Royce Chen

Royce has worked extensively with AXIS since 2013. As the former leader of an AXIS development team at Moody’s, he has worked at the forefront of AXIS design, development and model implementation. He has a thorough understanding of the AXIS calculation engine and extensive knowledge across most AXIS liability modules. He also has strong expertise in IFRS 17, LDTI and US PBR modeling, with a specialization in universal life and annuity products. Royce has considerable experience advising clients on model configurations, designing creative modeling solutions and building complex valuation and projection models.

Some of his accomplishments include:

• Converting actuarial models from legacy systems to AXIS for traditional life, participating, disability, critical illness, universal life and annuity products
• Implementing and reviewing deterministic and stochastic IFRS 17 models for universal life and segregated fund products for a Canadian insurer, validating scenarios provided by third-party ESG providers, analyzing stochastic results and advising on modeling approaches
• Working with a large US insurer to construct a VM-20 PBR valuation and projection model requiring stochastic embedded block configurations for a term product
• Building a valuation and projection model for a large US insurer’s participating joint-life block of business with complex dividend formulas that generate dividends by company-specific contribution methods
• Working with a large global reinsurer on the due diligence for a multibillion-dollar global reinsurance transaction
• Leading the design and development of AXIS IFRS 17 functionalities for universal life and annuity contracts under both GMM and VFA methods
• Designing and developing functionalities to support US GAAP LDTI in AXIS, with a focus on MRB calculations for FIA products
• Leading multiple crucial projects that implemented key FIA modeling features for major annuity clients
• Developing and enhancing AXIS calculations under various regulatory regimes, including CRVM, XXX, AG 36/37/38 for universal life products and CARVM, AG 33/35 and FAS 133 for annuity products