Financial reporting


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Our North American market-leading financial modelling solution and actuarial projection system is now available to our clients globally. It is already being used by a number of large European clients. MG-ALFA®—Asset Liability Financial Analysis—has proven itself uniquely suitable for new risk-based regulatory environments such as Solvency II, as well as for other local modelling requirements including ALM, EEV/MCEV, pricing, and capital management. MG-Hedge® is also used by a number of our clients for financial reporting purposes for guarantee blocks of businesses supported by financial risk management and hedging programs.

In this era of changing financial reporting standards, clients rely on Milliman's 60 years of actuarial expertise in financial reporting. Whatever method is employed, whether it's local GAAP, IFRS, solvency, or EEV/ MCEV, our primary focus remains on precise calculations and achieving consistently accurate results.

MG-ALFA is Milliman's primary tool for advanced asset-liability modelling. MG-ALFA was developed as an asset-liability management (ALM) system specifically for the life insurance industry. It delivers exceptional calculation capabilities, blending ease of use with the advanced analytics, audit, and control functionality required to achieve internal model approval under new regulatory and accounting standards.

MG-ALFA is optimised from both a memory utilisation and processing speed perspective for large-scale modelling. Processing can be spread across cores within a machine as well as distributed across machines on an internal grid or dynamically provisioned cloud computing resources.

Other key features include:

  • Built-in income statement and balance sheet structure facilitating model integrity through client-added customisation automatically feeding into cash, income statement, and balance sheet reports
  • Simple formula syntax which is consistent with actuarial specifications, is simple to learn, and eliminates the need for specialist programming skills
  • Inheritance structure which separates vendor-supplied standard business logic and client-customised logic facilitates code consistency across products and avoids duplication of business logic

MG-ALFA forms part of an integrated Milliman software and consulting offering. As Milliman's internal consulting tool, it is constantly upgraded to be regulatory-compliant, embedding Milliman's combined expertise and actuarial experience.