The second and more powerful of the two basic reports created by the cell is the Calendar Year Projections report.
To understand the contents of the Calendar Year Projections, it is best to first study the Policy Year Results report, since AXIS first generates the main components (cash flows, reserves, required surplus amounts) with a policy year orientation and then reallocates and adjusts them to a calendar year timing.
Calendar Year Projections, unlike Policy Year Results, are volume weighted. That is, each cell must have some definition of the total amount of in force business or of new sales or both, that is to be projected by the cell, and must also have information as to the distribution of that business by:
issue months and years
product ages
mode of premium payments (where applicable)
This volume information may be made available by modeled data (total volumes by year, with distribution percentages), or by a detailed record file (seriatim file) that is usually based on real administration system inforce data.
Given volume and distribution data, or seriatim data, or both, the cell is able to create multiple projections of cash flows, earnings, CTFS, reserves, statistical values, etc. covering all of the various unique issue date/age/premium mode combinations, and sum them up in a cell total display, which reflects that cell's realistic contribution to the total financial results of the company for the projection period requested.
AXIS permits Calendar Year Projections to start at any financial month end and extend for any number of years up to 80. Monthly detail of cashflows and earnings including reserves and balance sheet details can be captured for an initial period of 15 years or less at the user's option. The user can switch between displaying monthly, quarterly or annual results during this period.
Calendar Year Projections may be viewed in the cell, printed or exported. They may also be saved in the Dataset when the cell definition (the contents of the cell assumptions screen) is saved, and then consolidated to report on a larger segment of the business. Aggregation and consolidation of saved calendar year projections is one the main functions of the higher level objects (Subfunds, Funds and Offices) in AXIS.
Calendar Year Projections may also be exported to the Import-export Database from which they can be converted to a variety of external file formats for use in other applications.