Our Services

Actuarial Consulting Services provided by Prudential Actuaries Ltd, focus on the provision of valuation of the actuarial figures that constitute the Defined Benefit Plans, in line with the Legislation of International as well as Domestic (Greek) Accounting Standards. They are addressed to entities, operating either in Private or Public Sector, regardless of their size. We offer a wide range of Consulting and Actuarial Services, where the main of them are:

1.Actuarial Services according to International Accounting Standards (as well as Greek Accounting Standards, USGAAP FASB, German GAAP e.t.c.)

For the purpose of the Financial Statement we estimate the Obligation of the Employer towards his Employees, for their years of service, in line with the framework of the International Accounting Standards and under the Directive 2003/51 / EC, as well as with the New Greek Accounting Standards, according to Law 4308/2014, as it is in force up to today. Entities, with Parent Companies abroad i.e. in USA, may follow US GAAP FASB, or other GAAP i.e. if the Company Headquarters are located in Germany, then, German GAAP may be adopted.

2.Appraisal Actuarial Studies for Defined Benefit Plans

By the above term, Evaluation Studies, estimate the viability (longevity) of Group Policies Defined Plans (i.e. such as Pension Plans).The aim of this calculation is to examine if the mathematical reserves that correspond to the accrued claims, of the Insured Group, are sufficient enough to cover the Obligations of the plan (In line with provisions of Law 4364/2016 – Solvency II, as well as Presidential Law 178/2002, as they are in force up to today).

3.Design / Conversion Actuarial Studies of Group Policy Plans

They are redesigning Converting Studies, most usually of a Defined Benefit Plan to a Defined Contributions Plan, in order to ensure the longevity of the Plan in case that high deficits exist. In some other cases Clients procced with the design of a Defined Contribution Plan in order to provide and ensure extra benefits for their employees.

4.Mergers / Acquisitions Consulting Services

In case a Defined Benefit Plan exists (i.e. Lump Sum Benefits, Pension Plan benefits etc), consulting services are provided to entities that proceed to Mergers or Acquisitions.

5.Survey Reports for Social Security Funds as well as Occupational Pension Funds

They are Survey Monitoring Studies of the longevity of Social and Occupational Pension Funds, in line with Laws 3029/2002 and 4387/2016 as they are in force up to today.

6.Technical Advisor / Actuarial Evidence Reports

Taking into account, the Code of Ethics of Actuarial Science, and the Principles of morality, we elaborate Studies of support and documentation of opinions, in accordance with the Code of Civil Procedure as it is in force.

7.Sensitivities / Stress Test Actuarial Reports

Supplementary to the above Actuarial Studies and Consulting Services, Stress Test / Sensitivity scenarios upon main actuarial assumptions can be performed in order the entity to be prepared and on time to find solutions and extinguish any kind of uncertainty in future cash flows.

In general, all the above Actuarial Studies emerge from the volition of the Employers and are implemented by our team. The aim of the Studies is the Accounting Representation of the valuation and development of Defined Benefit Plans, taking into account possible future events (i.e. such as financial and demographic), which will affect the amount of money to be paid to the beneficiary Employee (i.e. such as a one-time benefit paid due to retirement to regular employees based on Law 2112/ 1920 as amended by Law 4093/2012).

Prudential Actuaries Ltd | 2020