 18, 2:15 p.m.—3:15 p.m. CST
Session 3F: Sea Change As A New Horizon — Tech And Data Adoption Strategies For Offshore Reinsurance
This session offered key insights into successful offshore reinsurance reporting and provided considerations for operational effectiveness, model and data governance, and management decision-making. Our experts explored strategies to overcome common challenges, enhance process efficiency, and tailor reporting for risk management, asset liability management (ALM), and capital optimization.
Moderators: Vikas Advani, FSA, principal, Oliver Wyman; Mario Seddik, ASA, manager, Oliver Wyman
Presenters: Bryan Lindsley, FSA, MAAA, managing director of modeling, Fortitude Re
August 18, 2:15 p.m.—3:15 p.m. CST
Session 3G: Strategic Decision-Making Using Enterprise Profitability Frameworks
Having the right metrics and approach to measure profitability is crucial for life insurers looking to drive stakeholder alignment on top-level objectives and frame trade-offs between competing financial goals. The session explored enterprise profitability frameworks and their impact on strategic decision-making. Attendees learned about how different frameworks affect valuation, financial planning, and pricing.
Moderator: Jackie Desmond, FSA, senior manager, Oliver Wyman
Presenters: Nicholas E. Carbo, FSA, MAAA, senior director, WTW
August 19, 11:15 a.m.—12:15 p.m. CST
Session 6F: ABCD ESG — The GOES And What It Means For You
The session explored the final steps in adopting a new prescribed scenario generator for statutory reserves and capital, commonly referred to as the “GOES.” Attendees learned about key details of upcoming changes to the Valuation Manual to accommodate the new scenario generator, including considerations for integrating the GOES into actuarial models and processes.
Moderator: Simon Gervais, FSA, senior manager, Oliver Wyman
Presenters: Daniel B. Finn, FCAS, managing director, Conning; Scott Mackenzie O'Neal, FSA, MAAA, assistant managing life actuary, National Association of Insurance Commissioners; William Pauling, director of risk solutions, Conning
August 20, 9:15 a.m.—10:15 a.m. CST
Session 9H: From Data To Decisions — The Power Of Strategic Forecasting
This session explored strategic forecasting through unified modeling, moderated by Oliver Wyman’s Jeff Guo, FSA, and presented by the firm’s Jacob Battenberg, ASA, and Prudential’s Jason Christiansen, ASA, MAAA. This innovative approach uses an orchestration engine to streamline model execution across platforms. The session demonstrated how a unified platform can improve workflows, tackle complex business challenges, and deliver insights for actuaries and executives by leveraging publicly available technology stacks. Additionally, it explored a top-down framework for rapid “what-if” scenario analysis, reducing reliance on detailed bottom-up modeling.
Moderator: Jeff Guo, FSA, senior manager, Oliver Wyman
Presenters: Jacob Battenberg, ASA, manager, Oliver Wyman; Jason Christiansen, ASA, MAAA, vice president, Prudential
August 20, 9:15 a.m.—10:15 a.m. CST
Session 9D: Bermuda Breeze — Fresh Insights On Insurance Valuation
The session dived into Bermuda's vibrant reinsurance market and the trends reshaping the region’s competitive edge. It begin by examining how global shifts and regulatory changes are influencing market strategies, followed by a review of recent deal activity. The discussion then turned to offshore valuation, highlighting innovative approaches and emerging methodologies critical to staying ahead in Bermuda's ever-evolving financial ecosystem.
Presenters: Mohamed-Amine Mekideche, ASA, manager, Oliver Wyman; Arjun Batra, actuarial pre-sales specialist, Aon; Shing Lai Bryan Liu, FSA, FCIA, consulting actuary, Milliman
