Risk consulting in insurance – IFRS 17

Mestrado Bolonha em Mathematical FinanceThis internship report provides insights and depicts projects, activities and challenges experienced during the 6-month internship in the company KPMG. Integrated in the department of Management & Risk Consulting, specifically in Financial Services – Insurance, the internship revolved around learning and developing know-how regarding the insurance sector. Furthermore, with participation in projects of this matter, the main ones involved the accounting standard IFRS 17, a standard that establishes accounting measurement principles for insurance contracts. IFRS 17 is a complex document built from a principle-based approach, open to various interpretations. This report delivers insights into possible interpretations for the implementation of the standard. Moreover, it assesses the IFRS 17 requirements and provides an overview of what is defined by the standard, specifically in measuring insurance contracts, including possible methodologies. Some of the methods here presented are the result of research, as a consequence of given assignments. In addition, this report includes other methodologies gathered through research done outside of the scope of the assigned tasks, specifically developed for the report. Lastly, as the IFRS 17 standard will only become active in 2023, this report addresses various aspects that may still be question marks for insurance companies and provides some concepts that can be subject to future research.Este relatório de estágio apresenta perspetivas e descreve projetos, actividades e desafios lançados durante os 6 meses de estágio realizados na empresa KPMG. Com a integração no departamento de Management & Risk Consullting, especificamente em Financial Services – Seguros, o estágio girou em torno da aprendizagem e desenvolvimento de know-how no sector dos seguros. Além disso, com a participação em projetos desta área, os principais envolveram a standarda contabilística IFRS 17, uma norma que estabelece princípios de medição contabilística para contratos de seguros. A IFRS 17 é um documento complexo construído a partir de uma abordagem baseada em princípios, aberta a várias interpretações. O presente relatório fornece uma visão das possíveis interpretações para a implementação da norma. Além disso, avalia os requisitos da IFRS 17 e fornece uma visão geral do que é definido pela norma, especificamente na mensuração de contratos de seguro, incluindo possíveis metodologias. Alguns dos métodos apresentados são o resultado de pesquisas feitas como consequência de tarefas atribuídas. Além disso, este relatório inclui outras metodologias recolhidas através de pesquisa realizada fora do âmbito das tarefas atribuídas, feita explicitamente para o relatório. Finalmente, como a standarda só entrará em vigor em 2023, este relatório aborda vários aspetos que ainda podem ser pontos de interrogação para as companhias de seguros e fornece alguns conceitos que podem ser objeto de pesquisa futura.info:eu-repo/semantics/publishedVersio

Hydrodynamic Modelling of Ria Formosa (South Coast of Portugal) with EcoDynamo

In this work a hydrodynamic model of Ria Formosa (South of Portugal) is presented. Ria Formosa is a large (c.a. 100 km2) mesotidal lagunary system with large intertidal areas and several conflicting uses, such as fisheries, aquaculture, tourism and nature conservation. This coastal ecosystem is a natural park where several management plans and administrative responsibilities overlap. The work presented here is part of a coupled hydrodynamicbiogeochemical model that includes pelagic and benthic processes and variables. It is a two-dimensional vertically integrated hydrodynamic model, based on a finite differences grid with a 100 m spatial step and a semi-implicit resolution scheme. It is forced by tide level changes at the sea boundary and river flows at the land boundary. The model includes a wetdrying scheme to account for the dynamics of the large intertidal areas. The purposes of this work are to: (i) describe the model; (ii) present its calibration and validation against field data; (iii) use the model to analyse circulation patterns and estimate the water residence time and (iv) analyse the dispersion of effluents rejected by the Waste Water Treatment Plants located in the lagoon.DITTY (Development of an information technology tool for the management of Southern European lagoons under the influence of river-basin runoff) (EESD Project EVK3-CT-2002-00084

LNA Santé: a LBO for the elderly

Begun operating in 1992 and today is ready to be bought and to grow massively in the upcoming years. LNA Santé, the fifth French player in the long-term care market, will be acquired in 2019 in a Private Equity deal and will improve its operations in Europe. This deal is expected to return 3.1x the money invested by the fund and an internal rate of return of almost 26% with an exit in five years (2023). This successful exit is possible due to an ageing population that is set to in crease demand for dependent care which is reflected in the number of nursing home beds forecasted to double. By the time of exit, the firm will amount €828M of revenues and €94M of EBITD Astreaming from consolidation of operations in the current operating countries– France and Belgium–andaninternationalizationbetintheNetherlands.ItispresumedthatthispaperwillinformhowadealinPrivateEquityinthelong-termcaremarketinEuropeisconducted

Iluminismo e religião: ruptura ou continuidade?

This article, through a review of a portion of the relevant literature, problematizes the way in which the connection between the Enlightenment and religion has traditionally been explained, principally by a historiography excessively focused on the 18th century French experience. Alternatively, this article argues that “continuity,” rather than “rupture,” more adequately describes this relationship. However, continuity, as understood here, excludes neither tension nor transformation. If, on the one hand, the Enlightenment is much more akin to religion than has been previously recognized, on the other hand, it has to a great extent shaped modern understanding of religion. This revision of the relationship between the Enlightenment and religion suggests the need to rethink the very identity of the Enlightenment and the issue of secularization. The article uses as a guide the German debate surrounding the question, “What is the Enlightenment?” It concludes with an analysis of Kant’s famous contribution to this debate.A partir de uma revisão de parte da literatura recente sobre o tema, este artigo busca problematizar a maneira pela qual Iluminismo e religião foram tradicionalmente articulados, sobretudo por uma historiografia excessivamente focada na experiência do século XVIII francês. Em contraposição, este artigo argumenta que “continuidade” é um termo que expressa de forma mais adequada essa relação do que o termo “ruptura”. No entanto, continuidade, como se defende, não exclui tensões nem tampouco transformações. Se, de um lado, o Iluminismo é muito mais próximo da religião do que se reconhece; de outro, ele modelou em larga medida o entendimento moderno da religião. A revisão da relação entre Iluminismo e religião implica também repensar a própria identidade do Iluminismo e a questão da secularização. O artigo toma o debate alemão em torno da questão “o que é Iluminismo?” como fio condutor do comentário, que se encerra com uma análise da famosa contribuição de Kant a esse debate

Pelagic metabolism of the Douro estuary (Portugal) - Factors controlling primary production

The pelagic metabolism of the Douro estuary (Portugal) and the factors influencing primary production (PP) and community respiration (CR) in this system were studied during an annual cycle (December 2002 - December 2003). Sampling surveys were conducted twice a month during ebb and flood spring tides and water samples were collected for PP and CR assessments at three stations along the estuary (lower, middle and upper stretches). During the study period, PP values were in the range of 4.7-1878.5 mg C m-2 d-1 (average, 319.9 mg C m-2 d-1). River discharge controlled phytoplankton biomass inputs into the estuary as well as residence time. A decreasing trend in water column PP from the upper to the lower estuary related to higher nitrogen concentrations and phytoplankton biomass from riverine origin was observed. An inverse trend was found for CR, i.e., higher values were found in the lower, more urbanized stretch. During the study period, averaged CR values reached 1154 mg C m-2 d-1. In general, heterotrophy dominated the entire estuary, except in the upper stretch from May through July, when increased PP, but also lower CR values were recorded. A positive correlation between chlorophyll a and Pmax was found which is unusual in coastal ecosystems, where a decreasing trend of the P/B ratio as a function of net primary production is generally observed. This could be explained by the relatively low phytoplankton biomass, preventing intraspecific competition from lowering photosynthetic capacity, on one hand, and the physiology of phytoplankton related to their origin in a semi-lotic (reservoir) ecosystem. No significant differences between tides were observed for all variables, except for the water light extinction coefficient (k) values, reflecting higher turbidity during the ebb

2HDM interpretations of the CMS diphoton excess at 95 GeV

In both Run 1 and Run 2 of the LHC, the CMS collaboration has observed an excess of events in the searches for low-mass Higgs bosons in the diphoton final state at a mass of about 95 GeV. After a recent update of the experimental analysis, in which the full Run 2 data collected at 13 TeV has been included and an improved experimental calibration has been applied, the local significance of the excess amounts to $2.9\sigma$. The presence of this diphoton excess is especially interesting in view of a further excess observed by CMS in ditau final states at a comparable mass and similar local significance. Moreover, an excess of events with about $2\sigma$ local significance and consistent with a mass of 95 GeV was observed in LEP searches for a Higgs boson decaying to pairs of bottom quarks. We interpret the CMS diphoton excess in combination with the ditau excess in terms of a pseudoscalar resonance in the CP-conserving two-Higgs-doublet model (2HDM). Furthermore, we discuss the possibility that, if CP-violation is taken into account, a CP-mixed scalar state can in addition describe the LEP result, thus accommodating all three excesses simultaneously. We find that the region of parameter space where both the CMS diphoton and ditau excesses can be fitted is in tension with current constraints from the flavour sector, potentially calling for other new-physics contributions to flavour-physics observables, most notably $b \to s\gamma$ transitions. We also comment on the compatibility with the recent ATLAS di-photon searches.Comment: 37 pages, 13 figure

Pelagic metabolism of the Douro estuary (Portugal) - Factors controlling primary production

The pelagic metabolism of the Douro estuary (Portugal) and the factors influencing primary production (PP) and community respiration (CR) in this system were studied during an annual cycle (December 2002 - December 2003). Sampling surveys were conducted twice a month during ebb and flood spring tides and water samples were collected for PP and CR assessments at three stations along the estuary (lower, middle and upper stretches). During the study period, PP values were in the range of 4.7-1878.5 mg C m-2 d-1 (average, 319.9 mg C m-2 d-1). River discharge controlled phytoplankton biomass inputs into the estuary as well as residence time. A decreasing trend in water column PP from the upper to the lower estuary related to higher nitrogen concentrations and phytoplankton biomass from riverine origin was observed. An inverse trend was found for CR, i.e., higher values were found in the lower, more urbanized stretch. During the study period, averaged CR values reached 1154 mg C m-2 d-1. In general, heterotrophy dominated the entire estuary, except in the upper stretch from May through July, when increased PP, but also lower CR values were recorded. A positive correlation between chlorophyll a and Pmax was found which is unusual in coastal ecosystems, where a decreasing trend of the P/B ratio as a function of net primary production is generally observed. This could be explained by the relatively low phytoplankton biomass, preventing intraspecific competition from lowering photosynthetic capacity, on one hand, and the physiology of phytoplankton related to their origin in a semi-lotic (reservoir) ecosystem. No significant differences between tides were observed for all variables, except for the water light extinction coefficient (k) values, reflecting higher turbidity during the ebb