The thesis examines the problem of constructing discount curves within the framework of International Financial Reporting Standard 17 (IFRS 17), which represents a key element in the valuation of insurance liabilities. The standard requires the use of market-consistent discount rates that must reflect the time value of money as well as the characteristics of the cash flows arising from insurance contracts, while not prescribing a single methodology for their determination. The thesis analyzes two main approaches to discount curve construction: the bottom-up approach, which is based on risk-free interest rates adjusted for illiquidity, and the top-down approach, which starts from the yield of a reference portfolio and includes adjustments for irrelevant risk components. Special attention is given to methodological issues related to the determination of input parameters and the application of interpolation and extrapolation methods in the construction of the yield term structure. The thesis highlights that the construction of discount curves under IFRS 17 requires the application of various financial and actuarial methods, as well as a significant degree of expert judgment in selecting an appropriate approach.
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