Chong Wen Ang
FIAA, FSAS
Principal-Singapore - SGP
Singapore, SG
Chong Wen Ang is a principal and consulting actuary in Milliman's Singapore office. He is also the Modelling Solutions Lead for South-East Asia (ex. Thailand). His responsibilities in the current practice revolve mainly around the provision of IFRS 17 and modelling solutions to clients in the Asia-Pacific region, although he also works on various life insurance valuation-related projects.
Experience
Chong Wen has 14 years of experience in the life insurance industry. Prior to Milliman he worked in a variety of roles covering actuarial valuation, product development, embedded value reporting, and modelling.
Chong Wen has extensive experience in Prophet modelling, having worked on Prophet development and coordination roles during his time with direct life insurers, and having led several Prophet development projects at Milliman.
Chong Wen is active in the development and implementation of IFRS 17 across the life insurance industry, and is a regular speaker on IFRS 17 at industry conferences.
His relevant experience at Milliman includes:
- Leading Prophet IFRS 17 implementation work for a number of life insurers across South East Asia, covering conventional and Syariah business.
- Providing IFRS 17 methodology development advice and support for companies across the Asia-Pacific region.
- Leading the actuarial workstream of an end-to-end IFRS 17 implementation project for a Brunei Syariah insurer, in collaboration with an accounting firm. Milliman also provided and implemented the CSM engine.
- IFRS 17 time value of money (TVOG) assessments using stochastic models.
He also has broad life insurance valuation experience, which includes:
- Buy- and sell-side support on life insurance mergers and acquisitions
- Appointed actuary support for a Singapore life insurer
- European Embedded Value (EEV) and Market Consistent Embedded Value (MCEV) reporting and review for Malaysia, Singapore, Indonesia, and Japan
- Development of an analysis of profit/source of earnings methodology and process from scratch
- Development and production of mortality, morbidity, and lapse experience studies
Publications and Presentations
Presentations:
- IFRS 17 life insurance survey results, IFG Progress focus group discussion, 2023.
- Managing volatility under IFRS 17, PAI-SOA Symposium 2023.
- IFRS 17: Learnings from the region, Milliman client event, Ho Chi Minh City, 2023.
- Learnings from our experience in IFRS 17 across the region, Milliman client event, Manila, 2023.
- Overcoming IFRS 17 challenges, Milliman client event, Jakarta, 2022.
- IFRS 17 in Sri Lanka: The journey ahead, Milliman client event, Colombo, 2022.
- IFRS 17 lessons learnt in the region, Actuarial Society of the Philippines Convention, 2021.
- Key issues and challenges of IFRS 17 implementation for takaful, Asia Insurance Review Virtual Takaful Rendezvous, 2021.
- TVOG assessment through Microsoft Excel modelling, Milliman client webinar, 2021.
- IFRS 17 untangled: Implications for reinsurance and takaful, Milliman client webinar, 2021.
- IFRS 17: An Indonesian perspective with lessons learnt from the region, Milliman Jakarta client event, 2019.
- 2019 IFRS 17 preparedness survey results, Milliman client webinar, 2019.
Publications:
- IFRS 17 Preparedness Survey Report: The Philippines, 2021.
- Asia e-Alert: The Philippines: Key issues and challenges anticipated as life insurers implement IFRS 17, 2021.
- Asia e-Alert: Indonesia: Key issues and challenges of IFRS 17, 2021.
- Asia e-Alert: Malaysia: Key issues and challenges observed around IFRS 17 implementation in life insurance and Takaful, 2020.
Education
- Double degree, Bachelor of Applied Finance w/ Bachelor of Commerce – Actuarial Studies, Macquarie University, Australia
Affiliations
- The Institute of Actuaries of Australia
- Singapore Actuarial Society
Publications
Read their latest work
Article
Life in Indonesia: March 2025
21 March 2025 - by Junaidi Amin, Chong Wen Ang, Farzana Ismail, Richard Holloway
Our latest newsletter on the Indonesian life insurance industry covers key macro data for third quarter 2024 and important developments from the fourth quarter.
Article
2023 IFRS 17 Disclosure Report: Asia
11 September 2024 - by Clement Bonnet, Julian Man, Linda Jin, Joshua Ho, Chong Wen Ang, Yu Wei Lim
We summarize the key findings from a comparative analysis of the effect of IFRS 17 on some Asian markets.
Article
Outsourcing business-as-usual IFRS 17 results production
27 April 2023 - by Shamit Gupta, Subhash Khanna, Chong Wen Ang
We discuss some areas where IFRS 17 will likely require additional expertise to report financial statements for 2023.
Article
IFRS 17 Preparedness Survey Report: Philippines
12 November 2021 - by Chong Wen Ang, Pingni Eng, David Kong
Roughly two-thirds of respondents have already started their implementation projects.
Article
The Philippines: Key issues and challenges anticipated as life insurers implement IFRS 17
10 November 2021 - by Pingni Eng, Chong Wen Ang
Insurers have the benefit of a later IFRS 17 adoption date than other countries, but face technical implementation challenges specific to the market.
Article
Indonesia: Key issues and challenges of IFRS 17
14 October 2021 - by Brian Colgan, Chong Wen Ang, Philip Jackson
What challenges are insurers facing when implementing PSAK 74 for companies in Indonesia?
Article
Malaysia: Key issues and challenges observed around IFRS 17 implementation in life insurance and Takaful
01 September 2020 - by Farzana Ismail, Chong Wen Ang, Chew Hou Ng
In Malaysia, most insurance and Takaful companies have already started their implementation phase of IFRS 17, but there continues to be ambiguity in interpreting several areas of the IFRS 17 standard.