Farhan Ilyas

Over 13 years with Hannover Re, I have held senior responsibility for underwriting, financial performance, and portfolio governance of Life and Health reinsurance business across the Middle East. My role extended beyond technical underwriting to include capital discipline, profitability management, financial analysis, contract governance, and stakeholder engagement, contributing directly to sustainable earnings and long-term portfolio stability.

• Led underwriting decisions for Health and Group Life reinsurance portfolios in line with Hannover Re’s global underwriting standards, risk appetite, and capital allocation principles.
• Assessed, accepted, modified, or declined risks based on structured evaluation of actuarial assumptions, historical performance, pricing adequacy, and volatility.
• Reviewed and negotiated reinsurance terms and conditions, including retentions, limits, exclusions, profit commissions, and reinsurance shares, ensuring balanced risk-return outcomes.
• Evaluated new business submissions and facultative quotes, providing timely and commercially competitive responses while maintaining underwriting discipline.
• Studied complex reinsurance proposals and determined appropriate premium rates using professional judgment supported by claims experience, portfolio analytics, and market benchmarks.

• Performed in-depth financial analysis of cedants’ audited financial statements, projections, business plans, and published credit ratings to assess counterparty risk, sustainability, and long-term profitability.
• Developed and reviewed premium rates for Group Life and Health schemes, ensuring pricing adequacy to cover expected losses, expenses, and capital costs.
• Analyzed claims experience for in-force Quota Share and Excess of Loss treaties, monitoring loss ratios, frequency/severity trends, and accumulation risk.
• Ensured accuracy of technical accounting entries relevant to projections, planning, and portfolio performance monitoring, supporting management decision-making.
• Contributed to forward-looking portfolio planning by aligning underwriting decisions with expected financial outcomes and strategic objectives.

• Oversaw treaty administration across Quota Share and Excess of Loss business, including premium accounting, documentation, and contractual compliance.
• Managed reconciliation of treaty accounts, ensuring timely and accurate closings, settlements, and financial reporting.
• Ensured compliance with premium settlement terms, including monitoring receivables, validating bordereaux, and allocating premium and claims payments correctly.
• Actively followed up with cedants to ensure timely submission of accounts, resolving discrepancies and strengthening cash flow discipline.
• Identified and participated in the resolution of issues related to premium collection, commission payments, and claims settlements, safeguarding Hannover Re’s financial interests.

• Prepared, reviewed, amended, and released reinsurance contracts, cover notes, and final wordings, ensuring legal clarity and alignment with agreed commercial terms.
• Issued clear and comprehensive offers to clients, documenting final terms and conditions to avoid contractual ambiguity and operational risk.
• Ensured robust documentation standards and audit-ready records across all stages of the underwriting and treaty lifecycle.
• Maintained regular engagement with cedants, brokers, and internal stakeholders, supporting long-term relationships built on transparency, consistency, and trust.

• Applied strong technical and commercial judgment to assess risks and structure solutions that balance profitability, volatility, and client needs.
• Supported sustainable growth by aligning underwriting decisions with Hannover Re’s financial targets, risk governance framework, and long-term strategic direction.
• Contributed to the stability and resilience of the Life & Health portfolio through disciplined underwriting, strong financial controls, and proactive issue resolution.

During my tenure at EY Bahrain, I was part of the Assurance team serving insurance, reinsurance, banking, and financial services clients. My role involved executing audit engagements in accordance with IFRS and regulatory requirements, with particular exposure to insurance-specific financial reporting, controls, and governance.

• Prepared detailed audit lead schedules and executed audit procedures across multiple financial statement cycles, ensuring accuracy, completeness, and compliance with IFRS and regulatory guidelines.
• Performed in-depth analysis of balance sheet and profit and loss items, including reinsurance trade receivables, premiums, receipt and payment vouchers, and debit/credit notes, identifying variances and potential control weaknesses.
• Executed substantive testing and test of transactions on key accounts such as trade payables, premium income, and journal entries, contributing to audit conclusions on financial statement reliability.
• Assisted in the preparation of Overall Analytical Review (OAR) reports for major insurance clients in Bahrain, providing trend analysis, ratio analysis, and explanations for material movements.
• Reviewed and analyzed financial statements to identify inconsistencies, misstatements, and unusual trends, and discussed findings with senior team members.
• Supported internal governance reviews by summarizing internal audit reports and documenting minutes of Executive Committee meetings, enhancing audit understanding of management oversight and decision-making processes.
• Performed audit procedures on core operating and balance sheet areas including expenses, revenue, payroll, administration fees, and property, plant and equipment (PPE).
• Actively participated in client meetings, gaining direct exposure to client finance teams, senior management discussions, and audit planning sessions.
• Contributed to regulatory and statutory assignments including Prudential Information Returns (PIR), Insurance Firm Returns (IFR), and Insurance Intermediary and Manager Returns (IMR), ensuring compliance with local regulatory requirements.
• Prepared business review memorandums and management presentations summarizing financial performance, key risks, and audit observations.
• Conducted research and performed audit procedures relating to Anti-Money Laundering (AML) regulations and the Financial Crime Rulebook, supporting compliance and risk assessment processes.
• Assisted in the preparation of public disclosure reports in line with regulatory and transparency requirements applicable to financial institutions.
• Prepared engagement letters and supported engagement acceptance procedures for key insurance clients in Bahrain.
• Performed casting and cross-casting checks on financial statements to ensure numerical accuracy and internal consistency.
• Assisted in formatting audited financial statements and reviewing unaudited interim financial information for consistency and completeness.
• Prepared lead schedules for expenses, income, investments, equity, and other asset classes across multiple engagements.
• Supported audit teams across approximately 18–20 clients within a one-year period, demonstrating strong time management, adaptability, and exposure to diverse business models within the financial services sector.