Insurance Analyst Training

Produced by the Knowledge Center, expert training from S&P Global Market Intelligence

Analyzing insurance companies isn’t hard – but it is different.  Different, that is, from the framework learned in classroom and many professional settings.  Insurance 101 provides the foundational work necessary to understand the basic products, accounting, and economics of the Life and Property/Casualty insurance industries.  Day two focuses on valuation techniques where attendees will learn how most equity professionals value insurance companies and stocks.  Attendees will learn the strengths and weaknesses of several valuation techniques – explored through both classwork and case studies.   

This two day class is recommended for those that have little or no insurance or analysis/credit experience and are interested in an introductory presentation.

What you will Gain: 

  • An understanding of the basic products, accounting, and economics of the Life and Property/Casualty insurance industries 
  • Insight and understanding of the valuation techniques used by Life and P/C sell-side analysts and investors along with an understanding of their strengths and weaknesses. 
  • A broad understanding of the nature of due diligence performed during an acquisition exercise and how that differs from a valuation endeavor using publicly-available data. 
  • An understanding of the tools available through S&P Global to aid in identifying and valuing acquisition candidates.


Jukka Lipponen, CFA
Independent Insurance Analysts LLC
Kevin Oates
S&P Global Market Intelligence Knowledge Center
Bill Wilt, FCAS, MAAA, CFA
Assured Research, LLC
Alan Zimmerman
Assured Research
Managing Director

Insurance Analyst Training Agenda

TUESDAY, June 19th
Agenda is tentative. Please check back for updates.
02:00 pm
Optional Product Training
Market Intelligence Insurance Database Product Training
WEDNESDAY, June 20th
Insurance 101

Kevin Oates, Instructor, S&P Global Market Intelligence Knowledge Center
08:30 am
  • • Definitions
  • • Illustrations of Forms
  • • Basic Economics
  • • Pricing / Cost Concepts
09:00 am
Regulation - U.S. Basis
09:30 am
Overview of U.S. Statutory Accounting Rules
  • • Major Differences from GAAP
10:30 am
Refreshment Break
10:45 am
Methods of Coverage
  • • The Concept of Peril
  • • Property Coverages
  • • Casualty Coverages
  • • Life Versus Annuity Coverages
12:00 pm
01:00 pm
Industry Historical Results
  • • Worldwide Data
  • • U.S. Markets
02:00 pm
02:15 pm
Basic Financial Analysis
  • • Industry Historical Analysis
05:00 pm
Day One Concludes
THURSDAY, June 21st
08:30 am - 12:00 pm
Life Insurance Valuation

Jukka Lipponen, CFA, President, Independent Insurance Analysts LLC
08:30 am
Valuation Uses and Objectives
  • • Uses
  • • Objectives
08:50 am
Primary Value Drivers
  • • Growth outlook
  • • Earnings growth outlook
  • • Capital management
  • • Other factors
09:50 am
Refreshment Break
10:05 am
Challenges in Valuing Insurance Companies
  • • Complex products
  • • Different accounting methods
  • • Subjectivity of financial statements
  • • Mature industry with largely commoditized products, slow growth and cyclicality
  • • Highly regulated industry
  • • Rating agencies in some ways de-facto regulators
10:20 am
Valuation Analyses
  • • Market-based valuations
  • • Intrinsic Valuation Methods
  • • Relative valuation Price/BV vs ROE
12:00 pm
01:00 pm - 05:00 pm
P&C Insurance Valuation

Bill Wilt, FCAS, MAAA, CFA, President of Assured Research

Alan Zimmerman, Managing Director of Assured Research
01:00 pm
Valuation Overview: Property/Casualty
  • • Similarities to/Differences from Life Insurance
  • • Overview of Major Valuation Drivers
01:30 pm
Presentation of Case Study
  • • Scoping of target company
  • • Review of S&P Tools to find target companies
02:15 pm
Financial Analysis of Target
  • • Book Value/Equity Assessment
  • • Earnings Assessment
  • • Other Valuation Topics
02:45 pm
Refreshment Break
03:15 pm
Financial Analysis of Target Continued
03:45 pm
Relative Valuation Tools
  • • Price to Book/ROE
04:15 pm
Intrinsic Valuation Tools
  • • Dividend Discount Model
  • • Residual Income Model
05:00 pm
Program Concludes

Ticket Info

Early Bird Price: $1,695
(Expires on Tuesday 24th April)

Regular Price: $1,995


Event location

730 Third Avenue
New York, NY 10017

Downloads & FAQs

Who Attends?

  • Bankers: Investment bankers, lenders to insurance
  • Analysts: Sell or buy side, private equity analysts, credit analysts
  • Corporate Development Professionals within an insurer
  • Actuaries within an insurer or actuarial consultants
  • Finance and Accounting Professionals within an insurer or at advisory firms
  • Regulators overseeing the insurance industry

What is the cancellation policy?
Cancellations for this program are eligible for a full refund, less a $150.00 administrative fee, if received at least 15 business days prior to the start of the program. Cancellations received after that date but at least 5 business days prior to the start of the program receive a credit in the amount of the registration fee, less a $150.00 administrative fee, to attend another Knowledge Center program within 13 months. Cancellations received fewer than 5 business days prior to the start of the program are not eligible for a refund or credit.

Attendee substitutions from the same company may be made at any time.

In the event of a cancellation from a group discount, refunds or credits are issued beginning with the most heavily discounted price, minus a $150.00 administration fee.

"No shows" - or those who cancel within 15 days of the program - and have registered under the Invoice option, remain liable for the full program fee.

The Knowledge Center reserves the right to cancel/change programs, content, speakers or venue at any time. The Knowledge Center reserves the right to make portions of the program registration information available to program sponsors. The Knowledge Center will not be held liable for any costs incurred by registrant due to individual registration cancellation. In the event that a seminar is cancelled due to inclement weather, faculty cancellation or force majeure, the Knowledge Center will refund the registrant's tuition in full, however the Knowledge Center will not be liable for incidental or consequential out of pocket expenses incurred by the registrant. If you have questions regarding the Knowledge Center's refund, complaint or program cancellation policy, please call us at (434) 951-7786.

Registrant, as an individual person attending a Knowledge Center conference, seminar, or other program, hereby grants permission to the Knowledge Center to use and publish his or her image, likeness, or testimonials collected in connection with the program for advertising and trade purposes in connection with the Knowledge Center’s conferences, instructional, and/or marketing activities.

Continuing Education Credits

16.5 Hours of CPE Credit
Participants who complete this program qualify for 16.5 hours of CPE credit (Specialized Knowledge and Applications). Program Level: Intermediate. Delivery Method: Group-based live. The Knowledge Center is registered with the National Association of State Boards of Accountancy (NASBA), as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website:
Mar 13, 2018
Equity Markets